August 17, Geely Automobile Holdings Limited (0175.HK) released its 2026 interim results.Total revenue for the first half reached 173.6 billion yuan, a year-on-year increase of 15%, setting a new all-time record. Core attributable net profit reached 9.68 billion yuan, surging 46% year-on-year, with growth outpacing revenue growth; core attributable net profit margin at 5.6%. Amidst a continuous industry price war and profit pressure for most automakers, nearly 10 billion yuan in core profit has attracted market attention.

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On the same day, Geely Automobile Holdings Limited announced a management adjustment that attracted industry attention: Founder Li Shufu resigned as Chairman and Executive Director of Geely Automobile Holdings Limited, to be succeeded by An Conghui, who has worked in the Geely system for thirty years. The dual news of performance and personnel changes pushed Geely Automobile's stock price up by more than 5% in the afternoon.

Current Vice Chairman of the Board Gui Shengyue characterized this adjustment at the results meeting as:“This significant personnel change is not a simple replacement, but a strategic-level organizational evolution declaration of Geely Automobile.” This marks that Geely Automobile has moved from the "founder-driven" startup and development phases to the maturity phase driven by "institutions and teams".

Volume, Price, and Profit All Rise Together

In the first half of 2026, the "price for volume" strategy remained the main theme in the Chinese automotive market, yet Geely Automobile achieved simultaneous growth in volume, price, and profit.

The financial report shows,Geely Automobile's total sales volume in the first half exceeded 1.42 million units, setting a new high for the same period. Core attributable net profit per vehicle reached 6,806 yuan, a 45% year-on-year increase -- implying approximately 4,700 yuan for the same period last year, selling one car this year earns about 2,100 yuan more than last year. Revenue per vehicle increased by 16% year-on-year to 112,000 yuan.

The direct reason for profit improvement is the optimization of the product structure. Zeekr brand sales reached 178,000 units in the first half, accounting for only 12.5% of total sales, but contributing 31.7% of revenue, with an average transaction price of about 350,000 yuan. Galaxy secured the mainstream new energy basic market with nearly 520,000 units, China Star exceeded 580,000 units, retaining the sales crown among Chinese brand fuel passenger cars. High-end upward, mainstream stability, fuel cash flow -- After two years of "One Geely" strategic integration, the four brands have for the first time clearly assumed their respective positions.

At the same time, expenses did not expand with the scale. Administrative expense ratio decreased by 0.2 percentage points year-on-year to 1.7%, R&D investment ratio decreased by 0.3 percentage points to 5.2%, selling expense ratio remained flat compared to last year despite major expansion overseas. Absolute value of R&D investment grew by 8% to 9.06 billion yuan. Gross margin for the first half improved to 17.9%.

Gui Shengyue gave a progressive judgment at the results meeting: this financial report is "expected" -- Geely's sales and profit are likely to set new records in the coming years; also "eye-catching" -- the industry average profit margin is only 1.6%, while Geely's net profit margin reaches 5.6%; but "not stunning" -- domestic total car sales declined by double digits year-on-year, and chip and bulk raw material prices surged. He also stated: "I believe that in the near future, stunning financial reports will appear."

21 Years Listed, Dividends Far Exceed Financing

While profits grew, Geely Automobile continued to increase shareholder returns. Cumulative share repurchases totaled 1.885 billion HKD in the first half, on July 30, implemented a dividend of 0.5 HKD per share, a 51.5% year-on-year increase, with total dividends reaching 5.39 billion HKD. This marks the fifth consecutive year Geely Automobile's core profit payout ratio exceeds 30%.

Li Shufu, Chairman of Geely Holding Group and Lifetime Honorary Chairman of Geely Automobile Holdings Limited, disclosed a set of comparative data at the interim results press conference: when Geely Automobile stock was listed on the HKEX on May 19, 2005, the share price was 0.4 HKD, market cap 1.6 billion HKD; by August 12, 2026, share price 18.06 HKD, market cap 194.8 billion HKD. Annual dividends grew from 40 million HKD in 2005 to 5.4 billion HKD in 2025. "The amount raised by the company from the capital market is far less than the amount distributed to shareholders as dividends. We insist on annual dividends to reward shareholders," Li Shufu said. "We basically keep our promises, honoring them with integrity and fulfilling them with capability."

As of the end of June, Geely Automobile's cash reserves reached 69.56 billion yuan, at a historical high.

Deepening "One Geely"

After Li Shufu resigned, he was appointed as Lifetime Honorary Chairman. His evaluation words for his successor, Geely Automobile Holdings Limited Board Chairman An Conghui, were rare -- "Talented and virtuous, excellent in character and study, firm in ambition, super strong willpower". He specifically emphasized:An Conghui is an outstanding professional talent cultivated within the Geely system.”

Public data shows An Conghui joined Geely Holding Group in 1996, starting his career as an auditor. The next thirty years' resume covered almost every key node of Geely Automobile's industrial expansion: from auditor to chief engineering officer, from general manager to group president, led the CVVT engine project, participated in Volvo acquisition and integration, and single-handedly created Lynk & Co. In 2021, he volunteered to step down as CEO of Geely Automobile Group and started building the Zeekr brand from scratch -- less than three years to drive Zeekr to the NYSE. In early 2026, he served as CEO of Geely Holding Group.

This adjustment was not a simple "up-down" replacement, but a precise adjustment involving four people. Li Shufu resigned as Chairman and Executive Director of Geely Automobile Holdings Limited, continuing to serve as Chairman of Geely Holding Group. An Conghui succeeded as Chairman of Geely Automobile Holdings Limited. Li Donghui resigned as Vice Chairman of the Board, continuing as Executive Director. Gui Shengyue resigned as Managing Director, switched to Vice Chairman of the Board, continuing as Executive Director. Gan Jiayue was appointed Managing Director, responsible for daily operations.

Everyone moved one step, sorting out the three-level governance structure of Board, Strategic Layer, and Executive Layer at once. Gui Shengyue further explained at the results meeting: Geely Automobile will be the only listed company within the Geely system under Chairman An Conghui. This means Geely will continue to implement the "Taizhou Declaration", concentrating all high-quality resources of the group to make the listed company larger, more substantial, and stronger.

Li Shufu elaborated on Geely's core values in the video: "User First, Strategy Leading, Core Vitality Guarantee". He particularly explained: "Core Vitality is the vitality of the enterprise, the morale of employees, we must keep employees' hearts together with the enterprise." Geely established a Talent Group specifically, initiating the "Cross-Era Leap Talent Training Plan" and "Cross-Era Practical Professional Ability Training Plan" in 2026. From the Cornerstone Plan to the Cross-Era Leap Plan, Geely is building a full-chain training system from high school graduates to executives.

Overseas Acceleration and Technical Turnaround

The overseas market has become the second growth curve. Overseas sales in the first half exceeded 474,000 units, already surpassing the total export volume of 2025, a 158% year-on-year increase. Overseas sales exceeded 100,000 units consecutively in June and July, ranking third among Chinese automakers in overseas sales. Based on this, Geely Automobile raised the annual overseas sales target from 640,000 units to 920,000 units, aiming to achieve 1 million units in annual sales.

An Conghui revealed at the results meeting that Geely established the long-term strategy of "selling two-thirds of cars overseas" from the beginning of its establishment. Specifically implemented as the "123456" framework -- creating 1 overseas Geely system, Europe 600k level, ASEAN 500k level, Latin America & Africa 400k level, Eastern Europe 300k level, Middle East & Asia 200k level, total 2 million units plan. Overseas local production capacity layout was disclosed for the first time systematically: Volvo European factory will undertake luxury car production within the Geely system, starting production in 2028; Proton Malaysia factory increased from 200,000 units to 500,000 units; Ford Spain factory 500,000 units capacity; Renault Brazil project 300,000 units capacity; Renault South Korea factory is already in production.

In the fuel vehicle field, Gan Jiayue revealed a major strategic shift: "In the future, we will no longer develop traditional fuel vehicles, but turn all fuel vehicles to i-HEV. This is a major decision made by the management team and product strategy committee." i-HEV Smart Hybrid technology fuel consumption is 12% lower than the Japanese hybrid benchmark, with 0-100 km/h acceleration 1 second faster. In the second half, Monjaro, Preface, Boyue L and other i-HEV models will be launched.

From the start of 2026 to date, Geely Automobile is the only Chinese passenger car stock with positive stock price growth among A-shares and H-shares. Dozens of domestic and foreign investment banks including Citigroup, Morgan Stanley, JPMorgan, etc., have given ratings such as "Overweight" and "Buy".

Against the backdrop of an intense industry price war and sustained pressure on the average profit margin of China's auto industry, this performance report of nearly 1 billion yuan in core profit provides the strongest confidence for this handover brewing for years. From An Conghui joining Geely in 1996 to him succeeding as Chairman of Geely Automobile Holdings Limited in 2026, it has been exactly thirty years. Li Shufu continues to helm the overall situation at the Geely Holding Group level, while An Conghui and his professional manager team operate the listed company, with clear powers and responsibilities, each sticking to their position. Li Shufu said at the interim results press conference: "The amount raised by the company from the capital market is far less than the amount distributed to shareholders as dividends. We insist on annual dividends to reward shareholders. We basically keep our promises, honoring them with integrity and fulfilling them with capability."

Momenta, the First Physical AI Stock, Becomes "Global Long-Term Choice": Global Sovereign and Long-Term Funds "Rush" to Subscribe, Oversubscription 44x July 8, 2026, leading global physical AI company Momenta officially lists on HKEX, stock code 6880.HK, becoming the "First Physical AI Stock". First day opening trading is hot, stock opens up over 6%, total market cap breaks 70 billion HKD.

Based on Momenta's previously announced allocation results, IPO pricing is 295.6 HKD/share. Assuming full exercise of the "Greenshoe" (Over-allotment Option), this global offering is approximately 22.93 million shares, raising total funds of approximately 6.8 billion HKD. Market subscription response is enthusiastic: public offering part receives 414x oversubscription; international offering part receives over 100 billion HKD in institutional orders, covering sovereign funds and long-term funds from 15 countries/regions, total oversubscription (excluding cornerstone, before greenshoe) reaches approximately 44 times.

It is reported that Momenta's anchor subscription lineup is luxurious, including Government of Singapore Investment Corporation (GIC), Fidelity International, BlackRock, Franklin Templeton, Abu Dhabi Investment Authority (ADIA), Canada Pension Plan Investment Board (CPPIB), Temasek, Wellington, Schroders, and other global top-tier institutions; at the same time, the full-scale positive outlook from domestic long-term capital further confirms Momenta's core status and strategic value in the domestic market: domestic top-tier private equity, public funds, and insurance capital gathered rarely, forming a solid local capital base. Long-term capital subscription amount alone exceeded 15 times, showing global long-term investors' confidence in Momenta's long-term value. Additionally, Momenta's IPO introduced 14 institutions to form an ultra-luxurious cornerstone investor lineup, with total cornerstone subscription amounting to approximately 3 billion HKD (approximately 376 million USD). The composition of the entire cornerstone investor lineup is rare in recent Hong Kong stock market primary issuances: including international top-tier long-term funds and sovereign funds focusing on ultra-long cycle value growth, industry "top-spec" level strategic investors, as well as Chinese top-tier long-term institutions, fully highlighting Momenta's scarcity in the Hong Kong stock market, having become a "Global Long-Term Common Choice".

Just the day before, Momenta announced that the scale of its mass production business has exceeded 1 million units.

At the listing ceremony, Momenta CEO Cao Xudong stated: "Ten years ago, we founded Momenta solely to follow a simple yet determined mission: Better AI, Better Life. Better AI stems from our curiosity. The obsession and curiosity about artificial intelligence make our lives 'vibrant'. Better Life carries our sense of mission. We believe the value of technology lies in making people's lives safer, freer, and better. Therefore, we set three ten-year visions: saving 1 million lives in ten years, liberating 100% of time in ten years, doubling logistics and travel efficiency in ten years. Today, we have brought a safer and more reassuring driving experience to over 1 million users."

When discussing the company's future development direction, Cao Xudong started from the company's past technical accumulation and extended to the next stage of intelligent scenarios, "In the past ten years, we made AI learn to drive, bringing full-time drivers to every family; in the next ten years, we will bring full-time housekeepers, doctors, teachers, and other robot service scenarios to every family, creating a 'GPT Moment' for Physical AI. We hope to write the Eastern Silicon Valley legend with all Chinese AI companies, embrace the whole world, and let the whole world embrace Chinese technology."

Global Long-Term Common Choice: Anchored Subscription by Dozens of Top Long-Term Funds, Consistent Optimism

Carefully reviewing Momenta's anchor subscription institutions and cornerstone investor list reveals its extremely high gold content; every one is a leader in global finance, industry, and other specific fields.

For example, sovereign funds focusing on long-cycle value investment gathered Government of Singapore Investment Corporation, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, Temasek, Oman Investment Authority, etc. Asset management institutions gathered Fidelity International, BlackRock, Goldman Sachs, JPMorgan, UBS, CIC, etc., an "All-Star Lineup", fully demonstrating consistent recognition of Momenta's financial performance and long-term value in the Physical AI field.

In the cornerstone list, Government of Singapore Investment Corporation and Fidelity International strongly led the investment, each allocated 100 million USD; BlackRock contributed 25 million USD, Oak Hill Capital contributed 20 million USD, Franklin Templeton contributed 10 million USD. Industry "top-spec" level strategic investors include leaders from international and Chinese automakers — Mercedes-Benz and BYD, contributing 25 million USD and 15 million USD respectively; industry chain partner GigaDevice contributed 6 million USD. Chinese top-tier long-term private equity, public funds, and insurance capital include Chinese top private equity funds GaoYi and Boyu, Chinese top public funds Huaxia and GF, and long-term insurance capital leader Pacific Insurance, each contributing 10 million USD.

The past investment history of the two leading investors is remarkably impressive. Among them, globally famous sovereign fund Government of Singapore Investment Corporation has invested in a series of globally well-known tech companies in recent years, including large model leading company Anthropic, TSMC, etc., previously investing in Alibaba, Meituan, Kuaishou, and other well-known industry leaders. And globally top-tier asset management institution Fidelity International has conducted long-term investments in Tencent, Alibaba, BYD, CATL, etc., and in recent years has also invested in many AI sector leaders including Zhongji Innolight, Cambricon, etc. through its funds. Choosing to lead Momenta may mean they have viewed Momenta as one of the core targets in the AI track.

It is worth noting that Mercedes-Benz and BYD also appeared in the Momenta cornerstone list and joined hands. As benchmarks of the global automotive industry and leaders of new energy vehicle companies, Mercedes-Benz and BYD are both old shareholders and partners of Momenta. This time, as cornerstone investors, they continued to increase investment and accompanied Momenta all the way, fully reflecting recognition of Momenta's Physical AI technology leading advantages and commercial prospects, and further deepening the moat of their strategic cooperation.

Before the IPO, Momenta has obtained multiple rounds of financing, and the shareholder lineup gathered the world's most core industry and technology strategic investors, as well as global top-tier financial investors. An ultra-luxurious and diversified shareholder lineup not only provided strategic and capital support for Momenta but also assisted Momenta's high-speed growth from aspects such as business synergy, user growth, and global layout.

Mass Production Breaks 1 Million Units: One Model "Conquers the World", Accelerating Towards "General Physical AI" Era

Momenta was founded in 2016 and is a leading global physical AI company, committed to creating a better life through breakthrough AI technology. Momenta is based on World Model, based on "Data Flywheel" technology insights, Mass Production and Scalable Robo businesses run "side by side", letting Physical AI enter real life.

This April, Momenta R7 World Model mass production premiere opened the "Physical AI Prologue". Momenta is committed to building the Physical AI foundation platform, supporting the scaled landing of passenger cars, Unmanned Logistics Vehicles (Robovan), Unmanned Trucks (Robotruck), and Unmanned Taxis (Robotaxi), and will also expand to robots and other fields. As a foundation model for Physical AI, R7 World Model is expected to become the key breakthrough point for stimulating Physical AI "GPT Moments" and lead the industry to accelerate towards the "General Physical AI" era.

With the first-mover advantage in Physical AI, World Model, and commercialization, Momenta's "Flywheel Effect" has fully appeared: in 2022, the first 100,000 units of mass production took 24 months, and now it can complete 100,000 unit delivery in less than 40 days at the fastest. Currently, the scale of mass production vehicles equipped with Momenta systems has broken 1 million units, successfully delivering over 100 mass production models, with cumulative designated models exceeding 210 units. Momenta's customers cover all mainstream passenger car enterprises in China, and 9 out of the world's top 10 automakers have cooperated with it.

The prospectus shows that Momenta's revenue scale achieved a leap in growth in the past three years: from 2023 to 2025, Momenta's operating revenue grew from 743 million yuan to 2.413 billion yuan, tripling in three years, with an annual compound growth rate exceeding 80%. Among them, licensing revenue growth was particularly bright, tripling 42 times in three years. Meanwhile, Momenta's gross margin continued to rise, increasing from 17.5% in 2023 to 71.6% in 2025, quadrupling in three years. As of the end of 2025, the company's cash reserves exceeded 10 billion yuan, providing strong support for accelerating Robo market and globalization development.

In terms of global layout, Momenta's mass production solutions have landed in over 10 countries/regions in Asia, Europe, Oceania, Latin America, and North Africa. Momenta Robotaxi has established cooperation with global travel platforms such as Uber, Grab, Lumo, Hego, and automakers such as Mercedes-Benz. It has landed in Asia, Europe, and Middle East regions, and plans to land in multiple new cities and regions globally this year.

This Hong Kong IPO will not only inject strong momentum into Momenta's technology evolution and business expansion but also set a new benchmark for the capitalization and scaled development of the Physical AI industry, becoming an important milestone for global Physical AI shifting from theoretical research to commercial landing. At the same time, IPO is expected to further accelerate Momenta's globalization process, promoting the progress of the global Physical AI industry with "Chinese Solution" in the wave of AI technology going overseas.

Momenta, the First Physical AI Stock Becomes "Global Long-Term Choice": International Offering Receives Over 100 Billion HKD Orders, Sovereign and Long-Term Funds Oversubscribe 44 TimesMomenta, the First Physical AI Stock Rings Bell Today: Anchor Subscription Long-Term Amount Exceeds 15x, Becomes "Global Long-Term Common Choice"Momenta, the First Physical AI Stock Hong Kong IPO: 14 Ultra-Luxurious Cornerstones Escort, Becomes "Global Long-Term Common Choice"Momenta, the First Physical AI Stock Lists on HKEX Today, Stimulating Physical AI "GPT Moment" with World ModelPhysical AI First Stock Officially Listed: Market Cap Breaks 70 Billion HKD, 14 Ultra-Luxurious Cornerstones Escort, Momenta Becomes "Global Long-Term Common Choice""Physical AI First Stock" Is Here! Momenta Officially Lists Today, Opening Price Surges Over 6%Officially Listed! "Physical AI First Stock" Momenta Rings Bell Today! Opening Price Surges Over 6%

July 8, 2026, leading global physical AI company Momenta officially lists on HKEX, stock code 6880.HK, becoming the "First Physical AI Stock". First day opening trading is hot, stock opens up over 6%, total market cap breaks 70 billion HKD.

Based on Momenta's previously announced allocation results, IPO pricing is 295.6 HKD/share. Assuming full exercise of the "Greenshoe" (Over-allotment Option), this global offering is approximately 22.93 million shares, raising total funds of approximately 6.8 billion HKD. Market subscription response is enthusiastic: public offering part receives 414x oversubscription; international offering part receives over 100 billion HKD in institutional orders, covering sovereign funds and long-term funds from 15 countries/regions, total oversubscription (excluding cornerstone, before greenshoe) reaches approximately 44 times.

It is reported that Momenta's anchor subscription lineup is luxurious, including Government of Singapore Investment Corporation (GIC), Fidelity International, BlackRock, Franklin Templeton, Abu Dhabi Investment Authority (ADIA), Canada Pension Plan Investment Board (CPPIB), Temasek, Wellington, Schroders, and other global top-tier institutions; at the same time, the full-scale positive outlook from domestic long-term capital further confirms Momenta's core status and strategic value in the domestic market: domestic top-tier private equity, public funds, and insurance capital gathered rarely, forming a solid local capital base. Long-term capital subscription amount alone exceeded 15 times, showing global long-term investors' confidence in Momenta's long-term value. Additionally, Momenta's IPO introduced 14 institutions to form an ultra-luxurious cornerstone investor lineup, with total cornerstone subscription amounting to approximately 3 billion HKD (approximately 376 million USD). The composition of the entire cornerstone investor lineup is rare in recent Hong Kong stock market primary issuances: including international top-tier long-term funds and sovereign funds focusing on ultra-long cycle value growth, industry "top-spec" level strategic investors, as well as Chinese top-tier long-term institutions, fully highlighting Momenta's scarcity in the Hong Kong stock market, having become a "Global Long-Term Common Choice".

Just the day before, Momenta announced that the scale of its mass production business has exceeded 1 million units.

At the listing ceremony, Momenta CEO Cao Xudong stated: "Ten years ago, we founded Momenta solely to follow a simple yet determined mission: Better AI, Better Life. Better AI stems from our curiosity. The obsession and curiosity about artificial intelligence make our lives 'vibrant'. Better Life carries our sense of mission. We believe the value of technology lies in making people's lives safer, freer, and better. Therefore, we set three ten-year visions: saving 1 million lives in ten years, liberating 100% of time in ten years, doubling logistics and travel efficiency in ten years. Today, we have brought a safer and more reassuring driving experience to over 1 million users."

When discussing the company's future development direction, Cao Xudong started from the company's past technical accumulation and extended to the next stage of intelligent scenarios, "In the past ten years, we made AI learn to drive, bringing full-time drivers to every family; in the next ten years, we will bring full-time housekeepers, doctors, teachers, and other robot service scenarios to every family, creating a 'GPT Moment' for Physical AI. We hope to write the Eastern Silicon Valley legend with all Chinese AI companies, embrace the whole world, and let the whole world embrace Chinese technology."

Global Long-Term Common Choice: Anchored Subscription by Dozens of Top Long-Term Funds, Consistent Optimism

Carefully reviewing Momenta's anchor subscription institutions and cornerstone investor list reveals its extremely high gold content; every one is a leader in global finance, industry, and other specific fields.

For example, sovereign funds focusing on long-cycle value investment gathered Government of Singapore Investment Corporation, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, Temasek, Oman Investment Authority, etc. Asset management institutions gathered Fidelity International, BlackRock, Goldman Sachs, JPMorgan, UBS, CIC, etc., an "All-Star Lineup", fully demonstrating consistent recognition of Momenta's financial performance and long-term value in the Physical AI field.

In the cornerstone list, Government of Singapore Investment Corporation and Fidelity International strongly led the investment, each allocated 100 million USD; BlackRock contributed 25 million USD, Oak Hill Capital contributed 20 million USD, Franklin Templeton contributed 10 million USD. Industry "top-spec" level strategic investors include leaders from international and Chinese automakers — Mercedes-Benz and BYD, contributing 25 million USD and 15 million USD respectively; industry chain partner GigaDevice contributed 6 million USD. Chinese top-tier long-term private equity, public funds, and insurance capital include Chinese top private equity funds GaoYi and Boyu, Chinese top public funds Huaxia and GF, and long-term insurance capital leader Pacific Insurance, each contributing 10 million USD.

The past investment history of the two leading investors is remarkably impressive. Among them, globally famous sovereign fund Government of Singapore Investment Corporation has invested in a series of globally well-known tech companies in recent years, including large model leading company Anthropic, TSMC, etc., previously investing in Alibaba, Meituan, Kuaishou, and other well-known industry leaders. And globally top-tier asset management institution Fidelity International has conducted long-term investments in Tencent, Alibaba, BYD, CATL, etc., and in recent years has also invested in many AI sector leaders including Zhongji Innolight, Cambricon, etc. through its funds. Choosing to lead Momenta may mean they have viewed Momenta as one of the core targets in the AI track.

It is worth noting that Mercedes-Benz and BYD also appeared in the Momenta cornerstone list and joined hands. As benchmarks of the global automotive industry and leaders of new energy vehicle companies, Mercedes-Benz and BYD are both old shareholders and partners of Momenta. This time, as cornerstone investors, they continued to increase investment and accompanied Momenta all the way, fully reflecting recognition of Momenta's Physical AI technology leading advantages and commercial prospects, and further deepening the moat of their strategic cooperation.

Before the IPO, Momenta has obtained multiple rounds of financing, and the shareholder lineup gathered the world's most core industry and technology strategic investors, as well as global top-tier financial investors. An ultra-luxurious and diversified shareholder lineup not only provided strategic and capital support for Momenta but also assisted Momenta's high-speed growth from aspects such as business synergy, user growth, and global layout.

Mass Production Breaks 1 Million Units: One Model "Conquers the World", Accelerating Towards "General Physical AI" Era

Momenta was founded in 2016 and is a leading global physical AI company, committed to creating a better life through breakthrough AI technology. Momenta is based on World Model, based on "Data Flywheel" technology insights, Mass Production and Scalable Robo businesses run "side by side", letting Physical AI enter real life.

This April, Momenta R7 World Model mass production premiere opened the "Physical AI Prologue". Momenta is committed to building the Physical AI foundation platform, supporting the scaled landing of passenger cars, Unmanned Logistics Vehicles (Robovan), Unmanned Trucks (Robotruck), and Unmanned Taxis (Robotaxi), and will also expand to robots and other fields. As a foundation model for Physical AI, R7 World Model is expected to become the key breakthrough point for stimulating Physical AI "GPT Moments" and lead the industry to accelerate towards the "General Physical AI" era.

With the first-mover advantage in Physical AI, World Model, and commercialization, Momenta's "Flywheel Effect" has fully appeared: in 2022, the first 100,000 units of mass production took 24 months, and now it can complete 100,000 unit delivery in less than 40 days at the fastest. Currently, the scale of mass production vehicles equipped with Momenta systems has broken 1 million units, successfully delivering over 100 mass production models, with cumulative designated models exceeding 210 units. Momenta's customers cover all mainstream passenger car enterprises in China, and 9 out of the world's top 10 automakers have cooperated with it.

The prospectus shows that Momenta's revenue scale achieved a leap in growth in the past three years: from 2023 to 2025, Momenta's operating revenue grew from 743 million yuan to 2.413 billion yuan, tripling in three years, with an annual compound growth rate exceeding 80%. Among them, licensing revenue growth was particularly bright, tripling 42 times in three years. Meanwhile, Momenta's gross margin continued to rise, increasing from 17.5% in 2023 to 71.6% in 2025, quadrupling in three years. As of the end of 2025, the company's cash reserves exceeded 10 billion yuan, providing strong support for accelerating Robo market and globalization development.

In terms of global layout, Momenta's mass production solutions have landed in over 10 countries/regions in Asia, Europe, Oceania, Latin America, and North Africa. Momenta Robotaxi has established cooperation with global travel platforms such as Uber, Grab, Lumo, Hego, and automakers such as Mercedes-Benz. It has landed in Asia, Europe, and Middle East regions, and plans to land in multiple new cities and regions globally this year.

This Hong Kong IPO will not only inject strong momentum into Momenta's technology evolution and business expansion but also set a new benchmark for the capitalization and scaled development of the Physical AI industry, becoming an important milestone for global Physical AI shifting from theoretical research to commercial landing. At the same time, IPO is expected to further accelerate Momenta's globalization process, promoting the progress of the global Physical AI industry with "Chinese Solution" in the wave of AI technology going overseas.

Just one step away from a true listing.

On June 23, autonomous driving company MOMENTA GLOBAL LIMITED (hereinafter referred to as "Momenta") published the Post-Listing Hearing Information Set (PHIP) at the HKEX, marking that it has passed the listing hearing and formally entered the IPO sprint phase. CICC and Deutsche Bank serve as joint sponsors. [Reply "260623" to download the Momenta prospectus].

With the public release of the hearing materials, Momenta's prospectus has also disclosed its financial situation in detail to the outside world for the first time.

Momenta Passed Listing Hearing

Data shows that the company's revenue over the past three years grew from 743 million yuan to 2.41 billion yuan, gross margin climbed to 71.6%, and adjusted loss narrowed significantly from 1.09 billion yuan to 303 million yuan. Losses continued to shrink and gross margin rose steadily, seemingly indicating that the profit turning point for the smart driving business is just around the corner.

Regarding business expansion, the prospectus shows that as of February 28, 2026, Momenta has cumulatively obtained mass production designations for 180 car models, with cumulative installations of mass production vehicle solutions exceeding 7.33 million units. At the same time, cooperation relationships have been established with 24 automakers globally, including Toyota, GM, Volkswagen, Honda and other international car companies, as well as SAIC, BYD, GAC, Chery, FAW, Geely, Great Wall and other Chinese car factories.

Through this prospectus, a more real and three-dimensional Momenta is unfolding to the outside world.

01

Revenue 2.4 billion, gross margin over 70%, cash reserves over 10 billion yuan

From a financial data perspective, Momenta has indeed turned in a quite impressive growth report card.

Momenta Major Financial Status

Momenta's revenue over the past three years has shown leapfrog growth. The prospectus shows that from 2023 to 2025, Momenta's operating revenue grew from 743 million yuan to 2.41 billion yuan, with a compound annual growth rate exceeding 80%. Against the background that the smart driving industry is still in a high-investment period, this growth rate is considerable.

Its revenue is composed of two major segments.

The first is technology development services, development and adaptation fees charged by project. Revenue in 2025 was 1.445 billion yuan, accounting for 59.9% of total revenue. This part of revenue comes from smart driving solutions developed with automakers for specific models, belonging to project-based revenue.

Momenta Two Major Revenue Segments

The second is licensing services, licensing fees charged per mass production vehicle, which is the core metric for measuring the scale effect of the business model. This revenue grew significantly from 23 million yuan in 2023 to 968 million yuan in 2025, growing 42 times over three years, and the proportion of total revenue jumped to 40.1%. Licensing revenue has the attribute of "high marginal revenue". Technology R&D costs are pre-invested, and each additional vehicle licensing revenue almost does not increase additional costs. It can be understood as the key engine for Momenta to maintain high revenue growth in the future.

From 2023 to 2025, the total revenue generated by Momenta's top five customers was 644.3 million yuan, 1.04 billion yuan, and 1.51 billion yuan respectively, accounting for 86.7%, 78.3%, and 62.6% of revenue respectively. Among them, the revenue generated by the largest customer was 265.5 million yuan, 255.6 million yuan, and 522.2 million yuan respectively, accounting for 35.7%, 19.3%, and 21.6% of Momenta's revenue respectively.

Momenta Major Customer Share

While revenue grew, gross margin also soared. Momenta's gross margin rose from 17.5% in 2023 to 49.0% in 2024, and further reached 71.6% in 2025. For pure software algorithm suppliers, high gross margin is not surprising.

However, currently, Momenta is still in a loss state. Net losses from 2023 to 2025 were 2.57 billion yuan, 3.21 billion yuan, and 3.46 billion yuan respectively, with a cumulative net loss over three years of approximately 9.23 billion yuan.

R&D is still the biggest expenditure. From 2023 to 2025, Momenta's R&D expenses were 1.28 billion yuan, 1.51 billion yuan, and 1.87 billion yuan respectively, with cumulative R&D investment reaching 4.66 billion yuan over the past three years.

Momenta stated that R&D continued to increase, mainly driven by an increase in R&D activities, including rising infrastructure costs, increased training platform expenses, increased cloud service fees, Momenta's test fleet operating costs, and increased employee compensation and benefits. The prospectus shows that there are 1,157 R&D personnel, accounting for nearly 82% of the total number of employees, and more than two-thirds have a master's degree or above.

Momenta Financing Status

However, Momenta's reserves are thick enough. As of November 28, 2025, Momenta has completed Series C-13 financing, with a post-money valuation of 6.185 billion USD (approximately 41.94 billion yuan). Among them, the shareholder list partially overlaps with the customer list, including SAIC, GM, Mercedes-Benz, Toyota, BYD, Hyundai, Chery and other car companies.

Unparalleled capital appeal also allowed it to stock enough ammunition. The prospectus shows that by the end of 2025, Momenta's cash reserves exceeded 10 billion yuan.

This also shows that Momenta's seeking listing on the Hong Kong stock market is obviously not just for money. It also needs to use this to complete the financial loop for early shareholders and formally deliver the core narrative "Chinese third-party smart driving solutions have global competitiveness" to the secondary market.

02

Growth story with "two legs"

Momenta's business lines are mainly composed of two parts: mass production vehicle solutions and scaled autonomous driving mobility and logistics business.

Momenta "Flywheel Mode"

This is the strategy defined since the beginning of Momenta, which is vehicle-standard pre-installed mass production + Robotaxi dual-line layout, forming a "Flywheel Mode".

Among them, mass production vehicle solutions are currently still the focus.

The prospectus shows that according to CIC Consulting data, whether it is calculated by the vehicle sales volume of vehicles equipped with Momenta Urban NOA solutions for the past 12 months as of February 28, 2026, or by the cumulative mass production model count of vehicles equipped with Momenta Urban NOA solutions as of February 28, 2026, Momenta ranks first among all independent smart driving solution providers globally.

As of December 31, 2025, Momenta has cumulatively obtained designations for 170 car models, including 68 models that have entered the formal mass production phase; the installation volume of smart driving solutions on mass production vehicles has exceeded 680,000 units; cooperation relationships have been established with 24 automakers globally, including Toyota, GM, Volkswagen, Honda and other international car companies, as well as SAIC, BYD, GAC, Chery, FAW, Geely, Great Wall and other Chinese car factories.

Momenta Designation Volume Change

Mass production vehicle solutions mainly focus on the Urban NOA field. By the end of 2025, the installation volume of Momenta Urban NOA solutions in mass production vehicles has exceeded 650,000 units, with cumulatively obtained 155 car models' Urban NOA function certification designations, including 57 car models that have achieved formal mass production.

The prospectus also emphasizes that according to CIC Consulting data, for the past 12 months ended February 28, 2026, by Urban NOA sales volume, Momenta ranked first among independent Urban NOA solution providers globally, with a market share of 64.5%.

Momenta Mass Production Vehicle Solution Revenue Model

In the autonomous driving field, Momenta is currently more focused on Robotaxi. With the evolution of technology and business environment, it will further expand autonomous driving freight vehicles and autonomous trucking services.

Momenta stated that it is the first company to adopt mass production vehicles to provide Robotaxi services. It started preparing for the large-scale deployment of autonomous driving taxis in 2020 and became the first company in Suzhou to obtain autonomous driving taxi commercial operation permits.

As of the Last Practical Date, Momenta has obtained commercial operation approvals in Suzhou and Shanghai, China, obtained demonstration application permits and testing permits in Wuxi, China, and obtained testing permits in Abu Dhabi, UAE.

According to CIC Consulting data, Momenta also cooperated with Mercedes-Benz and UAE national taxi company Lumo to launch the world's first high-end autonomous driving car rental service.

In addition, in May 2025, Momenta also reached a strategic cooperation with Dida Chuxing under SAIC to deploy autonomous driving taxi vehicles based on the pre-installed mass production vehicle platform, planning to launch commercial operations in Shanghai at the beginning of 2026.

Momenta Partners with Dida Chuxing

At the same time, Momenta has established cooperation frameworks with overseas mobility platforms such as Uber (Uber) and Grab, and plans to launch overseas commercial autonomous driving taxi services in Abu Dhabi, UAE and Munich, Germany in 2026, and is expected to expand to more cities in regions such as the Middle East, Europe and Southeast Asia (such as Dubai, Singapore and selected cities in Germany).

According to Momenta's autonomous driving taxi cooperation model, mobility platforms are usually responsible for user acquisition, order dispatch, customer interface and fleet operations through their mobility applications. Vehicles are mainly provided through Momenta's cooperation with vehicle partners (usually automakers), while Momenta focuses on delivering autonomous driving systems.

As for the proceeds from this fundraising, Momenta expects to use them to strengthen core infrastructure, expand R&D capabilities, promote R&D investment of next-generation high-end smart driving solutions, and at the same time use them for investment in accelerating the commercialization and scaled development of autonomous driving taxi service solutions, etc.

03

Technology positioning "Physical AI", capital seeking secondary calibration

The core narrative of Momenta's listing this time is Physical AI. The company positions itself as the "Builder of the Physical AI foundation model" and released the mass-production-level R7 World Model in April 2026, marking that Physical AI has officially moved from technical concept to scaled mass production implementation.

This Year Beijing Auto Show Momenta Announces Physical AI Goes to Implementation

The model is divided into three levels.

Pre-training: Compress physical laws, common sense and causal relationships into the model through over 12 billion kilometers of real vehicle driving data and over 100 million segments of golden data extracted from it, allowing AI to "understand physics".

Simulation: Give the model a "training ground" through closed-loop simulation to deduce how the world will evolve when the model's own behavior changes, and perform performance evaluation on long-tail scenarios.

Reinforcement Learning: Allow the model to explore autonomously in a simulation environment highly close to the real world, learn optimal decisions through reward mechanisms, and perform beyond human drivers in extreme scenarios.

Momenta R7 World Model Three-Layer Architecture

In terms of business model, Momenta accurately positions itself as a "Platform-level" company, using a single large model to cover passenger cars, Robotaxi and Robovan, and plans to expand to the Robotruck field in 2027. This full-scenario, platform-based layout, while reducing marginal costs, builds a diversified, synergistic, and sustainable growth business ecosystem.

And behind the choice to list at this time, there is more thinking.

First, to provide exit channels for old shareholders: Momenta's shareholder lineup covers industrial capital such as SAIC, GM, Mercedes-Benz, Toyota, Bosch, as well as financial investors such as Temasek, IDG, Yunfeng Capital, Tencent, Shunwei, Zhenge. Financial investors need public market exit paths, and the difficulty of giving higher valuations in the primary market is increasing.

Momenta Major Shareholder Status

Second, to anchor valuation in the secondary market: Valuations supported by financing rounds and industrial resources in the primary market will be re-calibrated by trading prices in the secondary market. Momenta needs to compete for a fair price before the market suppresses the "valuation logic for third-party smart driving companies".

Brand endorsement and global acceleration: HKEX listing will strengthen the brand tag of "Physical AI stock" and accelerate global layout.

Overall, Momenta passing the hearing marks the capital market's recognition of the autonomous driving "mass production + data" dual-loop model. Its financial data shows high-speed growth and a clear profitability path, and the transformation of "Physical AI" has opened up a broader valuation imagination space for it.

As the R7 World Model moves from concept to mass production, whether Momenta can maintain technology gap while converting technical advantages into commercial profitability in the global market is the core concern of the market in the long term.