Core Insights - New Stone Technology has completed over $600 million in Series D financing, setting a record for private equity financing in China's autonomous driving sector [1] - The funding will be used for technology research and development, product iteration, and global market expansion, reinforcing its leading position in the unmanned delivery industry [1] - China has introduced various policies to support the research and application of unmanned delivery technology, with cities like Hangzhou leading the way in legislation [1] Company Overview - New Stone Technology has delivered over 10,000 L4 autonomous vehicles since its establishment in 2018, with a monthly delivery exceeding 2,000 units [1] - The company holds over 60% of the domestic market share in urban delivery and serves major logistics companies like SF Express and JD.com [1] - The company has deployed 1,200 vehicles in Qingdao, making it the city with the highest number of autonomous delivery vehicles globally [1] Industry Trends - The cost of unmanned delivery vehicles is decreasing, with operational costs around 0.4-0.5 RMB per kilometer, and a vehicle lifespan of 8 years with a mileage of 300,000-500,000 kilometers [2] - The autonomous driving technology developed by New Stone aims to eliminate reliance on high-precision maps, facilitating commercial maturity in unmanned delivery [2] - East Wu Securities predicts that sales of unmanned delivery vehicles in China will exceed 30,000 units by 2025, with a potential demand of over 100,000 units by 2027 when considering both domestic and international markets [3]