近日，佑驾创新(02431)与湖南湘江智能科技创新中心有限公司全资子公司湖南湘江智芯云途科技有限 公司(以下简称"智芯云途")正式达成合作，双方将聚焦无人物流车技术应用深化、商业场景规模化落地 等核心方向展开深度协同，共拓智能物流新生态。 双方约定，截至2026年底，佑驾创新将向智芯云途交付100台无人物流车及配套软件系统，产品矩阵涵 盖小竹无人车T5、T8及合作期内全新上市的迭代产品，全面满足多元物流场景需求。 作为合作另一方，智芯云途将依托其在湖南本地的优质场景资源、成熟产业整合能力及政策支持优势， 为小竹无人车在湖南的规模化运营、场景适配等提供全方位保障，加速技术落地效率。 此次合作并非偶然，而是基于双方深厚的信任基础与前期合作积淀。 在此之前，佑驾创新已与湖南湘江新区在V2X技术应用、无人小巴运营等领域达成深度合作，成功落地 无人小巴运营路线;今年9月，凭借在自动驾驶领域的技术实力与场景落地成果，佑驾创新更是斩获"湖 南湘江新区智能网联汽车车路云一体化试点典型应用场景 自动驾驶巴士"奖项，得到官方高度认可。 值得关注的是，小竹无人车此前已与中国邮政、东部公交等行业龙头达成战略合作，并完成快递行业首 批 ...

在此之前，佑驾创新已与湖南湘江新区在V2X技术应用、无人小巴运营等领域达成深度合作，成功落地无人小巴运 营路线；今年9月，凭借在自动驾驶领域的技术实力与场景落地成果，佑驾创新更是斩获"湖南湘江新区智能网联汽 车车路云一体化试点典型应用场景 自动驾驶巴士"奖项，得到官方高度认可。 持续推动无人物流场景的广度覆盖与深度渗透。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，佑驾创新（2431.HK）近日与湖南湘江智能科技创新中心有限公司全资子公司湖南湘江智芯云 途科技有限公司（以下简称"智芯云途"）正式达成合作，双方将聚焦无人物流车技术应用深化、商业场景规模化落 地等核心方向展开深度协同，共拓智能物流新生态。 双方约定，截至2026年底，佑驾创新将向智芯云途交付100台无人物流车及配套软件系统，产品矩阵涵盖小竹无人 车T5、T8及合作期内全新上市的迭代产品，全面满足多元物流场景需求。 作为合作另一方，智芯云途将依托其在湖南本地的优质场景资源、成熟产业整合能力及政策支持优势，为小竹无人 车在湖南的规模化运营、场景适配等提供全方位保障，加速技术落地效率。 ...

Core Insights - The logistics sector is undergoing a transformation driven by vehicle-grade technology, as evidenced by the recent launches of autonomous delivery vehicles by companies like Youjia Innovation and Desay SV. This shift highlights the increasing demand for reliability, durability, and environmental adaptability in autonomous delivery vehicles [2][5][6]. Group 1: Product Launches and Specifications - Youjia Innovation's first model, the T5, has a cargo space of 5.5m³, a maximum load of 1000kg, and a range of 180km, targeting express city distribution and retail sectors. The T8 model offers 8.5m³ of space, a maximum load of 1700kg, and a range of 240km, suitable for industrial logistics [3]. - Desay SV's S6 series features a cargo volume of 6m³ and employs a vehicle-grade control chassis, meeting over 80 national automotive standards and 110 local standards, enhancing product reliability and manufacturing quality [4]. Group 2: Industry Trends and Standards - The trend towards vehicle-grade standards in autonomous delivery vehicles indicates a shift from experimental phases to large-scale commercial applications, emphasizing the importance of durability and reliability in reducing maintenance costs and improving operational efficiency [5][6]. - The concept of vehicle-grade standards, originating from the automotive industry, is crucial for ensuring that components function reliably under extreme conditions, which is essential for the operational success of autonomous vehicles [6][7]. Group 3: Market Opportunities and Growth - The autonomous delivery vehicle market is projected to exceed 10 billion yuan by 2025, with applications expanding beyond express delivery to include fresh produce, pharmaceuticals, and more [8][9]. - The rise of autonomous delivery vehicles presents a new growth opportunity for automotive component manufacturers, as they can provide essential vehicle-grade parts and collaborate with delivery vehicle companies to enhance product quality and reduce costs [9].

Core Viewpoint - Youjia Innovation (02431) has officially launched its unmanned logistics brand "Xiaozhu Unmanned Vehicle" and introduced two unmanned logistics vehicle products, T5 and T8, marking its entry into the unmanned logistics sector [1] Group 1: Company Developments - Youjia Innovation's stock rose over 7% in the afternoon, with a current price of 28.74 HKD and a trading volume of 95.68 million HKD [1] - The company has achieved a significant breakthrough in its L4 unmanned vehicle business, transitioning from unmanned buses to unmanned logistics vehicles, thereby replicating autonomous driving technology from passenger scenarios to cargo scenarios [1] - The first batch of unmanned vehicles has been delivered to partners, with key cities for the initial rollout including Shenzhen, Chengdu, Xi'an, and Jiangyin [1] Group 2: Market Outlook - The company anticipates that the delivery volume next year could ramp up to "thousands or even 10,000 units" [1] - Guoyuan International has maintained a target price of 31.4 HKD for Youjia Innovation and has given a "Buy" rating [1] - The Ministry of Industry and Information Technology has released a draft for mandatory national standards on intelligent connected vehicles, which is expected to lead to more orders for Youjia Innovation as a smart driving solution provider [1]

Core Viewpoint - Youjia Innovation aims to deliver 10,000 autonomous vehicles next year, focusing on vehicle lifespan and operational efficiency [2][10]. Product Launch - Youjia Innovation recently launched its unmanned logistics brand "Xiaozhu Unmanned Vehicle," introducing two models: T5 and T8. T5 has a cargo space of 5.5m³, a maximum load of 1,000 kg, and a range of 180 km, while T8 offers 8.5m³ of space, a maximum load of 1,700 kg, and a range of 240 km [3][5]. Strategic Partnerships - The company has formed strategic partnerships with Horizon Robotics, Four-Dimensional Map, and SUTENG to enhance its autonomous driving capabilities [7]. Market Positioning - The founder of Youjia Innovation, Liu Guoqing, believes that the company is not late to enter the unmanned logistics vehicle market, emphasizing the importance of high-quality products and a stable business model [9][13]. Competitive Landscape - The unmanned logistics vehicle sector is highly competitive, with many companies entering the market. Liu Guoqing asserts that the industry is still in its early stages, with significant growth potential [9][24]. Cost Management - Youjia Innovation aims to reduce costs through a stable supply chain and shared materials between its unmanned vehicle and passenger vehicle businesses, focusing on both BOM costs and operational costs [10][18][20]. Delivery Goals - The company anticipates delivering 10,000 vehicles next year, leveraging a "base camp" strategy to establish a strong presence in key logistics cities [19][21]. Long-term Vision - Youjia Innovation emphasizes a long-term perspective in its business strategy, focusing on quality and operational efficiency rather than aggressive pricing [14][27]. International Expansion - The company is exploring opportunities for international expansion in the unmanned logistics vehicle sector, with potential projects in Europe and Southeast Asia [28].

Core Viewpoint - The rapid influx of capital into the unmanned logistics sector has led to significant financing for multiple companies, accelerating the commercialization of unmanned logistics vehicles, exemplified by Youjia Innovation's launch of its unmanned logistics brand "Xiaozhu Unmanned Vehicle" with two models, T5 and T8 [2][4]. Company Overview - Youjia Innovation has officially launched its unmanned logistics brand "Xiaozhu Unmanned Vehicle" on September 15, introducing two models: T5 and T8 [2]. - The T5 model has a cargo volume of 5.5m³, a maximum load of 1000kg, and a range of 180km, targeting urban distribution and retail [2]. - The T8 model offers a larger cargo volume of 8.5m³, a maximum load of 1700kg, and a range of 240km, suitable for industrial logistics and large-scale transportation [2]. Market Context - China has been the world's largest logistics market for nine consecutive years, with traditional logistics struggling to increase profits through reduced labor costs and improved efficiency [2][4]. - The unmanned logistics vehicle is seen as a solution to balance labor costs and organizational efficiency in the logistics sector [4]. Technological Advancements - Xiaozhu Unmanned Vehicle employs a multi-sensor fusion approach, including three LiDARs and eleven cameras, to achieve 360-degree visibility and precise road condition recognition [3]. - The vehicle's development benefits from over a decade of industry experience and extensive road data, enabling rapid growth in capabilities such as complex road navigation and autonomous parking [3]. Financial Performance - In the first half of 2025, Youjia Innovation reported revenue of 346 million yuan, a year-on-year increase of 46.07%, but incurred a loss of 152 million yuan [4]. - The company anticipates no net profit before 2026, with the L4 unmanned vehicle business expected to become a significant growth driver following the success of its other business lines [4]. Industry Trends - The unmanned logistics sector is experiencing a surge in investment, with several companies securing substantial funding in 2023, indicating a robust market interest [5]. - By mid-2025, 103 cities in China had officially opened road rights for unmanned delivery vehicles, covering over 80% of major logistics nodes [5]. Future Outlook - The market for unmanned logistics vehicles is projected to exceed 30,000 units by 2025, with a penetration rate surpassing 1.2%, and is expected to grow significantly in the following years [5]. - The industry is still in its early stages, with key indicators for scaling including the opening of road rights in over 200 cities and reducing operational costs to below 70% of human delivery costs [6].

Core Viewpoint - Youjia Innovation (2431.HK) has launched its unmanned logistics brand "Xiaozhu Unmanned Vehicle" in Shenzhen, marking its entry into the urban public road system with operational vehicles [1][2]. Group 1: Product Launch and Specifications - The Xiaozhu unmanned vehicles include two models: T5 and T8. The T5 is designed for standardized express delivery with a cargo volume of 5.5 cubic meters, a maximum load of 1,000 kg, and a range of 180 km. The T8 targets larger loads with a cargo volume of 8.5 cubic meters, a maximum load of 1,700 kg, and a range of 240 km [1]. - Both models are equipped with a 100% automotive-grade intelligent driving system, featuring 3 LiDARs and 11 cameras to navigate various road conditions [1]. Group 2: Business Model and Market Strategy - Youjia Innovation has developed differentiated solutions for various customer types. For large B-end clients, the company offers customized solutions primarily through leasing, while for small and medium-sized express outlets, standardized products like the T5 are available with financing leasing options to lower entry barriers [1][2]. - The company adopts a "base strategy," focusing on concentrated deployment in cities with road rights and demand density to refine its operational and financial models before replication [2][3]. Group 3: Operational Efficiency and Financial Outlook - Concentrated deployment is expected to yield scale effects, significantly reducing unit operating costs compared to scattered deployments. The company aims to deliver 400 to 500 vehicles by the end of 2025 and targets a fleet size of 10,000 by 2026 [3]. - Collaborations with local entities, such as the Shenzhen Bus Group, provide stable demand and operational resources, enhancing cash flow stability and potentially creating valuable assets for financial markets [3][4]. Group 4: Competitive Landscape and Challenges - The competitive landscape includes various players, with Youjia Innovation differentiating itself through deeper algorithm and software capabilities and direct partnerships with postal and public transport services [5][6]. - The success of the base strategy depends on local government attitudes towards road rights and the ability to manage the financial risks associated with heavy asset deployment [5][6]. Group 5: Technological and Supply Chain Advantages - The intelligent driving system of Xiaozhu vehicles leverages existing passenger vehicle ecosystems, reducing integration uncertainty and BOM costs by approximately 40%, creating a competitive moat [4][6]. - The company emphasizes the importance of embedding unmanned vehicles within urban public resource systems to achieve scalable commercialization [6].