文远知行系列 车中旭霞 公司深度 《文远知行（WRD.O）-全球L4级自动驾驶产品及解决方案先行者》——20250822 核心观点 全球L4级自动驾驶产品及解决方案先行者，主营Robotaxi、Robobus、Robovan、Robosweeper、服务业务 文远知行（纳斯达克代码：WRD.O）已在全球10个国家30个城市开展自动驾驶研发、测试及运营，公司提供从L2到 L4级别的自动驾驶产品和服务，涵盖Robotaxi、Robobus、Robovan、Robosweeper、ADAS等，其中Robotaxi商业模式 包含硬件收入、软件收入、收益分成。2025H1，公司营收2亿元，同比+33%，毛利率30.6%，同比-6pct，净亏损-7.9亿 元（24H1为-8.8亿），经调整净亏损为-5.95亿元（24H1为-3.2亿）。2025Q2，公司营收1.3亿元，同比+61%，其中 Robotaxi收入同比增长837%，占总收入比例达36%。 Robo-X行业：长赛道，大空间，自主Robo-X厂商崛起 L4产业发展加速， 技术提升+成本下降+出行效率提升+政策支持，L4产业商业化落地加速。 市场空间方面， 2030 ...

证券研究报告 | 2025年08月22日 文远知行（WRD.O） 优于大市 全球 L4 级自动驾驶产品及解决方案先行者 全球 L4 级自动驾驶产品及解决方案先行者，主营 Robotaxi、Robobus、 Robovan、Robosweeper、服务业务。文远知行（纳斯达克代码：WRD.O） 已在全球 10 个国家 30 个城市开展自动驾驶研发、测试及运营，公司提 供从 L2 到 L4 级别的自动驾驶产品和服务，涵盖 Robotaxi、Robobus、 Robovan、Robosweeper、ADAS 等，其中 Robotaxi 商业模式包含硬件收 入、软件收入、收益分成。2025H1，公司营收 2 亿元，同比+33%，毛利 率 30.6%，同比-6pct，净亏损-7.9 亿元（24H1 为-8.8 亿），经调整净 亏损为-5.95 亿元（24H1 为-3.2 亿）。2025Q2，公司营收 1.3 亿元，同 比+61%，其中 Robotaxi 收入同比增长 837%，占总收入比例达 36%。 Robo-X 行业：长赛道，大空间，自主 Robo-X 厂商崛起。L4 产业发展加速， 技术提升+成本下降+出行效率提 ...

又一家无人驾驶出行服务平台"出海"。萝卜快跑、文远知行和小马智行等国内多家自动驾驶企业频频布局海外市场。 百度创始人李彦宏表示，与Lyft合作在欧洲部署无人驾驶出行服务，并率先落地在德国、英国，是萝卜快跑全球化战略的重要里程碑。我们将携手全球合 作伙伴，让无人驾驶出行服务惠及全球用户。未来，百度将持续深化前沿自动驾驶技术与Lyft平台运营经验的融合，为欧洲用户提供更安全、绿色、高效 的出行服务。 Lyft首席执行官大卫·里舍（David Risher）表示，百度拥有全球规模最大的自动驾驶出行服务平台，其丰富经验意味着Lyft能将无人驾驶出行服务的优势 ——安全、可靠与隐私保护——带给数百万个欧洲用户。他同时表示，这是该公司"人机协同出行网络"战略的一部分：自动驾驶车辆与人类司机相辅相 成，共同为乘客提供深度契合其需求的选择方案。 8月4日，百度和Lyft战略合作消息发布后，截至收盘，百度上涨1.75%，Lyft上涨3.38%。 百度萝卜快跑进军欧洲市场 8月4日，百度宣布旗下无人驾驶出行服务平台萝卜快跑，将与海外网约车平台Lyft（来福车）达成战略合作，通过后者在欧洲提供无人驾驶出行服务。 根据双方规划，萝卜 ...

【导读】百度旗下萝卜快跑，将与海外网约车平台 Lyft 达成战略合作，在欧洲提供无人驾驶 出行服务 见习记者 储是 又一家无人驾驶出行服务平台 " 出海 " 。萝卜快跑、文远知行和小马智行等国内多家自动驾 驶企业频频布局海外市场。 百度萝卜快跑进军欧洲市场 8 月 4 日，百度宣布旗下无人驾驶出行服务平台萝卜快跑，将与海外网约车平台 Lyft （来福 车）达成战略合作，通过后者在欧洲提供无人驾驶出行服务。 根据双方规划，萝卜快跑的第六代无人车将于 2026 年率先落地德国和英国，双方将在欧洲 市场逐步扩大规模至数千辆，实现无人驾驶的规模化落地。 公开资料显示， Lyft 在车队管理、用户运营和本地化布局方面经验丰富。 Lyft 成立于 2012 年，总部位于美国旧金山，是美国网约车第二大平台，截至 2024 年，占据美国约 39% 的市场份额。 2019 年 3 月， Lyft 登陆纳斯达克，成为 " 全球网约车第一股 " 。 百度创始人李彦宏表示，与 Lyft 合作在欧洲部署无人驾驶出行服务，并率先落地在德国、英 国，是萝卜快跑全球化战略的重要里程碑。我们将携手全球合作伙伴，让无人驾驶出行服务 惠及全球用户 ...

国内自动驾驶"出海"再迎重要进展！ 8月4日，百度宣布旗下无人驾驶出行服务平台萝卜快跑，将与海外网约车平台Lyft达成战略合作，通过后者在 欧洲提供无人驾驶出行服务。根据双方规划，萝卜快跑的第六代无人车将于2026年率先落地德国和英国。 今年以来，包括萝卜快跑、文远知行和小马智行等国内多家自动驾驶企业频频发布进军海外市场的最新动态。 国内方面，近期自动驾驶出行服务（Robotaxi）也迎来政策利好。7月26日，《上海高级别自动驾驶引领区"模 速智行"行动计划》在世界人工智能大会期间发布。行动计划提出，到2027年，实现L4级自动驾驶载客突破 600万人次，开放道路超5000公里，具备L2和L3功能的新车占比超90%。当日，上海同时发布首批智能网联汽 车示范运营牌照。 百度萝卜快跑进军欧洲市场 券商中国记者8月4日从百度获悉，萝卜快跑与Lyft达成战略合作，将于2026年通过Lyft平台率先登陆英国、德 国市场。根据规划，双方将在欧洲市场逐步扩大规模至数千辆，实现无人驾驶的规模化落地。 消息发布后，百度、Lyft美股双双上涨。截至收盘，百度涨1.75%；Lyft涨3.38%，市值超59亿美元（420亿元人 民币 ...

Financial Performance - WeRide reported Q2 2025 revenue of US$17.8 million, representing a 60.8% year-on-year increase [8] - Robotaxi revenue surged 836.7% year-on-year to US$6.4 million, contributing 36.1% of total revenue, the highest concentration since 2021 [2][8] - Gross profit increased by 40.6% year-on-year, indicating steady growth [2][8] Commercialization Progress - WeRide's Robotaxi fleet in Abu Dhabi has tripled since December 2024, maintaining the largest fleet outside the US and China [3][9] - The company has achieved over 2,200 days of safe Robotaxi operations, setting an industry safety benchmark [3] - Plans to expand the Robotaxi fleet to hundreds and extend operations into additional areas of Abu Dhabi in 2025 [9] Technology Breakthroughs - WeRide launched the HPC 3.0 high-performance computing platform, developed with Lenovo and powered by NVIDIA's DRIVE AGX Thor chips [15] - The Robotaxi GXR became the world's first mass-produced Level 4 autonomous vehicle built on NVIDIA DRIVE AGX Thor chips [16] - The automotive-grade HPC 3.0 platform reduces the cost of the autonomous driving suite by 50% [16] Management Commentary - The CEO highlighted the rapid growth of the Robotaxi business as a reflection of the company's strategic vision and strong partnerships [15] - The CFO noted that the strong topline performance is driven by the increasing contribution from the Robotaxi business, indicating improved unit economics and commercial viability [15]

Core Insights - The Robotaxi industry is accelerating towards commercialization, with major players like Tesla, WeRide, and Pony.ai actively expanding their operations both domestically and internationally [1][2][4] Industry Developments - Tesla has shifted its Robotaxi service pricing from fixed fees to dynamic pricing based on mileage, indicating a move towards a more flexible business model [1] - WeRide and Pony.ai are not limited to Robotaxi services; they are also exploring other autonomous vehicle applications such as Robobus and Robotruck, enhancing their revenue streams [2][6] - The Shanghai "Action Plan" aims to achieve L4 autonomous driving for over 6 million passengers by 2027, with a significant increase in the number of new vehicles equipped with L2 and L3 capabilities [1][4] Market Expansion - WeRide has received operational licenses in Shanghai, marking its entry into the tenth city globally, while Pony.ai has established a commercial network in major Chinese cities [3][6] - Both companies are actively pursuing international markets, with WeRide operating in 10 countries and Pony.ai holding Robotaxi licenses in several nations [5][10] Technological Advancements - The maturity of L4 autonomous driving technology is improving, with companies like Waymo demonstrating safety and reliability through extensive testing [4][11] - Cost reductions in hardware and improvements in algorithm capabilities are critical for the large-scale commercialization of Robotaxi services [11][12] Financial Performance - WeRide reported a revenue of 127 million yuan in Q2, with Robotaxi business revenue increasing by 836.7% year-over-year, indicating strong growth potential [6] - Pony.ai's revenue for the first fiscal quarter of 2025 was approximately $780,000, with Robotaxi revenue growing by 200.3% [6] Future Outlook - The industry is expected to reach a break-even point within the next three to four years, with the potential for rapid market growth once profitability models are validated [12]

Core Viewpoint - The article highlights the strong performance of WeRide in the second quarter of 2025, driven by significant growth in its Robotaxi business and advancements in technology, positioning the company for further expansion in the global autonomous driving market [2][5][6]. Financial Performance - WeRide reported a revenue of 127 million RMB in Q2 2025, representing a year-on-year growth of 60.8% [5]. - The Robotaxi business generated 45.9 million RMB in revenue, showing an impressive year-on-year increase of 836.7% and accounting for 36.1% of total revenue, the highest quarterly share since 2021 [5]. - The gross profit for the quarter increased by 40.6%, indicating strong cost control and market expansion capabilities [5]. Strategic Expansion - WeRide's CEO emphasized that the strong performance marks a critical moment in the company's global journey, with the Robotaxi business proving the effectiveness of its dual expansion strategy in domestic and international markets [6]. - The company has recently achieved regulatory breakthroughs in the Middle East, including obtaining the first autonomous driving license in Saudi Arabia, making it the only tech company with autonomous driving licenses in six countries [9][11]. Technological Advancements - WeRide launched the HPC 3.0 high-performance computing platform, which utilizes NVIDIA's latest DRIVE Thor X chip, significantly reducing the cost of autonomous driving systems by 50% and the total lifecycle cost by 84% compared to previous generations [21][22]. - The HPC 3.0 platform has passed multiple automotive certifications and is designed for extreme environments, enhancing the company's ability to deploy Robotaxi services globally [22]. Market Outlook - Morgan Stanley predicts that the autonomous vehicle market will grow to $200 billion by 2030, indicating a potential explosive growth phase for companies like WeRide [7]. - The company is positioned to benefit from its commercial scale and technological advantages, which may lead to greater growth opportunities in the future [7].

Core Insights - WeRide has received Saudi Arabia's first Robotaxi autonomous driving permit, making it the only technology company with such permits in six countries [1][9] - The company is authorized to operate an autonomous vehicle business and deploy Robotaxis nationwide, starting pilot operations in Riyadh in collaboration with Uber and local partner Ai Driver [2][3] Company Developments - The pilot program launched covers key locations in Riyadh, including King Khalid International Airport and major highways, with a full-scale commercial service expected by the end of 2025 [3][4] - WeRide's Robotaxi completed the TGA's Regulatory Sandbox for AV Piloting, involving rigorous testing and assessments to ensure safety and performance [5] - The permit is seen as a significant step in WeRide's global expansion, enabling large-scale deployment and new revenue streams in Saudi Arabia [6] Regional Expansion - WeRide entered the Saudi market in May 2025 and has been testing its Robobus in various locations, including King Fahad Medical City and Aramco residential communities [7] - The company is also expanding its Robotaxi services in the Middle East, with ongoing fully driverless testing in Abu Dhabi and plans to extend services to Dubai [8] Industry Position - WeRide is recognized as a leader in the autonomous driving industry, being the first publicly traded Robotaxi company and having tested vehicles in over 30 cities across 10 countries [9]

Core Insights - WeRide has become the first company to obtain a self-driving license for its Robotaxi in Saudi Arabia, making it the only tech company globally with autonomous driving licenses in six countries: Saudi Arabia, China, UAE, Singapore, France, and the USA [1][5] Group 1: License and Operations - The license allows WeRide to operate Robotaxi services across Saudi Arabia, with a pilot program launched in Riyadh in collaboration with Uber and local partner AiDriver [2][5] - The pilot program covers key areas including King Khalid International Airport and major highways in Riyadh, with full commercial operations expected by the end of 2025 [2][5] Group 2: Regulatory Approval and Expansion - WeRide is the first company to pass the regulatory sandbox for autonomous driving in Saudi Arabia, which involves rigorous testing and evaluation by multiple government agencies [5] - The CFO of WeRide highlighted that obtaining the Robotaxi license is a significant step in the company's global expansion, unlocking new business opportunities and revenue channels [5] - In addition to the Robotaxi project, WeRide is deploying Robobus services in various regions of Saudi Arabia and has introduced an autonomous street cleaning vehicle, S1, marking the first commercial autonomous sanitation project in the region [5] Group 3: Regional Developments - WeRide is also accelerating its presence in other Middle Eastern regions, currently conducting the first pure unmanned Robotaxi tests in Abu Dhabi and planning to expand services to Dubai soon [6]