步入2026年，港股科技板块依旧会是机构投资者的主要热议方向。 回顾去年10月以来的全球资本市场，A股与美股同步开启修复行情，主要指数稳步抬升，而港股的走势 实际上是掉队的，这与前期领涨全球市场的强势表现形成了明显反差。 iFinD数据显示，恒生指数最新市盈率仅维持在11倍左右，恒生科技指数市盈率从2025年10月的高位26 倍左右持续回落，整体估值相对"便宜"。 港股及科技板块为何会在全球修复浪潮中掉队？俗话说哪里低估哪里就有投资机会，港股一季度是否会 释放增长潜力？ 解禁高峰收尾，关注核心股东投资者意图 去年10月以来，港股科技持续调整，主要来自市场流动性方面的扰动，而非板块基本面变化。 首先，年末南向资金获利了结加剧市场波动，招商证券国际的报告中提到南向资金的"挤出效应"的原 因，由于大量可由南向通投港股的公募基金的业绩基准并无港股指数，公募基金业绩基准新规的出台会 导致部分资金撤离港股回流A股。 更值得关注的是，"解禁潮"高峰到来进一步放大了调整压力。以2025年12月为例，该月海天味业、三花 智控、越疆、佑驾创新、英诺赛科等陆续解禁。其中，越疆作为全球协作机器人龙头厂商，解禁股大约 占比71.34% ...

在二级市场的复杂博弈中，影响股价走势的因素既包括上市公司的基本面、未来的成长预期，也包括了短期的事件性影响或情绪波动。毋庸讳言，有时事件 扰动会引发市场噪音，甚至造成股价波动，但以长远眼光看市场的真正价值锚点始终深植于企业基本面与未来增长前景。因此，某一次"利空"所砸出来的股 价低点反而可能是"黄金坑"，此时正是战略性建仓的宝贵机会。 智通财经注意到，2025年12月29日，港股上市满一周年的佑驾创新（02431）迎来限售股解禁。在此之前，这家在智能驾驶领域取得了丰富实质性成果的高 成长性公司，其股价却因解禁预期而出现了非常规的波动。笔者认为，有鉴于佑驾创新是稀缺智驾潜力股，且公司多项业务恰值战略突破期，近期佑驾创新 的股价波动显然脱离了理性范畴。 不仅如此，消息面上佑驾创新重要股东四维图新（002405.SZ）向外界表示，作为佑驾创新的深度合作伙伴兼重要股东，看好其长期投资价值及发展潜力， 不急于减持股票。对此，四维图新高级副总裁、董事会秘书兼CMO孟庆昕称，"我们充分信赖佑驾创新扎实的基本面、以及持续增长的潜力。未来也将继续 与佑驾创新在前沿技术研发与全球市场拓展上深度合作，一同实现智驾赛道的长期价值。" ...

Core Viewpoint - Youjia Innovation (02431) has seen a nearly 4% increase in stock price, indicating positive market sentiment following a new partnership announcement with a leading domestic brand for high-performance driving assistance systems [1] Company Developments - Youjia Innovation announced a renewed collaboration with a major domestic brand to provide its iPilot 4 Plus high-performance auxiliary driving domain controller for two flagship models [1] - This partnership marks a significant step in the large-scale implementation of advanced driving assistance systems, reinforcing Youjia Innovation's leading position in the smart driving mass production sector [1] Product and Market Impact - The iPilot 4 Plus will be integrated into the brand's flagship SUV and highway travel SUV, covering both fuel and hybrid models, with mass production and delivery scheduled to begin in 2026 [1] - The collaboration reflects the deepening and expansion of existing partnerships, showcasing the client's high recognition of Youjia Innovation's technology development, product performance, and large-scale delivery capabilities [1]

Core Insights - Youjia Innovation (佑驾创新) has announced a renewed partnership with a leading domestic brand to provide high-performance auxiliary driving domain controller iPilot 4 Plus for two of its main models, marking a significant step in the large-scale implementation of advanced auxiliary driving technology [1] - The iPilot 4 Plus will be equipped in the brand's flagship SUV and highway travel SUV, covering both fuel and hybrid models, with mass production and delivery scheduled to begin in 2026 [1] - The collaboration reflects the client's high recognition of Youjia Innovation's technology development, product performance, and large-scale delivery capabilities [1] Company Developments - As of mid-2025, Youjia Innovation has achieved mass production for 42 vehicle manufacturers, establishing an efficient R&D system and large-scale delivery experience, making it a preferred choice for many automakers in realizing ADAS system mass production [2] - The company aims to continue collaborating with more industry partners to accelerate the advancement of smart driving from "usable to user-friendly, from high-end to popular," ensuring safe, intelligent, and comfortable auxiliary driving benefits more users [2]

Core Insights - The gradual players in the intelligent driving industry are experiencing a slowdown in losses, while the aggressive players continue to burn cash significantly [1] - Youjia Innovation's recent mid-year performance for 2025 confirms the trend of improving operational quality with a net loss rate of 46.82%, down from 47.26% in the same period of 2024 [1][3] Financial Performance - In the first half of the year, Youjia Innovation achieved total revenue of 346 million yuan, a substantial increase of 46.1% year-on-year [1] - The gross profit reached 52 million yuan, reflecting a year-on-year growth of 54.8%, with a gross margin of 15%, up by 0.9 percentage points [1] Business Development - The commercialization of unmanned minibuses has led to a significant revenue breakthrough in the L4 business for Youjia Innovation [3] - The company has expanded its product matrix with the release of iPilot 4 Plus and iPilot 4 Pro, securing four mid-to-high-end assisted driving projects and adding six platform projects from four new OEMs [5] Inventory and Production Efficiency - The inventory turnover rate for the first half of 2025 was approximately 4.78 times, an increase from 4.09 times in 2024, indicating improved production efficiency [5] Strategic Initiatives - Youjia Innovation is deepening its differentiated "cockpit integration" business and global strategy, broadening its business boundaries and building scale barriers [6] - The company has launched new solutions like the "Smart Butler BamBam" and the iCabin Lite, catering to the needs of automotive manufacturers for improved efficiency and cost control [6] Market Positioning - The company is well-positioned to benefit from favorable policies that encourage the intelligent driving sector, potentially leading to valuation premiums due to its alignment with industry trends [12] - Youjia Innovation's business model aligns with policy directions, enhancing its long-term competitiveness and growth potential [12] Growth Potential - The company is exploring commercial opportunities in unmanned logistics and specific scenarios, with the first generation of unmanned logistics vehicles expected to be delivered in Q4 of this year [13][14] - The focus on specific scenarios for L4 automation enhances the feasibility of commercialization, with potential for significant market growth [14] Long-term Outlook - Youjia Innovation is building a "technology-scenario-business" flywheel, establishing itself as a growth-oriented company with strong technical barriers [15] - The ongoing development of L4 business is expected to reshape the valuation model for leading players in the intelligent driving industry [15]

Core Insights - The article highlights the successful growth strategies of companies like Xiaomi and Youjia Innovation, emphasizing their ability to diversify and innovate to navigate competitive landscapes [1][2][8] Company Growth and Financial Performance - Youjia Innovation reported a revenue of 346 million RMB in the first half of 2025, marking a 46.1% year-on-year increase, with a gross profit of 52 million RMB and a gross margin of 15%, up by 0.9 percentage points [3][4] - The company's core business segments, including intelligent driving solutions and intelligent cockpit solutions, achieved revenues of 241 million RMB and 61 million RMB, respectively, with year-on-year growth rates of 32.4% and 99% [3][4] - The L4 autonomous driving segment, represented by the iRobo solution, generated over 10 million RMB in revenue within six months, indicating significant commercial progress [5][10] Strategic Development and Market Position - Youjia Innovation has adopted a flexible strategy, expanding into intelligent cockpit and vehicle-road collaboration markets, which has led to a synergistic growth model similar to Xiaomi's [9][10] - The company has successfully entered international markets, with its solutions being adopted by various OEMs for export models, targeting regions such as the EU, Australia, and Mexico [6][7] Innovation and R&D Focus - Youjia Innovation increased its R&D expenditure by over 50% in the first half of the year, reflecting its commitment to advancing high-level assisted driving and L4 autonomous driving technologies [9][10] - The launch of new products, such as the iPilot 4 Plus and iPilot 4 Pro, has driven strong demand and project acquisition, showcasing the company's innovative capabilities [4][5] Future Growth Potential - The company is expected to accelerate growth in its L4 autonomous driving segment, with logistics vehicles nearing commercialization and anticipated deliveries in the fourth quarter of this year [10] - Analysts project that Youjia Innovation will significantly reduce losses in the coming year and achieve profitability by 2027, supported by a low debt ratio and sufficient cash reserves [10]

Core Viewpoint - Youjia Innovation (2431.HK) reported record high performance indicators for the first half of 2025, showcasing significant growth in revenue and profitability [3]. Financial Performance - Total revenue for Youjia Innovation in the first half of 2025 reached 346 million RMB, representing a year-on-year increase of 46.1% [5]. - Gross profit amounted to 52 million RMB, with a year-on-year growth of 54.8%, and the gross margin increased by 0.9 percentage points to 15% compared to the first half of 2024 [5]. Revenue Composition - Revenue from the intelligent driving business was 241 million RMB, up 32.4% year-on-year, accounting for approximately 69.8% of total revenue [7]. - Revenue from intelligent cockpit solutions reached 61 million RMB, with a remarkable year-on-year increase of 99.0%, contributing about 17.6% to total revenue [7]. - Revenue from vehicle-road collaboration solutions was 39 million RMB, reflecting a year-on-year growth of 63.4%, making up approximately 11.2% of total revenue [7]. Business Development - As of June 30, 2025, Youjia Innovation has achieved mass production for 42 automotive manufacturers and secured 18 new project contracts from automotive manufacturers and tier-one suppliers in the first half of the year [7]. - The company launched several advanced intelligent driving solutions, including iPilot 4 Plus and iPilot 4 Pro, to meet diverse customer needs and lead industry development [7]. Product Innovations - In the intelligent cockpit sector, Youjia Innovation introduced the new "Smart Butler BamBam" solution, enhancing personalized and scenario-based user experiences [8]. - The company also released the fully self-developed intelligent cockpit DMS integrated product, iCabin Lite [8]. - The L4 autonomous driving iRobo business made significant progress, with commercial deployment of unmanned minibuses in multiple cities, accumulating over 10 projects [8]. Global Expansion Strategy - Youjia Innovation is actively pursuing a global strategy, including preparations for overseas auto shows and establishing sales channels abroad, with a subsidiary set up in Singapore [9]. - The company has expanded its customer base from domestic brands to joint ventures, with a presence in various international markets including the EU, Australia, Singapore, Malaysia, India, South Korea, Dubai, Turkey, and Mexico [9]. Future Outlook - Youjia Innovation aims to focus on the "integrated cockpit and driving" strategy, exploring diverse scenarios for L4 autonomous driving, continuously iterating technology, upgrading products, and providing high-quality services to empower the smart automotive industry [9].

Core Insights - The article highlights the successful growth strategies of companies like Xiaomi and Youjia Innovation, emphasizing their ability to diversify and innovate to navigate competitive landscapes [1][2][8] - Youjia Innovation's recent financial performance indicates a strong revenue growth and the establishment of new business segments, particularly in intelligent driving and smart cockpit solutions [3][10] Financial Performance - In the first half of 2025, Youjia Innovation reported revenues of 346 million RMB, a 46.1% increase year-on-year, with a gross profit of 52 million RMB and a gross margin of 15% [3][4] - The intelligent driving solutions segment generated 241 million RMB, accounting for 69.8% of total revenue, while the smart cockpit solutions segment saw a remarkable 99% growth, reaching 61 million RMB [4][5] Business Segments - Youjia's core business segments include intelligent driving solutions, smart cockpit solutions, and vehicle-road collaboration, with significant revenue increases across all areas [3][4] - The L4 autonomous driving solutions, particularly the iRobo solution, have begun to commercialize, contributing over 10 million RMB in revenue within six months [5][10] Strategic Development - The company has adopted a flexible strategy, allowing it to pivot into new markets such as smart cockpits and vehicle-road collaboration, mirroring Xiaomi's approach [9][10] - Youjia Innovation's R&D expenses increased by over 50% in the first half of the year, indicating a strong commitment to innovation and development in high-end driving assistance and L4 autonomous driving technologies [9][10] Market Expansion - Youjia Innovation has successfully entered international markets, with its solutions being adopted by various OEMs for export models targeting regions like the EU, Australia, and Mexico [6][7] - The company has secured 18 new project contracts in the first half of the year, bringing the total to 42 OEMs for product delivery [7][10] Future Outlook - Analysts are optimistic about Youjia Innovation's potential to significantly reduce losses in the coming year and achieve profitability by 2027, supported by a low debt ratio and sufficient cash reserves [10]

Core Viewpoint - The company, Youjia Innovation, reported impressive mid-year results for 2025, showcasing significant growth in revenue, gross profit, and gross margin, indicating a strong operational performance and a robust self-sustaining capability [1][6]. Financial Performance - Total revenue reached RMB 346 million, a year-on-year increase of 46.1% - Gross profit amounted to RMB 52 million, reflecting a 54.8% year-on-year growth, with a gross margin of 15%, up by 0.9 percentage points from the previous year [1][3]. Business Segments - The intelligent driving segment generated revenue of RMB 241 million, a 32.4% increase, accounting for approximately 69.8% of total revenue - The intelligent cockpit solutions segment achieved revenue of RMB 61 million, with a remarkable growth rate of 99.0%, representing about 17.6% of total revenue - The vehicle-road collaboration business earned RMB 39 million, a 63.4% increase, contributing around 11.2% to total revenue [3][4]. Product Development and Innovation - The company launched several advanced intelligent driving solutions, including iPilot 4 Plus and iPilot 4 Pro, enhancing its product matrix - In the intelligent cockpit area, the new "Smart Butler BamBam" solution was introduced, offering personalized and scenario-based experiences, alongside the all-in-one DMS product, iCabin Lite [6][7]. Market Expansion and Global Strategy - Youjia Innovation is actively pursuing a global strategy, establishing a subsidiary in Singapore and expanding its customer base to include 42 automotive manufacturers across various international markets, including the EU, Australia, and several Asian countries [7][8]. - The company is also exploring commercial opportunities in unmanned logistics vehicles, with the first generation expected to be delivered in Q4 2025 [7]. Future Outlook - The company aims to focus on the "integrated cockpit and driving" strategy, expanding the application of L4 autonomous driving across diverse scenarios, while continuously iterating technology and upgrading products to enhance service quality [8].