WeRide (WRD) Registration Filing summary

Company overview and business model

• Global leader in L2–L4 autonomous driving, operating in 30 cities across 7 countries with a universal platform (WeRide One) adaptable for robotaxi, robobus, robovan, robosweeper, and ADAS solutions.

• First to commercialize L4 robotaxi, robobus, robovan, and robosweeper, with a focus on real-world deployment and scalability.

• Asset-light model, partnering with OEMs and Tier 1 suppliers for manufacturing and commercialization; revenue from vehicle sales and operational/technical support services.

• Strategic alliances with global automotive and technology leaders, including Bosch, Renault, Nissan, and Yutong.

Financial performance and metrics

• Revenue grew 281.7% from RMB138.2M in 2021 to RMB527.5M in 2022, then declined to RMB401.8M (US$55.3M) in 2023.

• Six months ended June 30, 2024: revenue RMB150.3M (US$20.7M), down from RMB182.9M in prior year period.

• Net loss: RMB1,007.3M (2021), RMB1,298.5M (2022), RMB1,949.1M (US$268.2M, 2023); six months ended June 30, 2024: RMB881.7M (US$121.3M).

• Non-IFRS adjusted net loss: RMB501.7M (US$69.0M, 2023); six months ended June 30, 2024: RMB316.1M (US$43.5M).

• Gross margin improved to 45.7% in 2023; cash and cash equivalents as of June 30, 2024: RMB1.8B (US$251.7M).

Use of proceeds and capital allocation

• Net proceeds expected: US$96.0M from IPO, US$320.3M from concurrent private placements (at US$17.00/ADS midpoint).

• Planned allocation: 35% to R&D, 30% to commercialization/operations/marketing, 25% to capital expenditures (vehicles, R&D facilities, admin), 10% for general corporate purposes.