WeRide (WRD) Registration Filing summary

Company overview and business model

• Operates as a Cayman Islands holding company with primary operations in China, offering L2–L4 autonomous driving solutions for urban mobility, logistics, and sanitation.

• Product portfolio includes robotaxi, robobus, robovan, robosweeper, and ADAS solutions, with commercial pilots in 30 cities across 7 countries.

• Business model combines vehicle sales, operational and technical support, and R&D services, with an asset-light approach and strategic partnerships with OEMs and Tier 1 suppliers.

• Recognized as a global leader in L4 commercialization revenue and technological innovation, with a strong focus on international expansion.

Financial performance and metrics

• Revenue grew from RMB138.2 million in 2021 to RMB527.5 million in 2022, then declined to RMB401.8 million (US$55.3 million) in 2023.

• Net losses were RMB1,007.3 million (2021), RMB1,298.5 million (2022), and RMB1,949.1 million (US$268.2 million) in 2023; non-IFRS adjusted net loss was RMB501.7 million (US$69.0 million) in 2023.

• For the six months ended June 30, 2024, revenue was RMB150.3 million (US$20.7 million) with a net loss of RMB881.7 million (US$121.3 million).

• Gross margin improved to 45.7% in 2023, but gross profit declined due to lower product sales.

• Cash and cash equivalents as of June 30, 2024, were RMB1.8 billion (US$251.7 million), with significant R&D investment and a robust cash runway.

Use of proceeds and capital allocation

• Net proceeds from the IPO and concurrent private placements will be allocated: 35% to R&D, 30% to commercialization and operations, 25% to capital expenditures, and 10% to general corporate purposes.

• Proceeds may be used for strategic investments and acquisitions, with flexibility to adjust based on business needs.