WenYuan Zhixing 2025 Financial Report Overview: toB Business Dominates, Robotaxi Faces Challenges

Ask AI · Why does Wenyuan Zhixing still bet on Robotaxis when it has an advantage in the B2B business?

Reporter Zhou Xin

On March 23, the autonomous driving company Wenyuan Zhixing (0800.HK) released its 2025 annual earnings report. During the reporting period, Wenyuan Zhixing’s total revenue was RMB 685 million, up 89.6% year over year; its net loss was RMB 165 million, narrowing by 34.2% year over year.

Founded in 2017 and headquartered in Guangzhou, Wenyuan Zhixing was listed on the Hong Kong Stock Exchange in November 2025. According to the earnings report, in 2025, the scale of Wenyuan Zhixing’s autonomous driving vehicles doubled, while Robotaxi revenue grew 209.6%, becoming the fastest-growing business segment.

However, Robotaxi is not Wenyuan Zhixing’s largest revenue source. B2B businesses such as Robobus (unmanned minibuses) contribute more to revenue. In addition, its L2-level assisted driving business also accounts for a certain share of revenue. Businesses such as Robovan (unmanned logistics vehicles) and Robosweeper (unmanned sanitation vehicles) saw limited growth.

Unmanned minibuses are the main source of revenue

In terms of revenue structure, in 2025, Robotaxi’s share of Wenyuan Zhixing’s revenue increased to 22%, Robobus’s revenue share was 34%, and L2+ ADAS (advanced driver assistance systems) and data services contributed about 20%. These three major businesses together accounted for nearly 76% of revenue.

Among them, Robotaxi is the main driver of Wenyuan Zhixing’s performance. The earnings report shows that Wenyuan Zhixing’s product revenue in 2025 was RMB 360 million, up 310.3%. Of this, Robotaxi business revenue reached RMB 148 million, up 209.6%.

But Robobus is the main revenue source. In 2025, Wenyuan Zhixing’s Robobus revenue was RMB 230 million, up 190%. In addition, unmanned sanitation vehicles generated revenue of RMB 96 million, up about 73.7%.

Both Robobus and unmanned sanitation vehicles are B2B businesses, mainly serving public-sector customers such as government transportation departments, municipal sanitation units, and public transport operators. Therefore, Wenyuan Zhixing’s core business is highly dependent on government and public-sector customers, making orders easily affected by policies and fiscal budgets.

In response, an insider at Wenyuan Zhixing told the Economic Observer: “It’s not only Wenyuan Zhixing—every company making driverless minibuses faces this impact (dependence on B2B customers). This is an inherent potential condition for the market’s development. To deal with this, we are also working hard to acquire customers.”

Contrary to the high-growth trend of Robotaxi and Robobus, Wenyuan Zhixing’s unmanned logistics vehicle business declined. In 2025, revenue from this business was RMB 10.49 million, down 21.65% year over year. The earnings report shows that in 2025 Wenyuan Zhixing’s global fleet size was 2,113 vehicles, of which Robotaxi was 1,125—meaning that its combined existing inventory of Robobus and Robovan totals fewer than 1,000 vehicles.

Currently, Wenyuan Zhixing’s unmanned logistics vehicles mainly rely on cooperation with JMC (Jiangling Motors), including the city-to-city freight truck JTR and the unmanned logistics vehicle W5 used in the express delivery market. Road tests have been launched in Guangzhou’s Huangpu District and Nansha District. But Wenyuan Zhixing has a relatively small market share in the unmanned logistics vehicle sector.

According to data from the State Post Bureau, in 2025 China’s annual procurement volume of L4 unmanned vehicles was 28,000 units. Public information shows that in 2025, Xinshiqi delivered about 15,000 units, while Jiushitong Intelligent delivered about 10,000 units; together they accounted for about 89%.

The L2-level assisted driving business is also one of Wenyuan Zhixing’s important businesses, contributing about 20% of revenue. Public information shows that in November 2025, Wenyuan Zhixing, together with Bosch, based on WePilot 3.0, initiated the mass production of a one-piece end-to-end combined assisted driving solution. Wenyuan Zhixing’s L2 intelligent driving solution has been applied to vehicles such as Chery’s iCAR? (Chery Xingtu Xingyuan ES and ET) and GAC’s related models. However, none of these cars are hot-selling models in the auto market, and their average monthly sales in 2025 were each below 1,000 units.

Worth noting is that overseas markets have become a performance highlight for Wenyuan Zhixing. Wenyuan Zhixing’s CFO (Chief Financial Officer) and head of international business, Li Xuan, said that in 2025, revenue from overseas markets contributed 29% of total operating revenue, and that it will account for a higher share going forward. Currently, Wenyuan Zhixing’s Middle East subsidiary has already achieved independent profitability.

Can Robotaxi fly the banner?

Wenyuan Zhixing views Robotaxi as its core business going forward. “We are also not promoting sanitation vehicles and minibus businesses too much right now. Our main focus is still on developing robotaxi,” an insider at Wenyuan Zhixing told the Economic Observer.

In 2025, Wenyuan Zhixing’s total number of Robotaxis reached 1,125 vehicles. Based on previously released data, it can be estimated that Wenyuan Zhixing added about 700 Robotaxis in 2025.

With the expansion of its fleet size, Wenyuan Zhixing began the commercialization process for Robotaxi in 2025. Its Robotaxi fleet size in the China market has already exceeded 800 vehicles. Its service coverage in major cities such as Beijing and Guangzhou has expanded to more than 1,000 square kilometers. In the fourth quarter of 2025, Wenyuan Zhixing’s registered user count grew by more than 900% year over year.

In October 2024, Wenyuan Zhixing released a mass-produced Robotaxi GXR based on Geely Remote Super VAN. In its earnings report, Wenyuan Zhixing said it will deepen cooperation with Geely Remote and jointly launch a new generation of Robotaxis. The new-generation GXR model’s BOM cost will be reduced by 50%. According to the plan, by the end of 2026, Robotaxis will increase to 2,600 units, and by 2030, tens of thousands of Robotaxis will be deployed.

However, as Wenyuan Zhixing accelerates its Robotaxi expansion, competition in the sector is also intensifying. Players of many types—vehicle manufacturers, mobility platforms, technology companies, and more—have joined the game, becoming competitors Wenyuan Zhixing needs to face.

In the Robotaxi segment, Waymo, which is in the “first tier,” has a leading scale, with overseas commercialization already mature. The number of cities covered by Baidu Luobo Kuai Pao is about twice that of Wenyuan Zhixing, with a wider operating area and also higher order density. Xiaoma Zhixing, which is in the “second tier” alongside Wenyuan Zhixing, has a slightly larger Robotaxi fleet size than Wenyuan Zhixing. It has also achieved monthly single-vehicle profitability and plans to deploy more than 3,000 vehicles in 2026.

Under the VLA + large-model technical route, the technology chain from autonomous driving L2 to L4 has been integrated, and many intelligent driving companies have also joined the Robotaxi race. Xpeng Motors recently officially established a Robotaxi business unit, planning to launch passenger-carrying demonstration operations for Robotaxi in the second half of 2026. Weizhou Zhihang plans to start small-scale Robotaxi operations in 2026, while Yuanrong Qixing has jointly carried out Robotaxi demonstration operations with Dongfeng Motor.

More importantly, Wenyuan Zhixing will face a “pincer attack” from large vehicle manufacturers and platform-based enterprises. Vehicle manufacturers that lay out Robotaxi have a natural cost advantage; for example, Cao Cao Travel under Geely has made extensive Robotaxi-related plans. At the end of this year, Cao Cao Travel’s customized Robotaxi models will be opened. Platform-based companies have a larger traffic entry point as well. In January this year, Didi Autonomous Driving and GAC Aion jointly built and delivered a new-generation Robotaxi model, R2, which has started testing in Beijing and Shanghai.

“There are challenges, but not big ones. We have an advantage in getting licenses first, as well as advantage in ecosystem placement.” Regarding the competitive landscape of Robotaxi, an insider at Wenyuan Zhixing said.

Having been established for nearly a decade, Wenyuan Zhixing has accumulated losses of RMB 10.2 billion, with annual losses exceeding RMB 1 billion. In 2025 it is still operating at a loss. For Wenyuan Zhixing, Robotaxi—which has more potential for growth in this game—is its core business going forward. But achieving early commercialization and monetization remains a major test.