Robotaxi fleet doubles, WeRide’s 2025 revenue up 89.6% year-on-year, net loss narrowed by 34.2% | Financial Report News

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On Monday, WeRide released its first annual financial report since going public on the Hong Kong Stock Exchange:

In 2025, total revenue was 685 million RMB, a year-on-year increase of 89.6%. Of that, product revenue was 360 million RMB, skyrocketing 310.3% year-on-year, directly driving the shift in revenue structure from "service-oriented" to "product + large-scale delivery".

On the profitability side, company gross profit was 207 million RMB, up 86.8% year-on-year, with a gross margin of 30.2% almost unchanged from last year's 30.7%, indicating that during a rapid scale-up stage, costs for hardware delivery and data services, etc., are rising in sync, and scale effects have yet to be reflected in gross margin expansion.

On the loss side, according to IFRS, operating loss was 1.8 billion RMB, narrowing 15.5% year-on-year; net loss was 1.655 billion RMB, narrowing 34.2% year-on-year. But what’s more concerning is the non-IFRS adjusted net loss expanded to 1.247 billion RMB from last year’s 802 million RMB, meaning after excluding items like stock-based compensation, the company’s “operational investment intensity” is increasing, with R&D and global compliance investment still the core focus.

Progress in operations and commercialization is another main track: The global autonomous driving vehicle fleet expanded from 1,089 vehicles at the end of 2024 to 2,113 vehicles as of the announcement date; the global robotaxi fleet reached 1,125 vehicles. In China, TCO (Total Cost of Ownership) dropped 38% year-on-year thanks to efficiency improvements via remote assistance and reductions in BOM (bill of materials) costs. Overseas, WeRide obtained "the first city-level fully unmanned commercial operation license outside the US" in Abu Dhabi, advanced operational deployment with Uber in Abu Dhabi and Dubai, and obtained Europe's first passenger driverless license in Switzerland, opening more imagination for “replicable overseas scalability.”

Revenue: Product revenue accounts for more than half for the first time, driven by robotaxi volume

In 2025, total revenue was 685 million RMB, of which product revenue was 360 million RMB and service revenue was 325 million RMB. By structure, the proportion of product revenue has risen to approximately 52.6% (approx. 24.3% in 2024), completing the transition from "project/service model" to "productized delivery" within a year.

The company disclosed that the surge in product revenue was mainly due to the wide deployment and scale expansion of autonomous taxis, autonomous minibuses, and unmanned sanitation vehicles. Meanwhile, service revenue increased only 18.8% year-on-year, but with a distinct internal split:

Intelligent data service revenue increased by 104 million RMB;
Autonomous driving-related operations and technical support service revenue increased by 17.7 million RMB;
ADAS R&D service revenue decreased by 70.1 million RMB (as a certain client’s customized R&D service was completed in Q3 2024).

This means: The "sustainable part" of service revenue (data and operations support) is growing, but "large one-off customized R&D services" are ebbing, so revenue quality leans towards repeatable business, though this also brings short-term fluctuations in growth.

Gross Profit & Costs: Gross margin holds at 30%, scale cost reduction remains key variable

2025 operating costs were 478 million RMB (250 million RMB in 2024), rising with delivery scale and data service volume; gross profit was 207 million RMB, and gross margin was basically stable at 30.2%.

Gross margin not rising despite product revenue ramp-up typically reflects two points: First, initial stage of hardware delivery still bears high supply chain, integration, and deployment costs; second, the scale-up of smart data services also drives up service costs. Management focuses on reducing TCO and BOM, but these improvements often lag in financial statements (especially gross margin). Going forward, we need to observe whether pre-installed mass production models and improvements in remote assistance can further enhance unit gross profit.

Expenses: R&D continues to climb, admin expenses “fall on the surface but rise in reality”

In 2025, operating expenses were 2.042 billion RMB, down from 2.284 billion RMB in 2024, mainly impacted by fluctuations in stock-based compensation and other items; breaking it down:

R&D expenses were 1.372 billion RMB (1.091 billion RMB in 2024), still on the rise. Excluding stock-based compensation, R&D expenses were 1.212 billion RMB, up 41.4% from 857 million RMB last year, attributed to strengthening global data compliance and pre-install robotaxi R&D. The increases mostly came from personnel, R&D project service fees, and materials/ depreciation & amortization.
Admin expenses were 596 million RMB (1.139 billion RMB in 2024), sharply down; however, excluding stock compensation, admin expenses were 312 million RMB, up 55.0% year-on-year, mainly due to higher professional fees for legal compliance and increased personnel to support global business expansion.
Selling expenses were 73.6 million RMB, up year-on-year; excluding stock compensation up 52.6%, still significantly below the revenue growth rate, indicating some degree of sales expense leverage.

Overall, the company is at a triple investment stage: “R&D + compliance + globalization.” The key expense issue isn’t whether to spend, but whether the spending can more quickly convert into replicable city operations and stable delivery orders.

Losses: IFRS losses narrowed, but adjusted loss reveals higher investment intensity

According to IFRS:

Operating loss was 1.8 billion RMB, a decrease of 15.5% year-on-year;
Net loss was 1.655 billion RMB, down 34.2% year-on-year;
Basic and diluted loss per share was 1.79 RMB (8.54 RMB in 2024).

But the non-IFRS adjusted net loss was 1.247 billion RMB, higher than 802 million RMB in 2024. Behind this difference, on one hand, 2025’s stock-based compensation dropped to 450 million RMB (1.188 billion RMB in 2024), making the IFRS metrics look better; on the other hand, the adjusted basis better reflects operational consumption—under rising R&D and compliance spending, the current revenue scale doesn’t yet cover the expanded cost structure.

Simple calculation shows the pressure: 2025 revenue of 685 million RMB versus R&D of 1.372 billion RMB means R&D intensity remains very high, and business expansion’s "self-sustaining" requirement for the financial model becomes more urgent.

Operations: Fleet doubled, order density rises, China enters “efficiency-driven” stage

The company disclosed that the global autonomous driving fleet has reached 2,113 vehicles, almost double from 1,089 at end-2024; robotaxi fleet is 1,125 vehicles. The domestic robotaxi commercial and test fleet exceeds 800 vehicles, and emphasizes higher operational density, shorter wait times, and point-to-point coverage of the entire operating area.

More “consumer-side” indicators include: in the past six months, average daily orders per vehicle were 15, with a peak of 26; Chinese robotaxi registered users grew more than 900% year-on-year in Q4 2025. For multi-channel access, in addition to its own apps/mini-apps, the company is now on Tencent Mobility Services (WeChat mini app), Amap, and plans to launch on Tencent Maps, aiming to use platform traffic to lower user acquisition and cold-start costs.

Costs & Unit Economics: TCO down 38%; remote assist & BOM cost reduction are the two levers

The company attributes the 38% drop in China market TCO in 2025 to two key changes:

Remote assistance efficiency jump: After an upgrade, the human-to-car ratio in remote assist improved from 1:10 in 2024 to 1:40, significantly diluting per-vehicle labor costs, laying the foundation for a future "more cars, fewer people" scale model;
Hardware cost reduction: The new-generation robotaxi GXR (with HPC 3.0) saw BOM costs reduced by 15%, with emphasis on pre-installing autonomous driving systems and shortening production/assembly time (target under 10 minutes), thereby reducing retrofit costs and consistency risks.

Internationally, unit economics signals are even clearer: after obtaining the city-level fully unmanned commercial license in Abu Dhabi that eliminated the safety driver requirement, the local fleet achieved unit economics break-even. For the industry, regulatory relaxation (removal of safety driver) often brings immediate changes to cost curves compared to single-point technical breakthroughs.

Overseas Expansion: License acquisition + platform partnerships, asset-light model bets on "replicability"

As of the announcement, the company operates in 12 countries and over 40 cities; outside China and the US, the robotaxi fleet exceeds 250 vehicles, claimed to be the largest such fleet in those regions.

The core of 2025 overseas expansion is “licenses + platform”:

Middle East: In October 2025, won the world’s first city-level fully unmanned commercial license outside the US; started fully unmanned commercial operations with Uber in Abu Dhabi in November, gradually expanding city center coverage to 70%; in December, launched public passenger services in Dubai with Uber and Dubai RTA, with users able to call “Autonomous” via the Uber App.
Europe: In November, obtained Europe’s first passenger robotaxi driverless service license in Switzerland, and claims to be the only company holding autonomous driving licenses in eight countries.
Southeast Asia: In November, began testing with Grab in Singapore, with planned public passenger service by April 2026.

The company also stresses its “asset-light model,” using partners and leasing companies to keep as many vehicles off the balance sheet as possible, to speed up city deployment and avoid cold starts. For investors, the key issues are: platform revenue share, operational responsibilities, and whether unit economics improvement can be replicated under different national regulatory frameworks.

Outlook: robotaxi fleet target of 2,600 vehicles by end-2026, scaling depends on regulation & unit economics replication

The company expects its global robotaxi fleet to reach 2,600 vehicles by the end of 2026 under current expansion plans, positioning this as a platform for tens of thousands of robotaxi by 2030. Testing this path in the short-term depends on whether two things can happen simultaneously: First, more cities achieve regulatory openness like Abu Dhabi (especially removal of safety drivers); and second, whether TCO reduction and the asset-light partnership model can be consistently and stably implemented in more countries, pushing revenue growth ahead of expense growth.

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