此次合作的达成，也得益于双方近期稳固的发展态势。德赛西威10月27日发布的2025年第三季度报告显示，公司业绩持续向好：第三季度实现营业收入 76.92亿元，同比增长5.63%；年初至报告期末，营业收入达223.37亿元，同比增幅17.72%，归属于上市公司股东的净利润17.88亿元，同比增长27.08%。资产 规模与现金流表现尤为亮眼，截至9月30日，公司总资产达272.42亿元，较上年度末增长26.81%；年初至报告期末经营活动产生的现金流量净额达22.6亿 元，同比激增169.3%。 值得关注的是，德赛西威定向增发事项已顺利完成，实际募集资金净额43.93亿元已于9月16日到账，为其在厂房建设、产线投入、技术研发等领域的发展提 供了充足资金支持。财务数据显示，受募集资金到账影响，公司货币资金较上年度末大幅增长577.05%，资本公积增长158.53%，资产结构持续优化，为业 务扩张奠定坚实基础。 作为芯片供应方，黑芝麻智能近期同样动作频频。其首席市场营销官杨宇欣在世界新能源汽车大会上披露了公司在智能汽车和机器人领域的双线布局策略。 杨宇欣指出，端侧计算需求正迎来爆发式增长，智能汽车成为端侧AI的核心应用 ...

每经AI快讯，11月11日，据黑芝麻（000716）智能消息，其旗舰产品华山A1000车规级高性能辅助驾驶 芯片，成功搭载于德赛西威（002920）全新低速无人车品牌"川行致远"S6系列，作为副域控核心与主控 系统构成"双脑冗余"架构，为末端物流无人化运营提供安全保障。 ...

Core Viewpoint - The article discusses the rapid development and commercialization of unmanned delivery vehicles in China, driven by favorable policies, market demand, and decreasing costs, highlighting the strategic moves of various listed companies in this sector [6][12]. Industry Overview - The cost of last-mile delivery accounts for over 30% of total logistics costs, and with rising labor costs, the demand for unmanned delivery solutions is increasingly urgent [3][4]. - Recent policies have facilitated the deployment of unmanned vehicles in sectors such as pharmaceuticals, heavy goods delivery, and express logistics, leading to significant commercial achievements [4][6]. Policy Support - National policies have been introduced to support unmanned logistics vehicles, including the issuance of "pass licenses" and the gradual opening of road rights across provinces, laying a foundation for large-scale applications [6][12]. - By September 2025, over half of China's 3,600 districts and counties will support unmanned vehicles on the road, with ongoing expansion of policy support [6]. Market Demand - The explosion of market demand, particularly in the pharmaceutical sector, has driven the need for timely delivery, with traditional delivery methods failing to meet current requirements [6][14]. - The growth of the instant retail market has exacerbated the capacity shortage, necessitating technological solutions to address high logistics costs [4][14]. Cost Reduction - The cost of unmanned vehicles is rapidly decreasing, with prices dropping from over 1 million yuan in 2018 to below 20,000 yuan for the latest models [7]. - Key components such as lidar and cameras have seen significant price reductions, further enabling the scalability of unmanned vehicle applications [7]. Strategic Moves by Listed Companies - Companies like Desay SV and Youjia Innovation are entering the unmanned delivery vehicle market with differentiated strategies, focusing on low-speed unmanned vehicles and leveraging existing data for algorithm optimization [9][10]. - Desay SV's "Chuanxing Zhiyuan" brand has launched low-speed unmanned vehicles with innovative technologies, targeting high-demand markets such as instant delivery and urban logistics [9]. Commercialization Achievements - The collaboration between Zhongying Pharmaceutical Group and Cainiao has set a benchmark in pharmaceutical delivery, achieving a 50% reduction in delivery costs and a 70% increase in efficiency through unmanned vehicles [14]. - In the express delivery sector, unmanned vehicles have demonstrated a 70% cost reduction, with per-package costs dropping to 0.1 yuan [14]. Challenges Ahead - Despite rapid growth, the industry faces challenges related to system integration, balancing costs, performance, and development cycles [15]. - The potential for unmanned vehicles to replace traditional transport methods could lead to a market size of 207.1 billion yuan annually, with significant implications for the logistics industry [15].

Core Insights - The demand for unmanned delivery is increasing due to rising labor costs, with last-mile delivery costs exceeding 30% of total logistics costs [1][2] - The Chinese government has introduced favorable policies to support the commercialization of unmanned logistics vehicles, facilitating their deployment across various sectors [2][4] - The cost of unmanned vehicles is rapidly decreasing, making them more accessible for large-scale applications [3][4] Industry Acceleration - National policies have been implemented to promote unmanned logistics vehicles, including the issuance of "pass permits" and the gradual opening of road rights in various provinces [2] - As of September 2025, over half of China's 3,600 districts and counties support unmanned vehicles on the road, indicating a significant expansion of policy support [2] - The growing market demand, particularly in the pharmaceutical sector, is driving the need for faster delivery methods [2][7] Cost Reduction and Commercialization - The price of unmanned vehicles has dropped significantly, with some models now available for under 20,000 yuan, compared to over 1 million yuan in 2018 [3] - The supply chain for unmanned vehicles includes essential components like smart driving technology and sensors, with prices for these components also decreasing [3] - The reduction in delivery costs is paving the way for broader commercialization of unmanned vehicles [2][3] Strategic Company Initiatives - Companies like Desay SV and Youjia Innovation are entering the unmanned logistics market with differentiated strategies, focusing on low-speed unmanned vehicles and leveraging existing data for algorithm optimization [4][5] - Desay SV has launched its "Chuanxing Zhiyuan" brand, emphasizing the importance of adhering to automotive industry safety standards for large-scale procurement [4] - Youjia Innovation has quickly delivered its unmanned vehicles to clients in the express delivery sector, establishing strategic partnerships with local postal services [5] Commercial Success Stories - The collaboration between Zhongying Pharmaceutical Group and Cainiao has set a benchmark in pharmaceutical delivery, achieving a 50% cost reduction and a 70% efficiency increase through unmanned vehicle deployment [7] - In the express delivery sector, unmanned vehicles have significantly lowered costs, with one logistics hub reporting a 70% reduction in per-package costs [7] Challenges and Future Outlook - Despite rapid growth, the unmanned logistics industry faces challenges related to system integration and balancing costs, performance, and timelines [8] - The potential for unmanned vehicles to replace traditional transport methods is substantial, with an estimated market size of 207.1 billion yuan [9] - Industry experts predict that unmanned delivery will become a standard practice in logistics within the next 3 to 5 years as costs continue to decline and technology advances [9]

Core Insights - The demand for unmanned delivery is increasing due to rising labor costs, with last-mile delivery costs exceeding 30% of total logistics costs [1][2] - Government policies are facilitating the commercialization of unmanned vehicles, with over half of China's districts supporting their road usage by September 2025 [2][8] - The cost of unmanned vehicles is rapidly decreasing, making them more accessible for large-scale applications [3][4] Industry Acceleration - National policies have been introduced to support unmanned logistics vehicles, including the "Notice on Conducting Pilot Work for Intelligent Connected Vehicles" [2] - As of September 2025, over 1,900 out of 3,600 districts in China have allowed unmanned vehicles on the road, indicating a significant expansion of policy support [2] - The increasing demand for timely delivery in sectors like pharmaceuticals is driving the need for unmanned delivery solutions [2][7] Cost Reduction and Commercialization - The price of unmanned vehicles has dropped significantly, with some models now available for under 20,000 yuan, compared to over 1 million yuan in 2018 [3][4] - The supply chain for unmanned vehicles is becoming more cost-effective, with components like lidar and cameras seeing substantial price reductions [3] - The reduction in delivery costs is paving the way for broader commercialization of unmanned vehicles [4][8] Strategic Moves by Listed Companies - Companies like Desay SV and Youjia Innovation are entering the unmanned logistics market with differentiated strategies [4][5] - Desay SV launched its "Chuanxing Zhiyuan" brand, focusing on low-speed unmanned vehicles with innovative features [4] - Youjia Innovation's "Xiaozhu Unmanned Vehicle" is designed for logistics scenarios, leveraging data from previous operations for optimization [5][6] Commercial Success Stories - Partnerships between companies like Zhongying Pharmaceutical Group and Cainiao have demonstrated the effectiveness of unmanned delivery, achieving a 50% reduction in delivery costs and a 70% increase in efficiency [7] - In the express delivery sector, unmanned vehicles have reduced costs by 70%, with per-package costs dropping to 0.1 yuan [7] - By September 2025, Cainiao's unmanned vehicles are expected to cover 25 provinces and over 1,900 districts in China [7] Challenges and Future Outlook - The unmanned vehicle industry faces challenges related to system integration and balancing costs, performance, and cycles [8] - Low-speed unmanned vehicles can address last-mile delivery issues while also enhancing autonomous driving algorithms through data feedback [8] - The logistics unmanned vehicle market has the potential to replace 4.44 million commercial vehicles annually, with a corresponding market size of 207.1 billion yuan [8]