GUANGZHOU, China, July 02, 2025 (GLOBE NEWSWIRE) -- WeRide (Nasdaq: WRD), a global leader in autonomous driving technology, has become the first and only company authorized to road test autonomous logistics vehicles in Huangpu, Guangzhou, after securing the district's inaugural permit for its Robovan W5. WeRide’s Robovan W5 is authorized for road testing in Huangpu District, Guangzhou This marks the Robovan W5's second active road testing permit, following an earlier approval in Guangzhou's Nansha District ...

证券研究报告 无人物流专题：万事具备，爆发元年 ——无人驾驶深度之一 电新首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 电动车首席证券分析师 ：阮巧燕 执业证书编号：S0600517120002 联系邮箱：ruanqy@dwzq.com.cn 联系电话：021-60199793 2025年6月10日 目录 | Part1 万事具备，爆发元年 | | --- | Part2 聚焦无人物流车企，运营服务利润空间大 Part3：主流车企卖车 + 运营双轮驱动，势头强劲 Part4 投资建议与风险提示 2 2 摘要 备注：全文的"预计"如果没有特别说明，均为东吴证券研究所电新组预测 3 ◆ 无人物流万事具备，爆发元年。无人物流多应用于支线运输，公里数为3-100km，多为城市内或城市到 乡镇，路线固定，可替代210万辆轻型商用车。当前政策+技术+经济性三大要素备齐，25年销量爆发。 政策端，全国200多个城市已开放路权审批，流程从申请到测试周期缩短至3-6个月。技术端，L4自动驾 驶在限定ODD和低速场景（≤40km/h）时趋于成熟，龙头事故率低 ...

Group 1: New Stock Market Insights - The new stock market activity has decreased, with the first-day gains and opening valuations of new stocks in May declining across the three major boards [5][4] - In the past week, 10 new stocks recorded positive gains, accounting for 20.83% of the total, down from 26.53% previously [5] - The main board saw a new stock, Guqi Textile Materials, debut with a first-day gain of 148.34% and an opening valuation of 34.86 times [5] Group 2: Automotive Industry Developments - Multiple companies are accelerating their layouts to compete in the trillion-level unmanned logistics market, with significant growth in the sector [6][8] - As of 2024, the scale of unmanned delivery vehicles has exceeded 6,000 units, delivering over 100 million orders across more than 100 sub-segments [8] - The unmanned delivery vehicle industry is expected to see a substantial increase in production, with New Stone Technology delivering over 1,000 unmanned vehicles monthly, projecting a monthly delivery of 2,000 units in the second to third quarters of 2025 [9] Group 3: Aviation Industry Insights - The development of China's large aircraft has faced challenges but has ultimately succeeded with the C919, marking a significant milestone in the country's aviation industry [13][14] - The demand for large aircraft is shifting towards the Asia-Pacific region, with China projected to receive 9,323 new aircraft over the next 20 years, representing 21.3% of global deliveries [13] - China Commercial Aircraft Corporation (COMAC) is positioned as a potential disruptor in the duopoly of Boeing and Airbus, benefiting from domestic demand and the successful rollout of the C919 [13][16] Group 4: Non-Banking Financial Sector - The regulatory body is developing evaluation methods for financial services, emphasizing technology finance as a key assessment indicator [15][17] - The evaluation framework includes a scoring system that prioritizes technology-related financing activities, reflecting the regulatory focus on enhancing services for technology enterprises [17] - Recent regulatory changes aim to improve corporate governance among listed companies, promoting better practices and protecting minority investors [17]

从跌停到涨停，只用了8分钟，无人驾驶物流车概念股的股价走势太刺激了。 今日，合兴股份开盘跌停，3分钟后快速拉涨，并于9:41涨停，实现4天3板，最新报21.99元/股，总市值88.18亿元。 自4月9日以来，合兴股份的股价累计涨近41%。 | 表 1: 头部无人物流科技公司融资情况(数据截至 2025年5月24日) | | | --- | --- | | 花业 | 融资情况 | | 新石器 | 2025年. 新石器无人车宣布完成10亿元人民币 C+轮融资,本轮由多家物流巨 | | 头和中金浴本等财务投资人共同加持,高龄资本担任长期财务题问。 | | | 九识智能 | 2025年,公司宣布完成1亿美元 B3轮融资交割,至此,九识智能 B 轮融资全 | | 部完成交割,总金额近3亿美元。 | | | 白庫牛 | 2025年,自动驾驶公司白犀牛宣布完成了2亿元B轮融资,由顺丰领投,鑫源 | | 汽车与老股东线性资本跟投。 | | | 卡尔动力 | 2025年,卡尔动力累计融资近３亿元,投资方包括鄂尔多斯市国投集团、深创 | | 投集团、陕汽基金、策源资本及其他场景投资方。 | | | 驭势科技 | 2023年,吸势 ...

十五运会期间，自动驾驶小巴车将搭载着运动员的来往于机场、赛场和酒店；自动驾驶清扫车穿梭于城 市街道，保障路面清洁；无人快递车实现点对点运送快递......5月26日，广州自动驾驶应用场景路演在广 交会展馆广交会堂北广场举行，6家企业带来10余款自动驾驶最新产品。 据了解，结合十五运会和残特奥会的人员出行、环卫保洁、物资运送等需求，自动驾驶将应用于出行服 务、环卫清扫、物流运输等场景。其中，祺迹汽车将为赛事提供全国首个车规级全冗余自驾小巴祺迹 L60，可以应用于赛事人员出行，以及助残车、医疗保障车等多个场景。 自动驾驶新技术亮相十五运 记者了解到，广州公交集团为全运会准备7条自动驾驶小巴线路，分别是广东奥体中心循环运行示范 线、南沙体育馆循环运行示范线、主新闻中心-主转播中心循环运行示范线、BRT便民线、广州塔观光 便民线、生物岛观光便民线、羊城智慧巴士文旅示范线。未来具备公共载客条件后，将为相关人群提供 自动驾驶服务体验。 据介绍，广州自2017年开展自动驾驶道路测试以来，已具备良好产业基础，形成相对完整生态，测试道 路里程、车辆数量均位居全国前列。数据显示，当前在广州开展道路测试与示范运营的自动驾驶车辆共 ...

Core Insights - WeRide Inc. reported its unaudited financial results for Q1 2025, highlighting a total revenue of RMB72.4 million (US$10.0 million), a 1.8% increase from the same period in 2024, despite global economic uncertainties [15][4][14] - The company expanded its robotaxi services through strategic partnerships, notably with Uber, which includes a US$100 million equity investment and the launch of services in 15 additional cities [3][4][14] - WeRide's gross profit margin remained stable at 35% in Q1 2025, with a significant increase in revenue contribution from the robotaxi business [4][18] Financial Performance - Total revenue for Q1 2025 was RMB72.4 million (US$10.0 million), compared to RMB71.2 million in Q1 2024 [15] - Revenue from the robotaxi business was RMB16.1 million (US$2.2 million), contributing 22.3% of total revenue, up from 11.9% in the same period of 2024 [4][15] - The company reported a net loss of RMB385.1 million (US$53.1 million), an improvement from a net loss of RMB468.1 million in Q1 2024 [21][37] Strategic Partnerships and Expansion - WeRide expanded its partnership with Uber to include 15 additional cities, enhancing its robotaxi services and aiming for scalable operations [3][4][14] - The company launched its robotaxi services in Dubai in collaboration with the Dubai Road and Transport Authority and Uber, marking a significant step in international expansion [4][3] - WeRide and Tencent Cloud entered into an expanded strategic cooperation agreement to support autonomous driving R&D and commercialization efforts [3] Regulatory Approvals and Technological Advancements - WeRide obtained multiple regulatory approvals for commercial deployments in both domestic and international markets, facilitating its expansion efforts [4] - The company received the first batch of driverless road-testing licenses for its robovan W5 in Guangzhou, China, marking a significant regulatory milestone [8] - WeRide launched fully driverless robotaxi testing in Abu Dhabi, the first of its kind in the Middle East, and introduced a 24-hour autonomous ride-hailing network in Guangzhou [11][4] Research and Development - R&D expenses increased to RMB325.7 million (US$44.9 million) in Q1 2025, reflecting a 17.3% increase from RMB277.6 million in Q1 2024, driven by personnel-related expenses and professional service fees [21] - The company is focused on enhancing its technological leadership and expanding its end-to-end mass-market ADAS solutions [14][21] Market Position and Future Outlook - WeRide is positioned as a global leader in autonomous mobility, with operations in over 30 cities across 10 countries [32] - The company aims to make autonomous driving accessible and affordable, with ongoing efforts to diversify revenue streams and expand its market presence [14][4]

在国内，4月30日，文远知行正式获得广州市南沙区首批无人驾驶装备道路测试牌照，企业旗下无人驾 驶物流车robovan W5获准在南沙区开展道路测试活动。小马智行则通过在北上广深四大一线城市落地全 无人Robotaxi的成熟经验，覆盖从市中心闹市区至机场高铁站等高快速路，进行一体化运营。 政策助力 根据去年8月发布的《关于促进汽车产业加快发展的意见（公开征求意见稿）》，到2027年，广州市汽 车产业转型升级初见成效，力争汽车产量超320万辆，规模以上汽车制造业产值超6700亿元，新能源汽 车产量超150万辆，L2（含）以上级别自动驾驶汽车新车占比超过80%，L3（含）以上级别新车占比超 过20%，自动驾驶商业化运营投放车辆达10000辆。 （文章来源：广州日报） 广州日报讯 （全媒体记者周伟力、邓莉摄影报道）昨日，文远知行与优步共同宣布扩大战略合作，计 划未来五年将新增15座国际城市，部署自动驾驶Robotaxi服务，包含欧洲、中东等区域的国际市场。同 日，小马智行也宣布与Uber达成全球战略合作，小马智行Robotaxi服务和车队将在今年下半年接入Uber 平台，共同加速自动驾驶技术商业化落地。 文远知行和U ...

GUANGZHOU, China, April 30, 2025 (GLOBE NEWSWIRE) -- The unveiling ceremony for Guangzhou Nansha District's Autonomous Driving Test Base and Smart Transportation Demonstration Zone was held today in Mingzhu Bay. At the event, WeRide (NASDAQ: WRD), a global leader in autonomous driving technology, received the district's first batch of driverless road testing licenses, authorizing its Robovan W5 for driverless testing on public roads. This marks the first time such licenses are granted in Guangzhou since Na ...

据文远知行消息，4月30日，广州南沙区"自动驾驶测试基地和智慧交通示范区"揭牌仪式在南沙区明珠 湾举行。仪式上，文远知行WeRide正式获得广州市南沙区颁布的首批无人驾驶装备道路测试牌照，公 司无人驾驶物流车robovan W5获准在南沙区开展道路测试活动。 ...

WeRide (WRD) Q4 2024 Earnings Call March 14, 2025 07:00 AM ET Company Participants Tony Han - Founder, Chairman & CEOJennifer Li - CFOLiping Zhao - Vice PresidentTing Song - Global Investment Research AssociateJiaqi Huang - Equity Research Associate Conference Call Participants Tim Hsiao - AnalystJiajie S - Equity Research AnalystNone - AnalystLeo You - Equity Research Analyst Operator Good morning and good evening ladies and gentlemen. Thank you for standing by and welcome to WeRite's Fourth Quarter and Fu ...