Core Insights - The article outlines key events in the U.S. stock market for the week of November 2 to November 7, 2025, including significant earnings reports and economic indicators [2]. Group 1: Economic Indicators - On November 3, the U.S. will release the October ISM Manufacturing PMI [2]. - On November 5, the October ISM Non-Manufacturing PMI will be published [2]. Group 2: Earnings Reports - Pre-market earnings reports on November 3 include companies such as CIFR, ON, PFE, RACE, VITL, and NCLH [2]. - Post-market earnings reports on November 3 include PLTR, FN, BWXT, HIMS, AXON, PINS, UPST, SMCI, BYND, MARA, KGC, NVTS, and GRAB [2]. - Pre-market earnings reports on November 5 include CCJ, U, NVO, RXRX, MCD, and SRAD [2]. - Post-market earnings reports on November 5 include HOOD, APP, LEU, IONQ, and FIG [2]. - Pre-market earnings reports on November 6 include VST, QBTS, DDOG, AZN, WBD, DUOL, ARM, QCOM, SNAP, and ELF [2]. - Post-market earnings reports on November 6 include SNDK, IREN, SOUN, ACHR, SMR, MP, USAR, INOD, OPEN, TTD, DKNG, and ABNB [2]. Group 3: New Listings - On November 4, a new stock from the electric aircraft manufacturer $BETA will be listed [2]. - On November 6, two companies, 文远知行 and 小马智行, will be listed on the Hong Kong Stock Exchange [2]. - On November 7, new stocks from children's English education company MKTR and gaming company LBRJ will be listed [2]. Group 4: Significant Events - On November 7, Tesla's shareholder meeting will take place, where a $1 trillion compensation plan will be voted on, and a potential Gen 3 robot release is expected [2]. - The timing for the release of the October non-farm payroll data is pending due to the government shutdown [2].

Core Viewpoint - The company Xiangdao Mobility, incubated by SAIC Motor Corporation, is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds primarily for autonomous driving research and Robotaxi operations [2][8]. Company Overview - Xiangdao Mobility was established in 2018 and offers a one-stop mobility platform that includes ride-hailing, vehicle leasing, vehicle sales, and Robotaxi services. As of June 30, 2023, it has covered 85 cities in China with over 20 million registered users [3][4]. - The company ranks fifth among domestic ride-hailing platforms by Gross Transaction Value (GTV) [3]. Financial Performance - Revenue growth from 2022 to 2024 is projected at 4.729 billion RMB, 5.718 billion RMB, and 6.395 billion RMB, respectively. However, the company has been operating at a loss, with net losses of 781 million RMB, 604 million RMB, and 407 million RMB during the same period [3][5]. - In the first half of 2025, revenue decreased by 2.8% year-on-year to 3.013 billion RMB, resulting in a loss of 115 million RMB, attributed to declining ride-hailing revenue and intensified market competition [3][4]. Operational Challenges - Despite an increase in monthly active users and registered drivers, the company experienced a decline in order volume and GTV, indicating a disconnect between scale expansion and actual conversion efficiency [4][6]. - In the first half of 2025, approximately 98.5% of total orders came from aggregation platforms, highlighting the company's reliance on third-party platforms for traffic [6]. Cost Structure - The company faces significant cost pressures, with commission payments to aggregation platforms reaching 233 million RMB in the first half of 2025, more than five times its R&D expenditure during the same period [6][7]. - The gross profit margin improved to 11.3% in the first half of 2025, up from just 1% in 2022, due to better cost control and operational efficiency [7]. Future Prospects - Xiangdao Mobility has initiated Robotaxi operations since 2021 and plans to launch commercial operations in Shanghai by the end of 2025, with a goal of expanding to multiple cities by 2027 [8][10]. - The Robotaxi sector is seen as a high-potential market, but the company must navigate significant commercialization challenges and competition from other platforms and autonomous driving companies [9][10].

Core Viewpoint - The article challenges the perception that young people are not pursuing long-term career development or technical skills, highlighting that their choices are influenced by various practical constraints rather than a lack of ambition. Group 1: Reasons for Choosing Delivery and Ride-Hailing Jobs - High costs of learning technical skills deter young people, as mastering a trade can take one to two years with significant financial burden and initial low income [1][2] - Rapid technological advancements create uncertainty, making it less appealing to invest time in learning skills that may quickly become obsolete [4] - The flexibility and autonomy of delivery and ride-hailing jobs are attractive, allowing young workers to set their own schedules and potentially earn more than traditional jobs [6] Group 2: Skills Required in Delivery and Ride-Hailing Jobs - Delivery workers and ride-hailing drivers require specific skills, such as navigating city traffic, optimizing routes, and managing customer relationships, which involve experience and expertise [8]

Core Viewpoint - Xiangdao Mobility, a subsidiary of SAIC, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to join other players in the ride-hailing market like GAC Group's "如祺出行" and Geely's "曹操出行" [1][2]. Company Overview - Founded in April 2018, Xiangdao Mobility was one of the first companies to receive qualifications for intelligent connected vehicles and has obtained a demonstration operation license for driverless vehicles in Shanghai [5]. - The company has developed a comprehensive smart mobility ecosystem through ride-hailing, vehicle leasing, sales, and Robotaxi services [5]. Financing History - In 2020, Xiangdao Mobility completed a Series A financing round of 330 million yuan, with Alibaba investing 250 million yuan and CATL investing 80 million yuan [6]. - The company raised 1 billion yuan in a Series B round in August 2022, achieving a post-investment valuation of 1 billion USD [7]. - The final pre-IPO financing round raised 1.3 billion yuan, bringing total funding to 2.63 billion yuan [7]. Shareholding Structure - Prior to the IPO, SAIC holds 75.37% of Xiangdao Mobility, with Alibaba and Momenta holding 6.47% and 5.29% respectively [8]. Financial Performance - Xiangdao Mobility has not yet achieved profitability, with 90% of its revenue coming from aggregation platforms [9]. - Revenue figures for the reporting period are as follows: 4.729 billion yuan in 2022, 5.718 billion yuan in 2023, and 6.395 billion yuan in 2024, with a decline of 2.8% in the first half of 2025 compared to the same period in 2024 [10]. - The company reported losses of approximately 781 million yuan, 604 million yuan, 407 million yuan, and 115 million yuan over the same periods, totaling 1.907 billion yuan in cumulative losses [12]. Revenue Breakdown - In the first half of 2025, ride-hailing services contributed 76.3% of total revenue, with a significant reliance on third-party aggregation platforms [13]. - The order volume from aggregation platforms increased significantly, accounting for 98.1% of total orders in the first half of 2025 [13]. Operational Cash Flow - The company reported a positive net cash flow from operating activities of 83.3 million yuan in the first half of 2025, indicating a turnaround from previous negative cash flows [14]. IPO Use of Proceeds - The funds raised from the IPO are intended for research and development in autonomous driving, Robotaxi operations, expanding user and driver bases, enhancing brand awareness, and increasing fleet size [14].

上汽集团旗下的网约车平台享道出行开始冲刺IPO。 日前，据港交所官网消息，享道出行（上海）科技股份有限公司（以下简称享道出行）向港交所递交上市申请，联席保荐人为中金公司和国泰君安国际。 据招股书，享道出行近年来收入稳健增长，盈利能力正逐步改善。未来，Robotaxi（自动驾驶出租车）商业化落地是享道出行重点押注领域。招股书显 示，享道出行本次上市募集资金的重要部分拟用于自动驾驶技术的研发及Robotaxi服务的商业化推广。 Robotaxi赛道目前竞争激烈，出行平台（曹操出行、如祺出行等）、专注Robotaxi业务的公司（小马智行、文远知行等）以及自动驾驶方案供应商（元戎 启行、Momenta等）都在入局。享道出行的差异化竞争优势将如何体现？《每日经济新闻》记者也向享道出行方面进行求证，对方表示"目前公司正处于 静默期，不便发声"。 三年半亏损约19亿元 从招股书来看，享道出行在2022~2024年分别实现营业收入约47.29亿元、57.18亿元及63.95亿元，呈现逐步增长态势。但是该公司仍处于亏损状态， 2022~2024年，享道出行的净亏损分别约7.8亿元、6亿元、4.1亿元。今年上半年，享道出行实现营 ...

Core Viewpoint - Xiangdao Mobility has officially submitted its listing application to the Hong Kong Stock Exchange, indicating its intent to expand its operations in the ride-hailing and autonomous vehicle sectors [1]. Group 1: Company Overview - Xiangdao Mobility was established in April 2018 and primarily operates ride-hailing services, vehicle leasing, vehicle sales, and Robotaxi services [1]. - The company completed its Series C financing round in May 2025, raising a total of 1.3 billion yuan [1]. Group 2: Financial Performance - The revenue figures for Xiangdao Mobility from 2022 to the first half of 2025 are as follows: 4.729 billion yuan in 2022, 5.718 billion yuan in 2023, 6.395 billion yuan in 2024, and 3.013 billion yuan in the first half of 2025, showing a year-on-year growth trend [1]. - The company reported losses of 778 million yuan in 2022, 604 million yuan in 2023, 407 million yuan in 2024, and 115 million yuan in the first half of 2025, indicating that it has been operating at a loss for several consecutive years [1]. Group 3: Market Position - According to data from Frost & Sullivan, Xiangdao Mobility ranked fifth among domestic ride-hailing platforms in terms of Gross Transaction Value (GTV) in 2024, with the top five platforms collectively holding over 85% of the market share [1].

Core Viewpoint - Xiangdao Travel, a ride-hailing platform under SAIC Group, has submitted its IPO application to the Hong Kong Stock Exchange, with CICC and Guotai Junan International as joint sponsors [1] Financial Performance - Xiangdao Travel has shown steady revenue growth, with projected revenues of approximately RMB 47.29 billion, RMB 57.18 billion, and RMB 63.95 billion for the years 2022 to 2024, respectively [4] - Despite revenue growth, the company remains in a loss-making position, with net losses of approximately RMB 7.8 billion, RMB 6 billion, and RMB 4.1 billion for the same years [4] - In the first half of 2023, the company achieved revenue of RMB 30.13 billion, with a reduced net loss of RMB 1.1 billion compared to the same period in 2024 [4] - The company's gross margin has been on the rise, reaching 11.3% in the first half of 2025, up from 1% in 2022 [6] Business Segments - The ride-hailing service is a core business for Xiangdao Travel, contributing approximately RMB 49.91 billion in revenue in 2024, accounting for 78% of total revenue [7] - Vehicle leasing services primarily target B-end corporate clients, generating around RMB 10.84 billion in revenue in 2024 [7] Client Base and Shareholding - Revenue from five major clients has decreased from RMB 3.21 billion in 2022 to RMB 1.2 billion in the first half of 2025, with SAIC Group being the largest client [8] - SAIC Group holds approximately 75.37% of Xiangdao Travel's shares, making it both a major client and a controlling shareholder [8] Strategic Focus - The company is focusing on the commercialization of Robotaxi services, with significant funds from the IPO intended for R&D in autonomous driving technology [3][9] - Xiangdao Travel has already initiated Robotaxi operations in Shanghai and aims to achieve fully driverless operations by the end of 2025 [9] - The company has completed over 330,000 orders and driven more than 2.5 million kilometers since launching its Robotaxi service [9] Market Outlook - The Robotaxi market is expected to grow significantly, with projections indicating a market size exceeding RMB 2.93 trillion by 2030 [11] - The competitive landscape includes various players, such as ride-hailing platforms and autonomous driving companies, indicating a highly competitive environment [11][12] - Xiangdao Travel's technological capabilities, particularly its self-developed "Xiangdao Smart Brain" system, are seen as a core competitive advantage [12]

Core Viewpoint - Xiangdao Travel, a ride-hailing platform under SAIC Group, has submitted its IPO application to the Hong Kong Stock Exchange, with CICC and Guotai Junan International as joint sponsors [1] Financial Performance - Xiangdao Travel has shown steady revenue growth, with projected revenues of approximately RMB 4.73 billion, RMB 5.72 billion, and RMB 6.39 billion for 2022, 2023, and 2024 respectively [3] - The company remains in a loss-making position, with net losses of approximately RMB 780 million, RMB 600 million, and RMB 410 million for the same years [3] - In the first half of 2025, the company achieved revenue of RMB 3.01 billion, with a reduced net loss of RMB 114.67 million compared to the same period in 2024 [3] - Gross margin is on the rise, expected to reach 11.3% in the first half of 2025, up from 1% in 2022 [3] Business Segments - The ride-hailing service is a core business, projected to contribute approximately RMB 4.99 billion in revenue for 2024, accounting for 78% of total revenue [4] - Vehicle leasing services primarily target B-end corporate clients, with expected revenue of approximately RMB 1.08 billion in 2024 [4] Client Base - Revenue from five major clients from 2022 to the first half of 2025 shows a decline, with the largest client, SAIC Group, contributing RMB 1.71 billion in 2022, which decreased to RMB 310 million in the first half of 2025 [5] Shareholding Structure - SAIC Group is not only a major client but also a significant shareholder, holding approximately 75.37% of Xiangdao Travel's shares [6] Strategic Focus - The company is focusing on the commercialization of Robotaxi services, with plans to use a significant portion of the IPO proceeds for R&D in autonomous driving technology [2][7] - Xiangdao Travel aims to achieve its first "driverless" Robotaxi operations by the end of 2025, with plans for expansion into densely populated urban areas by 2027 [7] Market Outlook - The Robotaxi market is expected to grow significantly, with projections indicating a market size exceeding RMB 2.93 trillion by 2030 [8] - The competitive landscape includes various players, such as ride-hailing platforms and dedicated autonomous driving companies, highlighting the need for continuous funding and technological advancement [8] Technological Edge - Xiangdao Travel is recognized as the first L4-level Robotaxi operator with an automotive background in China, leveraging its proprietary "Xiangdao Smart Brain" system for dynamic scheduling and risk management [8]

每经记者｜黄辛旭 每经编辑｜裴健如 上汽集团旗下的网约车平台享道出行开始冲刺IPO。 日前，据港交所官网消息，享道出行（上海）科技股份有限公司（以下简称享道出行）向港交所递交上市申请，联席保荐人为中金公司和国泰君安国际。 | [編纂]項下的[編纂]數目 | 「編纂】股H股(視乎「編纂]行使 | | | --- | --- | --- | | 與否而定) | | | | [編纂]數目 | 「編纂]股H股(可予調整) | | | 「編纂]數目 | 「編纂」股H股(可予調整及視乎 | | | 「編纂]行使與否而定） | | | | [編纂] | | 每股H股[編纂]港元,另加1.0%經紀 | | 佣金、0.0027％證監會交易徴費、 | | | | 0.00565% 聯交所交易費及0.00015% | | | | 會財局交易徵費(須於申請時以港元紅 | | | | 足,多繳股款可予退還) | | | | 面值 | 每股H股人民幣1.00元 | | | [編纂] | [繼臺] | | | 聯席保薦人 · [編纂]、 | | | | [編纂] | | | | CICC中等公司 | | 國泰君安國際 CHOTAL HIM ...

Core Viewpoint - The article discusses the growth and operational performance of Xiangdao Mobility, a leading comprehensive smart travel platform in China, which is expanding its services in the ride-hailing and Robotaxi sectors. Group 1: Company Overview - Xiangdao Mobility is positioned as a leading all-scenario smart travel platform in China, offering ride-hailing, vehicle rental, vehicle sales, and Robotaxi services to meet diverse travel needs [1]. - The company was initiated by SAIC Motor Corporation and has gradually attracted key investors from the industry chain, including Momenta (autonomous driving solutions), Amap (map services), and CATL (power battery supplier) [2]. Group 2: Operational Data - In 2024, Xiangdao Mobility achieved an average of over 600,000 daily orders, with a total transaction value (GTV) exceeding RMB 5.5 billion [3]. - As of June 30, 2025, the company's ride-hailing services have expanded to cover 85 cities across China [3]. Group 3: Financial Performance - The revenue for Xiangdao Mobility for the years 2022, 2023, 2024, and the first half of 2025 was approximately RMB 4.729 billion, RMB 5.718 billion, RMB 6.395 billion, and RMB 3.013 billion respectively [4]. - The gross profit for the same periods was approximately RMB 494.87 million, RMB 376 million, RMB 448 million, and RMB 341 million respectively [4]. - The company is anticipated to follow in the footsteps of other ride-hailing firms like Dida Chuxing, Cao Cao Mobility, and Ruqi Chuxing in potentially listing on the Hong Kong stock exchange [4]. Group 4: Market Trends - The article notes that two leading domestic Robotaxi companies, WeRide and Pony.ai, have successfully listed on NASDAQ and are now initiating their IPO processes in Hong Kong, indicating a trend of dual listings in both US and Hong Kong markets [6][7].