Core Insights - The gradual players in the intelligent driving industry are experiencing a slowdown in losses, while the aggressive players continue to burn cash significantly [1] - Youjia Innovation's recent mid-year performance for 2025 confirms the trend of improving operational quality with a net loss rate of 46.82%, down from 47.26% in the same period of 2024 [1][3] Financial Performance - In the first half of the year, Youjia Innovation achieved total revenue of 346 million yuan, a substantial increase of 46.1% year-on-year [1] - The gross profit reached 52 million yuan, reflecting a year-on-year growth of 54.8%, with a gross margin of 15%, up by 0.9 percentage points [1] Business Development - The commercialization of unmanned minibuses has led to a significant revenue breakthrough in the L4 business for Youjia Innovation [3] - The company has expanded its product matrix with the release of iPilot 4 Plus and iPilot 4 Pro, securing four mid-to-high-end assisted driving projects and adding six platform projects from four new OEMs [5] Inventory and Production Efficiency - The inventory turnover rate for the first half of 2025 was approximately 4.78 times, an increase from 4.09 times in 2024, indicating improved production efficiency [5] Strategic Initiatives - Youjia Innovation is deepening its differentiated "cockpit integration" business and global strategy, broadening its business boundaries and building scale barriers [6] - The company has launched new solutions like the "Smart Butler BamBam" and the iCabin Lite, catering to the needs of automotive manufacturers for improved efficiency and cost control [6] Market Positioning - The company is well-positioned to benefit from favorable policies that encourage the intelligent driving sector, potentially leading to valuation premiums due to its alignment with industry trends [12] - Youjia Innovation's business model aligns with policy directions, enhancing its long-term competitiveness and growth potential [12] Growth Potential - The company is exploring commercial opportunities in unmanned logistics and specific scenarios, with the first generation of unmanned logistics vehicles expected to be delivered in Q4 of this year [13][14] - The focus on specific scenarios for L4 automation enhances the feasibility of commercialization, with potential for significant market growth [14] Long-term Outlook - Youjia Innovation is building a "technology-scenario-business" flywheel, establishing itself as a growth-oriented company with strong technical barriers [15] - The ongoing development of L4 business is expected to reshape the valuation model for leading players in the intelligent driving industry [15]

Group 1 - Xiaomi's YU7 achieved over 200,000 pre-orders in just three minutes, setting a new benchmark in the smart car industry, which is seen as a "myth" that few can replicate [1] - The success of YU7 is attributed to its emotional value, appealing design, competitive pricing, and strong marketing by Lei Jun, which resonated with consumers [1][2] - Other companies, such as XPeng, are also focusing on emotional value in their products, with XPeng's new P7 emphasizing both technology and aesthetics [2][3] Group 2 - The concept of emotional value is becoming central to the strategies of various automakers, with XPeng's founder emphasizing the importance of aesthetics alongside technology [2][3] - Companies like Li Auto, Leap Motor, and Great Wall are also working on enhancing emotional value in their products, indicating a broader industry trend [3][19] - The shift towards emotional value reflects a change in consumer preferences from basic transportation needs to a desire for personalized and emotionally resonant products [20] Group 3 - Cross-domain integration is identified as a key factor in enhancing emotional value in smart vehicles, requiring collaboration across various functional domains [3][21] - XPeng and Volkswagen's collaboration on the CEA architecture aims to support both electric and hybrid vehicles, showcasing the industry's move towards integrated systems [24] - Companies are investing in advanced computing architectures to facilitate cross-domain integration, which is essential for delivering emotional value in smart cars [25][28]

本次车展，佑驾创新围绕 "驾舱融合"战略，以L2全场景辅助驾驶方案的稳健落地、大模型赋能下的 智舱交互升级，及出海战略的纵深推进，展现了公司从技术研发到生态共建的全维竞争力，并以全球 化视野，助力智能汽车产业迈向更安全、更普惠的新征程。 全场景辅助驾驶 、 量产记忆行车方案 紧守安全底线 、 深耕刚需场景 打造出行新范式。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 深圳佑驾创新科技股份有限公司（ 2431.HK）携系列产品惊艳亮相，并推出记 忆行车量产方案与座舱大模型智能管家BamBam。 当前，智能化已成为行业共识。围绕 "如何走向大众、惠及大众"这一核心命题，佑驾创新依托全栈 自研能力，打造兼具技术先进性与商业可行性的产品谱系，为用户提供实用、好用、爱用的组合辅助 驾驶功能。 针对城市通勤这一用户高频刚需，佑驾创新推出记忆行车解决方案，深度融合安全与效率，让辅助智 驾的安心、高效、便捷触达每一位用户。 基于 BEV+MapTR+时空联合规划算法，系统在学习轨迹后，即可实现点到点领航辅助驾驶。通过实 时感知与动态规划，系统能灵活应对拥堵 ...

Core Insights - Youjia Innovation (佑驾创新) reported a strong performance in its 2024 annual results, showcasing high growth and quality in the smart driving sector, indicating improved business capabilities and accelerated global expansion [1][2] Financial Performance - The company achieved a total revenue of 654 million yuan in 2024, representing a year-on-year growth of 37.4% [1] - Revenue from smart driving solutions, the main revenue driver, reached 484 million yuan, up 25.2% year-on-year; revenue from smart cockpit solutions surged from 18 million yuan to 104 million yuan, marking an impressive increase of 467.8% [1] - Gross profit for 2024 was 105 million yuan, a 54% increase year-on-year; adjusted net loss narrowed from 185 million yuan in 2023 to 167 million yuan, a reduction of 9.8% [1] Global Expansion Strategy - The company is actively pursuing a global strategy while consolidating its domestic market presence, with its solutions being selected by multiple OEMs for export models to regions including the EU, Australia, Singapore, Malaysia, India, Dubai, and Turkey [2] - Partnerships with global industry players, including a collaboration with a leading Tier 1 automotive parts supplier, have been established to penetrate international OEM supply chains [2] - A subsidiary has been set up in Singapore to enhance technical services and customer outreach, expanding overseas market opportunities [2] Technological Advancements - In February, the company successfully delivered an L4 autonomous driving minibus, achieving breakthroughs in end-to-end large model technology [2] - A robotics subsidiary was established in March, entering the trillion-yuan robotics market and creating new growth avenues [2] - The company is set to deliver its high-level domain control product, iPilot 4, which supports integrated "driving, parking, and cockpit" functionalities within the year [2] Market Reception - The strong performance and growth potential have attracted capital market interest, with the company's stock price doubling within four months post-listing and being included in the Hong Kong and Shenzhen Stock Connect programs [2] - On the day of the earnings report, the stock price peaked at 39.5 HKD per share, reaching a historical high with a trading volume exceeding 520 million HKD [2] Future Focus - The company plans to concentrate on technological innovation and solution optimization, expand its global market footprint based on its Chinese foundation, and implement a dual-driven strategy of "autonomous driving + robotics" for sustained growth [3]

Investment Rating - The report suggests to pay attention to the industry and its developments [4] Core Insights - The high-level intelligent driving technology is becoming more accessible by 2025, with an upward trend in the industry chain's prosperity driven by mature supply-side technologies and demand-side strategies [3][9] - The new paradigm of computing power in vehicles includes DSA heterogeneous integration, cockpit fusion, and RISC-V architecture, which enhances algorithm optimization and cost efficiency [3][10][17] - Domestic alternatives are emerging with quality supply, and there is potential for technology to go abroad, especially in the mid-to-high-end NOA segment [3][24][26] - The trend of integrated hardware and software is leading to competitive intersections among various players, with traditional manufacturers and new forces both investing in self-research and collaboration [3][27] - The economic analysis of self-research in intelligent driving indicates an annual cost of approximately 2 billion RMB, with significant investments in SoC and algorithms [3][28] Summary by Sections 1. New Paradigm of Computing Power - The supply side is seeing advancements in intelligent driving hardware and software, with improved cost-performance ratios [3][9] - The demand side is influenced by traditional manufacturers promoting lower price points for intelligent driving features [3][9] - The architecture is evolving towards a more integrated approach, moving from multi-box systems to single-chip solutions [3][14] 2. Domestic Alternatives and Technology Export - The domestic market is seeing a growing presence of local suppliers in the mid-to-high-end NOA segment, with companies like Horizon Robotics and Black Sesame emerging as key players [3][26] - The low-end segment remains dominated by foreign companies, but domestic technologies are expected to expand internationally [3][26] 3. Competitive Landscape and Self-Research - Leading companies are enhancing their capabilities by integrating computing power, toolchains, and algorithms [3][28] - The competition is intensifying as companies like Huawei and Tesla are investing heavily in self-research and development of their own chips and algorithms [3][27] - The report highlights the importance of a comprehensive approach to self-research, with significant financial commitments required to maintain competitiveness [3][28] 4. Company Analysis - Companies like NVIDIA and Huawei are leading in hardware performance and ecosystem development, while also seeking to strengthen their algorithm capabilities [3][32][39] - Horizon Robotics is positioned as a leader in providing integrated intelligent driving solutions, with a focus on software and service revenue [3][51]