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 mobility, logistics, and sanitation sectors.

• Commercializes a universal autonomous driving platform (WeRide One) adaptable across vehicle types and use cases.

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

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

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.

• Net losses: RMB1,007.3M (2021), RMB1,298.5M (2022), RMB1,949.1M (US$268.2M, 2023); H1 2024 net loss RMB881.7M (US$121.3M).

• Gross margin improved to 45.7% in 2023; H1 2024 gross margin was 36.5%.

• Non-IFRS adjusted net loss: RMB426.8M (2021), RMB401.7M (2022), RMB501.7M (US$69.0M, 2023).

• Cash and cash equivalents as of June 30, 2024: RMB1.8B (US$251.7M); time deposits RMB2.3B (US$323.3M).

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, 10% to general corporate purposes.

• Proceeds may be subject to PRC regulatory restrictions on cross-border transfers.