平均每年亏损超10亿！文远知行闯关港股

Core Viewpoint - The company, WeRide (文远知行), has officially launched its IPO in Hong Kong, aiming to raise over $400 million, with significant backing from major players like Uber and Bosch. However, the company faces substantial financial challenges, including high annual losses and a reliance on low-margin services, raising concerns about its path to profitability [2][6][12]. Financial Performance - WeRide reported a revenue of 199.6 million RMB for the first half of 2025, with only 34.7% coming from its core autonomous taxi business, indicating a heavy reliance on low-margin smart data services and ADAS development [6][8]. - The company's gross margin has significantly declined from 45.7% in 2023 to 30.6% in the first half of 2025, primarily due to a shift from high-margin ADAS custom development to lower-margin services [8]. - For the full year of 2024, WeRide is projected to have total revenues of only 362 million RMB, with a staggering net loss of 2.52 billion RMB [8]. Funding and Use of Proceeds - The IPO proceeds will be allocated with 40% for research and development and 40% for fleet commercialization, highlighting the necessity of funding for operational sustainability [12]. Business Model and Strategy - WeRide operates a "light asset" model, relying on partnerships with OEMs for vehicle production and local partners for overseas operations, which mitigates initial investment risks but raises concerns about control over critical components [13][14]. - The company has a significant dependency on a few large clients, with its top five clients contributing 48.4% of its revenue, which poses risks if demand from these sectors declines [17]. Governance and Control - The founders of WeRide hold over 70% of the voting rights, allowing them to make unilateral decisions regarding the company's strategy and operations, which may limit the influence of external investors [18][19]. - The company has not paid dividends historically and does not plan to do so in the foreseeable future, which could affect investor returns [18]. Market Position and Challenges - WeRide is positioned as a leading player in the L4 autonomous driving sector, with operations in 30 cities across 11 countries, but faces challenges in achieving scalable profitability and maintaining supply chain security amid geopolitical tensions [6][13][16].