日前，享道出行（上海）科技股份有限公司（以下简称"享道出行"）向港交所提交上市招股书，中金公 司与国泰君安国际为联席保荐人。公司拟通过上市募资用于自动驾驶研发及Robotaxi（自动驾驶出租 车）运营服务、出行服务的研发、扩大用户及司机基础、提升品牌知名度及增加市场份额，购置车辆以 扩大车队及营运规模等方面。若享道出行成功登陆港股，将与一众港股上市出行企业——嘀嗒出行、如 祺出行、曹操出行"同场竞技"。 在网约车市场竞争加剧的背景下，与多家出行企业类似，享道出行尚未实现盈利，近三年半累亏超19亿 元，且存在持续亏损的可能。与此同时，据招股书披露，平台超9成订单量来自聚合平台，且比例持续 上升，反映出对聚合平台的依赖严重，为聚合平台支付的巨额佣金也影响公司利润。对于这些问题，南 都N视频记者向享道出行发去采访函，截至发稿前，享道出行方面尚未回复。 享道出行招股书 招股书援引第三方资料称，聚合网约车的市场份额从2019年的5.7%增加到2024年的29.6%，其中GTV从 人民币110亿元增长到人民币925亿元。2024年，长三角地区的网约车行业市场规模占中国网约车市场整 体的22.8%。2019年至2024年， ...

Core Viewpoint - The article discusses the financial performance and strategic positioning of Xiangdao Mobility, highlighting its transition from a traditional ride-hailing service to a Robotaxi operator, backed by its automotive lineage and recent funding activities [1][2][11]. Financial Performance - Xiangdao Mobility reported revenues of approximately 47.29 billion RMB for 2022, with projections of 57.18 billion RMB for 2023 and 63.95 billion RMB for 2024, indicating a compound annual growth rate of 16.3% from 2022 to 2024. However, a decline of 2.8% is expected in the first half of 2025 compared to the same period in 2024, primarily due to decreased ride-hailing service revenues [2][4]. - The company incurred losses of approximately 7.81 billion RMB in 2022, 6.04 billion RMB in 2023, 4.07 billion RMB in 2024, and 1.15 billion RMB in the first half of 2025, totaling around 19.07 billion RMB in cumulative losses over three and a half years. Notably, the loss rate has significantly narrowed, with a nearly 80% reduction in the first half of 2025 compared to 2022 [3][4]. - The registered capital of Xiangdao Mobility was drastically reduced from 4.106 billion RMB to 350 million RMB in July 2023, a decrease of 91.48%, reflecting the company's financial strain [5][6]. Business Segments - The ride-hailing service is the core business, projected to generate 49.91 billion RMB in 2024, accounting for 78.0% of total revenue. Vehicle leasing services are expected to contribute 10.84 billion RMB, ranking second in corporate travel services in China [8]. - The cost of sales as a percentage of revenue decreased from 99% in 2022 to 88.7% in the first half of 2025, while gross margin improved from 1.0% in 2022 to 11.3% in the first half of 2025, driven by enhanced efficiency in vehicle leasing and improved margins in ride-hailing services [8][9]. User Growth and Market Position - Xiangdao Mobility has seen rapid growth in user and driver registrations, with monthly active users increasing from 26.6 million in 2022 to 127 million by mid-2025. The number of registered drivers rose from approximately 341,200 to 1,062,200 during the same period [10]. - The company achieved a compliance rate ranking in the top three among ride-hailing platforms, with order compliance rates of 93.4% in 2022 and 92.9% in the first half of 2025 [10]. Strategic Initiatives - Xiangdao Mobility is leveraging its automotive background to enhance its Robotaxi operations, forming a partnership with SAIC Motor and Momenta to develop autonomous driving capabilities. The company aims to achieve commercial operations without safety drivers in Shanghai by the end of 2025 [17][20]. - The company has completed over 330,000 Robotaxi orders and plans to expand its operations to multiple cities by 2027, indicating a strategic pivot towards autonomous vehicle services as traditional ride-hailing growth slows [19][20]. Competitive Landscape - The Robotaxi sector is becoming increasingly competitive, with major players like Baidu and Pony.ai already established in the market. Xiangdao Mobility's unique advantage lies in its integration with automotive manufacturing and technology, which is difficult for pure internet-based platforms to replicate [22].

Core Viewpoint - The recent completion of over 1.3 billion RMB in Series C financing for SAIC Group's mobility brand, Xiangdao Mobility, marks the largest single financing event in China's mobility industry in the past three years, indicating strong market and governmental support for its "one-stop smart mobility comprehensive" strategy [1][3]. Financing Overview - The Series C financing was primarily backed by Shanghai International Automobile City (Group) Co., Ltd. and local government investment platforms, showcasing a dual recognition from both the capital market and local government [1]. - Xiangdao Mobility's financing trajectory includes partnerships with Alibaba and CATL in Series A, Momenta and Gaode in Series B, and now industry funds and local government support in Series C, reflecting a standard path for industry upgrade [5]. Strategic Development - The CEO of Xiangdao Mobility emphasized that the financing is not just about capital but also about deep industry resource connections, which will enhance the company's strategic resource support from SAIC Group, industry funds, and local governments [3]. - The completion of Series C financing allows Xiangdao Mobility to further clarify its three main lines of personal, corporate, and future mobility, focusing on technology-driven development, service enhancement, and multi-scenario expansion [5]. Technological Focus - Xiangdao Mobility aims to leverage its "ACTS" technology strategy, focusing on big data, artificial intelligence, smart transportation, and intelligent safety, to drive the practical application of AI technology in the mobility sector [3]. - The company plans to utilize the data accumulated from its Robotaxi operations to continuously enhance its capabilities across the entire industry chain [6]. Future Plans - Xiangdao Mobility has initiated a Hong Kong IPO plan to accelerate technology research and ecosystem expansion, aiming to lead the transition of China's mobility industry from scale competition to value competition [8].

Core Viewpoint - The shared mobility sector is witnessing significant strategic moves, particularly by the company Xiangdao Mobility, which has completed a C-round financing of over 1.3 billion yuan and is accelerating its IPO process while launching a Robotaxi fleet in Shanghai [2][3][4]. Financing and Strategic Partnerships - Xiangdao Mobility's C-round financing of 1.3 billion yuan is the largest in the shared mobility sector in the past three years, involving various industry funds and local government resources [4][5]. - The company has formed a strategic partnership with Momenta to launch a scalable Robotaxi operation, with plans to deploy a fleet of 200 vehicles by 2026 [5][6]. Business Model and Market Position - Xiangdao Mobility has clarified its three main business lines: personal mobility, enterprise mobility, and future mobility, with ride-hailing being its primary business [2][4]. - The company aims to position itself as a "one-stop smart mobility comprehensive body," emphasizing its integration of automotive resources, technology, and ecosystem [10]. Robotaxi Operations - The Robotaxi fleet will utilize the production model of the SAIC Zhiji LS6, which is expected to enhance operational stability and reduce costs [6][7]. - The company has already completed over 330,000 orders and driven more than 2.5 million kilometers, indicating a strong foundation for large-scale Robotaxi operations [9]. IPO Aspirations - Xiangdao Mobility is under pressure to expedite its IPO process, especially as competitors like Caocao Mobility and others are also pursuing public listings [9][10]. - The company aims to achieve profitability in its ride-hailing business by mid-2024, which is crucial for its IPO plans [9].

Core Insights - Xiangdao Mobility has completed a C-round financing of over 1.3 billion RMB, marking a significant breakthrough in capital and indicating the immense potential of the mobility industry amid the wave of smart technology [1][2][10] - The company plans to accelerate its "ACTS" technology strategy, focusing on big data, artificial intelligence, smart transportation, and intelligent safety, while also aiming for a Hong Kong IPO [2][10] - Xiangdao Mobility aims to solidify its leading position in the mid-to-high-end mobility market, expand into overseas markets, and promote the commercialization of Robotaxi services [1][3][10] Financing and IPO Plans - The recent C-round financing is expected to expedite Xiangdao Mobility's IPO process in Hong Kong [2] - Previous funding rounds included partnerships with Alibaba and CATL, enhancing data capabilities and safety in mobility services [2][10] Business Expansion and Strategy - Xiangdao Mobility has established a service network in nearly 100 cities across China, with a compound annual growth rate of approximately 30% during the 14th Five-Year Plan period [3] - The company is extending its operations to international markets while maintaining a focus on core cities [3][10] Robotaxi Development - As the first L4-level autonomous driving operation platform backed by an automotive manufacturer in China, Xiangdao's Robotaxi has completed over 330,000 orders and traveled over 2.5 million kilometers since its launch in 2021 [4] - The company plans to expand its Robotaxi fleet to 200 vehicles by 2026, leveraging partnerships with Momenta to enhance operational capabilities [4][7] Strategic Partnerships - A strategic cooperation agreement has been signed with Momenta to create the world's first mass-produced Robotaxi fleet, starting operations in Shanghai [5][6] - This partnership aims to facilitate the commercialization of autonomous driving technology and enhance operational efficiency [6][7] Industry Context - The mobility industry is undergoing a transformation towards smart and connected services, with autonomous driving technology expected to play a crucial role in future growth [11][12] - The market for autonomous ride-hailing services is projected to approach 450 billion RMB by 2025, driven by advancements in technology and increasing consumer demand [13][14]

5月9日，享道出行宣布，公司完成超过13亿元人民币的C轮融资，投资方包括上汽集团、产业基金和地 方政府等机构，并且公司已启动港股IPO计划。 从行业层面看，近年来，由于特斯拉、百度等国内外巨头的大力推动，Robotaxi在全球出行领域得到快 速推进。据高盛发布的研报称，预计到2030年，将有50万辆Robotaxi在中国10多个城市运营，预计到 2035年中国Robotaxi市场总规模可达470亿美元，且有望实现盈利，2026年开始在一线城市实现正毛利 率。 但这也导致企业的竞争和盈利压力变大，于是，自动驾驶行业公司开始掀起上市浪潮，以获得进一步发 展。除享道出行外，曹操出行等国内自动驾驶相关公司都在谋求港股上市。 据悉，这是国内出行行业近三年来单笔融资金额最大的一次融资。享道出行方面称，本次资本注入，标 志着享道出行"一站式智慧出行综合体"战略获得资本市场与地方政府的双重认可，享道出行也将在港股 IPO的赛道上开启加速度。 同时，享道出行还是国内首个车企背景L4级自动驾驶运营平台，从2021年底启动享道Robotaxi运营后， 已完成33万余次订单，未来出行的商业化运营已初步实现。去年6月，享道出行入选国内 ...

Core Viewpoint - Xiangdao Mobility has completed a C-round financing of over 1.3 billion RMB, marking the largest single financing amount in China's mobility industry in the past three years. The company has officially launched its Hong Kong IPO plan, with notable investors including Alibaba and CATL in previous rounds, and this round supported by industrial funds and local governments [2]. Group 1: Financing and Growth Strategy - The three rounds of financing correspond to the company's development stages: data empowerment, technology breakthroughs, and ecosystem construction, showcasing a strategic foresight in capturing industry opportunities [2]. - The company aims to deepen technology-driven initiatives, enhance service quality, and expand into diverse scenarios following the completion of the C-round financing [4]. Group 2: Business Operations - In personal mobility, Xiangdao Mobility's ride-hailing service has established a network in nearly 100 cities, with an average compound growth rate of nearly 30% during the 14th Five-Year Plan period [3]. - In corporate mobility, the brand "Xiangdao Car Rental" operates in over 150 cities with a fleet of more than 25,000 vehicles, serving over 5,000 corporate clients, including over 300 Fortune 500 companies [3]. - The Robotaxi service, launched in 2021, has completed over 330,000 orders, with more than 48,000 operational points and a total distance exceeding 2.5 million kilometers [3]. Group 3: Future Developments - Xiangdao Robotaxi is a key component of SAIC Group's smart mobility ecosystem, with plans to develop an L4-level Robotaxi fleet in Shanghai, aiming for a scale of 200 vehicles by 2026 [4]. - The company is focused on promoting sustainable and high-quality commercial operations of Robotaxi, advocating for "technology equity" to make advanced technology accessible to the public [4].

Group 1 - The core viewpoint of the news is that SAIC Group's mobility brand, Xiangdao Mobility, has successfully completed a C-round financing of over 1.3 billion RMB, marking the largest single financing amount in the domestic mobility industry in the past three years, indicating strong recognition from both the capital market and local government for its "one-stop smart mobility comprehensive" strategy [1] - Xiangdao Mobility was officially launched by SAIC Group in November 2018 as part of the company's efforts to achieve the "new four modernizations" in the automotive industry, which include electrification, intelligent networking, sharing, and internationalization [1] - The company has established a fleet of over 25,000 vehicles across more than 150 cities, serving over 5,000 corporate clients, including over 300 Fortune 500 companies, and has provided transportation services for more than 600 major international and domestic events [1] Group 2 - Xiangdao Robotaxi, as the first L4 autonomous driving operation platform backed by a car manufacturer in China, has completed over 330,000 orders since its launch in 2021, with more than 48,000 open service points and a total distance of over 2.5 million kilometers, achieving nearly 100% user satisfaction [2] - The company has been selected as one of the first nine candidates for L3/L4 autonomous driving access and road trial pilot programs by four government departments, including the Ministry of Industry and Information Technology [2] - Xiangdao Mobility has initiated a Hong Kong IPO plan to leverage capital market advantages to accelerate technology research and development and expand its ecosystem, aiming to build a new urban mobility ecosystem from mobility services to smart transportation [2]

Core Insights - The completion of the C-round financing of over 1.3 billion RMB marks the largest single financing amount in China's mobility industry in the past three years [1] - The financing aims to establish a new model for regional collaborative development and facilitate the implementation of smart transportation and the large-scale operation of Robotaxi [1][4] - The CEO of the company emphasized that the three rounds of financing correspond to the company's development stages of data empowerment, technological breakthroughs, and ecosystem construction [1] Group 1: Financing and Strategic Support - The C-round financing signifies enhanced strategic resource support from SAIC Group, industry funds, and local governments [2] - The company will adhere to the 'ACTS' technology strategy, focusing on big data, artificial intelligence, smart transportation, and intelligent safety [2] - The financing allows the company to clarify its development strategy, which includes three parallel main lines: personal mobility, corporate mobility, and future mobility [2] Group 2: Personal and Corporate Mobility - In personal mobility, the company's ride-hailing services have established a network in nearly 100 cities, with an average compound growth rate of nearly 30% during the 14th Five-Year Plan period [2] - In corporate mobility, the company's brand "Xiangdao Car Rental" has a fleet of over 25,000 vehicles serving more than 5,000 corporate clients, including over 300 Fortune 500 companies [3] - The corporate mobility sector will continue to deepen its focus on long-term rentals and high-end vehicles, expanding its industry-leading advantages [3] Group 3: Robotaxi Commercialization - The company's Robotaxi service has accelerated its commercialization, completing over 330,000 orders and covering more than 48,000 service points [4] - The company plans to build a fleet of L4-level Robotaxi vehicles in Shanghai, aiming to reach 200 vehicles by 2026 [4] - The Robotaxi service is positioned as a key component of SAIC Group's smart mobility ecosystem, contributing to the validation of smart driving technology and the accumulation of dynamic data [5] Group 4: Future Plans and IPO - The company has initiated plans for an IPO in Hong Kong to leverage capital market advantages for accelerating technological development and expanding its ecosystem [5] - The goal is to transition from scale competition to value competition in the mobility industry, promoting a new urban mobility ecosystem [5]

Core Viewpoint - The article highlights the successful completion of a C-round financing of over 1.3 billion yuan by SAIC Group's mobility brand, Xiangdao Mobility, marking the largest single financing amount in China's mobility industry in the past three years. This financing is a significant milestone for the company as it prepares for an IPO in Hong Kong [1][2]. Financing and Strategic Development - The C-round financing not only injects capital but also deepens the connection with industrial resources, allowing Xiangdao Mobility to leverage the advantages of SAIC Group and its partners to build a comprehensive autonomous driving ecosystem [2][3]. - The company plans to collaborate with Momenta to establish a fleet of L4-level Robotaxi in Shanghai, aiming to scale up to 200 vehicles by 2026, promoting sustainable and high-quality commercial operations of Robotaxi [2][3]. Historical Financing and Growth Stages - Since its establishment in 2018, Xiangdao Mobility has undergone three rounds of financing, with notable partners including Alibaba and CATL in the A-round, and Momenta and Amap in the B-round, leading to a strategic focus on data capabilities, technological breakthroughs, and ecosystem construction [3]. - The three rounds of financing correspond to the company's development stages: data empowerment, technology advancement, and ecosystem building, showcasing its strategic foresight in capturing industry opportunities [3]. Operational Achievements - Xiangdao Robotaxi, launched in 2021, is the first L4 autonomous driving operation platform backed by a car manufacturer in China, holding operational licenses in Shanghai and Suzhou, and has completed over 330,000 orders with more than 2.5 million kilometers driven [4]. - Following the C-round financing, the company aims to consolidate its market share in core cities while extending its services to overseas markets [4].