佑驾创新有信心明年交付1万台无人车，更关注使用寿命和运营效率。 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） 日前 正式发布旗下无人物流品牌 "小竹无人车"。 本次 小竹无人车首发 了 T5 和 T8两款车型 —— 其中 ， T5货箱空间优化后，车辆能够释放 5.5m³容积并实现同级最大载重1000kg，最高续航180km，主要服务于快递城配、商超零售、生鲜 配送等细分场景 ； T8则拥有8.5m³容积，能够更满足大运量运输需求，最大载重1700kg，最高续 航240km，可广泛应用于城配与工业物流，耐用仓配等更多专业场景。 此外， 为了应对真实运营中可能出现的 Corner Case，佑驾创新基于扎实的数据闭环能力以及过往 10余年行业深耕中积累的海量道路数据，并针对无人物流场景进行针对性优化，帮助小竹无人车以 极快的速度生长出了公开道路应对、复杂路况通过、室内外园区自主巡航、作业区自动泊车及主动安 全等核心能力。 佑驾创新创始人兼董事长刘国清表示， "希望以自动驾驶破局者的身份，让更先进的L4技术，在更 多元 ...

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].