「L4级智驾龙头」驭势科技赴港IPO：三年亏损6.75亿元，难掩失血焦虑

Core Viewpoint - The article discusses the recent IPO trend among L4 autonomous driving companies, driven by underlying growth anxiety within the industry [1][16]. Group 1: Company Overview - Yushi Technology submitted its IPO application to the Hong Kong Stock Exchange, with projected revenues of approximately RMB 65.48 million, RMB 161 million, and RMB 265 million for 2022, 2023, and 2024 respectively, while incurring losses of RMB 250 million, RMB 213 million, and RMB 212 million during the same periods, totaling a cumulative loss of RMB 675 million [2]. - Yushi Technology focuses on providing autonomous driving solutions to enterprise clients, including commercial and passenger vehicle manufacturers, featuring L4-level autonomous driving capabilities [2]. Group 2: Historical Context and Partnerships - Yushi Technology was founded by Wu Gansha after he left Intel China Research Institute, alongside co-founders Zhao Yong and Jiang Yan [4]. - The company initially pursued two business paths: developing passenger vehicle solutions and L4 autonomous driving technology for specific scenarios like micro-buses and logistics [4]. - A previous collaboration with Continental Group for L2+ solutions ended unfavorably, leading Continental to choose a competitor, Huixi, for further development [5]. Group 3: Market Position and Clientele - Yushi Technology is recognized as the only global supplier of sustainable L4 autonomous driving solutions for airports, with clients including Hong Kong International Airport and Guangzhou Baiyun Airport [11]. - As of May 20, 2025, Yushi Technology has partnered with 17 Chinese airports and 3 overseas airports, indicating a strong market presence [12]. Group 4: Financial Support and Investment - Yushi Technology received significant financial backing, including over RMB 1 billion in funding in January 2021 and RMB 300 million in March 2023, with a post-investment valuation of RMB 7.3 billion [15]. - The company’s cash flow management is challenged by client payment structures similar to the AGV industry, which can impact operational liquidity [14]. Group 5: Industry Trends and Challenges - The article highlights the ongoing IPO wave among L4 autonomous driving companies, driven by pressures from existing shareholders and the need for substantial capital investment against a backdrop of long return cycles [16].