8月26日，如祺出行公布2025年中期业绩公告。公告显示，该公司上半年多项关键财务指标数据大幅增 长，包括整体收入达16.76亿元人民币，同比涨61.7%。其中，出行服务收入同比增长86.1%；与科技营 收相关的技术服务收入同比增长207.0%。值得关注的是，如祺出行首次录得毛利率转正，显示该公司 盈利能力实现关键突破。 首次转正! 毛利增长215.4% 报告期内，如祺出行两大核心业务出行服务及技术服务录得双增长，直接为如祺出行拉动上半年整体收 入同比大涨61.7%，达到16.76亿元。 其中，包括网约车和Robotaxi服务在内的出行服务，上半年为如祺出行贡献了16.36亿元收入，同比激增 86.1%。而涵盖AI数据及模型解决方案和高精地图的技术服务，上半年收入同比增幅达207.0%。 2024年7月在港交所上市的如祺出行，上市招股书提及，公司制定盈利路径，将采用扩大业务规模及促 进收入增长、提高毛利率、提升经营和管理效率等推进实现盈利。 本期中报显示，如祺出行在盈利能力上实现关键突破，毛利相关指标首次转正。如祺出行2025上半年毛 利总额达3743.8万元，同比增长 215.4%，毛利率从去年同期-3.1 ...

报告期内，如祺出行两大核心业务出行服务及技术服务录得双增长。其中，包括网约车和Robotaxi服务 在内的出行服务，上半年为如祺出行贡献了16.36亿元收入，同比增长86%。而涵盖AI数据及模型解决 方案和高精地图的技术服务，上半年收入同比增幅达207%。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 新浪科技讯 8月27日下午消息，如祺出行近日公布2025年中期业绩。公告显示，公司上半年整体收入达 16.76亿元，同比增长61.7%。值得关注的是，如祺出行首次录得毛利率转正。上半年公司毛利总额达 3743.8万元，比去年同期提升 215.4%，毛利率录得2.2%。 本期中报显示，如祺出行在盈利能力上实现突破——上半年毛利相关指标首次转正。数据显示，如祺出 行2025上半年毛利总额达3743.8万元、同比增长 215.4%，毛利率从去年同期-3.1%至当期2.2%、大幅改 善170.97%且实现首次为正。如祺出行称，尽管中国出行服务市场竞争加剧，但整体毛利率改善，主要 受益于用户流量增加带动订单量上升，客户激励措施及司机成本结构优化、司机对平台信任加强等原 因。 报告显示，上半年在 ...

Core Viewpoint - The article discusses the evolution and challenges faced by the company 四维图新 (Four-Dimensional Map) in the context of the competitive landscape shaped by major tech players like BAT (Baidu, Alibaba, Tencent) and the shift towards intelligent driving technologies. Group 1: Company Evolution - 四维图新 has undergone significant transformation since its IPO in 2010, facing intense competition from BAT, which has disrupted its core map business [4][10]. - The CEO, 程鹏, recognized the need to pivot from traditional map services to focus on intelligent driving, high-precision positioning, and automotive chips, leading to the divestment of unrelated business units [5][18]. - The company has faced financial challenges, reporting a revenue of 35.18 billion yuan in 2024, a 12.68% increase year-on-year, but still incurred a loss of 10 billion yuan [6][7]. Group 2: Competitive Landscape - The entry of internet giants into the map sector has been described as a "dimensionality reduction attack," making it difficult for traditional players like 四维图新 to compete [12][13]. - The concept of "no map" in autonomous driving, popularized by competitors, has been misinterpreted, impacting 四维图新’s market perception despite its advancements in high-precision mapping [6][57]. - The company has achieved a leading position in high-precision mapping but struggled to monetize this success due to market shifts towards "no map" solutions [6][26]. Group 3: Strategic Focus - The company has shifted its strategy to focus on becoming a new type of Tier 1 supplier in the automotive industry, emphasizing intelligent driving as its core business [18][38]. - 程鹏 emphasizes the importance of maintaining a long-term perspective, stating that the intelligent driving sector is a marathon, not a sprint, and that the company is committed to gradual growth and market share accumulation [75][76]. - The company is also exploring international markets and new product lines, including information security services, as part of its growth strategy [73][74].

Core Viewpoint - The company aims to significantly reduce losses in 2025, with a focus on improving performance across various business segments, particularly in data compliance and intelligent driving solutions. Group 1: Financial Performance and Projections - The company reported a loss of over 1 billion in 2024, primarily influenced by its subsidiary, Siwei Zhihui, and aims to achieve a substantial turnaround in 2025 [2][11]. - The company’s data compliance business has seen rapid growth, becoming a core pillar of the Zhiyun segment, with a revenue increase of 28.96% in 2024 [20][21]. - The company expects to achieve significant revenue growth in 2025, driven by new orders in intelligent driving products, with 300,000 basic driving products and 60,000 parking products already secured [36][67]. Group 2: Business Strategy and Market Position - The company is focusing on a comprehensive solution that integrates intelligent driving, intelligent cockpit, and chip development, aiming to enhance its competitive edge in the market [25][51]. - The company is actively pursuing partnerships and collaborations, including with Huawei for the development of high-precision maps and data compliance solutions [4][96]. - The company acknowledges the challenges posed by intense competition in the automotive industry and is adjusting its strategies to focus on core competencies and cost control [19][51]. Group 3: Operational Developments - The company has established a complete low-altitude economic solution through its subsidiary, Liufen Technology, and is actively pursuing project implementations in multiple cities [3]. - The company has received new orders from various clients, including Xiaopeng and Wuling, indicating a positive trend in its order book [4][6]. - The company is committed to enhancing its operational efficiency through cost control measures and optimizing its organizational structure [19][73]. Group 4: Market Challenges and Responses - The company faces significant challenges due to the competitive landscape and has experienced a decline in revenue in its intelligent driving segment, which decreased by 28.08% in 2024 [6][28]. - The company is implementing strategies to improve its market recognition and brand awareness, particularly in the context of its intelligent driving and high-precision mapping solutions [74][96]. - The company is aware of shareholder concerns regarding stock performance and is taking steps to improve communication and transparency regarding its business developments [45][71].

截至4月25日收盘，如祺出行（09680.HK）报9.810港元，较上个交易日下跌1.9%，当日盘中最低价触 及9.810港元，创近一年新低。 资金流向方面，当日主力流入5.398万港元，流出5.404万港元，净流出0.01万港元。 如祺出行是中国行业领先的出行科技与服务公司。公司致力于搭建全方位、立体化的出行科技解决方案 及服务体系。公司的业务包括(i)出行服务,主要包括网约车及Robotaxi服务;(ii)技术服务,主要包括人工智 能数据及模型解决方案以及高精地图;及(iii)为司机及运力加盟商提供全套支持的生态服务。公司具备整 合汽车和出行服务行业丰富资源的独特优势,这一优势使公司有别于公司的竞争对手。公司由广汽集团 和腾讯联合发起创立,其后引入一家领先的自动驾驶解决方案供应商小马智行作为战略股东。公司拥有 不同行业背景的股东,丰富了公司于整个出行行业服务价值链上主要利益相关方的市场洞察力及见解。 广汽集团作为全国顶尖整车集团,随着公司的智慧出行业务的发展及增长,为公司提供不懈支持。领先的 互联网服务提供商腾讯在平台运营和市场开拓方面为公司持续赋能。小马智行与公司在创新举措上无缝 合作,为公司在自动驾驶 ...