佑驾创新表示，公司开启新一轮配售，将加速研发技术储备与商业化资源，有助于进一步巩固竞争优势 并扩大市场领先位势，为公司L4级自动驾驶业务的长期布局注入全新增长动能。 近日，佑驾创新利好消息频传。11月25日，佑驾创新宣布与新吉奥汽车、必应货滴正式签署战略合作协 议，将共同完成800台符合车规级标准、具备市场竞争力的无人物流车设计、生产与交付。 中证报中证网讯(记者张兴旺)11月26日，佑驾创新发布《根据一般授权配售新H股》公告，拟透过联席 配售代理发行最多1401.28万股新H股，每股配售股份14.88港元，较11月25日收市价16.53港元折让约 9.98%。 公告显示，假设所有配售股份获悉数配售予承配人，净筹约2.04亿港元。其中约70%的募资用于L4无人 物流车业务发展，包括新一代产品研发、运营平台升级以及销售网络拓展；约30%用于基础研发平台的 升级，包括数据闭环体系的效率提升，高效赋能前装和L4无人车多产品线发展。 佑驾创新表示，此次三方合作将以"优势互补、共创共赢"为原则，打通技术研发、智能制造与规模化运 营的全链路协同，共同推动L4级自动驾驶技术在城市物流配送领域的规模化落地。随着无人车成为物 ...

今年的1000台Robotaxi投放目标将提前完成，明年指引还准备翻3倍。 最关键的是，在广州，小马的Robotaxi服务日均达到23单，已经实现单车盈利转正……L4跑通商业化，曙光已现。 Robotaxi，盈利了。 中国L4头部玩家小马智行，发布了一份具有里程碑意义的财报—— 三季度公司营收1.81亿元，核心的Robotaxi业务收入同比增长89.5%，乘客车费收入暴涨200%以上。 小马智行最新财务表现如何？ 今年第三季度，小马智行的总营收达2544万美元（约1.81亿元），较同比增长72%，环比增长18%；前三季度累计收入达6088万美元（约4.3亿元）。 按照业务来源，小马智行将收入分为三类，分别是Robotaxi服务、Robotruck服务、技术授权和应用服务。 而公司财报透露，Q3营收增长的原因主要来自Robotaxi服务、技术授权和应用服务的收入增长。 具体细分，小马Q3的营收大头还是Robotruck服务，相关收入为1018.3万美元（约7216万元），约占总收入的40%，同比增长8.7%。 来自Robotaxi的收入为669.4万美元（约4744万元），同比增长89.5%，占总收入的26.3 ...

智通财经APP获悉，11月26日，佑驾创新(02431)发布《根据一般授权配售新H股》公告，拟透过联席配 售代理发行最多1401.28万股新H股，每股配售股份14.88港元，较11月25日收市价16.53港元折让约 9.98%。 公告显示，假设所有配售股份获系数配售予承配人，净筹约2.04亿港元。其中约70%的募资用于L4无人 物流车业务发展，包括新一代产品研发、运营平台升级以及销售网络拓展;约30%用于基础研发平台的 升级，包括数据闭环体系的效率提升，高效赋能前装和L4无人车多产品线发展。 佑驾创新表示，此次三方合作将以"优势互补、共创共赢"为原则，打通技术研发、智能制造与规模化运 营的全链路协同，共同推动L4级自动驾驶技术在城市物流配送领域的规模化落地。随着无人车成为物 流体系降本增效的关键动力，再获800台规模化项目意味着对佑驾创新L4技术实力与工程化能力的进一 步验证，也将通过制造体系协同与运营资源整合，以可复制的行业新标杆，助力智慧物流生态的建设。 依托全栈自研能力，佑驾创新的小竹无人车，以"不出事、用得久、够便宜"精准靶向传统物流痛点。产 品迁移乘用车前装量产经验，采用多传感器融合、五重安全冗余架 ...

在自动驾驶商业化进程的关键拐点，小马智行（NASDAQ:PONY）交出了一份受人瞩目的财报答卷。 2025年11月25日，该公司发布的2025年第三季度未经审计财务业绩显示，其总营收达1.81亿元人民币， 同比增长72%，并实现连续三个季度营收高速增长：从一季度的1.02亿元、二季度的1.54亿元，到三季 度的总营收1.81亿元，同比增长72%。 这一增长背后，是Robotaxi业务的全面爆发。据财报披露，2025年第三季度，小马智行Robotaxi业务收 入达4770万元人民币，同比涨幅高达89.5%；其中乘客车费收入同比增幅更是超过200%，展现出强劲的 用户需求释放和商业化运营能力提升。 更为关键的是"城市级别单车盈利转正"这一行业突破性进展。此前小马智行Robotaxi业务负责人张宁曾 公开表示，Robotaxi投放量达到1000台时，运营才会进入盈亏平衡点。如今随着车队规模逼近千辆，第 七代Robotaxi在广州以城市为单位实现了单车盈利转正。基于该车型自商业化运营启动以来、截至11月 23日最近两周的日均数据，单台车日均订单量已达23单，标志着L4级自动驾驶出行服务正式迈入"可盈 利"时代。 "我 ...

继自动驾驶企业小马智行（2026.HK）、文远知行（0800.HK）登陆港股市场后，又一家公司踏上了IPO 之路。 日前，苏州天瞳威视电子科技股份有限公司（下称"天瞳威视"）向港交所递交了IPO申报材料。 天瞳威视的定位是技术服务商，主要提供自动驾驶技术解决方案，涵盖L2-L2+级及L4级自动化水平。 但与已上市的自动驾驶技术服务商地平线机器人（9660.HK）相比，天瞳威视的规模相对有限。 2024年，天瞳威视的收入为4.83亿元，同期净亏损高达4.63亿元。 近期以来，自动驾驶企业掀起了港股上市热潮。 天瞳威视能否借此在L4级市场中占有一席之地，正受到关注。 加码L4 天瞳威视所提供的自动驾驶解决方案采取L2-L2+级、L4级双线并进。 L2-L2+级的辅助驾驶解决方案主要包括泊车、驾驶及智能座舱，但该业务的收入占比正逐渐下滑。 2025年上半年，L2-L2+级解决方案创收0.58亿元，占比为36.8%，同比下滑了超4成。 这是市场竞争激烈的结果。 目前自动驾驶行业主要分成车企和第三方两类参与者。前者包括坚持自研的比亚迪、理想等车企；后者 包括地平线机器人（9660.HK）、天瞳威视、福瑞泰克、Momen ...

据悉，小竹T5作为本次合作的核心车型，是佑驾创新旗下无人物流品牌。该车型搭载先进的自动驾驶 系统，可在复杂路况和恶劣天气下稳定运行。在实用性方面，5.5m³的货箱容积、1000公斤的最大载重 以及180公里的续航里程，使其能够充分满足城市短途物流的高频需求，有效助力物流企业降本增效。 值得注意的是，佑驾创新在无人车商业化道路上进展神速。自今年9月发布小竹无人车以来，公司接连 取得突破性进展：10月进驻深圳华强北参与"AI+无人物流车"首线试运行；11月再获湖南湘江智能100台 订单；同时还与中国邮政深圳分公司、深圳东部公交等行业龙头达成合作。 智通财经APP获悉，近日，佑驾创新(02431)宣布与上海玛斯特新能源科技有限责任公司及旗下玛斯特智 慧（上海）装备有限公司达成业务合作，敲定500台小竹T5无人物流车订单，其中首期100台将于2026 年1月正式交付。这一大规模订单的落地，标志着佑驾创新在无人物流车商业化进程中迈出关键一步。 根据合作协议，佑驾创新与玛斯特将共同推动首期T5无人物流于安徽落地，精准覆盖仓储转运、末端 配送等多元场景。此外，佑驾创新还将打磨贴合客户需求的智能物流服务闭环，与玛斯特共同组建 ...

Core Viewpoint - Youjia Innovation's Xiaozhu unmanned logistics vehicle has established a clear path for large-scale deployment and steady expansion, as evidenced by recent orders and partnerships [2][4]. Group 1: Business Partnerships and Orders - Youjia Innovation has signed a business cooperation agreement with Master New Energy Technology, securing an order for 500 Xiaozhu T5 unmanned logistics vehicles, with the first 100 units set for delivery in January 2026 [2]. - The partnership aims to implement the first phase of T5 unmanned logistics in Anhui, covering various scenarios such as warehousing and last-mile delivery [2]. - In November, Youjia Innovation received an additional order for 100 unmanned logistics vehicles, deepening collaboration with Hunan Xiangjiang Intelligent [8]. Group 2: Product Features and Market Adaptation - The Xiaozhu T5 features a scientifically designed cargo space with a volume of 5.5m³ and a maximum load capacity of 1000kg, catering to short-distance urban delivery needs [3]. - The vehicle boasts a maximum range of 180km, effectively reducing operational costs and refueling frequency for logistics companies [3]. - The Xiaozhu unmanned vehicle has been successfully tested in Shenzhen's Huaqiangbei area, demonstrating its commercial adaptability and addressing local logistics challenges [6]. Group 3: Strategic Expansion and Future Outlook - The entry into Anhui marks a significant strategic extension for Youjia Innovation's L4 autonomous driving business, expanding its market reach [9]. - The company is committed to increasing investment in technology iteration and research for unmanned logistics vehicles, aiming to innovate business models and expand application boundaries [10]. - Youjia Innovation is building a diversified industry cooperation ecosystem, collaborating with major players like China Post and Shenzhen Eastern Bus to enhance urban logistics and public services [9].

近日，佑驾创新(2431.HK)宣布与上海玛斯特新能源科技有限责任公司及旗下玛斯特智慧(上海)装备有 限公司(以下简称 "玛斯特")达成业务合作，敲定500台小竹T5无人物流车订单，其中首期100台将于2026 年1月正式启动交付。佑驾创新无人物流车的规模化落地再次进阶。 根据协议，佑驾创新与玛斯特将共同推动首期T5无人物流于安徽落地，精准覆盖仓储转运、末端配送 等多元场景。此外，佑驾创新还将打磨贴合客户需求的智能物流服务闭环，与玛斯特共同组建专业运营 团队、优化定制化运营流程，并完成相关人员的技术操作与服务规范培训。 展望未来，佑驾创新将持续加大无人物流车产品的技术迭代与研发投入，携手更多生态伙伴，不断拓展 技术应用边界与商业模式创新空间，共同构建互利共赢的智能物流新生态。 自今年9月发布以来，佑驾创新小竹无人车无论从订单节奏还是商业版图来看，规模化落地都已形成清 晰路径与稳步扩张态势。 10月，作为福田区"AI＋无人物流车" 首线试运行项目重要参与方，佑驾创新小竹无人车进驻"中国电子 第一街" 深圳华强北，通过 "定点定线、分时频次" 的精细化运营模式，为片区物流网点、商户及市民提 供智能收派件服务，成功 ...

Investment Rating - The report assigns a "Buy" rating to WeRide (0800.HK) for its potential in the L4 autonomous driving market [4]. Core Insights - WeRide is a leading player in the global L4 autonomous driving sector, with operations in 11 countries and 30 cities, and holds autonomous driving licenses in seven countries, making it unique in the industry [1][15]. - The company has shown significant revenue growth, with FY25H1 revenue reaching 200 million RMB, a year-on-year increase of 32.8%, driven by a substantial 230% increase in product revenue [1]. - The Robotaxi business is expected to benefit from cost reductions and supportive policies, with a projected global market size of 66.6 billion USD by 2030 [2][44]. Summary by Sections Company Overview - WeRide was established in 2017 and plans to go public on NASDAQ in October 2024, aiming to be the first global autonomous driving stock [1][15]. - The company has a comprehensive technology stack from L2 to L4, providing solutions for mobility, logistics, and sanitation [1][15]. Robotaxi Business - The Robotaxi segment is focusing on cost reduction through various strategies, including decreasing hardware costs and optimizing the remote safety operator model [2][32]. - The company is expanding its Robotaxi operations in the Middle East, with significant growth in fleet size and revenue [3][4]. Financial Projections - Revenue forecasts for WeRide are 587 million RMB in 2025, 1.13 billion RMB in 2026, and 2.02 billion RMB in 2027, with corresponding price-to-sales (P/S) ratios of 34x, 17x, and 10x [5][4]. - The company is expected to achieve a gross profit of 60 million RMB in FY25H1, reflecting an 11.5% year-on-year increase [1]. Market Potential - The global Robotaxi market is projected to grow significantly, with China expected to capture a substantial share, reaching 39 billion USD by 2030 [44]. - The report highlights that the current penetration rate of Robotaxi in China is low, indicating significant growth potential as technology and policies evolve [44].

Core Viewpoint - The Middle East, particularly Abu Dhabi, is emerging as a competitive market for domestic Robotaxi companies, with significant developments in autonomous driving services and partnerships aimed at commercial operations by 2026 [1][2][4]. Group 1: Market Developments - LoBo快跑 entered the Abu Dhabi market in March 2023 and has partnered with AutoGo to deploy sixth-generation unmanned vehicles, aiming for full autonomous operation by 2026 [2]. - 文远知行 has been operating Robotaxi services in Abu Dhabi since 2021 and plans to cover the city's core areas by the end of 2025, with a goal of expanding its fleet to 1,000 vehicles by 2026 and several thousand by 2030 [4]. - Both companies have been testing fully unmanned Robotaxi services locally, with recent licensing allowing the removal of safety drivers, which is expected to lead to single-vehicle profitability [4]. Group 2: Regional Expansion - 文远知行 has also received the first autonomous driving license in Saudi Arabia and has launched Robotaxi services in Riyadh [6]. - 小马智行 is actively expanding in the Middle East, having conducted successful public road tests in Doha, Qatar, and received testing permits in Dubai [6]. - LoBo快跑 has signed an agreement with Dubai's Roads and Transport Authority to initiate a trial operation of 50 autonomous vehicles, aiming for public service by 2026 [6]. Group 3: Global Strategy - 小马智行 is establishing research centers in various global locations, including Silicon Valley and Luxembourg, and is collaborating with local companies to enhance its Robotaxi services [7]. - The company has launched road tests in Singapore and South Korea, indicating a strategic focus on rapidly developing markets [7]. - LoBo快跑 has expanded its operations to 22 cities globally, with over 240 million kilometers driven, surpassing Waymo's order volume [7]. Group 4: Industry Opportunities - The overseas market for autonomous driving, particularly in the L4 segment, is seen as a vast potential area with ongoing demand for smart mobility and supportive policies [8][10]. - The combination of "technology output + ecosystem binding" is identified as a key pathway for scaling operations, leveraging domestic expertise in collaboration with local platforms [10][11]. - The decline in core component costs is facilitating the extension of autonomous driving applications beyond traditional passenger transport to include logistics and other services [11]. Group 5: Future Outlook - 2026 is anticipated to be a pivotal year for the mass production of Robotaxi services, with significant investments and innovations expected in the sector [12]. - The competitive landscape is evolving, with various operational models emerging, including integrated development and production approaches [12]. - The ability to adapt to local regulations and cultural contexts is crucial for sustainable growth in international markets [13][14].