Core Insights - The unmanned delivery market is experiencing rapid growth and is seen as a significant opportunity for various players, including established platforms and innovative startups [1] - The competition in the unmanned delivery vehicle sector is intensifying, with new pricing strategies and service models emerging [3][5] Market Dynamics - The price of unmanned delivery vehicles has significantly decreased from around 1 million yuan in 2018 to as low as 19,800 yuan in 2025, indicating a trend of aggressive price competition [3][5] - The shift in business models from bundled sales to value separation is reshaping the market, allowing for more flexible service options [5][12] Competitive Landscape - Major players like New Stone and Nine Sense are deploying thousands of unmanned vehicles, with New Stone aiming for 10,000 units by year-end [6][10] - As the quality and road rights of different brands converge, price and service differentiation are becoming the key competitive factors [9][10] Revenue Structure - The revenue for unmanned delivery companies is derived from vehicle sales and ongoing subscription fees for fully autonomous driving (FSD) services [10][12] - New pricing models introduced by companies like New Stone aim to alleviate concerns over long-term costs and service fee increases [12] Future Outlook - The ongoing price reductions and service model innovations are expected to drive a shift in competition from hardware to operational and service-driven strategies [13] - The unmanned delivery vehicle market is poised for significant transformation, reminiscent of past price wars in other industries such as express delivery and smartphones [13]