【IPO前哨】享道冲刺IPO：背靠上汽仍降速，Robotaxi是解药吗？

Core Viewpoint - The company Xiangdao Mobility, incubated by SAIC Motor Corporation, is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds primarily for autonomous driving research and Robotaxi operations [2][8]. Company Overview - Xiangdao Mobility was established in 2018 and offers a one-stop mobility platform that includes ride-hailing, vehicle leasing, vehicle sales, and Robotaxi services. As of June 30, 2023, it has covered 85 cities in China with over 20 million registered users [3][4]. - The company ranks fifth among domestic ride-hailing platforms by Gross Transaction Value (GTV) [3]. Financial Performance - Revenue growth from 2022 to 2024 is projected at 4.729 billion RMB, 5.718 billion RMB, and 6.395 billion RMB, respectively. However, the company has been operating at a loss, with net losses of 781 million RMB, 604 million RMB, and 407 million RMB during the same period [3][5]. - In the first half of 2025, revenue decreased by 2.8% year-on-year to 3.013 billion RMB, resulting in a loss of 115 million RMB, attributed to declining ride-hailing revenue and intensified market competition [3][4]. Operational Challenges - Despite an increase in monthly active users and registered drivers, the company experienced a decline in order volume and GTV, indicating a disconnect between scale expansion and actual conversion efficiency [4][6]. - In the first half of 2025, approximately 98.5% of total orders came from aggregation platforms, highlighting the company's reliance on third-party platforms for traffic [6]. Cost Structure - The company faces significant cost pressures, with commission payments to aggregation platforms reaching 233 million RMB in the first half of 2025, more than five times its R&D expenditure during the same period [6][7]. - The gross profit margin improved to 11.3% in the first half of 2025, up from just 1% in 2022, due to better cost control and operational efficiency [7]. Future Prospects - Xiangdao Mobility has initiated Robotaxi operations since 2021 and plans to launch commercial operations in Shanghai by the end of 2025, with a goal of expanding to multiple cities by 2027 [8][10]. - The Robotaxi sector is seen as a high-potential market, but the company must navigate significant commercialization challenges and competition from other platforms and autonomous driving companies [9][10].