Core Viewpoint - The company has made significant strides in expanding its Robotaxi operations globally, but its financial performance has not kept pace with this growth, resulting in substantial losses [1][2]. Financial Performance - In Q1 2025, the company's total revenue was 72.44 million yuan, a year-on-year increase of 1.8%, while net losses reached 385 million yuan, nearly five times the revenue [1]. - Adjusted net losses, excluding stock-based compensation and investment fluctuations, amounted to 295 million yuan, double that of the same period last year [1]. - The Robotaxi business showed impressive growth, with a nearly 200% year-on-year increase, raising its revenue contribution from 12% to 22%, but still generated only 16.1 million yuan in revenue, insufficient to impact the overall financial situation [1]. Revenue Sources - The company's existing service revenue is declining, particularly due to the conclusion of customized ADAS development projects in the second half of last year, leading to a year-on-year decrease of nearly 1.8 million yuan in service revenue [2]. Expenditure Analysis - R&D expenses reached 326 million yuan, a 17% year-on-year increase, while sales expenses surged by 67%, and administrative expenses (excluding stock-based compensation) doubled [3]. - The increase in expenses suggests the company is preparing for international expansion and mass production, possibly by expanding its talent pool and enhancing financial and legal systems [3]. Cash Position - As of the end of March, the company had 6.1 billion yuan in cash and equivalents, bolstered by previous funding rounds, including a new $100 million subscription agreement from Uber [3]. - Despite the substantial cash reserves, the low revenue of less than 100 million yuan in the current quarter indicates inefficient cash turnover, with significant amounts tied up in capital expenditures and R&D investments, leading to longer return periods [3]. Investor Sentiment - Investors are increasingly focused on when the Robotaxi operations will become profitable rather than just when they will be operational [4].