01 02 03 04 4 / 01 中国城市客运量统计口径包括出租车（含招手出租车和网约车）、轨道交通、公共汽电车、船运。2019年1月以来，中国城市客运量近年 来保持增加态势，2025年11月达到接近90亿人次，其中来自出租车的客运量占比不断提升，从2019年1月的15%提升至2025年11月的33%， 出租车正在成为城市客运的重要组成部分。 2 / CONTENTS 3 / 01 02 03 04 -200% -100% 0% 100% 200% 300% 400% 500% 600% 700% 800% 0.00 200,000.00 400,000.00 600,000.00 800,000.00 1,000,000.00 2019-01 2019-06 2019-11 2020-04 2020-09 2021-02 2021-07 2021-12 2022-05 2022-10 2023-03 2023-08 2024-01 2024-06 2024-11 2025-04 2025-09 中国:城市客运量:当月值 同比 图：中国城市客运量及同比（单位：万人次） 图：中国城市客运量-出租车及在中国城 ...

Core Insights - The company reported a significant revenue growth of 60.8% year-on-year for Q2 2025, reaching 1.27 billion RMB (178 million USD), indicating strong business momentum [1] - The net loss decreased to 406.4 million RMB compared to 413.6 million RMB in the same period last year, showing improvement in financial performance [1] Revenue Breakdown - Product revenue surged by 309.6% to 59.8 million RMB (8.3 million USD), primarily driven by increased sales of Robotaxi and robotic cleaning vehicles, partially offset by a decline in robotic bus sales [1] - Service revenue grew by 4.3% to 67.4 million RMB (9.4 million USD), mainly due to an increase in smart data service revenue and autonomous driving-related operational and technical support services, despite a decrease in ADAS R&D service revenue [1] - Robotaxi revenue reached 45.9 million RMB (6.4 million USD), marking an impressive 836.7% increase and the highest quarterly revenue since the company's inception, contributing 36.1% to total revenue [1] Market Expansion - The company announced the acquisition of the first autonomous driving license in Saudi Arabia, making it the only tech company globally with autonomous driving licenses in six countries [2] - A pilot operation in Riyadh, in collaboration with Uber and local partner AiDriver, has commenced, covering key areas including King Khalid International Airport [2] - The full commercial operation of Robotaxi services in Riyadh is expected to be provided by Uber and the company by the end of 2025 [2] Technological Advancements - The company successfully obtained approval for a public road demonstration of driverless ridesharing services in Shanghai, marking its entry into the 10th city globally [3] - The showcased Robotaxi model features a self-developed high-performance computing platform and a comprehensive sensor suite, ensuring safety and efficiency for various autonomous driving scenarios [3] Future Outlook - The company is positioned to leverage its technological advantages in L4 autonomous driving and global strategic layout to accelerate the development of a dual ecosystem of "smart mobility + smart freight" [4] - Attention is recommended on the company's overseas market expansion, AI perception technology iterations, and multi-scenario commercialization progress [4]

Core Insights - WeRide has received a permit from the Shanghai municipal government to operate Level 4 autonomous Robotaxi services, marking its entry into the tenth city globally [1][7] - The Robotaxi service was launched in partnership with Chery Group and Jinjiang Taxi during the World Artificial Intelligence Conference 2025, connecting key transport hubs and landmarks in Shanghai [2][4] - The CER, a jointly developed Robotaxi model, was showcased at Auto Shanghai 2025, built on WeRide's autonomous driving platform and Chery's vehicle architecture [5][6] Company Overview - WeRide, founded in 2017, is a leader in Robotaxi research and development, with operations in nine cities across three countries, accumulating over 2,000 days of safe operation [7] - The company is recognized as the first publicly traded Robotaxi company and has received autonomous driving permits in five markets: China, UAE, Singapore, France, and the US [9] - WeRide aims to enhance collaborations with global partners to advance Robotaxi technology and expand commercial deployments [8]