11.77亿资本押注卡车新势力「一哥」，L2升维路线率先在商用车跑通

Core Insights - DeepWay has completed a Pre-IPO financing round totaling 1.177 billion yuan, marking a significant milestone for the company as it prepares for its IPO in Hong Kong [2] - The company has achieved a remarkable growth trajectory, with a 490% increase in truck deliveries from 509 units in 2023 to 3,002 units in 2024, and is expected to surpass its previous year's total deliveries in the second half of 2025 [13][16] - DeepWay is recognized as the first player in the autonomous truck sector, leveraging self-developed technologies and a strategic focus on cost efficiency and safety [24][47] Financing and Investment - The latest financing round attracted a diverse group of investors, including both domestic and foreign capital, indicating strong market confidence in DeepWay's potential [5][7] - Over the past five years, DeepWay has raised a total of 3 billion yuan through multiple funding rounds, demonstrating its attractiveness to investors [5][7] Business Performance - DeepWay's revenue has seen substantial growth, with 426 million yuan in 2023, increasing to 1.969 billion yuan in 2024, and 1.5 billion yuan in the first half of 2025, reflecting a year-on-year growth of 97.6% [16][20] - Despite the revenue growth, the company has reported losses, with figures of 266 million yuan in 2022, 389 million yuan in 2023, and 675 million yuan in 2024, primarily due to ongoing R&D investments [20][22] Technology and Strategy - DeepWay's strategy focuses on self-developed three-electric systems to reduce costs and enhance performance, with plans to transition from L2 to L4 autonomous driving capabilities [11][24] - The company emphasizes safety and cost reduction through its L2 system, which has reportedly decreased accident rates by 60% and reduced operational costs for clients [35][40] - DeepWay's unique approach combines self-developed vehicles with autonomous driving technology, aiming for a scalable production of autonomous trucks [25][44] Market Position and Future Outlook - DeepWay is positioned as a leader in the autonomous truck market, with a clear path towards achieving L4 capabilities through a phased approach that builds on its existing L2 technology [40][44] - The company is expected to benefit from increasing delivery volumes and improving gross margins, supported by its recent financing and future IPO plans [47][48]