2026 年 3 月 24 日 公司研究 25 全年营收同比大幅增长，关注 Robotaxi 全球规模化商业落地进展 ——文远知行-W（0800.HK）2025 年业绩点评报告 要点 事件：公司于 2026 年 3 月 23 日发布截至 2025 年 12 月 31 日 25 全年业绩。 业绩：1）营业收入大幅增长：25 年公司收入 6.85 亿元（人民币，下同）， 同比增长 89.6%。各业务板块收入方面，产品营收 3.60 亿元，同比大幅增长 310.3%，产品收入增长主要系 robotaxi/robobus/robosweeper 销量增长； 服务收入 3.25 亿元，同比增长 18.8%，服务收入增长主要系智能数据和辅助 驾驶运营支持服务收入增长。2）毛利率保持稳定，净亏损收窄：25 年公司实 现毛利润 2.07 亿元，同比大幅增长 86.8%，毛利率 30.2%（vs.24 年 30.7%）； 净亏损 16.55 亿元，同比 24 年净亏损 25.17 亿元大幅收窄。 L4业务：海外Robotaxi商业化落地提速，Robobus开启正式载客。25年公司 Robotaxi相关业务营收1.48亿元，同比 ...

Group 1 - WeRide Inc. has launched its proprietary general-purpose simulation model, WeRide Genesis, aimed at enhancing the growth, training, and validation of autonomous vehicles (AVs) [1][2] - WeRide Genesis creates a digital universe that allows AI drivers to familiarize themselves with any city's driving environment within minutes, supporting the global commercialization of autonomous driving [2] - The simulation model incorporates four major AI modules that condense millions of kilometers of road testing into a few days of virtual simulation, significantly reducing time and costs compared to traditional road testing [3] Group 2 - WeRide Genesis supports various AVs, including Level 2++ advanced driver-assistance systems and Level 4 Robotaxis, and enables training and skill testing of AI drivers on a single platform [3] - WeRide Inc. focuses on autonomous driving products and solutions in China, with product categories including robotaxis, robobus, robovan, and robosweeper [3]

Core Viewpoint - BofA Securities initiated coverage on WeRide Inc. with a Buy rating and a price target of $12 per ADR [1] Group 1: Company Overview - WeRide is described as an emerging global provider of Level 4 autonomous-driving solutions [2] - The company is projected to significantly expand its fleet and achieve profitability by 2029 [2] Group 2: Growth Catalysts - Key catalysts for growth include a broader international rollout of robotaxi operations supported by strategic partnerships and first-mover advantages [2] - Improved profitability in China is expected as the company scales its operations [2] - Accelerated adoption of WeRide's robobus, robovan, and robosweeper offerings is anticipated, all integrated within the WeRide One platform [2] Group 3: Valuation Methodology - BofA's price target of $12 per ADR is based on an average of price-to-sales (P/S) and discounted cash flow (DCF) valuation methodologies [3] - The equivalent target for Hong Kong-listed shares is HKD 31 [3]

Core Insights - WeRide is valued at a market cap of $2.8 billion and provides autonomous driving products and solutions across various industries, including mobility, logistics, and sanitation [1] - The company reported a significant increase in its robotaxi business, with stock rising nearly 15% following strong third-quarter results [2] Financial Performance - Robotaxi revenue surged by 761% year-over-year, while total sales increased by 144% to $24 million in Q3 of 2025 [3] - Product revenue rose by 428%, driven by increased sales of robotaxis and robobuses, and service revenue climbed by 67% due to data services and autonomous driving operations [4] - Robotaxi revenue now constitutes 21% of total revenue, up from a negligible amount a year ago, and the company achieved a gross profit margin of 33% [4] Global Expansion - WeRide operates over 1,600 autonomous vehicles across 11 countries and 30 cities, recently obtaining the first city-level fully driverless robotaxi permit outside the U.S. in Abu Dhabi [5] - The company is expanding into Switzerland with the first driverless robotaxi license and into Saudi Arabia through Uber, while also experiencing growth in China with 300 robotaxis in Guangzhou and over 100 in Beijing [6] Business Model - WeRide's business model varies between domestic and international markets; in China, it owns and operates vehicles through the WeRide Go app, while internationally, it partners with Uber and Grab, maintaining an asset-light model [7] - This strategy allows WeRide to generate revenue through vehicle sales to partners, annual licensing fees, and commissions on ride fares [7]

Core Viewpoint - WeRide, a leading global autonomous driving technology company, is set to lift the lock-up period for original shareholders on April 23, with major investors expressing confidence in the company's future and plans to hold their shares post-lockup [1][3]. Group 1: Company Overview - WeRide was established in 2017 and successfully listed on the Nasdaq on October 25, 2024, becoming the first global company to focus on autonomous driving and robotaxi services [1]. - The company has developed a robust business presence, operating in 30 cities across 10 countries, and has provided over 2,000 days of regular robotaxi services [1]. - WeRide is the only technology company holding autonomous driving licenses in China, UAE, Singapore, the USA, and France [1]. Group 2: Financial Performance - In 2024, WeRide reported total revenue of 361 million yuan, with fourth-quarter product revenue reaching 51.7 million yuan, marking a year-on-year increase of approximately 45.5% [3]. - The company recorded an adjusted loss of 801.9 million yuan for the year, while its capital reserves, including cash and equivalents, reached 6.645 billion yuan, showing growth for three consecutive years [3]. Group 3: Strategic Partnerships and Future Outlook - WeRide has established a strategic partnership with Yutong Group, which has led to a continuous release of synergies and an expansion of collaborative scenarios [4]. - The company has implemented a "1+3+5" intelligent driving ecosystem and is advancing its "three-step" strategy to achieve comprehensive autonomous driving across various scenarios [4]. - Investors, including Qiming Venture Partners and A Capital, express strong confidence in WeRide's long-term value and its potential to reshape the global transportation landscape through technological innovation [5].

Core Viewpoint - WeRide has become the first and only autonomous driving technology company to hold licenses for fully driverless public road testing and operations in five countries: China, UAE, Singapore, France, and the USA, showcasing its strong cross-national market applicability and mature compliance, safety, and reliability in operations [1][2]. Group 1: License Acquisition - WeRide, in collaboration with beti, has obtained a public road testing and operation license for fully driverless vehicles in France, marking a significant achievement in the autonomous driving sector [1][2]. - The license allows WeRide's autonomous minibuses to operate at a maximum speed of 40 km/h, which is currently the highest speed approved for fully driverless road testing and operations in France [2]. Group 2: Project Implementation - On February 27, WeRide, along with beti, Renault Group, and Macif, launched the first public road autonomous minibus commercial operation project in Valence, Drôme, France, with the new license providing regulatory support for its successful operation [4]. - The four partners plan to implement a remote-assisted one-to-many fully driverless commercial operation model by July of this year [4]. Group 3: International Expansion - WeRide has conducted autonomous driving research, testing, and operations in 10 countries and 30 cities, with its products such as robotaxi, robobus, and robosweeper already deployed in various countries including France, Spain, Switzerland, Singapore, UAE, and Japan [6][9]. - The company maintains a collaborative approach with various partners, including Uber, Renault Group, beti, CTM, Zurich Airport, and Macif, to expand its network and deliver high-quality autonomous driving products and services globally [8].

Group 1 - WeRide has obtained France's Level-4 driverless public road testing and operating permit, making it the first technology company globally to hold driverless permits across five countries: China, the UAE, Singapore, France, and the U.S. [1] - The permit acquisition process in France involves multiple government agencies and was completed by WeRide and beti in three months, setting a record for the fastest driverless permit approval in France [2] - With the new permit, WeRide's autonomous minibus can operate at speeds of up to 40 km/h, the highest-speed driverless permit issued in France to date [3] Group 2 - On February 27, WeRide launched Europe's first public-road commercial autonomous minibus service in Valence, France, with plans to introduce fully driverless commercial operations by July 2025 [4] - WeRide has established a strong presence in 30 cities across 10 countries, deploying a fleet of pre-designed, mass-produced autonomous vehicles including robotaxi, robobus, and robosweeper [5] - The company has formed strategic partnerships with industry leaders such as Uber, Renault Group, beti, CTM, Zurich Airport, and Macif to build an open and collaborative ecosystem in autonomous mobility [6]