享道出行冲刺IPO：3年半累亏19.07亿元 押宝Robotaxi

Core Viewpoint - The company Xiangdao Mobility, a subsidiary of SAIC Group, has officially submitted its prospectus for an IPO, with joint sponsors being CICC and Guotai Junan International [1] Financial Performance - Revenue for Xiangdao Mobility from 2022 to 2024 is projected to be 4.73 billion, 5.72 billion, and 6.39 billion RMB, respectively, with a compound annual growth rate (CAGR) of 16.3% [2] - In the first half of 2025, revenue decreased by 2.8% year-on-year to 3.01 billion RMB due to a decline in ride-hailing service revenue and a reduction in completed orders [2] - The core ride-hailing service is expected to contribute 4.99 billion RMB in 2024, accounting for 78% of total revenue [2] Profitability and Losses - Xiangdao Mobility has been in a long-term loss position, with net losses of 7.81 billion, 6.04 billion, 4.07 billion, and 1.15 billion RMB from 2022 to the first half of 2025, totaling 19.07 billion RMB over three and a half years [3] - The loss rate in the first half of 2025 has reduced by nearly 80% compared to 2022, and operating cash flow has turned positive, but future profitability remains uncertain [3] Cost Management - In response to financial pressures, Xiangdao Mobility has reduced administrative expenses by 25.9% and R&D expenses by 49.6% for 2023-2024 [3] - In the first half of 2025, administrative expenses decreased by 18.0% and R&D expenses by 2.8%, while employee benefits have also been cut [3] Future Outlook - Xiangdao Mobility is positioning itself as the first L4-level Robotaxi operating platform with a car manufacturer background in China, aiming for fully unmanned Robotaxi operations in Shanghai by the end of 2025 and scaled commercial operations in multiple cities by 2027 [4] - Part of the funds raised from the IPO will be allocated to the Robotaxi sector to seize development opportunities [4]