自动驾驶赛道又有一家公司奔赴资本市场。近日，上海伯镭智能科技股份有限公司（以下简称"伯镭科 技"）正式递表港交所，营收从2023年的6956.5万元涨到2024年的1.71亿元，再增至2025年前9个月的 3.15亿元，同比增长超800%。按2024年出货量及营收计，伯镭科技是全球最大的纯电自动驾驶矿卡提 供商。 光鲜的增速背后是严重的客户依赖，2025年前9个月，单一最大客户贡献了高达65%的营收，前五大客 户营收占比97.7%。伯镭科技选择自主矿车品牌覆盖市场，通过产品结构升级推动平均售价上涨，试图 在亏损扩大的窄门中突围。绑定矿业巨头是伯镭科技起飞的推力，也是悬在头顶的达摩克利斯之剑，这 场关于自动驾驶商业化落地的实验，正随着招股书的递交进入高潮。 自有品牌模式 为了强调自身业务特点或在某个领域的优势，筹备上市的企业常会在自己所处的行业前加上一些定语。 近日递表的伯镭科技这样描述自己：根据灼识咨询的资料，于2024年按出货量及收入计，我们是全球最 大的电动无人驾驶矿卡提供商，是中国首家推出自主品牌自动驾驶矿卡并实现量产的企业。 谈到这种组合，北京社科院副研究员王鹏向北京商报记者表示，公司所称的"自主生产 ...

自动驾驶赛道又有一家公司奔赴资本市场。近日，上海伯镭智能科技股份有限公司（以下简称"伯镭科技"）正式递表港交所，营收从2023年的 6956.5万元涨到2024年的1.71亿元，再增至2025年前9个月的3.15亿元，同比增长超800%。按2024年出货量及营收计，伯镭科技是全球最大的纯电自 动驾驶矿卡提供商。 光鲜的增速背后是严重的客户依赖，2025年前9个月，单一最大客户贡献了高达65%的营收，前五大客户营收占比97.7%。伯镭科技选择自主矿车品 牌覆盖市场，通过产品结构升级推动平均售价上涨，试图在亏损扩大的窄门中突围。绑定矿业巨头是伯镭科技起飞的推力，也是悬在头顶的达摩克 利斯之剑，这场关于自动驾驶商业化落地的实验，正随着招股书的递交进入高潮。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民幣 | 估收入百分比 | 人民幣 佔收入百分比 | | 人民幣 ...

自动驾驶赛道又有一家公司奔赴资本市场。近日，上海伯镭智能科技股份有限公司（以下简称"伯镭科 技"）正式递表港交所，营收从2023年的6956.5万元涨到2024年的1.71亿元，再增至2025年前9个月的 3.15亿元，同比增长超800%。按2024年出货量及营收计，伯镭科技是全球最大的纯电自动驾驶矿卡提 供商。 光鲜的增速背后是严重的客户依赖，2025年前9个月，单一最大客户贡献了高达65%的营收，前五大客 户营收占比97.7%。伯镭科技选择自主矿车品牌覆盖市场，通过产品结构升级推动平均售价上涨，试图 在亏损扩大的窄门中突围。绑定矿业巨头是伯镭科技起飞的推力，也是悬在头顶的达摩克利斯之剑，这 场关于自动驾驶商业化落地的实验，正随着招股书的递交进入高潮。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民警 佔收入百分比 | | 人民参 估收入百分比 | | | ...

Core Viewpoint - The article discusses the recent developments regarding Wenyan Zhixing's plan to list on the Hong Kong Stock Exchange, highlighting its financial struggles and challenges in the autonomous driving sector. Financial Performance - Wenyan Zhixing plans to issue up to 102 million ordinary shares for its listing in Hong Kong, having previously listed on NASDAQ as the "first global autonomous driving stock" [2] - The company's stock price has declined significantly from its initial listing, dropping from $19.8 to $11.07, resulting in a market cap reduction of 32% [3] - Over the past four years, Wenyan Zhixing has reported cumulative losses exceeding 6.8 billion yuan, with revenues declining consecutively after peaking in 2022 [5][4] - The company’s revenue figures from 2021 to 2024 were 138 million, 528 million, 402 million, and 361 million yuan, with a revenue drop of 23.86% and 10.2% in the last two years [5] - Research and development expenses have been substantial, totaling 3.351 billion yuan from 2021 to 2024, representing over 300% of annual revenues in some years [7] Revenue Structure - Wenyan Zhixing's revenue is divided into product and service income, with product gross margins at 17.3% and service gross margins at 47.6% [8] - The contribution of service revenue has been decreasing, from 35.98% in 2022 to 65.29% in the first half of 2025, while product revenue has increased from 13.49% in 2023 to 34.71% in 2025 [10] - The company relies heavily on a few major clients, with the top two clients accounting for 52.4% of total revenue as of mid-2024 [11][13] Competitive Landscape - The competition in the autonomous driving sector is intensifying, with major players like Waymo, Xiaoma Zhixing, and Baidu Apollo leading the market [16][20] - Wenyan Zhixing faces challenges not only from other autonomous driving companies but also from traditional automakers that are advancing their own self-driving technologies [20] - The shift in industry dynamics emphasizes the need for sustainable revenue models and profitability, moving away from reliance on technology and funding [21]

Core Insights - Xiaoma Zhixing has launched 24/7 autonomous driving tests in Beijing, Guangzhou, and Shenzhen, expanding testing hours from 7 AM to 11 PM to all day [2] - The company has received L4 autonomous driving testing permits for its seventh-generation vehicles in these cities, aiming to deploy a fleet of 1,000 autonomous vehicles in the second half of the year [2] - Xiaoma Zhixing has accumulated over 50 million kilometers of autonomous driving testing mileage across various cities, with 500,000 hours of fully unmanned operation experience [2] Company Developments - The company aims to address nighttime travel challenges by exploring practical scenarios for autonomous driving during night hours, enhancing traffic safety [2] - Xiaoma Zhixing's Vice President stated that achieving a fleet size of 1,000 Robotaxis in major cities would allow for operational breakeven, leading to lower costs and higher gross margins with each additional vehicle [3] Industry Challenges - The commercialization of Robotaxi faces challenges in technology, regulations, production capacity, and operational capabilities [4] - Key industry focus areas include developing vehicles that can handle complex human environments, improving production capabilities to reduce costs, and ensuring stable 24/7 fleet operations [4] - A positive cycle of "technology iteration - cost reduction - scale expansion" is necessary for true commercialization [4]