Sina Finance reported on the evening of August 12 that WeRide’s second-quarter earnings report showed that second-quarter revenue was 231.7 million yuan, up 82% year over year, exceeding the market estimate of 170.7 million yuan. Gross margin was 37.5%.

　　Second-quarter net loss was 400.7 million yuan, exceeding market expectations. After excluding equity incentive expenses and changes in the fair value of financial assets, the Non-IFRS adjusted loss was 338.5 million yuan, widening 12.6% year over year. R&D spending of 343 million yuan was nearly twice the revenue for the quarter. During the earnings call, management emphasized that the R&D investment growth rate of 36% was clearly lower than the revenue growth rate of 82%, indicating that the “scissor gap” was narrowing. When answering questions, management stated that R&D spending would be maintained with strict discipline, and said it was hopeful to achieve breakeven on a profit-and-loss basis before 2029.

　　Regarding the balance sheet as of June 30, total equity was RMB 6.40 billion, versus RMB 7.90 billion at the end of 2025. Cash, time deposits, wealth management products, and restricted cash totaled RMB 5.40 billion, down by approximately RMB 1.7 billion from the end of 2025. The company emphasizes that business expansion adopts a “asset-light model,” with Wenye Zhixing delivering technology; however, at the consolidated financial statement level, trends still differ. The net value of property and equipment increased by more than 50% over the first half of the year, lease liabilities grew by more than a twofold increase, and inventories rose by 36.8%. The financial report does not disclose the detailed breakdown of the above assets, but based on information disclosed by the company—such as the Middle East fleet size reaching about 400 vehicles and the expansion of the Guangzhou service areas by three times compared with the end of 2025—the increase may be mainly attributable to expansion investments in the domestic market and the Middle East fleet. The asset-light model is currently reflected more in new markets such as Europe. At the earnings call, management stated that the overseas revenue share already accounts for 40% of the group.

　　Across different business lines, revenue from the L4 business in the quarter was RMB 125.2 million, up 47.3% year over year. Revenue from the L2++/L3 business increased by 2,593.8% year over year.