小鹏科技日在即，小鹏在L4上的布局也将揭开面纱。 《21汽车·一见Auto》独家获悉，为了正式迎接明年L4级别车型的量产，公司内部在上周（即10月底）正式重启Robotaxi项目，并且开启 了内部转岗。"小鹏内部非常重视这个项目，花重金从业内知名L4级别公司挖来大佬负责这个项目。"一位接近小鹏汽车Robotaxi项目的 知情人士称。 不是再造新Robotaxi，而要轻量化操作 至于后续小鹏汽车Robotaxi的商业运营模式，何小鹏在二季度财报会上也透露了，"初步测试阶段，小鹏汽车会自己运营Robotaxi，如果 出现测试不通过等情况，小鹏汽车再去寻求合作方，一起探讨如何实现Robotaxi商业化。" 李斌、李想不自研Robotaxi，何小鹏图什么？ 小鹏并不想把这个项目做重，更倾向于"轻量化操作"，注重投入产出比。 另一位小鹏汽车知情人士称，之前小鹏内部的思路是造一台全新的Robotaxi，如今是基于在研的车型试运营，再正式商业运营。"项目总 共用了两台不同的SUV车型，分别支持试运营和商业化，早期初步测试阶段将采用高端车型。" "就Robotaxi项目而言，公司的投入更多是在软件算法等相关人才上，毕竟硬件复 ...

Core Insights - Harmony Intelligent Mobility Alliance (HIMA) achieved a record monthly delivery of 68,216 vehicles in October, surpassing 1 million cumulative deliveries, marking the fastest record for a new force brand [2] - The average transaction price for vehicles in October was 390,000 yuan, contributing to the high-quality development of the Chinese automotive industry [2] Company Overview - HIMA was officially established by Huawei on November 9, 2023, as an upgrade to its smart car business, integrating over 30 years of ICT technology with automotive manufacturing capabilities [2] - The product matrix includes five series: Wanjie, Zhijie, Xiangjie, Zunjie, and Shangjie, covering price ranges from 150,000 to 1 million yuan [2] Product Highlights - Wanjie M9: Flagship SUV with Huawei Ascend 910B chip (400 TOPS computing power), leading the luxury car segment in China for 11 consecutive months [3] - Zhijie S7: First model with Harmony Smart Cockpit 4.0, equipped with 192-line LiDAR and valet parking AVP feature [3] - Xiangjie S9: Best-selling luxury pure electric sedan for 7 months in the 400,000 yuan and above category [3] - Zunjie S800: Premium model featuring distributed satellite communication on the Tuling Longxing platform [3] - Shangjie H5: First model co-developed with SAIC, targeting young consumers [3] Future Plans - HIMA aims to achieve annual sales of 1 million vehicles by 2025, with 5 new models and 5 annual facelift models already launched [3] - Plans to introduce 13 L4 autonomous driving models by 2026, with a goal for large-scale commercial use of L4 autonomous driving in urban areas by 2027 [3]

在全球自动驾驶领域备受瞩目的两家头部企业——文远知行与小马智行，即将于同日登陆港交所挂牌上 市之际，一场突如其来的"数据真实性"争议在IPO前夜爆发，为二者的资本之路平添变数。 10月30日晚间，文远知行（WeRide）首席财务官（CFO）李璇在多个分析师社群中发布长篇信息，直 指其直接竞争对手小马智行（Pony.ai）在面向香港投资者的路演材料中，存在针对文远知行的多项"不 实数据"和"刻意贬低"的表述。李璇称，小马智行的行为"已超出正常竞争范畴"，并要求其立即更正所 有不实信息，同时表示"保留一切法律诉讼权利"。 Jennifer Li (Jennifer Li WeRide CFO) 22:21:24 各位分析师,我们就小马智行在香港路演投资人材 料中对文远的数项虚假指控进行正面回应与驳斥: - 运营区域造假:我方 APP已公开在北京、广州提 供纯无人 Robotaxi 服务,"小马"所谓"仅有北京 1 个地区"的说法,是对投资者的公然欺骗和误导。 - 运营数据造假:我方700+robotaxi车队、超过 2,200天的公共运营记录,以及在北京、广州、中 东等多地的商业化 robotaxi 运营,在招股 ...

10月30日，在自动驾驶赛道企业小马智行（Pony.ai）与文远知行（WeRide）"同日招股"的最关键节点，一份小马智行的港股路演材料引发了其直接竞争 对手的强烈反弹。 （文/陈济深 编辑/张广凯） 文远知行CFO李璇在分析师群中直指小马智行的路演材料中存在严重数据失实/误导，尤其是在竞争对手比较重将文远运营城市标注为"1个"，甚至将完成 订单数写为"0"属于刻意贬低，超出正常商业竞争。 这场突如其来的"数据狙击"并非偶然。就在两天前（10月28日），这对"自动驾驶双子星"才刚刚同步在港交所发布招股书，并计划于11月6日"同日挂 牌"。这是继2024年在美国"错月"上市、争夺"全球Robotaxi第一股"后，双方再一次在资本市场的"正面对决"。 更具戏剧性的是，这场战火甚至"误伤"了百度。因小马智行的路演材料未列入百度的核心运营城市武汉，有百度IRD（投资者关系部）的人士连夜发声 称"已依法维权"。 这并非两家公司的首次"掐架"。早在今年6月，小马智行CTO楼天城的"牌桌理论"（称桌上只有Waymo、小马和百度）就曾引发文远CFO的公开回怼。 这场"战争"的主角，小马智行（Pony.ai，下称"小马"）与文 ...

Core Viewpoint - The CFO of WeRide, Li Xuan, has publicly refuted claims made by Pony.ai regarding WeRide's operational data, asserting that Pony.ai's statements are misleading and factually incorrect [1][3]. Company Responses - Li Xuan emphasized that WeRide operates Robotaxi services in both Beijing and Guangzhou, countering Pony.ai's claim that WeRide only operates in Beijing [3]. - WeRide has a fleet of over 700 Robotaxis and has accumulated more than 2,200 days of public operation records, with commercial operations in multiple regions including Beijing, Guangzhou, and the Middle East [3]. - Li Xuan challenged Pony.ai's technical claims, stating that WeRide's "one-step end-to-end" production application has been validated by Bosch and Chery, while Pony.ai's claims about WeRide's technology are unfounded [3]. Market Positioning - Both WeRide and Pony.ai are preparing for their listings in Hong Kong, with WeRide planning to issue approximately 102,428,200 shares and Pony.ai planning to issue up to 102,146,500 shares [4]. - The two companies have adopted different strategic approaches: Pony.ai focuses on major Chinese cities while WeRide emphasizes international expansion, particularly in Europe and the Middle East [5]. Fleet Composition - WeRide operates a fleet of over 1,500 vehicles, primarily focusing on the Robotaxi market, with more than 700 autonomous taxis, including over 100 in the Middle East [6]. - Pony.ai has a dual fleet strategy that includes both passenger and commercial vehicles, with over 680 autonomous taxis and around 170 autonomous trucks, catering to urban mobility and logistics [6].

Domestic News - The Ministry of Commerce and four other departments have issued a notice to rectify "involution-style" competition, aiming to establish a fair and innovative business environment [7] - The Ministry of Transport is accelerating the large-scale innovative application of artificial intelligence in the transportation sector, with a systematic implementation plan in place [8] - The first national-level automotive chip standard verification platform has been launched in Shenzhen, enhancing the quality verification capabilities for automotive-grade chips [9] - Beijing Hyundai plans to launch 20 new products over the next 4-5 years, focusing on the iteration of new energy vehicles [10] - Smart has introduced a cross-year purchase tax subsidy plan, offering up to 15,000 yuan in subsidies for eligible vehicle purchases [11][12] - BYD has unveiled its first K-Car model, Racco, specifically designed for the Japanese market, with pre-sales expected to start in summer 2026 [13] - FAW has established an energy technology company in Changchun, focusing on the exploration of AI and energy innovation models [14] - Xinwangda Power has launched a polymer all-solid-state battery with an energy density of 400Wh/kg, marking a significant milestone in lithium battery technology [15] International News - Boston is proposing a regulation requiring human operators in autonomous vehicles, aiming to assess the impact of autonomous driving technology on existing ride-hailing drivers [16] - Honda has unveiled the Super-ONE electric small car prototype, designed to provide a unique driving experience, with plans for mass production in 2026 [17] - NVIDIA has partnered with Uber to expand the global L4 autonomous driving network, aiming to scale up to 100,000 vehicles by 2027 [18] - Toyota's 2023 electric vehicles in the U.S. will support Apple Maps for EV routing, enhancing the convenience of electric travel [19] Commercial Vehicles - Volvo's electric trucks have accumulated over 250 million kilometers since their launch in 2019, maintaining a leading position in the industry [20] - The first batch of heavy trucks developed by Xinjiang Kunlun Automotive has successfully rolled off the production line, addressing compliance challenges for exports to Russia [21] - Jiangling's new Baotian model was globally launched in Saudi Arabia, showcasing the brand's strategic expansion [22] - BYD's pure electric small truck T35 made its global debut at the Tokyo Motor Show, with plans for a 2026 launch in Japan and a starting price of 800,000 yen [23]

Core Insights - The article discusses the rapid expansion of the Robotaxi ecosystem, highlighting the IPO ambitions of Xiangdao Mobility, a subsidiary of SAIC, which positions itself as the first L4 Robotaxi operating platform backed by an automotive company in China [2][21]. Financial Performance - Xiangdao Mobility reported revenues of approximately 4.729 billion RMB, 5.718 billion RMB, 6.395 billion RMB, and 3.013 billion RMB for the fiscal years 2022, 2023, 2024, and the first half of 2025, respectively [3]. - The compound annual growth rate (CAGR) from 2022 to 2024 is projected at 16.3%, with gross profits of approximately 49.487 million RMB, 376 million RMB, 448 million RMB, and 341 million RMB, leading to an increase in gross margin from 1.0% in 2022 to 11.3% in the first half of 2025 [5][8]. Operational Insights - Despite significant revenue growth, Xiangdao Mobility remains in a loss-making state, although losses have narrowed by nearly 80% in the first half of 2025 compared to 2022, and operating cash flow has turned positive [6][8]. - As of June this year, Xiangdao Mobility has over 1.06 million registered drivers and approximately 20,000 self-owned vehicles, covering 95 cities in China [13]. Market Position - In 2024, Xiangdao Mobility's revenue from ride-hailing services is expected to contribute 49.91 billion RMB, accounting for 78.0% of total revenue, indicating a strong reliance on traditional ride-hailing operations [16]. - The company is positioned as a significant player in the Robotaxi market, leveraging partnerships with key industry players like Momenta and Alibaba to enhance its technological capabilities and operational efficiency [16][19]. Industry Trends - The article notes a shift in the Robotaxi narrative from testing to actual operations, driven by technological advancements and supportive policies in major cities like Beijing and Shanghai [17]. - The financing landscape for tech companies looking to go public in Hong Kong has improved, with relaxed requirements for unprofitable companies, facilitating the entry of various Robotaxi players into the market [19][21].

Core Viewpoint Pony AI Inc. is a leading L4 autonomous driving technology company registered in the Cayman Islands, planning a dual primary listing on the Hong Kong Stock Exchange. The company focuses on autonomous driving services, autonomous truck services, and technology licensing, holding all necessary regulatory permits for public autonomous driving services in four major cities in China. Global Offering Core Information - The global offering consists of 41.9557 million shares, with 4.1956 million shares for public offering in Hong Kong and 37.7601 million shares for international offering. The maximum public offering price is set at HKD 180 per share, including related fees. The pricing date is expected no later than November 4, 2025, with the expected listing date on November 6, 2025. The net proceeds are estimated to be approximately HKD 7.194 billion, with 50% allocated for technology commercialization, 40% for R&D, and 10% for working capital [2][3]. Business Layout and Operational Performance - The company operates in three main segments: - Autonomous driving ride-hailing services with over 720 taxis and a total autonomous driving mileage exceeding 48.6 million kilometers, averaging over 15 orders per vehicle per day since 2025, with over 532,000 registered users. - Autonomous truck services with over 170 vehicles, accumulating 65 million kilometers driven and transporting over 1.07 billion ton-kilometers, serving 159 enterprise clients. - Technology licensing and application focusing on domain controllers, with over 12,000 units sold in the first half of 2025. The total revenue for 2024 is projected to be USD 75.025 million, with autonomous truck service revenue accounting for 53.8% [3][4]. Core Competitive Advantages and Technical Strength - The company possesses a mature L4 autonomous driving technology system, utilizing cutting-edge technologies such as world models, end-to-end systems, and game theory to handle adverse weather and complex traffic scenarios. As of June 30, 2025, the company holds 552 global patents, 185 software copyrights, and 1,122 trademarks, with approximately 50% of its workforce in R&D. R&D expenditure is expected to reach USD 24.02 million in 2024. The company has established a collaborative ecosystem with OEMs, logistics platforms, and ride-hailing networks, partnering with Toyota and China Foreign Transport [4][5]. Financial Status - The company recorded net losses of USD 148 million, USD 125 million, USD 275 million, and USD 91 million for the years 2022-2025, primarily due to high R&D and operational investments. However, revenue has shown steady growth, with a year-on-year increase of 43.3% in the first half of 2025 [5]. Company Governance and Structure - The company employs a dual-class voting structure, with Dr. Peng Jun (Chairman and CEO) and Dr. Lou Tiancheng (CTO) as the beneficiaries of different voting rights, collectively holding approximately 70.1% of the voting power. Post-listing, the company will comply with Hong Kong listing rules to enhance corporate governance and shareholder protection measures [6].

Domestic News - The 15th Five-Year Plan emphasizes boosting consumption, enhancing public service spending, and removing unreasonable restrictions on consumption such as those related to automobiles and housing [7] - China and ASEAN have agreed to consider each other's standards when formulating their own, particularly in the fields of new energy vehicles and electronics [8] - The upcoming 8th China International Import Expo will introduce new themes including automotive and cultural tourism, showcasing 461 new products and technologies [9] - Shenzhen has announced the cessation of its automobile replacement subsidy policy after reaching its budget limit for 2025 [10] - Changan Automobile has launched a purchase tax subsidy plan across all its brands to alleviate consumer concerns regarding tax benefits [11][12] - Aion, in collaboration with JD.com, is set to launch the Aion UT super model targeting the 100,000 yuan market [13] - Xiaomi has established a new department focused on the next-generation technology architecture for its electric vehicles, directly reporting to Lei Jun [14] - Seres has published a patent for torque control methods to prevent vehicle instability during high-speed driving [15] International News - In September, European car sales increased by 11% to 1.24 million units, with Tesla's registrations down by 19% and BYD's up by 272% [16] - Thailand's new car sales surged by 24% year-on-year in September, reaching 48,350 units [17] - Stellantis has partnered with NVIDIA, Uber, and Foxconn to explore the development of L4 autonomous vehicles for ride-hailing services [18] - Lucid Motors and NVIDIA are collaborating to launch the first L4 autonomous electric vehicles, leveraging NVIDIA's advanced driving technology [19] Commercial Vehicles - The cold chain logistics market in China has shown steady growth, with a total demand of 11.73 million tons in Q3, up 4.49% year-on-year [20][23] - The National Development and Reform Commission has introduced a 20% subsidy for green methanol projects, marking a significant step in supporting clean fuel technologies [21] - Guangso Future is collaborating with Serbia to develop a new ecosystem for electric trucks, focusing on autonomous commercial vehicle technology [22] - GAC's Lingcheng showcased its multi-energy route technology at the Greater Bay Area Commercial Vehicle Conference, emphasizing the integration of various energy sources [25]

Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 150 yuan [4][2]. Core Insights - The company reported a revenue of 4.464 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 25.88%. The net profit attributable to shareholders was a loss of 0.075 billion yuan, which is a narrowing of the previous loss [1]. - In Q3 2025, the company achieved a single-quarter revenue of 1.555 billion yuan, a year-on-year increase of 2.4%, while the net profit turned positive at 0.012 billion yuan, indicating a turnaround from previous losses [1]. - The company is focusing on L4 autonomous driving technology and has made significant progress in its port automation business, with a notable order for heavy-duty autonomous flatbed trucks [2]. Financial Performance Summary - The company’s revenue is projected to grow from 7.2 billion yuan in 2025 to 10.81 billion yuan in 2027, with net profits expected to rise from 0.1 billion yuan in 2025 to 4.9 billion yuan in 2027 [3][10]. - The gross margin for Q3 2025 was reported at 22.13%, with a decrease attributed to changes in revenue structure [9]. - The company’s operating efficiency is improving, with operating expenses decreasing by 18.63% year-on-year in Q3 2025 [9]. Revenue and Profit Forecast - The forecast for the company's main revenue and net profit from 2023 to 2027 is as follows: - 2023A: Revenue 4.68 billion yuan, Net Profit -0.22 billion yuan - 2024A: Revenue 5.54 billion yuan, Net Profit -0.55 billion yuan - 2025E: Revenue 7.2 billion yuan, Net Profit 0.1 billion yuan - 2026E: Revenue 9 billion yuan, Net Profit 1.8 billion yuan - 2027E: Revenue 10.81 billion yuan, Net Profit 4.9 billion yuan [3][10].