Core Viewpoint - The sudden suspension of operations at Haomo Zhixing has left its employees in uncertainty, with the company failing to pay salaries and provide a clear plan for resuming work, raising concerns about its financial stability and future prospects [3][4][6]. Company Overview - Haomo Zhixing, founded in November 2019, is a smart driving startup backed by prominent investors including Great Wall Motors and Hillhouse Capital, having raised over 1.6 billion RMB across seven funding rounds [4][6]. - At its peak, the company was valued at 7.8 billion RMB and was listed as a unicorn in the 2024 Hurun Global Unicorn List [4]. Operational Challenges - The company announced a complete work stoppage starting November 24, with no prior warning to employees, leading to confusion about the status of the company [3][4]. - Employees have not received their October salaries, and there is no severance plan in place, contributing to a sense of anxiety among the workforce [3][4]. Financial Situation - Haomo Zhixing has been facing financial difficulties, with reports indicating it has been in a cash-strapped situation for some time [6]. - The company has incurred significant investment losses, with a reported 396 million RMB in cumulative investment losses as of June 2025 [6]. - It has also delayed payments to suppliers, including a 113,500 RMB debt to Great Wall Motors [6]. Employee Dynamics - The workforce has shrunk from over 1,000 employees at its peak to only 243 currently enrolled in social insurance [6]. - The company has shown little recruitment activity in 2025, with only five job postings since June [5][6]. Strategic Shifts - Haomo Zhixing's primary focus has been on urban navigation assistance driving products, which are technically challenging and face stiff competition in the smart driving sector [9][11]. - The company has lost significant business from its main partner, Great Wall Motors, which has shifted to other suppliers for smart driving solutions [12][14]. Market Position - Despite early efforts in the unmanned logistics vehicle sector, Haomo Zhixing has struggled to establish a strong market presence and has not capitalized on opportunities in the rapidly growing sector [23][26]. - The company has not effectively differentiated itself in the competitive landscape of smart driving technology, leading to concerns about its long-term viability [23][26].

Investment Rating - The report rates the smart logistics vehicle industry with a compound annual growth rate (CAGR) of 74.76% from 2025 to 2030, with the market size expected to grow from 0.511 billion to 8.337 billion [30]. Core Insights - The smart logistics vehicle industry has evolved from a technology incubation phase (2015-2019) to a large-scale development phase (2020-2022), and is currently in a scenario pilot phase since 2023, with significant cost reductions and regulatory improvements facilitating commercialization [4][13]. - The industry faces three main bottlenecks: technological limitations, insufficient infrastructure, and a lack of regulatory frameworks [12]. - The logistics cost pressure is driving the adoption of smart logistics vehicles, as last-mile delivery costs have risen significantly, prompting companies to seek automation solutions [11]. Summary by Sections Industry Definition - The definition of unmanned delivery vehicles varies, with the industry leaning towards classifying them as N1 (total mass less than 3,500 kg) and A class (equipped with autonomous driving systems) vehicles [5]. Industry Classification - Unmanned logistics vehicles are categorized into low-speed, medium-speed, and other unmanned delivery vehicles based on their maximum design speed [6][7][8]. Development History - The industry has undergone a complete development cycle since 2015, with key milestones including the introduction of various unmanned delivery vehicles and significant policy support in China [13][14][16][17]. Industry Chain Analysis - The industry chain consists of upstream core component suppliers, midstream solution providers, and downstream application segments focused on reducing last-mile delivery costs [18]. Cost and Technology Drivers - The significant reduction in core component prices has led to a drastic decrease in vehicle costs, facilitating commercialization [19][23]. - The industry is transitioning towards a lightweight perception approach, utilizing visual systems supplemented by minimal laser radar [27]. Market Size and Growth - The smart logistics vehicle market is projected to grow from 0.511 billion to 8.337 billion from 2025 to 2030, driven by the need for cost reduction and efficiency improvements in logistics [30][31]. Policy Overview - Various policies have been introduced to support the application of unmanned delivery vehicles, emphasizing their role in enhancing logistics efficiency and reducing costs [36][37]. Competitive Landscape - The competitive landscape is characterized by a tiered structure, with leading companies like Jiusi and New Stone Technology at the forefront, while others are positioned in the second and third tiers based on their market strategies and capital investments [38][39][40].