2026年1月6日-9日，新石器无人车将携主力无人车矩阵及全新产品，首次亮相美国拉斯维加斯CES 2026展会现场（展位：西厅#6075），并面向全球行业 决策者与生态伙伴，重磅发布基于人工智能的新一代城市配送解决方案。 15km半径范围内多点配送 小巧实装·L4自动驾驶·智能调度 60km半径范围内多点配送 更大装载 · 更远续航 · L4自动驾驶 ·智能调度 即将迎来首秀 实现真正端到端的门到门 一代"最后一公里"配送机器人 全新 多点配送主力 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

他的治下， 文远知行 现在是美股港股双料上市的"Robotaxi第一股"。 但与 量子位总编辑李根 的对话中，韩旭对创业8年的评价却出人意料： 我没空看成绩单。 他在忙什么？在 忙300～500万年薪广招英才 、在 忙Robotaxi海外跑马圈地 、在 忙一段式端到端量产的"搏二兔" ： 编辑部 整理自 凹非寺 量子位 | 公众号 QbitAI 时隔六年再次登上 量子位MEET智能未来大会 ， 韩旭 已不再是那个需要向投资人证明"自动驾驶不是骗局"的创业者。 时过境迁，今天确实可以搏二兔了。 但对同样"搏二兔"大搞Robotaxi的特斯拉，他给出了近乎"打脸"的预言； 最近Robotaxi先行者Waymo的估值，已经达到1000亿美元。这也带动行业内"L4公司"遍地开花，对此，韩旭又毫不迟疑划出了不容模糊的技 术壁垒，并直言： "国内真正能纯无人运营的只有三家"。 从L4到L2++，这位亲历行业从"骗局论"走到规模化落地的自动驾驶一线"老兵"，在独家对话中给出了当下自动驾驶的一线洞察，以及未来竞争 的生死线。 从"骗子公司"到无人化规模落地 李根：太高兴了，韩旭又再一次回到MEET智能未来大会，现在成为全球R ...

Core Insights - The company, Xiaoma Zhixing, has achieved single-vehicle profitability in Guangzhou, with daily revenue per vehicle reaching 299 yuan, and aims to expand its fleet to 1,000 vehicles by the end of 2025 and 3,000 by 2026 [2][3] - The company is leveraging a light-asset cooperation model to accelerate the commercialization of autonomous driving, moving from "technology validation" to "scale profitability" [2][4] - The seventh-generation Robotaxi has seen a 70% reduction in autonomous driving kit costs compared to the previous generation, supporting the company's profitability goals [3][6] Financial Performance - Daily average revenue per vehicle in Guangzhou is 299 yuan, with an average order volume of 23 orders per vehicle [3] - The company plans to achieve a fleet size of 10,000 vehicles by 2030, targeting a market share of 5%-10% in the domestic ride-hailing market [7][8] Technological Advancements - The seventh-generation Robotaxi features significant technological breakthroughs and cost optimizations, including a unified autonomous driving kit shared across multiple models [3][4] - The company employs a reinforcement learning framework to enhance the safety of its AI drivers, distinguishing itself from competitors relying on imitation learning [6][7] Market Strategy - Xiaoma Zhixing has become the first company in China to obtain autonomous demonstration operation licenses in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen [4] - The light-asset cooperation model allows the company to share capital expenditures with partners, accelerating fleet expansion without bearing the full cost [5] Future Outlook - The company aims for a dual strategy of scale expansion and continuous cost optimization, with a projected 20% further reduction in autonomous driving kit costs by 2026 [7] - The focus will be on deepening market presence in first-tier cities while gradually penetrating second and third-tier cities through the light-asset model [7][8]

Core Viewpoint - The autonomous driving industry is experiencing a historic breakthrough, with China poised to become the first country to initiate large-scale trials of Level 3 (L3) autonomous vehicles [1] Group 1: Company Performance - Youjia Innovation (佑驾创新) saw its stock price rise over 13%, reaching HKD 12.74 with a trading volume of HKD 1.28 billion [1] - The company has achieved commercial deployment of Level 4 (L4) autonomous minibuses and logistics scenarios, establishing a foundation for the widespread rollout of L3 technology through a collaborative model of "L4 technology sinking and L2 data rising" [1] Group 2: Market Position and Strategy - Dongwu Securities reported that Youjia Innovation holds over one-third of the commercial vehicle Advanced Driver Assistance Systems (ADAS) market and has successfully expanded into passenger vehicles and joint venture clients [1] - The company's iPilot series (L2+ and above) products are entering a harvest phase, while its L4 autonomous driving business (iRobo) has achieved commercial breakthroughs [1] - The company plans to launch a dedicated logistics brand "Xiaozhu Unmanned Vehicle" in September 2025, aiming for the delivery of 10,000 units by 2026 [1]

Core Insights - The financing scale for domestic L4 autonomous driving is expected to exceed 30 billion RMB by 2025, marking a historical high and a growth of approximately 257% compared to 2023, which was around 8.4 billion RMB [2] - Logistics delivery and Robotaxi are identified as the two main tracks attracting significant funding, with leading companies and established scenarios receiving financial support [2] - The industry is entering a technical deep-water zone, necessitating more dedicated individuals to address the challenges and pain points [2] Key Directions - The main focus areas include but are not limited to: autonomous driving product management, 4D annotation/data loop, world models, VLA, autonomous driving large models, reinforcement learning, and end-to-end solutions [4] Recent Financing Activities - Zhaofu Intelligent raised 3 billion RMB in June, with investments from Hello Chuxing, Ant Group, and CATL - New Stone Unmanned Vehicles secured 600 million USD in October led by Leishi Capital from the UAE - Pony.ai went public on the Hong Kong Stock Exchange in November, raising approximately 7.7 billion HKD - WeRide also went public on the Hong Kong Stock Exchange in November, raising about 2.4 billion HKD - Didi Autonomous Driving completed a D round financing of 2 billion RMB in October to enhance AI R&D and promote L4 autonomous driving applications - Zhuoyue Technology received a strategic investment of 3.6 billion RMB from China FAW in November [7]

Core Insights - Didi's Q3 2025 performance report shows continued robust growth, with a 13.8% year-on-year increase in core platform order volume, reaching 4.685 billion orders, marking 11 consecutive quarters of double-digit growth since 2023 [1] - The total gross transaction value (GTV) for Q3 2025 increased by 14.8% year-on-year to 115.8 billion yuan, with domestic GTV growing by 10.1% to 86 billion yuan and international GTV rising by 31% to 29.8 billion yuan [1] - Didi's international business has achieved cumulative profitability in adjusted EBITA for its core ride-hailing segment in the first three quarters of 2025, indicating improved operational quality alongside market expansion [1] International Expansion - Didi has established a presence in 14 countries across Latin America, Asia-Pacific, and Africa, providing ride-hailing, food delivery, and financial services [2][3] - The company has focused on Latin America since its entry, acquiring local ride-hailing platform 99 in Brazil, which has a population of over 200 million and ranks among the top 15 globally in GDP [2] - After a two-year pause, Didi relaunched its food delivery service in Brazil in April 2023, quickly expanding to over 30 cities, including major urban areas [2] Localized Strategy - Didi's success in international markets is attributed to its localized strategy, adapting to local market demands rather than simply replicating its Chinese model [4] - The introduction of two-wheeled ride services in Brazil addresses local traffic congestion and appeals to price-sensitive users, with over 2 billion orders in the past three years [4] Electric Vehicle Initiatives - Didi is actively participating in the electrification of the Brazilian ride-hailing market, launching electric and hybrid vehicle options in major cities [5] - The company has partnered with local firms to deploy 300 electric motorcycles, aiming to reduce operational costs for drivers by up to 35% [5] - In Mexico, Didi introduced 500 electric vehicles in October 2023, collaborating with Chinese automakers to promote green transportation, with plans to introduce 100,000 electric vehicles by 2030 [5]

Core Insights - Didi's Q3 2025 financial report shows a net profit of 1.5 billion RMB, with core platform GTV increasing by 14.8% to 115.8 billion RMB [1] - The company has maintained a steady growth trajectory, with a 13.8% year-on-year increase in order volume to 4.685 billion orders in Q3 [1] - Didi's CEO emphasizes the importance of enhancing the travel service system and expanding international market presence while leveraging AI for improved user experience [1] Domestic Business Performance - Didi's domestic business serves as a stable foundation for growth, with Q3 order volume reaching 3.523 billion, a 10.7% increase year-on-year [2] - The domestic GTV grew by 10.1% to 86 billion RMB, with adjusted EBITA profit at 3 billion RMB [2] - Didi has introduced various services to meet diverse user needs, including Didi Light Enjoy, Select Fast Car, and pet travel options, while also enhancing driver opportunities [2] - The AI travel assistant launched in September aims to improve user experience by providing tailored travel solutions [2] Driver Support Initiatives - In Q3, Didi introduced new measures to enhance driver welfare, including an upgraded driver protection plan and a special award program for long-serving drivers [3] - The "Together for Ten Years" incentive program rewards drivers with ten years of service, providing each with 18,888 RMB and a custom trophy [3] International Business Growth - Didi's international business, particularly in Latin America, has become a significant growth driver, with a 24.3% increase in order volume to 1.162 billion orders in Q3 [4] - The international GTV rose by 31% to 29.8 billion RMB, with adjusted EBITA achieving cumulative profitability in the first three quarters of 2025 [4] - Didi's food delivery service in Brazil has expanded to over 30 cities, with plans to reach 100 cities by mid-2026 [4] - The company has established a partnership with GAC Aion and Jiangqi Group to launch a fleet of 500 electric vehicles in Mexico, promoting green transportation [5]

Core Viewpoint - Didi's Q3 2025 performance report shows continued robust growth in both domestic and international markets, with significant increases in order volume and gross transaction value (GTV) [2][3][4]. Domestic Business Performance - In Q3 2025, Didi's domestic ride-hailing orders reached 3.523 billion, a year-on-year increase of 10.7%, with a daily average of 38.3 million orders [3]. - The GTV for domestic operations grew by 10.1% year-on-year to 86 billion yuan, while adjusted EBITDA reached 3 billion yuan [3]. - Didi is focusing on refining its domestic travel ecosystem through differentiated services and enhancing user experience, including an upgraded membership system and AI-driven travel assistant [3]. International Business Performance - Didi's international business saw a 24.3% year-on-year increase in order volume, totaling 1.162 billion orders, with a GTV growth of 31% to 29.8 billion yuan [4]. - The international ride-hailing segment has achieved sustainable growth, with cumulative adjusted EBITDA profitability in the first three quarters of 2025 [4]. - Didi has expanded its food delivery service in Brazil, launching in over 30 cities and planning to reach 100 cities by mid-2026 [5]. Strategic Initiatives - Didi's CEO emphasized the importance of enhancing the driver ecosystem and user rights, alongside a commitment to AI advancements and responsible development of Level 4 autonomous driving [2]. - The company aims to deepen its international presence by leveraging local demand and collaborating with more Chinese enterprises [2][4].

Core Insights - Didi's Q3 2025 performance report shows continued robust growth, with core platform order volume increasing by 13.8% year-on-year to 4.685 billion orders, marking 11 consecutive quarters of double-digit growth since 2023 [1] - The Gross Transaction Value (GTV) for Didi's core platform grew by 14.8% year-on-year to 115.8 billion yuan, with a net profit of 1.5 billion yuan for the quarter [1] - Didi's CEO emphasized the commitment to enhancing the travel service ecosystem, improving driver welfare, and leveraging AI to enhance user experience while expanding international market presence [1] Domestic Operations - In Q3, Didi's domestic ride-hailing orders reached 3.523 billion, a 10.7% increase year-on-year, with an average of 38.3 million daily orders; GTV grew by 10.1% to 86 billion yuan [2] - The company is focusing on refining its domestic travel ecosystem through differentiated services to stimulate potential travel demand, with new offerings like Didi Light Enjoy, Select Fast Car, and pet travel services [2] - Didi upgraded its membership system in August, partnering with various brands to enhance user experience and provide additional value-added services [2] International Operations - Didi's international business maintained over 20% growth in Q3, with order volume increasing by 24.3% year-on-year to 1.162 billion orders and GTV rising by 31% to 29.8 billion yuan [3] - The company has successfully launched its food delivery service in over 30 cities in Brazil, with plans to expand to 100 cities by mid-2026 [3] - Didi's international operations now cover 14 countries and regions, providing ride-hailing, food delivery, and financial services, with a significant user base in Brazil [3][4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - The company reported significant revenue growth of 144% year-on-year, with total revenue reaching 171 million RMB in Q3 2025. Product revenue surged by 429% to 79 million RMB, driven by increased sales of Robotaxi and Robobus. Service revenue also grew by 67% to 92 million RMB, primarily due to smart data and driver assistance operational support services [1][2]. - The Robotaxi-related business saw a remarkable revenue increase of 761% year-on-year, amounting to 35.3 million RMB [1][2]. - The company's gross profit for Q3 2025 was 56 million RMB, reflecting a substantial increase of 1133.55% year-on-year, with a gross margin improvement of 26.41 percentage points to 32.93% [1]. - The net loss narrowed by 70.53% year-on-year to 307 million RMB [1]. Revenue and Profit Forecast - Revenue projections for the company are set at 587 million RMB, 1.13 billion RMB, and 2.02 billion RMB for FY2025, FY2026, and FY2027, respectively, with corresponding growth rates of 62.4%, 92.8%, and 78.4% [5][9]. - The company anticipates achieving single-vehicle breakeven in Abu Dhabi as it expands its fleet to over 500 vehicles by 2026 [3]. Business Expansion and Operations - The company has obtained autonomous operation licenses in eight countries, with a Robotaxi fleet nearing 750 vehicles. It has commenced pure unmanned commercial operations in Abu Dhabi, collaborating with Uber and TXAI [2][3]. - The company is actively expanding its operations in the Middle East, particularly in Dubai, Abu Dhabi, and Riyadh, where it currently operates over 100 Robotaxis [3]. Financial Metrics - The company’s financial metrics indicate a projected net loss of 1.55 billion RMB for FY2025, with an expected EPS of -1.5 RMB [5][9]. - The P/S ratio is forecasted to decrease from 33 in FY2025 to 10 in FY2027, reflecting anticipated revenue growth and improved market positioning [5].