Core Points - The sudden announcement of a work stoppage at Haomo Zhixing highlights the company's operational difficulties and potential dissolution, with no clear communication regarding compensation or future plans [1][8] - Haomo Zhixing, once valued at over $1 billion and backed by major investors, has faced significant challenges, including account freezes, unpaid wages, and executive departures, leading to a drastic reduction in workforce from over 1,000 to less than 300 [1][7][11] - The company's reliance on a single client, Great Wall Motors, has proven detrimental as shifts in Great Wall's strategy have directly impacted Haomo's cash flow and operational viability [9][10] Company Background - Haomo Zhixing originated from Great Wall Motors' intelligent driving division and was established as an independent entity in November 2019, with significant backing from various investors [3][5] - The company initially thrived in the capital market, securing nearly 2 billion RMB in funding and achieving a peak valuation of 9 billion RMB by April 2024 [5][6] Business Operations - Haomo's business model primarily revolves around providing intelligent driving solutions for passenger vehicles, heavily relying on Great Wall Motors as its main customer [6][7] - The company also ventured into low-speed unmanned logistics vehicles, aiming to diversify its revenue streams, but this segment has not met expectations [7][11] Industry Context - The challenges faced by Haomo Zhixing reflect a broader trend in the Chinese intelligent driving sector, where many companies are struggling to survive amid tightening capital and increased competition [2][13] - In 2024, 37 companies in the autonomous driving field declared bankruptcy or ceased operations, indicating a significant industry contraction [13][16] - The market is becoming increasingly concentrated, with the top five companies capturing 78% of the market share by 2025, suggesting a shift towards fewer, more robust players [14][15] Conclusion - The downfall of Haomo Zhixing serves as a cautionary tale within the intelligent driving industry, emphasizing the need for sustainable business models and diversified client bases to withstand market fluctuations [16][18] - The industry is moving away from speculative investments towards a focus on profitability and operational efficiency, with only a few companies likely to emerge as leaders in the future [17][19]

"突然来了个停工通知，此前没有任何说辞。"毫末智行一位员工向南都·湾财社记者描述这两天的状 态，"同事们没办法，依然正常到岗。但早上还能正常打卡，现在发现已经无效了。但公司里不乏孕 妇、背负房贷车贷的员工。公司账户冻结得很突然，停工通知同样突然，高管至今没有发声。" 2025年11月24日，曾估值超10亿美元的自动驾驶独角兽企业——毫末智行科技有限公司（简称"毫末智 行"），被曝陷入全面停摆。多位公司内部人士向南都·湾财社证实，公司于11月22日下午通过内部群组 发布了"停工放假通知"，宣布自11月24日起，北京、上海、深圳、保定四地所有在职员工停工放假，复 工时间另行通知。 一纸通知突袭全员，300名员工陷入困局 "通知是突然发的，没有任何预兆。"一位毫末智行员工向南都记者透露，通知内容极为简短，仅称"基 于公司经营现状"，决定全员停工放假，但对停工期限、薪资发放、社保公积金缴纳以及赔偿方式等关 键问题只字未提，而公司核心管理层也集体沉默，只留下"复工待通知"的模糊表述。 "据传公司控制权早就在长城了，高管也无能为力。"一位公司内部人士透露，"极小部分员工收到了长 城的工作邀约，但此外没有看到任何引荐或者员 ...