Investment Rating - The report maintains an "Overweight" rating for the automotive and electronics sectors [6] Core Insights - The Robo X industry, represented by Robotaxi and Robovan, is experiencing accelerated commercialization driven by policy and industry resonance, with significant market attention due to multiple catalysts [10][11] - The global and China L4 autonomous driving market is projected to reach USD 15.35 trillion and USD 581 billion respectively by 2030, with a CAGR of 104% and 105% from 2025 to 2030 [10] - The report suggests focusing on core operational platforms, high-growth hardware suppliers, and innovative application scenario developers as investment opportunities [44] Summary by Sections Robotaxi - The commercialization of Robotaxi is accelerating, with leading companies like Pony.ai, WeRide, and Loongrun expanding fleet sizes and increasing order volumes [2][12] - Pony.ai's Robotaxi service revenue grew by 200% year-on-year in Q1 2025, while WeRide's revenue contribution reached 22.3%, up 10.4 percentage points year-on-year [2][19] - The policy environment is improving, with major cities expanding operational areas and refining license management, which lowers operational costs for companies [12][19] Robovan - Robovan is showing significant potential in logistics, with a positive cycle of "cost reduction-application validation-scale expansion" forming [3][23] - The hardware costs have drastically decreased, with models like the New Stone X3 dropping from CNY 200,000 to CNY 70,000, and the Jiushi Intelligent E6 model priced at CNY 19,800, a 91% reduction [3][23] - Major players are accelerating financing and production expansion, with Jiushi Intelligent targeting the delivery of 10,000 units in 2025 [3][24] Broader Applications - The Robo X concept extends beyond Robotaxi and Robovan to include applications like Robosweeper and Robotruck, which are also seeing accelerated commercialization [4][14] - Robosweeper has been deployed in multiple cities, reducing labor costs and improving operational efficiency [4][40] - Drone logistics is emerging as a key area, with significant potential in last-mile delivery and complex terrain transport, supported by favorable policies [41][42] Investment Opportunities - The report recommends focusing on core operational platforms that have achieved scalable operations and possess clear cost reduction paths, such as Pony.ai [44] - High-growth component suppliers in critical areas like lidar and high-performance chips are also highlighted as potential beneficiaries of the autonomous vehicle rollout [44] - Companies that integrate autonomous driving technology with specific industry applications, such as smart warehousing and last-mile delivery robots, are identified as innovative scenario developers [44]

事件前瞻：Robotaxi-特斯拉计划2025年6月12在奥斯汀推出Robotaxi。 证券研究报告 | 2025年06月03日 制造成长周报（第 16 期） 优于大市 我国推进人工智能和物流结合，特斯拉将启动 Robotaxi 试点 行业动态：人形机器人-5 月 27 日，Figure CEO 称新一代人形机器人 F.03 已"正式开始行走"；5 月 29 日，具身智能数据联盟在上海成立；5 月 29 日，宇树科技更名为股份有限公司；5 月 29 日，智元远征 A2 成全球 首个同时拥有中美欧认证的人形机器人；5 月 30 日，马斯克：Optimus 人形机器人 2027 年将在火星表面行走；5 月 30 日，智元机器人获上海 国资基金新一轮投资。Robotaxi-5 月 28 日，特斯拉计划于 6 月在美国 得州奥斯汀启动 Robotaxi 试点服务。AI 基建-5 月 28 日，工信部等三部 门印发《电子信息制造业数字化转实施方案》；低空经济-5 月 27 日， 2025 低空经济生态场景大会在杭召开。 政府新闻：Robotaxi-5 月 30 日，国家邮政局：加快推进人工智能+邮政 业标杆产品应用；人 ...

Core Viewpoint - Yushi Technology (Beijing) Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, becoming the 10th specialized technology company to list under the 18C rule, focusing on L4 autonomous driving solutions [3][4]. Company Overview - Founded in 2016, Yushi Technology specializes in L4 level autonomous driving solutions, emphasizing true unmanned and all-scenario technology [3]. - The founding team includes three former Intel employees and three alumni from Fudan University, creating a unique "Intel + Fudan" entrepreneurial background [3][9]. - The company has attracted a prestigious group of investors, including Geling Deep Vision, Zhongke Chuangxing, and Bosch Venture Capital [3][15]. Business Model and Achievements - Yushi Technology aims to achieve "zero accidents" and "zero traffic congestion" by 2031, with a focus on reducing urban space for vehicles and logistics costs [10]. - The company launched its first autonomous vehicle concept, the "Urban Mobility Cabin," within ten months of its establishment, winning the German Red Dot Design Award [10]. - Yushi Technology has shifted its strategy to provide autonomous driving capabilities to traditional car manufacturers rather than manufacturing vehicles itself [11]. Market Position and Financial Performance - As of 2024, Yushi Technology holds a 91.7% market share in the L4 autonomous driving solutions for commercial vehicles in airport scenarios in Greater China, and a 45.1% share in factory scenarios [26]. - The company reported revenue growth from 65.5 million RMB in 2022 to 161 million RMB in 2023, with projections of 266 million RMB in 2024, reflecting a compound annual growth rate of 101.3% [25]. - Despite revenue growth, the company continues to face losses, with net losses decreasing from 250 million RMB in 2022 to 213 million RMB in 2023 [29]. Investment and Funding - Yushi Technology has completed six rounds of financing since its inception, raising over 1.75 billion RMB, with notable investors including Geling Deep Vision and Bosch Venture Capital [16][22]. - The latest funding round in March 2023 raised 300 million RMB, valuing the company at 7.3 billion RMB, officially making it a unicorn in the autonomous driving sector [22]. Future Plans - The company plans to extend its autonomous driving capabilities into humanoid robotics, integrating navigation and interaction systems to expand its technology reach [30]. - Proceeds from the IPO will be used to enhance R&D capabilities, expand domestic and international business, and improve commercialization efforts [30].

行业动态：人形机器人-5 月 27 日，Figure CEO 称新一代人形机器人 F.03 已"正式开始行走"；5 月 29 日，具身智能数据联盟在上海成立；5 月 29 日，宇树科技更名为股份有限公司；5 月 29 日，智元远征 A2 成全球 首个同时拥有中美欧认证的人形机器人；5 月 30 日，马斯克：Optimus 人形机器人 2027 年将在火星表面行走；5 月 30 日，智元机器人获上海 国资基金新一轮投资。Robotaxi-5 月 28 日，特斯拉计划于 6 月在美国 得州奥斯汀启动 Robotaxi 试点服务。AI 基建-5 月 28 日，工信部等三部 门印发《电子信息制造业数字化转实施方案》；低空经济-5 月 27 日， 2025 低空经济生态场景大会在杭召开。 政府新闻：Robotaxi-5 月 30 日，国家邮政局：加快推进人工智能+邮政 业标杆产品应用；人形机器人-5 月 29 日，《人形机器人电驱动关节接 口要求》团体标准公开征求意见；5 月 29 日，上海浦东发布具身智能产 业支持 16 条政策。AI 基建-5 月 29 日，浙江省发布《关于促进智算云创 新发展的实施意见（2025— ...

Core Viewpoint - The article discusses the recent IPO trend among L4 autonomous driving companies, driven by underlying growth anxiety within the industry [1][16]. Group 1: Company Overview - Yushi Technology submitted its IPO application to the Hong Kong Stock Exchange, with projected revenues of approximately RMB 65.48 million, RMB 161 million, and RMB 265 million for 2022, 2023, and 2024 respectively, while incurring losses of RMB 250 million, RMB 213 million, and RMB 212 million during the same periods, totaling a cumulative loss of RMB 675 million [2]. - Yushi Technology focuses on providing autonomous driving solutions to enterprise clients, including commercial and passenger vehicle manufacturers, featuring L4-level autonomous driving capabilities [2]. Group 2: Historical Context and Partnerships - Yushi Technology was founded by Wu Gansha after he left Intel China Research Institute, alongside co-founders Zhao Yong and Jiang Yan [4]. - The company initially pursued two business paths: developing passenger vehicle solutions and L4 autonomous driving technology for specific scenarios like micro-buses and logistics [4]. - A previous collaboration with Continental Group for L2+ solutions ended unfavorably, leading Continental to choose a competitor, Huixi, for further development [5]. Group 3: Market Position and Clientele - Yushi Technology is recognized as the only global supplier of sustainable L4 autonomous driving solutions for airports, with clients including Hong Kong International Airport and Guangzhou Baiyun Airport [11]. - As of May 20, 2025, Yushi Technology has partnered with 17 Chinese airports and 3 overseas airports, indicating a strong market presence [12]. Group 4: Financial Support and Investment - Yushi Technology received significant financial backing, including over RMB 1 billion in funding in January 2021 and RMB 300 million in March 2023, with a post-investment valuation of RMB 7.3 billion [15]. - The company’s cash flow management is challenged by client payment structures similar to the AGV industry, which can impact operational liquidity [14]. Group 5: Industry Trends and Challenges - The article highlights the ongoing IPO wave among L4 autonomous driving companies, driven by pressures from existing shareholders and the need for substantial capital investment against a backdrop of long return cycles [16].

Core Viewpoint - The collaboration between Xiaoma Zhixing and Shenzhen Xihu Group aims to transform the traditional taxi industry from "electrification to intelligence" by establishing an autonomous driving service fleet in Shenzhen [4][5]. Group 1: Strategic Collaboration - Xiaoma Zhixing and Shenzhen Xihu Group announced a strategic partnership to create a fleet of L4 autonomous vehicles equipped with Xiaoma's seventh-generation autonomous driving technology [4]. - The goal is to deploy over a thousand vehicles in Shenzhen, enhancing safety, operational efficiency, and passenger experience through intelligent management and scheduling [4][5]. Group 2: Company Strengths - Xiaoma Zhixing is recognized as a global leader in large-scale production and commercialization of autonomous driving technology, having operated in Shenzhen for five years and being the first to receive a market operation permit for intelligent connected vehicles in core urban areas [6]. - Shenzhen Xihu Group is a pioneer in the "oil-to-electric" transition in the taxi industry, operating nearly 5,000 electric taxis and becoming one of the largest pure electric transportation operators globally [6]. Group 3: Industry Impact - The partnership aims to integrate autonomous driving technology with traditional taxi services, facilitating the transition from "oil-to-electric" to "electrification to intelligence" in Shenzhen's transportation sector [6]. - This initiative is expected to meet diverse and high-quality travel service demands from the public, stimulate the high-end smart automotive industry chain, and contribute to Shenzhen's economic growth [6]. Group 4: Ecosystem Development - Xiaoma Zhixing is building an "autonomous driving industry ecosystem" by collaborating with various domestic and international partners, including Tencent Cloud, Alipay, and Uber, to enhance the scalability of its technology [7]. - The company's services are projected to reach over one billion users globally, leveraging platform technology and ecosystem advantages [7].

Core Viewpoint - The article discusses the recent performance of the Beijing Stock Exchange (北交所) and highlights upcoming events that may serve as catalysts for investment opportunities in various sectors, particularly in solid-state batteries, hydrogen energy, and technology. Group 1: Market Performance - In May, the Beijing Stock Exchange experienced a surge followed by a pullback, with the 北证50 index rising over 10% to reach a new high of 1500 points, outperforming the Shanghai and Shenzhen markets [1] - Despite the index reaching new highs, there were signs of market distortion, such as "price increases without volume growth" and increased difficulty in stock profitability, leading to a cautious outlook on the sustainability of the rally [1] - The market showed resilience during the pullback, with the adjustment being less severe than expected, indicating relative strength [1] Group 2: Upcoming Catalysts - The 2025 Solid-State Battery Technology and Application Summit will be held on June 10, focusing on the latest trends in sodium-ion and solid-state battery industries, aiming to advance the industrialization of solid-state batteries [1] - The 2025 International Hydrogen Energy and Fuel Cell Vehicle Conference will take place from June 18-20, featuring exhibitions and discussions on the scaling of hydrogen energy technologies [3] - Tesla's Robotaxi service is set to launch in Austin in June, marking a significant step towards the commercialization of autonomous driving, with plans to expand the fleet in the future [4] - The 2025 Huawei Developer Conference will occur from June 20-22, showcasing advancements in HarmonyOS and AI technologies, which may impact various industries [5] - The 2025 Global High-Speed Copper Cable Innovation and Technology Conference will be held on June 18, focusing on the entire supply chain of high-speed copper cables [6] Group 3: Relevant Companies - Solid-state battery-related companies on the Beijing Stock Exchange include Lingge Technology, Yintu Network, Liwang Co., Nacnor, Wuhan Blue Electric, and Lijia Technology, with Lingge Technology and Nacnor having higher capital recognition [2] - Hydrogen energy-related companies include Tianli Composite, Kaida Catalysis, Silane Technology, Huitong New Materials, Fangsheng Co., and Qilu Huaxin, with Kaida Catalysis and Fangsheng Co. being more recognizable [3] - Tesla-related companies include Suzhou Axis, Jun Chuang Technology, Audiwei, Jiyang Precision, Tianming Technology, Wanyuantong, Jiezong Technology, Dezong Automotive, Jianbang Technology, and Taide Co., with Jun Chuang Technology and Jiezong Technology showing better stock characteristics [4] - Huawei-related companies include a variety of firms, with Airong Software and Lierda being the most relevant to the upcoming conference [5] - High-speed copper cable-related companies include Fujida, Qiuquan Cable, Taihu Yuanda, Chenguang Cable, and Zhixin Electronics, with Fujida and Taihu Yuanda positioned at a higher-end market segment [6]

Industry Overview - The U.S. President Trump announced an increase in steel and aluminum import tariffs from 25% to 50%, aimed at protecting the domestic steel industry, effective June 4 [1] - The China Council for the Promotion of International Trade reported that over $3 billion in cooperation agreements were signed between China and Latin American countries this year [2] - The China Association of Automobile Manufacturers reported that the total import and export value of automotive goods in April was $23.09 billion, with a month-on-month increase of 6.8% but a year-on-year decrease of 2.2% [3] - Hong Kong's overall export value in April increased by 14.7% year-on-year, reaching HKD 434.5 billion, while imports rose by 15.8% [4] Company Performance - Pinduoduo's latest quarterly report showed revenue of approximately RMB 95.7 billion, a 10% year-on-year increase, but operating profit fell by 38% [5] - Kuaishou reported a 32.7% year-on-year increase in overseas revenue, achieving positive operating profit for the first time in a single quarter [6] - Bawang Tea's overseas market GMV grew by 85% year-on-year, with total GMV reaching RMB 8.23 billion in Q1 [13] - Xiaomi's global smartphone shipments reached 41.8 million units in Q1, marking a 3% year-on-year increase [14] - Nayuki Tea's new store in Thailand generated nearly THB 350,000 (approximately RMB 77,000) in its first month of operation [15] Market Expansion - Temu has officially launched its overseas warehouses in the U.S., preparing for significant local stock [9] - Taobao is entering the Australian market, offering free shipping and local return services during the 618 shopping festival [10] - AliExpress has opened its platform to local sellers in Germany, enhancing its competitive edge in the local e-commerce landscape [11] - Didi has launched its overseas car-hailing service in 11 countries and 26 cities to cater to Chinese tourists [12] - GAC Group has officially entered the Brazilian market, planning to sell 8,000 vehicles by the end of this year and 29,000 by 2026 [18]

Group 1 - The company Pony.ai has reached a strategic partnership with Shenzhen Xihu Co., Ltd. to deploy over 1,000 robot taxis in Shenzhen over the next few years [1]

Group 1: Industry Insights - A series of themed events will be launched to help Chinese companies explore opportunities in Indonesia's $50 billion healthcare market, featuring insights from Indonesian government officials [2] - The Chinese Ministry of Commerce announced the completion of the 3.0 version upgrade negotiations for the free trade area with ASEAN, aiming to enhance trade and investment cooperation [12] - The China-Middle East and Gulf Cooperation Council (GCC) summit highlighted the potential for deeper economic collaboration, particularly in digital economy and green energy sectors [12] Group 2: Company Developments - Bawang Tea Ji reported a 38% year-on-year increase in total GMV to 8.23 billion yuan in Q1 2025, with overseas GMV growing by 85.3% to 178 million yuan [3] - Kuaishou's overseas revenue reached 1.3 billion yuan in Q1 2025, marking a 32.7% year-on-year growth, with the company achieving its first quarterly operating profit in international markets [3] - Wanglaoji has initiated local production in Malaysia, marking its first overseas manufacturing venture, which will also serve markets in Indonesia and Thailand [4] Group 3: Market Expansion - GAC Group has officially launched operations in Brazil, planning to establish 120 sales points by the end of 2025 and introduce five new vehicle models [9] - Xiaomi's Q1 2025 revenue reached 111.3 billion yuan, a 47.4% increase, with a focus on expanding its market share in Africa [7] - Pinduoduo's Q1 2025 revenue was 95.7 billion yuan, a 10% year-on-year increase, but faced challenges with a 38% decline in operating profit [8] Group 4: Strategic Partnerships - Xiaoma Zhixing has partnered with the Dubai Roads and Transport Authority to launch a Robotaxi fleet, with plans for full commercial operation by 2026 [6] - WeRide is set to enter the Saudi market with plans for comprehensive Robotaxi services by 2025, having already tested its products in key cities [6] - Meituan's new business segment reported a revenue increase of 19.2% to 22.2 billion yuan in Q1 2025, with a focus on international expansion [6]