Core Insights - WeRide Inc. (文远知行) plans to issue up to 102,428,200 overseas listed ordinary shares and has received approval for listing on the Hong Kong Stock Exchange [1][2] - The company was the first global autonomous driving company to list on NASDAQ under the ticker "WRD" on October 25, 2024, marking a significant milestone in the industry [3] Financial Performance - In Q2 2025, WeRide reported revenue of 127 million yuan, a year-on-year increase of 60.8% [5] - The Robotaxi business generated revenue of 45.9 million yuan in Q2, a substantial year-on-year growth of 836.7%, setting a new quarterly record since the company's inception [5] - The proportion of Robotaxi revenue in total revenue rose to 36.1%, the highest since Q1 2021 [5] - Gross profit increased by 40.6% year-on-year, indicating steady growth [5] Business Expansion - WeRide has deployed multiple products, including Robobus and Robotaxi, in Singapore and formed a strategic partnership with Grab to integrate its autonomous vehicles into Grab's operational network [5] - In the Middle East, WeRide signed a five-year agreement with Uber to expand services to 15 additional cities, including Dubai and Riyadh, and obtained the first autonomous driving license in Saudi Arabia [6] - In Europe, WeRide has begun deploying Robobus in Spain, France, and Belgium, and has secured autonomous driving licenses in these countries [8] Global Presence - WeRide operates autonomous driving research, testing, and operations in 30 cities across 11 countries, making it the only technology company with autonomous driving licenses in China, UAE, Singapore, France, the US, Saudi Arabia, and Belgium [10] - The company is leveraging its technological advancements and efficient commercialization to redefine industry standards and is expected to strengthen its leadership position in the global autonomous driving sector [10]

美国银行(Bank of America)认为，投资者们绝对不应忽视美国网约车巨头优步以及Lyft在这一不断增长 的新兴前沿技术市场中将发挥的重要作用。 这家华尔街巨头预计，优步与Lyft即将宣布与多家大型汽车制造商的增量自动驾驶领域深度合作伙伴关 系。展望未来，优步和Lyft被该机构认为将在2026-2027年期间处于自动驾驶领域的有利地位，主要在于 优步与Lyft将为多家开发愈发先进完全无人自动驾驶车队的汽车公司提供大面积部署完全无人驾驶 Robotaxi电动汽车的网络平台。美国银行对这两家聚焦网约车服务的科技公司均给予"买入"评级，并对 长期牛市前景持乐观态度。 古根海姆的资深分析师迈克尔·莫里斯(Michael Morris)领导的团队在研报中写道："我们预计到2035年， 自动驾驶车辆(AV)的预期规模将占美国整体网约车市场的20%，而优步有望凭借行业领先的网约车市场 需求，将大幅受益于自动驾驶浪潮之下的需求与供给大幅增加。" 此外，古根海姆分析师团队还表示，投资者们相对忽视了优步旗下的外卖以及商品便捷式配送业务;该 项业务当前有望在生鲜与零售、会员订阅平台以及广告等顺风因素推动下实现两位数级别的增 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致之任何損失承擔任何責任。 CHINA MERCHANTS CHINA DIRECT INVESTMENTS LIMITED 招 商 局 中 國 基 金 有 限 公 司 ( 於香港註冊成立之有限公司 ) （股份代號：133） 於2025年9月30日的總資産明細 下表所示為招商局中國基金有限公司(「本公司」)於 2025 年 9 月 30 日的未經審計總資産明細 之數據。 (A) 主要投資項目 | | | | | 上巿（交易 | | 佔資產 | | --- | --- | --- | --- | --- | --- | --- | | 項目名稱 | | 總部地點 | 主要業務 | 所）／非上巿 | 賬面值 | 總值 | | | | | | | 百萬美元 | % | | 金融服務： | | | | | | | | 1. 招商銀行股份有限公司 | | 廣東、深圳巿 | 銀行 | 上海證券交易所 | 314 | 28.83 | | 2. ...

10月14日，中国证监会正式确认小马智行（Pony AI Inc.）境外发行上市备案信息，标志着这家自动驾驶头部企业赴港上市计划跨过核心监管门槛。根据 备案文件，小马智行拟发行不超过1.02亿股普通股登陆香港联合交易所，距离其2024年11月纳斯达克上市不足一年，有望成为行业内2少数实现"美+港"双 重上市的企业。 财务数据显示，小马智行2025年二季度营收达1.54亿元，同比增长75.9%，其中Robotaxi业务因收费运营扩张成为核心增长引擎，Robotruck收入也因合资 公司运输服务增加实现同比提升。不过研发密集型特性导致公司仍处投入期，同期净亏损同比扩大72.49%，上半年研发费用达0.97亿美元，主要用于第7 代汽车量产研发及技术迭代。 对于募资用途，小马智行此前在招股书中明确，约40%将投向自动驾驶出行及货运服务商业化，40%用于技术研发，20%预留作战略投资。CEO彭军表 示，2025年是Robotaxi量产元年，公司计划年内推出1000多辆自动驾驶出租车，未来3年实现1万辆运营规模。 此次备案落地凸显资本对自动驾驶赛道的持续看好。截至美东时间10月13日，小马智行美股股价报22.19美元，总 ...

10月14日，中国证监会对小马智行、文远知行、遇见小面、轻松健康、图达通境内企业境外发行上市予以确认，5家均为赴港上市企业。其中。前2家已于去 年在美股上市。 1、小马智行 拟发行不超过102,146,500股普通股并在香港联合交易所上市。 目前，港交所尚无法查询到该公司招股书信息。此前已有消息称小马智行以秘交方式向港交所递交上市申请。根据公开信息，该公司已于2024年11月27日在 纳斯达克上市，募集资金2.6亿美元。截至当地时间2025年10月14日收盘，该公司每股报21.03美元，较发行价上涨61.77%，总市值74.72亿美元。 小马智行总部位于广州，是一家无人驾驶出租车和无人驾驶卡车自动驾驶车辆系统开发商，通过与广汽丰田、上汽在内的厂商合作开发自动驾驶出租车。 2、文远知行 拟发行不超过102,428,200股境外上市普通股并在香港联合交易所上市。 财务方面，2025上半年，小马智行营收3543万美元，净亏损9609万美元。 目前，港交所尚无法查询到该公司招股书信息。此前已有消息称文远知行以秘交方式向港交所递交上市申请。公开信息显示，该公司已于2024年10月25日在 纳斯达克上市，募集资金1.2亿 ...

2025年上半年，小马智行实现收入3543万美元，同比增长43.34%；归母净利润-9609万美元，同比下滑 87.24%。近3年半，该公司累计亏损约6.43亿美元。 开源证券研报指出，Robotaxi业务为小马智行收入增长助推器，重视研发致公司归母净利润承压。 2025上半年，小马智行Robotaxi业务增长主要受益于该业务在中国一线城市面向公众的收费业务的扩 张，Robotruck收入同比增长主要得益于Cyantron公司（公司与中外运合资成立的公司）Robotruck运输 服务费增加。上半年，公司研发费用为0.97亿美元，销售、一般及行政开支为0.27亿美元，均受对第7代 汽车量产的投资、IPO时归属于2025Q1的股份奖励相关的一次性费用及员工薪酬增加影响。 研报称，目前，小马智行已拿到北上广深无人商业化牌照，具备至少2到3年的领先时间，2026年有望实 现单车盈利。小马智行CEO彭军称，2025年是Robotaxi量产元年，预计2025年有望推出1000多辆 Robotaxi，计划在未来3年内让1万辆自动驾驶出租车上路运营。 公开资料显示，小马智行于2016年成立，以"虚拟司机"技术为主干，搭建起三 ...

Group 1 - WeRide Inc. has received approval from the China Securities Regulatory Commission to issue up to 102.4282 million shares for overseas listing on the Hong Kong Stock Exchange [2] - The company is recognized for its outstanding capabilities in autonomous driving research, testing, operations, technology, business, capital, and safety [2] Group 2 - WeRide operates in over 11 countries and more than 30 cities, holding autonomous driving licenses in seven countries, making it a unique player in the global market [3] - The company boasts one of the largest Level 4 (L4) autonomous vehicle fleets globally, with over 1,500 autonomous vehicles, including more than 700 robotaxis [3] - WeRide's technology development capabilities are strong, with the WeRide One platform supporting a full product matrix from Level 2+ to Level 4, and the WeRide GENESIS simulation engine significantly reducing testing costs and risks [3] - The business model is designed for rapid expansion, utilizing a light-asset approach for overseas robotaxi operations, forming strategic partnerships, and generating sustainable cash flow through hardware sales, software licensing, and profit sharing [3] - Since its public operations began in 2019, WeRide has maintained an excellent safety record without regulatory penalties due to autonomous driving system failures [3] - The company has strong backing from industry and capital, being the only Chinese autonomous driving company to secure investment commitments from Uber and Grab for its Hong Kong IPO, and has received strategic investments from leading global partners like Uber, Bosch, and Renault-Nissan [3]

来源：市场资讯 （来源：明见局） 作为研发密集型行业的代表，小马智行此次回港动作或与自身"营收高增但亏损扩大"的财务现状直接相 关——2025年二季度营收同比增75.9%，但净亏损同比扩大72.49%，也折射出2025年自动驾驶赛道融资 回暖背景下，头部企业对资本储备的迫切需求。 10月14日，中国证券监督管理委员会正式确认小马智行（Pony AI Inc.）境外发行上市备案信息，明确 其拟发行不超过102,146,500股普通股并登陆香港联合交易所。 这一进展距其2024年11月以"全球Robotaxi第一股"身份在纳斯达克挂牌上市尚不足一年，若顺利落地， 小马智行将成为自动驾驶领域少数实现"美+港"双重上市架构的企业。 备案落地，双重上市有了关键进展 10月14日，中国证监会发布的备案通知书传来明确信号：小马智行境外发行上市备案信息已获确认，这 意味着其回港上市计划跨过了核心监管门槛。 | | 中国证券监督管理委员会 CHINA SECURITIES REGULATORY COMMISSION | | | | | 第10人共保子 | | Q | | --- | --- | --- | --- | --- ...

Core Viewpoint - Pony AI Inc. has received approval for its IPO registration in Hong Kong, intending to issue up to 102,146,500 ordinary shares [1][2]. Company Overview - Founded in December 2016, Pony AI focuses on providing safe, advanced, and reliable full-stack autonomous driving technology, aiming to revolutionize future transportation and achieve the vision of "Autonomous Mobility Everywhere" [5]. Development Milestones - The company established its Silicon Valley R&D center in December 2016 and has since expanded its operations globally, including significant partnerships and technological advancements in autonomous driving [5][7]. - Key achievements include obtaining various autonomous driving licenses in California and China, launching the first Robotaxi service in China, and forming strategic partnerships with major automotive companies like Toyota and GAC [7][8][12]. Recent Developments - In October 2023, Pony AI secured a $100 million investment from Saudi Arabia's New Future City and plans to establish a joint venture [16]. - The company has been actively expanding its testing and operational capabilities, including obtaining licenses for unmanned autonomous driving services in multiple cities [17].

Core Insights - WeRide Inc. (文远知行) has received approval from the China Securities Regulatory Commission for its overseas listing in Hong Kong, indicating a significant step in its capital market strategy [2][3] - The company plans to issue up to 102,428,200 shares of ordinary stock for its listing on the Hong Kong Stock Exchange [2] Company Overview - Founded in 2017, WeRide Inc. focuses on transforming human mobility through autonomous driving technology, offering products and services ranging from Level 2 to Level 4 autonomous driving [5] - The company's product matrix includes Robotaxi, Robobus, Robovan, Robosweeper, and advanced intelligent driving solutions, which are widely applied in smart mobility, freight, and sanitation sectors [5] Financial Performance - In Q2 2025, WeRide reported revenue of 127 million yuan, marking a year-on-year increase of 60.8% [5] - The Robotaxi business generated revenue of 45.9 million yuan in Q2, a substantial year-on-year growth of 836.7%, setting a new record for the company [5] - The proportion of Robotaxi revenue in total revenue rose to 36.1% in Q2, the highest since 2021, while gross profit increased by 40.6% year-on-year [5] Market Position - WeRide became the first global publicly traded autonomous driving company upon its listing on NASDAQ on October 25, 2024, under the ticker symbol "WRD.US" [5] - The scale of the Robotaxi fleet in Abu Dhabi has tripled since 2024, demonstrating significant scaling effects [5] - The Robotaxi service has operated safely for over 2,200 days, establishing a new safety benchmark in the industry [5] IPO Context - The decision for WeRide to pursue a Hong Kong IPO is influenced by geopolitical factors, reflecting the company's strategic response to market conditions [6]