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(Source: Che Zhongxuxia)
In 2026Q2, the company generated revenue of RMB 232 million, up 82% year over year
In 2026Q2, the company achieved revenue of RMB 232 million, up 82.2% year over year and up 103.0% quarter over quarter. Net profit was -RMB 401 million (RMB -406 million in 2025Q2; RMB -389 million in 2026Q1). Adjusted net profit was -RMB 338 million (RMB -301 million in 2025Q2; RMB -326 million in 2026Q1). In 2026Q2, revenue from the company’s product business was RMB 92.322 million, up 54.4% year over year, while revenue from its services business was RMB 139 million, up 106.8% year over year.
In 2026Q2, the company’s net profit margin increased by 146.7 percentage points year over year
In 2026Q2, the company's gross margin/net margin/adjusted net margin were 37.5%/-172.9%/-146.1%, respectively, changing by +9.4/+146.7/+90.3pct year over year and by +2.8/+168.0/+139.7pct quarter over quarter, respectively. In 2026Q2, the company's expense ratio was 229.8%, down 153.8pct year over year and down 181.1pct quarter over quarter.
WeRide is a global leading provider of L4 autonomous driving products and solutions
1) The company's global L4 fleet continues to expand, and Robotaxi commercialization is accelerating globally: In 2026Q2, L4-level business revenue was RMB 125 million, up 47.3% year over year and 130.6% quarter over quarter. As of July 31, 2026, the company's global L4 fleet was about 3,400 vehicles, including more than 1,800 Robotaxis worldwide. In the domestic Robotaxi market, in the second quarter of 2026, average daily orders per vehicle exceeded 21, up about 24% quarter over quarter, and the peak number of completed orders per vehicle per day reached 28. The company is accelerating overseas Robotaxi deployments. Its Robotaxi will launch Spain's first commercial Robotaxi service in Madrid and a commercial Robotaxi service in Zurich within 2026. The company has joined hands with GreenMobility to create Denmark's first autonomous ride-sharing project. In addition, the company has achieved fully driverless Robotaxi operations in Abu Dhabi and Dubai. As of July 31, 2026, the company's Robotaxi fleet in the Middle East was about 400 vehicles. 2) The L2++/L3 solution business enters a rapid growth phase: In 2026Q2, shipment volume of the company's one-stage end-to-end L2++/L3 solution WRD 3.0 was about 30,000 units, and L2++/L3 business revenue increased 2593.8% year over year and 219.3% quarter over quarter. To date, the company has secured mass-production design wins for more than 30 vehicle models at the L2++ level. 3) Technology development: In July 2026, the company released WeRide WITT, a physical AI cognitive foundation model. In June, the company launched a right-hand-drive Robotaxi and plans to deploy it first in Singapore and Hong Kong, accelerating globalization.
Risks that advanced intelligent driving progress may fall short of expectations, and risks of intensified industry competition.
Revenue in the second quarter grew 82% year over year, and Robotaxi commercialization accelerated globally
In 2026Q2, the company achieved revenue of RMB 232 million, up 82% year over year. In 2026H1, the company achieved revenue of RMB 346 million, up 73.3% year over year, net profit of RMB -790 million (RMB -792 million in 2025H1), and adjusted net profit of RMB -665 million (RMB -595 million in 2025H1).
Quarterly split, in 2026Q2, the company achieved revenue of RMB 232 million, up 82.2% year over year and 103.0% quarter over quarter. Net profit was RMB -401 million (RMB -406 million in 2025Q2 and RMB -389 million in 2026Q1), and adjusted net profit was RMB -338 million (RMB -301 million in 2025Q2 and RMB -326 million in 2026Q1). The revenue growth in 2026Q2 was mainly driven by the expansion of L4-level businesses led by Robotaxi and Robobus, as well as rapid growth in L2++/L3-level businesses.
By segment, 1) in 2026Q2, the company's product business revenue was RMB 92.322 million, up 54.4% year over year. 2) In 2026Q2, the company's service business revenue was RMB 139 million, up 106.8% year over year.
In 2026Q2, the company's net margin improved by +146.7pct year over year. In 2026H1, the company's gross margin/net margin/adjusted net margin were 36.6%/-228.4%/-192.2%, respectively, changing by +6.0/+168.2/+106.0pct year over year. Quarterly split, in 2026Q2, the company's gross margin/net margin/adjusted net margin were 37.5%/-172.9%/-146.1%, respectively, changing by +9.4/+146.7/+90.3pct year over year and +2.8/+168.0/+139.7pct quarter over quarter. The company's 2026Q2 gross margin increased by 9pct year over year, mainly due to revenue growth from the higher-margin L2++/L3 business and overseas L4 business.
In 2026Q2, the company's expense ratio declined year over year. In 2026H1, the company's expense ratio was 289.6%, down 187.0pct year over year, including R&D expense ratio, administrative expense ratio, and sales expense ratio of 230.6%/44.0%/15.0%, changing by -92.3/-95.8/+1.1pct year over year, respectively. Quarterly split, in 2026Q2, the company's expense ratio was 229.8%, down 153.8pct year over year and down 181.1pct quarter over quarter, with R&D expense ratio, administrative expense ratio, and sales expense ratio of 187.4%/29.8%/12.6%, changing by -63.3/-92.1/+1.7pct year over year and -130.9/-43.0/-7.3pct quarter over quarter, respectively.
WeRide, a global leading provider of L4 autonomous driving products and solutions
WeRide is a global leading provider of L4 autonomous driving products and solutions. Its main business can be divided into product business (accounting for 32.6% of revenue in 2026H1) and service business (accounting for 67.4% of revenue in 2026H1). Product business refers to sales of the company's autonomous vehicles, mainly including Robotaxi, Robobus, Robovan, Robosweeper, and related sensor kits. Service business includes L4, L2++/L3, and AI Infra-related services. The company's ecosystem partners include automobile manufacturers and bus groups, taxi groups, and other companies. At present, WeRide's autonomous driving business covers more than 60 cities in 13 countries worldwide, making it the autonomous driving company with the widest global business coverage.
The company's global L4 fleet size continues to expand
Revenue maintained strong growth. ? In the second quarter of 2026, total revenue increased 82.2% year over year and 103.1% quarter over quarter; in the first half of 2026, total revenue increased 73.3% year over year. In the second quarter of 2026, overseas revenue increased 164.4% year over year and 169.3% quarter over quarter; in the first half of 2026, overseas revenue increased 154.4% year over year. ?
Fleet size continues to expand. As of July 31, 2026, the company's global L4 fleet was about 3,400 vehicles, including more than 1,800 Robotaxis worldwide. ?
Domestic Robotaxi operating indicators improved significantly. In the second quarter of 2026, average daily orders per vehicle exceeded 21, up about 24% quarter over quarter, and the peak number of completed orders per vehicle per day reached 28. In the second quarter of 2026, registered users of WeRide's Robotaxi services increased 35% quarter over quarter. ?
The overseas asset-light model is progressing steadily. The company is accelerating overseas Robotaxi deployments, especially in Spain, Switzerland, Denmark, the UAE, and Singapore. As of the date of this announcement, the company's autonomous driving business has expanded to more than 60 cities in 13 countries worldwide.
L4 Business Progress
Global commercialization of Robotaxi is accelerating
1) Robotaxi overseas business
?? Robotaxi enters the Spanish market for the first time. WeRide and Uber jointly announced plans to launch Spain's first commercial autonomous taxi pilot service in Madrid. This is the fourth joint deployment project between the two companies globally and their first collaboration in Europe. In cooperation with the Madrid government (Comunidad de Madrid), the service is expected to begin operations within this year.
??? The company continues to advance the cooperation and deployment of autonomous taxis in Zurich, Switzerland. The company is working with Uber to jointly promote the rollout of autonomous taxi services in Zurich, which is also the fifth joint deployment project between the two companies globally and the second in Europe. Prior to this, the company had launched autonomous taxi services in Zurich with Swiss Federal Railways (SBB), the Swiss Transport Lab, and the well-known European on-demand mobility provider ioki. In November 2025, the company's autonomous taxi was approved by the Swiss Federal Roads Office (FEDRO) and authorized to conduct autonomous operations on public roads in the Zurich region, marking Europe's first permit for fully driverless autonomous taxi operations.
? Denmark's first autonomous mobility project. The company and Denmark's local shared electric mobility platform GreenMobility (Nasdaq Copenhagen: GREENM) announced a strategic cooperation to jointly build commercial autonomous ride-sharing services in Denmark. This marks the company's sixth European market and its first entry into Northern Europe. The two sides plan to launch public services in the first half of 2027.
? The company continues to expand its Middle East operations. Based on the company's achievement of fully driverless Robotaxi operations in Abu Dhabi and Dubai, its operating area now covers more than 70% of core urban areas. The company's commercialization deployment in the Middle East has entered a virtuous cycle and continues to promote the establishment of a large-scale local autonomous taxi ecosystem. As of July 31, 2026, the company's Robotaxi fleet in the Middle East was about 400 vehicles.
2) Robotaxi China business
? The operating efficiency of the domestic autonomous taxi fleet has improved significantly. Fleet utilization and vehicle-level economic benefit models continue to optimize, and key operating indicators remain strong. In the second quarter of 2026, average daily orders per vehicle exceeded 21, up 24% quarter over quarter, and the peak number of completed orders per vehicle per day reached 28. In the second quarter of 2026, registered users of WeRide's Robotaxi services increased 35% quarter over quarter.
? The domestic service coverage continues to expand. In the two core operating hubs of Beijing and Guangzhou, the company continues to expand the coverage of its fully driverless Robotaxi services. In Guangzhou, the service area now covers administrative districts such as Huangpu, Tianhe, and Haizhu, expanding to 3 times the size at the end of 2025 and enabling 7*24-hour commercial operation. The above operating environment is highly complex, fully demonstrating the safety and operational stability of the company's autonomous driving system.
Other L4 business lines
? Global Robobus deployment accelerates. The company's autonomous minibuses in Zurich have removed the front-seat safety operator, marking the first such practice in Europe. The autonomous minibuses deployed in Leuven, Belgium, are scheduled to remove the front-seat safety operator for commercial operation in the third quarter of this year. This year, the company also joined hands with Renault Group to provide autonomous minibus shuttle services for the third consecutive year during the Roland Garros French Open in France. In addition, the company provides autonomous minibus mobility services in Japan, Saudi Arabia, Singapore, and the United Arab Emirates.
L4-level business financial performance
? In the second quarter of 2026, L4 business revenue was RMB 125 million, up 47.3% year over year and 130.6% quarter over quarter.
L2++/L3 business progress
? The L2++/L3 solution business enters a rapid growth phase. In the second quarter of 2026, the shipment volume of the company's one-stage end-to-end L2++/L3 solution WRD 3.0 was approximately 30,000 units. To date, the company has secured mass-production design wins for more than 30 vehicle models at the L2++ level. WRD 3.0 has also begun road testing and adaptation validation in overseas markets such as France, Germany, and Japan. ?
?? Commercialization results are being realized at an accelerated pace. In the second quarter of 2026, L2++/L3 business revenue increased 2593.8% year over year and 219.3% quarter over quarter.
Technology/Product Progress
? Released WeRide WITT, the company's physical AI cognitive foundation model. ? In July 2026, the company officially released WeRide WITT (World Intelligence Toward Truth), which builds world cognition with trusted facts. The model can distill cognitive patterns of the physical world from massive operational information, and condense real-world experience into structured knowledge through fact extraction, fact understanding, fact verification, and fact orchestration. Compared with general-purpose large models with hundreds of billions of parameters, WeRide WITT uses a lighter model scale and can save up to 98% of token costs on similar tasks, enabling a single GPU to process up to 10,000 minutes of vehicle operation video per day, achieving up to 200 times higher data processing efficiency, while helping improve the closed loop of AI training, evaluation, and iteration.
? WeRide GENESIS, the company's self-developed world model, won two international awards. In June 2026, WeRide GENESIS won the Simulation Innovation Award at the 2026 Automotive Testing Technology International Awards (ATTI Awards) and the Overall Gen-AI Solution of the Year at the 2026 AI Breakthrough Awards. WeRide GENESIS builds a closed loop from perception to understanding the physical world, enabling autonomous driving systems to train, validate, and iterate in a large-scale, high-fidelity virtual environment. The model can compress millions of kilometers of road testing into just a few days, while reducing data collection and labeling costs by more than 75%. ?
?? Launching right-hand-drive autonomous taxis, accelerating globalization. In June 2026, the company announced a jointly developed front-loaded autonomous taxi designed specifically for right-hand-drive mobility markets. This move is part of the company's strategic cooperation with Geely Farizon and Chung Hwa Bus Group. The commercial autonomous taxi service will first be deployed in Singapore and Hong Kong, aiming to provide transformative autonomous mobility solutions for the global right-hand-drive market.
For details, please refer to the report released by the Guosen Securities Auto Team on August 20, 2026 (WeRide (WRD.O/0800.HK) - Q2 revenue up 82% year over year, Robotaxi global commercialization accelerates).
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