New Stock News | Yushitech Has Passed the Hearing of the Hong Kong Stock Exchange, with the Total Mileage of Unmanned Autonomous Driving Reaching Approximately 9 Million Kilometers.

According to the disclosure of the Hong Kong Stock Exchange on April 19, U-Drive Technology (Beijing) Co., Ltd. (referred to as U-Drive Technology) conducted a listing hearing on the main board of the Hong Kong Stock Exchange, with CITIC SEC as its exclusive sponsor. U-Drive Technology is a supplier of autonomous driving solutions focusing on L4 level technology in the Greater China region. As of the last feasible date, the total mileage of the company's unmanned autonomous driving has reached about 9 million kilometers. The prospectus shows that U-Drive Technology is a supplier of autonomous driving solutions focusing on L4 level technology in the Greater China region. The company currently focuses on commercial vehicles in closed scenarios (especially in airports and factory areas). Its solutions are versatile across all scenarios and have been applied in various open and closed scenarios, covering logistics, operations, and motor vehicles, ranging from L2 to L4 levels of autonomous driving. In particular, according to Frost & Sullivan data, the company is expected to hold a 3.1% market share in the commercial vehicle L4 level autonomous driving solution market in closed scenarios in Greater China by revenue in 2025. Over the years, the company has dedicated itself to the research, development, and innovation of L4 level autonomous driving solutions, resulting in significant achievements, including outstanding internal R&D achievements in core technologies (covering AI capabilities on the vehicle side and cloud side, and security frameworks), multiple iterations and expansions of the U-Drive system and solutions to new scenarios and areas, and the creation of intellectual property rights and industry recognition. U-Drive Technology's core products include providing autonomous driving solutions to enterprise customers such as airports and factory areas, as well as commercial vehicle and passenger vehicle manufacturers. These solutions include commercial vehicles with L4 level autonomous driving functions, autonomous driving kits, software solutions, and leasing services. The company's L4 level vehicles are designed to operate without the need for a safety officer on board, thus enabling autonomous driving in applicable scenarios. The company deploys autonomous driving in closed scenarios as well as open operations in diverse environments to cater to specific industry's individualized commercial applications and empower business partners. The U-Drive system of the company is an autonomous driving system with highly scalable across different scenarios, ranging from passenger car L2+ level to commercial vehicle L4 level for travel, logistics, and operations, achieving unmanned operation and operation 24/7 from closed to open roads. According to Frost & Sullivan data, this system is the only one in the world that meets the strictest safety and all-weather business continuity standards at airports, as well as passing the most challenging traffic scenarios in China. After over 9 years of relentless innovation, U-Drive Technology has developed a series of unmanned, highly secure, versatile, and uninterrupted autonomous driving solutions. As of the last feasible date, the company has deployed solutions and services for 249 customers in 6 countries and regions, including 35 companies on the Fortune China and World 500 lists. As of the last feasible date, the company has developed and launched 52 models that can be used in a wide range of scenarios. In terms of finances, in the fiscal years 2023, 2024, and 2025, the company achieved revenue of approximately 161 million yuan, 265 million yuan, and 328 million yuan respectively; during the same period, gross profit was approximately 78.817 million yuan, 116 million yuan, and 168 million yuan, with corresponding gross profit margins of 48.8%, 43.7%, and 51.1% respectively.