商业化存短板 驭势科技选择了以封闭场景为突破口的发展策略。根据弗若斯特沙利文的数据，按2024年收入计算，驭 势科技是大中华区最大的机场场景及厂区场景中商用车L4级自动驾驶解决方案供应商，市场份额分别 达到91.7%和45.1%。 然而，封闭场景的市场规模相对有限，且竞争日益激烈。相比之下，开放场景如Robotaxi(无人驾驶出租 车)虽然前景广阔，但技术难度更大，商业化进程更为缓慢。对于明确的C端场景拓展计划，《证券日 报》记者就相关问题采访驭势科技相关负责人，该负责人表示公司目前属于上市静默期，不方便回复。 日前，中国证监会国际合作司发布驭势科技(北京)股份有限公司(以下简称"驭势科技")境外发行上市及 境内未上市股份"全流通"备案通知书，公司拟发行不超过1891.42万股境外上市普通股并在香港联合交 易所上市。公司41名股东拟将所持合计1.12亿股境内未上市股份转为境外上市股份，并在香港联合交易 所上市流通。这标志着驭势科技已获得赴港上市的关键"通关文牒"。 当前，自动驾驶产业正从示范测试走向可复制的运营落地，机场牵引、园区物流、港口运输等封闭或半 封闭场景，成为L3-L4级自动驾驶率先规模化的"主战场 ...

Core Viewpoint - The company, Youjia Innovation, is demonstrating confidence in its business outlook through a combination of share buybacks and the chairman's increased shareholding, signaling a commitment to long-term value creation [1][2][3]. Group 1: Share Buyback and Chairman's Purchase - Youjia Innovation plans to repurchase up to HKD 200 million of its H-shares in the open market, reflecting the board's confidence in the company's business prospects [1]. - The chairman, Liu Guoqing, has purchased an additional 50,000 shares at an average price of approximately HKD 13.94 per share, totaling 100,000 shares over two days, reinforcing his commitment to the company's growth [2][3]. Group 2: Company Performance and Market Position - In the first half of 2025, Youjia Innovation achieved revenue of CNY 346 million, a year-on-year increase of 46%, with gross profit rising by 54.8% to CNY 52 million, and gross margin improving to 15% [6]. - The company has established a diverse product matrix and has successfully commercialized both L2 and L4 autonomous driving technologies, making it one of the few players in the market with capabilities across these segments [6]. - Youjia Innovation has partnered with 42 vehicle manufacturers, including major brands, and is expanding its international presence, with recent successes in its autonomous driving and cockpit business [6]. Group 3: Industry Trends and Future Growth - The company is well-positioned to benefit from industry policy incentives and the commercialization wave in autonomous driving, particularly with the recent green light for L3-level autonomous driving [7][8]. - The transition to human-machine co-driving and the anticipated standardization of driver status monitoring in smart vehicles align with the company's long-standing focus on intelligent cockpit solutions, indicating a growth trajectory [8]. - Youjia Innovation's robust fundamentals and strategic positioning are expected to enable it to navigate market volatility and continue delivering long-term value through technological advancements and global expansion [8].

分析人士指出，佑驾创新近年来收入持续增长，年复合增长率超50%，业务护城河不断拓深，发展势头 强劲。以上举措体现了大股东与创始团队对佑驾创新业务前景充满信心。其背后的核心支撑，是佑驾创 新持续向好的业务基本面，以及清晰可期的成长路径。 在L2前装业务方面，佑驾创新客户版图持续扩大。截至2025年上半年，已累计为42家整车厂实现量产 交付，覆盖头部自主品牌、豪华品牌与合资品牌，并加速推进出海布局。近期，其高阶智驾域控制器再 获国内头部品牌定点，智能座舱解决方案也成功切入全球知名车企供应链，全生命周期订单金额达3.2 亿元。 在L4级自动驾驶业务方面，佑驾创新已迈入商业化收获期。其无人小巴已在苏州、上海、杭州等地落 地，并成功切入机场接驳、顶级峰会用车等高门槛场景，充分验证技术与运营能力。全新推出的小竹无 人车，以前装质量与成本优势，进军千亿元级无人物流市场，并迅速揽获超千台批量订单，在快递物 流、城市仓配等场景加速落地。 据公告，佑驾创新大股东、执行董事刘国清、杨广、周翔、王启程，以及个人股东闫胜业、吴建鑫自愿 延长所持股份限售期，承诺不会以任何方式直接或间接减持公司该等股份。其中四位执行董事合计持股 比例18 ...

来源：滚动播报 （来源：经济参考报） 2025年12月29日，中国L4级高度自动驾驶卡车及解决方案提供商主线科技（北京）股份有限公司（简 称"主线科技"）披露H股IPO申报材料，成为2025年H股自动驾驶行业扎堆递表、集中上市的15家公司之 一。据《经济参考报》记者不完全统计，2025年1月至11月，国内自动驾驶领域融资金额已超380亿元， 超过该领域2024年全年的融资额。 业内人士表示，2025年，自动驾驶赛道在港股出现"扎堆上市"的火爆现象，本质上是"政策窗口期、资 本退出压力、商业化拐点、市场制度红利"四重因素共振的结果。头部企业通过双重上市抢占资本高 地，中小型企业则在商业化验证压力下艰难闯关。随着2026年L3/L4级自动驾驶商业化节点临近，预计 还将有更多公司递表，自动驾驶行业正从"技术叙事"转向"场景落地"，应用场景梯度分化明显，资本市 场反应更加理性，无明确订单和营收支撑的纯技术公司将被市场冷落。 企业扎堆递表港交所 2025年12月15日，工业和信息化部正式公布我国首批L3级有条件自动驾驶车型准入许可，两款分别适 配城市拥堵、高速路段的车型将在北京、重庆指定区域开展上路试点。此举被业界视为 ...

近日，自动驾驶科技公司文远知行宣布，其Robotaxi服务已成功落地全球超过10座城市，覆盖北京、广 州、阿布扎比、迪拜、利雅得及新加坡、苏黎世等地。其中，北京、广州及阿布扎比已开启纯无人商业 运营，阿布扎比车队即将实现单车盈亏平衡。 该公司预计，到2025年底，其全球Robotaxi车队规模将达约1000辆，其中中东地区约占200辆，凸显了 该市场在其全球战略中的核心地位。而作为其中的重中之重，阿布扎比正扮演着尤为关键的角色。 11月26日，文远知行与优步（Uber）在阿布扎比正式启动L4级纯无人Robotaxi商业化运营。这不仅是中 东地区的首次，也使阿布扎比成为美国以外首个在Uber平台开通纯无人Robotaxi服务的城市。短短半月 后，文远知行再下一城，在迪拜通过Uber App上线公开运营服务。 随着阿布扎比和迪拜的相继接入，阿联酋在自动驾驶领域的全球领先地位得到巩固，文远知行在中东的 规模化扩张也进一步提速。目前，该公司在中东的自动驾驶车队规模近150辆，其中Robotaxi超100辆。 据悉，其计划未来几年内部署数千辆Robotaxi，2030年扩大至数万辆。 在首届阿布扎比智能与自主技术周期间 ...

Core Viewpoint - The unlocking of shares for Cao Cao Mobility marks a significant moment, creating short-term pressure on stock prices but also providing an entry point for new investors who believe in the company's long-term ecological value and the Robotaxi sector [1] Group 1: Industry Trends - The Robotaxi industry is at a critical juncture for commercialization, with breakthroughs in autonomous driving technology and supportive policies driving growth [2] - Advances in algorithms, computing power, and hardware are leading to a cumulative effect that reduces the cost of autonomous driving systems by 10%-15% annually, with predictions that by 2027, Robotaxi costs per kilometer may match traditional ride-hailing services [2] - In the first quarter of this year, total financing in China's autonomous driving sector reached 36.24 billion yuan, reflecting a 38.5% year-on-year increase, indicating renewed investor interest in the sector [3] Group 2: Competitive Landscape - The Robotaxi industry features a diverse competitive ecosystem with various players, including ride-hailing platforms and technology firms collaborating to drive commercialization [4] - Cao Cao Mobility focuses on building a comprehensive operational system, leveraging its unique combination of smart custom vehicles, intelligent driving technology, and smart operations to create a closed-loop service model [4][6] Group 3: Cao Cao Mobility's Strategy - Cao Cao Mobility's Robotaxi strategy is supported by two core elements: Geely's technological ecosystem and a decade of operational experience [7] - Geely's ecosystem provides advantages in vehicle development, smart driving technology, and infrastructure, including 448 battery swap stations, which enhance operational efficiency [8] - The company has established a systematic operational capability that includes user service standards, efficient demand forecasting, and lifecycle management of vehicles, which supports cost control and commercial validation [10][11] Group 4: Industry Outlook - The Chinese Robotaxi market is projected to reach 1.2 trillion yuan by 2030, accounting for over 30% of the shared mobility market, with significant societal benefits anticipated [12] - Cao Cao Mobility's ambitious goal of "ten years, a hundred cities, and a hundred billion" aligns with industry growth expectations, and the company is preparing for rapid expansion [12] - As autonomous driving technology matures, Robotaxi services could reduce ride-hailing operational costs by over 50%, positioning players with comprehensive ecosystems for competitive advantage in a potentially trillion-dollar market [12]

如何看 L3 自动驾驶及 Robotaxi 投资机会？20251222 摘要 L3 级别自动驾驶与现有技术相比有哪些特点？ 特斯拉近期进行了无人状态下的 Robotaxi 测试，这标志着其技术评估已达到 相对成熟阶段。作为一家拥有 200 万辆存量车辆的大型车企，其数据收集、闭 环及泛化迭代能力非常强，因此这一进展可能预示着特斯拉距离充分商业化又 近了一步。同时，CyberCab 是特斯拉专门为 Robotaxi 设计的一款硬件车型， L3 级别对应的是有条件自动驾驶或半自动驾驶，其定义是在符合标准的道路和 车型上开启自动驾驶模式。在这种模式下，如果发生问题，由车辆负责处理并 报警。如果报警后若干秒内（通常为 8 秒）未接管，则由驾驶员负责。因此， L3 是人机共驾的重要阶段，为未来向 L4 甚至 L5 过渡做准备。 从消费角度看， L3 更适合 C 端用户，因为很多驾驶员在高速公路上行驶时路况稳定且单一，而 交通参与者较少，这种情况下使用 L3 具有实际意义。而 Robotaxi 则更多瞄准 L4，因为其经济意义之一是减少司机费用。总体而言，本次发放的两张长安和 北汽的牌照，不仅标志着国家对这些企业研发投入 ...

Core Viewpoint - Pony.ai has achieved single-vehicle profitability in Guangzhou with its seventh-generation Robotaxi, indicating a significant milestone in its commercial operations and scaling plans [2] Group 1: Financial Performance - The company reported an average daily revenue of 299 yuan per vehicle [2] - The stock price increased by 9.46% to 126.10 HKD, with a trading volume of 60.61 million HKD [2] Group 2: Operational Expansion - By the end of 2025, the fleet size is expected to exceed 1,000 vehicles, with a target of expanding to 3,000 vehicles by 2026 [2] - The long-term goal is to achieve an operational scale of 100,000 vehicles by 2030 [2] Group 3: Technological Advancements - The profitability in Guangzhou is supported by technological breakthroughs and cost optimizations in the seventh-generation Robotaxi [2] - The cost of the autonomous driving kit has decreased by over 70% compared to the previous generation [2] - The seventh-generation models are produced in collaboration with major manufacturers such as GAC, BAIC, and GAC Toyota, ensuring cross-model compatibility of technology solutions [2] Group 4: Business Model - Pony.ai has officially launched a light-asset cooperation model to accelerate the commercialization of autonomous driving [2] - The company is transitioning from "technology validation" to "scale profitability" through partnerships with global collaborators [2]

Core Insights - Pony.ai-W (02026) has seen a stock increase of over 10%, currently trading at 125.1 HKD with a transaction volume of 53.67 million HKD [1] Group 1: Financial Performance - The company has achieved single-vehicle profitability (UE positive) in Guangzhou, generating an average daily revenue of 299 RMB per vehicle [1] - The fleet size is projected to exceed 1,000 vehicles by the end of 2025, with a target of expanding to 3,000 vehicles by 2026, and a long-term goal of reaching an operational scale of 100,000 vehicles by 2030 [1] Group 2: Technological Advancements - The profitability in Guangzhou is supported by technological breakthroughs and cost optimizations in the seventh-generation Robotaxi [1] - The seventh-generation model, set to be unveiled at the 2025 Shanghai Auto Show, has reduced the cost of the autonomous driving suite by over 70% compared to the previous generation [1] - The company has established deep collaborations with major manufacturers such as GAC, BAIC, and GAC Toyota to achieve cross-model adaptability of technical solutions [1] Group 3: Strategic Initiatives - Pony.ai has officially launched a light-asset cooperation model to accelerate the commercialization of autonomous driving in partnership with global collaborators [1] - The transition from "technology validation" to "scale profitability" marks a critical leap for the company [1] - Three models of the seventh-generation vehicle have already been produced, with a third model expected to roll off the production line between late 2025 and early 2026, all sharing a unified autonomous driving suite [1]

Core Insights - The company Xiaoma Zhixing has seen its stock price increase by over 10%, currently trading at 125.1 HKD with a transaction volume of 53.67 million HKD [1] Group 1: Financial Performance - Xiaoma Zhixing's CFO revealed that the company has achieved single-vehicle profitability in Guangzhou, with daily revenue per vehicle reaching 299 RMB [1] - The company plans to expand its fleet to over 1,000 vehicles by the end of 2025 and aims for 3,000 vehicles by 2026, with a long-term goal of operating 100,000 vehicles by 2030 [1] Group 2: Technological Advancements - The profitability in Guangzhou is supported by technological breakthroughs and cost optimizations in the seventh-generation Robotaxi [1] - The seventh-generation model, set to be unveiled at the 2025 Shanghai Auto Show, has reduced the cost of the autonomous driving suite by over 70% compared to the previous generation [1] Group 3: Strategic Partnerships - Xiaoma Zhixing has initiated a light-asset cooperation model, partnering with global collaborators to accelerate the commercialization of autonomous driving [1] - The company has established deep collaborations with major manufacturers such as GAC, BAIC, and GAC Toyota to achieve cross-model adaptability of technical solutions [1]