SAIC MOTOR(SH:600104) Mei Ri Jing Ji Xin Wen·2025-10-31 10:58Core Viewpoint - The company Xiangdao Travel, a ride-hailing platform under SAIC Motor Corporation, has submitted its IPO application to the Hong Kong Stock Exchange, with a focus on the commercialization of Robotaxi services and autonomous driving technology development [1][3]. Financial Performance - Xiangdao Travel has shown steady revenue growth, with projected revenues of approximately 4.73 billion RMB, 5.72 billion RMB, and 6.39 billion RMB for the years 2022, 2023, and 2024 respectively [4]. - Despite revenue growth, the company has incurred net losses of approximately 7.8 billion RMB, 6 billion RMB, and 4.1 billion RMB for the same years, totaling around 19 billion RMB in losses over the past three and a half years [4][6]. - The gross profit margin has been increasing, reaching 11.3% in the first half of 2025, up from 1% in 2022 [4][5]. Business Segments - The ride-hailing service is a core business for Xiangdao Travel, contributing approximately 4.99 billion RMB, or 78% of total revenue in 2024, while vehicle leasing services generated around 1.08 billion RMB [5]. - Revenue from five major clients has decreased over the years, with the largest client, SAIC Motor, contributing 1.71 billion RMB in 2022, which dropped to 310 million RMB in 2025 [6]. Robotaxi Development - Xiangdao Travel is focusing on the commercialization of Robotaxi services, with plans to achieve the first batch of "driverless" Robotaxi operations by the end of the year [7]. - The company has already completed over 330,000 orders and driven more than 2.5 million kilometers since launching its Robotaxi operations in 2021 [7][8]. - By 2025, the company aims to achieve fully driverless Robotaxi operations in Shanghai, with plans for expansion to other cities by 2027 [8]. Competitive Landscape - The Robotaxi market is highly competitive, with various players including ride-hailing platforms and dedicated autonomous driving companies entering the space [3][8]. - Xiangdao Travel is positioned as the first L4-level Robotaxi operator with a background in automotive manufacturing, leveraging its technological capabilities as a core advantage [9].