上汽捧出一个港股IPO，押注Robotaxi，阿里宁德Momenta都是股东

Core Viewpoint - The company Xiangdao Mobility, backed by SAIC Group and notable investors like Alibaba, is preparing for an IPO in Hong Kong, reflecting the trend of capitalizing on the Robotaxi sector in China [2][28]. Company Overview - Xiangdao Mobility was initiated by SAIC Group and has a strong investor lineup including Alibaba, Momenta, Gaode, and CATL [6][19]. - The company positions itself as a leading comprehensive smart mobility platform in China, offering ride-hailing, vehicle rental, vehicle sales, and Robotaxi services [6][11]. Market Position - According to Frost & Sullivan, in 2024, Xiangdao ranked fifth in China's ride-hailing platforms by Gross Transaction Value (GTV) and second in Shanghai by completed orders [8]. - The company also ranked second in the domestic corporate travel service industry by GTV in 2024 [8]. Financial Performance - For the first half of 2025, Xiangdao reported revenue of RMB 3.013 billion, a slight decrease of 2.8% year-on-year, with a net loss of RMB 115 million, narrowing from RMB 212 million in the same period last year [8][11]. - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was approximately RMB 47.29 billion, RMB 57.18 billion, RMB 63.95 billion, and RMB 30.13 billion respectively, with a compound annual growth rate of 16.3% from 2022 to 2024 [11][12]. - The gross margin improved significantly from 1.0% in 2022 to 11.3% in the first half of 2025, driven by operational efficiencies in ride-hailing and scale effects in vehicle rental [11][12]. Business Segments - The core business segments include ride-hailing services, vehicle rental services, vehicle sales, and Robotaxi services, with ride-hailing contributing the majority of revenue [11][18]. - As of June 30, 2025, the ride-hailing service covered 85 cities in China, achieving over 600,000 daily orders and a GTV exceeding RMB 5.5 billion in 2024 [12][14]. Shareholder Structure - SAIC Group is the majority shareholder, controlling 75.37% of the company, with significant investments from Alibaba and CATL [19][21]. - The company has raised over RMB 2.6 billion since its inception, with the latest funding round in June 2025 amounting to over RMB 1.3 billion [21][23]. Research and Development - Xiangdao's R&D expenditures for 2022, 2023, and the first half of 2025 were RMB 1.71 billion, RMB 1.70 billion, and RMB 450 million respectively, representing 3.6%, 3.0%, and 1.5% of revenue [25]. - The company employs 667 full-time staff, including a dedicated R&D team of 178 engineers focused on core projects like the platform and Robotaxi services [25][26]. Industry Implications - The IPO application of Xiangdao Mobility signifies a critical step for automotive-backed mobility platforms in China, highlighting the acceleration of capitalizing on the Robotaxi sector [28][29]. - The company's ability to scale its ride-hailing business and commercialize Robotaxi technology will be crucial for its future success [28].