商业化存短板 驭势科技选择了以封闭场景为突破口的发展策略。根据弗若斯特沙利文的数据，按2024年收入计算，驭 势科技是大中华区最大的机场场景及厂区场景中商用车L4级自动驾驶解决方案供应商，市场份额分别 达到91.7%和45.1%。 然而，封闭场景的市场规模相对有限，且竞争日益激烈。相比之下，开放场景如Robotaxi(无人驾驶出租 车)虽然前景广阔，但技术难度更大，商业化进程更为缓慢。对于明确的C端场景拓展计划，《证券日 报》记者就相关问题采访驭势科技相关负责人，该负责人表示公司目前属于上市静默期，不方便回复。 日前，中国证监会国际合作司发布驭势科技(北京)股份有限公司(以下简称"驭势科技")境外发行上市及 境内未上市股份"全流通"备案通知书，公司拟发行不超过1891.42万股境外上市普通股并在香港联合交 易所上市。公司41名股东拟将所持合计1.12亿股境内未上市股份转为境外上市股份，并在香港联合交易 所上市流通。这标志着驭势科技已获得赴港上市的关键"通关文牒"。 当前，自动驾驶产业正从示范测试走向可复制的运营落地，机场牵引、园区物流、港口运输等封闭或半 封闭场景，成为L3-L4级自动驾驶率先规模化的"主战场 ...

Core Viewpoint - Yushi Technology has submitted a second application for listing on the Hong Kong Stock Exchange, focusing on L4 autonomous driving solutions, particularly in closed and semi-closed scenarios such as airports and industrial parks [2][5][30]. Group 1: Company Overview - Founded in 2016, Yushi Technology specializes in L4-level autonomous driving solutions and has developed 52 models suitable for various scenarios [3][5]. - The company was co-founded by Wu Gansha, a notable figure in the autonomous driving industry and former head of Intel's China Research Institute [3][9]. Group 2: Financial Performance - Yushi Technology has raised approximately 1.751 billion RMB through six rounds of financing, with a post-financing valuation reaching 7.3 billion RMB [5][12]. - The company reported a significant revenue increase from 65.48 million RMB in 2022 to an estimated 265.5 million RMB in 2024, with a compound annual growth rate of about 110% [22][24]. - Despite revenue growth, Yushi Technology remains unprofitable, with pre-tax losses of 249.7 million RMB in 2022 and 213.1 million RMB in 2023 [22][24]. Group 3: Business Segments - The company's revenue is primarily derived from four segments: autonomous vehicle solutions, autonomous driving kits, software solutions, and vehicle leasing services [15][24]. - In 2024, the autonomous vehicle solutions segment accounted for 55.2% of total revenue, while the software solutions segment contributed 25.4% [24]. Group 4: Market Position - Yushi Technology holds a 91.7% market share in the airport scenario market in Greater China and a 45.1% share in the industrial park scenario market [16][17]. - The company has established partnerships with 17 airports in China and 3 overseas airports, indicating a strong presence in the market [16]. Group 5: Funding and Cash Flow - As of June 30, 2025, Yushi Technology had cash and cash equivalents of 170 million RMB, down from 222 million RMB at the end of 2024, highlighting ongoing cash flow challenges [29][30]. - The company is under pressure to list due to its financial situation, as it continues to operate at a loss while investing heavily in research and development [30].

Core Viewpoint - Yushi Technology, founded in 2016, submitted its prospectus to the Hong Kong Stock Exchange on May 28, focusing on providing autonomous driving solutions in closed environments such as airports and logistics, with projected revenues increasing from 65.48 million yuan in 2022 to 265 million yuan in 2024, but with adjusted net losses decreasing from 230 million yuan to 160 million yuan over the same period [1][7] Revenue Breakdown - The main revenue source for Yushi Technology is the autonomous vehicle solutions, contributing 51.1%, 59.7%, and 55.2% of total revenue from 2022 to 2024, with revenues of 33.41 million yuan, 96.30 million yuan, and 147 million yuan respectively [2][3] - The gross margin for the autonomous vehicle solutions is significantly lower than other segments, with overall gross margins of 45.7%, 48.8%, and 43.7% from 2022 to 2024, while the gross margin for the vehicle solutions specifically is 22.9%, 34.7%, and 21.7% [2][3] Cost and Profitability - The decline in gross margin is attributed to additional costs related to competitive pricing demands from key clients and high raw material costs for projects in two Chinese ports [3][6] - The sales cost as a percentage of total revenue increased from 51.6% in 2023 to 56.2% in 2024, indicating rising operational costs [7] Rental Services - Yushi Technology offers a rental service for autonomous vehicles, allowing clients to test the vehicles before purchase, with revenues from this segment being 1.2 million yuan, 3.3 million yuan, and 2.7 million yuan from 2022 to 2024 [5][6] - The average revenue per rented vehicle varied due to model differences and rental periods, with gross margins for this service being low, at 9.7% in 2024 [5] Market Position and Competition - Yushi Technology is positioned as the largest supplier of commercial L4-level autonomous driving solutions in airport and factory scenarios in mainland China and Hong Kong [2][6] - Compared to competitors like Xiaoma Zhixing and Wenyuan Zhixing, which reported revenues of 548 million yuan and 361 million yuan respectively in 2024, Yushi Technology's revenue is smaller, indicating a need for growth in service offerings [6][7] Future Outlook - The company has secured a significant order for 65 autonomous electric towing vehicles for a major international airport in Northwest China, which is expected to validate its technology's commercial capabilities [3][4] - Yushi Technology's focus remains on L4-level autonomous driving technology, with plans to expand applications in various scenarios, although there are no current plans for consumer-facing services [6][7]