Core Viewpoint - The ride-hailing industry is expected to experience a "listing boom" in 2025, with Xiangdao Travel officially submitting its IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for the development of autonomous driving technology and the commercialization of Robotaxi services [1][10]. Financial Performance - Xiangdao Travel's revenue is projected to grow steadily from approximately 4.73 billion yuan in 2022 to 6.40 billion yuan in 2024, with a compound annual growth rate (CAGR) of 16.3%. However, revenue declined by 2.8% year-on-year to 3.01 billion yuan in the first half of 2025 [2][3]. - The company has incurred significant losses, with net losses of approximately 7.8 billion yuan in 2022, 6 billion yuan in 2023, 4.1 billion yuan in 2024, and 1.1 billion yuan in the first half of 2025, totaling around 19 billion yuan over the past three and a half years [2][3]. Dependency on Aggregation Platforms - Xiangdao Travel heavily relies on aggregation platforms for user acquisition, with orders from these platforms increasing from 91.84% in 2022 to 98.08% in the first half of 2025, leading to substantial commission expenses that erode profits [2][4]. - The commissions paid to aggregation platforms have risen significantly, accounting for 75.3% of total sales expenses in the first half of 2025, up from 52% in 2022 [3][4]. Cost Management and Efficiency - In response to financial pressures, Xiangdao Travel has implemented cost-cutting measures, reducing administrative expenses from 156 million yuan in 2023 to 116 million yuan in 2024, a decrease of 25.9% [8]. - Research and development expenditures also saw a significant reduction, dropping from 170 million yuan in 2023 to 85.4 million yuan in 2024, a decline of 49.6% [9]. Robotaxi Business Development - Xiangdao Travel has established a leading position in the Robotaxi sector, launching trial operations in Shanghai in December 2021 and becoming one of the few companies to enter the L3/L4 autonomous vehicle pilot program by June 2024 [10][11]. - The company plans to achieve fully unmanned Robotaxi operations in Shanghai by the end of 2025 and aims for large-scale commercial operations in multiple cities by 2027 [11]. Strategic Partnerships and Support - Founded in 2018 with backing from SAIC Motor Corporation, Xiangdao Travel has secured significant investments from Alibaba, CATL, and other strategic partners, enhancing its technological capabilities and market position [6][7]. - The company is closely tied to SAIC Group, which serves as both a major customer and supplier, contributing to its revenue and operational support [7].
过去三年半净亏损19亿元 押注Robotaxi的享道出行冲刺IPO
Xin Lang Cai Jing·2025-11-07 20:52