佑驾创新有信心明年交付1万台无人车，更关注使用寿命和运营效率。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 佑驾创新（ 2431.HK） 日前 正式发布旗下无人物流品牌 "小竹无人车"。 本次 小竹无人车首发 了 T5 和 T8两款车型 —— 其中 ， T5货箱空间优化后，车辆能够释放 5.5m³容积并实现同级最大载重1000kg，最高续航180km，主要服务于快递城配、商超零售、生鲜 配送等细分场景 ； T8则拥有8.5m³容积，能够更满足大运量运输需求，最大载重1700kg，最高续 航240km，可广泛应用于城配与工业物流，耐用仓配等更多专业场景。 此外， 为了应对真实运营中可能出现的 Corner Case，佑驾创新基于扎实的数据闭环能力以及过往 10余年行业深耕中积累的海量道路数据，并针对无人物流场景进行针对性优化，帮助小竹无人车以 极快的速度生长出了公开道路应对、复杂路况通过、室内外园区自主巡航、作业区自动泊车及主动安 全等核心能力。 佑驾创新创始人兼董事长刘国清表示， "希望以自动驾驶破局者的身份，让更先进的L4技术，在更 多元 ...

Core Viewpoint - The rapid influx of capital into the unmanned logistics sector has led to significant financing for multiple companies, accelerating the commercialization of unmanned logistics vehicles, exemplified by Youjia Innovation's launch of its unmanned logistics brand "Xiaozhu Unmanned Vehicle" with two models, T5 and T8 [2][4]. Company Overview - Youjia Innovation has officially launched its unmanned logistics brand "Xiaozhu Unmanned Vehicle" on September 15, introducing two models: T5 and T8 [2]. - The T5 model has a cargo volume of 5.5m³, a maximum load of 1000kg, and a range of 180km, targeting urban distribution and retail [2]. - The T8 model offers a larger cargo volume of 8.5m³, a maximum load of 1700kg, and a range of 240km, suitable for industrial logistics and large-scale transportation [2]. Market Context - China has been the world's largest logistics market for nine consecutive years, with traditional logistics struggling to increase profits through reduced labor costs and improved efficiency [2][4]. - The unmanned logistics vehicle is seen as a solution to balance labor costs and organizational efficiency in the logistics sector [4]. Technological Advancements - Xiaozhu Unmanned Vehicle employs a multi-sensor fusion approach, including three LiDARs and eleven cameras, to achieve 360-degree visibility and precise road condition recognition [3]. - The vehicle's development benefits from over a decade of industry experience and extensive road data, enabling rapid growth in capabilities such as complex road navigation and autonomous parking [3]. Financial Performance - In the first half of 2025, Youjia Innovation reported revenue of 346 million yuan, a year-on-year increase of 46.07%, but incurred a loss of 152 million yuan [4]. - The company anticipates no net profit before 2026, with the L4 unmanned vehicle business expected to become a significant growth driver following the success of its other business lines [4]. Industry Trends - The unmanned logistics sector is experiencing a surge in investment, with several companies securing substantial funding in 2023, indicating a robust market interest [5]. - By mid-2025, 103 cities in China had officially opened road rights for unmanned delivery vehicles, covering over 80% of major logistics nodes [5]. Future Outlook - The market for unmanned logistics vehicles is projected to exceed 30,000 units by 2025, with a penetration rate surpassing 1.2%, and is expected to grow significantly in the following years [5]. - The industry is still in its early stages, with key indicators for scaling including the opening of road rights in over 200 cities and reducing operational costs to below 70% of human delivery costs [6].

"现在这个时间段发布无人物流车产品并不晚，赶趟儿。"9月15日，佑驾创新于深圳正式发布旗下无人物流品牌"小竹无人车"，佑驾创新创始人 兼董事长刘国清认为，政策助推、需求爆发和技术的成熟这三大利好正在创造物流无人车产业的新周期。 发布会上，小竹无人车首发T5及T8两款产品。小竹无人车首款车型T5，货箱空间优化后，车辆能够释放5.5m³容积并实现同级最大载重1000kg，最高续 航180km，主要服务于快递城配、商超零售、生鲜配送等细分场景。 T8则拥有8.5m³容积，能够更满足大运量运输需求，最大载重1700kg，最高续航240km，可广泛应用于城配与工业物流，并可深入矿区与港口等更多专 业场景。 作为一家以前装量产方案起步的智驾公司，快速迭代是佑驾创新的过往10余年行业深耕的立身之本，也是小竹无人车在产品定义阶段就被刻下的基因。 乘用车前装辅助驾驶需要应对的城区场景，与无人物流的使用场景天然重合，比如点到点的固定路线行车功能。 佑驾创新以从前装量产业务中积累的海量数据里提炼的经典场景为基础，并根据无人物流场景进行针对性算法优化，帮助小竹无人车以极快的速度生长 出了公开道路应对、复杂路况通过、室内外园区自主巡航 ...

Core Insights - Shenzhen Youjia Innovation Technology Co., Ltd. launched its unmanned logistics brand "Xiao Zhu Unmanned Vehicle," marking a significant advancement from L1 to L4 autonomous driving technology [1] - The founder and chairman of the company, Liu Guoqing, expressed the goal of leveraging advanced L4 technology to create more value for users in diverse and complex scenarios [1] Group 1: Product Launch and Technology - The newly launched models, T5 and T8, are optimized for unmanned logistics scenarios, enhancing capabilities such as public road navigation, complex terrain handling, indoor and outdoor autonomous cruising, automatic parking, and active safety [1] - The company has built a comprehensive product matrix based on L1-L4 autonomous driving technology, showcasing its robust data capabilities accumulated over more than a decade [2] Group 2: Financial Performance - The L4 autonomous driving iRobo business achieved significant progress, generating over 10 million yuan in revenue within six months during the mid-2025 performance period [2] - The unmanned minibus business successfully commercialized in Suzhou in February and has since expanded deliveries to Heilongjiang and Shanghai, contributing to new revenue streams for the company [2]

开拓增长新曲线。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 值得一提的是，地平线（ 9660.HK ）创始人兼 CEO 余凯、四维图新（ 002405 ） CEO 程鹏 、 速腾聚创（ 2498.HK ） 董事长兼首席科学家邱纯鑫 等 行业龙头企业代表 出席发布会现场，共同 见证了小竹无人车首发产品 T5 及 T8 亮相。 其中，余凯博士发表 致辞称 ， " 佑驾创新下一代无人物流车将与地平线高性能芯片解决方案深度 融合。 我们期待通过强强联合，以强大的感知能力和计算效能，共同推动无人车进化的同时，进一 步推动物流行业降本增效，让智能驾驶真正服务千行百业。 " 邱纯鑫博士表示，"RoboSense速腾聚创与佑驾创新同根植于深圳，共享智能驾驶产业链生态优 势。当前，无人物流迎来发展的关键阶段，高性能、车规级的数字化激光雷达成为加速无人物流产业 发展的重要支持。RoboSense速腾聚创数字化激光雷达已率先实现量产交付，可高度适配于佑驾创 新无人物流车，大大提升在复杂场景下的感知能力。此次双方战略协同，将是推动无人物流规模化应 用的重要一步，将进一步拓展无人物流多元 ...

Core Viewpoint - Youjia Innovation (02431) has officially entered the unmanned logistics industry with the launch of its unmanned vehicle brand "Xiaozhu Unmanned Vehicle" on September 15, following the delivery of its first batch of vehicles to partners, indicating a "release and delivery" strategy [1] Group 1: Company Developments - Youjia Innovation's stock price increased by over 10% during trading, with a current increase of 6.34%, reaching HKD 27.18, and a trading volume of HKD 135 million [1] - The company's L4 solution has been commercially implemented in various scenarios, including parks, commuting, and airports [1] Group 2: Strategic Partnerships - Youjia Innovation's Xiaozhu unmanned vehicle has received recognition from Shenzhen Post and Eastern Bus, leading to a strategic cooperation agreement signed on September 3 [1] - The partnership will focus on four key areas: integration of unmanned logistics vehicles with public transport scenarios, composite utilization of bus station spaces, expansion of cross-scenario business, and collaborative innovation in labor utilization [1] - The collaboration aims to enhance both logistics efficiency and the utilization rate of public resources [1]

Core Viewpoint - Youjia Innovation (02431) has officially entered the unmanned logistics industry with the launch of its unmanned vehicle brand "Xiaozhu Unmanned Vehicle" on September 15, following the delivery of its first batch of vehicles to partners, indicating a "release and delivery" strategy [1] Company Developments - Youjia Innovation's stock price increased by over 10% during trading, with a current increase of 6.34%, reaching HKD 27.18, and a trading volume of HKD 135 million [1] - The company's L4 solution has been commercially implemented in various scenarios, including parks, commuting, and airports [1] Strategic Partnerships - Youjia Innovation's Xiaozhu unmanned vehicle has received recognition from Shenzhen Post and Eastern Bus, leading to a strategic cooperation agreement signed on September 3 [1] - The partnership aims to enhance logistics efficiency and public resource utilization through four key areas: integration of unmanned logistics vehicles with public transport scenarios, composite utilization of bus station spaces, expansion of cross-scenario business, and collaborative innovation in labor utilization [1]

9月15日，佑驾创新（02431.HK）于深圳举办新品发布会，推出旗下无人物流专属品牌"小竹无人车"， 同时宣布首批车辆下线并向合作伙伴交付，以"发布即交付"的节奏，正式进军无人物流行业。 作为一家智能驾驶及智能座舱解决方案供应商，佑驾创新已构建L1至L4级别的全维度智驾能力，以响 应不同场景下的多样化需求。截至2025年6月底，公司已累计与42家车企达成量产合作，相关搭载车型 出口至欧洲、澳大利亚等海外市场，为其无人物流业务的落地奠定了深厚的行业基础与技术沉淀。 此次发布的"小竹无人车"，推出T5与T8两款核心车型，精准覆盖不同物流场景需求。其中，T5车型聚 焦中小运量场景，货箱空间经优化后可释放5.5m 容积，实现同级最大载重1000kg，最高续航达 180km，主要服务于快递城配、商超零售、生鲜配送等高频民生物流场景；T8车型针对大运量运输需求 设计，拥有8.5m 超大货箱容积，最大载重提升至1700kg，最高续航延长至240km，可广泛应用于城配 干线、工业物流、耐用仓配等更专业的物流场景。 在安全与技术层面，小竹无人车采用多传感融合方案，配备3颗激光雷达与11颗摄像头，构建360°无盲 区感知视角， ...

Core Viewpoint - Youjia Innovation (2431.HK) has launched its unmanned logistics brand "Xiaozhu Unmanned Vehicle" in Shenzhen, marking its entry into the urban public road system with operational vehicles [1][2]. Group 1: Product Launch and Specifications - The Xiaozhu unmanned vehicles include two models: T5 and T8. The T5 is designed for standardized express delivery with a cargo volume of 5.5 cubic meters, a maximum load of 1,000 kg, and a range of 180 km. The T8 targets larger loads with a cargo volume of 8.5 cubic meters, a maximum load of 1,700 kg, and a range of 240 km [1]. - Both models are equipped with a 100% automotive-grade intelligent driving system, featuring 3 LiDARs and 11 cameras to navigate various road conditions [1]. Group 2: Business Model and Market Strategy - Youjia Innovation has developed differentiated solutions for various customer types. For large B-end clients, the company offers customized solutions primarily through leasing, while for small and medium-sized express outlets, standardized products like the T5 are available with financing leasing options to lower entry barriers [1][2]. - The company adopts a "base strategy," focusing on concentrated deployment in cities with road rights and demand density to refine its operational and financial models before replication [2][3]. Group 3: Operational Efficiency and Financial Outlook - Concentrated deployment is expected to yield scale effects, significantly reducing unit operating costs compared to scattered deployments. The company aims to deliver 400 to 500 vehicles by the end of 2025 and targets a fleet size of 10,000 by 2026 [3]. - Collaborations with local entities, such as the Shenzhen Bus Group, provide stable demand and operational resources, enhancing cash flow stability and potentially creating valuable assets for financial markets [3][4]. Group 4: Competitive Landscape and Challenges - The competitive landscape includes various players, with Youjia Innovation differentiating itself through deeper algorithm and software capabilities and direct partnerships with postal and public transport services [5][6]. - The success of the base strategy depends on local government attitudes towards road rights and the ability to manage the financial risks associated with heavy asset deployment [5][6]. Group 5: Technological and Supply Chain Advantages - The intelligent driving system of Xiaozhu vehicles leverages existing passenger vehicle ecosystems, reducing integration uncertainty and BOM costs by approximately 40%, creating a competitive moat [4][6]. - The company emphasizes the importance of embedding unmanned vehicles within urban public resource systems to achieve scalable commercialization [6].

Group 1 - The core viewpoint of the article is that Youjia Innovation has launched its unmanned logistics brand "Xiaozhu Unmanned Vehicle," marking a significant evolution from L1 to L4 in the industry, providing new vehicle-grade unmanned logistics product options [1] - Youjia Innovation announced the successful rollout of its first batch of unmanned vehicles during the launch event, indicating a strong commitment to immediate market entry [1] - The company has officially delivered these unmanned vehicles to clients, including those in the express delivery sector, achieving a "release and delivery" model [1]