产业观察 [table_Header]2025.10.26 【数字经济周报】TI低功耗 Bluetooth® 6.0 无线 MCU 产业研究中心 | 通过 | 认证 Bluetooth SIG | [Table_Authors] | 朱峰(分析师) | | --- | --- | --- | --- | | 摘要：数字经济动态事件速览 | 第 36 期（2025.10.18-2025.10.24） | | 021-38676284 | | | | | zhufeng@gtht.com | | [Table_Summary] | 半导体板块动态： | 登记编号 | S0880522030002 | | 1）TI | 低功耗 Bluetooth® 6.0 无线 MCU 通过 Bluetooth SIG 认证 | | | | 2）江波龙推出业内首款集成封装 | mSSD | | 汪 玥(分析师) | | 3）联华电子推出 | 55 纳米 BCD 平台 | | 021-38031030 | | 汽车电子板块动态： | | | wangyue8@gtht.com | | 1）萝卜快跑落地瑞士，将推出自动驾驶出行服务 | ...

Core Insights - The joint venture between Pony.ai and BAIC New Energy has successfully rolled out the 300th unit of the Alpha T5 Robotaxi, marking a significant milestone in the mass production of L4 autonomous vehicles in China [2][3] - The Alpha T5 Robotaxi integrates advanced autonomous driving technology from Pony.ai with BAIC's high-end manufacturing capabilities, establishing itself as a benchmark in the Robotaxi sector and providing a replicable model for the smart connected vehicle industry [2][3] Group 1: Production and Commercialization - The seventh-generation Robotaxi achieves a closed-loop system of "production-oriented operation," allowing each unit to be directly deployed for testing and service, thus shortening the technology validation cycle and paving the way for commercialization [3] - Since the start of their collaboration, Pony.ai and BAIC New Energy have streamlined various aspects including R&D, production line construction, supply chain management, and road testing, with plans to deploy the Robotaxi in major Chinese cities and expand to markets in the Middle East and Europe [3] Group 2: Cost and Safety Innovations - The mass production breakthrough of the seventh-generation Robotaxi is supported by significant innovations in cost and safety, with the cost of the autonomous driving kit reduced by 70% compared to previous generations, overcoming the cost barrier for L4 production [4] - The safety framework is built on BAIC's fully redundant chassis and Pony.ai's multi-layer safety architecture, backed by over 55 million kilometers of real-world testing, ensuring a safety standard ten times that of human drivers for commercial operations [4] Group 3: Expansion and Testing - Pony.ai is actively expanding its service scenarios, including automated shuttle services connecting key transport hubs like airports and train stations, and conducting 24-hour testing to explore nighttime travel solutions [5] - The Alpha T5 Robotaxi is being utilized to promote regular demonstration operations in Beijing's Yizhuang area, contributing to the broader deployment of intelligent driving technologies [5]

L4量产标杆。 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，第300台由小马智行与北汽新能源联合打造的极狐阿尔法T5 Robotaxi近日宣告 下线，标志着双方合作取得重要阶段性成果。该车型通过深度整合前沿自动驾驶技术与高端汽车制造 体系，打造"北京方案"下的中国Robotaxi标杆车型，为当前智能网联汽车产业发展提供了关键范 本。 小马智行创始人、CEO彭军与北汽集团副总经理刘宇共同见证双方合作的第300台L4 Robotaxi车 型下线。极狐阿尔法T5 Robotaxi于今年7月启动量产，搭载小马智行第七代自动驾驶量产方案，具 备全天候、全场景、全时段的自动驾驶能力。在2025世界智能汽车大会期间，小马智行和北汽集团 携手首次将极狐阿尔法T5 Robotaxi车型带到WICV大会现场，收获众多政府机构、国内外行业专家 的关注和高度认可。 "量产"意味着L4级车型落地具有可复制能力。彭军表示，每一辆第七代Robotaxi下线后即具备全无 人驾驶能力，在技术端实现了"生产即导向运营"的闭环，有助于缩短技术验证与服务落地之间的路 径，从而更快地服 ...

Investment Rating - The report upgrades the investment rating to "Buy" for the company [4] Core Views - The company is expected to benefit from the product cycle of its ARCFOX brand, with a potential turnaround in profitability, while the high-margin Xiangjie brand is beginning to stabilize in volume [7] - The company anticipates revenues of 331 billion, 596 billion, and 820 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of -44 billion, -17 billion, and 14 billion [7] Financial Summary - Revenue projections for 2023A to 2027E show significant growth, with 2023A at 14,319 million and expected to reach 81,962 million by 2027E, reflecting a growth rate of 50.5% in 2023 and 37.5% in 2027 [1] - The net profit is projected to improve from -5,400 million in 2023A to 1,388 million in 2027E, with a notable increase of 182.8% in 2027 [1] - The report indicates a P/S ratio of 1.4 for 2025, 0.8 for 2026, and 0.6 for 2027, suggesting a favorable valuation trend [7] Brand Development - The Xiangjie brand, in collaboration with Huawei, is gaining traction with the launch of the Xiangjie S9, which has achieved over 3,000 units in sales and aims to lead the market for new energy vehicles priced above 300,000 yuan by June 2025 [2] - The ARCFOX brand is expanding its product lineup with a focus on mainstream consumer markets, including the upcoming A0-class pure electric SUV, ARCFOX T1, priced starting at 68,800 yuan [3] Strategic Partnerships - The collaboration with Huawei has deepened over the years, leading to the successful launch of the Xiangjie S9, which has become a market leader in its segment [46] - The company is leveraging Huawei's advanced technology in smart driving and electric vehicle solutions to enhance its product offerings [21][30]

7月14日，北汽新能源发布Robotaxi（无人驾驶出租车）最新进展——搭载小马智行第七代自动驾驶系统的极狐阿尔法T5 Robotaxi已正式量产下线，该车具 备L4级智能驾驶能力，目前已在深圳公开道路测试。 2025年被认为是车圈的"智能驾驶元年"，越来越多车企发力智能驾驶，让更多车型搭载智驾辅助系统。2024年11月，北汽新能源与小马智行正式签署技术合 作协议，基于极狐阿尔法T5车型和小马智行的全冗余底盘和第七代自动驾驶软硬件系统方案，合作研发全无人Robotaxi车型。 小马智行是Robotaxi赛道的头部玩家，此次量产的阿尔法T5 Robotaxi搭载其最新研发的第七代量产级自动驾驶系统方案，该车型配备9颗激光雷达，此外还 配备毫米波雷、广角摄像头等6大类共34颗传感器，最远可探测650米。除了强大的"视力"，在算力方面，该车型可达1016 TOPS。 软硬件实力具备后，无人驾驶是否能真正"走出实验室"，还需要在实际路测中"见真章"。量产开启后不久，阿尔法T5 Robotaxi已在深圳展开新一轮路测，其 智能化水平在不同道路和天气等复杂条件下得到了真实验证，其中包括在早高峰等城市路段最为繁忙复杂的时刻 ...

Group 1 - Baidu's "萝卜快跑" provided over 1.4 million rides in Q1 2025, a 75% year-on-year increase, totaling over 11 million rides to date [1] - "萝卜快跑" expanded internationally by entering Dubai and Abu Dhabi, with public road testing already underway in Dubai [1] - WeRide reported Q1 2025 revenue of 72.44 million yuan, with a gross margin of 35.0%, and Robotaxi revenue of 16.1 million yuan, accounting for 22.3% of total revenue [1] Group 2 - The year 2025 is anticipated to be a pivotal year for Robotaxi mass production and commercialization, with companies like Xiaoma Zhixing, Momenta, and WeRide expected to benefit [2] - The B-end shared mobility market is rapidly expanding, with a predicted surge in Robotaxi sales around 2026-2027, and by 2030, shared mobility is expected to account for 6.0% of the domestic market [2] - Robotaxi is projected to replace traditional shared mobility and some private car markets, with an optimistic estimate that Robotaxi will capture about 36% of the B-end shared mobility market by 2030, targeting a market size of 200 billion yuan [2] Group 3 - Qianli Technology is closely tied to Cao Cao Mobility, with its Robotaxi business expected to move towards commercialization [3] - BAIC Blue Valley's product lineup includes the Extreme Fox Alpha T5 Robotaxi [4]