四维图新 20260226 公司战略转型 Tier 1 供应商，从地图商向软硬件一体化解决方案提供商 转型，历时三年，产品以中低阶智驾方案为主，2026 年将正式量产交 付中高阶智驾方案，形成全栈智驾系统交付能力。 通过 2.5 亿元现金+智驾子公司资产作价的方式，获得建智机器人 39% 股权成为第一大股东，合并智驾团队与建智算法团队，形成 500-600 人 规模的智驾方案交付团队，承担全产品线交付。 智驾芯片方面，延续与地平线的合作，同时保留跨平台能力，支持地平 线和高通方案，面向 2026 年以后量产的订单仍以地平线全系合作为主。 客户结构上，低阶产品客户包括比亚迪、北汽、长城，通过整合滴滴智 驾团队补齐舱泊算法能力，新增东风客户，国际品牌客户方面，广丰成 为主要下单主体，G6B 为广丰采用地平线芯片的全球车型首发项目，计 划在 2026 年上半年量产。 2024-2025 年智驾收入增长受单一车企集中量产节奏影响，2026 年后 客户结构多元化，预计至少 4 家车厂同时进入量产周期，2025 年智驾 收入约 2 亿元。 Q&A 2025 年以来，公司从地图商向面向 OEM 的软硬一体 Tier 1 转 ...

www.leadleo.com 中国汽车行业调研简报|2025/11 报告标签：无人物流车、Robotaxi、市场玩家、跨界玩家、竞争格局、发展趋势 2025年11月 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 头豹调研简报|2025/11 汽车行业 Q1：什么是无人物流车？进入2025年以来，无人物流车市场为何受到广泛关 注？ ◼ 无人物流车是一种基于自动驾驶技术的智能运输工具，是L4级自动驾驶技术的商业 化落地场景之一 无人物流车是无人驾驶技术在物流领域的重要落地载体，是具备在封闭区域和城市道路 上自动行驶功能、可实时监测周围环境、能正确识别和响应各种交通标志、标线 ...

每经记者｜刘曦 每经编辑｜裴健如 日前，九识智能宣布完成新一轮超3亿美元融资，成为RoboVan（L4级自动驾驶物流车）领域首家估值超百亿的独角兽。这一标志性事件，将市场目光再次 聚焦于正处爆发前夜的无人配送行业。 据《每日经济新闻》记者观察，自2025年以来，新石器、九识智能、白犀牛等头部企业相继完成多轮融资，累计金额近百亿元。与此同时，无人配送车成本 持续下探，交付量突破万辆大关。但在行业高歌猛进的背后，技术、标准、生态等层面的挑战也日益凸显。 百亿融资背后的"加速度" 2025年，无人配送行业迎来关键转折，无人车配送企业融资总额已近百亿元，行业正从研发测试阶段稳步迈向规模化商业运营阶段。 在融资端，资本加速向头部企业集中。例如，新石器在2025年完成两轮融资，累计金额超50亿元人民币，其中10月完成的6亿美元D轮融资由阿联酋磊石资 本、高成投资及中国移动等多家机构联合投资；白犀牛于2025年年内完成三轮融资，全年累计融资额达数亿美元，投资方包括顺丰、九坤创投、启赋资本 等；九识智能同样完成两轮融资，累计达4亿美元，获得蚂蚁集团、美团等产业资本持续加码。 | | | | 2025年L4无人物流配送行业融资 ...

苏州无人配送头号玩家，估值破百亿了。 据悉，九识智能刚刚完成新一轮融资，规模超21亿元，估值超百亿。 其中微妙之处在于，这笔融资的完成时间，正是在与菜鸟无人车队合并之后仅仅数周之后……九识成立五年间，已累计斩获六轮融资，累计融资超55亿 元。 九识智能完成超3亿美元融资 据36氪获悉，来自苏州的九识智能，近期完成了新一轮超3亿美元（约20.6亿元）融资。 本轮融资的投资方阵容，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。 这是九识成立以来的第六轮融资，也是2026年开年以来，L4无人配送赛道的首笔公开大额融资。 时间点颇为巧妙——此时距离九识与菜鸟无人车的战略合作不过几周。 整合完成后，九识智能的车队总规模已超过2万台，成为当时国内规模最大的无人配送车队，覆盖全球10余个国家超300座城市。 自2021年8月成立以来，九识保持着每年至少完成一轮重要融资的步伐，且六轮融资中，至少有四轮都超过1亿美元。 | 序号 | 融资时间 | 融资轮次 | 融资金额 | 投资方 | | --- | --- | --- | --- | --- | | 1 | 2022年8月 | 成格哥伦 | 约300 ...

责任编辑：何俊熹 新浪科技讯 2月25日下午消息，新石器无人车（Neolix）宣布，其L4级无人车自动驾驶累计行驶里程突 破1亿公里，成为无人配送行业首个达成亿公里运营里程的企业，这标志着无人配送的规模化、商业 化、常态化运营迈入新阶段。 据悉，新石器无人车已构建起覆盖15个国家、超300座城市的全球化运营网络，足迹遍及中国、阿联 酋、沙特、日本、韩国、澳大利亚、葡萄牙等市场，在多元气候、复杂路况、多样场景中完成深度验 新浪科技讯 2月25日下午消息，新石器无人车（Neolix）宣布，其L4级无人车自动驾驶累计行驶里程突 破1亿公里，成为无人配送行业首个达成亿公里运营里程的企业，这标志着无人配送的规模化、商业 化、常态化运营迈入新阶段。 证。 据悉，新石器无人车已构建起覆盖15个国家、超300座城市的全球化运营网络，足迹遍及中国、阿联 酋、沙特、日本、韩国、澳大利亚、葡萄牙等市场，在多元气候、复杂路况、多样场景中完成深度验 证。 新石器无人车创始人兼CEO余恩源表示："数据是自动驾驶的核心壁垒，自动驾驶能力必须通过真实运 营环境持续打磨。一亿公里的里程碑，意味着我们的产品技术和运营体系，已经在真实环境中完成了 ...

Core Insights - The article highlights the successful integration of autonomous delivery vehicles in Shenzhen's logistics system during the 2026 Spring Festival, showcasing their role as reliable delivery agents and essential components of the holiday logistics network [1][2]. Group 1: Industry Developments - Over 500 autonomous delivery vehicles have been deployed by various companies, including SF Express, China Post, Meituan, and JD, creating a responsive logistics network for the Spring Festival [1]. - The Shenzhen Transportation Bureau's "4123" top-level design has facilitated the commercialization of functional autonomous vehicles, resulting in over 1,000 vehicles on the road and 7,191 kilometers of open roads within a year [1][2]. - The autonomous delivery network covered over 800 residential communities and 300 commercial areas during the Spring Festival, ensuring stable delivery support for residents and businesses [2]. Group 2: Operational Efficiency - Autonomous vehicles have demonstrated an average daily delivery capacity that is over three times that of traditional human delivery methods, effectively filling the gap left by reduced human labor during the holiday [3]. - During the Spring Festival, autonomous vehicles accounted for over 10% of the total delivery volume, indicating their transition from pilot projects to key players in holiday logistics [3]. - The intelligent regulatory platform for autonomous vehicles operated 24/7, utilizing real-time vehicle data to implement dynamic alerts and ensure rapid response to any incidents, enhancing operational safety and efficiency [3]. Group 3: Broader Implications - The continuous operation of autonomous vehicles during the Spring Festival not only maintained logistics flow but also supported workers' ability to reunite with their families, reflecting the positive impact of technology on everyday life [4]. - Functional autonomous vehicles have expanded their applications in various sectors, including sanitation, security inspections, and mobile retail, becoming integral components of urban operational systems [5]. - Shenzhen aims to create a replicable and scalable smart city service model through ongoing improvements in the industrial ecosystem and technology advancements, contributing to a more efficient and compassionate urban living experience [5].

Industry Insights - The Ministry of Industry and Information Technology and three other departments jointly issued the "Implementation Plan for Digital Transformation in the Automotive Industry," aiming to enhance the top-level design of digital transformation and promote high-quality development in the automotive sector [1] - The National Development and Reform Commission and four other departments released opinions on strengthening the construction of data element disciplines and digital talent teams, aiming to activate data elements to empower new productivity and promote the integration of education, talent, industry, and innovation chains in the data field [1] - Zhejiang Province has launched a major technological initiative for low-altitude economy, targeting key technologies in equipment manufacturing, operational support, and scenario applications over the next three years to support the development of a low-altitude economy [1] Company News - China Ocean Shipping Group signed contracts for 87 new ship orders with China Shipbuilding Group, with a total contract value of approximately 50 billion RMB, marking the highest single cooperation signing amount for domestic shipbuilding enterprises [1] - JD Logistics has launched its sixth-generation intelligent delivery vehicle in Saudi Arabia, which will collaborate with JoyExpress couriers to provide last-mile delivery services for local consumers [1] - Cainiao's Hong Kong eHub smart air cargo center has officially launched an automated stacking system, becoming the first in Hong Kong to achieve full-process automation from security inspection to grouping [1] - Deppon Express has created a "direct train" for Middle East logistics, opening air and sea transport routes connecting China to six countries including the UAE and Saudi Arabia, providing full-link logistics services to connect with the Middle East market [1] - Beijing Hualian Printing has introduced BYD's new energy forklifts, achieving a dual leap in environmental efficiency and operational efficiency [1] - Shenzhou Holdings has opened its flagship warehouse in South China, serving as a logistics center to empower the upgrade of fast-moving consumer goods in the South China region [1] - New Stone Technology has officially entered JD's self-operated mall, becoming the first unmanned vehicle brand to partner with a comprehensive e-commerce platform, exploring new paths for unmanned vehicle commercialization [1]

"我们将继续完善全国的服务网络，让线下响应和保障更贴近运营场景，同时深化与合作伙伴的协同，把标准化的维 保服务落地到更多区域。"宋振说，无论服务如何升级，核心始终是围绕保障车辆高效与安全运营，让每一辆奔波的 无人物流车都有坚实的后盾。 新石器全国售后运维负责人宋振的春节，就将在这样的坚守中度过。他的所见所感，正是中国无人物流行业迈向深度 发展的生动写照。 "春节前后，我们团队的每个人都是无人配送车的'守岁人'。"据宋振介绍，这个春节假期，新石器的售后运维团队分 散在全国各个运营站点和服务网点，从清晨到深夜，持续开展细致而关键的工作：对每辆无人配送车进行节前全面体 检，对核心部件逐一排查，确保它们以最佳状态上路；线上线下全时值守，无论是街巷里的小故障还是道路上的突发 状况，运维人员都能快速到场处理；在云端系统前，工作人员24小时实时监测全国车队运行数据，不放过一丝一毫的 异常。 这份春节假期的坚守，是新石器售后运维工作的缩影，而面向2026年全年，该团队的核心目标，是把无人配送车的售 后服务做深、做广、做精。 新春将至，年味正浓。在街头巷尾，除了穿梭不停的快递员，还有一辆辆无人配送车也为千家万户送去年货与便 利 ...

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].

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]