Investment Rating - The report indicates a positive outlook for the Robotaxi industry, suggesting that 2025 may be the year of accelerated penetration for Robotaxis [3][4]. Core Insights - The report highlights that Waymo has gained significant market share in San Francisco, with its share increasing from 0% to 27% within 20 months, surpassing Lyft [4][8]. - The commercial model of Robotaxi is characterized as a three-party profit-sharing system, involving technology companies, vehicle manufacturers, and ride-hailing platforms [17][20]. - The report outlines a structured framework for analyzing the commercial development trajectory of Robotaxis, focusing on five key elements: commercial model, policy planning, technical path, operational costs, and market perception [16][39]. Summary by Sections Industry Stage - The Robotaxi industry is currently in a stable recovery phase, with expectations for significant growth in the coming years [10][42]. Commercialization Analysis Framework - The report employs a five-element framework to assess the development trajectory of Robotaxis, which includes commercial model, policy planning, technical path, operational costs, and market perception [3][16]. Quantitative Analysis - The UE model is utilized to quantify the profitability elasticity of Robotaxi operations, emphasizing the importance of daily revenue generation [4][24]. Relevant Companies - Key players in the Robotaxi sector include WeRide (focusing on global expansion) and Pony.ai (emphasizing domestic scaling) [4][25].