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 ...

Year-to-date, BYD leads by more than 10,000 units and is up 162% year-over-year. Tesla is essentially flat.Now BYD is coming for Canada.Canada Is NextBYD is planning 20 branded dealerships in Canada within its first year, after Canada slashed its 100% tariff on Chinese-built EVs to 6.1% in January. Three locations in the Greater Toronto Area are already under discussion, with Vancouver, Montreal, and Calgary next.Tesla’s Canadian sales collapsed more than 60% in 2025 to roughly 18,000 units. General Motors ...

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 ...

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息， 本篇 为栏目第 322 篇报道。 整理丨 Lucus 本周（ 3 月 16 日至 3 月 22 日）出海大事件包括 ： 速卖通与 YouTube 在韩国市场达成合作 ； TikTok Shop 加速拓展欧洲市场； 京东正式推出欧洲购物平台 Joybuy ； 文远知行落地斯洛伐克； 比亚迪在巴西投资首个测试中心； 库克回应OpenClaw带动MacMini大卖 ；Kimi回应马斯克点赞： 你的火箭也不错 出海四小龙 速卖通与 YouTube 在韩国市场达成合作 3月21日，据外媒报道，阿里旗下速卖通与YouTube达成合作，加入YouTube"购物联盟计划"，挖 掘AI时代新的流量入口。通过此次合作，YouTube将成为速卖通新的分销渠道。 此次合作打通 "内容 + 电商" 关键链路，YouTube 将成为速卖通全新分销渠道。用户在观看视频 时，可直接发现并下单平台商品，实现 "边看边买" 的流畅购物体验；同时，速卖通也为 YouTube 生态带来海量全球优质商品资源，助 ...

The future should look like the futureRobovan is 🤯https://t.co/5iCGyI3FPM ...

Core Insights - WeRide has announced its entry into Slovakia through a partnership with ELEVATE Slovakia, launching the country's first autonomous vehicle (AV) program, marking Europe's first large-scale, multi-product autonomous driving commercial deployment [1][14] - This expansion into Slovakia represents WeRide's fourth European market, following France, Belgium, and Switzerland, and extends its global presence to over 40 cities across 12 countries [1][5] Group 1: Partnership and Initiative - ELEVATE Slovakia is a multi-stakeholder initiative involving public sector partners, academia, and private companies, aimed at establishing a safe regulatory framework for autonomous mobility [2][10] - The partnership will enable Slovakia to test autonomous technologies responsibly, with a focus on public interest and transparent verification of technologies [4][7] Group 2: Deployment and Operations - WeRide will deploy a multi-product portfolio in Slovakia, including Robotaxi, Robobus, Robovan, and Robosweeper, to support various sectors such as passenger mobility, parcel logistics, and sanitation operations [3][14] - The first AVs are expected to arrive in Slovakia in spring 2026, with testing scheduled to begin in Bratislava in the first half of 2026, followed by expansion to Košice and the High Tatras [3][14] Group 3: Strategic Goals and Future Plans - WeRide aims to have over 2,600 active Robotaxis by the end of 2026 and tens of thousands globally by 2030, positioning Slovakia as a strategic step in its global expansion [5] - The collaboration with local technology company DiusAi will facilitate system integration and operational support for the deployment of autonomous technologies [6]

3月26日 深圳市福田区 香格里拉大酒店 议程安排 ● 13:30-14:00 人形机器人量产设计与场景化应用 郭继舜-格蓝若机器人总经理 ● 14-00-14:30 从投资看汽车业发展 崔宸龙-前海开源基金投资部负责人、基金经理 ● 14:30-15:00 构建一键式、放心的智慧低空出行生态 郑家响-广东高域科技有限公司 联合创始人、副总经理 ● 15:00-15:30 Robovan发展趋势 部立本 十 次 知 JUS DD (D 国泰海通 in 2 2 2 8 8 4 2 3 8 4 2 3 4 2 3 4 2 3 2 3 4 2 3 3 2 3 4 2 3 3 3 3 4 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 国泰海通2026春季策略会 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关 ...

Core Insights - Tesla Inc has experienced its 13th consecutive month of declining sales in Europe, with new car registrations falling 17% year-on-year in January to 8,075 units, resulting in a market share drop to 0.8% from 1% a year earlier [1][2] - In contrast, BYD Company has seen a significant increase in market share, with sales volume in Europe more than doubling, reaching 18,242 units, a 165% year-on-year increase [3][4] Group 1: Tesla's Sales Performance - Tesla's sales volume across 13 European markets has dropped approximately 50% since January 2024, indicating an accelerating decline [3] - In the UK, Tesla's registrations have plunged by 57% [3] - Despite Tesla's struggles, battery electric car sales in the EU increased nearly 14% in January, with the segment now accounting for almost 20% of the market [3] Group 2: Competitive Landscape - BYD has overtaken Tesla as the world's top EV brand, highlighting the competitive pressure Tesla faces from Chinese automakers who have a cost advantage [4] - Globally, Tesla's deliveries have fallen for two consecutive years, with a reported drop of 8.6% in 2025 to 1.64 million units [4] Group 3: Market Sentiment on Future Innovations - Much of Tesla's valuation, approximately $1.5 trillion, is based on the potential success of autonomous vehicles, with Elon Musk claiming robotaxis could represent "the largest asset value increase in human history" [5] - Market sentiment appears skeptical regarding the timeline for Tesla's robotaxi milestones, with low trading volumes indicating that bettors are pricing these developments as unlikely [6]

Core Insights - Tesla Inc has experienced its 13th consecutive month of declining sales in Europe, while BYD Company has significantly increased its market share, more than doubling it [1][2]. Sales Performance - Tesla's new car registrations in the EU, UK, and EFTA fell 17% year-on-year in January to 8,075 units, with market share decreasing to 0.8% from 1% a year earlier [2]. - Across 13 European markets, Tesla's sales volume has dropped approximately 50% since January 2024, indicating an accelerating decline [2]. - In the UK, Tesla registrations plummeted by 57% [2]. - In contrast, battery electric car sales in the EU rose nearly 14% in January, now accounting for almost 20% of the market [3]. Competitive Landscape - BYD sold 18,242 cars in January, marking a 165% year-on-year increase, which gives it more than double Tesla's European market share [3]. - BYD has overtaken Tesla as the world's top EV brand [4]. Global Sales Trends - Tesla's global deliveries have declined for two consecutive years, with a drop of 8.6% in 2025 to 1.64 million units [3]. Autonomous Vehicle Developments - A significant portion of Tesla's $1.5 trillion valuation is based on the potential of autonomous vehicles, with Elon Musk claiming robotaxis could represent the largest asset value increase in history [5]. - However, market sentiment is skeptical, with low probabilities assigned to the launch of robotaxis and other related products by specified deadlines [6][9]. Industry Comparisons - Waymo has expanded its operations to 10 U.S. cities, logging over 400,000 driverless rides per week and targeting 1 million rides by year-end, supported by $16 billion in new capital [7][8]. - Tesla's autonomous vehicle testing has faced challenges, with a Jefferies note indicating that only 2 out of 15 test rides were conducted without a safety driver [8]. Investor Sentiment - Despite the challenges, some analysts maintain bullish projections for Tesla, with price targets ranging from $600 to $2,600 by 2030 based on various growth catalysts [9].