三年半净亏19亿元，知名网约车平台冲刺IPO，背后是这家车企巨头！重金押注Robotaxi，能挣到钱吗？

Core Viewpoint - Xiangdao Travel, a ride-hailing platform under SAIC Group, has submitted its IPO application to the Hong Kong Stock Exchange, with CICC and Guotai Junan International as joint sponsors [1] 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 [4] - 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 [4] - In the first half of 2023, the company achieved revenue of RMB 30.13 billion, with a reduced net loss of RMB 1.1 billion compared to the same period in 2024 [4] - The company's gross margin has been on the rise, reaching 11.3% in the first half of 2025, up from 1% in 2022 [6] Business Segments - The ride-hailing service is a core business for Xiangdao Travel, contributing approximately RMB 49.91 billion in revenue in 2024, accounting for 78% of total revenue [7] - Vehicle leasing services primarily target B-end corporate clients, generating around RMB 10.84 billion in revenue in 2024 [7] Client Base and Shareholding - Revenue from five major clients has decreased from RMB 3.21 billion in 2022 to RMB 1.2 billion in the first half of 2025, with SAIC Group being the largest client [8] - SAIC Group holds approximately 75.37% of Xiangdao Travel's shares, making it both a major client and a controlling shareholder [8] Strategic Focus - The company is focusing on the commercialization of Robotaxi services, with significant funds from the IPO intended for R&D in autonomous driving technology [3][9] - Xiangdao Travel has already initiated Robotaxi operations in Shanghai and aims to achieve fully driverless operations by the end of 2025 [9] - The company has completed over 330,000 orders and driven more than 2.5 million kilometers since launching its Robotaxi service [9] Market Outlook - The Robotaxi market is expected to grow significantly, with projections indicating a market size exceeding RMB 2.93 trillion by 2030 [11] - The competitive landscape includes various players, such as ride-hailing platforms and autonomous driving companies, indicating a highly competitive environment [11][12] - Xiangdao Travel's technological capabilities, particularly its self-developed "Xiangdao Smart Brain" system, are seen as a core competitive advantage [12]