文远知行创始人兼CEO韩旭 "'十五五'规划建议就像为中国科技产业腾飞绘制的精准导航图，其中新质生产力、新型举国体制、新安全格局、中国式 现代化这四个关键词，不仅精准指向文远知行深耕的领域，更让我们看到了自动驾驶行业从技术领先迈向商业成功的关 键窗口期。"文远知行创始人兼CEO韩旭在接受中国经济网记者专访时，充满对未来五年行业发展的期待与信心。 韩旭认为，自动驾驶的发展也将融入"中国式现代化"的伟大征程。"中国庞大的出行和物流需求，复杂的混合交通场景， 是培育世界级自动驾驶技术的绝佳'试验田'。规划建议中所强调的新型城镇化、乡村振兴、交通强国等内容，蕴含着城 市公交、微循环、末端配送、城际货运等丰富落地场景，而自动驾驶技术的普惠化、绿色化应用，也将为中国式现代化 注入强劲动力。" 锚定这四大关键词，文远知行已明确了"十五五"时期的发展路径：持续高强度研发投入，巩固L4全栈技术领先优势；深 度融入国家战略协同，参与关键核心技术攻关联盟；打造全方位安全护城河，将各类安全置于最高优先级；聚焦规模化 商业落地，加速多场景应用拓展。"我们有信心在'十五五'时期，成为全球自动驾驶商业化落地与价值创造的标杆企 业。"韩旭表 ...

来源：市场资讯 （来源：野马财经） 成立至今已亏94亿。 作者｜虞灝 01 编辑｜刘钦文 试想一下，当你用手机叫车时，前来迎接你的是一辆没有驾驶员的汽车，它能安全、平稳地将你送达目 的地。还有凌晨四点的街道，穿梭于城市道路间进行清扫的，不再是辛劳的环卫工，而是一支支自动规 划路线、默默工作的无人驾驶车队。 这并非遥远的科幻设想，而是一家名为文远知行（WeRide Inc.）的公司正在全球超过30个城市奋力实现 的目标。这家自动驾驶领域的独角兽，不仅在广州、阿布扎比等城市部署了可以手机下单的Robotaxi （自动驾驶出租车），还将触角伸向了我们日常生活的更多角落——从解决"最后一公里"通勤的自动驾 驶小巴，到与快递巨头合作的自动驾驶货运车，甚至是不知疲倦地自动驾驶环卫车。 这家于2024年10月刚刚登陆美国纳斯达克的公司，正在寻求寻求"双重主要上市"。据港交所10月19日披 露，文远知行已正式通过港交所上市聆讯，有望成为港股"Robotaxi第一股"。 观察文远知行的财务数据不难看出，一方面其核心的Robotaxi业务收入在最新季度同比暴增超过800%， 商业化前景向好；但另一方面，公司自成立以来累计亏损高达 ...

Core Viewpoint - The company, Wenyan Zhixing, is making significant progress towards its listing in Hong Kong, having received approval from the China Securities Regulatory Commission for its overseas issuance plan, aiming to issue up to 102 million ordinary shares on the Hong Kong Stock Exchange [2][4]. Financial Performance - Wenyan Zhixing has experienced a decline in revenue and continued losses, with total losses exceeding 6.8 billion yuan over four years. Revenue peaked in 2022 at 528 million yuan but has since declined for two consecutive years, with decreases of 23.86% and 10.2% [5][6]. - The company's net losses have expanded over the years, with figures of 1.007 billion, 1.298 billion, 1.982 billion, and 2.517 billion yuan from 2021 to 2024, respectively. Although the net loss narrowed to 791 million yuan in the first half of 2025, profitability remains in question [5][6]. Revenue Breakdown - Revenue is categorized into product income and service income, with product income's gross margin at 17.3% and service income's gross margin at 47.6%. However, the contribution of service income has been decreasing, from 86.51% in 2022 to 65.29% in the first half of 2025 [7][9]. - The company relies heavily on specific large clients for revenue, with the top two clients accounting for 52.4% of total revenue as of June 30, 2024. This high client concentration poses risks to revenue stability [11][12]. Competitive Landscape - The competition in the autonomous driving sector is intensifying, with pressure from both peer companies and major automotive manufacturers accelerating their self-research efforts. Wenyan Zhixing faces challenges from competitors like Xiaoma Zhixing and Baidu's Apollo, which have made significant advancements in commercializing autonomous driving [13][17]. - Despite having a higher gross margin compared to Xiaoma Zhixing, Wenyan Zhixing's revenue scale is smaller, with a market capitalization significantly lower than its competitors, reflecting differing market confidence in their future prospects [15][17].

Core Viewpoint - The article discusses the recent developments regarding Wenyan Zhixing's plan to list on the Hong Kong Stock Exchange, highlighting its financial struggles and challenges in the autonomous driving sector. Financial Performance - Wenyan Zhixing plans to issue up to 102 million ordinary shares for its listing in Hong Kong, having previously listed on NASDAQ as the "first global autonomous driving stock" [2] - The company's stock price has declined significantly from its initial listing, dropping from $19.8 to $11.07, resulting in a market cap reduction of 32% [3] - Over the past four years, Wenyan Zhixing has reported cumulative losses exceeding 6.8 billion yuan, with revenues declining consecutively after peaking in 2022 [5][4] - The company’s revenue figures from 2021 to 2024 were 138 million, 528 million, 402 million, and 361 million yuan, with a revenue drop of 23.86% and 10.2% in the last two years [5] - Research and development expenses have been substantial, totaling 3.351 billion yuan from 2021 to 2024, representing over 300% of annual revenues in some years [7] Revenue Structure - Wenyan Zhixing's revenue is divided into product and service income, with product gross margins at 17.3% and service gross margins at 47.6% [8] - The contribution of service revenue has been decreasing, from 35.98% in 2022 to 65.29% in the first half of 2025, while product revenue has increased from 13.49% in 2023 to 34.71% in 2025 [10] - The company relies heavily on a few major clients, with the top two clients accounting for 52.4% of total revenue as of mid-2024 [11][13] Competitive Landscape - The competition in the autonomous driving sector is intensifying, with major players like Waymo, Xiaoma Zhixing, and Baidu Apollo leading the market [16][20] - Wenyan Zhixing faces challenges not only from other autonomous driving companies but also from traditional automakers that are advancing their own self-driving technologies [20] - The shift in industry dynamics emphasizes the need for sustainable revenue models and profitability, moving away from reliance on technology and funding [21]