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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2025
Commission File Number: 001-42213
WeRide Inc.
21st Floor, Tower A, Guanzhou Life Science Innovation Center
No. 51, Luoxuan Road, Guangzhou International Biotech Island
Guangzhou 510005
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
Exhibit Number |
|
Description |
|
|
|
99.1 |
|
|
101.INS |
|
Inline XBRL Instance Document-this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
101.SCH |
|
Inline XBRL Taxonomy Extension Schema Document |
101.CAL |
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
|
Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
|
Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
WeRide Inc. |
||
|
|
|
By : |
/s/ Jennifer Li |
|
Name: |
Jennifer Li |
|
|
Title : |
Chief Financial Officer |
Date: October 21, 2025
Exhibit 99.1
WERIDE INC.
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Unaudited Condensed Consolidated Financial Statements: |
|
|
|
2 |
|
|
3 |
|
|
4-5 |
|
|
6-7 |
|
|
8 |
|
Notes to the Unaudited Condensed Consolidated Financial Statements |
|
9-26 |
1
Unaudited Condensed Consolidated Statements of Profit or Loss
(Expressed in thousands of Renminbi (“RMB”), except for per share data)
|
|
|
|
For the six months ended |
||
|
|
|
|
June 30, |
||
|
|
Note |
|
2024 |
|
2025 |
|
|
|
|
RMB’000 |
|
RMB’000 |
Revenue |
|
|
|
|
|
|
Product revenue (including product revenue from related parties of RMB2,620 and RMB92 for the six months ended June 30, 2024 and 2025, respectively) |
|
|
|
21,045 |
|
69,281 |
Service revenue (including service revenue from related parties of RMB13,138 and RMB8,165 for the six months ended June 30, 2024 and 2025, respectively) |
|
|
|
129,253 |
|
130,334 |
Total revenue |
|
3 |
|
150,298 |
|
199,615 |
Cost of revenue |
|
|
|
|
|
|
Cost of goods sold (including cost of goods sold from related parties of RMB6,104 and RMB7,257 for the six months ended June 30, 2024 and 2025, respectively) |
|
|
|
(17,157) |
|
(35,461) |
Cost of services (including cost of services from a related party of nil and RMB2,397 for the six months ended June 30, 2024 and 2025, respectively) |
|
|
|
(78,352) |
|
(103,095) |
Total cost of revenue |
|
5 |
|
(95,509) |
|
(138,556) |
Gross profit |
|
|
|
54,789 |
|
61,059 |
Other net income |
|
4 |
|
7,939 |
|
3,021 |
Research and development expenses (including research and development expenses from a related party of RMB40,696 and RMB29,982 for the six months ended June 30, 2024 and 2025, respectively) |
|
5 |
|
(517,210) |
|
(644,635) |
Administrative expenses |
|
5 |
|
(208,293) |
|
(278,942) |
Selling expenses |
|
5 |
|
(22,784) |
|
(27,780) |
Impairment loss on receivables and contract assets (including impairment loss of RMB750 and RMB933 on receivables from related parties for the six months ended June 30, 2024 and 2025, respectively) |
|
|
|
(13,424) |
|
(2,800) |
Operating loss |
|
|
|
(698,983) |
|
(890,077) |
Net foreign exchange gain |
|
|
|
4,659 |
|
5,629 |
Interest income |
|
|
|
89,294 |
|
74,946 |
Fair value changes of financial assets at fair value through profit or loss (“FVTPL”) |
|
22(a) |
|
4,503 |
|
23,154 |
Other finance costs |
|
6 |
|
(1,356) |
|
(3,292) |
Changes in the carrying amounts of preferred shares and other financial instruments subject to redemption and other preferential rights |
|
|
|
(278,226) |
|
— |
Loss before taxation |
|
|
|
(880,109) |
|
(789,640) |
Income tax |
|
7 |
|
(1,591) |
|
(1,877) |
Loss for the period |
|
|
|
(881,700) |
|
(791,517) |
Loss attributable to shareholders of the Company |
|
|
|
(881,700) |
|
(791,517) |
Loss per ordinary share |
|
|
|
|
|
|
Basic and diluted loss per Class A and Class B ordinary share (in RMB) |
|
8 |
|
(7.38) |
|
(0.87) |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2
Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income
(Expressed in thousands of RMB)
|
|
For the six months ended |
||
|
|
June 30, |
||
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Loss for the period |
|
(881,700) |
|
(791,517) |
Other comprehensive income for the period (net of nil tax): |
|
|
|
|
Items that will not be reclassified to profit or loss: |
|
|
|
|
–Exchange differences on translation of financial statements of foreign operations |
|
(33,782) |
|
(29,075) |
Other comprehensive income for the period |
|
(33,782) |
|
(29,075) |
Total comprehensive income for the period |
|
(915,482) |
|
(820,592) |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3
Unaudited Condensed Consolidated Statements of Financial Position
(Expressed in thousands of RMB)
|
|
|
|
As of December 31, |
|
As of June 30, |
|
|
Note |
|
2024 |
|
2025 |
|
|
|
|
RMB’000 |
|
RMB’000 |
ASSETS |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Property and equipment |
|
9 |
|
178,179 |
|
281,968 |
Right-of-use assets |
|
10 |
|
73,564 |
|
72,951 |
Intangible assets |
|
|
|
21,664 |
|
19,544 |
Goodwill |
|
|
|
44,758 |
|
44,758 |
Restricted cash–non-current |
|
11 |
|
9,669 |
|
12,142 |
Deferred tax assets |
|
|
|
997 |
|
498 |
Financial assets at FVTPL–non-current |
|
16 |
|
56,919 |
|
58,151 |
Other non-current assets |
|
|
|
20,025 |
|
20,684 |
|
|
|
|
405,775 |
|
510,696 |
Current assets |
|
|
|
|
|
|
Inventories |
|
12 |
|
204,705 |
|
289,929 |
Contract assets |
|
13(a) |
|
28,005 |
|
35,336 |
Trade receivables |
|
14 |
|
252,607 |
|
241,372 |
Prepayments and other receivables |
|
14 |
|
197,652 |
|
191,127 |
Prepayments to and amounts due from related parties |
|
24(d) |
|
26,618 |
|
50,917 |
Financial assets at FVTPL–current |
|
16 |
|
1,685,146 |
|
1,735,333 |
Time deposits |
|
17(a) |
|
620,148 |
|
251,733 |
Cash and cash equivalents |
|
17(a) |
|
4,268,300 |
|
3,836,137 |
Restricted cash–current |
|
11 |
|
4,814 |
|
3,273 |
|
|
|
|
7,287,995 |
|
6,635,157 |
Total assets |
|
|
|
7,693,770 |
|
7,145,853 |
EQUITY |
|
|
|
|
|
|
Class A ordinary shares |
|
20 |
|
54 |
|
62 |
Class B ordinary shares |
|
20 |
|
4 |
|
4 |
Share premium |
|
|
|
12,750,598 |
|
12,800,243 |
Reserves |
|
20 |
|
2,946,715 |
|
3,086,316 |
Accumulated losses |
|
|
|
(8,631,352) |
|
(9,422,869) |
Total equity |
|
|
|
7,066,019 |
|
6,463,756 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4
Unaudited Condensed Consolidated Statements of Financial Position (Continued)
(Expressed in thousands of RMB)
|
|
|
|
As of December 31, |
|
As of June 30, |
|
|
Note |
|
2024 |
|
2025 |
|
|
|
|
RMB’000 |
|
RMB’000 |
LIABILITIES |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Lease liabilities–non-current |
|
|
|
26,059 |
|
21,198 |
Long-term bank loan |
|
19 |
|
50,040 |
|
47,534 |
Deferred tax liabilities |
|
|
|
4,486 |
|
3,988 |
Other non-current liabilities |
|
15 |
|
4,677 |
|
8,097 |
|
|
|
|
85,262 |
|
80,817 |
Current liabilities |
|
|
|
|
|
|
Short-term bank loans |
|
19 |
|
30,019 |
|
102,275 |
Trade payables |
|
18 |
|
20,713 |
|
47,117 |
Other payables, deposits received and accrued expenses |
|
18 |
|
397,755 |
|
330,848 |
Contract liabilities |
|
13(b) |
|
4,476 |
|
30,574 |
Lease liabilities–current |
|
|
|
36,900 |
|
34,386 |
Amounts due to related parties |
|
24(d) |
|
9,450 |
|
14,656 |
Put option liabilities–current |
|
|
|
41,099 |
|
41,424 |
Income taxes payable |
|
|
|
2,077 |
|
— |
|
|
|
|
542,489 |
|
601,280 |
Net current assets |
|
|
|
6,745,506 |
|
6,033,877 |
Total liabilities |
|
|
|
627,751 |
|
682,097 |
Total equity and liabilities |
|
|
|
7,693,770 |
|
7,145,853 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5
Unaudited Condensed Consolidated Statements of Changes in Equity
(Expressed in thousands of RMB)
|
|
|
|
|
|
Series |
|
Series |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seed-1 |
|
Seed-2 |
|
Series A |
|
|
|
Share-based |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary |
|
Preferred |
|
Preferred |
|
Preferred |
|
Share |
|
compensation |
|
Translation |
|
Other |
|
Accumulated |
|
Treasury |
|
Total equity/ |
|
|
Note |
|
shares |
|
Shares |
|
Shares |
|
Shares |
|
premium |
|
reserve |
|
reserve |
|
reserves |
|
losses |
|
shares |
|
(deficit) |
|
|
|
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
Balance as of January 1, 2024 |
|
|
|
8 |
|
5 |
|
4 |
|
6 |
|
1,104,120 |
|
1,330,478 |
|
(234,647) |
|
1,014,320 |
|
(6,114,544) |
|
(151,668) |
|
(3,051,918) |
Changes in equity for the six months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(881,700) |
|
— |
|
(881,700) |
Foreign currency translation adjustment, net of nil income taxes |
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(33,782) |
|
— |
|
— |
|
— |
|
(33,782) |
Total comprehensive income |
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(33,782) |
|
— |
|
(881,700) |
|
— |
|
(915,482) |
Cancellation of other financial instruments issued to an investor |
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
4,526 |
|
— |
|
— |
|
4,526 |
Share-based compensation expenses |
|
5 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
291,900 |
|
— |
|
— |
|
— |
|
— |
|
291,900 |
|
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
291,900 |
|
— |
|
4,526 |
|
— |
|
— |
|
296,426 |
Balance as of June 30, 2024 |
|
|
|
8 |
|
5 |
|
4 |
|
6 |
|
1,104,120 |
|
1,622,378 |
|
(268,429) |
|
1,018,846 |
|
(6,996,244) |
|
(151,668) |
|
(3,670,974) |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
6
Unaudited Condensed Consolidated Statements of Changes in Equity (Continued)
(Expressed in thousands of RMB)
|
|
|
|
Class A |
|
Class B |
|
|
|
Share-based |
|
|
|
|
|
|
|
|
|
|
|
|
ordinary |
|
ordinary |
|
Share |
|
compensation |
|
Translation |
|
Other |
|
Accumulated |
|
Total |
|
|
Note |
|
shares |
|
shares |
|
premium |
|
reserve |
|
reserve |
|
reserves |
|
losses |
|
equity |
|
|
|
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
Balance as of January 1, 2025 |
|
|
|
54 |
|
4 |
|
12,750,598 |
|
2,124,150 |
|
(196,283) |
|
1,018,848 |
|
(8,631,352) |
|
7,066,019 |
Changes in equity for the six months ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(791,517) |
|
(791,517) |
Foreign currency translation adjustment, net of nil income taxes |
|
|
|
— |
|
— |
|
— |
|
— |
|
(29,075) |
|
— |
|
— |
|
(29,075) |
Total comprehensive income |
|
|
|
— |
|
— |
|
— |
|
— |
|
(29,075) |
|
— |
|
(791,517) |
|
(820,592) |
Share-based compensation expenses |
|
5 |
|
— |
|
— |
|
— |
|
219,522 |
|
— |
|
— |
|
— |
|
219,522 |
Issuance of Class A ordinary shares to settle vested RSUs |
|
20 |
|
3 |
|
— |
|
(3) |
|
— |
|
— |
|
— |
|
— |
|
— |
Class A ordinary shares issued to depositary bank |
|
20 |
|
4 |
|
— |
|
(4) |
|
— |
|
— |
|
— |
|
— |
|
— |
Issuance of Class A ordinary shares for exercise of share options |
|
20 |
|
1 |
|
— |
|
49,652 |
|
— |
|
— |
|
— |
|
— |
|
49,653 |
Withholding of vested RSUs to satisfy income tax requirements upon settlement of vested RSUs |
|
20 |
|
— |
|
— |
|
— |
|
(50,846) |
|
— |
|
— |
|
— |
|
(50,846) |
Surrender of Class A ordinary shares |
|
|
|
* |
|
— |
|
* |
|
— |
|
— |
|
— |
|
— |
|
* |
|
|
|
|
8 |
|
— |
|
49,645 |
|
168,676 |
|
— |
|
— |
|
— |
|
218,329 |
Balance as of June 30, 2025 |
|
|
|
62 |
|
4 |
|
12,800,243 |
|
2,292,826 |
|
(225,358) |
|
1,018,848 |
|
(9,422,869) |
|
6,463,756 |
* |
Represents amounts less than RMB1,000. |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
7
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in thousands of RMB)
|
|
|
|
For the six months |
||
|
|
|
|
ended June 30, |
||
|
|
Note |
|
2024 |
|
2025 |
|
|
|
|
RMB’000 |
|
RMB’000 |
Operating activities |
|
|
|
|
|
|
Cash used in operations |
|
|
|
(326,183) |
|
(659,448) |
Income tax paid |
|
|
|
(997) |
|
(3,948) |
Net cash used in operating activities |
|
|
|
(327,180) |
|
(663,396) |
Investing activities |
|
|
|
|
|
|
Payments for purchase of property and equipment |
|
|
|
(33,272) |
|
(134,354) |
Payments for purchase of intangible assets |
|
|
|
— |
|
(117) |
Proceeds from disposal of property, equipment and intangible assets |
|
|
|
100 |
|
1,439 |
Purchase of time deposits |
|
|
|
(1,921,878) |
|
(100,000) |
Proceeds from maturity of time deposits |
|
|
|
2,088,146 |
|
468,569 |
Payments for purchase of financial assets at FVTPL |
|
22(a) |
|
(1,829) |
|
(37,281) |
Proceeds from sales of financial assets at FVTPL |
|
22(a) |
|
318,416 |
|
1,714 |
Payment for loans to employees |
|
14 |
|
— |
|
(359) |
Proceeds from collection of a loan to an employee |
|
14 |
|
3,553 |
|
19,088 |
Net cash generated from investing activities |
|
|
|
453,236 |
|
218,699 |
Financing activities |
|
|
|
|
|
|
Payment of capital element of lease liabilities |
|
|
|
(25,333) |
|
(26,810) |
Payment of interest element of lease liabilities |
|
|
|
(1,034) |
|
(1,660) |
Payment of listing expenses |
|
|
|
(404) |
|
(10,762) |
Proceeds from receipts of subscription price for the convertible redeemable preferred shares |
|
|
|
19,319 |
|
— |
Proceeds from issuance of Class A ordinary shares for exercise of share options |
|
|
|
— |
|
25,534 |
Payment of withholding tax arising from the settlement of vested RSUs |
|
|
|
— |
|
(50,846) |
Proceeds from bank loans |
|
19 |
|
— |
|
72,223 |
Repayment of bank loans |
|
19 |
|
— |
|
(2,500) |
Payment of interest of bank loans |
|
|
|
— |
|
(1,280) |
Advances to a management personnel |
|
|
|
(1,425) |
|
— |
Net cash (used in)/generated from financing activities |
|
|
|
(8,877) |
|
3,899 |
Net increase/(decrease) in cash and cash equivalents |
|
|
|
117,179 |
|
(440,798) |
Cash and cash equivalents as of January 1 |
|
17(a) |
|
1,661,152 |
|
4,268,300 |
Effect of foreign exchange rate changes |
|
|
|
50,612 |
|
8,635 |
Cash and cash equivalents as of June 30 |
|
17(a) |
|
1,828,943 |
|
3,836,137 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
8
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated)
1 General information and basis of presentation
(a) |
General information |
WeRide Inc. (the “Company”), an exempted company with limited liability, was incorporated in the Cayman Islands under the Companies Act, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands on March 13, 2017. The Company’s American Depositary Shares (“ADSs”) have been listed on the Nasdaq Stock Market since October 25, 2024 and the Company completed its initial public offering (“IPO”) on October 28, 2024. Each ADS of the Company represents three ordinary shares.
The Company is an investment holding company. The Company, through its wholly-owned subsidiaries (collectively referred to as the “Group”), is principally engaged in providing autonomous driving products and services. The Group’s principal operations and geographic markets are mainly in the People’s Republic of China (the “PRC”).
(b) |
Basis of preparation of the financial statements |
The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting issued by the International Accounting Standards Board (“IASB”) and should be read in conjunction with the Group’s last annual consolidated financial statements as of and for the year ended December 31, 2024 (“last annual consolidated financial statements”). They do not include all of the information required for a complete set of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS” or “IFRS Accounting Standards”). However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual consolidated financial statements.
2 Changes in accounting policies
Except as described below, the accounting policies applied in the unaudited condensed consolidated financial statements are the same as those applied in the Group’s consolidated financial statements as of and for the year ended December 31, 2024.
The Group has applied the amendment to IFRS Accounting Standards issued by the IASB to this condensed consolidated interim financial statements for the current accounting period:
| ● | Amendments to IAS 21, Lack of exchangeability |
None of these developments have had a material effect on how the Group’s results and financial position for the current or prior periods have been prepared or presented in the interim condensed consolidated financial statements. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.
3 Revenue
The principal activities of the Group are (i) the sales of autonomous driving vehicles, primarily including robobuses, robotaxis, robosweepers and related sensor suites; (ii) the provision of autonomous driving related operational and technical support services; and (iii) the provision of other technology services, including ADAS R&D services and intelligent data services.
9
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
3 Revenue (Continued)
| (i) | Disaggregation of revenue |
The Group generally sells autonomous driving vehicles to customers with provision of accompanying operational and technical support services. The following table sets forth the breakdown of disaggregation of revenue from contracts with customers by categories of vehicles and related services:
|
|
For the six months ended |
||
|
|
June 30, |
||
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Disaggregated by major products or service lines: |
|
|
|
|
Sales of robotaxis and related services |
|
13,357 |
|
62,030 |
Sales of other vehicles and related services |
|
|
|
|
–Robobus |
|
43,026 |
|
25,152 |
–Robosweeper |
|
11,536 |
|
33,850 |
–Robovan |
|
3,263 |
|
2,900 |
Other technology services |
|
79,116 |
|
75,683 |
|
|
150,298 |
|
199,615 |
Disaggregation of revenue from contracts with customers by major products or service lines and timing of revenue recognition are as follows:
|
|
For the six months ended |
||
|
|
June 30, |
||
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Disaggregated by major products or service lines: |
|
|
|
|
Autonomous driving related operational and technical support services |
|
50,137 |
|
54,651 |
Other technology services |
|
79,116 |
|
75,683 |
Provision of services |
|
129,253 |
|
130,334 |
Sales of autonomous driving vehicles |
|
21,045 |
|
69,281 |
|
|
150,298 |
|
199,615 |
Timing of revenue recognition |
|
|
|
|
Point in time |
|
21,045 |
|
73,335 |
Over time |
|
129,253 |
|
126,280 |
|
|
150,298 |
|
199,615 |
The major customers, which individually contributed more than 10% of total revenue of the Group for the six months ended June 30, 2024 and 2025, are as follows.
|
|
For the six months ended |
|
||
|
|
June 30, |
|
||
|
|
2024 |
|
2025 |
|
Customer A |
|
45 |
% |
* |
|
Customer E |
|
* |
|
17 |
% |
Customer F |
|
* |
|
13 |
% |
* |
represents that the amount of aggregated revenue from such customer is individually less than 10% of the total revenue for respective period. |
10
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
4 Other net income
|
|
For the six months |
||
|
|
ended June 30, |
||
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Government grants |
|
6,904 |
|
450 |
Net loss on disposal of non-current assets |
|
— |
|
(109) |
Others |
|
1,035 |
|
2,680 |
|
|
7,939 |
|
3,021 |
5 Expenses by nature
|
|
For the six months |
||
|
|
ended June 30, |
||
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Payroll and employee benefits (Note 5(i)) |
|
614,013 |
|
693,153 |
Cost of goods sold (Note 12(b)) |
|
17,157 |
|
35,461 |
Depreciation and amortization (Note 5(ii)) |
|
48,883 |
|
73,027 |
Professional services fee |
|
13,563 |
|
73,656 |
Service fee from a related party (Note 24(c)) |
|
65,557 |
|
32,379 |
Outsourcing service fee |
|
26,189 |
|
61,734 |
Utilities and property management fee |
|
14,042 |
|
24,823 |
Listing expense relating to the public offering on Nasdaq |
|
3,634 |
|
— |
Listing expense relating to the Hong Kong public offering |
|
— |
|
29,068 |
Others |
|
40,758 |
|
66,612 |
Total cost of revenue, research and development expenses, administrative expenses and selling expenses |
|
843,796 |
|
1,089,913 |
Notes: |
|
|
|
|
(i) Payroll and employee benefits: |
|
|
|
|
Salaries, allowances, bonus and benefits in kind |
|
307,892 |
|
445,452 |
Contributions to defined contribution retirement plan |
|
14,221 |
|
28,179 |
Share-based compensation expenses (Note 21) |
|
291,900 |
|
219,522 |
|
|
614,013 |
|
693,153 |
(ii) Depreciation and amortization: |
|
|
|
|
Property and equipment |
|
28,912 |
|
45,372 |
Right-of-use assets |
|
17,810 |
|
25,417 |
Intangible assets |
|
2,161 |
|
2,238 |
|
|
48,883 |
|
73,027 |
6 Other finance costs
|
|
For the six months ended |
||
|
|
June 30, |
||
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Interest on bank loans |
|
— |
|
1,307 |
Interest on lease liabilities |
|
1,034 |
|
1,660 |
Changes in the carrying amount of put option liabilities |
|
322 |
|
325 |
|
|
1,356 |
|
3,292 |
11
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
7 Income tax
The Group provided the current income tax expense of RMB1.9 million for the six months ended June 30, 2025 (six months ended June 30, 2024:RMB1.6 million), which represented 1) the withholding tax levied at 10% on interest income earned by the Company in the Cayman Islands and the Group’s subsidiary in Hong Kong which is a non-PRC resident according to the relevant rules and regulations of the Chinese Mainland, and 2) the withholding tax levied at 30% on interest income earned by the Company in the U.S. which is a non-U.S. resident according to the relevant rules and regulations of the U.S.
8 Loss per Class A and Class B ordinary share
(a)Basic loss per Class A and Class B ordinary share
The calculation of basic loss per Class A and Class B ordinary share is based on the loss attributable to ordinary equity shareholders of the Company divided by weighted-average number of Class A and Class B ordinary shares outstanding.
In August 2024, the Company issued 12,806,568 ordinary shares to holders of Series D and Series D+ preferred shares at par value of USD0.00001 each and the Company was entitled an option to repurchase these ordinary shares if an IPO does not consummate on or before March 31, 2025. These ordinary shares were contingently returnable upon issuance; as such they were not initially treated as “outstanding” for the calculation of basic loss per ordinary share and were excluded from the calculation of loss per ordinary share amounts prior to the consummation of the IPO. However, upon the consummation of the IPO in October 2024 and consequently those shares were no longer subject to recall, the weighted average numbers of ordinary shares for the purpose of basic and diluted loss per share for the periods presented have been retrospectively adjusted for the bonus element in such issuance.
Upon and immediately prior to the completion of the IPO in October 2024, the Company adopted a dual- class share structure and all of the Company’s issued ordinary shares before the completion of the IPO were re-designated into 149,442,793 Class A ordinary shares and 54,414,873 Class B ordinary shares. For comparability in the basic and diluted loss per share amounts for the years presented, the historical share capital structure has been re-presented to reflect the re-designation retrospectively.
Holders of the Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. In respect of matters requiring the votes of shareholders, the holder of Class B ordinary shares is entitled to 40 votes per share, while the holders of Class A ordinary shares entitle to one vote per share. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.
12
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
8 Loss per Class A and Class B ordinary share (Continued)
| (i) | Weighted average number of Class A and Class B ordinary shares for the purpose of basic loss per Class A and Class B ordinary share |
|
|
For the six months ended |
||
|
|
June 30, |
||
|
|
2024 |
|
2025 |
|
|
Number of |
|
Number of |
|
|
shares |
|
shares |
|
|
‘000 |
|
‘000 |
Issued Class A and Class B ordinary shares as of January 1 |
|
105,614 |
|
826,214 |
Effect of bonus element in issuance of Class A ordinary shares to Series D and Series D+ preferred shareholders |
|
12,807 |
|
— |
Effect of ordinary shares issued(1) |
|
— |
|
30,191 |
Effect of Class A ordinary shares surrendered |
|
— |
|
* |
Effect of ordinary shares deemed to be in issue(2) |
|
1,036 |
|
50,451 |
Weighted average number of Class A and Class B ordinary shares for the period |
|
119,457 |
|
906,856 |
Note:
| (1) | As disclosed in Note 20, during the six months ended June 30, 2025, the Company issued 60,000,000 Class A ordinary shares to its share depositary bank to be used to settle vested RSUs and share options upon their exercise. These Class A ordinary shares are legally issued and outstanding but are treated as shares held for the 2018 Share Plan for accounting purposes. As of June 30, 2025, 35,980,422 Class A ordinary shares had been used to settle the aforesaid vested RSUs and share options, and the remaining 24,019,578 Class A ordinary shares have been excluded from the computation of loss per Class A and Class B ordinary shares. |
| (2) | The ordinary shares deemed to be in issue represent the vested RSUs granted to qualified directors and employees. |
(ii)Calculations of basic loss per Class A and Class B ordinary share
|
|
For the six months ended |
||
|
|
June 30, |
||
|
|
2024 |
|
2025 |
Loss attributable to ordinary shareholders of the Company (in RMB’000) |
|
(881,700) |
|
(791,517) |
Weighted average number of Class A and Class B ordinary shares in issue (in ‘000) |
|
119,457 |
|
906,856 |
Basic loss per Class A and Class B ordinary share (in RMB) |
|
(7.38) |
|
(0.87) |
(b)Diluted loss per Class A and Class B ordinary share
Diluted loss per Class A and Class B ordinary share is calculated by adjusting the weighted average number of Class A and Class B ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares.
There was no difference between basic and diluted loss per Class A and Class B ordinary share during the six months ended June 30, 2024 and 2025 due to the anti-dilutive effects of: 1) preferred shares and other financial instruments subject to redemption and other preferential rights issued by the Company; 2) non-redeemable preferred shares; and 3) the share options (Note 21).
13
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
9 Property and equipment
During the six months ended June 30, 2025, the Group incurred capital expenditure on property and equipment with a cost of RMB122.0 million (six months ended June 30, 2024: RMB26.8 million). Items of property and equipment with a net book value of RMB1.9 million were disposed of during the six months ended June 30, 2025 (six months ended June 30, 2024: RMB0.6 million).
10 Right-of-use assets
During the six months ended June 30, 2025, the Group entered into new lease agreements for its offices and parking space and recognized RMB27.9 million addition to right-of-use assets (six months ended June 30, 2024: RMB13.5 million).
11Restricted cash
|
|
As of December 31, |
|
As of June 30, |
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Non-Current |
|
|
|
|
Deposits for renting office (Note (i)) |
|
6,635 |
|
6,607 |
Deposits for others |
|
3,034 |
|
5,535 |
|
|
9,669 |
|
12,142 |
Current |
|
|
|
|
Credit card and other deposits |
|
4,814 |
|
3,273 |
|
|
4,814 |
|
3,273 |
Notes:
| (i) | Deposits for renting office represents cash held in collateral bank accounts in the U.S. with designated usage of deposits for renting office. |
12 Inventories
(a) Inventories comprise:
|
|
As of December 31, |
|
As of June 30, |
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Production supplies |
|
76,961 |
|
73,047 |
Work in progress (Note (i)) |
|
127,744 |
|
216,882 |
|
|
204,705 |
|
289,929 |
Note:
(i)Work in progress represents vehicles in the process of deployment.
| (b) | The analysis of the amount of inventories recognized as cost of revenue and included in profit or loss is as follows: |
|
|
For the six months ended June 30, |
||
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Carrying amounts of inventories sold |
|
12,899 |
|
34,070 |
Write down of inventories |
|
4,258 |
|
1,391 |
|
|
17,157 |
|
35,461 |
14
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
13 Contract assets and contract liabilities
(a) Contract assets
|
|
As of December 31, |
|
As of June 30, |
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Contract assets |
|
|
|
|
Arising from sales of autonomous driving vehicles |
|
19,933 |
|
23,689 |
Arising from provision of services |
|
18,280 |
|
23,625 |
Less: loss allowance |
|
(9,647) |
|
(11,978) |
|
|
28,566 |
|
35,336 |
Current portion |
|
28,005 |
|
35,336 |
Non-current portion (Note 15) |
|
561 |
|
— |
All of the amounts are expected to be recovered within one year from the end of each of the reporting period, except for the amounts of RMB561 thousand as of December 31, 2024, related to retentions included in other non-current assets, which are expected to be recovered over one year. No such amounts were recognized as of June 30, 2025.
(b) Contract liabilities
|
|
As of December 31, |
|
As of June 30, |
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Contract liabilities |
|
|
|
|
–Billings in advance of performance |
|
2,119 |
|
2,090 |
–Billings in advance of goods transferred |
|
2,357 |
|
28,484 |
|
|
4,476 |
|
30,574 |
All of the contract liabilities are expected to be recognized as revenue within one year and the amount of RMB2.0 million included in contract liabilities as of December 31, 2024 was recognized as revenue in the six months ended June 30, 2025 (six months ended June 30, 2024: RMB12.5 million).
15
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
14 Trade receivables, prepayments and other receivables
|
|
As of December 31, |
|
As of June 30, |
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Trade receivables |
|
318,044 |
|
304,761 |
Less: loss allowance |
|
(65,437) |
|
(63,389) |
Trade receivables, net of loss allowance |
|
252,607 |
|
241,372 |
Receivables from payments made on behalf of customers, net of allowance |
|
31,917 |
|
22,814 |
Receivables from loans to employees (Note (i)) |
|
18,501 |
|
— |
Other receivables |
|
50,418 |
|
22,814 |
Trade and other receivables at amortized cost |
|
303,025 |
|
264,186 |
Prepayments to suppliers |
|
67,542 |
|
46,151 |
Refundable value-added tax |
|
64,678 |
|
96,596 |
Others |
|
15,014 |
|
25,566 |
Prepayments and others |
|
147,234 |
|
168,313 |
Prepayments and other receivables |
|
197,652 |
|
191,127 |
Total trade receivables, prepayments and other receivables |
|
450,259 |
|
432,499 |
Note:
| (i) | In June 2023, the Group provided a one-year loan with a principal amount of USD1.5 million (equivalent to RMB10.9 million) to an employee at an interest rate of 4.43%. The principal of USD1.0 million was repaid in 2024, and the remaining principal of USD0.5 million and the cumulative interest of USD80 thousand was repaid in May 2025. |
In December 2024 and January 2025, the Group provided one-year loans with total principal amount of USD2.0 million (equivalent to RMB14.6 million) and USD50 thousand (equivalent to RMB359 thousand) respectively, to another employee at an interest rate of 4.30%. The principal of USD2.05 million and the cumulative interest of USD26 thousand was repaid in April 2025.
All of the trade and other receivables are expected to be recovered or recognized as expense within one year. Trade receivables are normally due within 30 to 90 days from the invoice date.
15 Other non-current assets
|
|
As of December 31, |
|
As of June 30, |
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Prepayment for leasing motor vehicles |
|
18,239 |
|
11,942 |
Prepayment for property and equipment |
|
1,225 |
|
8,742 |
Contract assets-non-current, net of allowance |
|
561 |
|
— |
|
|
20,025 |
|
20,684 |
16
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
16 Financial assets at FVTPL
|
|
As of December 31, |
|
As of June 30, |
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
|
|
|
|
|
Non-current |
|
|
|
|
–Investment in a listed company (Note(i)) |
|
56,919 |
|
40,871 |
–Investment in a private investment fund |
|
— |
|
17,280 |
|
|
56,919 |
|
58,151 |
Current |
|
|
|
|
–Non-equity investments |
|
1,685,146 |
|
1,735,333 |
|
|
1,742,065 |
|
1,793,484 |
Note:
| (i) | In June 2024, the Company committed to subscribe 4,416,000 ordinary shares of a listed company with a total consideration of USD20.0 million, or USD4.53 per share. The Group paid the subscription consideration and received the shares in July 2024. The investment was initially recorded at USD20.0 million (equivalent to RMB138.7 million) and subsequently measured at fair value. The Company recognized a loss of USD 11.9 million and USD2.2 million (equivalent to RMB15.9 million) in fair value change for the year ended December 31, 2024 and for the six months ended June 30, 2025, respectively. |
Please see more information about the fair value valuation in Note 22.
17 Cash, cash equivalents and time deposits
(a) Cash, cash equivalents and time deposits comprise:
|
|
As of December 31, |
|
As of June 30, |
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
|
|
|
|
|
Cash and cash equivalents |
|
4,268,300 |
|
3,836,137 |
Time deposits |
|
620,148 |
|
251,733 |
(b) Non-cash transactions
Non-cash investing and financing transactions incurred for the six months ended June 30, 2024 and 2025 mainly comprised the following:
| (i) | Purchase of right-of-use assets included in lease liabilities amounting to RMB13.5 million and RMB 27.9 million for the six months ended June 30, 2024 and 2025, respectively. |
| (ii) | The Group transferred inventory to property and equipment amounting to RMB28.6 million for the six months ended June 30, 2025, there was no inventory transfer to property and equipment for the six months ended June 30, 2024. |
| (iii) | Purchase of property and equipment included in other payables and other non-current assets was RMB28.8 million for the six months ended June 30, 2025. |
17
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
18 Trade and other payables, deposits received and accrued expenses
|
|
As of December 31, |
|
As of June 30, |
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Trade payables |
|
20,713 |
|
47,117 |
Government grants received with conditions* |
|
184,542 |
|
187,242 |
Accrued payroll and social insurance |
|
96,593 |
|
76,510 |
Payables for professional services |
|
27,134 |
|
33,970 |
Taxes payable and others |
|
89,486 |
|
33,126 |
Total other payables, deposits received and accrued expenses |
|
397,755 |
|
330,848 |
Trade and other payables, deposits received and accrued expenses measured at amortized cost |
|
418,468 |
|
377,965 |
* |
The current portion of government grants received with conditions mainly represent the grants received with certain requirements of operation performance and tax contribution in a specified region. |
As of June 30, 2025, all of the balances of trade and other payables are expected to be settled or recognized as income within one year or are repayable on demand. The credit period granted by the suppliers is generally between 30 to 60 days.
19 Bank loans
|
|
As of December 31, |
|
As of June 30, |
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Non-current |
|
|
|
|
–Long-term bank loan (Note (i)) |
|
50,040 |
|
47,534 |
Current |
|
|
|
|
–Short-term bank loans (Note (ii)(iii)) |
|
30,019 |
|
102,275 |
|
|
80,059 |
|
149,809 |
Notes:
| (i) | In September 2024, a commercial bank in the PRC provided the Group with a two-year long-term bank loan of RMB50.0 million bearing an interest rate of 2.9% per annum. In March 2025, the Group repaid RMB2.5 million in accordance with the repayment schedule. |
| (ii) | In November and December 2024, a commercial bank in the PRC provided the Group with certain one-year short-term loans with total principal amount of RMB30.0 million bearing an interest rate of 2.5% per annum. |
| (iii) | During the six months ended June 30, 2025, two commercial banks in PRC provided the Group with certain one-year short-term loans with total principal amount of RMB40.0 million (bearing annual interest rates of 2.25% and 2.30%) and RMB32.2 million (bearing annual interest rates of 2.15%), respectively. |
18
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
20 Capital and reserves
(i) |
During the six months ended June 30, 2025, the Company issued 61,186,793 Class A ordinary shares at par value of US$0.0001 each to settle 62,437,467 vested RSUs held by certain employees (of which, 1,250,674 vested RSUs were withheld for withholding tax of RMB50.8 million). As a result, the Company recognized RMB3 thousand in equity relating to Class A ordinary shares and de-recognized RMB3 thousand in share premium. |
(ii) |
During the six months ended June 30, 2025, the Company issued 11,164,145 Class A ordinary shares at par value of US$0.0001 each to settle share options held by certain employees upon their exercise. As a result, the Company recognized total exercise prices amounting RMB1 thousand in equity relating to Class A ordinary shares and de-recognized RMB1 thousand in share premium. The Company received proceeds from issuance of Class A ordinary shares for exercise of share options in the amount of RMB25.5 million. |
(iii) |
During the six months ended June 30, 2025, the Company issued 60,000,000 Class A ordinary shares to its share depositary bank to be used to settle vested RSUs and share options upon their exercise. No consideration was received by the Company for this issuance of ordinary shares. As a result, the Company recognized RMB4 thousand in equity relating to Class A ordinary shares and de-recognized RMB4 thousand in share premium. As of June 30, 2025, 31,956,201 and 4,024,221 Class A ordinary shares had been used to settle the aforesaid vested RSUs and share options upon their exercise, respectively. |
21Share-based compensation arrangements
In June 2018, the Board of Directors of the Company approved and adopted the 2018 Share Plan, under which the Company reserves 311,125,716 shares to grant share options or restricted share units for officers, directors, employees and non-employees.
(a)Share options
Share options’ activities for the six months ended June 30, 2025 presented were summarized as follows:
|
|
For the six months ended June 30, 2025 |
||
|
|
Weighted average |
|
|
|
|
exercise price |
|
Number of options |
|
|
USD |
|
|
Outstanding as of January 1, 2025 |
|
1.2 |
|
121,852,549 |
Granted |
|
1.2 |
|
81,966 |
Expired |
|
0.9 |
|
(293,908) |
Modified |
|
1.2 |
|
(915,730) |
Forfeited |
|
1.2 |
|
(1,244,625) |
Exercised |
|
0.6 |
|
(11,164,145) |
Outstanding as of June 30, 2025 |
|
1.2 |
|
108,316,107 |
Exercisable as of June 30, 2025 |
|
1.2 |
|
83,636,052 |
The weighted average grant date fair value of the share options granted for the six months ended June 30, 2025 was USD4.4. The aggregated fair value of the share options at the grant date for the six months ended June 30, 2025 was USD0.4 million (equivalent to RMB2.6 million).
In January and April 2025, the Company approved to replace 915,730 options granted in August 2024 with 693,524 RSUs, which effectively reduce the exercise price to nil and simultaneously reduce the number of share awards granted. As the total fair value of the modified equity instruments is lower than that of the original equity instruments (as estimated as at the date of the modification), such non-beneficial modification is accounted for in accordance with the accounting policy as follows.
19
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
21 Share-based compensation arrangements (Continued)
Where the terms or conditions of a share-based awards granted are modified, as a minimum, an expense is recognized as if the terms had not been modified, if the original terms of the award are met. In addition, an expense is recognized for any modification that increases the total fair value of the share-based payments arrangement, or is otherwise beneficial to the employee as measured at the date of modification; if a modification reduces the total fair value of the share-based awards granted, or is not otherwise beneficial to the employee, the Group nevertheless continues to recognize as a minimum the original grant date fair value of the share-based awards granted (unless those share-based awards are forfeited) as if that modification had not occurred.
The fair value of share options granted was measured by reference to the fair value of the Company’s equity interest. The Group had used the discounted cash flow method to determine the underlying equity fair value of the Company. The estimation of the share options granted was measured based on a binominal options pricing model. The key assumptions used in determining the fair value of share options were as follows:
|
|
For the |
|
|
six months ended |
|
|
June 30, 2025 |
Fair value of the Company’s ordinary shares |
|
USD5.53 per share |
Expected volatility |
|
52.6% |
Exercise multiple |
|
2.8x |
Expected dividends |
|
0% |
Risk-free interest rate (per annum) |
|
4.52% |
Expected term |
|
10 years |
The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s share options. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in USD for a term consistent with the expected term of the Company’s share options in effect at the valuation date. The expected exercise multiple was estimated as the average ratio of the share price to the exercise price of when employees, officers or non-employees would decide to voluntarily exercise their vested share options. Expected dividend yield is zero as the Company has never declared or paid any cash dividends on its shares, and the Company does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the share options.
(b)Restricted share units
Restricted share units’ activities for the six months ended June 30, 2025 presented were summarized as follows:
|
|
For the |
|
|
six months ended |
|
|
June 30, |
|
|
2025 |
|
|
Number of restricted |
|
|
share units |
Outstanding as of January 1,2025 |
|
6,781,568 |
Granted |
|
11,064,802 |
Modified |
|
693,524 |
Forfeited |
|
(1,173,100) |
Vested |
|
(1,959,795) |
Outstanding as of June 30, 2025 |
|
15,406,999 |
Total compensation expense calculated based on the grant date fair value and the estimated forfeiture rate recognized in the unaudited condensed consolidated statements of profit or loss for aforementioned share options and restricted share units granted was RMB291.9 million and RMB219.5 million for the six months ended June 30, 2024 and 2025, respectively.
20
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
22 Fair value measurement of financial instruments
(a)Financial assets measured at fair value
(i)Fair value hierarchy
The following table presents the Group’s financial assets that are measured at fair value at the end of each period presented:
|
|
As of December 31, 2024 |
||||||
Recurring fair value measurement |
|
Fair value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
Assets |
|
|
|
|
|
|
|
|
–Financial assets at FVTPL |
|
1,742,065 |
|
56,919 |
|
1,685,146 |
|
— |
|
|
As of June 30, 2025 |
||||||
Recurring fair value measurement |
|
Fair value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
Assets |
|
|
|
|
|
|
|
|
–Financial assets at FVTPL |
|
1,793,484 |
|
40,871 |
|
1,735,333 |
|
17,280 |
For the six months ended June 30, 2025, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3.
(ii)Financial instruments in level 2
Financial assets at FVTPL
The fair value of the financial assets in Level 2, is determined based on the unit price published on the counterparty bank’s or financial institution’s websites. The published unit price is the unit price at which a holder could redeem the fund units at the end of each period presented.
Financial assets at FVTPL consisted of the following:
|
|
As of December 31, |
|
As of June 30, |
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Aggregated cost basis |
|
1,662,401 |
|
1,696,312 |
Gross unrealized holding gain |
|
22,745 |
|
39,021 |
Aggregated fair value |
|
1,685,146 |
|
1,735,333 |
The tables below reflect the reconciliation from the opening balance to the closing balance for recurring fair value measurements of the fair value hierarchy for the six months ended June 30, 2025:
|
|
For the six months ended June 30, 2025 |
||||||||||
|
|
|
|
|
|
|
|
|
|
Foreign |
|
|
|
|
January 1, |
|
|
|
|
|
Included in |
|
exchange |
|
June 30, |
|
|
2025 |
|
Purchase |
|
Sell |
|
earnings |
|
effect |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets at FVTPL |
|
1,685,146 |
|
20,001 |
|
(1,714) |
|
39,021 |
|
(7,121) |
|
1,735,333 |
21
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
22 Fair value measurement of financial instruments (Continued)
(iii)Financial instruments in level 3
Financial assets at FVTPL
Financial instruments in level 3 assets at FVTPL represented equity investments in an unlisted partnership enterprise, which is determined by using recent transaction approach. Under this approach, the significant unobservable input is recent transaction prices.
The table below reflects the reconciliation from the opening balance to the closing balance for recurring fair value measurements of the fair value hierarchy for the period presented:
|
|
For the six months ended June 30, 2025 |
||||||||||
|
|
|
|
|
|
|
|
|
|
Foreign |
|
|
|
|
January 1, |
|
|
|
|
|
Included in |
|
exchange |
|
June 30, |
|
|
2025 |
|
Purchase |
|
Sell |
|
earnings |
|
effect |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets at FVTPL |
|
— |
|
17,280 |
|
— |
|
— |
|
— |
|
17,280 |
(b)Cash concentration
Cash, cash equivalents, restricted cash, time deposits and financial assets at FVTPL, which are maintained at banks, consist of the following:
|
|
As of December 31, |
|
As of June 30, |
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
RMB denominated: |
|
|
|
|
Financial institutions in Chinese Mainland |
|
503,800 |
|
569,601 |
USD denominated: |
|
|
|
|
Financial institutions in Chinese Mainland |
|
1,816,218 |
|
1,288,818 |
Financial institution in Hong Kong |
|
11,671 |
|
11,621 |
Financial institution in the U.S. |
|
462,786 |
|
122,292 |
Financial institution in the Singapore |
|
3,767,075 |
|
3,828,715 |
Financial institution in the Middle East |
|
10,561 |
|
8,261 |
Arab Emir. Dirham (“AED”) denominated: |
|
|
|
|
Financial institution in the Middle East |
|
3,198 |
|
850 |
European Dollar (“EUR”) denominated: |
|
|
|
|
Financial institutions in Chinese Mainland |
|
1,129 |
|
317 |
Financial institution in the Middle East |
|
186 |
|
— |
Financial institution in the Germany |
|
— |
|
89 |
Singapore Dollar (“SGD”) denominated: |
|
|
|
|
Financial institution in the Singapore |
|
11,453 |
|
8,054 |
The bank deposits in Chinese Mainland, Hong Kong, the U.S., Germany and Singapore are insured by the government authority up to RMB500,000, HKD500,000, USD250,000, EUR100,000 and SGD100,000 with individual bank, respectively. Total bank deposits amounted to RMB51.0 million and RMB33.2 million are insured as of December 31, 2024 and June 30, 2025, respectively. The Company has not experienced any losses in uninsured bank deposits.
22
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
23 Commitments
Commitments outstanding as of June 30, 2025 consist of the following:
|
|
As of June 30, 2025 |
|
|
RMB’000 |
Contracted for purchase of inventories (Note (i)) |
|
52,488 |
Contracted for purchase of services (Note (ii)) |
|
216,807 |
|
|
269,295 |
Notes:
As of June 30, 2025, the Group had entered into the following commitment agreements:
| (i) | A vehicle purchase agreement with Zhengzhou Yutong Bus Co., Ltd. (“Yutong”), an affiliate of a shareholder of the Company, pursuant to which the Group committed to purchase vehicles manufactured by Yutong with an aggregated purchase amount of RMB100.3 million in 2024. As of June 30, 2025, the Group has paid RMB62.0 million under this vehicle purchase agreement. The Group is in the process of negotiating with Yutong to extend the term to purchase vehicles under the agreement. |
Another vehicle purchase agreement with a Chinese manufacturer, specializing in the development, production and sale of buses, pursuant to which the Group committed to purchase vehicles manufactured by this manufacturer with an aggregated purchase amount of RMB32.7 million in 2024 and 2025. As of June 30, 2025, the Group has paid RMB18.6 million under this vehicle purchase agreement.
| (ii) | A research and development service agreement with another Chinese manufacturer, pursuant to which the Group committed to purchase research and development services from the manufacturer with an aggregated purchase consideration of RMB216.8 million in 2024 and 2025. As of June 30, 2025, the research and development services has not started and no consideration has been paid yet. |
23
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
24Material related party transactions
(a)Name and relationship with related parties
Name of related parties |
|
Relationship with the Group |
Dr. Tony Xu Han |
|
Founder, Chairman, Executive Director and CEO |
Mr. Yan Li |
|
Co-founder, Executive Director and Chief Technology Officer |
Ms. Jennifer Xuan Li |
|
Chief Financial Officer and Head of International |
Mr. Qingxiong Yang |
|
Vice President |
Mr. Jean-François Salles |
|
Non-Executive Director |
Mr. Kazuriho Doi |
|
Non-Executive Director |
Mr. David Tong Zhang |
|
Independent Director |
Ms. Huiping Yan |
|
Independent Director |
Mr. Grégoire de Franqueville |
|
Former Non-Executive Director |
Mr. Takao Asami |
|
Former Non-Executive Director |
Mr. Yibing Xu |
|
Former Non-Executive Director |
Mr. Jingzhao Wan |
|
Former Non-Executive Director |
Mr. Ziping Kuang |
|
Former Non-Executive Director |
Mohamed Albadrsharif Shaikh Abubaker Alshateri |
|
Former Non-Executive Director |
Alliance Automotive R&D (Shanghai) Co., Ltd., Alliance Ventures, B.V. and Nissan Mobility Service Co., Ltd (collectively “Alliance affiliates”) |
|
Affiliate of a shareholder |
Zhengzhou Yutong Bus Co., Ltd., Zhengzhou Yutong Heavy Industry Co., Ltd., Yutong Heavy Equipment Co., Ltd., Zhengzhou Yutong Mining Equipment Co., Ltd, and Ourland Environmental Technical Ltd (collectively “Yutong affiliates”) |
|
Affiliate of a shareholder |
Guangzhou Yuji Technology Co., Ltd. and its subsidiaries (collectively “Yuji affiliates”) |
|
Entity controlled by a close family member of Dr. Tony Xu Han |
(b)Key management personnel compensation
|
|
For the six months ended |
||
|
|
June 30, |
||
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Short-term employment benefits (excluding discretionary bonus) |
|
8,037 |
|
8,972 |
Discretionary bonus |
|
5,470 |
|
4,376 |
Contributions to defined contribution retirement plans |
|
135 |
|
109 |
Share-based compensation expenses |
|
165,528 |
|
40,047 |
|
|
179,170 |
|
53,504 |
24
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
24 Material related party transactions (Continued)
(c)Other transactions with related parties
In addition to the transactions disclosed elsewhere in these financial statements, the Group entered into the following continuing material related party transactions during the periods presented:
|
|
For the six months ended |
||
|
|
June 30, |
||
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Sales of goods to: |
|
|
|
|
Yutong affiliates |
|
— |
|
92 |
Alliance affiliates |
|
2,620 |
|
— |
|
|
2,620 |
|
92 |
Service rendered to: |
|
|
|
|
Alliance affiliates |
|
6,478 |
|
6,058 |
Yutong affiliates |
|
6,660 |
|
2,107 |
|
|
13,138 |
|
8,165 |
Purchases of goods or services from: |
|
|
|
|
Yutong affiliates* |
|
53,638 |
|
13,366 |
Yuji affiliates |
|
65,557 |
|
32,379 |
|
|
119,195 |
|
45,745 |
Payments made on behalf of customers to: |
|
|
|
|
Yuji affiliates |
|
41,500 |
|
2,734 |
|
|
41,500 |
|
2,734 |
Disposal of property and equipment to: |
|
|
|
|
Yuji affiliates |
|
— |
|
1,431 |
|
|
— |
|
1,431 |
* |
The Group sold and recognized goods purchased from Yutong affiliates for business operation in cost of goods sold in the amount of RMB6.1 million and RMB7.3 million for the six months ended June 30, 2024 and 2025, respectively. |
25
Notes to the Unaudited Condensed Consolidated Financial Statements
(Expressed in thousands of RMB, unless otherwise indicated) (Continued)
24 Material related party transactions (Continued)
(d) Balances with related parties
|
|
As of December 31, |
|
As of June 30, |
|
|
2024 |
|
2025 |
|
|
RMB’000 |
|
RMB’000 |
Trade related |
|
|
|
|
Trade receivables from: |
|
|
|
|
Alliance affiliates |
|
3,944 |
|
145 |
Yutong affiliates |
|
11,880 |
|
11,222 |
Less: loss allowance |
|
(2,707) |
|
(2,395) |
Trade receivables, net of loss allowance |
|
13,117 |
|
8,972 |
Prepayments to: |
|
|
|
|
Yuji affiliates |
|
— |
|
18,500 |
Yutong affiliates |
|
13,501 |
|
23,445 |
Prepayments to and amounts due from related parties |
|
26,618 |
|
50,917 |
Trade related |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Trade and other payables to: |
|
|
|
|
Yutong affiliates |
|
2,185 |
|
8,070 |
Yuji affiliates |
|
7,265 |
|
6,586 |
|
|
9,450 |
|
14,656 |
As of December 31, 2024 and June 30, 2025, amounts due from related parties are unsecured, interest-free and repayable on demand.
25 Subsequent events
Management has considered subsequent events through October 21, 2025, which was the date the unaudited condensed consolidated financial statements were issued.
In August 2025, Grab Inc. (“Grab”) committed to an equity investment of US$15 million in the Company. This investment is expected to be called by WeRide and completed by the first half of 2026, subject to customary closing conditions. Grab will invest at a price based on the volume-weighted average price of WeRide’s American Depositary Shares prior to the closing.
26