三年半亏近8亿、现金流告急，驭势科技再闯港股“补血”

Core Viewpoint - Yushi Technology has submitted a second application for listing on the Hong Kong Stock Exchange, focusing on L4 autonomous driving solutions, particularly in closed and semi-closed scenarios such as airports and industrial parks [2][5][30]. Group 1: Company Overview - Founded in 2016, Yushi Technology specializes in L4-level autonomous driving solutions and has developed 52 models suitable for various scenarios [3][5]. - The company was co-founded by Wu Gansha, a notable figure in the autonomous driving industry and former head of Intel's China Research Institute [3][9]. Group 2: Financial Performance - Yushi Technology has raised approximately 1.751 billion RMB through six rounds of financing, with a post-financing valuation reaching 7.3 billion RMB [5][12]. - The company reported a significant revenue increase from 65.48 million RMB in 2022 to an estimated 265.5 million RMB in 2024, with a compound annual growth rate of about 110% [22][24]. - Despite revenue growth, Yushi Technology remains unprofitable, with pre-tax losses of 249.7 million RMB in 2022 and 213.1 million RMB in 2023 [22][24]. Group 3: Business Segments - The company's revenue is primarily derived from four segments: autonomous vehicle solutions, autonomous driving kits, software solutions, and vehicle leasing services [15][24]. - In 2024, the autonomous vehicle solutions segment accounted for 55.2% of total revenue, while the software solutions segment contributed 25.4% [24]. Group 4: Market Position - Yushi Technology holds a 91.7% market share in the airport scenario market in Greater China and a 45.1% share in the industrial park scenario market [16][17]. - The company has established partnerships with 17 airports in China and 3 overseas airports, indicating a strong presence in the market [16]. Group 5: Funding and Cash Flow - As of June 30, 2025, Yushi Technology had cash and cash equivalents of 170 million RMB, down from 222 million RMB at the end of 2024, highlighting ongoing cash flow challenges [29][30]. - The company is under pressure to list due to its financial situation, as it continues to operate at a loss while investing heavily in research and development [30].