四年半亏损约19亿元！享道出行拟港股IPO：押注Robotaxi赛道能否突破盈利瓶颈？

Core Viewpoint - Xiangdao Travel, a ride-hailing platform under SAIC Motor Corporation, has initiated its IPO process, aiming to raise funds primarily for the development of autonomous driving technology and the commercialization of Robotaxi services [1][2][10]. Financial Performance - Xiangdao Travel has shown steady revenue growth, with projected revenues of approximately RMB 47.29 billion, RMB 57.18 billion, and RMB 63.95 billion for the years 2022 to 2024, respectively [5]. - Despite revenue growth, the company remains in a loss-making position, with net losses of approximately RMB 7.8 billion, RMB 6 billion, and RMB 4.1 billion for the same years [5]. - In the first half of 2025, the company reported revenues of RMB 30.13 billion and a reduced net loss of RMB 1.1 billion compared to the same period in 2024 [5]. - The gross profit margin has been on the rise, increasing from 1% in 2022 to 11.3% in the first half of 2025, attributed to improved profitability in ride-hailing services and vehicle leasing efficiency [6]. Business Segments - The ride-hailing service is a core business for Xiangdao Travel, contributing approximately RMB 49.91 billion, or 78% of total revenue in 2024 [9]. - Vehicle leasing services primarily target B-end corporate clients, generating around RMB 10.84 billion in revenue for the same year [9]. - The company has a significant reliance on major clients, with SAIC Motor being the largest, contributing revenues of RMB 1.71 billion in 2022, which decreased to RMB 0.31 billion by 2025 [9]. Market Position and Strategy - The Robotaxi sector is highly competitive, with various players including ride-hailing platforms and specialized autonomous driving companies [4][11]. - Xiangdao Travel aims to leverage its technological advancements and partnerships to differentiate itself in the market [4][10]. - The company has already initiated Robotaxi operations and plans to achieve fully driverless operations by the end of 2025, with a broader rollout expected by 2027 [10][12]. Investment and Future Outlook - The IPO is seen as a crucial step for Xiangdao Travel to secure funding for its next phase of development, particularly in the autonomous driving sector [11][12]. - The company is positioned as the first L4-level Robotaxi operator with a background in automotive manufacturing, which is considered a significant competitive advantage [11].