Economic Observation Network The company's 2025 financial report shows that its revenue reached 759 million yuan (a year-on-year increase of 16%), gross profit was 141 million yuan (a year-on-year increase of 35%), and gross profit margin increased to 18.6% In the first year of commercialization, L4 unmanned logistics business achieved a revenue of 65 million yuan, with a month on month growth of 450% in the second half of the year, and a gross profit margin exceeding 30%, becoming a new growth engine The market may provide positive feedback on the optimization of business structure (such as high-end intelligent driving and high growth of intelligent cockpit) and the potential for L4 business explosion.

Promotion of company projects
The company plans to establish a joint venture with Zhijia Mainland (a joint venture between Mainland Group and Horizon Robotics) to accelerate the overseas deployment of unmanned vehicles through its global channels At the same time, the mandatory installation policy of AEB for commercial vehicles in 2026 is about to be implemented, and the company has been designated by multiple mainstream manufacturers. The market has expectations for a large volume of orders ?

Financial Status
The company will still incur a loss of 414 million yuan in 2025, putting pressure on cash flow Moreover, the industry competition is fierce, and the stock price fluctuates greatly (with a daily amplitude of 9.20%). Long term performance needs to focus on profit turning points and actual order conversion efficiency.

The above content is based on publicly available information and does not constitute investment advice.