IPO前夜互掐，一场价值超90亿元的口水战

Core Viewpoint - The article discusses the escalating rivalry between two autonomous driving companies, Xiaoma Zhixing and Wenyuan Zhixing, as they prepare for their upcoming listings on the Hong Kong stock exchange. The conflict centers around claims of data scale and technological superiority, which are critical for valuation in the autonomous driving industry [6][7][9]. Group 1: Company Rivalry - Xiaoma Zhixing recently presented a comparison in a roadshow that labeled Wenyuan Zhixing's operational city as "Beijing" and its order volume as "zero," prompting a strong rebuttal from Wenyuan's CFO, Li Xuan, who accused Xiaoma of spreading false information [6][9]. - Both companies are competing for market share in the autonomous driving sector, particularly focusing on Robotaxi commercialization and L2+ advanced driving assistance systems [12][14]. Group 2: Key Metrics and Data - Xiaoma Zhixing reported a total driving mileage of 48.6 million kilometers, while Wenyuan Zhixing's latest figures show over 55 million kilometers, indicating that both companies are closely matched in terms of operational scale [9][14]. - Financially, Xiaoma Zhixing incurred a net loss of 681 million yuan in the first half of 2025, a year-on-year increase of approximately 75.07%, while Wenyuan Zhixing's loss was 792 million yuan, a decrease of 10.32% [14]. Group 3: Technological Focus - The debate over technological paths centers on the "end-to-end" solution, which has gained traction in the industry as the next-generation approach to autonomous driving. Wenyuan Zhixing claims to have achieved mass production with its "end-to-end" solution, while Xiaoma Zhixing's claims are questioned [10][12]. - The article highlights the importance of total driving mileage as a key metric for data quality in autonomous driving training, emphasizing that more mileage leads to richer data for algorithm development [9][10]. Group 4: Market Dynamics - The article notes that both companies are facing challenges in the commercialization of Robotaxi services, with regulatory policies acting as a significant barrier to rapid growth [12][13]. - Despite their similar financial struggles, Xiaoma Zhixing has a market capitalization of approximately $7.08 billion, while Wenyuan Zhixing stands at about $3.41 billion, indicating a disparity in investor confidence [14].