（文章来源：第一财经） 本轮投资方涵盖大型产业方、多个一线城市政府基金，以及市场化美元和人民币投资机构。 此前，九识与菜鸟无人车业务完成战略合并，整合后的九识智能同时运营九识与菜鸟无人车双品牌， RoboVan车队总规模超2万台，覆盖全球20个国家超300座城市，居全球首位。 据悉，全球领先的自动驾驶科技企业九识智能近日完成新一轮超3亿美元融资，成为全球RoboVan领域 首家突破百亿人民币估值的独角兽。 ...

Core Insights - JiuShi Intelligent has completed a new financing round exceeding $300 million, achieving a valuation of over 10 billion RMB, making it the first unicorn in the RoboVan (L4 autonomous delivery vehicle) sector to surpass this valuation [2] - The company focuses on AI and L4 autonomous driving technology, with its core product being L4 autonomous delivery vehicles aimed at urban branch transportation and B2B logistics [2] Company Developments - JiuShi Intelligent has secured a total of six financing rounds since its establishment in 2021 [2] - The company plans to expand its autonomous delivery vehicle operations to over 300 cities in China and international markets including Singapore, UAE, Japan, South Korea, and Malaysia by the end of 2025 [2] - A significant order of 7,000 autonomous vehicles was signed with China Post in October 2025 [2] - In January 2023, JiuShi merged its operations with Cainiao's autonomous vehicle business, resulting in a combined fleet of over 20,000 vehicles across more than 300 cities globally [2] Product and Market Position - JiuShi's autonomous vehicles can reduce last-mile delivery costs by approximately 50%, with delivery costs per package dropping from 0.2 RMB to 0.1 RMB [3] - The deployment of JiuShi's autonomous vehicles is expected to grow tenfold annually, from 200 vehicles in 2023 to 2,000 in 2024, and reaching 20,000 by early 2026 [3] - The company has achieved breakeven without considering R&D costs, and expects to reach breakeven with R&D costs when the fleet size approaches 50,000 vehicles [3] - The best-selling product is the Z5, the first mass-produced L4 model with a cargo volume exceeding 5 cubic meters [3] Product Line and Industry Context - JiuShi's product lineup includes the Z series, which offers standard models ranging from 2 to 10 cubic meters, the E series for community retail and lightweight goods, and the L series for heavy-load requirements [4] - The autonomous logistics sector is experiencing rapid growth, with increased competition from companies like Lightyear and Desay SV [4] - The industry is evolving from an early stage to a more competitive environment, with a potential consolidation of leading players in the future [4]

九识首席执行官孔旗表示，这一合作不仅带来车队规模增长，更重要的是推动公司技术路线与商业模式 发生结构性变化。 （原标题：运营成本年降六成，九识押注"无图驾驶"） 在自动驾驶物流赛道仍普遍围绕盈利模型反复试探之际，一家选择"先规模、后利润"路径的企业，正试 图借助平台资源完成跨越式跃迁。 中国无人配送车企业九识智能（Zelos Technology，以下简称"九识"）近日披露，在与阿里巴巴旗下物 流平台菜鸟的自动驾驶车辆业务完成整合后，公司将目标锁定为打造规模达20亿美元的业务体系，并同 步推进核心技术投入与海外扩张。 押注无图，规模优先 孔旗透露，九识计划在未来三至五个月推出新一代自动驾驶系统，使无人配送车具备无需高精地图即可 运行的能力。该技术若顺利落地，将使车辆能够进入此前难以覆盖的区域，包括社区道路与乡村场景， 从而扩大服务半径并降低部署成本。 公司披露数据显示，2025年下半年整体运营成本下降约60%，远程人工接管费用已降至月度运营成本的 3%以下。随着车辆规模扩大与算法持续优化，其单车运营与管理成本正被进一步摊薄。 在技术投入方向上，九识表示将持续加码人工智能能力建设，包括大模型、算力平台、芯片与运 ...

Group 1 - The 2026 Spring Festival Gala has announced partnerships with 29 brands, covering various fields including AI technology, robotics, transportation, and consumer goods [3][4] - A record number of six robotics brands, including Magic Atom and Galaxy General, will showcase at the gala, marking the largest robot lineup in the event's history [3][4] - The gala will feature new media collaborations with platforms like Xiaohongshu and Douyin, with Bilibili serving as the exclusive bullet screen video platform [3][4] Group 2 - OpenAI's CEO announced that Peter Steinberger, the creator of OpenClaw, will join OpenAI to advance the development of next-generation personal intelligent agents [5] - Zhipu AI reported a surge in demand for GLM-5, leading to service delays, and has initiated a "computing power partner" recruitment plan to enhance service capacity [6] - Douyin's vice president stated that the 2026 Spring Festival Gala will be the first public project to deeply utilize the domestic AI video generation model Seedance 2.0 [6] Group 3 - The 2026 Spring Festival Gala has seen a significant increase in robot-related searches, with a 300% rise in search volume and a 460% increase in customer inquiries on JD.com [23] - The gala's robot-themed promotions led to a rapid sell-out of various robots, including high-value models like the GALBOT G1, which sold for nearly 630,000 yuan [23]

Core Viewpoint - The competition in the unmanned logistics vehicle sector has entered a decisive phase, with companies focusing on scaling and commercial efficiency rather than just storytelling and demonstrations [4][6]. Group 1: Investment and Mergers - New Stone has received strategic investment from Tencent, involving over $600 million in financing from the previous year [2]. - The merger of Cainiao's unmanned vehicle business with Jiushi Intelligent has created the largest unmanned logistics vehicle fleet in China, exceeding 20,000 vehicles [4][16]. - The merger reflects a strategic choice by Alibaba's Cainiao Logistics to collaborate with a winning company in the unmanned logistics vehicle sector [3][14]. Group 2: Industry Development and Trends - The logistics unmanned vehicle industry is transitioning into a new phase focused on scaling operations and commercial efficiency, with technology, operational services, and ecosystem collaboration as key competitive factors [4][12]. - Jiushi Intelligent's fleet is expected to grow rapidly, with plans to deploy 200 vehicles in 2023, 2,000 in 2024, and reach 20,000 by early 2026 [9][20]. - The industry is moving from a "burning money to build scale" model to a "profitable scaling" model, emphasizing operational efficiency and cost reduction [18][22]. Group 3: Business Model and Market Strategy - Jiushi Intelligent's business model allows clients to reduce logistics costs significantly, with monthly costs for unmanned vehicles estimated at 2,000 to 3,000 yuan [19][20]. - The emergence of a new business model where clients rent out excess capacity of unmanned vehicles has transformed them from cost-saving tools to profit-generating assets [25]. - Jiushi Intelligent aims to build a city-level transportation service system, integrating unmanned vehicles with a comprehensive logistics framework [26]. Group 4: International Expansion - Jiushi Intelligent has begun international operations, obtaining the first unmanned vehicle license in Singapore and planning to deploy nearly 100 vehicles in collaboration with local partners [28]. - The company is also exploring opportunities in Europe and the Middle East, adapting its approach to local market conditions and regulations [29]. - The experience of entering overseas markets emphasizes the importance of profitability and value creation for partners [29].

值得一提的是，2025年，九识与菜鸟完成战略整合，进一步夯实了行业领先地位，更中标中国邮政7000 台无人货运车采购项目，拿下全球最大L4级无人货运车集采订单。近日，九识智能董事长孔旗接受了 中国证券报记者的专访，深度拆解了企业从战略选择到商业化落地的核心逻辑，揭秘了这场自动驾驶产 业革命的底层密码。 押注L4级载货赛道 在多数同行扎堆Robotaxi（无人驾驶出租车）或封闭场景时，孔旗的战略选择显得格外清醒。"产业的 最后决胜实际上来自数据，而数据的价值在于两点：一是复杂的城市开放道路场景，二是商业模式能赚 钱，拿数据的时候要盈利，才能良性促进技术增长。"这一判断源于他在百度硅谷的从业经历。彼时， 他参与Robotaxi研发，深刻意识到载人场景的商业化困境——技术投入巨大却难以形成盈利闭环，而城 市开放道路的载货需求，恰好能弥补这一短板。 "城市开放道路上的载货一定是最先能够落地的，既能拿到核心数据，又能不亏钱，甚至赚钱。"基于这 一第一性原理，孔旗在2021年创立九识后，便坚定聚焦L4级无人货运赛道。为验证这一思路，九识团 队租下美团优选仓库，将传统面包车与自主研发的无人车开展对比实验，从2021年持续至 ...

押注L4级载货赛道 ● 龚梦泽 程雪儿 当L4级自动驾驶赛道仍有不少企业困于技术示范与持续亏损的循环时，九识智能已走出一条差异化破 局之路。这家成立于2021年的企业，不仅成为全球规模最大的RoboVan（无人驾驶货车）企业，更实现 了业务现金流与毛利率正向增长。截至2026年1月，其无人车已覆盖全球超300个城市和地区，累计送单 量超15亿件，帮助客户平均降低运营成本66%，在RoboVan领域以88%的市场占有率稳居全球第一。 值得一提的是，2025年，九识与菜鸟完成战略整合，进一步夯实了行业领先地位，更中标中国邮政7000 台无人货运车采购项目，拿下全球最大L4级无人货运车集采订单。近日，九识智能董事长孔旗接受了 中国证券报记者的专访，深度拆解了企业从战略选择到商业化落地的核心逻辑，揭秘了这场自动驾驶产 业革命的底层密码。 在多数同行扎堆Robotaxi（无人驾驶出租车）或封闭场景时，孔旗的战略选择显得格外清醒。"产业的 最后决胜实际上来自数据，而数据的价值在于两点：一是复杂的城市开放道路场景，二是商业模式能赚 钱，拿数据的时候要盈利，才能良性促进技术增长。"这一判断源于他在百度硅谷的从业经历。彼时， ...

当L4级自动驾驶赛道仍有不少企业困于技术示范与持续亏损的循环时，九识智能已走出一条差异化破 局之路。这家成立于2021年的企业，不仅成为全球规模最大的RoboVan(无人驾驶货车)企业，更实现了 业务现金流与毛利率正向增长。截至2026年1月，其无人车已覆盖全球超300个城市和地区，累计送单量 超15亿件，帮助客户平均降低运营成本66%，在RoboVan领域以88%的市场占有率稳居全球第一。 如果说战略选择是九识的破局关键，那么技术突破与商业化落地的共振，则让其构建起难以复制的竞争 优势。2025年，九识接连跨过两个关键门槛，彻底拉开与同行的差距。 第一个门槛是技术层面的"轻地图"突破。2025年上半年，九识成为行业首个实现不依赖厘米级高清地 图，基于车道级导航地图+实时感知融合技术，在城市开放道路货运场景下达成L4级自动驾驶能力的企 业。这一技术已通过TüV莱茵L4级低速自动驾驶系统性能测试China-mark认证，且九识无人车是全球首 个通过ISO22737白天和黑夜场景测试的自动驾驶产品。 值得一提的是，2025年，九识与菜鸟完成战略整合，进一步夯实了行业领先地位，更中标中国邮政7000 台无人货运车采 ...

Core Insights - The L4 autonomous logistics sector is experiencing rapid growth, with 2026 expected to be a pivotal year for commercialization and widespread adoption [1][20] - Major players in the domestic autonomous logistics market have secured significant funding, indicating strong investor interest and confidence in the sector's potential [7][8] Industry Overview - The L4 autonomous logistics market is projected to reach a scale of 100,000 vehicles by 2026, with a long-term forecast of 750,000 vehicles by 2030 [10] - The market is currently dominated by over 13 key players, including New Stone, White Rhino, Youjia Innovation, and Jiushi Intelligent, with New Stone leading in delivery volume [2][4] Funding and Investment - In 2025, the autonomous driving sector in China saw total financing exceed 58.2 billion yuan, with the logistics segment attracting approximately 5.8 billion yuan, accounting for about 10% of the total [7][8] - Notable funding rounds include New Stone raising over 600 million USD (approximately 4.2 billion yuan) and White Rhino securing over 100 million USD [8] Market Dynamics - The industry is witnessing a shift towards lower hardware costs due to advancements in technology and increased competition, which may lead to lower vehicle prices [14][16] - Despite the growth, concerns about profitability persist, as many players face challenges in achieving sustainable cash flow amidst rising competition [14][16] Regulatory Environment - The regulatory landscape for autonomous logistics vehicles is still evolving, with local standards varying significantly, which complicates market entry and operational consistency [16][17] - Government support for smart logistics and AI is crucial for the sector's growth, providing a favorable environment for L4 autonomous delivery vehicles [10][11] Conclusion - The L4 autonomous logistics sector is at a critical juncture, with the potential for large-scale deployment and commercialization, but it must navigate challenges related to profitability, regulatory compliance, and market demand [19][20]

Core Viewpoint - The city of Zigong is committed to achieving high-quality economic development by focusing on industrial strength, cultural tourism, and urban-rural integration, aiming for a GDP of 200.37 billion yuan in 2025, representing a growth of 6.9% [1] Economic Growth - The GDP is projected to reach 200.37 billion yuan in 2025, with an industrial added value growth of 14.6% and a service sector growth of 7.9% [1] - The total foreign trade import and export volume is expected to be 6.822 billion yuan, an increase of 5.2%, ranking fifth in the province [1] Industrial Development - Modern industrial clusters are rapidly forming, focusing on sectors such as energy-saving and environmental protection equipment manufacturing, new energy, new materials, and drones [1] - The establishment of the Sichuan Low-altitude Economic Industry Chain and the launch of key projects in the aviation industry park are significant developments [1] Innovation and Technology - Zigong has created the first provincial-level digital transformation promotion center and is developing data annotation bases [1] - Traditional industries are undergoing intelligent transformation, with multiple projects recognized as national demonstration cases [1] Cultural and Tourism Integration - The city is enhancing its cultural tourism sector, with initiatives like "Chinese Lanterns Light Up the World" and "Sichuan Cuisine Internationalization" included in the 2025 cultural trade action plan [1] - The city aims to build itself into an international tourism city, with significant cultural export projects and recognition of its cultural heritage sites [1] Urban-Rural Integration - Rural residents' disposable income is expected to grow by 5.7%, with a focus on developing rural tourism and agricultural strong towns [1] - The city has established 120 rural tourism points and has been recognized for its innovative "rural environmental protection tea house" model [1]