Key Points - 36Kr will cover the global stories of Chinese brands at CES 2026, following their previous coverage at IFA and GITEX GLOBAL in 2025 [2] - Didi's international business has expanded to 14 countries and regions across Latin America, Asia-Pacific, and Africa, with a 13.8% year-on-year increase in core platform order volume [3] - WeRide and Uber have launched L4 level fully autonomous Robotaxi commercial operations in Abu Dhabi, marking the first such operation in the Middle East [4] - Cainiao has launched a cross-border small package service covering eight African countries, with plans to expand to South Africa and Egypt by the end of December [4] - Temu has partnered with Royal Mail to enhance its local fulfillment system in the UK, adding over 24,000 parcel drop-off points [4] - JD FinTech has partnered with Banking Circle to provide cross-border financial services for global enterprises, facilitating multi-currency accounts and payment solutions [5] - J&T Express has implemented an AI sorting system in Thailand, doubling efficiency and achieving over 99% accuracy [5] - Dianping has expanded its services to over 1,000 cities worldwide, focusing on destinations popular among Chinese tourists [6] - The tea brand Jasmine Milk Tea has opened two stores in Jakarta, Indonesia, and four stores in the US, expanding its global presence [7] - Leapmotor has officially entered the South American market with launches in Brazil and Chile, planning to establish 36 outlets in Brazil by 2025 [7] - Aito has launched its Aito 11 model in Brazil, collaborating with CAOA Group for market entry and sales support [7] - EVE Energy has signed a three-year memorandum for a 1.48GWh energy storage project in Northern Europe, with the first batch of orders to be shipped in December [8] - Tencent's Hunyuan 3D engine has launched an international version, allowing global users to create high-quality 3D works [8] - Das Intellitech has established its MENA headquarters in Doha, aiming to enhance cooperation with local SMEs and support Qatar's innovation goals [8] - Hypershell has completed $70 million in financing, expanding its consumer-grade exoskeleton products to over 70 countries [9] - Bixing Coffee has raised several million yuan in B round financing to expand its presence in Italy, Japan, and Indonesia [10] - Lingxin Smart Hand has completed A+ round financing, with monthly orders exceeding 1,000 units [10] - Ruiyun Cold Chain has raised nearly 100 million yuan in A+ round financing to enhance its digital capabilities and international expansion [10] - WoFei ChangKong has completed C round financing to integrate eVTOL into the global low-altitude transportation system [11] - Bain predicts that global humanoid robot sales could exceed 10 million units by 2035, with a market size reaching $260 billion [12] - Beijing is supporting humanoid robot companies to expand internationally and enhance global collaboration [12]

Core Insights - Yuanrong Qixing and Haomo Zhixing, both established in 2019, are experiencing vastly different trajectories as of winter 2025, with Yuanrong Qixing showing significant growth and Haomo Zhixing facing operational stagnation [1][2]. Company Performance - Yuanrong Qixing has delivered over 200,000 vehicles equipped with its urban NOA system, achieving a market share of nearly 40% among third-party suppliers in a single month [1]. - The CEO of Yuanrong Qixing, Zhou Guang, indicated plans to accelerate production and expand into Robotaxi and overseas markets [1]. - In contrast, Haomo Zhixing announced a company-wide shutdown starting November 24, 2024, with no set date for resumption, and has faced significant layoffs and executive departures since 2024 [1][2]. Investment Landscape - Yuanrong Qixing has maintained a steady financing pace, completing six rounds of funding with a total exceeding $500 million, including a recent $100 million Series C round led by Great Wall Motors [4][5]. - The investment structure of Yuanrong Qixing evolved significantly after its Series A and B rounds, with major players like Alibaba and Dongfeng Motor Group entering as strategic investors, indicating strong industry recognition of its technology [6][7]. - Haomo Zhixing has completed seven funding rounds, but its investor landscape has shifted, with a decline in participation from prominent investors like Hillhouse Capital and Meituan, signaling a loss of confidence in its growth potential [11][12][13]. Strategic Relationships - The relationship between Yuanrong Qixing and Great Wall Motors has evolved from a client-supplier dynamic to a deeper strategic partnership, enhancing both companies' operational synergies [7]. - Haomo Zhixing, originally incubated by Great Wall Motors, has struggled to establish independent market competitiveness, leading to a significant decline in investor interest [13][15]. Future Outlook - Yuanrong Qixing's increased delivery volumes in 2025 are seen as a strong foundation for potential public listing preparations, with recent investor exits interpreted as a positive signal for its market ambitions [10]. - Haomo Zhixing's future remains uncertain, with ongoing discussions about share buybacks at previous high valuations, but disagreements on pricing reflect the company's current operational challenges [15].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a significant revenue growth of 72% year-on-year in Q3 2025, reaching $25.44 million, driven by multiple fast-growing business segments [7] - The company has established a profitable single-vehicle model for its Gen-7 Robotaxi in Guangzhou, marking a critical milestone in its commercial viability [7] - The company is well-positioned for future growth with a strong liquidity position, holding $588 million in cash and cash equivalents as of September 30, 2025, which supports its fleet expansion plans [7] Financial Performance Summary - Total revenue projections for 2025-2027 are $77.58 million, $104.91 million, and $342.42 million respectively, with a compound annual growth rate of 226.39% from 2025 to 2027 [1][8] - The company expects to reduce the BOM cost of its seventh-generation Robotaxi by 20% by 2026, following a 70% reduction in the fourth-generation autonomous truck kit [7] - The overall gross margin improved from 9.2% in the previous year to 18.4% in Q3 2025, indicating a significant enhancement in revenue quality [7]

Core Viewpoint - Yushi Technology (Beijing) Co., Ltd. has submitted its application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, focusing on L4 autonomous driving technology in closed scenarios such as airports and industrial parks [1]. Group 1: Company Overview - Yushi Technology is a leading technology-driven enterprise in the Greater China region, specializing in L4 level autonomous driving technology [1]. - The company provides comprehensive solutions applicable to various open and closed scenarios, covering logistics, operations, and motor vehicles, with capabilities ranging from L2 to L4 autonomous driving levels [1]. Group 2: Market Position - According to Frost & Sullivan, Yushi Technology is the only supplier globally providing large-scale commercial L4 autonomous driving solutions for airports [1]. - The company has successfully implemented unmanned electric towing vehicles, shuttle buses, and patrol vehicles at Hong Kong International Airport, facilitating services such as unmanned baggage and cargo towing, shuttle, and patrol [1].

Group 1 - The core viewpoint of the article is that Yushi Technology (Beijing) Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - The company is a leading technology-driven enterprise in the Greater China region, focusing on L4 level autonomous driving technology, particularly in closed scenarios such as airports and industrial parks [1] - Yushi Technology is the only supplier globally providing large-scale commercial L4 autonomous driving solutions for airports, having successfully implemented unmanned electric towing vehicles, shuttle buses, and patrol vehicles at Hong Kong International Airport [1] Group 2 - The company's solutions are applicable across various open and closed scenarios, covering logistics, operations, and motor vehicles, encompassing driving levels from L2 to L4 [1] - According to Frost & Sullivan, the company has developed a comprehensive solution for unmanned baggage and cargo towing, shuttle, and patrol services [1]

Core Viewpoint - China is rapidly advancing in two key frontier technologies: autonomous vehicles and new drug development, showcasing its innovative capabilities and potential to reshape global industries [4][5]. Autonomous Vehicles - China's autonomous taxi manufacturing costs are only one-third of those of Waymo in the U.S., with millions of kilometers already driven and partnerships being established in Europe and the Middle East [4]. - Local governments in China have been proactive in approving pilot projects for autonomous taxis, leading to extensive testing in over 50 cities, which has helped engineers and policymakers better understand the technology [6]. - The competitive environment in China is intense, with many companies facing survival challenges, but those that succeed are likely to become strong export champions [6][7]. - The global impact of China's low-cost innovation in autonomous vehicles may vary, with potential benefits for developing countries but significant competition for Western economies [7][8]. Pharmaceutical Industry - China has transitioned from being a generic drug manufacturer to the world's second-largest new drug developer, with a significant share of global clinical trials [4][23]. - The rapid increase in drug regulatory staff and reforms have drastically reduced the time for drug trial approvals, enhancing China's position in the global pharmaceutical landscape [5][23]. - Chinese pharmaceutical companies are increasingly entering global partnerships, with major Western firms licensing Chinese products, indicating a shift from peripheral to central roles in the global drug market [23]. - Despite the advancements, Chinese companies face challenges in domestic profitability due to price controls, leading them to seek success in international markets [23][24]. Regulatory Environment - China's flexible regulatory framework has been a crucial factor in its rapid technological advancements, contrasting with the more rigid regulatory approaches seen in Western countries [5][8]. - The article emphasizes the need for Western economies to rethink their innovation strategies in light of China's rise, as protectionist measures could hinder consumer access to affordable and high-quality products [7][8]. Visual Representation - The cover of The Economist illustrates China's technological output, symbolizing the rapid and large-scale production of autonomous vehicles and innovative drugs, reflecting China's dominance in sensor technology and manufacturing [9][10].

Core Viewpoint - The article focuses on the recruitment of interns by PonyAi, emphasizing the need for skills in perception algorithm development and optimization in the autonomous driving industry [2][6]. Group 1: Responsibilities - The role involves developing perception capabilities driven by scene descriptions and natural language instructions based on Visual-Language Models (VLM), aiming to implement models in real-world scenarios [2]. - Responsibilities also include developing and optimizing perception algorithms based on Camera, LiDAR, and multi-modal fusion, covering areas such as object detection, semantic/instance segmentation, object tracking, and 3D reconstruction [6]. Group 2: Qualifications - Candidates with internship experience in the autonomous driving industry or those able to commit to a 6-month internship will receive preference [3]. - A bachelor's degree or higher in computer science or a related field is required, along with proficiency in deep learning and computer vision algorithms [6]. - Familiarity with CNN-based image detection, tracking, and recognition processes, as well as strong programming skills in C/C++ or Python, is essential [6]. - Candidates with strong research capabilities, such as having published first-author papers in CCF A-class conferences or journals, will be prioritized [6]. - Knowledge of deep learning frameworks like Pytorch and experience in parallel computing or CUDA programming are advantageous [6].

Core Insights - The article discusses the development of a new planning framework called GuideFlow, which addresses the challenges of trajectory generation in end-to-end autonomous driving by incorporating explicit constraints and enhancing model optimization capabilities [3][11][49] - GuideFlow integrates various conditional signals to guide the generation process, improving the robustness and safety of autonomous driving systems [11][49] Summary by Sections Background Review - End-to-end autonomous driving (E2E-AD) has emerged as an attractive alternative to traditional modular approaches, allowing for unified training through data [9] - Recent advancements have shifted from single-modal to multi-modal trajectory generation to better reflect inherent uncertainties in real driving scenarios [9][10] GuideFlow Framework - GuideFlow explicitly models the flow matching process to alleviate mode collapse issues and flexibly integrates multiple guiding signals [3][11] - The framework combines flow matching with Energy-Based Model (EBM) training to enhance the model's ability to meet physical constraints [3][11] Experimental Results - GuideFlow demonstrated superior performance on various benchmark datasets, achieving state-of-the-art (SOTA) results, particularly on the challenging NavSim dataset with an Extended PMD Score (EPDMS) of 43.0 [3][34][37] - The framework's collision rate was notably low, with an average of 0.07% on the NuScenes dataset, showcasing its safety capabilities [40][41] Contributions and Innovations - The article highlights three core strategies within GuideFlow: speed field constraints, flow state constraints, and EBM flow optimization, which collectively enhance trajectory feasibility and safety [11][28][31] - The integration of driving aggressiveness scoring allows for dynamic adjustments in trajectory styles during inference, further refining the model's adaptability [33][49] Conclusion - GuideFlow represents a significant advancement in trajectory planning for autonomous driving, effectively embedding safety constraints into the generation process and demonstrating robust performance across various datasets [49]

Core Insights - Didi is leveraging its strong domestic cash flow to support high-growth overseas businesses, particularly in Brazil's food delivery market and future technology developments like Robotaxi [1] Domestic Business - The competitive landscape in Didi's domestic market has stabilized, with no signs of a renewed price war following a temporary increase in subsidies by competitors during the National Day holiday [2] - Didi aims for a domestic GTV profit margin of 3.7% by 2025, with an expected expansion of approximately 50 basis points in 2026, driven by increased electric vehicle penetration and refined consumer incentives rather than driver exploitation [2] International Business - Didi is strategically investing in Brazil's food delivery market, which is seen as a critical opportunity, leveraging its asymmetric advantages over local competitors like iFood [3][4] - The Latin American ride-hailing market, particularly in Brazil and Mexico, has matured, with some quarters achieving a 2% GTV profit margin, indicating self-sustainability [3] Robotaxi Development - Didi is transitioning from research to commercialization in the autonomous driving sector, with plans to expand its Robotaxi fleet to over 1,000 vehicles next year [3] - A new generation of Robotaxi vehicles, developed in collaboration with GAC, is set to be mass-produced and launched next month [3] Market Potential - The total addressable market (TAM) for Brazil's food delivery sector is projected to reach $20 billion by 2024 [4] - Didi's extensive motorcycle fleet provides a competitive edge over local giants, supported by a strong track record of high ROI investments in ride-hailing and fintech [4] - Didi plans to expand into more lower-tier cities in Brazil, exceeding management's initial expectations [4] Shareholder Commitment - Didi has committed to a $2 billion share buyback program, effective until March 2027, with $23.2 million worth of shares repurchased between August 25 and November 21 [3]

Core Viewpoint - Yushi Technology (Beijing) Co., Ltd. is making another attempt to list on the Hong Kong Stock Exchange, focusing on L4 autonomous driving technology and commercial vehicles in closed scenarios such as airports and factories [2] Group 1: Industry Position and Market Focus - Yushi Technology is the largest supplier of L4 autonomous driving solutions for commercial vehicles in airport and factory scenarios in Greater China, with a significant market share [2] - The company is the only global supplier providing large-scale commercial L4 autonomous driving solutions for airports, meeting the highest international safety standards [2] - The revenue from airport scenarios is projected to account for 35.1%, 71.2%, 58.7%, and 50.3% of total revenue from autonomous vehicle solutions and leasing services from 2022 to June 2025 [2] Group 2: Business Operations and Revenue Streams - The core products of Yushi Technology include commercial vehicles equipped with L4 autonomous driving capabilities, autonomous driving kits, software solutions, and leasing services, designed for unmanned operation without standby safety personnel [2] - The company has established partnerships with 20 airports, including 17 in China and 3 overseas, and is exploring opportunities with 4 new airports [2] - Revenue from factory scenarios is expected to represent 26.4%, 22.2%, 25.8%, and 12.0% from 2022 to June 2025 [3] Group 3: Financial Performance and Client Relationships - Major clients include Fortune 500 companies, with the revenue contribution from the top five clients being 57.6%, 66.0%, 46.2%, and 82.8% from 2022 to June 2025 [3] - The average retention rate of key clients, contributing over 10 million yuan, is 100%, 75.0%, 75.0%, and 40.0% for the respective periods [3] - The procurement amount from the top five suppliers has remained stable, accounting for 32.2%, 35.5%, 33.7%, and 54.4% during the same period [3] Group 4: Research and Development Capabilities - Yushi Technology's R&D capabilities are a core competitive advantage, with centers in Beijing, Shanghai, and Chongqing focusing on AI, L4 autonomous driving, hardware, and cloud technology [4] - The R&D team consists of 227 members, with 52.4% holding master's degrees or higher, led by core members with over 8 years of industry experience [4] - The company has invested in R&D with expenditures of 189 million yuan, 184 million yuan, 196 million yuan, and 98 million yuan from 2022 to the first half of 2025 [4] Group 5: Intellectual Property and Compliance - Yushi Technology has been granted 627 patents and has submitted 234 patent applications, with a significant portion of its technology being developed internally [4] - All solutions are classified as "designated special technology products" under Hong Kong listing rules, with all revenue during the performance period derived from such product sales [4]