智通财经APP获悉，在行业迈向价值深水区的关键阶段，实质性成果与商业化进展成为衡量企业实力的 核心标尺。近日，2025年地平线生态大会上，佑驾创新(02431)作为唯一同时展出"L2+L4"最新落地成果 的生态伙伴，以"中高阶域控全家桶"与小竹无人车T5的技术突破与落地应用，彰显公司业务持续向好、 发展势能全面上扬，亦是对近期"退出港股通"不实传闻最直接有力的回应。 据第三方专业机构报告，佑驾创新在检讨期内的平均市值、流通性等核心指标均符合港股通审核标 准，"退通"为无稽之谈。更为关键的是，佑驾创新近期接连释放L2与L4两大业务板块的利好消息，可 见公司业务基本面不仅无虞，更在"智能出行+智慧物流"深度融合的背景下，进入双向反哺、持续进化 的良性发展阶段。 2025年，港股成为智能驾驶公司IPO热土，小马智行、文远知行等企业相继登陆，逐渐形成产业集群效 应。 而佑驾创新已于2024年底成功上市，并且是当前港股上市企业中极少能在L2前装与L4自动驾驶两大赛 道，均交出扎实商业化落地"成绩单"的稀缺标的。 港股通资格的考量，是基于市值、流通性、财务稳健性等综合指标。根据公开信息，佑驾创新业务持续 向好、财务趋势健 ...

近期，佑驾创新无人物流车的规模化落地迎来新进展，公司宣布与玛斯特公司达成业务合作，敲定500 台小竹T5无人物流车订单。近日，佑驾创新董事长刘国清接受中国证券报记者采访时表示，市场对无 人物流车的需求和认可度持续攀升，公司看好无人物流车发展前景，行业即将迎来爆发期。 11月下旬，佑驾创新宣布与新吉奥汽车、必应货滴签署战略合作协议，将共同完成800台符合车规级标 准、具备市场竞争力的无人物流车设计、生产与交付。 从订单节奏以及落地城市来看，小竹无人车已开始走向全国市场。国证国际研报称，佑驾创新的L4级 无人驾驶汽车业务已有突破，从无人巴士到无人物流车，将自动驾驶技术从载人场景逐步复制到载货场 景，完成业务拓展。 展望"十五五"，佑驾创新表示，公司将持续迭代技术，拓宽应用边界，携手更多生态伙伴推动自动驾驶 技术深度落地。 接连斩获新订单 2025年9月，佑驾创新发布无人物流车品牌小竹无人车，为行业带来全新的车规级无人物流车产品选 择。小竹无人车首发的两款车型中，T5车型主要服务于快递城配、商超零售、生鲜配送等细分场景； T8车型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。 刘国清将小竹无人车最初 ...

Core Insights - The company has made significant progress in the large-scale deployment of its autonomous logistics vehicles, securing a total of 500 orders for the Xiaozhu T5 model from Master Company, indicating a growing market demand for autonomous logistics solutions [1][2] - The company is optimistic about the future of autonomous logistics vehicles, anticipating a surge in demand and a potential explosion in the industry as it continues to iterate on technology and expand its application boundaries [1][3] - The company aims to enhance its production capacity, with expectations to deliver around 10,000 units in the coming year, reflecting a strategic approach to scaling operations gradually [3][4] Order Acquisition and Market Expansion - The company has recently secured additional orders, including 100 units of autonomous logistics vehicles and a strategic partnership with Hunan Xiangjiang Intelligent, focusing on deepening technology applications in the region [2][3] - The Xiaozhu autonomous vehicles are beginning to penetrate the national market, with reports indicating that the company’s L4 autonomous driving business has made significant breakthroughs [2][3] - The company is collaborating with various partners to design, produce, and deliver 800 units of logistics vehicles that meet automotive standards, showcasing its commitment to expanding its product matrix [2][4] Technological Advancements and Cost Reduction - The company is focused on reducing costs through technological advancements and economies of scale, which are seen as key competitive advantages in the autonomous logistics vehicle market [4][5] - The company plans to continue investing in technology iteration and research and development for its autonomous logistics vehicles, aiming to build a mutually beneficial ecosystem with partners [4][5] - The company has announced plans to issue new H-shares to raise approximately HKD 204 million, with a significant portion allocated to the development of L4 autonomous logistics vehicles [4][5] Strategic Collaborations and Product Development - The company has achieved breakthroughs in the passenger vehicle sector, collaborating with a leading domestic automotive brand to provide advanced intelligent driving solutions for flagship SUV models [5] - The company is expanding its global footprint by entering multiple export vehicle supply chains and exploring diverse application scenarios, enhancing overall system cost-effectiveness and user experience [5] - The company has established partnerships with 42 automotive manufacturers, indicating a broadening customer base and ongoing global expansion efforts [5]

高管增持释放积极信号。 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，香港联交所网站11月27日显示，深圳佑驾创新科技股份有限公司（2431.HK） 联合创始人、董事长兼CEO刘国清以个人名义增持公司5万股，平均价每股约15.88港元。此次增 持，体现了佑驾创新管理层对公司业务基本面与中长期成长价值的坚定看好，为公司未来发展注入积 极信号。 从业务表现看，佑驾创新在核心业务与新兴赛道均实现飞跃。根据2025年上半年业绩报告，佑驾创 新收入同比增长46.1%，其中L4新业务实现关键突破，半年内营收达千万元。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 截至2025年6月底，佑驾创新已累计为42家整车厂量产，客户覆盖上汽、长安、奇瑞等国内主流品 牌与合资车厂，展现出强大的产业渗透与商业化能力。近日，佑驾创新高阶辅助驾驶域控iPilot 4 Plus再获头部自主品牌两款车型定点，智能座舱方案也新获全球知名车企旗下合资品牌、豪华品牌 定点。叠加平台化开发提效，将进一步释放规模效应、提高盈利能力、实现持续" ...

Core Insights - The management of Youjia Innovation has demonstrated confidence in the company's long-term growth by increasing their shareholding, signaling a positive outlook on the business fundamentals and growth potential [1][3] - Youjia Innovation has achieved significant revenue growth of 46.1% year-on-year, with its L4 new business generating over 10 million yuan in revenue within six months [1][2] - The company has successfully penetrated the market, having supplied 42 vehicle manufacturers, including major domestic brands and joint ventures, showcasing strong commercialization capabilities [1][2] Business Performance - Youjia Innovation's L4 autonomous vehicle business is opening a second growth curve, with the company being one of the few in China to operate in both "smart mobility" and "smart logistics" sectors [2] - The company’s self-developed autonomous minibuses are now operating regularly in multiple cities and have secured significant projects, indicating strong engineering adaptability [2] - The new unmanned logistics vehicle, Xiaozhu, has formed strategic partnerships and validated operations in the express delivery sector, with over 1,400 cooperative projects disclosed recently [2] Market Context - The management's proactive share purchase amidst market concerns reflects a commitment to share risks and growth with shareholders [3] - As the passenger vehicle business continues to expand and L4 operations scale up, Youjia Innovation is positioned to achieve breakthroughs in the new industrial cycle, potentially enhancing its long-term valuation [3] - The confidence shown by key industry figures, such as Xiaomi's CEO increasing his shareholding, may foster industry consensus and support the sustainable development of the automotive intelligence sector [3]

Core Viewpoint - The management of Youjia Innovation demonstrates confidence in the company's long-term growth potential through recent share purchases, signaling positive future prospects for the business [1][3]. Business Performance - Youjia Innovation reported a 46.1% year-on-year revenue growth in the first half of 2025, with its L4 new business achieving significant breakthroughs, generating revenue of over 10 million yuan within six months [1]. - The company has successfully mass-produced for 42 automotive manufacturers, including major domestic brands such as SAIC, Changan, and Chery, showcasing strong industry penetration and commercialization capabilities [1]. - The iPilot4Plus advanced driver assistance system has been selected for two models from leading autonomous brands, and the intelligent cockpit solution has also been chosen by a globally recognized joint venture and luxury brand [1]. Growth Opportunities - The L4 autonomous vehicle business is opening a second growth curve for the company, as it is one of the few in China to operate in both "smart mobility + smart logistics" sectors and successfully implement L4 in multiple scenarios [2]. - The self-developed autonomous minibus is currently in regular operation in cities like Suzhou, Shanghai, Heilongjiang, and Hangzhou, and has recently won significant project bids, demonstrating excellent engineering adaptability [2]. - The new unmanned logistics vehicle, Xiaozhu, has formed strategic partnerships with industry leaders and has validated operations in the express delivery sector, with over 1,400 cooperative projects disclosed in the past month, indicating rapid growth [2]. Market Position and Future Outlook - The proactive share purchase by management amidst market concerns reflects a long-term positive outlook and a commitment to sharing risks and growth with shareholders [3]. - With the continuous expansion of passenger vehicle business and the scaling of L4 operations for unmanned minibuses and logistics vehicles, Youjia Innovation is poised for breakthroughs in the new industrial cycle, transitioning from traditional Tier 1 to higher OEM levels, which may lead to a revaluation of its long-term value [3].

L4无人车业务更为公司打开第二增长曲线。佑驾创新是国内少数布局"智能出行+智慧物流"双赛道，并 跑通L4多场景落地的企业。目前，其全栈自研的无人小巴已在苏州、上海、黑龙江、杭州等地常态化 运营，并于近期中标千万元级重点项目，还成功切入机场接驳等高门槛场景，展现出卓越的工程化适配 能力。全新无人物流车产品——小竹无人车，上市3个月，不仅与深圳东部公交等行业龙头达成战略合 作，并在快递城配领域完成运营验证，近1个月已累计披露超1400台无人车合作项目，呈现"订单连续释 放、规模快速爬坡"的发展趋势。随着AI技术突破与更多规模化项目落地，L4业务预计将成为公司未来 数年的重要收入增量。 当前智驾正从"技术验证期"全面迈向"价值兑现期"。政策推动、主机厂智能化战略升级，共同推动产业 渗透率提升。而在"智能出行+智慧物流"融合趋势深化的背景下，具备前装规模化量产能力、AI算法积 累与L4落地经验的企业，或将迎来全新的结构性机遇。 面对科技板块整体回调以及市场短期担忧，佑驾创新管理层的主动增持，既是对公司的长期看好，也明 确传递与股东"共担风险、共享成长"的信号。市场人士分析，随着乘用车业务持续放量，以及无人小巴 与无人 ...

Group 1 - The core announcement from Youjia Innovation involves a proposed issuance of up to 14.01 million new H-shares at a price of HKD 14.88 per share, representing a discount of approximately 9.98% from the closing price of HKD 16.53 on November 25 [1] - If all shares are fully placed, the net proceeds are expected to be around HKD 204 million, with approximately 70% allocated for the development of L4 autonomous logistics vehicles and 30% for upgrading the foundational research platform [1] - The company aims to accelerate its technological reserves and commercialization resources through this new round of placement, which is expected to strengthen its competitive advantage and expand its market leadership in L4 autonomous driving business [1] Group 2 - Youjia Innovation has recently signed a strategic cooperation agreement with Xinjiao Automobile and Binghuo Di, aiming to design, produce, and deliver 800 units of competitive autonomous logistics vehicles [2] - This collaboration is based on the principle of "complementary advantages and win-win cooperation," focusing on the full-chain synergy of technology research and development, intelligent manufacturing, and large-scale operations [2] - The company’s self-developed Xiaozhu autonomous vehicle utilizes multi-sensor fusion and a five-fold safety redundancy architecture, enabling stable operation in various scenarios, with existing applications in high-dynamic environments like Shenzhen Huaqiangbei [2]

Core Viewpoint - Youjia Innovation (佑驾创新) is issuing up to 14.01 million new H-shares at a discount to raise approximately HKD 204 million, primarily for the development of L4 autonomous logistics vehicles and upgrading of foundational research platforms [1][2] Group 1: Fundraising and Allocation - The company plans to issue new H-shares at HKD 14.88 each, representing a discount of about 9.98% from the closing price of HKD 16.53 on November 25 [1] - Approximately 70% of the raised funds will be allocated to the development of L4 autonomous logistics vehicles, including next-generation product R&D, operational platform upgrades, and sales network expansion [1] - The remaining 30% will be used for upgrading foundational research platforms, focusing on enhancing the efficiency of data closed-loop systems and supporting the development of multiple product lines for L4 autonomous vehicles [1] Group 2: Strategic Partnerships and Market Position - Recently, Youjia Innovation signed a strategic cooperation agreement with Xinjiao Automobile and Binghuo Di to jointly design, produce, and deliver 800 autonomous logistics vehicles that meet automotive standards [2] - This collaboration aims to leverage complementary advantages and create a new industry benchmark for smart logistics, validating Youjia Innovation's L4 technology and engineering capabilities [2] - The company’s self-developed Xiaozhu autonomous vehicle targets traditional logistics pain points with features such as multi-sensor fusion and a fully automotive-grade intelligent driving system, enabling stable operation in various scenarios [2] Group 3: Industry Trends and Future Outlook - The global logistics industry is accelerating its transition to smart solutions, with China's autonomous vehicle sector showing leading advantages [2] - Youjia Innovation aims to deepen collaboration with industry partners to expand the application boundaries of its technology and products, contributing to the construction of a safe, efficient, and intelligent future logistics system [2]

在政策推动与市场需求双轮驱动下，全球物流行业正加速向智能化转型，中国无人车产业已展现领先 优势。佑驾创新表示，将继续深化与产业伙伴的协同合作，拓展技术与产品的应用边界，加速规模化 落地，为构建安全、高效、智能的未来物流体系贡献"小竹力量"。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 加速研发技术储备与商业化资源。 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，佑驾创新于11月26日发布《根据一般授权配售新H股》公告，拟透过联席配售代 理发行最多1401.28万股新H股，每股配售股份14.88港元。 公告显示，假设所有配售股份获系数配售予承配人，净筹约2.044亿港元。其中约70%的募资用于 L4无人物流车业务发展，包括新一代产品研发、运营平台升级以及销售网络拓展；约30%用于基础 研发平台的升级，包括数据闭环体系的效率提升，高效赋能前装和L4无人车多产品线发展。 2025年以来，港股融资窗口开放、科技板块整体活跃度持续走强。佑驾创新开启新一轮配售，将加 速研发技术储备与商业化资源，有助于进一步巩 ...