Comprehensive Investment Value Assessment Report on UISEE's Hong Kong IPO

. In December 2025, the Ministry of Industry and Information Technology announced that China’s first batch of L3 conditional autonomous driving vehicles had obtained access permits, marking an important step for autonomous driving technology from the testing phase to commercial application [1]. This policy breakthrough has injected a shot in the arm for the entire industry.

. 2025 was a “capital boom year” for the autonomous driving industry, with a total annual financing of approximately 60 billion yuan involving 35 enterprises. Among them, the Robotaxi track saw 5 enterprises raising a total of up to 28.8 billion yuan, becoming the veritable “cash king” [2].

. HKEX Chapter 18C (Listing Rules for Specialized Technology Companies) provides a listing channel for unprofitable tech enterprises. In 2025, several autonomous driving enterprises such as WeRide (00800.HK), Pony.ai (02026.HK), and HeadSense Drive (03881.HK) successfully listed [1].

. In 2025, the three major U.S. stock indices performed strongly: the S&P 500 Index rose by 15.96%, the Nasdaq Composite Index rose by 19.78%, and the Dow Jones Industrial Average rose by 12.67% [0]. The overall strength of tech stocks provided a favorable market environment for the autonomous driving sector.

. Pony.ai and WeRide debuted on the Hong Kong Stock Exchange on the same day, November 6, 2025, but their share prices fell by 9.28% and 9.96% respectively on the first day of listing [3], reflecting the market’s divergent expectations for the “high investment, long return” characteristics of L4 autonomous driving enterprises.

. Hong Kong Stock Connect funds significantly increased their positions in autonomous driving concept stocks in December 2025, including Joyson Electronics, Seres, and Caocao Chuxing, indicating mainland investors’ long-term optimism about this track [4].

When evaluating Hong Kong IPO enterprises in the autonomous driving sector, the following dimensions should be focused on:

Evaluation Dimension	Key Indicators	Description
Commercialization Capability	Revenue growth rate, gross margin, order backlog	Whether a sustainable business model closed loop can be achieved
Technology Moat	R&D investment ratio, number of patents, difficulty of scenario implementation	Technology leadership and barrier height
Financial Health	Cash reserves, loss narrowing speed, break-even expectation	Survival ability and sustainable development potential
Market Positioning	Market share in segmented scenarios, quality of partners	Differentiated competitive advantages
Policy Adaptability	Alignment between scenario selection and regulatory policies	Speed of commercial implementation

: UISEE focuses on L4 autonomous driving solutions, mainly through the “full-scenario” strategy to layout multiple segmented tracks, including closed or semi-closed scenarios such as airports, factories, and logistics [5].

:<br>- Plans to issue no more than 1,891,400 overseas listed ordinary shares<br>- 41 shareholders plan to convert a total of 11,226,425 domestic unlisted shares held into overseas listed shares (“full circulation”)<br>- CITIC Securities acts as the exclusive sponsor<br>- Lists via HKEX Chapter 18C specialized technology company rules [5]

: Founder Wu Gansha holds 8,113,910 shares; other major shareholders include Beijing司马驹Technology Center and Beijing GrinShine DeepTech, with investment lineup including well-known institutions such as Innovation Works and CITIC Securities [5].

UISEE adopts a “full-scenario” strategy, laying out multiple segmented tracks in different application scenarios to reduce the risk of commercial failure in a single scenario. According to public information, its business covers:

• Airport Scenario
  : Hong Kong International Airport is its benchmark case, having established safety and efficient operation standards [6]
• Factory Logistics
  : Provides unmanned distribution solutions for manufacturing and industrial parks
• Urban Distribution
  : Last-mile unmanned distribution

The company has established a complete autonomous driving system architecture, including cloud platform, on-board computing platform, and operation management system, forming a closed-loop technical system [6]. This architecture can support functions such as remote monitoring, predictive maintenance, and OTA upgrades to improve operational efficiency.

Unlike some enterprises focusing on Robotaxi but still not realizing large-scale commercialization, UISEE has achieved commercial closed loop in specific closed scenarios, which is its important differentiated advantage.

: The above chart shows the trend of key financial indicators of UISEE from 2022 to 2025 (forecast). From the chart, we can see:

• Strong Revenue Growth
  : From 184 million yuan in 2022 to 339 million yuan in 2024, with a compound growth rate of 35.7%
• Continuous Loss Narrowing
  : Adjusted net loss decreased from 31 million yuan in 2022 to 11 million yuan in 2024, narrowing by 64.5%
• Steady Gross Margin Improvement
  : From 45% in 2022 to 49% in 2024, showing improvement in product pricing power and cost control
• Optimized R&D Investment Ratio
  : Although the absolute value of R&D investment increased, the ratio to revenue decreased from 27.2% to 21.0%, reflecting economies of scale [7]

:<br>- CAGR of 35.7% from 2022 to 2024, showing strong growth momentum [7]<br>- Gross margin stable in the range of 45%-49%, with strong product pricing power<br>- Increased business diversification, reducing the risk of dependence on a single customer

:<br>- Adjusted net loss decreased from RMB 31 million in 2022 to RMB 11 million in 2024<br>- Expected to achieve break-even in 2025-2026 [7]

:<br>- R&D investment ratio to revenue decreased from 27.2% to 21.0%, reflecting economies of scale<br>- With the expansion of revenue scale, the dilution effect of fixed costs is obvious

:<br>- The first batch of L3 autonomous driving vehicles obtained access permits, clearing regulatory obstacles for industry development [1]<br>- Local governments actively promote the construction of autonomous driving demonstration zones<br>- Policies for unmanned operation in specific scenarios (such as airports and factories) are relatively loose

:<br>- Referring to Pony.ai’s seventh-generation model, the BOM cost of autonomous driving kits decreased by 70% compared to the previous generation [3]<br>- Continuous cost reduction of core hardware such as lidar and computing platforms<br>- Large-scale production further reduces unit costs

:<br>- Scenarios such as airports and factories face problems of rising labor costs and difficulty in recruiting workers<br>- The pandemic has accelerated the acceptance of unmanned operations<br>- Clear demand for safety and efficiency improvement

:<br>

Company	Stock Code	Main Scenarios	2024 Revenue	Core Advantages	Listing Status
Pony.ai	02026.HK	Robotaxi, Robotruck	-	Leading Robotaxi technology, obtaining all permits in first-tier cities	Listed
WeRide	00800.HK	Robotaxi, Robotruck	-	Cooperation with Bosch, ADAS mass production experience	Listed
HeadSense Drive	03881.HK	Mining trucks, commercial vehicles	410 million yuan	Leading market share in mining truck scenarios	Listed
Trunk Tech	-	Logistics hubs, highways	254 million yuan	31.8% market share in logistics hub scenarios	Filed
UISEE	-	Airports, factories	339 million yuan	Full-scenario layout, airport benchmark case	Filed

Data Sources: [1][2][7][8]

:<br>

1. Pragmatic Scenario Selection
   : Avoids highly competitive tracks with unclear commercial paths such as Robotaxi, focusing on closed scenarios like airports and factories with higher commercial certainty

2. Benchmark Case Effect
   : The Hong Kong International Airport project has established industry operation standards, providing strong endorsement for expanding other airport scenarios [6]

3. Full-Stack Self-Research Capability
   : Full-stack capabilities from algorithms, systems to operation platforms, reducing dependence on external supply chains

4. International Layout
   : Has entered the Hong Kong market and has international operation experience

:<br>- : Currently, all autonomous driving enterprises listed in Hong Kong have not yet made profits, and their business models are still being verified [3]<br>- : Autonomous driving technology evolves rapidly, and there is a risk of wrong technical route selection

• Intensified Competition
  : At least 5 L4 autonomous driving truck companies will sprint for Hong Kong IPO in 2025, and competition in segmented tracks is becoming increasingly fierce [8]

:<br>- : Compared with leading enterprises like Pony.ai, UISEE has gaps in capital strength and brand influence

• Scenario Dispersion Risk
  : Full-scenario layout may lead to resource dispersion, making it difficult to form absolute advantages in a single scenario
• Valuation Pressure
  : The Hong Kong market is becoming more rational about the valuation of unprofitable tech enterprises, which may affect IPO pricing

:<br>

Company	Market Cap (HKD)	PS Multiple (2024E)	Commercial Stage
Pony.ai	~70 billion	~20x	Eve of Robotaxi scale-up
WeRide	~20 billion	~15x	Multi-scenario layout
HeadSense Drive	~11.2 billion	~8x	Commercialization in specific scenarios
Trunk Tech	-	-	Filed
UISEE	TBD	Expected 8-12x	Commercialization in specific scenarios

:<br>- UISEE’s commercialization level and revenue scale (339 million yuan in 2024) are between HeadSense Drive and Trunk Tech<br>- Due to scenario dispersion, market share in a single scenario may not be as high as HeadSense Drive (mining trucks) and Trunk Tech (logistics hubs)<br>- However, full-scenario layout provides higher growth potential and risk resistance<br>- Referring to comparable companies, the reasonable PS valuation range is 8-12x

1. High Commercialization Level
   : Compared with Robotaxi enterprises that still need large-scale investment, UISEE focuses on closed scenarios like airports and factories, with higher commercialization certainty

2. Good Financial Health
   : Obvious improvement in financial indicators and clear profit path

3. Beneficiary of Policy Dividends
   : Specific scenario commercialization is more aligned with regulatory policies, with faster implementation speed

4. Certain Growth
   : 35.7% revenue CAGR, and the profit inflection point is clear with stable gross margin

:<br>
:<br>- Friendly industry policy environment, accelerating commercialization process<br>- Obvious improvement in company financial indicators, clear profit path<br>- Higher commercial certainty in specific scenarios than Robotaxi track<br>- Relatively reasonable valuation, lower than leading Robotaxi enterprises

:<br>- The overall commercialization of the autonomous driving industry is still in the early stage, with uncertainties<br>- Relatively small company scale, limited risk resistance<br>- Scenario dispersion may lead to difficulty in concentrating resources<br>- The Hong Kong market is becoming more cautious about the valuation of unprofitable enterprises

:<br>- : Pay attention to the first-day listing performance; if the breakage rate exceeds 15-20%, consider short-term intervention<br>- : Can build positions gradually, track commercial progress and break-even implementation<br>- : It is recommended not to exceed 3-5% of the Hong Kong stock portfolio, which is a high-risk and high-growth allocation

:<br>1. Quarterly revenue growth rate and gross margin changes<br>2. Order acquisition and delivery progress in various scenarios<br>3. R&D investment output ratio<br>4. Cash consumption speed and financing rhythm<br>5. Industry policy changes

The investment value of UISEE’s Hong Kong IPO lies in its

and . Compared with tracks like Robotaxi that still need large-scale investment, UISEE focuses on closed scenarios like airports and factories, with higher commercialization level and better financial health.

: Full-scenario layout reduces single-scenario risk, obvious improvement in financial indicators, high commercial certainty

: Relatively small scale, resource dispersion due to scenario dispersion, overall industry commercialization still needs verification

: Cautious recommendation, suitable for growth investors with high risk tolerance; it is recommended to control positions and track commercial progress for a long time.

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[1] CNBRadio - 2025 Autonomous Driving Industry Observation: Commercialization Path Gradually Clear, Moving Towards a New Stage of Practical Application<br>https://finance.eastmoney.com/a/202512313607114219.html

[2] Sina Finance - 60 Billion! Autonomous Driving Explodes in 2025, 35 Enterprises Raise Funds, Mass Production Becomes Key Word<br>https://finance.sina.com.cn/stock/t/2026-01-05/doc-inhfhavn6780177.shtml

[3] Sina Finance - Unmanned Driving Track “Turbulent”, Can Pony.ai Safely Cross the Profit River?<br>https://finance.sina.com.cn/tech/roll/2025-12-29/doc-inheneyk7782321.shtml

[4] Securities Times - Sudden Policy Benefits, Funds Pour into This Track, Stock Picking List Released<br>https://www.stcn.com/article/detail/3549916.html

[5] Sina Finance - UISEE Obtains CSRC Filing Notice, Plans to List on Hong Kong Stock Exchange<br>https://finance.sina.com.cn/stock/aigc/ggxg/zjhba/2026-01-05/doc-inhfhicp6472171.shtml

[6] Bay Area Financial Experts Talk - Exclusive Interview with UISEE CEO Wu Gansha: Going Overseas is Not for Quick Money but Win-Win Cooperation<br>https://www.facebook.com/GlocalNews/videos/

[7] EET China - Hong Kong Stock Chapter 18C Listing Tide Explodes! 10 Specialized Technology Companies Rush to the Capital Market<br>https://www.eet-china.com/mp/a408910.html

[8] Smart Car Reference - Tsinghua Smart Car Team Leader Sprints for IPO! L4 Unmanned Truck, Annual Revenue 250 Million Yuan<br>https://www.eet-china.com/mp/a460093.html

[9] Jinling API Data - Market Index Data

[10] UISEE Prospectus and Related Financial Data

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