Author | Janson

Editor | Zhihao

Overseas revenue grew by 164% year-on-year; ADAS business begins scaling up.

CheXidong reported on August 13, last night, WeRide released its Q2 2026 results; overseas business grows at high speed, Robotaxi commercialization process accelerates further.

▲ WeRide's main financial data for Q2 2026

In Q2 this year, WeRide achieved revenue of 232 million yuan, a 82.2% increase year-on-year, and a 103.1% increase quarter-on-quarter; gross profit reached 86.87 million yuan, a 143.3% increase year-on-year; gross margin increased from 28.1% in the same period last year to 37.5%, increasing by 9.4 percentage points year-on-year.

Looking at the revenue structure, WeRide's growth is mainly driven by L4 business expansion, and L2++/L3 solutions beginning to scale up.

Among them, L4 business revenue in Q2 reached 125 million yuan, a 47.3% increase year-on-year, and a 130.6% increase quarter-on-quarter; L2++/L3 business revenue surged 2593.8% year-on-year, and quarter-on-quarter growth was 219.3%.

At the same time, the overseas market became the fastest growing business segment. In Q2, WeRide's overseas revenue grew by 164.4% year-on-year, and quarter-on-quarter growth was 169.3%; overseas revenue in the first half of the year grew by 154.4% year-on-year.

WeRide also stated at the earnings call that the asset-light model for overseas Robotaxi has been proven viable; a single Robotaxi can bring WeRide more than 40,000 to 50,000 US dollars (equivalent to 270,000-338,500 yuan) in recurring revenue annually.

However, WeRide has not yet achieved profitability.

In Q2, WeRide's net loss was 401 million yuan, narrowing by about 1.4% compared to the 406 million yuan in the same period last year; adjusted net loss was 338 million yuan, expanding by about 12.6% year-on-year.

Overall, WeRide's Q2 Robotaxi operational efficiency and commercial revenue are improving, but there is still some distance from overall profitability.

01.

Q2 Revenue of 232 Million Yuan

Gross Margin Rises to 37.5%

In Q2 this year, WeRide achieved revenue of 232 million yuan, an 82.2% increase compared to the 127 million yuan in the same period last year, and a 103.1% increase compared to Q1 this year.

Among them, product revenue was 92.32 million yuan, a 54.4% increase year-on-year; service revenue reached 139 million yuan, a 106.8% increase year-on-year; service business contributed about 60% of revenue.

▲ WeRide's Detailed Financial Information for Q2

During the same period, WeRide's revenue cost was 145 million yuan, a 58.4% increase year-on-year, growth rate lower than revenue growth.

Affected by this, Q2 gross profit grew from 35.7 million yuan in the same period last year to 86.87 million yuan, a year-on-year increase of over one times; comprehensive gross margin reached 37.5%, an increase of 9.4 percentage points compared to 28.1% in the same period last year.

WeRide stated that the increase in gross margin mainly came from two aspects: first, the growth of L2++/L3 business revenue with relatively higher gross margin, and second, the improvement in overseas L4 business revenue contribution.

Regarding R&D expenses, WeRide's Q2 R&D expenditure was 434 million yuan, a 36.2% increase year-on-year.

▲ WeRide R&D Expenses

WeRide stated that the increase in R&D expenditure was mainly due to increases in personnel and outsourcing labor costs, depreciation and amortization, and cloud service fees.

Finally, WeRide's Q2 operating loss was 422 million yuan, narrowing by about 7% compared to the 454 million yuan in the same period last year; net loss was 401 million yuan, narrowing by about 1.4% compared to the same period last year.

▲ WeRide Loss Situation

Basic and diluted loss per American Depositary Share was 1.23 yuan, compared to 1.35 yuan in the same period last year.

Overall from the first half of the year, WeRide's cumulative revenue was 346 million yuan, a 73.3% increase year-on-year; gross profit was 126 million yuan, a 107.1% increase year-on-year; gross margin increased from 30.6% in the same period last year to 36.6%.

▲ WeRide EBITDA Loss

In the first half of the year, WeRide's net loss was 790 million yuan, basically flat with the 792 million yuan in the same period last year; adjusted net loss was 665 million yuan, higher than the 595 million yuan in the same period last year; EBITDA was -667 million yuan, narrowing by 6.5% compared to the -713 million yuan in the same period last year.

02.

L2++/L3 Revenue Surges 26 Times

Overseas Market Becomes Main Growth Driver

From specific business view, L4 remains WeRide's largest business segment.

In Q2, WeRide's L4 business revenue reached 125 million yuan, a 47.3% increase year-on-year, and a 130.6% increase quarter-on-quarter.

According to WeRide's definition, L4 business mainly includes selling autonomous driving vehicles, and providing autonomous driving operation and technical support services, with main product lines covering Robotaxi and Robobus, etc.

Meanwhile, in Q2, WeRide's one-piece end-to-end L2++/L3 solution WRD 3.0 shipment volume was about 30,000 sets, related business revenue grew by 2593.8% year-on-year, equivalent to about 27 times the same period last year; quarter-on-quarter growth was 219.3%.

▲ WeRide WRD 3.0

So far, WeRide has received L2++ mass production design wins for over 30 car models.

WRD 3.0 has also conducted road tests and localization adaptation verification in overseas markets such as France, Germany, and Japan.

At the same time, the overseas market is becoming the main source of incremental growth. In Q2, WeRide's overseas revenue grew by 164.4% year-on-year, and quarter-on-quarter growth was 169.3%; overseas revenue in the first half of the year grew by 154.4% year-on-year.

So far, WeRide's autonomous driving testing or operation business has covered more than 60 cities in 13 countries worldwide.

In terms of Europe, WeRide and Uber plan to launch Spain's first commercialized Robotaxi pilot in Madrid this year, which is the fourth joint deployment project globally and the first time entering the European market together.

In addition, WeRide has also made layouts in Zurich, Switzerland, and the Danish market.

▲ WeRide's Robotaxi in Madrid

In terms of the Middle East, WeRide has achieved pure unmanned operation of Robotaxi in Abu Dhabi and Dubai, with approved service scope covering more than 70% of the core urban area. As of July 31, 2026, the Robotaxi fleet size of the company in the Middle East region is about 400 vehicles.

03.

Robotaxi Average Daily Orders per Vehicle Exceed 21

Domestic Ride-hailing Revenue Increases 140% Quarter-on-Quarter

Besides overseas revenue growth, WeRide's domestic Robotaxi operational efficiency is also improving.

In Q2, WeRide's domestic Robotaxi average daily orders per vehicle exceeded 21, a quarter-on-quarter increase of about 24%; the peak daily completed orders per vehicle reached 28; platform registered users grew quarter-on-quarter by 35%, driving domestic ride-hailing revenue growth of about 140% quarter-on-quarter in a single quarter.

▲ WeRide Robotaxi

From the perspective of Robotaxi commercialization, orders per vehicle is one of the core indicators affecting the vehicle economics model.

From this point, average daily orders per vehicle exceeding 21, and ride-hailing revenue increasing about 140% quarter-on-quarter, indicate that WeRide's domestic Robotaxi fleet utilization is improving.

Regarding service areas, WeRide continues to expand the pure unmanned Robotaxi operation scope in Beijing and Guangzhou.

Among them, Guangzhou's service area has covered Huangpu, Tianhe, and Haizhu districts, expanded to 3 times compared to the end of 2025, and achieved 7x24 hour commercial operation.

As of the end of July 2026, WeRide's global L4 fleet size is about 3,400 vehicles, of which Robotaxi exceeds 1,800. This means Robotaxi has accounted for more than half of the company's L4 fleet and has become its largest L4 product line.

▲ WeRide Robobus

Besides Robotaxi, WeRide is also advancing the autonomous driving minibus business.

Currently, the autonomous driving minibus operated by WeRide in Zurich has cancelled front-row safety officers; minibuses deployed in Leuven, Belgium are planned to cancel front-row safety officers this year in Q3 and start commercial operation. In addition, the company also provides autonomous driving minibus services in markets such as Japan, Saudi Arabia, Singapore, and UAE.

04.

WeRide Han Xu:

Overseas Asset-light Model Replicable, Relying on Technical Service Fees

At the earnings call, WeRide founder, Chairman & CEO Han Xu, and CFO, International Head Li Xuan, answered questions from investors and institutions. CheXidong summarized the Q&A:

1. How does the company allocate resources for L4, L2++/L3, and AI infrastructure businesses? What are the goals for the second half of the year?

Currently, WeRide's L4, L2++/L3, and AI infrastructure businesses are not independent of each other, but share a technology foundation composed of GENESIS world model and WITT physical AI cognitive foundation large model, etc.

Among them, the high-value data generated by L4 fleets in real operations can continuously improve system safety, robustness, and generalization capabilities; the constantly expanding L2++/L3 mass production fleets can collect broader road data, reverse accelerate L4 model iteration, and expand coverage of long-tail scenarios.

Regarding business goals, WeRide will continue to expand Robotaxi business scale, promote more car manufacturers to adopt its L2++/L3 solutions, and strive to output AI infrastructure capabilities to more robotics companies.

Among them, expanding the installation scale of L2++/L3 solutions will be the core goal of the company's next stage.

2. How does overseas business expand, and can the asset-light model be replicated in different markets?

The overseas market has become an important growth engine for WeRide. WeRide mainly adopts an asset-light model overseas, i.e., the company does not hold vehicle assets put into operation, but is responsible for local adaptation of autonomous driving technology, regulatory compliance, and "virtual driver" technology licensing, and collects continuous technical service fees and mileage-based fees. Vehicle investment and daily operations are mainly the responsibility of local partners.

According to this model, a single Robotaxi can bring WeRide more than 40,000 to 50,000 US dollars (equivalent to 270,000-338,500 yuan) in recurring revenue annually. As the fleet size in a single city expands and operational density improves, per-vehicle revenue and profitability still have further growth space.

3. What are the latest developments in L2++/L3 business? How to view OEMs entering the Robotaxi field?

WeRide's one-piece end-to-end L2++/L3 solution WRD 3.0 has entered the mass production stage from the design win stage.

As of the end of June 2026, the cumulative delivery of vehicles equipped with WeRide L2++/L3 solutions has exceeded 30,000 units. The company plans to increase the installation volume to 100,000 units by the end of 2026, and achieve cumulative delivery of over 500,000 units in 2027.

WeRide's competitive advantage in this business comes from the GENESIS and WITT two models and the AI infrastructure behind them. Relying on model training and distillation capabilities, the company can develop end-to-end intelligent driving systems with a relatively small scale team, while deploying models on cost-relative lower vehicle-end hardware.

Regarding the trend of some OEMs entering the Robotaxi market using ADAS technology and mass-produced vehicle data, Han Xu expressed welcome to more participants joining the competition, but at the same time believes that there is still a large difference between ADAS and L4 Robotaxi.

4. What specific problems can the WITT model solve?

WITT's core capability is to extract and verify "physical facts" from large-scale vehicle operation videos, and further analyze the connections and causal relationships between different facts.

After the collaboration of the two models, a closed loop can be formed from real data understanding, physical fact extraction, to simulation scenario generation and algorithm training, thereby supplementing the long-tail data required for autonomous driving training, improving training efficiency and reducing training costs.

Regarding vehicle-end deployment, Han Xu stated that relying on model distillation capabilities, WeRide can run relevant intelligent driving systems on a platform with about 200 TOPS computing power, while some competing solutions may use computing power reaching about 2,000 TOPS.

5. Without controlling vehicles and user traffic, how does the asset-light model maintain discourse power?

An investor pointed out that in WeRide's asset-light model, if platforms like Uber allocate orders to other autonomous driving suppliers, how does WeRide maintain cooperation stability? Do relevant agreements include exclusivity clauses or minimum business volume commitments?

WeRide hopes to build an ecosystem composed of ride-hailing platforms, local operators, and service suppliers in each market, rather than relying on a single partner.

WeRide's core chips in the cooperation relationship are mainly safety records, regulatory licenses, technical localization, and actual deployment capabilities.

WeRide has obtained autonomous driving licenses in 8 markets and is carrying out L4 business in multiple countries. As regulatory frameworks in different markets gradually converge, the safety verification, technical adaptation, and regulatory communication experience accumulated by the company in one region can also help reduce compliance costs of entering other markets.

In other words, WeRide's discourse power in the asset-light model does not come from vehicle ownership or user traffic, but from regulatory-recognized autonomous driving technology, safety records, and cross-market landing capabilities.

05.

Conclusion: Autonomous Driving Competition is About Efficiency

WeRide's Q2 performance indicates that the autonomous driving industry is shifting from technology verification to scaled commercial implementation

Robotaxi fleet continuous expansion, per-vehicle order volume increase, superimposed L2++/L3 solution accelerating vehicle installation, industry revenue sources gradually moving from project-based to parallel operation and mass production.

In the future, whoever can achieve stable orders, controllable costs, and sustainable cash flow first, is more likely to truly cross the autonomous driving commercialization inflection point.

Author ｜ Janson

Editor ｜ Zhihao

Raised 3 billion RMB over three years, another mining autonomous driving enterprise is set to list on the Hong Kong Stock Exchange.

Che Dongxi reported on June 25, recently, Yikong Zhijia Technology Co., Ltd. (hereinafter referred to as "Yikong Zhijia") updated its post-prospectus with the HKEX, meaning this mine autonomous driving solutions company has passed the HKEX hearing and is one step closer to listing on the Hong Kong stock market.

▲ Yikong Zhijia Post-Prospectus

Founded in 2018, Yikong Zhijia focuses on the commercial deployment of autonomous driving solutions in mining areas. Core businesses include closed-environment autonomous mining truck products and solutions "ZhuShan", and mine digital solutions "MuYe".

As of December 31, 2025, Yikong Zhijia has deployed 2,580 active autonomous mining trucks. In a single mine where its solutions operate, the scale of the autonomous mining truck fleet has exceeded 500 vehicles, making it the largest autonomous mining truck fleet deployed in a single mine globally.

▲ Yikong Zhijia Core Businesses

From a financial data perspective, Yikong Zhijia realized revenue of 1.435 billion yuan in 2025, a year-on-year increase of 45.5%, representing a growth of approximately 4.3 times compared to 271 million yuan in 2023.

However, Yikong Zhijia remained in a loss-making state for the past three years. In 2023, 2024, and 2025, its net losses were 334 million yuan, 390 million yuan, and 516 million yuan respectively, with a cumulative loss of approximately 1.239 billion yuan over the three years. During the same period, adjusted net losses were 284 million yuan, 303 million yuan, and 484 million yuan respectively.

▲ Yikong Zhijia Financial Highlights

Overall, Yikong Zhijia has moved from the early verification stage of mine autonomous driving to the stage of scale deployment with hundreds of units or even hundreds of vehicles.

However, beyond rapid expansion, how to continue improving cash flow, increase gross margin, and move towards profitability remains the core issue Yikong Zhijia needs to answer after listing.

I. 2025 Revenue 1.435 Billion Yuan, Gross Margin Increased to 10.1%

The post-prospectus shows that in 2023, 2024, and 2025, Yikong Zhijia's revenue was 271 million yuan, 986 million yuan, and 1.435 billion yuan respectively.

Among them, Yikong Zhijia's revenue grew by 264.0% in 2024, and further grew by 45.5% in 2025, with revenue scale continuing to expand.

▲ Yikong Zhijia Main Financial Information

From the revenue structure perspective, closed-environment autonomous mining truck products and solutions are Yikong Zhijia's absolute core business.

In 2025, revenue from closed-environment autonomous mining truck products and solutions for Yikong Zhijia was 1.428 billion yuan, accounting for 99.5% of total revenue. Among them, revenue from the customer-provided fleet model was 815 million yuan, accounting for 56.8%; revenue from the company-provided fleet model was 613 million yuan, accounting for 42.7%.

▲ Yikong Zhijia Revenue Composition

From the perspective of business model changes, Yikong Zhijia is transitioning from the capital-intensive company-provided fleet model to the asset-light customer-provided fleet model.

Under the customer-provided fleet model, customers purchase or lease mining trucks, and Yikong Zhijia mainly provides autonomous driving technology, software support, and related services; under the company-provided fleet model, Yikong Zhijia needs to provide vehicles and full lifecycle services, bearing more responsibilities for vehicle management, maintenance, and repairs.

This change also brought gross margin improvements.

In 2023, Yikong Zhijia recorded a gross loss of 50.46 million yuan, with a gross loss rate of 18.6%; in 2024, it realized a gross profit of 74.71 million yuan, with gross margin turning positive to 7.6%; in 2025, gross profit further increased to 145 million yuan, with gross margin increasing to 10.1%.

▲ Yikong Zhijia Gross Profit

Among them, the gross margin for the customer-provided fleet model is significantly higher. In 2025, the gross margin for this model reached 16.0%; during the same period, the gross margin for the company-provided fleet model was only 1.5%.

Regarding losses, in 2023, 2024, and 2025, Yikong Zhijia's net losses were 334 million yuan, 390 million yuan, and 516 million yuan respectively; during the same period, adjusted net losses were 284 million yuan, 303 million yuan, and 484 million yuan. Adjusted net losses during the same period were 284 million yuan, 303 million yuan, and 484 million yuan respectively.

Regarding cash flow, Yikong Zhijia's operating cash outflow in 2025 was 394 million yuan, narrower than the 713 million yuan outflow in 2024, but operating cash flow has not yet turned positive.

Regarding R&D investment, in 2023, 2024, and 2025, Yikong Zhijia's R&D expenses were 177 million yuan, 208 million yuan, and 271 million yuan respectively; due to revenue growth, the proportion of R&D expenses to revenue decreased from 65.4% in 2023 to 18.8% in 2025.

II. 2,580 Active Autonomous Mining Trucks, Over 500 Trucks Deployed per Mine

From the perspective of commercialization progress, Yikong Zhijia has entered the stage of scale deployment of mine autonomous driving.

As of December 31, 2025, Yikong Zhijia has deployed 2,580 active autonomous mining trucks.

▲ Overview of Yikong Zhijia Autonomous Mining Trucks

In terms of penetration into large open-pit coal mines, by the end of 2025, Yikong Zhijia's solutions have been deployed in 19 of 41 open-pit coal mines with an annual verified capacity of over 10 million tons in China, and 7 of the 12 largest open-pit coal mines calculated by annual verified capacity.

Based on 2025 revenue, Yikong Zhijia ranks first in the Chinese commercial vehicle intelligent driving solutions market, with a market share of approximately 10.2%.

▲ Yikong Zhijia Industry Ranking (By Revenue)

In the Chinese mine autonomous driving solutions market, it accounts for approximately 37.6% of the market share by revenue, and 55.5% by the number of active autonomous mining trucks, also ranking first.

▲ Yikong Zhijia Industry Ranking (By Vehicles)

What is more worth attention is that mine autonomous driving is moving from single vehicle and small fleet pilots to the deployment stage of hundreds of vehicles per mine or even hundreds of vehicles.

As of December 31, 2025, there were 11 mine autonomous driving projects nationwide with autonomous mining truck fleets of over 100 per single mine, of which 9 deployed Yikong Zhijia's solutions.

In a single mine where Yikong Zhijia's solutions operate, the deployed autonomous mining truck fleet has exceeded 500 vehicles, making it the largest autonomous mining truck fleet deployed in a single mine globally.

Regarding customers, Yikong Zhijia mainly serves mining companies and their contractors. In 2023, 2024, and 2025, Yikong Zhijia served 13, 24, and 52 customers respectively, with a 100% retention rate among all terminal customer groups over the three years.

Its customers and partners include large mining and industrial groups such as China Energy, Zijin Mining, Shougang Group, and Baowu Group.

However, the customer concentration of Yikong Zhijia remains high.

▲ Yikong Zhijia Top Five Customers Composition

In 2023, 2024, and 2025, revenue from the top five customers for Yikong Zhijia was 256 million yuan, 825 million yuan, and 950 million yuan respectively, accounting for 94.4%, 83.7%, and 66.3% of total revenue respectively. During the same period, revenue share of the largest customer was 41.7%, 54.5%, and 35.7% respectively.

It can be seen that although Yikong Zhijia's customer concentration is decreasing, its revenue still relies significantly on top mining customers and large projects.

III. "ZhuShan + MuYe" Two Major Product Lines, Supporting Adaptation of Over 70 Car Models

From the business structure perspective, Yikong Zhijia mainly has two core solutions: closed-environment autonomous mining truck products and solutions "ZhuShan", and mine digital solutions "MuYe".

▲ Yikong Zhijia Two Major Solutions

Among them, "ZhuShan" is Yikong Zhijia's current core business, mainly targeting large open-pit mines, providing autonomous driving systems, remote driving assistance, autonomous driving dispatch, remote technical support, continuous software updates, and other capabilities for mining trucks.

▲ Yikong Zhijia "ZhuShan" Solution

According to the ownership of fleet assets and service content, "ZhuShan" is divided into customer-provided fleet models and company-provided fleet models.

Under the customer-provided fleet model, Yikong Zhijia mainly provides hardware and software products and technical services; under the company-provided fleet model, Yikong Zhijia also needs to provide autonomous mining trucks and be responsible for daily vehicle maintenance, repair, and other full lifecycle services.

"MuYe" is a mine digital solution, mainly through data analysis, IoT integration, and real-time monitoring technology to improve mine production and operation efficiency, covering links such as intelligent fleet management and predictive maintenance.

Technologically, Yikong Zhijia emphasizes independent full-stack R&D capabilities. Its system can support the adaptation of over 70 car models and can complete new mine deployment within three days.

As of 2025, Yikong Zhijia's R&D team exceeds 400 people, with a cumulative 242 Chinese patents and 43 PCT applications.

The prospectus also mentions that Yikong Zhijia has participated in formulating 17 national and industry standards and leads the open-pit mine autonomous driving standardization working group.

IV. Completed Over 3 Billion RMB Financing in 3 Years, CATL, Zijin Mining as Shareholders

Regarding financing, the post-prospectus shows that Yikong Zhijia has completed multiple financing rounds before listing, with investors including Minxi Xinghang, Shanghai Chentao, Zijin Mining, Sidao Capital, Nio Capital, Xihe Investment, Wuxi Xingqi, Zhengzhou High-Tech Fund, Puquan Fund, CATL, Yankuang Capital, Tonli Shares, Desay SV, Gaocheng Capital, and Hony Investment.

Regarding financing cash flow, in 2023, 2024, and 2025, the net cash inflow from financing activities for Yikong Zhijia was 579 million yuan, 1.165 billion yuan, and 1.323 billion yuan respectively, with a total financing cash inflow of approximately 3.066 billion yuan over three years.

▲ Yikong Zhijia Partial Pre-IPO Equity Share

Regarding equity structure, before listing, Lanshuisheng, Zhang Lei, Liu Dongmei, Jiaxing Zhitao, Ningbo Yuying, and Ningbo Zhongying jointly constitute a controlling shareholder group, holding 42.75% equity of Yikong Zhijia.

Among them, Lanshuisheng is the co-chairman, executive director, general manager, and CEO of Yikong Zhijia; Zhang Lei is the chairman and executive director.

Lanshuisheng has started businesses multiple times, focusing on the commercial application of mine autonomous driving technology, and participated in multiple stages of Yikong Zhijia's development.

▲ Zhang Lei, Chairman and Co-Founder of Yikong Zhijia

Chairman and co-founder Zhang Lei has over ten years of experience in autonomous vehicle R&D and has long engaged in mine autonomous driving and commercial vehicle platform-related work.

▲ Yikong Zhijia Pre-IPO Equity Distribution

From the equity structure perspective, since Yikong Zhijia's equity structure will change after issuance, the shareholding ratio of controlling shareholders such as Lanshuisheng and Zhang Lei may be correspondingly diluted.

Information shows that Yikong Zhijia plans to use funds raised from the listing for software R&D, hardware R&D, IT development, overseas business expansion, talent development, strategic investment, and working capital.

In addition, the overseas market is also one of the key directions for Yikong Zhijia in the future.

Yikong Zhijia established Australia and Singapore subsidiaries in 2023 and established cooperation with overseas mining service providers such as Thiess and MACA, planning to expand into mine markets in Australia, Canada, Chile, Mongolia, Middle East, and Africa in the future.

Conclusion: Mine Autonomous Driving Enters Scale Competition

From the industry background perspective, mine autonomous driving has become one of the scenarios where autonomous driving technology commercializes more quickly.

Open-pit mines have characteristics such as relatively fixed routes, closed operation environments, high transportation intensity, and high safety risks, giving autonomous mining trucks relatively clear commercial value.

Data from Frost & Sullivan shows that the Chinese mine autonomous driving solutions market is entering a rapid scale stage, with the penetration rate of autonomous mining trucks expected to increase from about 12% in 2025 to over 50% in 2030.

For Yikong Zhijia, passing the Hong Kong Stock Exchange hearing means entering a new capitalization stage.

On the one hand, Yikong Zhijia has secured industry-leading deployment scale and verified scale implementation capabilities in projects with over 100 units per mine and over 500 units.

On the other hand, Yikong Zhijia still faces challenges such as continued losses, operating cash flow not yet turning positive, and high customer concentration.

Next, whether Yikong Zhijia can continue to increase the proportion of asset-light model income, improve gross margin and cash flow while expanding deployment scale will become the focus of public attention.

Recently, the 2-ton autonomous cargo eVTOL independently developed by AutoFlight, an enterprise in the CATL ecosystem, named V2000CG Kai Rui Ou, has officially received the Type Validation Certificate (Validated Type Certificate, hereinafter VTC) issued by the Indonesia Civil Aviation Authority (DGCA), becoming the world's first eVTOL model to receive overseas type validation.

As the world's first eVTOL "International Visa", the issuance of Indonesia's VTC proves that AutoFlight V2000CG's design meets the airworthiness standards of the country of origin (China) and simultaneously satisfies the airworthiness requirements of the importing country (Indonesia). This VTC achieves a historic breakthrough in the global layout of China's low-altitude intelligent manufacturing enterprises and provides prerequisites for V2000CG to launch commercial operations in the "Archipelago of Ten Thousand Islands".

China-Indonesia Bilateral Civil Aviation Airworthiness Certification, Verifying China's Low-Altitude Intelligent Manufacturing Capability

Obtaining the Type Validation Certificate (VTC) involves in-depth inspection and comprehensive benchmarking of the application model's airworthiness standards by the bilateral civil aviation authorities. Previously, V2000CG completed comprehensive conformity verification tests and flight tests, and was issued the Type Certificate (TC) by the Civil Aviation Administration of China (CAAC) in March 2024.

On the basis of holding the TC issued by the Civil Aviation Administration of China, in July 2025, AutoFlight submitted an airworthiness validation application to the DGCA. After conducting work such as bilateral airworthiness standard difference analysis, multiple rounds of online technical seminars, review of the full set of technical data, Indonesia's Civil Aviation Authority visiting AutoFlight, and on-site inspections of the power battery provider CATL, confirming that V2000CG fully met Indonesia's airworthiness requirements, the Indonesia Civil Aviation Authority officially issued the Type Validation Certificate (VTC) on June 3, 2026.

Indonesia has a foundation in independent whole-aircraft development and aircraft manufacturing industry in Southeast Asia and possesses strong airworthiness certification capabilities. The successful certification of this Indonesia VTC highlights the rigor, authority, and international recognition of the Chinese civil aviation airworthiness certification system, assisting China's low-altitude economy airworthiness standards to go global.

Solving the "Archipelago of Ten Thousand Islands" Logistics Challenge, Connecting the Global Scenario Implementation Loop

As the world's largest archipelagic country, Indonesia has over 17,000 islands, with relatively limited port infrastructure. Traditional sea transport is time-consuming and inefficient, traditional air transport depends on runways and is costly, and high-efficiency solutions are still needed for cargo transportation and emergency supply between islands.

AutoFlight V2000CG precisely adapts to the market demand in Indonesia and its underlying Southeast Asia. The model has a maximum takeoff weight of 2,000 kg, cruise speed of 200 km/h, and range of 200 km. Relying on the composite wing configuration advantage, all-electric drive low-carbon and eco-friendly, vertical takeoff and landing without runway, precisely adapted to Indonesia market such as fresh food, medicine, emergency supplies and other high value-added goods cross-island transportation needs, providing a new low-altitude solution for the island logistics system of the entire Southeast Asia region.

Technology Verification Drives Commercial Implementation, China Low-Altitude Solutions Empower Global Markets

Currently, the low-altitude economy is fully moving from technology verification to commercial implementation. As the world's first and only ton-level eVTOL to obtain the "Airworthiness Three Certificates" (TC, PC, AC) issued by the Civil Aviation Administration of China, V2000CG Kai Rui Ou has previously completed flight applications in domestic scenarios such as ocean platform operation and maintenance, island support transportation, emergency fire and rescue.

The formal issuance of Indonesia's VTC this time further accelerated the industrial loop of eVTOL "Technology Verification - Airworthiness Certification - Overseas Implementation". With the implementation and operation of V2000CG in the Indonesian market, AutoFlight will strive to expand the commercial operation of more models in larger markets globally.

An AutoFlight executive stated that the world's first eVTOL VTC certificate is not only an authoritative recognition of AutoFlight's core technology and safety system by both civil aviation authorities, but also an important benchmark for China's low-altitude economy solutions empowering countries along the "Belt and Road". In the future, AutoFlight will join hands with CATL to continuously deliver China's low-altitude intelligent manufacturing technology and operation solutions, assisting more countries and regions with restricted geographical environments and insufficient transportation efficiency to unlock new possibilities for the low-altitude economy, and constantly lead the global ton-level eVTOL overseas race track.

About TC and VTC

TC (Type Certificate, Type Certificate) refers to the certificate issued by civil aviation authorities for products such as civil aircraft, aircraft engines or propellers, proving that the aircraft design meets the corresponding airworthiness requirements. As one of the "Airworthiness Three Certificates" (TC, PC, AC), it is the basis for aircraft to legally enter the local market and commercial operation.

VTC (Validated Type Certificate, Type Validation Certificate) is a recognition certificate issued by the civil aviation authority of the importing country/region to models that have obtained TC from other countries, used to prove that the imported aircraft design meets the airworthiness standards and regulations of the home country.

VTC is equivalent to TC in legal effect and airworthiness requirements.