记者丨邓浩 编辑丨骆一帆 港股又迎来一家自动驾驶公司。 近日，魔视智能科技（上海）股份有限公司（下称"魔视智能"）向港交所递交上市申请。经历 8轮融资后， 这家由上海交大博士带领的智驾企业终于要开始冲刺资本市场了。 不过，虽然已交付逾330万套解决方案、用于92款车型。但激烈的市场竞争下， 魔视智能过去 3年累计亏损超6.6亿元，尚未实现盈利。 图源：公司官网 凭借着AI领域的多年经验，魔视智能在2016年推出第一代基于深度学习的嵌入式车规级ADAS （高级辅助驾驶系统），且团队在多项自动驾驶相关的国际算法测评中排名第一。2018年，其 ADAS前视产品在比亚迪率先实现前装量产。 公开资料显示，在量产性及深度合作的合作伙伴方面，魔视智能的合作伙伴包括广汽、比亚 迪、吉利、奇瑞、北汽、长城、长安、东风、上汽、一汽等。 上交大博士车库创业 魔视智能成立于2015年，是一家AI创新驱动的智能驾驶解决方案提供商，主要为主机厂及一 级供货商提供具备L0-L4级智能驾驶功能的一体化软硬件解决方案。 创始人虞正华出生于1972年，有丰富的学界和产业界经验，魔视智能是其二次创业的产物。虞 正华拥有上海交通大学模式识别博士学位 ...

Core Insights - Magic View Intelligent Technology (Shanghai) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange after completing eight rounds of financing, marking its entry into the capital market [1][3] - Despite delivering over 3.3 million solutions across 92 vehicle models, the company has incurred cumulative losses exceeding 660 million RMB over the past three years and has yet to achieve profitability [1][5] Company Overview - Founded in 2015, Magic View Intelligent is an AI-driven provider of intelligent driving solutions, offering integrated hardware and software solutions with L0-L4 level autonomous driving capabilities [3][4] - The founder, Yu Zhenghua, has extensive academic and industry experience, previously serving in various prestigious roles, and recognized the potential of autonomous driving during his first entrepreneurial venture [3][4] Market Position and Performance - The company launched its first generation of deep learning-based embedded ADAS in 2016 and has established partnerships with major automotive manufacturers such as BYD, Geely, and GAC [4][5] - According to its prospectus, Magic View is projected to rank eighth among third-party solution providers in China's intelligent driving solutions market by revenue in 2024, with a market share of approximately 0.4% [4][5] Financial Performance - Revenue is expected to grow from 117.8 million RMB in 2022 to 356.8 million RMB in 2024, representing over a twofold increase, while net losses are projected to rise from 200 million RMB in 2022 to 233 million RMB in 2024 [6][7] - The company reported a revenue of 189 million RMB in the first half of 2025, reflecting a year-on-year growth of 76.4%, but continues to face significant losses [7] Industry Context - The Chinese market for L0 to L2+ intelligent driving solutions is rapidly expanding, projected to grow from 21.6 billion RMB in 2020 to 91.2 billion RMB by 2024, with a compound annual growth rate (CAGR) of 43.3% [5] - As the automotive industry transitions from electrification to intelligence, competition is intensifying, with traditional manufacturers increasingly investing in in-house development of autonomous driving technologies [7]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **autonomous driving industry** in China, focusing on the regulatory landscape and the development of different levels of autonomous driving technology, particularly L2, L3, and L4 levels [1][2][4][22]. Core Insights and Arguments - **L4 Level Regulation**: L4 autonomous vehicles are subject to strict regulations, requiring each vehicle to be registered and equipped with monitoring devices to ensure safety during testing and operation. Currently, L4 is mainly applied in specific areas for Robotaxi services [1][3]. - **L3 Level Responsibility**: The responsibility for L3 autonomous driving primarily lies with the car manufacturers, provided that the driver meets certain conditions, such as hardware redundancy and safety boundary settings. The government favors this approach to promote technological development and ensure user safety [1][7]. - **New Regulatory Draft**: A draft released in June focuses on L2 autonomous driving systems, imposing stringent safety requirements, including the installation of Driver Monitoring Systems (DMS) and mandatory sensor data recording [1][10][12]. - **Advertising Restrictions**: New regulations prohibit the use of terms like "driverless" and "zero takeover" in advertisements to prevent misleading consumers about the actual capabilities of assisted driving technologies. This is expected to be implemented by 2026 [1][14][19]. Important but Overlooked Content - **Regional Variations**: Different regions in China have their own policies for L4 Robotaxi operations, managed by local governments. For instance, in Wuhan, vehicles must comply with local standards to operate [2][5]. - **Market Dynamics**: The development of Over-The-Air (OTA) technology may widen the gap between leading manufacturers and smaller firms, as top companies build technological barriers and increase entry requirements, potentially leading to the elimination of less advanced competitors [4][20]. - **Current Players in Robotaxi**: Major players in the domestic Robotaxi market include **LuoBo Kuaipao**, **Xiaoma Zhixing**, and **WenYuan ZhiXing**. LuoBo Kuaipao leads in testing mileage with over 100 million kilometers, while Xiaoma Zhixing and WenYuan ZhiXing maintain cash flow through flexible operations and lower-end services [4][24]. - **Future Regulations Impact**: New regulations may require traditional mechanical systems to function normally in case of electronic system failures, which could increase costs but is deemed necessary for safety [16]. Future Outlook - **Implementation Timeline**: The new regulations are expected to be officially implemented in 2026, with ongoing feedback and consultation processes [19]. - **Commercialization Challenges**: The commercialization of L3 autonomous driving requires clear definitions of responsibility and specific requirements from the government. Companies like Huawei are actively involved in this process [21][22]. - **International Expansion**: Companies are exploring international markets, often partnering with local operators to share profits. However, challenges remain in ensuring safe operations abroad [25][26]. This summary encapsulates the key points discussed in the conference call, highlighting the regulatory environment, market dynamics, and future challenges in the autonomous driving industry in China.