SAIC MOTOR(SH:600104) 3 6 Ke·2025-10-31 01:28Core Viewpoint - The article discusses the financial performance and strategic positioning of Xiangdao Mobility, highlighting its transition from a traditional ride-hailing service to a Robotaxi operator, backed by its automotive lineage and recent funding activities [1][2][11]. Financial Performance - Xiangdao Mobility reported revenues of approximately 47.29 billion RMB for 2022, with projections of 57.18 billion RMB for 2023 and 63.95 billion RMB for 2024, indicating a compound annual growth rate of 16.3% from 2022 to 2024. However, a decline of 2.8% is expected in the first half of 2025 compared to the same period in 2024, primarily due to decreased ride-hailing service revenues [2][4]. - The company incurred losses of approximately 7.81 billion RMB in 2022, 6.04 billion RMB in 2023, 4.07 billion RMB in 2024, and 1.15 billion RMB in the first half of 2025, totaling around 19.07 billion RMB in cumulative losses over three and a half years. Notably, the loss rate has significantly narrowed, with a nearly 80% reduction in the first half of 2025 compared to 2022 [3][4]. - The registered capital of Xiangdao Mobility was drastically reduced from 4.106 billion RMB to 350 million RMB in July 2023, a decrease of 91.48%, reflecting the company's financial strain [5][6]. Business Segments - The ride-hailing service is the core business, projected to generate 49.91 billion RMB in 2024, accounting for 78.0% of total revenue. Vehicle leasing services are expected to contribute 10.84 billion RMB, ranking second in corporate travel services in China [8]. - The cost of sales as a percentage of revenue decreased from 99% in 2022 to 88.7% in the first half of 2025, while gross margin improved from 1.0% in 2022 to 11.3% in the first half of 2025, driven by enhanced efficiency in vehicle leasing and improved margins in ride-hailing services [8][9]. User Growth and Market Position - Xiangdao Mobility has seen rapid growth in user and driver registrations, with monthly active users increasing from 26.6 million in 2022 to 127 million by mid-2025. The number of registered drivers rose from approximately 341,200 to 1,062,200 during the same period [10]. - The company achieved a compliance rate ranking in the top three among ride-hailing platforms, with order compliance rates of 93.4% in 2022 and 92.9% in the first half of 2025 [10]. Strategic Initiatives - Xiangdao Mobility is leveraging its automotive background to enhance its Robotaxi operations, forming a partnership with SAIC Motor and Momenta to develop autonomous driving capabilities. The company aims to achieve commercial operations without safety drivers in Shanghai by the end of 2025 [17][20]. - The company has completed over 330,000 Robotaxi orders and plans to expand its operations to multiple cities by 2027, indicating a strategic pivot towards autonomous vehicle services as traditional ride-hailing growth slows [19][20]. Competitive Landscape - The Robotaxi sector is becoming increasingly competitive, with major players like Baidu and Pony.ai already established in the market. Xiangdao Mobility's unique advantage lies in its integration with automotive manufacturing and technology, which is difficult for pure internet-based platforms to replicate [22].