21深度｜毫末猝死，死于谁手？

Core Viewpoint - The news highlights the decline of Haomo Technology, a smart driving supplier, which has faced significant challenges leading to a halt in operations and a drastic reduction in workforce, primarily due to its inability to keep pace with technological advancements and market demands [1][2][19]. Company Overview - Haomo Technology was incubated by Great Wall Motors in 2019 and initially thrived as a smart driving star company, primarily supplying smart driving systems for various Great Wall brands [1][19]. - The company had a peak workforce of nearly 800 employees, focusing on smart driving technology development, but has since dwindled to less than 300 employees [1][2]. Market Dynamics - In 2023, Haomo lost a significant contract with Great Wall's Weipai brand to a competitor, Yuanrong Qixing, due to delays in the mass production of its urban NOA (Navigation on Autopilot) feature [2][7]. - Despite retaining some contracts with Great Wall and other automakers like Beijing Hyundai, Toyota, and BMW, Haomo is not the sole supplier for these companies, limiting its market position [5][6]. Technological Challenges - Haomo's reliance on Qualcomm chips has been a double-edged sword, providing some partnership opportunities but also limiting its computational capabilities compared to competitors using NVIDIA platforms [8][10]. - The company has struggled with the timely adaptation of its technology roadmap, particularly in transitioning to more advanced autonomous driving solutions, which has hindered its competitive edge [10][14]. Financial Situation - Haomo has undergone five rounds of public financing, raising approximately 1.5 billion yuan, but its valuation has only increased modestly from 1 billion USD in 2021 to around 9 billion yuan in 2024 [17][19]. - The company’s IPO plans were halted due to internal decisions, reflecting a lack of confidence in the current market conditions and its financial performance [16][17]. Strategic Missteps - Haomo's strong dependency on Great Wall Motors has limited its ability to forge deeper partnerships with other automakers, which is critical in the competitive landscape of smart driving technology [19]. - The company has faced difficulties in converting its technological advancements into tangible cash flow, leading to operational challenges and ultimately a decision to halt operations [16][19].