Investment Rating - The report maintains an "Outperform" rating for the company [4][58]. Core Insights - The company achieved revenue of 171 million yuan in Q3 2025, representing a year-on-year growth of 144.2% and a quarter-on-quarter increase of 34.4% [1][6]. - The net profit for Q3 2025 was -307 million yuan, an improvement from -1.043 billion yuan in Q3 2024 and -406 million yuan in Q2 2025 [1][6]. - The company is a global leader in L4 autonomous driving products and solutions, with significant advancements in commercializing its L4 products [3][24]. Financial Performance - In Q3 2025, the company's gross margin was 32.9%, a year-on-year increase of 26.4 percentage points [2][14]. - The adjusted net profit margin for Q3 2025 was -161.2%, showing a significant improvement from previous quarters [2][14]. - The company’s expense ratio decreased to 254.9% in Q3 2025, down 1024.4 percentage points year-on-year [2][19]. Business Segments - Product revenue in Q3 2025 was 79.2 million yuan, a remarkable year-on-year growth of 428.0%, driven by increased sales of Robotaxi and Robobus [1][7]. - Service revenue for the same period was 91.8 million yuan, up 66.9% year-on-year, primarily due to growth in smart data services and autonomous driving-related operational support [1][7]. Market Expansion and Partnerships - The company has accelerated the commercialization of its L4 products, obtaining autonomous driving licenses in multiple countries, including Switzerland, China, UAE, Saudi Arabia, Singapore, France, Belgium, and the USA [3][25]. - In November 2025, the company launched L4 Robotaxi commercial operations in Abu Dhabi in partnership with Uber, marking a significant milestone in the Middle East [32]. - The company has also expanded its Robobus services to various cities, including operations in UAE and Belgium [43][44]. Future Projections - The report has adjusted revenue forecasts for 2025-2027 to 5.51 billion yuan, 10.00 billion yuan, and 18.66 billion yuan, respectively, reflecting a downward revision due to domestic L4 policy openings [58]. - The projected net losses for the same period are -14.16 billion yuan, -13.10 billion yuan, and -10.18 billion yuan [58].

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 理想汽车：我们三年内会推出L4定义车型。对于市场上关于"未来3至5年内一定会出现没有驾驶座的 车"的畅想，我们给出了明确而积极的回应。根据公司的规划，理想汽车将在三年内，即2028年左右， 推出首款为L4级自动驾驶定义的汽车。 理想汽车董事长兼CEO李想甚至进一步畅想，到2030年，公司 有50%的概率会推出一款人工智能超级跑车。这表明，理想汽车对于"没有驾驶座的车"这一未来趋势， 不仅有着清晰的规划，更充满了信心和期待。公司认为，L4级自动驾驶的实现，将是汽车行业真正 的"iPhone 4时刻"，将引发一场深刻的产业革命。（每经网） ...

公开信息显示，涉事的哈啰Robotaxi是哈啰出行旗下专注于L4级自动驾驶技术研发与商业化运营的核心业务单元。该业务于 2025年6月23日正式启动，由哈啰联合蚂蚁集团、宁德时代共同出资超30亿元成立上海造父智能科技有限公司承载运作。同年9 月11日，其首款前装量产车型HR1正式推出，该车型基于东风启辰VX6底盘开发，搭载端到端L4技术体系及多传感器融合系 统，宣称具备2000Tops+算力与全冗余安全设计。 资本层面，该业务进展迅速。2025年9月17日，哈啰Robotaxi获得阿里巴巴集团战略投资，双方宣布将共建智驾大模型及算力平 台。商业化布局上，9月29日其全国第二个商业化运营项目在江苏溧阳启动，结合当地旅游资源开发文旅专线；在湖南株洲，该 业务已开展商业化试点运营，车辆深度整合北斗高精度定位技术，用户可通过哈啰App预约服务，运营范围集中在天元区等指定 区域，设有500余个虚拟上下客点位。 据哈啰株洲方面此前介绍，其L4级自动驾驶车辆采用"云舱驾驶员远程监控"模式，虽无需乘客接管，但后台远程驾驶员可随时 介入操作。目前每日在株洲上路的试运营车辆约20至30台，且会根据路况避开拥堵路段。从技术标准看， ...

Core Viewpoint - Yushi Technology has submitted a second application for listing on the Hong Kong Stock Exchange, focusing on L4 autonomous driving solutions, particularly in closed and semi-closed scenarios such as airports and industrial parks [2][5][30]. Group 1: Company Overview - Founded in 2016, Yushi Technology specializes in L4-level autonomous driving solutions and has developed 52 models suitable for various scenarios [3][5]. - The company was co-founded by Wu Gansha, a notable figure in the autonomous driving industry and former head of Intel's China Research Institute [3][9]. Group 2: Financial Performance - Yushi Technology has raised approximately 1.751 billion RMB through six rounds of financing, with a post-financing valuation reaching 7.3 billion RMB [5][12]. - The company reported a significant revenue increase from 65.48 million RMB in 2022 to an estimated 265.5 million RMB in 2024, with a compound annual growth rate of about 110% [22][24]. - Despite revenue growth, Yushi Technology remains unprofitable, with pre-tax losses of 249.7 million RMB in 2022 and 213.1 million RMB in 2023 [22][24]. Group 3: Business Segments - The company's revenue is primarily derived from four segments: autonomous vehicle solutions, autonomous driving kits, software solutions, and vehicle leasing services [15][24]. - In 2024, the autonomous vehicle solutions segment accounted for 55.2% of total revenue, while the software solutions segment contributed 25.4% [24]. Group 4: Market Position - Yushi Technology holds a 91.7% market share in the airport scenario market in Greater China and a 45.1% share in the industrial park scenario market [16][17]. - The company has established partnerships with 17 airports in China and 3 overseas airports, indicating a strong presence in the market [16]. Group 5: Funding and Cash Flow - As of June 30, 2025, Yushi Technology had cash and cash equivalents of 170 million RMB, down from 222 million RMB at the end of 2024, highlighting ongoing cash flow challenges [29][30]. - The company is under pressure to list due to its financial situation, as it continues to operate at a loss while investing heavily in research and development [30].

智通财经APP获悉，据港交所11月28日披露，驭势科技(北京)股份有限公司(简称：驭势科技)递表港交 所主板，中信证券为其独家保荐人。 | . . [編纂]股H股(視乎[編纂]行使與否而定) | 篇纂 項下的[编纂]數目 | | --- | --- | | . . [编纂]股H股(可予重新分配) | [ 编纂]股份數目 | | . . [編纂]股H股(可予重新分配且視乎[編纂]行 | [ 编纂]股份數目 | | 便與否而定) | | | 最高[编纂] : 每 股Ｈ股[編纂]港元,另 加1.0%經紀佣金、 | | | 0.0027% 證 監 會 交 易 徽 費 、0.00565% 聯 交 所 | | | 交易 費 及 0.00015% 會 財 局 交 易 徵 費 ( 須 於 | | | 申請時以港元繳足,多繳股款可予退還) | | | 面值 : 每股H股人民幣0.10元 | | | 【指數】： 【编纂】 | | | 獨家保薦人、[編纂]、[編纂]、 | | | 「拒 第17「 · | | 于2022年、2023年、2024年及截至2025年6月30日止六个月，机场场景的收益分别占自动驾驶车辆解决 方案及自动驾驶 ...

Core Viewpoint - Yushi Technology (Beijing) Co., Ltd. is making another attempt to list on the Hong Kong Stock Exchange, focusing on L4 autonomous driving technology and commercial vehicles in closed scenarios such as airports and factories [2] Group 1: Industry Position and Market Focus - Yushi Technology is the largest supplier of L4 autonomous driving solutions for commercial vehicles in airport and factory scenarios in Greater China, with a significant market share [2] - The company is the only global supplier providing large-scale commercial L4 autonomous driving solutions for airports, meeting the highest international safety standards [2] - The revenue from airport scenarios is projected to account for 35.1%, 71.2%, 58.7%, and 50.3% of total revenue from autonomous vehicle solutions and leasing services from 2022 to June 2025 [2] Group 2: Business Operations and Revenue Streams - The core products of Yushi Technology include commercial vehicles equipped with L4 autonomous driving capabilities, autonomous driving kits, software solutions, and leasing services, designed for unmanned operation without standby safety personnel [2] - The company has established partnerships with 20 airports, including 17 in China and 3 overseas, and is exploring opportunities with 4 new airports [2] - Revenue from factory scenarios is expected to represent 26.4%, 22.2%, 25.8%, and 12.0% from 2022 to June 2025 [3] Group 3: Financial Performance and Client Relationships - Major clients include Fortune 500 companies, with the revenue contribution from the top five clients being 57.6%, 66.0%, 46.2%, and 82.8% from 2022 to June 2025 [3] - The average retention rate of key clients, contributing over 10 million yuan, is 100%, 75.0%, 75.0%, and 40.0% for the respective periods [3] - The procurement amount from the top five suppliers has remained stable, accounting for 32.2%, 35.5%, 33.7%, and 54.4% during the same period [3] Group 4: Research and Development Capabilities - Yushi Technology's R&D capabilities are a core competitive advantage, with centers in Beijing, Shanghai, and Chongqing focusing on AI, L4 autonomous driving, hardware, and cloud technology [4] - The R&D team consists of 227 members, with 52.4% holding master's degrees or higher, led by core members with over 8 years of industry experience [4] - The company has invested in R&D with expenditures of 189 million yuan, 184 million yuan, 196 million yuan, and 98 million yuan from 2022 to the first half of 2025 [4] Group 5: Intellectual Property and Compliance - Yushi Technology has been granted 627 patents and has submitted 234 patent applications, with a significant portion of its technology being developed internally [4] - All solutions are classified as "designated special technology products" under Hong Kong listing rules, with all revenue during the performance period derived from such product sales [4]

Group 1: Automotive Industry Outlook - The China Association of Automobile Manufacturers (CAAM) predicts that China's automobile sales will exceed 34 million units in 2023, with new energy vehicle sales expected to reach 16 million units and exports anticipated to surpass 6.8 million units by 2025 [1] - The automotive industry is entering a phase of rapid growth in overseas markets, with many companies planning to expand their production capacity abroad [5] Group 2: Company Developments - Changan Automobile plans to invest 225 million yuan to establish a robotics company, aiming to develop humanoid robots and enhance the synergy between the automotive and robotics industries [2] - China FAW Group is in the final stages of negotiations to acquire a 5% stake in Leap Motor, with the signing expected to occur by the end of the year [3] - Great Wall Motors has denied rumors of plans to build a factory in Europe, stating that there are currently no such evaluations or plans in place [4] - Deep Blue Automotive has initiated a new round of financing, with new shareholders expected to hold no more than 20% of the company, focusing on R&D and brand enhancement [6] - Yushi Technology has submitted an application for listing on the Hong Kong Stock Exchange, indicating a growing interest in the L4 autonomous driving sector [8] Group 3: Industry Events - The World Internet of Things Conference and the Transportation Vehicle Networking Summit was held in Beijing, focusing on the digital transformation of international automotive trade [9]

香 港 聯 合 交 易 所 有 限 公 司 與 證 券 及 期 貨 事 務 監 察 委 員 會 對 本 申 請 版 本 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 意 見，並 明 確 表 示 概 不 就 因 本 申 請 版 本 全 部 或 任 何 部 分 內 容 而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作向香港公眾人士提供資料。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣 下 知 悉、接 納 並 向 本 公 司、其 獨 家 保 薦 人、保 薦 人 兼 整 體 協 調 人、整 體 協 調 人、顧 問或包銷團成員表示同意： UISEE Technologies (Beijing) Co., Ltd. 馭勢科技（北京）股份有限公司 （「本公司」） UISEE Technologies (Beijing) Co., Ltd. 馭勢科技 ...

Group 1 - The core announcement from Youjia Innovation involves a proposed issuance of up to 14.01 million new H-shares at a price of HKD 14.88 per share, representing a discount of approximately 9.98% from the closing price of HKD 16.53 on November 25 [1] - If all shares are fully placed, the net proceeds are expected to be around HKD 204 million, with approximately 70% allocated for the development of L4 autonomous logistics vehicles and 30% for upgrading the foundational research platform [1] - The company aims to accelerate its technological reserves and commercialization resources through this new round of placement, which is expected to strengthen its competitive advantage and expand its market leadership in L4 autonomous driving business [1] Group 2 - Youjia Innovation has recently signed a strategic cooperation agreement with Xinjiao Automobile and Binghuo Di, aiming to design, produce, and deliver 800 units of competitive autonomous logistics vehicles [2] - This collaboration is based on the principle of "complementary advantages and win-win cooperation," focusing on the full-chain synergy of technology research and development, intelligent manufacturing, and large-scale operations [2] - The company’s self-developed Xiaozhu autonomous vehicle utilizes multi-sensor fusion and a five-fold safety redundancy architecture, enabling stable operation in various scenarios, with existing applications in high-dynamic environments like Shenzhen Huaqiangbei [2]

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 ...