国泰海通晨报 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 2026 年 03 月 26 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【食品饮料研究】中国食品：25 年公司整体营收稳定扩张，同时通过效率提升对冲部分原物料 压力，预计 26 年公司将继续维持平稳增长。维持"增持"评级。 2、【批零社服研究】老铺黄金：公司品牌势能提升，高端定位凸显，单店销售业绩有望维持增长。 3、【计算机研究】锐明技术：Robobus、数据中心配套产品等新业务不断打开收入天花板。 訾猛(分析师) 021-38676442 zimeng@gtht.com S0880513120002 颜慧菁(分析师) 021-23183952 yanhuijing@gtht.com S0880525040022 张宇轩(分析师) 021-23154172 zhangyuxuan@gtht.com S0880525040039 本次评级 ...

1）收入端：2025Q4营收3.14亿元，同比+123.0%，其中产品营收2.11亿元，同比+308.9%，主要系Robotaxi和Robobus销售收入增加；服务营收1.03亿元，同比 +15.2%，主要系智能数据服务及自动驾驶支持服务收入增加。Robotaxi业务（包括产品和服务）营收0.51亿元，同比+66.4%，主要系产品销售收入增长驱动； 公司发布2025年业绩公告，2025年实现营收6.85亿元，同比+89.6%；净亏损17.00亿元，同比减少34.2%；经营亏损18.00亿元，同比减少15.5%。2025Q4实现营收 3.14亿元，同比+123.0%；经营亏损5.77亿元，同比减少1.7%，净亏损5.56亿元，同比减少6.1%。 02 分析判断 2）利润端：2025Q4毛利率28.5%，同比-8.0pct，主要由于高毛利的ADAS研发服务收入贡献减少所致。2025Q4净亏损为5.56亿元，同比减少6.1%； 3）费用端：2025Q4研发开支为4.11亿元，同比+28.9%，主要系加大全球数据合规工作及前装Robotaxi研发投入所致；2025Q4行政开支为2.17亿元，同比-28.8%， 主要系 ...

2025 年利润高增，新业务带来新增长 锐明技术(002970) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 杨蒙(分析师) | 021-23185700 | yangmeng@gtht.com | S0880525040072 | 本报告导读： Robobus、数据中心配套产品等新业务不断打开收入天花板。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,699 | 2,777 | 2,591 | 3,250 | 3,973 | | (+/-)% | 22.8% | 63.5% | -6.7% | 25.5% | 22.2% | | 净利润(归母) | 102 | 290 | 394 | 509 ...

中东 UE 转正驱动商业化路径加速明朗 华泰研究 季报点评 2026 年 3 月 24 日│中国香港/美国 科技 证券研究报告 文远知行-W (800 HK/WRD US) 文远知行发布 25Q4 业绩，股价盘前上涨约 10%，盘中回落至约-5%，收盘 上涨约 9%。我们认为，本次财报体现营收高增、单车 UE 改善，但市场仍 担忧亏损水平较高，且管理层尚未明确国内单车 UE 拐点。25Q4 营收 3.14 亿元，同比+123%，Non-GAAP净利润-3.76亿元，Non-GAAP净利率-120%， 环比收窄 41pct。公司全年营收 6.8 亿元，同比+90%，Non-GAAP 净利润 -12.47 亿元，Non-GAAP 净利率-182%，同比收窄 40pct。Robotaxi 业务全 年营收 1.5 亿元，同比+210%；其中 4Q 同比+66%至 5060 万元，国内注 册用户同比超 900%。目前公司现金储备约 71 亿元，资金充足，并计划于 27 年 3 月前回购约 1 亿美元。截至 26 年 3 月，文远全球车队总数 2,113 辆，其中 Robotaxi 1,125 辆，2026 年目标提升至 ...

文远知行-W（0800.HK）系列点评一 2025 营收高增 Robotaxi 全球化持续落地 glmszqdatemark 事件：公司发布 2025 年业绩公告，2025 年实现营收 6.85 亿元，同比+89.6%； 净亏损 17.00 亿元，同比减少 34.2%；经营亏损 18.00 亿元，同比减少 15.5%。 2025Q4 实现营收 3.14 亿元，同比+123.0%；经营亏损 5.77 亿元，同比减少 1.7%，净亏损 5.56 亿元，同比减少 6.1%。 [盈利预测与财务指标 Table_Forcast] | 单位/百万人民币 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入 | 685 | 1,076 | 1,881 | 2,964 | | 增长率（%） | 89.6 | 57.1 | 74.8 | 57.6 | | 归母净利润 | -1,655 | -1,421 | -1,287 | -1,278 | | 增长率（%） | 34.2 | 14.2 | 9.4 | 0.7 | | EPS | -1. ...

WeRide also reported higher gross profit. Li said group gross profit in Q4 increased 74% to RMB 89 million, with a gross margin of 28%. For the full year, gross profit was RMB 207 million, up 87%, with a 30% gross margin.Li broke out Q4 performance by segment, noting product revenue increased 309% to RMB 211 million, “mainly driven by increased sales of Robotaxis and Robobuses,” while service revenue increased 15% to RMB 103 million. For the full year, product revenue was RMB 360 million and service revenue ...

WeRide (NasdaqGM:WRD) Q4 2025 Earnings call March 23, 2026 08:00 AM ET Company ParticipantsJennifer Li - CFO and Head of InternationalTony Han - Founder, Chairman, and CEONone - Company RepresentativeConference Call ParticipantsFang Xinyu - Associate AnalystJiajie Shen - Equity Research AnalystLeo You - Research AnalystMing-Hsun Lee - Equity Research AnalystTim Hsiao - Equity AnalystOperatorGood morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to WeRide's Q4 and Full Ye ...

WeRide (NasdaqGM:WRD) Q4 2025 Earnings call March 23, 2026 08:00 AM ET Company ParticipantsJennifer Li - CFO and Head of InternationalTony Han - Founder, Chairman, and CEONone - Company RepresentativeConference Call ParticipantsFang Xinyu - Associate AnalystJiajie Shen - Equity Research AnalystLeo You - Research AnalystMing-Hsun Lee - Equity Research AnalystTim Hsiao - Equity AnalystOperatorGood morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to WeRide's Q4 and full ye ...

WeRide (NasdaqGM:WRD) Q4 2025 Earnings call March 23, 2026 08:00 AM ET Speaker4Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to WeRide's Q4 and full year 2025 earnings conference call. Please note that today's event is being recorded. At this time, all participants are in listen-only mode. For today's call, management will use English as the main language. A third-party interpreter will provide simultaneous Chinese interpretation. The company will be hosting a q ...

Core Insights - WeRide Inc. reported significant financial growth in 2025, with total revenue reaching RMB684.6 million (US$97.9 million), a year-over-year increase of 89.6% [24]. - The company achieved a notable milestone in its robotaxi business, expanding its global fleet to 1,125 vehicles and enhancing operational efficiency through technological advancements [4][6]. - WeRide's international operations have expanded into 12 countries, with successful deployments in key markets such as Europe and the Middle East [10][14]. Financial Highlights Fourth Quarter 2025 - Total revenue for Q4 2025 was RMB314.0 million (US$44.9 million), up 123.0% from RMB140.8 million in Q4 2024 [17]. - Product revenue surged by 308.9% year over year to RMB211.4 million (US$30.2 million), driven by increased sales of robotaxi and robobus [19]. - Gross profit for Q4 2025 was RMB89.5 million (US$12.8 million), reflecting a gross profit margin of 28.5% [19][20]. Full Year 2025 - Total revenue for the full year 2025 was RMB684.6 million (US$97.9 million), compared to RMB361.1 million in 2024 [24]. - Product revenue increased by 310.3% year over year to RMB359.8 million (US$51.5 million) [30]. - The net loss for 2025 narrowed to RMB1.7 billion (US$236.6 million), a 34.2% improvement from the previous year [29]. Operational Updates - The robotaxi business remains a key growth driver, with a 66.4% increase in robotaxi revenue to RMB50.6 million (US$7.2 million) in Q4 2025 [19]. - WeRide's global robotaxi fleet is projected to reach 2,600 vehicles by the end of 2026, with ongoing expansion in international markets [14]. - The company received the first-ever driverless robotaxi permit in Europe, establishing a first-mover advantage in the market [9]. Technology Development - WeRide has launched the WeRide GENESIS platform, enhancing AI-driven development and reducing on-road testing costs [14]. - The next-generation robotaxi GXR is set to improve safety and lower costs, with production times reduced to under 10 minutes [14]. Share Repurchase Program - The board of directors authorized a share repurchase program of up to US$100 million, effective March 23, 2026 [13].