Summary by Moomoo AI
WeRide, a global L4 autonomous driving solutions provider, reported annual revenue of RMB361.1M ($49.5M) for 2024, marking a 10.1% YoY decline. The company's net loss widened by 29.1% YoY to RMB2,516.8M ($344.8M), while maintaining a gross margin of 30.7%. Service revenue decreased 21.4% to RMB273.4M due to the completion of certain R&D projects.The company achieved significant operational milestones, including the successful listing on Nasdaq in October 2024, raising $125.5M in IPO proceeds. WeRide secured a strategic investment of $97.0M from Alliance affiliates and expanded its workforce to 3,093 employees, primarily strengthening its R&D capabilities. Notable vehicle purchase agreements were established with Yutong and other manufacturers.Looking ahead, WeRide faces challenges including material weakness in financial reporting controls and significant ongoing R&D investments. The company is focusing on global expansion through subsidiaries in the US, Singapore, Abu Dhabi, and multiple Chinese cities, while strengthening industry partnerships and advancing technological capabilities. Management expects operating losses to continue as they prioritize technology development and market expansion.
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