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WeRide Inc.
(A company controlled through weighted voting rights and
incorporated in the Cayman Islands with limited liability)

Stock Code: 0800

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For identification purpose only

2026

Interim Report

CONTENTS
2

Corporate Information

4

Safe Harbor Statement

5

Key Highlights

7

Business Review and Outlook

11

Management Discussion and Analysis

16

Corporate Governance

23

Other Information

45

Independent Auditor’s Report

46

Unaudited Condensed Consolidated Statement of Profit or Loss

47

Unaudited Condensed Consolidated Statement of Profit or Loss and Other
Comprehensive Income

48

Unaudited Condensed Consolidated Statement of Financial Position

50

Unaudited Condensed Consolidated Statement of Changes in Equity

52

Unaudited Condensed Consolidated Statement of Cash Flows

54

Notes to the Unaudited Condensed Consolidated Interim Financial Statements

85

Definitions

2

WeRide Inc. / Interim Report 2026

CORPORATE INFORMATION

EXECUTIVE DIRECTORS

JOINT COMPANY SECRETARIES

Dr. Tony Xu Han (韓旭) (Chairman of the Board
and CEO)
Dr. Yan Li (李岩)

Ms. Liang Wang (王亮)
Ms. Anne Yu (余安妮)

NON-EXECUTIVE DIRECTORS
Mr. Ichijo Futakawa
(appointed with effect from April 21, 2026)
Mr. Kazuhiro Doi
(resigned with effect from March 31, 2026)
Mr. Jean-François Salles

INDEPENDENT NON-EXECUTIVE DIRECTORS
Ms. Huiping Yan
Mr. David Zhang (張彤)
Dr. Tony Fan-cheong Chan

AUTHORIZED REPRESENTATIVES
Dr. Tony Xu Han (韓旭)
Ms. Anne Yu (余安妮)

HEADQUARTERS AND PRINCIPAL PLACE
OF BUSINESS IN THE PRC
21st Floor, Tower A
Guanzhou Life Science Innovation Center
No. 51 Luoxuan Road
Guangzhou International Biotech Island
Guangzhou
Guangdong Province
PRC

AUDIT COMMITTEE
Ms. Huiping Yan (Chairperson)
Mr. David Zhang (張彤)
Dr. Tony Fan-cheong Chan

COMPENSATION COMMITTEE
Mr. David Zhang (張彤) (Chairperson)
Dr. Tony Xu Han (韓旭)
Ms. Huiping Yan
Dr. Tony Fan-cheong Chan

NOMINATION COMMITTEE
Mr. David Zhang (張彤) (Chairperson)
Dr. Tony Xu Han (韓旭)
Ms. Huiping Yan
Dr. Tony Fan-cheong Chan

CORPORATE GOVERNANCE COMMITTEE
Mr. David Zhang (張彤) (Chairperson)
Ms. Huiping Yan
Dr. Tony Fan-cheong Chan

PRINCIPAL PLACE OF BUSINESS IN HONG
KONG
40th Floor, Dah Sing Financial Centre
No. 248 Queen’s Road East
Wanchai
Hong Kong

REGISTERED OFFICE
P.O. Box 472
Harbour Place, 2nd Floor, North Wing
103 South Church Street
George Town
Grand Cayman KY1-1106
Cayman Islands

WeRide Inc. / Interim Report 2026

CORPORATE INFORMATION

AUDITOR

PRINCIPAL SHARE REGISTRAR

KPMG
Certified Public Accountants
Public Interest Entity Auditor
registered in accordance with the Accounting
and Financial Reporting Council Ordinance
8th Floor, Prince’s Building
10 Chater Road
Central
Hong Kong

International Corporation Services Ltd.
P.O. Box 472
Harbour Place, 2nd Floor, North Wing
103 South Church Street
George Town
Grand Cayman KY1-1106
Cayman Islands

LEGAL ADVISORS
As to Hong Kong and United States laws
Cooley HK
35/F, Two Exchange Square
8 Connaught Place
Central
Hong Kong
As to Cayman Islands laws
Travers Thorp Alberga
3605 Tower Two, Lippo Centre
89 Queensway
Admiralty
Hong Kong

COMPLIANCE ADVISOR
Rainbow Capital (HK) Limited
Office No. 710, 7/F, Wing On House
71 Des Voeux Road Central
Central
Hong Kong

HONG KONG SHARE REGISTRAR
Computershare Hong Kong Investor Services
Limited
Shops 1712-1716
17th Floor, Hopewell Centre
183 Queen’s Road East
Wanchai
Hong Kong

PRINCIPAL BANKS
China Merchants Bank
China Merchants Bank Building
No. 5 Huashui Road
Tianhe District
Guangzhou
Guangdong Province
PRC
UBS AG, Singapore
9 Penang Road
238459
Singapore
Goldman Sachs Bank USA New York Branch
200 West Street
New York
NY 10282
United States

STOCK CODE
0800.HK

NASDAQ STOCK TICKER
WRD

COMPANY’S WEBSITE
www.weride.ai

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WeRide Inc. / Interim Report 2026

SAFE HARBOR STATEMENT

This interim report contains statements that may constitute “forward-looking” statements pursuant to the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements
can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,”
“believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including
statements about WeRide’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in
WeRide’s filings with the SEC and announcements on the website of the Stock Exchange. All information provided in
this interim report is as of the date of this interim report, and WeRide does not undertake any obligation to update
any forward-looking statement, except as required under applicable law.

WeRide Inc. / Interim Report 2026

KEY HIGHLIGHTS

FINANCIAL HIGHLIGHTS FOR THE SIX MONTHS ENDED JUNE 30, 2026
•

Total revenue for the Reporting Period reached RMB345.9 million, an increase of 73.3% year over year
(“YoY”).

•

Overseas revenue increased by 154.4% YoY.

•

Gross profit was RMB126.5 million; gross margin improved to 36.6% from 30.6% in the same period of
2025.

•

Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) was negative RMB667.0 million,
narrowing by 6.5% YoY.

OPERATING HIGHLIGHTS FOR THE SIX MONTHS ENDED JUNE 30, 2026
•

As of July 31, 2026, the Group’s global L4 fleet comprised approximately 3,400 vehicles, including more than
1,800 robotaxis.

•

The Group is rapidly replicating its asset-light robotaxi business model in additional overseas markets.

•

•

In Spain, the Group and Uber announced plans to launch Spain’s first commercial robotaxi pilot in the
Region of Madrid, marking our fourth joint deployment globally and our first entry into the European
market.

•

In Switzerland, the Group is working with Uber to advance the deployment of robotaxi services in the
Greater Zurich Region, marking our fifth joint deployment globally and second in Europe.

•

In Denmark, the strategic partnership with GreenMobility (Nasdaq Copenhagen: GREENM) marked the
Group’s sixth European market and first in the Nordic region.

•

In Singapore, the Group commenced public operations in Punggol district in partnership with Grab.

•

In the Middle East, building on our achievement of fully driverless robotaxi operations in Abu Dhabi
and Dubai, our overall robotaxi service area covers more than 70% of the core urban area in the city.
As of July 31, 2026, our robotaxi fleet in the Middle East was approximately 400 vehicles.

The Group continued to enhance the scale and efficiency of its robotaxi operations in the Chinese market.

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WeRide Inc. / Interim Report 2026

KEY HIGHLIGHTS

•

•

•

In 2Q2026, average daily rides per vehicle increased by 24% quarter over quarter (“QoQ”) to over 21
rides, with peak daily completed rides per vehicle reaching 28; quarterly domestic ride-hailing revenue
increased by approximately 140% QoQ.

•

In Guangzhou, the fully driverless robotaxi service area tripled compared with the end of 2025,
covering Huangpu, Tianhe and Haizhu districts with commercial operations available 24/7.

•

In 2Q2026, registered users of WeRide robotaxi service saw QoQ growth of 35%.

The Group achieved significant progress in other autonomous driving businesses.
•

The Group’s robobus service in Zurich became the first in Europe to operate without a front-seat safety
operator, with its service in Leuven, Belgium, expected to follow in 3Q2026. The Group also partnered
with Renault Group for the third consecutive year to provide robobus shuttle services during the
Roland Garros French Open. In addition, it operates robobus mobility services in Japan, Saudi Arabia,
Singapore and the UAE.

•

As of the date of this interim report, our autonomous driving businesses have expanded to more than
60 cities across 13 countries.

The Group’s L2++/L3 solutions entered a phase of rapid growth.
•

•

In 2Q2026, total deliveries of WRD 3.0, our one-stage, end-to-end L2++/L3 solution, were
approximately 30,000 units. To date, the Group has secured L2++ production design wins for over
30 vehicle models. WRD 3.0 has also begun on-road testing and localization validation in France,
Germany, Japan and other overseas markets.

The Group further strengthened its technology foundation through WeRide GENESIS and WeRide WITT.
•

WeRide GENESIS compresses millions of kilometers of road testing into days and reduces data
collection and annotation costs by over 75%. It received two international technology awards in June
2026.

•

WeRide WITT, the Group’s physical AI cognitive foundation model, derives fundamental principles
governing the physical world from operational data. It reduces token costs by up to 98%, processes
up to 10,000 minutes of vehicle-operation video per day on a single GPU and delivers up to 200 times
greater data-processing efficiency on comparable workloads.

•

In June 2026, the Group announced the joint development of robotaxis specifically designed for righthand-drive markets with Geely Farizon and Kwoon Chung Bus Holdings Limited. The deployment of
commercial right-hand-drive robotaxi services will begin in Singapore and Hong Kong, paving the way
for broader adoption of autonomous mobility solutions across right-hand-drive markets worldwide.

WeRide Inc. / Interim Report 2026

BUSINESS REVIEW AND OUTLOOK

BUSINESS REVIEW
1.

Overall Performance
The Group delivered strong results in the Reporting Period, with total revenue reaching RMB345.9 million, an
increase of 73.3% from RMB199.6 million in the same period of 2025. During the Reporting Period, overseas
revenue increased by 154.4% YoY, continuing its rapid growth trajectory and underscoring the progressive
rollout of the Group’s proven asset-light overseas expansion model.
Gross profit for the Reporting Period was RMB126.5 million, with gross margin improving to 36.6% from the
same period of 2025, mainly attributable to the increasing contribution from higher-margin L2++/L3 solutions,
as well as overseas L4 business.
EBITDA for the Reporting Period was negative RMB667.0 million, narrowing by 6.5% from negative RMB713.3
million for the same period of 2025.

2.

L4 Robotaxi
Robotaxi is the Group’s flagship product and the central driver of our commercialization strategy. As of July
31, 2026, the Group’s global L4 fleet comprised approximately 3,400 vehicles, including more than 1,800
robotaxis.

Overseas operations
In Spain, the Group and Uber announced plans to launch Spain’s first commercial robotaxi pilot in the
Region of Madrid, marking our fourth joint deployment globally and our first entry into the European market
together. The service is expected to begin operations later this year. In Switzerland, following its receipt of the
first driverless robotaxi permit from FEDRO in November 2025, the Group is working with Uber to advance the
deployment of robotaxi services in the Greater Zurich Region, marking our fifth joint deployment globally and
second in Europe. Prior to this project, the Group had launched robotaxi services in Zurich in collaboration
with Swiss Federal Railways (Schweizerische Bundesbahnen, “SBB”), Swiss Transit Lab and ioki, a well-known
European provider of on-demand mobility services. In Denmark, the Group entered its sixth European market
and expanded into the Nordic region for the first time through a strategic partnership with GreenMobility. In
addition, the Group launched Slovakia’s first autonomous driving program in March 2026 in partnership with
ELEVATE Slovakia.
In the Middle East, building on fully driverless robotaxi operations in Abu Dhabi and Dubai – including Dubai’s
first fully driverless, fare-charging service launched in April 2026 with Uber and Dubai’s Roads and Transport
Authority – the Group’s overall approved service area now covers more than 70% of the core urban area in
the city. As of July 31, 2026, our robotaxi fleet in the Middle East comprised approximately 400 vehicles.
In Singapore, the Group commenced public operations in Singapore’s Punggol district in partnership with
Grab, marking an important milestone in the Group’s Southeast Asia expansion.

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WeRide Inc. / Interim Report 2026

BUSINESS REVIEW AND OUTLOOK

China operations
During the Reporting Period, fleet utilization and per-vehicle unit economics continued to improve. In 2Q2026,
average daily rides per vehicle increased by 24% QoQ to over 21 rides, with peak daily completed rides per
vehicle reaching 28. In 2Q2026, registered users of WeRide robotaxi service saw QoQ growth of 35%, with
quarterly ride-hailing revenue increasing by approximately 140% QoQ. Building on its core operational hubs
in Beijing and Guangzhou, the Group continuously expanded the service area of its fully driverless robotaxi
services. In Guangzhou, the service area tripled compared with the end of 2025 and now spans the Huangpu,
Tianhe and Haizhu districts with 24/7 commercial operations. These complex operating environments further
validate the safety and operational stability of the Group’s autonomous driving system.
3.

Other L4 Business
The Group continued to accelerate its global robobus rollout. In Zurich, its robobus began operating without
a front-seat safety operator, marking the first deployment of its kind in Europe. The Group’s commercial
robobus service in Leuven, Belgium, is planned to operate without a front-seat safety operator in 3Q2026. The
Group also partnered with Renault Group for the third consecutive year to provide robobus shuttle services
during the Roland Garros French Open. In addition, the Group operates robobus mobility services in Japan,
Saudi Arabia, Singapore, and the UAE.
As of the date of this interim report, our autonomous driving businesses have expanded to more than 60
cities across 13 countries.

4.

L2++/L3 Business
The Group’s one-stage, end-to-end L2++/L3 solution, WRD 3.0, entered a phase of rapid growth. In 2Q2026,
total deliveries of WRD 3.0 were approximately 30,000 units. To date, the Group has secured L2++ production
design wins for over 30 vehicle models. In April 2026, GAC Aion officially launched the Aion N60, its first
mass-produced passenger vehicle jointly developed with the Group. The model also marked the Group’s first
mass-production deployment of its one-stage, end-to-end technology on the Qualcomm Snapdragon platform.
In the same month, WRD 3.0 became the first and only six-time consecutive champion of the China Urban
Intelligent Driving Competition. WRD 3.0 has also begun on-road testing and localization validation in France,
Germany, Japan and other overseas markets.

WeRide Inc. / Interim Report 2026

BUSINESS REVIEW AND OUTLOOK

5.

Technology Development
During the Reporting Period, the Group further strengthened its technology foundation. WeRide GENESIS, the
Group’s proprietary world model, creates a closed loop from perceiving to understanding the physical world,
enabling systems to train, validate and iterate in large-scale, high-fidelity virtual environments, compressing
millions of kilometers of road testing into days while reducing data collection and annotation costs by more
than 75%. In June 2026, WeRide GENESIS received the Simulation Innovation Award at the 2026 Automotive
Testing Technology International Awards and the Overall Gen-AI Solution of the Year at the 2026 AI
Breakthrough Awards.
In July 2026, the Group introduced WeRide WITT, its physical AI cognitive foundation model, which
continuously extracts fundamental principles governing the physical world from vast volumes of operational
data. Compared with general-purpose AI models that often rely on hundreds of billions of parameters,
WeRide WITT reduces token costs by up to 98%, processes up to 10,000 minutes of vehicle-operation video
per day on a single GPU, and delivers up to 200 times greater data-processing efficiency on comparable
workloads.
In June 2026, we announced the joint development of robotaxis specifically designed for right-hand-drive
markets, as part of a strategic partnership with Geely Farizon and Kwoon Chung Bus Holdings Limited. The
deployment of commercial right-hand-drive robotaxi services will begin in Singapore and Hong Kong, bringing
transformative autonomous mobility solutions to right-hand-drive markets worldwide.

OUTLOOK
Looking ahead, the Group will continue to pursue a dual strategy featuring asset-light, high-margin overseas
expansion and self-operated domestic growth. Overseas, the Group will expand into new markets to capture
powerful compound scaling effects, with marginal costs declining and deployment efficiency improving as its
geographic footprint expands. In China, it will increase fleet density and operational capacity while further
developing its end-to-end local commercial ecosystem. Drawing on proven operational experience in China and
overseas, the Group is developing a standardized global L4 operating system built around robotaxis to scale and roll
out our validated commercial model worldwide. From a technology perspective, the Group’s continuously evolving
full-stack data toolchain strengthens its physical AI infrastructure, accelerates algorithm iteration and reinforces its
technological moat, further enhancing driving safety, system performance and adaptability across diverse operating
scenarios.

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WeRide Inc. / Interim Report 2026

BUSINESS REVIEW AND OUTLOOK

1.

Global Robotaxi scale-up
Across our prioritized core overseas markets with mature operations, we have established a comprehensive
end-to-end commercial operating model, delivered consistent profitability at the individual city level, and
maintained steady operational expansion. Building on this proven operational framework, we are advancing
our commercial rollout across multiple European markets. We expect to launch Spain’s first commercial
robotaxi service in Madrid by the end of 2026, expand autonomous mobility services across the Greater Zurich
Area through our second collaborative deployment with Uber in Europe, and partner with GreenMobility to
launch public autonomous transportation services in Denmark in 1H2027. Our proven overseas operating
model generates compounding economies of scale, whereby marginal costs decline incrementally with each
new market entry and enable rapid, cost-effective business replication across geographies. In China, we
plan to expand our footprint into additional major cities, prioritizing key first-tier metropolitan areas, while
continuing to refine our local commercial operating model and broaden the coverage of our domestic L4
operations.

2.

Replicable asset-light overseas model
The Group’s asset-light overseas expansion model is highly replicable, enabling rapid deployment at scale
across multiple cities. Having established end-to-end commercial ecosystems in multiple international markets,
the Group will continue to deepen its presence in key cities worldwide while further refining a standardized
operating model for L4 urban mobility services.

3.

L2++/L3 ramp-up and margin contribution
Built on the same technology platform as the Group’s L4 solutions, its one-stage, end-to-end L2++/L3 solution
has entered a phase of rapid commercial growth. As the business scales, fixed investments can be leveraged
more efficiently, creating the potential for meaningful incremental contributions to the Group’s overall
profitability. The Group will continue to expand its OEM partnerships and advance the localization validation
of WRD 3.0 in international markets, bringing its proven intelligent driving solutions to a broader range of
customers worldwide.

WeRide Inc. / Interim Report 2026

MANAGEMENT DISCUSSION AND ANALYSIS

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED JUNE
30, 2026
Revenue
Total revenue increased by 73.3% to RMB345.9 million (US$51.0 million) for the six months ended June 30, 2026,
compared with RMB199.6 million for the six months ended June 30, 2025. The increase was primarily driven by the
continued expansion of our L4 business, led by robotaxi and robobus, as well as the rapid growth of our L2++/L3
business.
Cost of revenue
Cost of revenue was RMB219.4 million (US$32.3 million) for the six months ended June 30, 2026, compared with
RMB138.6 million for the six months ended June 30, 2025. The increase was primarily attributable to, and generally
in line with, revenue growth in our L4 and AI infrastructure businesses1.
Gross profit and gross margin
Gross profit was RMB126.5 million (US$18.6 million) for the six months ended June 30, 2026, compared with
RMB61.1 million for the six months ended June 30, 2025. Gross margin increased to 36.6% for the six months
ended June 30, 2026, compared with 30.6% for the six months ended June 30, 2025. The gross margin expansion
was mainly driven by increased revenue contribution from our higher-margin L2++/L3 business and overseas L4
business.
Operating expenses
Operating expenses were RMB1,001.6 million (US$147.6 million) for the six months ended June 30, 2026, compared
with RMB951.4 million for the six months ended June 30, 2025.
•

R&D expenses were RMB797.7 million (US$117.6 million) for the six months ended June 30, 2026, compared
with RMB644.6 million for the six months ended June 30, 2025. The increase was primarily due to higher
personnel and outsourcing labor costs, depreciation and amortization expenses and cloud service fees.

•

Administrative expenses were RMB152.1 million (US$22.4 million) for the six months ended June 30, 2026,
compared with RMB278.9 million for the six months ended June 30, 2025. The decrease was primarily due
to lower share-based compensation expenses and reduced professional services fees related to our global
offering and legal and compliance matters.

•

Selling expenses were RMB51.9 million (US$7.6 million) for the six months ended June 30, 2026, compared
with RMB27.8 million for the six months ended June 30, 2025. The increase was primarily due to higher
personnel costs and increased marketing and advertising expenses.

1

AI infrastructure business mainly represents intelligent data services.

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WeRide Inc. / Interim Report 2026

MANAGEMENT DISCUSSION AND ANALYSIS

Loss for the period
Loss for the period was RMB789.8 million (US$116.4 million) for the six months ended June 30, 2026, compared
with RMB791.5 million for the six months ended June 30, 2025.
Non-IFRS adjusted loss for the period was RMB664.6 million (US$98.0 million) for the six months ended June 30,
2026, compared with RMB595.1 million for the six months ended June 30, 2025. Non-IFRS adjusted loss for the
period is defined as loss for the period excluding share-based compensation expenses and fair value changes of
financial assets at fair value through profit and loss (“FVTPL”), as set out below:
For the six months ended June 30,
2025
2026
RMB’000
RMB’000
Loss for the period
Add:
Share-based compensation expenses
Fair value changes of financial assets at FVTPL

(791,517)

(789,750)

219,522
(23,154)

119,210
5,909

Adjusted loss for the period

(595,149)

(664,631)

EBITDA
EBITDA was negative RMB667.0 million (US$98.3 million) for the six months ended June 30, 2026, narrowing by
6.5% compared with negative RMB713.3 million for the six months ended June 30, 2025. EBITDA is defined as loss
for the period excluding income tax, finance costs, depreciation and amortization expenses, as set out below:
For the six months ended June 30,
2025
2026
RMB’000
RMB’000
Loss for the period
Add:
Income tax
Finance costs
Depreciation and amortization expenses

(791,517)

(789,750)

1,877
3,292
73,027

(141)
5,089
117,813

EBITDA

(713,321)

(666,989)

WeRide Inc. / Interim Report 2026

MANAGEMENT DISCUSSION AND ANALYSIS

Basic and diluted loss per share/ADS
Basic and diluted loss per ordinary share for the six months ended June 30, 2026 was RMB0.79 (US$0.12), compared
with RMB0.87 for the six months ended June 30, 2025. Basic and diluted loss per ADS for the six months ended
June 30, 2026 was RMB2.37 (US$0.36), compared with RMB2.61 for the six months ended June 30, 2025.
Balance sheet
As of June 30, 2026, the Group held RMB5,374.8 million (US$792.2 million) in cash and cash equivalents and
time deposits, RMB2.3 million (US$0.3 million) in investments in wealth management products recorded as current
financial assets at FVTPL, and RMB21.4 million (US$3.2 million) in restricted cash, for an aggregate amount of
RMB5,398.5 million (US$795.6 million).
As of June 30, 2026, the Group had short-term bank loans of RMB485.0 million (US$71.5 million).
Liquidity and capital resources
During the Reporting Period, we primarily financed our operations through our existing cash. As of June 30,
2026, we had aggregate balances of RMB5.4 billion in cash, cash equivalents, time deposits, restricted cash, and
investments in wealth management products, which were recorded in current financial assets at FVTPL, representing
a decrease of 24.3% compared with RMB7.1 billion as of December 31, 2025.
The Group follows a conservative set of funding and treasury policies to manage its capital resources.
Bank loans
As of June 30, 2026, our outstanding bank borrowings amounted to RMB485.0 million, which were denominated
in RMB and primarily used to supplement our working capital. The bank borrowings were repayable in one year,
bearing interest rates of 2.11% to 2.21%.
Pledge of assets
As of June 30, 2026, our bank balances of RMB21.4 million were held as secured amounts in certain bank accounts
for the issuance of letters of guarantee, and the payment of rentals and credit card obligations.
As of June 30, 2026, certain patents were pledged for certain bank loans.
Gearing ratio
Our gearing ratio increased from 12% as of December 31, 2025 to 18% as of June 30, 2026, calculated by dividing
total liabilities by total assets.
Material investments
During the Reporting Period, the Group did not have any significant investments (including any investment in an
investee company with a value of 5% or more of the Group’s total assets as of June 30, 2026). As of June 30, 2026,
the Group did not have other plans for material investments and capital assets.
Capital expenditure commitments
As of June 30, 2026, the Group had aggregate capital expenditure commitments amounting to RMB9.0 million.

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MANAGEMENT DISCUSSION AND ANALYSIS

Contingent liabilities
As of June 30, 2026, the Group did not have any material contingent liabilities.
Material acquisitions and disposals
The Group did not conduct any material acquisitions and disposals during the Reporting Period.
Risk management
Foreign exchange risk
Foreign exchange risk arises when future commercial transactions or recognized assets and liabilities are denominated
in a currency that is not the respective functional currency of our subsidiaries. We manage our foreign exchange
risks by closely monitoring the movement of foreign currency rates and would consider hedging significant foreign
currency exposure should the need arise.

Interest rate risk
Interest-bearing financial instruments at variable rates and at fixed rates expose the Group to cash flow interest rate
risk and fair value interest risk, respectively. We determine the appropriate weightings of fixed and floating rate
interest-bearing instruments based on current market conditions and perform regular reviews and monitoring to
achieve an appropriate mix of fixed and floating rate exposure. We do not enter into financial derivatives to hedge
interest rate risk.
Employees and remuneration policies
As of June 30, 2026, the Group had 4,952 full-time employees and 533 temporary employees (interns) globally,
among whom 5,322 employees were based in China, including in Guangzhou, Shanghai, Beijing, and 163 employees
outside China.
The following table sets forth the number of employees (including temporary employees) of the Group as of June 30,
2026.
Number of
employees

Percentage of
total employees

R&D engineering
R&D data processing
Sales and marketing
Operations
General management and administration

1,066
4,125
116
79
99

19.43%
75.21%
2.11%
1.44%
1.80%

Total

5,485

100.00%

Function

WeRide Inc. / Interim Report 2026

MANAGEMENT DISCUSSION AND ANALYSIS

The Group mainly recruits its employees through on-campus job fairs, employee referrals, industry referrals and
online channels including our corporate website and social networking platforms. The Group undertakes a strict
interview process for recruitment purposes. The Group enters into standard employment agreements, as well as
confidentiality and non-compete agreements with its employees in accordance with market practice. The Group has
adopted a training protocol in the Chinese Mainland, pursuant to which it provides pre-employment and ongoing
management and technical training to its employees.
The Group offers its employees competitive compensation packages, performance-based cash bonuses and other
incentives. The Group participates in various employee social security plans for its PRC-based employees, including
pension insurance, unemployment insurance, maternity insurance, work-related injury insurance, medical insurance,
and housing provident fund.

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WeRide Inc. / Interim Report 2026

CORPORATE GOVERNANCE

The Company is committed to achieving high standards of corporate governance with a view to safeguarding the
interests of its Shareholders and enhancing corporate value and accountability.

WEIGHTED VOTING RIGHTS
The Company is controlled through weighted voting rights. Under this structure, the Company’s share capital
comprises Class A Ordinary Shares and Class B Ordinary Shares. Each Class A Ordinary Share entitles the holder to
exercise one vote, and each Class B Ordinary Share entitles the holder to exercise ten votes, on any resolution tabled
at the Company’s general meetings, except for resolutions with respect to the Reserved Matters, in relation to which
each Share is entitled to one vote.
The WVR structure of the Company enables the WVR Beneficiaries to exercise voting control over the Company
notwithstanding that they do not hold a majority economic interest in the share capital of the Company. This will
enable the Company to benefit from the continuing vision and leadership of the WVR Beneficiaries who will control
the Company with a view to its long-term prospects and strategy.
Investors are advised to be aware of the potential risks of investing in companies with a WVR structure, in particular
that the interests of the WVR Beneficiaries may not necessarily always be aligned with those of the Shareholders
as a whole, and that the WVR Beneficiaries will be in a position to exert significant influence over the affairs of
the Company and the outcome of Shareholders’ resolutions. Investors should make the decision to invest in the
Company only after due and careful consideration.
As of the Latest Practicable Date, the WVR Beneficiaries are Dr. Han and Dr. Li, holding the Class A Ordinary Shares
and the Class B Ordinary Shares through XHL (which is owned as to 80% by Dr. Han and as to 20% by Trident,
the trustee of the Han Family Trust where Dr. Han is the protector and his descendants are the beneficiaries), THL
(which is owned as to 51% by XHL and as to 49% by Trident, the trustee of the Han Family Trust), Humber Partners
(which is owned as to 80% by Dr. Li and as to 20% by Trident, the trustee of the Li Family Trust where Dr. Li is the
protector and his descendants are the beneficiaries), and Yanli (which is owned as to 51% by Humber Partners and
as to 49% by Trident, the trustee of the Li Family Trust).

WeRide Inc. / Interim Report 2026

CORPORATE GOVERNANCE

As of the Latest Practicable Date, Dr. Han and Dr. Li beneficially owned and controlled, through their intermediaries,
an aggregate of 27,129,666 Class A Ordinary Shares and 54,814,423 Class B Ordinary Shares, representing (i) 8.30%
of the total issued share capital of the Company (excluding treasury Shares), (ii) 9.06% of the economic interest
in the total issued share capital of the Company (excluding treasury Shares) taking into account their vested share
options granted under the 2018 Share Plan, (iii) 39.44% of the voting rights in the Company (excluding treasury
Shares and without taking into account the voting rights attached to the 21,420,342 Class A Ordinary Shares held by
the Depositary as of the Latest Practicable Date which might be used to satisfy any future exercise or vesting of share
options and share awards granted under the 2018 Share Plan and 2026 Share Plan) with respect to Shareholder
resolutions relating to matters other than the Reserved Matters on the basis that each Class A Ordinary Share entitles
the holder to exercise one vote and each Class B Ordinary Share entitles the holder to exercise ten votes, and (iv)
8.49% of the voting rights in the Company (excluding treasury Shares and without taking into account the voting
rights attached to the 21,420,342 Class A Ordinary Shares held by the Depositary as of the Latest Practicable Date
which might be used to satisfy any future exercise or vesting of share options and share awards granted under the
2018 Share Plan and 2026 Share Plan) with respect to Shareholder resolutions relating to the Reserved Matters on
the basis that each Share entitles the holder to exercise one vote.
Class B Ordinary Shares may be converted into Class A Ordinary Shares on a one-to-one ratio. As of the Latest
Practicable Date, upon the conversion of all the issued and outstanding Class B Ordinary Shares into Class A Ordinary
Shares, the Company will issue 54,814,423 Class A Ordinary Shares, representing approximately 5.55% of the total
number of issued and outstanding Class A Ordinary Shares (excluding treasury Shares) (as enlarged by such Class A
Ordinary Shares).
The weighted voting rights attached to the Class B Ordinary Shares will cease when the WVR Beneficiaries no longer
have beneficial ownership of, or economic interest in, or control over the voting rights attached to any of the Class B
Ordinary Shares, in accordance with Rule 8A.22 of the Listing Rules. This may occur:
(i)

upon the occurrence of any of the circumstances set out in Rule 8A.17 of the Listing Rules, in particular
where the WVR Beneficiaries are: (1) deceased; (2) no longer a member of the Board; (3) deemed by the Stock
Exchange to be incapacitated for the purpose of performing his duties as a Director; or (4) deemed by the
Stock Exchange to no longer meet the requirements of a Director set out in the Listing Rules;

(ii)

when the holders of Class B Ordinary Shares have transferred to another person the beneficial ownership of,
or economic interest in, the Class B Ordinary Shares or the control over the voting rights attached to them,
other than in the circumstances permitted by Rule 8A.18 of the Listing Rules;

(iii)

where a vehicle holding Class B Ordinary Shares on behalf of a WVR Beneficiary no longer complies with Rule
8A.18(2) of the Listing Rules; or

(iv)

when all of the Class B Ordinary Shares have been converted to Class A Ordinary Shares.

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WeRide Inc. / Interim Report 2026

CORPORATE GOVERNANCE

The Company has applied for, and the Stock Exchange has granted, a waiver from strict compliance with Rule
8A.18(1) of the Listing Rules to facilitate (i) the allotment and issuance of new shares by XHL to Trident and (ii) the
allotment and issuance of new shares by Humber Partners to Trident, on the basis, among others, that each of Dr.
Han and Dr. Li remains the protector of his family trust and retains sole control over the voting rights attached to
the Class B Ordinary Shares held within his family trust structure following the aforementioned share allotment and
issuance. See the announcement of the Company dated July 13, 2026 for details.

COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE
The Company has adopted the code provisions in the Corporate Governance Code set out in Appendix C1 to
the Listing Rules as its own code to govern its corporate governance practices. During the Reporting Period, the
Company has complied with all the code provisions of the Corporate Governance Code, save for the following.
Pursuant to code provision C.2.1 in Part 2 of the Corporate Governance Code, companies listed on the Stock
Exchange are expected to comply with, but may choose to deviate from, the requirement that the roles of chairman
and chief executive should be separate and should not be performed by the same individual. The Company does not
have a separate chairman of the Board and CEO, and Dr. Tony Xu Han currently performs these two roles. The Board
believes that vesting the roles of both the chairman of the Board and CEO in the same person has the benefit of
ensuring consistent leadership within the Group and enabling more effective and efficient overall strategic planning
and execution of strategic initiatives for the Group. The Board considers that the balance of power and authority for
the present arrangement will not be impaired, and this structure will enable the Company to make and implement
decisions promptly and effectively. The Board will continue to review this arrangement and will consider splitting the
roles of the chairman of the Board and CEO at a time when it is appropriate taking into account the circumstances
of the Group as a whole.
Pursuant to code provision C.1.5 in Part 2 of the Corporate Governance Code, non-executive directors and
independent non-executive directors should attend general meetings to gain and develop a balanced understanding
of the views of shareholders. Mr. Kazuhiro Doi (who resigned on March 31, 2026) and Dr. Tony Fan-cheong
Chan were unable to attend the extraordinary general meeting held on March 13, 2026 due to other business
commitments, and Mr. Ichijo Futakawa, Ms. Huiping Yan and Dr. Tony Fan-cheong Chan were unable to attend
the annual general meeting held on June 26, 2026 due to other business commitments. The other Board members,
including both executive Directors, namely Dr. Tony Xu Han and Dr. Yan Li, attended both general meetings and
were available to answer shareholders’ questions. Prior to the meetings, the absent non-executive Directors and
independent non-executive Directors had reviewed all relevant meeting materials, understood the matters to be
considered, and expressed their views and discharged their duties as Directors. The Board is of the view that such
temporary absence did not have any material adverse impact on the Company’s corporate governance standards,
the effective functioning of the Board, or the daily operations of the Group. The Board will continue to monitor
Directors’ attendance at general meetings and remind all Directors of their obligations in this regard.

WeRide Inc. / Interim Report 2026

CORPORATE GOVERNANCE

COMPLIANCE WITH THE MODEL CODE
The Company has adopted the Model Code set out in Appendix C3 to the Listing Rules as its code of conduct
regarding Directors’ securities transactions. Specific enquiry has been made of all the Directors and the relevant
employees who are likely to be in possession of inside information of the Group, and they have confirmed that they
have complied with the Model Code during the Reporting Period.

BOARD COMMITTEES
The Board has established four committees, namely, the Audit Committee, the Compensation Committee, the
Nomination Committee and the Corporate Governance Committee, for overseeing particular aspects of the
Company’s affairs. Each of these committees is established with a defined written charter. The charters of the Board
committees are available on the websites of the Company and the Stock Exchange.
Audit Committee
The Company has established an Audit Committee in compliance with Rule 3.21 of the Listing Rules and the
Corporate Governance Code.
The primary duties of the Audit Committee include, among others, reviewing the adequacy and effectiveness of the
accounting and internal control policies and procedures and any steps taken to monitor and control major financial
risk exposures, reviewing and approving all proposed related party transactions, overseeing the audit process, and
performing other duties and responsibilities assigned by the Board.
The Audit Committee of the Company comprises three independent non-executive Directors, namely Ms. Huiping
Yan, Mr. David Zhang, and Dr. Tony Fan-cheong Chan, with Ms. Huiping Yan (being the independent non-executive
Director with the appropriate accounting or related financial management expertise as required under Rules 3.10(2)
and 3.21 of the Listing Rules) as the chairperson of the Audit Committee.
The Audit Committee has reviewed the unaudited consolidated financial statements and the unaudited interim
results of the Group for the Reporting Period, and there is no disagreement between the Board and the Audit
Committee regarding the accounting treatment adopted by the Company.
The Audit Committee has met with the independent auditor of the Company, KPMG. The Audit Committee has
also discussed matters with respect to the accounting policies and practices adopted by the Company and risk
management and internal control systems and financial reporting matters with senior management of the Company.
The independent auditor of the Company, KPMG, has reviewed the unaudited condensed consolidated interim
financial statements of the Group for the Reporting Period in accordance with Hong Kong Standard on Review
Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity .

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WeRide Inc. / Interim Report 2026

CORPORATE GOVERNANCE

Compensation Committee
The Company has established a Compensation Committee in compliance with Rule 3.25 of the Listing Rules and the
Corporate Governance Code.
The primary duties of the Compensation Committee include, among others, making recommendations to the Board
on the policy and structure for the remuneration of all Directors and senior management, reviewing and approving
remuneration proposals with reference to the Board’s corporate goals and objectives, and performing other duties
and responsibilities assigned by the Board.
The Compensation Committee comprises one executive Director and three independent non-executive Directors,
namely Mr. David Zhang, Dr. Han, Ms. Huiping Yan, and Dr. Tony Fan-cheong Chan, with Mr. Zhang serving as the
chairperson.
Nomination Committee
The Company has established a Nomination Committee in compliance with Rules 3.27A and 8A.27 of the Listing
Rules and the Corporate Governance Code.
The primary duties of the Nomination Committee include, among others, reviewing the structure, size and
composition of the Board, assisting the Board in maintaining a board skill matrix, assessing the independence of
the independent non-executive Directors, selecting and recommending to the Board nominees for election by the
Shareholders or appointment by the Board, and performing other duties and responsibilities assigned by the Board.
The Nomination Committee comprises one executive Director and three independent non-executive Directors,
namely Mr. David Zhang, Dr. Han, Ms. Huiping Yan, and Dr. Tony Fan-cheong Chan, with Mr. Zhang serving as the
chairperson.
Corporate Governance Committee
The Company has established a Corporate Governance Committee in compliance with Rules 8A.30 and 8A.31 of the
Listing Rules and the Corporate Governance Code.
The primary duties of the Corporate Governance Committee include, among others, developing and reviewing
the policies and practices on corporate governance and making recommendations to the Board, ensuring that the
Company is operated and managed for the benefit of all Shareholders, ensuring compliance with the Listing Rules
and safeguards relating to the Company’s WVR structure, and performing other duties and responsibilities assigned
by the Board.

WeRide Inc. / Interim Report 2026

CORPORATE GOVERNANCE

The Corporate Governance Committee comprises three independent non-executive Directors, namely Mr. David
Zhang, Ms. Huiping Yan, and Dr. Tony Fan-cheong Chan, with Mr. Zhang serving as the chairperson.
The Corporate Governance Committee will be required to confirm to the Board it is of the view that the Company
has adopted sufficient corporate governance measures to manage potential conflicts of interest between the Group
and the beneficiaries of weighted voting rights in order to ensure that the operations and management of the
Company are in the interests of the Shareholders as a whole indiscriminately.
During the Reporting Period, the Corporate Governance Committee reviewed the following matters:
(i)

the Company’s policies and practices on corporate governance;

(ii)

the training and continuous professional development of directors and senior management;

(iii)

the code of business conduct and ethics applicable to Directors and employees;

(iv)

the Company’s compliance with the Corporate Governance Code and disclosure in this corporate governance
report;

(v)

whether the Company is operated and managed for the benefit of all the Shareholders;

(vi)

the management of conflicts of interest of the Company and any potential conflicts of interest between the
Company, its subsidiaries and/or Shareholder on one hand and the WVR Beneficiaries on the other;

(vii)

all risks related to the Company’s WVR structure, including connected transactions between the Company and
its subsidiaries on one hand and any WVR Beneficiary on the other;

(viii)

effective and ongoing communication between the Company and the Shareholders, particularly with regard
to the requirements of Rule 8A.35 of the Listing Rules;

(ix)

the Company’s various policies and practices on compliance with legal and regulatory requirements; and

(x)

the matters covered in Rule 8A.30 of the Listing Rules.

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WeRide Inc. / Interim Report 2026

CORPORATE GOVERNANCE

The Corporate Governance Committee reviewed and confirmed to the Board that there are sufficient corporate
governance measures to manage the potential conflicts of interest between the Group and the WVR Beneficiaries.
The measures include: (i) any connected transactions are disclosed and dealt with in accordance with the
requirements of the Listing Rules, (ii) any Directors who have a conflict of interest must abstain from voting on
the relevant board resolution, and (iii) the compliance advisor is consulted on any matters related to transactions
involving the WVR Beneficiaries or a potential conflict of interest between the Group and the WVR Beneficiaries.
The Corporate Governance Committee recommended the Board to continue the implementation of the corporate
governance measures and to review the effectiveness of these measures from time to time.
After reviewing the remuneration and terms of engagement of the compliance advisor, the Corporate Governance
Committee confirmed to the Board that nothing has come to its attention that would require it to consider either
the removal of the current compliance advisor or the appointment of a new compliance advisor. Therefore, the
Corporate Governance Committee recommended the Board to continue the engagement of the current compliance
advisor of the Company.
The Corporate Governance Committee has confirmed that (i) the WVR Beneficiaries have been members of the Board
throughout the Reporting Period, (ii) no matters under Rule 8A.17 of the Listing Rules have occurred during the
Reporting Period, and (iii) the WVR Beneficiaries have complied with Rules 8A.14, 8A.15, 8A.18 and 8A.24 of the
Listing Rules throughout the Reporting Period.

WeRide Inc. / Interim Report 2026

OTHER INFORMATION

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN SHARES,
UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY OF ITS ASSOCIATED
CORPORATIONS
As of June 30, 2026, the interests and short positions of the Directors and chief executive of the Company in the
Shares, underlying Shares and debentures of the Company or any of its associated corporations (within the meaning
of Part XV of the SFO), which were required (a) to be notified to the Company and the Stock Exchange pursuant to
Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they were taken or deemed
to have under such provisions of the SFO); or (b) to be recorded in the register required to be kept by the Company
pursuant to Section 352 of the SFO; or (c) to be notified to the Company and the Stock Exchange pursuant to the
Model Code were as follows:
Interest in Shares and Underlying Shares of the Company

Name

Position

Nature of Interest

Number and class
of Shares(1)

Approximate
percentage of
interest in each
class of Shares(2)

(%)
Dr. Han

Chairman of the Board,
executive Director and
CEO

Dr. Li

Executive Director

Beneficial interest(3)
Interest in controlled
corporations(4)
Beneficial interest(5)
Interest in controlled
corporations(6)

Ms. Huiping Yan
Mr. David Zhang (張彤)

Independent non-executive Beneficial interest(7)
Director
Independent non-executive Beneficial interest(8)
Director

27,595,520 Class A
Ordinary Shares (L)
41,249,590 Class B
Ordinary Shares (L)
10,513,974 Class A
Ordinary Shares (L)
27,129,666 Class A
Ordinary Shares (L)
13,564,833 Class B
Ordinary Shares (L)
93,189 Class A
Ordinary Shares (L)
81,966 Class A
Ordinary Shares (L)

2.84
75.25
1.08
2.79
24.75
0.01
0.01

Notes:
(1)

The letter “L” denotes the person’s long position in the Shares.

(2)

The calculation is based on the total number of 972,508,041 Class A Ordinary Shares and 54,814,423 Class B Ordinary
Shares in issue as of June 30, 2026.

(3)

Dr. Han is entitled to receive 27,595,520 Class A Ordinary Shares pursuant to the share options granted to him under the
2018 Share Plan, subject to the relevant conditions (including vesting conditions) thereunder. For more details, please refer
to the section headed “Other Information – Share Incentive Schemes” in this interim report.

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WeRide Inc. / Interim Report 2026

OTHER INFORMATION

(4)

XHL is owned as to 80% by Dr. Han. THL is owned as to 51% by XHL and as to 49% by Trident. Trident is the trustee of
the Han Family Trust where Dr. Han is the protector and his descendants are the beneficiaries. As such, Dr. Han is deemed
to be interested in the Class B Ordinary Shares held by XHL and THL under the SFO.

(5)

Dr. Li is entitled to receive 10,513,974 Class A Ordinary Shares pursuant to the share options granted to him under the
2018 Share Plan, subject to the relevant conditions (including vesting conditions) thereunder. For more details, please refer
to the section headed “Other Information – Share Incentive Schemes” in this interim report.

(6)

Humber Partners is owned as to 80% by Dr. Li. Yanli is owned as to 51% by Humber Partners and as to 49% by Trident.
Trident is the trustee of the Li Family Trust where Dr. Li is the protector and his descendants are the beneficiaries. As such,
Dr. Li is deemed to be interested in the Class A Ordinary Shares and the Class B Ordinary Shares held by Humber Partners
and Yanli under the SFO.

(7)

Ms. Huiping Yan is entitled to receive 93,189 Class A Ordinary Shares pursuant to the share awards granted to her under
the 2018 Share Plan. For more details, please refer to the section headed “Other Information – Share Incentive Schemes” in
this interim report.

(8)

Mr. David Zhang (張彤) is entitled to receive 81,966 Class A Ordinary Shares pursuant to the share options granted to
him under the 2018 Share Plan. For more details, please refer to the section headed “Other Information – Share Incentive
Schemes” in this interim report.

Save as disclosed above, as of June 30, 2026, so far as is known to any Director or chief executive of the Company,
none of the Directors or chief executive of the Company had any interests or short positions in the Shares, underlying
Shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the
SFO) which were (a) required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8
of Part XV of the SFO (including interests and short positions which he/she was taken or deemed to have under such
provisions of the SFO); (b) required, pursuant to Section 352 of the SFO, to be entered in the register referred to
therein; or (c) required, pursuant to the Model Code, to be notified to the Company and the Stock Exchange.

WeRide Inc. / Interim Report 2026

OTHER INFORMATION

SUBSTANTIAL SHAREHOLDERS ’ INTERESTS AND SHORT POSITIONS IN SHARES AND
UNDERLYING SHARES OF THE COMPANY
As of June 30, 2026, to the best knowledge of the Directors, the following persons (other than the Directors
and chief executive of the Company), had an interest or short position in the Shares or underlying Shares of the
Company which would fall to be disclosed to the Company pursuant to Divisions 2 and 3 of Part XV of the SFO, or
which would be recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO:

Shareholder

Nature of Interest

Number of
Shares(1)

Approximate
percentage of
shareholding in
each class of
Shares(2)

(%)
Class A Ordinary Shares
Deutsche Bank Aktiengesellschaft (“Deutsche Bank”)(3)

Depositary

Mr. Yuxiang Tang (湯玉祥) (“Mr. Tang”)(4)
Interest in controlled corporation
Zhengzhou Tongtai Hezhi Management Consulting Co., Ltd. Interest in controlled corporation
(鄭州通泰合智管理諮詢有限公司) (“Tongtai Hezhi”)(4)
Interest in controlled corporation
Zhengzhou Tongtai Zhihe Enterprise Management Center
(Limited Partnership) (鄭州通泰志合企業管理中心(有限合
夥)) (“Tongtai Zhihe”)(4)
Zhengzhou Yutong Group Co., Ltd. (鄭州宇通集團有限公司) Interest in controlled corporation
(“Zhengzhou Yutong”)(4)
Zhengzhou Xuxin Enterprise Management Consulting Co., Interest in controlled corporation
Ltd. (鄭州旭新企業管理諮詢有限公司) (“Zhengzhou
Xuxin”)(4)
Zhengzhou Xufeng Jiayuan Intelligent Connected Enterprise Beneficial interest
Management Center (Limited Partnership) (鄭州旭豐嘉遠智 Interest in controlled corporation
能網聯企業管理中心(有限合夥)) (“Zhengzhou Xufeng”)(4)

690,161,727 (L)
690,161,727 (S)
65,659,592 (L)
65,659,592 (L)

70.97
70.97
6.75
6.75

65,659,592 (L)

6.75

65,659,592 (L)

6.75

65,659,592 (L)

6.75

25,868,845 (L)
39,790,747 (L)

2.66
4.09

Renault S.A. (“Renault”)(5)
Renault s.a.s.(5)
Nissan Motor Co., Ltd. (“Nissan”)(5)
Alliance Ventures B.V. (“Alliance Ventures”)(5)

Interest in controlled corporation
Interest in controlled corporation
Interest in controlled corporation
Beneficial interest

63,680,080 (L)
63,680,080 (L)
63,680,080 (L)
63,680,080 (L)

6.55
6.55
6.55
6.55

SMB Holding Corporation (“SMB”)(6)
Uber Technologies, Inc. (“Uber”)(6)

Beneficial interest
Interest in controlled corporation

50,536,766 (L)
50,536,766 (L)

5.20
5.20

Qiming Corporate GP V, Ltd. (“Qiming Corporate GP V”)(7) Interest in controlled corporation

49,269,870 (L)

5.07

24,850,000 (L)
16,399,590 (L)
16,399,590 (L)
13,564,823 (L)
10 (L)
16,399,600 (L)

45.33
29.92
29.92
24.75
0.00
29.92

Class B Ordinary Shares
XHL(8)
THL(8)
Humber Partners(9)
Trident(8)(9)

Beneficial interest
Interest in controlled corporation
Beneficial interest
Beneficial interest
Interest in controlled corporation
Interest in controlled corporation

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WeRide Inc. / Interim Report 2026

OTHER INFORMATION

Notes:
(1)

The letter “L” denotes the person’s long position in the Shares and “S” denotes the person’s short position in the Shares.

(2)

The calculation is based on the total number of 972,508,041 Class A Ordinary Shares and 54,814,423 Class B Ordinary
Shares in issue as of June 30, 2026.

(3)

Deutsche Bank was interested in an aggregate of 690,161,727 Class A Ordinary Shares (long position) and 690,161,727
Class A Ordinary Shares (short position) in the Company. According to the disclosure of interest notice filed by Deutsche
Bank regarding the relevant event dated June 18, 2026, such Class A Ordinary Shares were held by Deutsche Bank via its
subsidiary acting in its capacity as a depositary of the ADRs.

(4)

Zhengzhou Xufeng holds 92.4% partnership interest in Beijing Xufeng Zhiyuan Intelligent Technology Partnership (Limited
Partnership) (北京旭豐致遠智能科技合夥企業(有限合夥)) (“Beijing Xufeng”), which beneficially holds 39,790,747 Class A
Ordinary Shares. The general partner of both Zhengzhou Xufeng and Beijing Xufeng is Zhengzhou Xuxin. Zhengzhou Xuxin
is wholly owned by Zhengzhou Yutong. Zhengzhou Yutong is owned as to 85% by Tongtai Zhihe. The general partner of
Tongtai Zhihe is Tongtai Hezhi. Tongtai Hezhi is owned as to 52% by Mr. Tang. As such, Zhengzhou Xufeng is deemed to
be interested in the Class A Ordinary Shares held by Beijing Xufeng under the SFO, and each of Mr. Tang, Tongtai Hezhi,
Tongtai Zhihe, Zhengzhou Yutong, and Zhengzhou Xuxin is deemed to be interested in the Class A Ordinary Shares held by
Zhengzhou Xufeng and Beijing Xufeng under the SFO.

(5)

Alliance Ventures is owned as to 40% by Renault s.a.s. and as to 40% by Nissan (a company listed on Tokyo Stock
Exchange (stock code: 7201)). Renault s.a.s. is wholly owned by Renault (a company listed on Euronext Paris Stock
Exchange (ticker symbol: RNO)). As such, each of Renault, Renault s.a.s., and Nissan is deemed to be interested in the Class
A Ordinary Shares held by Alliance Ventures under the SFO.

(6)

SMB is wholly owned by Uber. As such, Uber is deemed to be interested in the Class A Ordinary Shares held by SMB under
the SFO.

(7)

Qiming Venture Partners V, L.P. and Qiming Managing Directors Fund V, L.P. are exempted limited partnerships registered
under the laws of the Cayman Islands. Qiming Venture Partners V, L.P. and Qiming Managing Directors Fund V, L.P. hold
47,787,195 and 1,482,675 Class A Ordinary Shares, respectively. Qiming GP V, L.P. is the general partner of Qiming
Venture Partners V, L.P., whereas Qiming Corporate GP V is the general partner of Qiming GP V, L.P. and Qiming Managing
Directors Fund V, L.P. As such, Qiming Corporate GP V is deemed to be interested in the Class A Ordinary Shares held by
Qiming Venture Partners V, L.P. and Qiming Managing Directors Fund V, L.P. under the SFO.

(8)

XHL is owned as to 80% by Dr. Han. As such, Dr. Han is deemed to be interested in the Class B Ordinary Shares held by
XHL under the SFO.
THL is owned as to 51% by XHL and as to 49% by Trident. Trident is the trustee of the Han Family Trust where Dr. Han is
the protector and his descendants are the beneficiaries. As such, each of XHL and Trident is deemed to be interested in the
Class B Ordinary Shares held by THL under the SFO.

(9)

Yanli is owned as to 51% by Humber Partners and as to 49% by Trident. Trident is the trustee of the Li Family Trust where
Dr. Li is the protector and his descendants are the beneficiaries. As such, each of Humber Partners and Trident is deemed to
be interested in the 10 Class B Ordinary Shares held by Yanli under the SFO.

Save as disclosed above, to the best knowledge of the Directors, as of June 30, 2026, no person (other than the
Directors and chief executive of the Company) had an interest or short position in the Shares or underlying Shares of
the Company which would fall to be disclosed to the Company pursuant to Divisions 2 and 3 of Part XV of the SFO,
or which would be recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO.

WeRide Inc. / Interim Report 2026

OTHER INFORMATION

LOCK-UP PERIODS
The table below sets out the list of persons who are, together with their respective close associates, subject to lockup requirements pursuant to Rule 18C.14 of the Listing Rules:

Person

Capacity

Aggregate number
of Shares held as at
the Latest Practicable
Date

Percentage of
Shares subject
to lock-up
requirement(1)

Lock-up Period
for a Commercial
Company

(%)
Dr. Han

Dr. Li

Dr. Hua Zhong
(鍾華)

Founder, chairman of the
Board, executive Director,
CEO, and WVR Beneficiary
Co-founder, executive Director,
CTO, and WVR Beneficiary

Senior vice president

41,249,590 Class B
Ordinary Shares(2)

4.0

27,129,666 Class A
Ordinary Shares(3)
13,564,833 Class B
Ordinary Shares(4)
16,573,442 Class A
Ordinary Shares

2.6
1.3

The period commencing
on the date of the
Prospectus and
ending on the date
which is 12 months
from the Listing Date(5)

1.6

Notes:
(1)

The calculation is based on the total number of 972,508,041 Class A Ordinary Shares and 54,814,423 Class B Ordinary
Shares in issue as of the Latest Practicable Date.

(2)

Represents the 24,850,000 Class B Ordinary Shares held by XHL and the 16,399,590 Class B Ordinary Shares held by THL.
XHL is owned as to 80% by Dr. Han and as to 20% by Trident. THL is owned as to 51% by XHL and as to 49% by Trident.
Trident is the trustee of the Han Family Trust where Dr. Han is the protector and his descendants are the beneficiaries.

(3)

Represents the 11,129,666 Class A Ordinary Shares held by Humber Partners and the 16,000,000 Class A Ordinary Shares
held by Yanli. Humber Partners is owned as to 80% by Dr. Li and as to 20% by Trident. Yanli is owned as to 51% by
Humber Partners and as to 49% by Trident. Trident is the trustee of the Li Family Trust where Dr. Li is the protector and his
descendants are the beneficiaries.

(4)

Represents the 13,564,823 Class B Ordinary Shares held by Humber Partners and the 10 Class B Ordinary Shares held by
Yanli.

(5)

Dr. Han has voluntarily committed to a three-year lock-up, effective as of October 28, 2025, covering all Shares of the
share capital of the Company or securities convertible into, exchangeable, or exercisable for any Share of the share capital
of the Company, directly or indirectly owned or controlled by him. During this lock-up period, Dr. Han will not sell, transfer,
pledge, or otherwise dispose of any of such securities, subject to customary exceptions.

(6)

Dr. Han and Dr. Li are entitled to receive 27,595,520 Class A Ordinary Shares and 10,513,974 Class A Ordinary Shares,
respectively, pursuant to the share options granted to them under the 2018 Share Plan, subject to the relevant conditions
(including vesting conditions) thereunder. The Class A Ordinary Shares to be allotted and issued upon exercise of the share
options by Dr. Han and Dr. Li during the period commencing on the date of the Prospectus and ending on the date which
is 12 months from the Listing Date will also be subject to lock-up during such period.

27

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WeRide Inc. / Interim Report 2026

OTHER INFORMATION

SHARE INCENTIVE SCHEMES
2018 Share Plan
The Company adopted the 2018 Share Plan on June 12, 2018, which was amended and restated on July 26, 2024.
The principal terms of the 2018 Share Plan, as amended and currently in force, are as described below.

Purpose
The purpose of the 2018 Share Plan is to attract, incentivize and retain employees, directors and consultants of our
Company and to promote the success of our business.
Type of Awards
The 2018 Share Plan provides for the direct award or sale of Shares, the grant of share options to purchase Shares
and the grant of restricted share units to acquire Shares. Share options granted under the plan may be incentive
stock options (“ISOs”) intended to qualify under Section 422 of the Internal Revenue Code of 1986 or non-qualified
stock options (“NSOs”) which are not intended to so qualify.
Plan Limit
Not more than 311,125,716 Shares may be issued under the 2018 Share Plan initially (to be equitably adjusted
in the event of any share dividend, subdivision, reclassification, recapitalization, split, reverse split, combination,
consolidation or similar transactions), representing approximately 31.53% of the total issued Shares (excluding
treasury Shares) of the Company as of the date of this interim report. There is no service provider sub-limit under
the 2018 Share Plan. The terms of the 2018 Share Plan do not comply with the requirements of Chapter 17 of the
Listing Rules, and therefore no further grants may be made under the 2018 Share Plan following the Company’s
Listing on the Stock Exchange.
Plan Administration
Our Board or one or more committees appointed by our Board will administer the 2018 Share Plan. The committee
or our Board, as applicable, shall have full authority and discretion to take any actions it deems necessary or
advisable for the administration of the 2018 Share Plan.
Award Agreement
Each award of Shares, each sale of Shares, each grant of a share option and each grant of restricted share units
under the 2018 Share Plan shall be evidenced by a share grant agreement, a share purchase agreement, a share
option agreement and restricted share unit agreement, respectively. Such award, sale and share option shall be
subject to all applicable terms and conditions of the 2018 Share Plan and such other terms which our Board deems
appropriate for inclusion in a share grant agreement or share purchase agreement.
Eligibility
Our employees, directors and consultants of the Group are eligible for the grant of awards under the 2018 Share
Plan, while only employees shall be eligible for the grant of ISOs.
Vesting Schedule
In general, the plan administrator determines the vesting schedule, which is specified in the relevant share option
agreement.
Exercise of Awards
The plan administrator determines the exercise or purchase price, as applicable, for Shares to be offered or options
or restricted share units to be granted, which is specified in the relevant award agreement.

WeRide Inc. / Interim Report 2026

OTHER INFORMATION

Transfer Restrictions
Awards may not be transferred in any manner by the participant other than in accordance with the exceptions
provided in the 2018 Share Plan or the relevant award agreement or otherwise determined by the plan administrator,
such as transfers by a beneficiary designation, by will or the laws of descent and distribution.
Termination and Amendment
Unless terminated earlier, the 2018 Share Plan has a term of ten years after the later of (i) the date when our Board
adopted the 2018 Share Plan or (ii) the date when our Board and Shareholders approved the most recent increase
in the number of Shares reserved. Accordingly, the remaining life of the 2018 Share Plan is approximately 7.9 years.
Our Board has the authority to amend, suspend, or terminate the 2018 Share Plan at any time and for any reason.
Any amendment to the 2018 Share Plan, however, is subject to the Shareholders’ approval only to the extent
required to comply with applicable laws, regulations and rules.
Maximum Entitlement of Each Participant
There is no maximum limit on the entitlement of each participant under the 2018 Share Plan.
Exercise Period
No share option shall be exercisable after the expiration of ten (10) years from the date of its grant or such shorter
period as specified in the relevant share option agreement. The plan administrator may determine the exercise period
of each option at its discretion, subject to the foregoing maximum term. In the case of ISOs granted to participants
who own more than 10% of the total combined voting power of all classes of outstanding Shares of the Company,
the option term shall not exceed five (5) years from the date of grant.
Consideration for Acceptance of Share Options or Share Awards
No cash consideration is required of a participant upon the grant of any option or award under the 2018 Share Plan.
Upon exercise of an option, the participant shall pay the applicable exercise price as set out in the relevant share
option agreement in cash or cash equivalents, or by such other permitted payment method as the Board may allow.
No exercise price or purchase price is payable by a participant upon the vesting or settlement of restricted share units
granted under the 2018 Share Plan.
Basis of Determining the Exercise Price of Share Options and Purchase Price of Share Awards
The exercise price for each Class A Ordinary Share to be subscribed upon exercise of an option shall be determined
by the plan administrator and as set forth in the relevant share option agreement. In the case of ISOs intended to
qualify under Section 422 of the United States Internal Revenue Code of 1986, the exercise price shall be not less
than 100% of the fair market value of a Class A Ordinary Share on the date of grant. In the case of NSOs, the
exercise price shall generally be not less than 100% of the fair market value of a Class A Ordinary Share on the date
of grant, except for NSOs granted to persons who are not U.S. taxpayers on the date of grant or NSOs intended
to comply with or be exempt from Section 409A of the United States Internal Revenue Code of 1986. No purchase
price is payable upon the vesting of restricted share units granted under the 2018 Share Plan.

29

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WeRide Inc. / Interim Report 2026

OTHER INFORMATION

Outstanding Share Options and Share Awards Granted
The Company has not granted further share options under the 2018 Share Plan after the Listing Date. Details of the
movements of share options granted under the 2018 Share Plan during the Reporting Period are as follows:
Exercise
price per
Class A
Ordinary
Share
underlying
the share
options
(US$)

Number of Class A Ordinary Shares underlying the relevant share options
Lapsed Outstanding
as of
during the
June
Reporting
30, 2026
Period

Outstanding
as of
January
1, 2026

Granted
during the
Reporting
Period

Exercised
during the
Reporting
Period

Cancelled
during the
Reporting
Period

22,662,519
4,933,001
7,554,173
2,959,801

–
–
–
–

–
–
–
–

–
–
–
–

–
–
–
–

22,662,519
4,933,001
7,554,173
2,959,801

81,966

–

–

–

–

81,966

Participant with options and awards granted and to be granted in excess of the 1% individual limit
4,526,170
Ms. Jennifer Xuan Li
February 5, 2021
0.46
Vested upon the
October 25, 2021
0.55
150,000
listing on
May 24, 2022
1.03
2,710,000
Nasdaq or four
October 29, 2022
1.24
3,777,087
years from date
July 26, 2024
1.22
986,600
of grant

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

4,526,170
150,000
2,710,000
3,777,087
986,600

Service provider with options granted and to be granted in any 12-month period exceeding 0.1% of the relevant class of Shares in issue (excluding treasury Shares)
Mr. Ming Zeng
October 29, 2022
1.24
Four years from
1,500,000
–
–
–
–
date of grant

1,500,000

Subtotal

51,841,317

Category or name
of grantee
Directors
Dr. Han
Dr. Li

Mr. David Zhang (張彤)

Date of
grant

October 29, 2022
July 26, 2024
October 29, 2022
July 26, 2024

1.24
3.89
1.24
3.89

March 12, 2025

1.22

Vesting period(1)

Vested upon the
listing on
Nasdaq or
the Stock
Exchange
One year from
date of grant

51,841,317

–

–

–

–

WeRide Inc. / Interim Report 2026

OTHER INFORMATION

Category or name
of grantee

Date of
grant

Other employees of the Group in aggregate
493 Grantees
May 30, 2019
November 14, 2019
February 11, 2020
May 22, 2020
September 23, 2020
February 5, 2021
October 25, 2021
January 6, 2022
May 24, 2022
October 29, 2022
December 6, 2023
June 28, 2024
July 26, 2024
Total

Exercise
price per
Class A
Ordinary
Share
underlying
the share
options
(US$)

0.46 to 3.89

Number of Class A Ordinary Shares underlying the relevant share options

Vesting period(1)

Vested upon grant,
or upon the
listing on Nasdaq
or four years
from date of
grant

Lapsed Outstanding
as of
during the
June
Reporting
30, 2026
Period

Outstanding
as of
January
1, 2026

Granted
during the
Reporting
Period

Exercised
during the
Reporting
Period

Cancelled
during the
Reporting
Period

91,668
624,837
1,120,953
1,816,569
1,129,155
283,593
12,206,169
2,715,237
3,155,766
9,245,370
6,152,535
3,884,052
986,598

–
–
–
–
–
–
–
–
–
–
–
–
–

19,668
150,993
177,534
336,894
199,296
19,800
892,464
212,394
423,357
696,045
517,023
204,843
–

–
–
–
–
–
–
–
–
–
–
–
–
–

–
–
–
–
–
–
–
–
11,760
50,601
163,323
276,390
–

72,000
473,844
943,419
1,479,675
929,859
263,793
11,313,705
2,502,843
2,720,649
8,498,724
5,472,189
3,402,819
986,598

95,253,819

–

3,850,311

–

502,074

90,901,434

Notes:
(1)

The vesting period applicable to each tranche of share options is as set out in the table above. No share option has a term
exceeding ten years from the relevant date of grant. In the case of ISOs granted to participants holding more than 10%
of the total combined voting power of all classes of outstanding Shares of the Company, the share option term shall not
exceed five years from the relevant date of grant.

(2)

The Class A Ordinary Share figures shown in the table above have been converted from ADS figures on the basis that each
ADS represents three Class A Ordinary Shares. Each movement figure, including the number of Class A Ordinary Shares
underlying the share options granted, exercised, cancelled and lapsed, has been derived by dividing the relevant ADS figure
by three. Where the relevant ADS figure is not exactly divisible by three, the resulting number has been rounded down to
the nearest whole Class A Ordinary Share.

(3)

The weighted average closing price of the Class A Ordinary Shares on the business day immediately before the dates on
which share options were exercised during the Reporting Period was HK$18.98. The weighted average closing price of the
ADSs on the business day immediately before the dates on which share options were exercised during the Reporting Period
was US$7.21.

(4)

The awards granted under the 2018 Share Plan were originally denominated in ADSs and converted into Class A Ordinary
Shares for Hong Kong disclosure purposes. Minor discrepancies between the number of ADSs disclosed in the Company’s
SEC filings and Hong Kong reports may arise due to rounding during the conversion process.

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WeRide Inc. / Interim Report 2026

OTHER INFORMATION

The Company has not granted further share awards under the 2018 Share Plan after the Listing Date. Details of the
movements of share awards granted under the 2018 Share Plan during the Reporting Period are as follows:

Category or name of grantee

Date of grant

Other employees of the Group in aggregate
453 Awardees
November 14, 2024
January 18, 2025
April 16, 2025
August 5, 2025
October 25, 2025
Total

Vesting
period

Four or five years
from date of
grant

Number of Class A Ordinary Shares underlying the relevant share awards
Unvested
Lapsed
Cancelled
Vested
Granted
as of
during the
during the
during the
during the
Unvested as
June
Reporting
Reporting
Reporting
Reporting
of January 1,
30, 2026
Period
Period
Period
Period
2026

5,340,486
3,716,928
4,746,756
3,604,206
5,155,425

–
–
–
–
–

508,608
421,011
736,026
264,126
1,365

–
–
–
–
–

–
192,096
304,713
639,768
401,997

4,831,878
3,103,821
3,706,017
2,700,312
4,752,063

22,563,801

–

1,931,136

–

1,538,574

19,094,091

Notes:
(1)

The Class A Ordinary Share figures shown in the table above have been converted from ADS figures on the basis that each
ADS represents three Class A Ordinary Shares. Each movement figure, including the number of Class A Ordinary Shares
underlying the share awards granted, vested, cancelled, and lapsed, has been derived by dividing the relevant ADS figure by
three. Where the relevant ADS figure is not exactly divisible by three, the resulting number has been rounded down to the
nearest whole Class A Ordinary Share.

(2)

The weighted average closing price of the Class A Ordinary Shares on the business day immediately before the dates on
which share awards were vested during the Reporting Period was HK$20.29. The weighted average closing price of the
ADSs on the business day immediately before the dates on which share awards were vested during the Reporting Period
was US$7.71.

No further share options or share awards may be granted under the 2018 Share Plan as of January 1 and June 30,
2026.
2026 Share Plan
The Company adopted the 2026 Share Plan on March 13, 2026. The principal terms of the 2026 Share Plan are as
described below.

Purpose
The purpose of the 2026 Share Plan is to attract, incentivize and retain employees, Directors and consultants through
the grant of awards (the “Awards,” and each an “Award”). The 2026 Share Plan provides for the grant of options
(“Options”) to purchase Class A Ordinary Shares and the grant of restricted share units (“Restricted Share Units”)
to acquire Class A Ordinary Shares. The underlying Class A Ordinary Shares offered under the 2026 Share Plan may
be funded by new Class A Ordinary Shares or treasury Shares.

WeRide Inc. / Interim Report 2026

OTHER INFORMATION

Eligibility
Employees, Directors and consultants shall be eligible for the grant of Awards under the 2026 Share Plan.
The eligibility of consultants shall be determined by the Administrator, in its sole discretion, taking into account
their potential and/or actual contribution to the success and growth of the Group, the specific skills or technical
knowledge possessed by the consultants and the importance to the Group to retain their services. In particular, the
Administrator may, through the grant of Awards, provide incentive to and reward consultants based on (i) their
participation and involvement in promoting the business of the Group; (ii) their provision of quality services as well
as timely market intelligence to the Group; and (iii) whether they will contribute to the short, medium or long-term
business development of the Group.

Administration
The Compensation Committee or a sub-committee or delegate to whom the Compensation Committee has
delegated its power (the “Administrator”) will administer the 2026 Share Plan. Subject to the provisions of the
2026 Share Plan and applicable laws and regulations (including the Listing Rules), the Administrator shall have full
authority and discretion to take any actions it deems necessary or advisable for the administration of the 2026 Share
Plan. The Administrator’s interpretation of the 2026 Share Plan, any Awards granted pursuant to the 2026 Share
Plan and any award agreement, and all decisions, determinations and interpretations of the Administrator shall be
final, binding and conclusive for all purposes and upon all holders of outstanding Awards (the “Participants,” and
each a “Participant”) and all persons deriving their rights from a Participant.
Plan Limit and Consultant Sub-limit
The maximum number of Class A Ordinary Shares (including treasury Shares) that may be issued or transferred under
the 2026 Share Plan shall not exceed 10% of the total issued and outstanding Shares (excluding treasury Shares) of
the Company as of the date of Shareholders’ approval of the 2026 Share Plan, being 102,732,246 Class A Ordinary
Shares (the “Plan Limit”).
Out of the Plan Limit, the maximum number of Class A Ordinary Shares that may be issued or transferred to
consultants shall not exceed 1% of the total issued and outstanding Shares (excluding treasury Shares) of the
Company as of the date of Shareholders’ approval of the 2026 Share Plan, being 10,273,224 Class A Ordinary
Shares (the “Consultant Sub-limit”).
Both the Plan Limit and the Consultant Sub-limit are subject to equitable adjustment in the event of any share
subdivision, consolidation, reclassification or similar corporate transaction, such that the percentage of issued Shares
represented by each limit shall be the same before and after such transaction. The Company may refresh or grant
Awards beyond the Plan Limit and the Consultant Sub-limit as permitted and subject to the requirements under the
applicable laws (including the Listing Rules). Any refreshment of the Plan Limit and/or the Consultant Sub-limit shall
require the approval of the Shareholders.

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WeRide Inc. / Interim Report 2026

OTHER INFORMATION

In the event that an outstanding Option or Restricted Share Unit for any reason expires or lapses, the underlying
Class A Ordinary Shares allocable to the unexercised or unsettled portion of such Option or Restricted Share Unit
shall remain available for issuance or transfer under the 2026 Share Plan. For the avoidance of doubt, Options or
Restricted Share Units that are lapsed in accordance with the terms of the 2026 Share Plan will not be regarded as
utilized for the purpose of calculating the Plan Limit and the Consultant Sub-limit, but Options or Restricted Share
Units that are cancelled will be regarded as utilized for such calculations.
Notwithstanding anything to the contrary contained in the 2026 Share Plan, in no event shall any of the following
Class A Ordinary Shares again become available for other Awards under the 2026 Share Plan: (i) Class A Ordinary
Shares tendered or withheld on the exercise of Options or other Awards for the payment of the exercise price
thereof, as applicable; (ii) Class A Ordinary Shares tendered by a Participant or withheld by the Company to satisfy
withholding taxes in connection with the exercise of Options or in settlement of any other Award; and (iii) Class A
Ordinary Shares purchased on the open market with cash proceeds from the exercise of Options.

Grant of Award
Where any grant of Awards to a Participant would result in the Class A Ordinary Shares issued and to be issued
in respect of all options and awards granted to such Participant (excluding any awards lapsed in accordance with
the terms of the share plan(s) or award agreement(s)) in the 12-month period up to and including the date of such
grant representing in aggregate over 1% of the total number of Shares in issue (excluding treasury Shares), such
grant must be separately approved by Shareholders in general meeting, with such Participant and his or her close
associates (or associates if the Participant is a connected person) abstaining from voting.
The grant of Awards to a Director, chief executive or substantial Shareholder of the Company, or any of their
respective associates, must be approved by the independent non-executive Directors (excluding any independent
non-executive Director who is the grantee of the Awards). The Corporate Governance Committee must make a
recommendation on any grant of Awards to a Director who is a WVR Beneficiary.
Where any grant of Awards (excluding grant of Options) to a Director (other than an independent non-executive
Director) or chief executive of the Company, or any of their associates would result in the Class A Ordinary Shares
issued and to be issued in respect of all options and awards granted (excluding any awards lapsed in accordance
with the terms of the share plan(s) or award agreement(s)) to such Participant in the 12-month period up to and
including the date of such grant representing in aggregate over 0.1% of the total number of Shares in issue
(excluding treasury Shares), such further grant of Awards must be approved by Shareholders in general meeting,
with such Participant and his or her associates abstaining from voting in favor at such general meeting.
Where any grant of Awards to an independent non-executive Director or a substantial Shareholder of the Company,
or any of their respective associates, would result in the Class A Ordinary Shares issued and to be issued in respect
of all awards granted (excluding any Awards lapsed in accordance with the terms of the share plan(s) or award
agreement(s)) to such Participant in the 12-month period up to and including the date of such grant representing in
aggregate over 0.1% of the total number of Shares in issue (excluding treasury Shares), such further grant of Awards
must be approved by Shareholders in general meeting, with such Participant and his or her associates abstaining
from voting in favor at such general meeting.

WeRide Inc. / Interim Report 2026

OTHER INFORMATION

The Company may not grant any Awards:
(a)

after any inside information has come to its knowledge until (and including) the trading day after it has
announced the information;

(b)

during the period commencing 30 days immediately before the earlier of: (1) the date of the board meeting (as
such date is first notified to the Stock Exchange under the Listing Rules) for approving the Company’s results
for any year, half-year, quarterly or any other interim period (whether or not required under the Listing Rules);
and (2) the deadline for the Company to announce its results for any year or half-year under the Listing Rules,
or quarterly or any other interim period (whether or not required under the Listing Rules), and ending on the
date of the results announcement; and

(c)

during any period of delay in the Company publishing a results announcement.

No cash consideration shall be required of the Participant in connection with the grant of Awards.

Term of Option
The option agreement shall specify the term of Option determined by the Administrator, which shall not exceed 10
years from the date of grant.
Vesting
The Administrator shall determine the vesting of Awards at its sole discretion, provided that no Awards granted
under the 2026 Share Plan shall vest earlier than the first anniversary of the date of grant. Nevertheless, the
Administrator may, at its discretion, determine a shorter period during which Awards may vest upon the grant of the
Awards with respect to the following Awards granted to employees:
(a)

substitute awards granted in connection with Awards that are assumed, converted or substituted pursuant to
a merger, acquisition or similar transaction entered into by the Company or any of its Subsidiaries; or

(b)

any additional Awards the Administrator may grant in respect of (i) sign-on or make-whole grants to new
employees; (ii) grants of Awards with performance-based vesting conditions; (iii) grants of Awards that are
made in batches for administrative or compliance reasons; (iv) grants of Awards that vest evenly over a period
of 12 months or more; (v) grants of Awards with a total vesting and holding period of more than 12 months;
and (vi) Awards subject to a minimum holding period of 12 months which are delivered to an employee under
his or her compensation arrangements (including the relevant award agreement) with the Group.

Performance Targets
Each grant of Award under the 2026 Share Plan shall be evidenced by an award agreement between the Participant
and the Company setting forth the number of Shares subject to the Award and the terms and conditions of the
Award, including any performance target based on various key performance indicators with respect to operations,
finance, business and/or other metrics which are designed to motivate and reward contribution to the Group that
needs to be achieved before the Award can be vested. Key performance indicators for assessment of performance
targets include any one or more of the following corporate-wide or subsidiary, division, operating unit, line of
business, project, geographic or individual measures: cash flow; earnings; earnings per share; market value added
or economic value added; profits; return on assets; revenue; growth rate; return on equity; return on investment;
sales; stock price; total shareholder return; business unit development; or such other goals as the Administrator may
determine from time to time.

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WeRide Inc. / Interim Report 2026

OTHER INFORMATION

In assessing whether the performance targets attached to an Award have been satisfied, the Administrator will
consider both quantitative and qualitative factors relevant to the nature of the Participant’s role and the Group’s
business objectives for the applicable period. Quantitative assessment will generally involve comparing actual
performance against the preset key performance indicators (such as revenue growth, operating efficiency metrics,
R&D progress milestones, or financial ratios) approved at the time of grant. Qualitative assessment may include
evaluating the Participant’s contribution to strategic initiatives, project execution, team leadership, compliance, and
other role-specific deliverables. The Administrator will determine whether the performance targets have been met,
and the extent to which they have been met, based on a holistic review of the above factors, supported by the
Group’s internal management reports, financial records, project status updates and other relevant documentation.
The Administrator may, in its sole discretion, amend or adjust the key performance indicators and establish any
special rules and conditions to which the key performance indicators shall be subject at any time. For the avoidance
of doubt, performance targets are not applicable to Awards (if any) granted to independent non-executive Directors
under the 2026 Share Plan.

Exercise Price of Options
Each option agreement shall specify the exercise price for which one ADS may be purchased upon exercise of an
Option, which shall be determined by the Administrator, provided that: (i) the exercise price must be at least the Fair
Market Value (as defined below) of the ADS on the date of grant, which must be a Nasdaq trading day; (ii) in no
event shall the exercise price be less than the par value of the Class A Ordinary Shares; and (iii) the determination
of the Exercise Price shall be subject to compliance with applicable laws and the requirements of any exchange on
which the Class A Ordinary Shares or ADSs are listed or traded (including the Listing Rules).
The exercise price of an ISO must be at least 100% of the Fair Market Value of a Class A Ordinary Share on the date
of grant, except for an ISO granted pursuant to an assumption of, or substitution for, another ISO in a manner that
complies with Section 424(a) of the United States Internal Revenue Code of 1986, as amended (the “Code”).
The exercise price of an NSO must be at least 100% of the Fair Market Value of a Class A Ordinary Share on the
date of grant, except for an NSO granted to a person who is not a U.S. taxpayer on the date of grant, an NSO that is
intended either to be exempt from Code Section 409A as a “short-term deferral” or to comply with the requirements
of Code Section 409A, or an NSO granted pursuant to an assumption of, or substitution for, another share option in
a manner that complies with Code Section 409A.
“Fair Market Value” means the fair market value of a Class A Ordinary Share determined as any of the following:
(a)

if the Class A Ordinary Shares are listed on the Stock Exchange, the Fair Market Value shall be the higher of
(i) the closing price of the Class A Ordinary Shares as stated in the Stock Exchange’s daily quotations sheet
on the date of determination, which must be a Stock Exchange trading day; and (ii) the average closing price
of the Class A Ordinary Shares as stated in the Stock Exchange’s daily quotations sheets for the five business
days immediately preceding the date of determination;

WeRide Inc. / Interim Report 2026

OTHER INFORMATION

(b)

if depositary receipts representing the Class A Ordinary Shares are listed on Nasdaq, then the Fair Market
Value shall be the higher of (i) the closing sales price for such depositary receipts as quoted on the Nasdaq on
the date of determination, as reported in Bloomberg or such other source as the Administrator deems reliable
unless otherwise prescribed by any applicable laws, which must be a Nasdaq trading day; and (ii) the average
closing sales price for such depositary receipts as quoted on the Nasdaq for five trading days immediately
preceding the date of determination, and in each case divided by the number of Class A Ordinary Shares that
are represented by such depositary receipts;

(c)

subject to the prior consent or waiver or agreement of the relevant regulatory authorities, if the Class A
Ordinary Shares are listed on one or more established stock exchanges or traded on one or more automated
quotation systems other than the Nasdaq or the Stock Exchange, then the Fair Market Value shall be the
higher of (i) the closing sales price for such Class A Ordinary Shares as quoted on any such exchange or
system on which the Class A Ordinary Shares are listed or traded on the date of determination, as reported
in Bloomberg or such other source as the Administrator deems reliable unless otherwise prescribed by any
applicable laws, or, if the date of determination is not a trading date, the closing sales price as quoted on
such exchange or system on which the Class A Ordinary Shares are listed or traded on the trading date
immediately preceding the date of determination, as reported in Bloomberg or such other source as the
Administrator deems reliable unless otherwise prescribed by any applicable laws; and (ii) the average closing
sales price for such Class A Ordinary Shares as quoted on any such exchange or system on which the Class A
Ordinary Shares are listed or traded for five trading days immediately preceding the date of determination; or

(d)

in the absence of an established market for the Class A Ordinary Shares, the Fair Market Value shall be
determined in good faith by the Administrator.

Rights of Participants
Until the Participant is registered as a holder of Class A Ordinary Shares (by entry in the Company’s register of
members), no right to vote or receive dividends (or distributions made upon the liquidation of the Company) or any
other rights as a Shareholder shall exist with respect to the Class A Ordinary Shares, notwithstanding the vesting of
the Award.
Lapse of Awards
A Participant’s Options shall automatically lapse in case of termination of service for any reason or death.
If a Participant’s service terminates for any reason other than the Participant’s death, then the Participant’s Options
shall automatically lapse on the earliest of the following dates: (i) the expiration date determined pursuant to the
term of the Option; (ii) the date three months after the termination of the Participant’s service for any reason other
than disability, or such earlier or later date as the Administrator may determine (but in no event earlier than 30 days
after the termination of the Participant’s service); or (iii) the date six months after the termination of the Participant’s
service by reason of disability, or such later date as the Administrator may determine.
If a Participant dies while the Participant is in service, then the Participant’s Options shall automatically lapse on the
earlier of the following dates: (i) the expiration date determined pursuant to the term of the Option; or (ii) the date
12 months after the Participant’s death, or such earlier or later date as the Administrator may determine (but in no
event earlier than six months after the Participant’s death).

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WeRide Inc. / Interim Report 2026

OTHER INFORMATION

If a Participant’s service terminates for any reason, all Restricted Share Units that are unvested at such time shall
automatically lapse for no consideration effective as of the earlier of: (i) the date on which the Participant gives or
is provided with written notice of such termination; or (ii) if the Participant is an employee, the date on which the
Participant is no longer actively employed by and physically present on the premises of the Group, regardless of any
notice period or period of pay in lieu of such notice required under any applicable laws.

Cancellation of Awards
The 2026 Share Plan does not prescribe specific circumstances under which Awards granted thereunder may be
cancelled by the Administrator. For the avoidance of doubt, if the Administrator cancels an Award granted to a
Participant for any reason, such Awards cancelled will be regarded as utilized for the purpose of calculating the Plan
Limit (and, if applicable, the Consultant Sub-limit). Any new Awards granted to the same Participant may only be
made if there are remaining Shares available for grant under the Plan Limit (and, if applicable, the Consultant Sublimit).
Adjustment of Class A Ordinary Shares
In the event of any alteration in the capital structure of the Company such as capitalization issue, rights issue,
subdivision or consolidation of Shares or reduction of the share capital of the Company (other than any alteration
in the capital structure of the Company as a result of an issue of Shares as consideration in a transaction to which
the Company is a party), the Administrator shall make such corresponding adjustments, if any, as it in its discretion
may deem appropriate to reflect such change with respect to: (i) the number or nominal amount of Class A
Ordinary Shares subject to the Awards so far as unexercised; or (ii) the exercise price, or any combination thereof.
Such adjustments will be made in accordance with the requirements of the guidance materials published by the
Stock Exchange. Any such adjustments (other than any made on a capitalization issue) shall be subject to a written
confirmation from an independent financial advisor or the Company’s auditors, to have given the Participants the
same proportion (or rights in respect of the same proportion) of the equity capital as that to which that person was
previously entitled, provided that no such adjustments shall be made to the extent that a Share would be issued at
less than its nominal value.
In the event that the Company is a party to a merger or consolidation, or in the event of a sale of all or substantially
all of the Company’s shares or assets, all Class A Ordinary Shares acquired under the 2026 Share Plan and all Awards
outstanding on the effective date of the transaction shall be treated in the manner described in the definitive
transaction agreement (or, in the event the transaction does not entail a definitive agreement to which the Company
is party, in the manner determined by the Administrator in its capacity as administrator of the 2026 Share Plan, with
such determination having final and binding effect on all parties), which agreement or determination need not treat
all Awards (or all portions of an Award) in an identical manner.
To the extent not previously exercised or settled, Options and Restricted Share Units shall terminate immediately
prior to the liquidation or dissolution of the Company.
Except as provided in the 2026 Share Plan, a Participant shall have no rights by reason of (i) any subdivision or
consolidation of shares of any class, (ii) the payment of any dividend or (iii) any other increase or decrease in the
number of shares of any class. Any issuance by the Company of shares of any class, or securities convertible into
shares of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number
or exercise price of Class A Ordinary Shares subject to an Award.

WeRide Inc. / Interim Report 2026

OTHER INFORMATION

Transferability
An Option or a Restricted Share Unit shall be personal to the Participant and shall not be transferable or assignable
by the Participant, unless a waiver by applicable authorities (including the Stock Exchange) has been granted and the
approval by the Administrator has been obtained. The Stock Exchange may consider granting such a waiver to allow
a transfer of Options or Restricted Share Units to a vehicle (such as a trust or a private company) for the benefit of
the Participant and any family members of such Participant (e.g. for estate planning or tax planning purposes) that
would continue to meet the purpose of the 2026 Share Plan and comply with other requirements of the Listing
Rules.
Clawback Mechanism
Subject to applicable laws and the requirements of any exchange on which the Class A Ordinary Shares are listed
or traded (including the Listing Rules), (i) all of a Participant’s Options or Restricted Share Units, whether vested or
unvested, and all other Awards granted to such Participant shall become ab initio void and the exercise of any such
Options or Restricted Share Units shall therefore be automatically rescinded and void, and (ii) considering that all
of such Participant’s Awards, whether vested or unvested, are ab initio void, such Participant shall forthwith return
to the Company (A) all ADSs received in settlement or upon the exercise of such void Awards, (B) all cash, or other
property that were received in settlement or upon the exercise of such void Awards, and/or (C) any proceeds, gains
and/or economic benefits such Participant realized in connection with the sale, transfer or other disposition of the
ADSs or other property received in settlement or upon the exercise of such void Awards, and the Company shall
have the right to take all actions to effect the return from such Participant of all such ADSs, cash or other property,
and/or proceeds, gains and/or economic benefits, upon the occurrence of any applicable event as may be specified in
the applicable award agreements, including but not limited to termination for Cause, or commission of any act that
constitutes Cause. “Cause” refers to serious misconduct or breach by a Participant as determined by the Group in
good faith, including acts such as dishonesty, theft, fraud, criminal conviction, violation of laws or exchange rules,
breach of fiduciary duty or material violation of written Company policies, material breach of agreements, failure to
perform material duties after written notice and a reasonable opportunity to cure (if curable), unfair competition,
defamatory or harmful statements, inducing contract breaches, or any act materially adverse to the Group’s
reputation or interests. For the avoidance of doubt, any Awards clawed back will be regarded as lapsed and the
Awards so lapsed will not be regarded as utilized for the purpose of calculating the Plan Limit and the Consultant
Sub-limit.
Term of the 2026 Share Plan
The 2026 Share Plan was adopted and became effective since March 13, 2026. The 2026 Share Plan shall terminate
automatically 10 years after the date of its adoption by the Shareholders, unless terminated earlier as determined by
the Board. Accordingly, the remaining life of the 2026 Share Plan is approximately 9.5 years.
Amendment and Termination
The Board may amend, suspend or terminate the 2026 Share Plan at any time and for any reason, provided that an
amendment to (i) the terms and conditions of the 2026 Share Plan which are of a material nature; (ii) the advantage
of the Participants or prospective Participants relating to the matters set out in Rule 17.03 of the Listing Rules; or
(iii) the authority of the Board to alter the terms of the 2026 Share Plan must be subject to the approval of the
Shareholders in general meeting. For the avoidance of doubt, for so long as the Company remains primary listed on
the Stock Exchange, such amended terms of the 2026 Share Plan shall still comply with the relevant requirements
under Chapter 17 of the Listing Rules.

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WeRide Inc. / Interim Report 2026

OTHER INFORMATION

To the extent any grant of Awards to a Participant was approved by the Board, a committee of the Board, the
independent non-executive Directors and/or the Shareholders (as applicable and as the case may be) in the first
place, any change to the terms of such Awards must be approved by the same authority, except any alterations to
the Awards that would take effect automatically under the 2026 Share Plan.
No Class A Ordinary Shares shall be issued or sold and no Award shall be granted under the 2026 Share Plan after
the termination thereof, except upon exercise or settlement of an Award granted under the 2026 Share Plan prior
to such termination. The termination of the 2026 Share Plan shall not affect any Class A Ordinary Share previously
issued or any Award previously granted under the 2026 Share Plan unless otherwise agreed by the Company and the
affected Participant. Any amendment to the 2026 Share Plan shall be applicable to Awards and the Class A Ordinary
Shares underlying such Awards previously granted, including those granted which remain unvested, unexercised or
unsettled, as the case may be, unless otherwise determined by the Company.

Outstanding Awards Granted
The Company has not granted any share options under the 2026 Share Plan. Details of the movements of share
awards granted under the 2026 Share Plan during the Reporting Period are as follows:
Number of Class A Ordinary Shares underlying the relevant share awards
Category or
name of grantee Date of grant

Vesting period

Other employees of the Group in aggregate
42 to 58 months from
274 grantees
April 10, 2026
date of grant
15 to 54 months from
51 grantees
May 18, 2026
date of grant
Total

Purchase
price

Unvested as Granted during
of January the Reporting
1, 2026
Period(1)

Vested during Cancelled during Lapsed during
the Reporting the Reporting the Reporting
Period
Period
Period

Unvested as
of June
30, 2026

Nil

–

7,227,600

–

–

732,300

6,495,300

Nil

–

1,281,929

417

–

90,000

1,191,512

–

8,509,529

417(5)

–

822,300

7,686,812

Notes:
(1)

No performance targets are attached to the share awards granted under the 2026 Share Plan during the Reporting Period.

(2)

The respective closing price per Class A Ordinary Share on April 9 and May 15, 2026, being the trading days immediately
before the grant dates of April 10 and May 18, 2026, was HK$20.18 and HK$19.72, respectively. The respective closing
price per ADS on April 9 and May 15, 2026, being the trading days immediately before the grant dates of April 10 and May
18, 2026, was US$7.59 and US$7.14, respectively.

(3)

The fair value of the share awards granted on April 10 and May 18, 2026 was US$2.53 and US$2.38, respectively,
as determined using the closing market price of the Class A Ordinary Shares at the respective dates of grant. For the
accounting standard and policy adopted in respect of the above fair value calculations, please refer to Note 24 to the
unaudited condensed consolidated financial statements in this interim report.

(4)

The weighted average closing price of the Class A Ordinary Shares on the business day immediately before the dates on
which share awards were vested during the Reporting Period was HK$20.21. The weighted average closing price of the
ADSs on the business day immediately before the dates on which share awards were vested during the Reporting Period
was US$8.05.

(5)

As the grant of share awards was delayed due to administrative reasons, the period between the date of grant and the first
vesting date is less than 12 months to reflect the time from which the share awards would have been granted, as permitted
under the 2026 Share Plan.

WeRide Inc. / Interim Report 2026

OTHER INFORMATION

Number of Class A Ordinary Shares Available for Future Grants
The 2026 Share Plan was adopted on March 13, 2026. As of June 30, 2026, 95,045,017 and 10,273,224 underlying
Class A Ordinary Shares were available for future grant under the Plan Limit and the Consultant Sub-limit on grants
of Awards over new Shares under the 2026 Share Plan and any other schemes of the Company.
Pursuant to Rule 17.07(3) of the Listing Rules, the number of Class A Ordinary Shares that may be issued in respect
of share options and share awards granted under all schemes of the Company during the Reporting Period divided
by the weighted average number of Shares (excluding treasury Shares) for the Reporting Period is 0.85%.

USE OF PROCEEDS FROM THE GLOBAL OFFERING
On November 6, 2025, the Class A Ordinary Shares of the Company were listed on the Main Board of the Stock
Exchange and the Company successfully raised the net proceeds, after deducting the underwriting fees and
commissions, of approximately HK$2,318.0 million (the “Global Offering Net Proceeds”). As of June 30, 2026 and
up to the date of this interim report, the Company has not utilized any Global Offering Net Proceeds. As of the date
of this interim report, there was no change in the intended use of the Global Offering Net Proceeds as previously
disclosed in “Future Plans and Use of Proceeds” in the Prospectus. The Company plans to gradually utilize the Global
Offering Net Proceeds in accordance with such intended purposes depending on actual business; the Global Offering
Net Proceeds are expected to be utilized within the next two to three years. The following table sets out the status
of the use of the Global Offering Net Proceeds, together with the expected timeline of use:

Percentage of
the Global
Offering Net
Proceeds
(Approximate)

Planned
allocation of the
Global Offering
Net Proceeds as
stated in the
Prospectus
(Approximate)

Net proceeds
unutilized as of
June 30, 2026
(Approximate)

(%)

(HK$ million)

(HK$ million)

40.0

927.2

927.2

40.0

927.2

927.2

To develop our autonomous driving technology stack, including
infrastructure and core capabilities, data, autonomous driving
technology solutions, and an operations platform
To accelerate the commercial mass production and/or the operation
of our L4 fleets, to improve the quality of our autonomous driving
products and solutions and expand our business scale
To establish marketing teams and branches necessary for us to expand
into existing markets and additional markets, as well as to invest in
marketing activities
Working capital and general corporate purposes

10.0

231.8

231.8

10.0

231.8

231.8

Total

100.0

2,318.0

2,318.0

Expected
timeframe for
utilizing the
remaining
unutilized net
proceeds

Over the course of
the next two to
three years
Over the course of
the next two to
three years
Over the course of
the next two to
three years
Over the course of
the next two to
three years

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WeRide Inc. / Interim Report 2026

OTHER INFORMATION

To the extent that the Global Offering Net Proceeds are not immediately used for the intended purposes, and to
the extent permitted by the relevant laws and regulations, the Group intends to deposit the proceeds in short-term
interest-bearing accounts at licensed commercial banks and/or other authorized financial institutions (as defined
under the SFO or applicable laws and regulations in other jurisdictions).

INTERIM DIVIDEND
The Board does not recommend any interim dividend for the six months ended June 30, 2026.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES
During the Reporting Period, the Company repurchased a total of 27,447,800 Class A Ordinary Shares at an
aggregate consideration of HK$542.98 million on the Stock Exchange and a total of 4,335,433 ADSs at an aggregate
consideration of US$30.02 million on Nasdaq. Particulars of the repurchases made by the Company during the
Reporting Period are as follows:

Time of
repurchase

Venue of
repurchase

March 2026

The Stock Exchange
Nasdaq
Nasdaq
The Stock Exchange
Nasdaq
The Stock Exchange
Nasdaq

April 2026
May 2026
June 2026

Number of Class
A Ordinary
Shares
repurchased(1)
17,029,000
3,234,039
2,280,000
6,847,100
4,238,817
3,571,700
3,253,443

Price paid per Class A
Ordinary Share
Highest

Lowest

Aggregate
consideration paid

HK$20.32
US$2.64
US$2.50
HK$20.66
US$2.50
HK$21.30
US$1.99

HK$17.53
US$2.30
US$2.43
HK$17.23
US$2.21
HK$19.58
US$1.79

HK$336,857,621.00
US$7,999,502.75
US$5,667,396.79
HK$131,981,547.00
US$10,245,748.47
HK$74,136,958.00
US$6,109,271.36

Note:
(1)

The securities purchased on Nasdaq were in the form of ADS. One ADS represents three Class A Ordinary Shares.

Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the
Company’s listed securities (including the sale or transfer of treasury Shares) during the Reporting Period. As of
June 30, 2026, the Company held 40,454,099 treasury Shares. Such treasury Shares will, to the extent permitted
by applicable laws, regulations and the Listing Rules, be used for share schemes, sold for cash or cancelled, as
appropriate.

WeRide Inc. / Interim Report 2026

OTHER INFORMATION

CHANGES IN DIRECTORS’ INFORMATION PURSUANT TO RULE 13.51B(1) OF THE LISTING
RULES
Mr. Kazuhiro Doi resigned as a non-executive Director due to retirement with effect from March 31, 2026.
Mr. Ichijo Futakawa was appointed as a non-executive Director with effect from April 21, 2026.
Mr. Jean-François Salles, a non-executive Director, has served as the Vice President of Global Business Services at
Renault Group since early 2026. Prior to this appointment, he served as the Vice President of Partnerships at Renault
Group since 2023.
Save as disclosed above, during the Reporting Period, there was no change in the information of the Directors that
is required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules since the publication of the Company’s
annual report for the year ended December 31, 2025.

CONTINUING DISCLOSURE OBLIGATION PURSUANT TO THE LISTING RULES
Save as disclosed in this interim report, the Company does not have any other disclosure obligations under Rules
13.20, 13.21 and 13.22 of the Listing Rules.

MATERIAL LITIGATION
The Group was not involved in any material litigation or arbitration during the Reporting Period which could have
a material and adverse effect on the Group’s financial condition or results of operations. The Directors are also not
aware of any material litigation or claims that are pending or threatened against the Group during the Reporting
Period and up to the Latest Practicable Date which could have a material and adverse effect on the Group’s financial
condition or results of operations.

IMPORTANT EVENTS AFTER THE REPORTING PERIOD
No important events affecting the Group occurred since June 30, 2026 and up to the date of this interim report.

APPROVAL OF INTERIM REPORT
The interim report and the unaudited condensed consolidated interim results of the Group for the six months ended
June 30, 2026 were approved and authorized for issue by the Board on August 12, 2026.

USE OF NON-IFRS FINANCIAL MEASURES
In evaluating its business, the Company considers and uses the non-IFRS financial measures of (i) adjusted loss for
the period and (ii) EBITDA as supplemental measures to review and assess operating performance. The Company
believes that adjusted loss for the period and EBITDA provide useful information to investors and others in
understanding and evaluating the Company’s consolidated results of operations in the same manner as it helps the
Company’s management. The Company defines adjusted loss for the period as loss for the period excluding sharebased compensation expenses and fair value changes of financial assets at FVTPL. The Company defines EBITDA as
loss for the period excluding income tax, finance costs, depreciation and amortization expenses.

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WeRide Inc. / Interim Report 2026

OTHER INFORMATION

The Company presents the non-IFRS financial measures because they are used by its management to evaluate
its operating performance and formulate business plans. Adjusted loss for the period enables the Company’s
management to assess the Company’s operating results without considering the impact of the aforementioned
non-cash adjustment items that it does not consider to be indicative of its core operations. EBITDA enables the
Company’s management to assess the Company’s operating results without considering the impact of income tax,
finance costs, and depreciation and amortization expenses and focus more on the operating cash items. Accordingly,
the Company believes that the use of these non-IFRS financial measures provides useful information to investors and
others in understanding and evaluating its operating results in the same manner as its management and board of
directors.
These non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. The
non-IFRS financial measures have limitations as analytical tools. One of the key limitations of using the non-IFRS
financial measures is that they do not reflect all items of expenses that affect the Company’s operations. Further,
these non-IFRS measures may differ from the non-IFRS information used by other companies, including peer
companies, and therefore the comparability may be limited.
The non-IFRS financial measures should not be considered in isolation or construed as alternatives to loss for the
period or any other measure of performance information prepared and presented in accordance with IFRS or as an
indicator of the Company’s operating performance. Investors are encouraged to review the Company’s historical
non-IFRS financial measures in light of the most directly comparable IFRS measure, as shown below. The non-IFRS
financial measures presented here may not be comparable to similarly titled measures presented by other companies.
Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when
analyzing the Company’s data comparatively. It is encouraged that you review the Company’s financial information
in its entirety and not rely on a single financial measure.

WeRide Inc. / Interim Report 2026

INDEPENDENT AUDITOR’S REPORT

To the Shareholders of WeRide Inc.
(incorporated in the Cayman Islands with limited liability)

INTRODUCTION
We have reviewed the accompanying condensed consolidated statement of financial position of WeRide Inc.
(the “Company”) and its subsidiaries (together, the “Group”) as of June 30, 2026, the condensed consolidated
statements of profit or loss, profit or loss and other comprehensive income, changes in equity and cash flows for
the six-month period then ended, and notes to the interim financial statements (“the condensed consolidated
interim financial statements”). Management is responsible for the preparation and presentation of these condensed
consolidated interim financial statements in accordance with IAS 34 Interim Financial Reporting . Our responsibility is
to express a conclusion on these condensed consolidated interim financial statements based on our review.

SCOPE OF REVIEW
We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, Review of Interim
Financial Information Performed by the Independent Auditor of the Entity . A review of interim financial statements
consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance
with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit
opinion.

CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed
consolidated interim financial statements as of and for the six months ended June 30, 2026 are not prepared, in all
material respects, in accordance with IAS 34 Interim Financial Reporting .
KPMG
Certified Public Accountants
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong
August 12, 2026

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WeRide Inc. / Interim Report 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
(Expressed in thousands of RMB, except for per share data)

For the six months
ended June 30,
Note

Revenue
Product revenue
Service revenue
Total revenue

4

Cost of revenue
Cost of goods sold
Cost of services

2025
RMB’000

2026
RMB’000

69,281
130,334

112,783
233,074

199,615

345,857

(35,461)
(103,095)

(75,578)
(143,806)

Total cost of revenue

6

(138,556)

(219,384)

Gross profit
Other net income
Research and development expenses
Administrative expenses
Selling expenses
Impairment loss on receivables and contract assets

5
6
6
6

61,059
3,021
(644,635)
(278,942)
(27,780)
(2,800)

126,473
22,612
(797,654)
(152,066)
(51,891)
(384)

(890,077)
5,629
74,946

(852,910)
(24,489)
98,506

25
7

23,154
(3,292)

(5,909)
(5,089)

8

(789,640)
(1,877)

(789,891)
141

Loss for the period

(791,517)

(789,750)

Loss attributable to shareholders of the Company

(791,517)

(789,750)

(0.87)

(0.79)

Operating loss
Net foreign exchange gain/(loss)
Interest income
Fair value changes of financial assets at fair value
through profit or loss (“FVTPL”)
Finance costs
Loss before taxation
Income tax

Loss per ordinary share
Basic and diluted loss per Class A and Class B ordinary share (in RMB)

9(a)(ii)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

WeRide Inc. / Interim Report 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF
PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(Expressed in thousands of RMB)

For the six months
ended June 30,
2025
RMB’000

2026
RMB’000

Loss for the period

(791,517)

(789,750)

Other comprehensive income for the period (net of nil tax):
Items that will not be reclassified to profit or loss:
– Exchange differences on translation of financial
statements of foreign operations

(29,075)

(153,164)

–

(18,942)

Other comprehensive income for the period

(29,075)

(172,106)

Total comprehensive income for the period

(820,592)

(961,856)

Total comprehensive income attributable to
shareholders of the Company

(820,592)

(961,856)

Note

Items that will be reclassified to profit or loss:
– Exchange differences on translation of financial
statements of foreign operations

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

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WeRide Inc. / Interim Report 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
(Expressed in thousands of RMB)

Note

ASSETS
Non-current assets
Property and equipment
Right-of-use assets
Intangible assets
Goodwill
Restricted cash – non-current
Financial assets at FVTPL – non-current
Other non-current assets

Current assets
Inventories
Contract assets
Trade receivables
Prepayments and other receivables
Prepayments to and amounts due from related parties
Financial assets at FVTPL – current
Time deposits
Cash and cash equivalents
Restricted cash – current

10
11

12
17
16

13
14(a)
15
15
27(c)
17
18
18
12

Total assets
EQUITY
Class A ordinary shares
Class B ordinary shares
Share premium
Treasury shares
Reserves
Accumulated losses
Total equity

23(a)
23(a)
23(b)
23(c)
23(c)

As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

378,769
65,870
17,966
44,758
6,487
188,083
23,668

573,233
139,560
16,426
44,758
10,988
252,411
89,964

725,601

1,127,340

321,021
23,305
462,135
269,986
9,010
144,252
301,401
6,666,304
12,910

439,112
23,964
455,765
303,486
18,217
2,293
1,099,805
4,275,014
10,420

8,210,324

6,628,076

8,935,925

7,755,416

69
4
14,962,531
–
3,223,822
(10,286,252)

69
4
14,985,114
(684,809)
3,170,926
(11,076,002)

7,900,174

6,395,302

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

WeRide Inc. / Interim Report 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
(Expressed in thousands of RMB)

As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

23,241
3,489
7,720

95,397
2,991
24,994

34,450

123,382

324,263
163,000
408,357
28,512
31,920
1,949
43,300

485,047
243,563
385,088
48,053
35,390
7,910
31,681

1,001,301

1,236,732

Net current assets

7,209,023

5,391,344

Total liabilities

1,035,751

1,360,114

Total equity and liabilities

8,935,925

7,755,416

Note

LIABILITIES
Non-current liabilities
Lease liabilities – non-current
Deferred tax liabilities
Other non-current liabilities

Current liabilities
Short-term bank loans
Trade payables
Other payables, deposits received and accrued expenses
Contract liabilities
Lease liabilities – current
Amounts due to related parties
Put option liabilities

20

22
21
21
14(b)
27(c)
19

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

49

–
–
–
–

3
4
1
–
*
8

Represents amounts less than RMB1,000.

4

12,800,243

49,645

–
*

49,652

(3)
(4)

–

–

–

–

12,750,598

Share
premium
RMB’000

2,292,826

168,676

(50,846)
–

–

–
–

219,522

–

–

–

2,124,150

Share-based
compensation
reserve
RMB’000

(225,358)

–

–
–

–

–
–

–

(29,075)

(29,075)

–

(196,283)

Translation
reserve
RMB’000

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

*

62

–
–

–

Share-based compensation expenses
Issuance of Class A ordinary shares to
settle vested RSUs
Class A ordinary shares issued to depositary bank
Issuance of Class A ordinary shares for
exercise of share options
Withholding of vested RSUs to satisfy income tax
requirements upon settlement of vested RSUs
Surrender of Class A ordinary shares

Balance as of June 30, 2025

–

–

Total comprehensive income

6(i)

–

–
–

–

–

Changes in equity for the six months
ended June 30, 2025
Loss for the period
Foreign currency translation adjustment,
net of nil income taxes

4

54

Class B
ordinary shares
RMB’000

Balance as of January 1, 2025

Note

Class A
ordinary shares
RMB’000

1,018,848

–

–
–

–

–
–

–

–

–

–

1,018,848

Other
reserves
RMB’000

(9,422,869)

–

–
–

–

–
–

–

(791,517)

–

(791,517)

(8,631,352)

Accumulated
losses
RMB’000

6,463,756

218,329

(50,846)
–

49,653

–
–

219,522

(820,592)

(29,075)

(791,517)

7,066,019

Total
equity
RMB’000

50
WeRide Inc. / Interim Report 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY

(Expressed in thousands of RMB)

–
–
–
–

–
–
–
–

6(i)

23(a)(ii)
23(b)

Share-based compensation expenses
Issuance of Class A ordinary shares for
exercise of share options
Repurchase of Class A ordinary shares

Represents amounts less than RMB1,000.

14,985,114

22,583

22,583
–

–

–

–

–

14,962,531

Share
premium
RMB’000
Note 23(a)

(684,809)

(684,809)

–
(684,809)

–

–

–

–

–

Treasury
shares
RMB’000
Note 23(b)

2,642,497

119,210

–
–

119,210

–

–

–

2,523,287

Share-based
compensation
reserve
RMB’000
Note 23(c)(i)

(490,419)

–

–
–

–

(172,106)

(172,106)

–

(318,313)

Translation
reserve
RMB’000
Note 23(c)(ii)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

*

4

–

–

Total comprehensive loss

69

–

–

Balance as of June 30, 2026

–

–

Changes in equity for the six months
ended June 30, 2026
Loss for the period
Foreign currency translation adjustment,
net of nil income taxes

4

69

Class B
ordinary
shares
RMB’000
Note 23(a)

Balance as of January 1, 2026

Note

Class A
ordinary
shares
RMB’000
Note 23(a)

1,018,848

–

–
–

–

–

–

–

1,018,848

Other
reserves
RMB’000
Note 23(c) (iii)

(11,076,002)

–

–
–

–

(789,750)

–

(789,750)

(10,286,252)

Accumulated
losses
RMB’000

6,395,302

(543,016)

22,583
(684,809)

119,210

(961,856)

(172,106)

(789,750)

7,900,174

Total
equity
RMB’000

WeRide Inc. / Interim Report 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
(Expressed in thousands of RMB)

51

52

WeRide Inc. / Interim Report 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS
(Expressed in thousands of RMB)

For the six months
ended June 30,
2025
RMB’000

2026
RMB’000

Operating activities
Cash used in operations
Income tax paid

(659,448)
(3,948)

(715,320)
(357)

Net cash used in operating activities

(663,396)

(715,677)

(134,354)
(117)

(235,442)
(808)

1,439
(100,000)
468,569
(37,281)
1,714

9,996
(901,655)
101,650
(109,863)
175,387

–
–
(359)
19,088

(61,448)
61,568
–
–

218,699

(960,615)

Note

Investing activities
Payments for purchase of property and equipment
Payments for purchase of intangible assets
Proceeds from disposal of property, equipment and
intangible assets
Purchase of time deposits
Proceeds from maturity of time deposits
Payments for purchase of financial assets at FVTPL
Proceeds from sales of financial assets at FVTPL
Payments for purchase of financial assets measured at
amortized cost
Proceeds from sales of financial assets measured at amortized cost
Payment for loans to employees
Proceeds from collection of loans to employees
Net cash generated from/(used in) investing activities

25
25

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

WeRide Inc. / Interim Report 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS
(Expressed in thousands of RMB)

For the six months
ended June 30,
Note

Financing activities
Payment of capital element of lease liabilities
Payment of interest element of lease liabilities
Payment of listing expenses
Proceeds from issuance of ordinary shares for exercise of option
Payment of withholding tax arising from the
settlement of vested RSUs
Payment of repurchase of Class A ordinary shares
Proceeds from bank loans
Repayment of bank loans
Payment of interests of bank loans
Repayment of put option liabilities

23(a)(ii)

23(b)

19

Net cash generated from/(used in) financing activities
Net decrease in cash and cash equivalents

2025
RMB’000

2026
RMB’000

(26,810)
(1,660)
(10,762)
25,534

(24,578)
(1,330)
–
20,995

(50,846)
–
72,223
(2,500)
(1,280)
–

–
(684,809)
224,636
(63,900)
(3,711)
(11,619)

3,899

(544,316)

(440,798)

(2,220,608)

Cash and cash equivalents as of January 1
Effect of foreign exchange rate changes

18

4,268,300
8,635

6,666,304
(170,682)

Cash and cash equivalents as of June 30

18

3,836,137

4,275,014

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

53

54

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

1

GENERAL INFORMATION AND BASIS OF PREPARATION AND PRESENTATION
(a)

General information
WeRide Inc. (the “Company”), an exempted company with limited liability, was incorporated in the
Cayman Islands under the Companies Act, Cap. 22 (Law 3 of 1961, as consolidated and revised) of
the Cayman Islands on March 13, 2017. The Company’s American Depositary Shares (“ADSs”) have
been listed on the Nasdaq Stock Market since October 25, 2024 and the Company completed its initial
public offering (“IPO”) on October 28, 2024. Each ADS of the Company represents three ordinary
shares.
On November 6, 2025, the Company completed its global offering (“Global Offering”), including
the Hong Kong Public Offering and the International Offering, on The Stock Exchange of Hong Kong
Limited (“HKEX”).
The Company is an investment holding company. The Company, through its wholly-owned subsidiaries
(collectively referred to as the “Group”), is principally engaged in providing autonomous driving
products and services.

(b)

Basis of preparation and presentation
This interim financial report has been prepared in accordance with the applicable disclosure provisions
of the Rules Governing the Listing of Securities on HKEX, including compliance with International
Accounting Standard (“IAS”) 34, Interim financial reporting, issued by the International Accounting
Standards Board (“IASB”). It was authorized for issue on August 12, 2026.

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

1

GENERAL INFORMATION AND BASIS OF PREPARATION AND PRESENTATION
(CONTINUED)
(b)

Basis of preparation and presentation (Continued)
The interim financial report has been prepared in accordance with the same accounting policies
adopted in the 2025 annual financial statements, except for the accounting policy changes that are
expected to be reflected in the 2026 annual financial statements. Details of any changes in accounting
policies are set out in Note 2.
The preparation of an interim financial report in conformity with IAS 34 requires management to make
judgements, estimates, and assumptions that affect the application of policies and reported amounts of
assets and liabilities, income and expenses on a year-to-date basis. Actual results may differ from these
estimates.
This interim financial report contains condensed consolidated financial statements and selected
explanatory notes. The notes include an explanation of events and transactions that are significant
to an understanding of the changes in financial position and performance of the Group since the
2025 annual financial statements. The condensed consolidated interim financial statements and the
accompanying notes do not include all of the information required for a full set of financial statements
prepared in accordance with IFRS Accounting Standards.
The interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong
Kong Standard on Review Engagements 2410, Review of interim financial information performed by
the independent auditor of the entity, issued by the HKICPA.

55

56

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

2

CHANGES IN ACCOUNTING POLICIES
The IASB has issued a number of amendments to IFRS Accounting Standards that are first effective for the
current accounting period. Of these, only the followings are relevant to the Group’s financial statements
and the Group has applied these amendments to these condensed consolidated financial statements for the
current accounting period:
•

Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial
Instruments

•

Annual improvements to IFRS Accounting Standards-Volume 11

None of these developments have had a material effect on how the Group’s results and financial position for
the current accounting period have been prepared or presented. The Group has not applied any new standard
or interpretation that is not yet effective for the current accounting period.

3

SEGMENT REPORTING
For the purpose of resources allocation and performance assessment, the chief operating decision maker
(“CODM”) reviews the overall results and financial position of the Group as a whole. Accordingly, the Group
has only one operating segment and no further discrete financial information nor analysis of this single
segment is presented.
Geographic information
Disaggregation of revenue from contracts with customers is as follows:
For the six months
ended June 30,

Chinese Mainland
Overseas regions

2025
RMB’000

2026
RMB’000

152,686
46,929

226,558
119,299

199,615

345,857

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

4

REVENUE
The principal activities of the Group are: (i) L4 business, representing the sales of autonomous driving vehicles
and the provision of autonomous driving-related operational and technical support services; and (ii) other
businesses, including (a) L2++/L3 business, representing ADAS research and development (“R&D”) services
and (b) AI infrastructure business, mainly representing intelligent data services.
(i)

Disaggregation of revenue
The Group generally sells autonomous driving vehicles to customers with provision of accompanying
operational and technical support services. The following table sets forth the breakdown of
disaggregation of revenue from contracts with customers by major business lines:
For the six months
ended June 30,

Disaggregated by major business lines:
L4 business
Other businesses

2025
RMB’000

2026
RMB’000

123,932
75,683

179,475
166,382

199,615

345,857

57

58

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

4

REVENUE (CONTINUED)
(i)

Disaggregation of revenue (Continued)
Disaggregation of revenue from contracts with customers by major products or service lines and timing
of revenue recognition are as follows:
For the six months
ended June 30,
2025
RMB’000

2026
RMB’000

Disaggregated by major products or service lines:
Autonomous driving-related operational and technical support services
Other technology services

54,651
75,683

66,692
166,382

Provision of services

130,334

233,074

Sales of autonomous driving vehicles

69,281

112,783

Total

199,615

345,857

Timing of revenue recognition
Point in time
Over time

73,335
126,280

162,517
183,340

199,615

345,857

The major customers, which individually contributed more than 10% of total revenue of the Group for
the six months ended June 30, 2025 and 2026 are as follows:
For the six months
ended June 30,

Customer A
Customer B
*

2025

2026

17%
13%

10%
*

represents that the amount of aggregated revenue from such customer is individually less than 10% of the
total revenue for the respective period.

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

5

OTHER NET INCOME
For the six months
ended June 30,

Government grants
Net loss on disposal of non-current assets
Individual income tax handling fee refund
Others

6

2025
RMB’000

2026
RMB’000

450
(109)
2,692
(12)

9,811
(123)
6,429
6,495

3,021

22,612

EXPENSES BY NATURE
For the six months
ended June 30,

Payroll and employee benefits (Note 6(i))
Cost of inventories (Note 13(b))
Depreciation and amortization (Note 6(ii))
Professional services fee
Service fee from a related party (Note 27(b))
Outsourcing service fee
Utilities and property management fee
Listing expense relating to the Global Offering
Others
Total cost of revenue, research and development expenses,
administrative expenses and selling expenses

2025
RMB’000

2026
RMB’000

693,153
35,461
73,027
73,656
32,379
61,734
24,823
29,068
66,612

699,775
67,361
117,813
41,079
41,920
105,314
28,795
–
118,938

1,089,913

1,220,995

445,452
28,179
219,522

541,977
38,588
119,210

693,153

699,775

45,372
25,417
2,238

88,708
26,759
2,346

73,027

117,813

Notes:
(i)

(ii)

Payroll and employee benefits:
Salaries, allowances, bonus and benefits in kind
Contributions to defined contribution retirement plan
Share-based compensation expenses (Note 24)

Depreciation and amortization:
Property and equipment
Right-of-use assets
Intangible assets

59

60

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

7

FINANCE COSTS
For the six months
ended June 30,

Interest on bank loans
Interest on lease liabilities
Changes in the carrying amount of put option liabilities

8

2025
RMB’000

2026
RMB’000

1,307
1,660
325

3,759
1,330
–

3,292

5,089

INCOME TAX
The Group provided income tax expense of RMB1.9 million for the six months ended June 30, 2025, and
income tax benefit of RMB0.1 million for the six months ended June 30, 2026, of which the deferred income
tax benefits amounting to RMB0.5 million was recognized as a result of reversal of deferred tax liabilities,
and current income tax expenses amounting to RMB0.4 million, respectively. Current income tax expenses
represented withholding tax levied at 10% on interest income earned by the Company and its subsidiary in
Hong Kong from banks located in Chinese Mainland, and withholding tax levied at 30% on interest income
earned by the Company from banks located in the U.S., which are non-PRC or non-U.S. residents according
to the relevant rules and regulations of the Chinese Mainland or the U.S.

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

9

LOSS PER CLASS A AND CLASS B ORDINARY SHARE
(a)

Basic loss per Class A and Class B ordinary share
The calculation of basic loss per Class A and Class B ordinary share is based on the loss attributable
to ordinary equity shareholders of the Company divided by weighted-average number of Class A and
Class B ordinary shares outstanding.
Holders of the Class A and Class B ordinary shares have the same rights except for conversion and
voting rights. Each Class B ordinary share is convertible into one Class A ordinary share at any time by
the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under
any circumstances. In respect of matters requiring the votes of shareholders, before March 13, 2026,
the holder of Class B ordinary shares was entitled to 40 votes per share, while the holders of Class A
ordinary shares were entitled to one vote per share. On March 13, 2026, the Extraordinary General
Meeting approved the amendment of voting rights of Class B ordinary shares to 10 votes per share.

(i)

Weighted average number of Class A and Class B ordinary shares for the purpose of
basic loss per Class A and Class B ordinary share
For the six months
ended June 30,
2025
Number of
shares
(in ’000)

2026
Number of
shares
(in ’000)

Issued Class A and Class B ordinary shares as of January 1
Effect of ordinary shares issued
Effect of Class A ordinary shares surrendered
Effect of ordinary shares deemed to be in issue
Effect of repurchase of Class A ordinary shares

826,214
30,191
*
50,451
–

999,268
2,239
–
14,118
(14,544)

Weighted average number of Class A and Class B
ordinary shares for the period

906,856

1,001,081

*

Represents shares less than 1,000.

61

62

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

9

LOSS PER CLASS A AND CLASS B ORDINARY SHARE (CONTINUED)
(a)

Basic loss per Class A and Class B ordinary share (Continued)
(i)
Weighted average number of Class A and Class B ordinary shares for the purpose of
basic loss per Class A and Class B ordinary share (Continued)
Note:
(i)

(ii)

The ordinary shares deemed to be in issue represent the vested RSUs granted to qualified directors
and employees.

Calculations of basic loss per Class A and Class B ordinary share
For the six months
ended June 30,

Loss attributable to shareholders of
the Company (in RMB’000)
Weighted average number of Class A and Class B
ordinary shares for the period (in ’000)
Basic loss per Class A and Class B ordinary
share (in RMB)
(b)

2025

2026

(791,517)

(789,750)

906,856

1,001,081

(0.87)

(0.79)

Diluted loss per Class A and Class B ordinary share
There was no difference between basic and diluted loss per Class A and Class B ordinary share for the
six months ended June 30, 2025 and 2026 due to the anti-dilutive effects of the share options (Note
24(a)).

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

10

PROPERTY AND EQUIPMENT
For the six months ended June 30, 2026, the Group incurred capital expenditure on property and equipment
with a cost of RMB221.7 million (six months ended June 30, 2025: RMB122.0 million). Items of property and
equipment with a net book value of RMB13.6 million were disposed of for the six months ended June 30,
2026 (six months ended June 30, 2025: RMB1.4 million).

11

RIGHT-OF-USE ASSETS
For the six months ended June 30, 2026, the Group entered into new lease agreements for its offices and
parking space and recognized RMB105.5 million addition to right-of-use assets (six months ended June 30,
2025: RMB27.9 million).

12

RESTRICTED CASH

Non-Current
Deposits for renting office (Note (i))
Deposits for letter of guarantee

Current
Deposits for renting office (Note (i))
Deposits for letter of guarantee and credit card

As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

–
6,487

7,001
3,987

6,487

10,988

6,488
6,422

–
10,420

12,910

10,420

Note:
(i)

Deposits for renting office represent cash held in collateral bank accounts in the U.S. with designated usage of
deposits for renting office.

63

64

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

13

INVENTORIES
(a)

Inventories comprise:
As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

72,840
248,181

127,965
311,147

321,021

439,112

Production supplies
Work in progress (Note (i))

Note:
(i)

(b)

Work in progress represents vehicles in the process of deployment for sale.

The analysis of the amount of inventories recognized as cost of revenue and included in profit
or loss is as follows:
For the six months ended June 30,

Carrying amounts of inventories sold
Write-down of inventories

2025
RMB’000

2026
RMB’000

34,070
1,391

64,484
2,877

35,461

67,361

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

14

CONTRACT ASSETS AND CONTRACT LIABILITIES
(a)

Contract assets

Contract assets
Arising from sales of autonomous driving vehicles
Arising from provision of services
Less: loss allowance

As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

21,251
25,964
(23,910)

21,449
26,010
(23,495)

23,305

23,964

All of the amounts are expected to be recovered within one year from the end of each of the reporting
year/period.
(b)

Contract liabilities

Contract liabilities
– Billings in advance of performance
– Billings in advance of goods transferred

As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

10,843
17,669

23,398
24,655

28,512

48,053

The amount of RMB14.2 million included in contract liabilities as of December 31, 2025 was recognized
as revenue for the six months ended June 30, 2026.

65

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WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

15

TRADE RECEIVABLES, PREPAYMENTS AND OTHER RECEIVABLES
As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

Trade receivables
Less: loss allowance

531,930
(69,795)

521,823
(66,058)

Trade receivables, net of loss allowance

462,135

455,765

Receivables from payments made on behalf of customers,
net of allowance

19,593

9,855

Other receivables

19,593

9,855

Trade and other receivables at amortized cost

481,728

465,620

Prepayments to suppliers
Refundable value-added tax
Others

109,584
106,946
33,863

102,822
156,671
34,138

Prepayments and others

250,393

293,631

Prepayments and other receivables

269,986

303,486

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

15

TRADE RECEIVABLES, PREPAYMENTS AND OTHER RECEIVABLES (CONTINUED)
All of the trade and other receivables are expected to be recovered or recognized as expense within one year.
Trade receivables are normally due within 30 to 90 days from the invoice date.
Aging analysis
Aging analysis of trade receivables based on the invoice date is as follows:

Within 1 year
More than 1 year

16

As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

378,383
153,547

410,340
111,483

531,930

521,823

As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

9,358
14,310

22,196
67,768

23,668

89,964

OTHER NON-CURRENT ASSETS

Renting deposit receivables-non-current
Prepayment for property and equipment

67

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WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

17

FINANCIAL ASSETS AT FVTPL

Non-current
– Investment in a listed company (Note (i))
– Investment in private funds (Note (ii))

Current
– Non-equity investments (Note (iii))

As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

36,774
151,309

23,015
229,396

188,083

252,411

144,252

2,293

144,252

2,293

332,335

254,704

Notes:
(i)

In 2024, the Company purchased 4,416,000 ordinary shares of a listed company with a total consideration of
US$20.0 million, or US$4.53 per share. The investment was initially recorded at US$20.0 million (equivalent to
RMB138.7 million) and subsequently measured at fair value. The Company recognized a loss of US$1.9 million
(equivalent to RMB12.8 million) relating to this investment in fair value changes for the six months ended June 30,
2026.

(ii)

In 2025, the Group invested in two private funds in Chinese Mainland with total consideration of RMB81.9 million
and one overseas private fund with consideration of US$10.0 million (equivalent to RMB70.3 million), respectively.
In January 2026, the Group further invested in the two private funds in Chinese Mainland with additional injection
of RMB11.5 million and RMB43.1 million, respectively, and invested another new overseas private fund, with total
consideration of US$2.9 million (equivalent to RMB20.0 million). The Group did not have any control over these
funds and these investments were measured at fair value with changes recorded through profit or loss, which was
inconsequential for the six months ended June 30, 2026.

(iii)

The non-equity investments represent wealth management products issued by banks with variable returns. The
variable returns of these wealth management products are determined by the performance of underlying assets
including government bonds and money market funds. These financial assets are measured at fair value with
changes recorded through profit or loss.

Please see more information about the fair value valuation in Note 25.

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

18

CASH, CASH EQUIVALENTS AND TIME DEPOSITS

Cash and cash equivalents
Time deposits

As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

6,666,304
301,401

4,275,014
1,099,805

RMB is not a freely convertible currency and the remittance of funds out of the PRC is subject to the exchange
restrictions imposed by the PRC government. The Group’s time deposits are denominated in USD or RMB and
are deposited with banks and other financial institutions in Chinese Mainland and overseas.

19

PUT OPTION LIABILITIES
In July 2019, WeRide Hong Kong Ltd. (“WeRide HK”) and Guangzhou Jingqi Technology Co., Ltd. entered
into an agreement with two investors. Pursuant to the agreement, 1) WeRide HK, Guangzhou Jingqi and the
investors together established a new company, Wenyuan Yuexing (Guangdong) Travel Technology Co., Ltd.
(“Wenyuan Yuexing”) in which the Group has control; 2) the investors injected capital of RMB36.0 million
and RMB28.8 million in exchange for 20% and 16% equity interest of Wenyuan Yuexing, respectively; and
3) the investors have the right to require the Group to repurchase all or a part of their equity interests in
Wenyuan Yuexing and to require the Group to pay any shortfall if their investment return falls below 10% of
the original injection amount, if Wenyuan Yuexing cannot complete an initial public offering before August
2025. Based on negotiation between the Group and one of the investors, the Group redeemed 15% and 5%
equity interest from one of the investors in September 2021 and April 2026, respectively.
The movements of the put option liabilities during the period presented are set out as below:
For the six months ended June 30,
2025
RMB’000

2026
RMB’000

As of January 1
Changes in carrying amount (Note 7)
Repayment for put option liabilities

41,099
325
–

43,300
–
(11,619)

As of June 30

41,424

31,681

69

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WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

20

OTHER NON-CURRENT LIABILITIES

Government grants received with conditions

As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

7,720

24,994

The Group was awarded grants from governments with conditions attached in the next few years. The
government grants with conditions expected to be satisfied in more than one year are presented as
non-current liabilities, which will be released to other income in the consolidated statement of profit or loss
when the conditions attached are satisfied.

21

TRADE AND OTHER PAYABLES, DEPOSITS RECEIVED AND ACCRUED EXPENSES
As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

Trade payables

163,000

243,563

Government grants received with conditions*
Accrued payroll and social insurance
Payables for professional services
Taxes payable and others

192,019
118,413
49,413
48,512

189,269
112,414
19,646
63,759

Total other payables, deposits received and accrued expenses

408,357

385,088

Trade and other payables, deposits received and
accrued expenses

571,357

628,651

*

The current portion of government grants received with conditions mainly represents the grants received with
certain requirements of operation performance and tax contribution in a specified region.

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

21

TRADE AND OTHER PAYABLES, DEPOSITS RECEIVED AND ACCRUED EXPENSES
(CONTINUED)
Aging analysis
The aging analysis of trade payables based on the invoice date, is as follows:

Within 1 year
More than 1 year

As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

154,930
8,070

234,824
8,739

163,000

243,563

As of December 31, 2025 and June 30, 2026, all of the balances of trade and other payables are expected to
be settled or recognized as income within one year or are repayable on demand. The credit period granted by
the suppliers is generally between 30 and 60 days.

22

BANK LOANS

Current
– Short-term bank loans (Note (i))

As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

324,263

485,047

Note:
(i)

As of June 30, 2026, the Group had outstanding one-year short-term loans with total principal amount and accrued
interest of RMB485.0 million, bearing interest rates varying from 2.11% to 2.21% per annum. As of June 30, 2026,
certain patents held by the Group were pledged for certain bank loans with total principal amount of RMB130.0
million.

71

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WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

23

CAPITAL AND RESERVES
(a)

Share capital and share premium
As of June 30, 2026, analysis of the Company’s issued shares was as follows:

As of January 1/June 30, 2026

Number of
Class A
ordinary shares

Share capital
of Class A
ordinary shares
RMB’000

Number of
Class B
ordinary shares

Share capital
of Class B
ordinary shares
RMB’000

972,508,041

69

54,814,423

4

Notes:

(b)

(i)

For the six months ended June 30, 2026, the Company used 1,915,725 Class A ordinary shares to settle
vested RSUs held by certain employees, with par value of US$0.00001 each, all of which were used from the
75,000,000 Class A ordinary shares issued to the share depositary bank.

(ii)

For the six months ended June 30, 2026, the Company used 3,850,311 Class A ordinary shares for the
exercise of vested share options held by certain employees, with par value of US$0.00001 each, all of which
were used from the 75,000,000 Class A ordinary shares issued to the share depositary bank. The Company
received proceeds amounting to RMB21.0 million from issuance of Class A ordinary shares for the exercise
of vested share options.

(iii)

In 2025, the Company issued 75,000,000 Class A ordinary shares to its share depositary bank to be used
for the settlement of vested RSUs and exercise of vested share options, which were recorded as treasury
shares. These shares have been excluded from the computation of loss per ordinary share until they are used
for the settlement of vested RSUs and exercise of vested share options. No consideration was received by
the Company for this issuance of ordinary shares. As of June 30, 2026, 34,788,501 and 17,922,804 Class
A ordinary shares had been used for the aforesaid settlement of vested RSUs and exercise of vested share
options, respectively.

Treasury shares
On March 23, 2026, the Board of Directors authorized a share repurchase program (the “2026 Share
Repurchase Program”), under which the Company may repurchase up to US$100 million of its Class A
ordinary shares (including in the form of ADS) over the next 12 months.
For the six months ended June 30, 2026, the Company repurchased 13,006,299 and 27,447,800
Class A ordinary shares from the Nasdaq Stock Market and HKEX at market prices, respectively. The
repurchase consideration was settled in USD or HKD, equalling RMB684.8 million, which was recorded
as treasury shares.
As of June 30, 2026, the number of Class A ordinary shares reserved for the settlement of vested RSUs
and exercise of vested share options, as mentioned in note 23(a) (iii), was 22,288,695.

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

23

CAPITAL AND RESERVES (CONTINUED)
(c)

(d)

Nature and purpose of reserves
The movement of reserves and accumulated losses of the Group was set out as below:
Share-based
compensation
reserve
RMB’000

Translation
reserve
RMB’000

Other
reserves
RMB’000

Accumulated
losses
RMB’000

As of January 1, 2026
Loss for the period
Foreign currency translation adjustment,
net of nil income taxes
Share-based compensation expenses

2,523,287
–

(318,313)
–

1,018,848
–

(10,286,252)
(789,750)

–
119,210

(172,106)
–

–
–

–
–

As of June 30, 2026

2,642,497

(490,419)

1,018,848

(11,076,002)

(i)

Share-based compensation reserve
The share-based compensation reserve represents the portion of the grant date fair value of
share options or restricted share units granted to the key management officers, employees and
non-employees that has been recognized as share-based compensation expenses.

(ii)

Translation reserve
The exchange reserve comprises all foreign exchange differences arising from the translation of
the financial statements of foreign operations.

(iii)

Other reserves
Other reserves represent the differences arising from the exercise of warrant liabilities measured
at FVTPL to convertible redeemable preferred shares which are measured at present value of
redemption amounts or non-redeemable preferred shares which are classified as equity, before
the Company’s IPO.

Dividends
No dividends have been declared or paid by the Company or the companies comprising the Group to
its shareholders for the six months ended June 30, 2025 and 2026, respectively.

73

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WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

24

SHARE-BASED COMPENSATION ARRANGEMENTS
2018 Share Plan
In June 2018, the Board of Directors of the Company approved and adopted the 2018 Share Plan, under
which the Company reserves 311,125,716 shares to grant share options or restricted share units for officers,
directors, employees and non-employees.

(a)

Share options
Share options granted under the 2018 Share Plan are generally subject to a time-based requirement
of up to a four-year service schedule. All the share options granted under the 2018 Share Plan have a
contractual term of ten years.
Share options’ activities for the six months ended June 30, 2026 were summarized as follows:
Weighted
average
exercise price
USD

Number of
options

Outstanding as of January 1, 2026
Expired
Forfeited
Exercised

1.3
1.1
1.2
0.8

95,160,657
(8,065)
(399,903)
(3,850,311)

Outstanding as of June 30, 2026

1.3

90,902,378

Exercisable as of June 30, 2026

1.3

86,429,269

The share options outstanding as of June 30, 2026 had weighted average remaining contractual life of
6.0 years.

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

24

SHARE-BASED COMPENSATION ARRANGEMENTS (CONTINUED)
2018 Share Plan (Continued)
(b)
Restricted share units
Restricted share units granted under the 2018 Share Plan have a contractual term of seven years with
varying time-based requirement of service period up to four years and a requirement of the closing of
an IPO of the Company. No cash consideration is required of the recipient in connection with the grant
of restricted share units.
Restricted share units’ activities for the six months ended June 30, 2026 were summarized as follows:
Number of
restricted
share units
Outstanding as of January 1, 2026
Forfeited
Vested

22,413,960
(1,388,733)
(1,931,136)

Outstanding as of June 30, 2026

19,094,091

The restricted share units outstanding as of June 30, 2026 had weighted average remaining contractual
life of 5.6 years.

75

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WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

24

SHARE-BASED COMPENSATION ARRANGEMENTS (CONTINUED)
2026 Share Plan
On March 13, 2026, the Board of Directors of the Company approved and adopted the 2026 Share Plan to
attract, incentivize and retain employees, directors and consultants through the grant of share options or
restricted share units. The maximum number of shares (including treasury shares) which may be issued or
transferred under the plan shall not exceed 10% of the total issued and outstanding ordinary shares of the
Company on March 13, 2026. The share options and restricted share units granted under the 2026 Share Plan
are generally subject to a time-based requirement of service schedule varying from four to five years, and all
the share options and restricted share units granted under the 2026 Share Plan have a contractual term of ten
years.
Restricted share units’ activities for the six months ended June 30, 2026 were summarized as follows:
Number of
restricted
share units
Outstanding as of January 1, 2026
Granted
Forfeited
Vested

–
8,509,529
(822,300)
(417)

Outstanding as of June 30, 2026

7,686,812

The restricted share units outstanding as of June 30, 2026 had weighted average remaining contractual life of
9.6 years.
Total compensation expense calculated based on the grant date fair value and the estimated forfeiture rate
recognized in the consolidated statement of profit or loss for the aforementioned share options and restricted
share units granted was RMB119.2 million for the six months ended June 30, 2026.

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

25

FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value hierarchy
The following table presents the fair value of the Group’s financial instruments measured at the end of the
period presented on a recurring basis, categorized into the three-level fair value hierarchy as defined in IFRS
13, Fair value measurement . The level into which a fair value measurement is classified is determined with
reference to the observability and significance of the inputs used in the valuation technique as follows:
•

Level 1 valuations:

Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in
active markets for identical assets or liabilities at the measurement date.

•

Level 2 valuations:

Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet
Level 1, and not using significant unobservable inputs. Unobservable inputs are
inputs for which market data are not available.

•

Level 3 valuations:

Fair value measured using significant unobservable inputs.

The following table presents the Group’s financial assets and liabilities that are measured at fair value as of
June 30, 2026:
As of June 30, 2026
Recurring fair value measurement

Assets
– Financial assets at FVTPL

Fair value
RMB’000

Level 1
RMB’000

Level 2
RMB’000

Level 3
RMB’000

254,704

23,015

2,293

229,396

For the periods presented, there were no transfers between Level 1 and Level 2, or transfers into or out of
Level 3. The Group’s policy is to recognize transfers between levels of fair value hierarchy as at the end of the
periods presented in which they occur.

77

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WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

25

FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)
Fair value hierarchy (Continued)
Financial instruments in level 2
Financial assets at FVTPL in Level 2
The fair value of the financial assets in Level 2 is determined based on the unit price published on the
counterparty bank’s or financial institution’s websites. The published unit price is the unit price at which a
holder could redeem the fund units at the end of each period presented.
Financial assets at FVTPL in Level 2 consisted of the following:
As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

Aggregate cost basis
Gross unrealized holding gain

82,323
61,929

2,293
–

Aggregate fair value

144,252

2,293

The tables below reflect the reconciliation from the opening balance to the closing balance for recurring fair
value measurements of the fair value hierarchy for the reporting period presented:
For the six months ended June 30, 2026

Assets
Financial assets at FVTPL

January 1,
2026
RMB’000

Purchase
RMB’000

Sell
RMB’000

Included in
earnings
RMB’000

FX impact
RMB’000

June 30,
2026
RMB’000

144,252

35,001

(175,387)

1,171

(2,744)

2,293

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

25

FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)
Fair value hierarchy (Continued)
Financial instruments in level 3
Financial assets at FVTPL in Level 3
Financial instruments in level 3 assets at FVTPL represented equity investments in unlisted private funds. The
fair values of the private funds in Chinese Mainland and one of the overseas private funds are determined by
using the recent transaction approach, under which, the significant unobservable input is recent transaction
prices. The fair value changes for these funds were inconsequential for the six months ended June 30, 2026.
The fair value of the other overseas private fund is determined based on the net asset values of the
investments in unlisted private funds reported to the limited partners by the general partners at the end of
the reporting period. The quantitative information of the significant unobservable input and description of
valuation techniques used in Level 3 fair value measurement for the overseas fund, including the description
of the sensitivity to changes in unobservable inputs for recurring Level 3 fair value measurements, are as
follows:

Description

Valuation
techniques

Unobservable
input

Range
(weighted
average,
if applicable)

Net asset value
approach

Net asset value

+/- 5%

Fair value as of
June 30, 2026
RMB’000

Financial assets measured at FVTPL
– Investments in private funds

72,863

Sensitivity of
fair value
to changes in
unobservable
inputs
RMB’000

3,643

The table below reflects the reconciliation from the opening balance to the closing balance for recurring fair
value measurements of the fair value hierarchy for the period presented:
For the six months ended June 30, 2026

Assets
Financial assets at FVTPL

(i)

January 1,
2026
RMB’000

Purchase
RMB’000

Sell
RMB’000

Included in
earnings
RMB’000

FX impact
RMB’000

June 30,
2026
RMB’000

151,309

74,862

–

5,699

(2,474)

229,396

Fair value of financial assets and liabilities carried at other than fair value
The carrying amounts of the Group’s financial instruments carried at cost or amortized cost are not
materially different from their fair values as of December 31, 2025 and June 30, 2026, respectively.

79

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WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

26

COMMITMENTS
Commitments not provided for in the financial statements are as follows:
As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

39,795
216,807
20,520

30,721
216,807
9,000

277,122

256,528

Contracted for purchase of inventories (Note (i))
Contracted for purchase of services (Note (ii))
Contracted for capital investments (Note (iii))

As of June 30, 2026, the Group had entered into the following commitment agreements:
(i)

A vehicle purchase agreement with a Chinese manufacturer, pursuant to which the Group committed to purchase
vehicles manufactured by this manufacturer with an aggregated purchase amount of RMB100.3 million in 2024. As
of June 30, 2026, the Group has paid RMB78.1 million under this vehicle purchase agreement. The Group is in the
process of negotiating with the manufacturer to extend the term to purchase vehicles under the agreement.
Another vehicle purchase agreement with another Chinese manufacturer, specializing in the development,
production and sale of buses, pursuant to which the Group committed to purchase vehicles manufactured by this
manufacturer with an aggregated purchase amount of RMB32.7 million in 2024 and 2025. As of June 30, 2026,
the Group has paid RMB24.3 million under this vehicle purchase agreement.

(ii)

A research and development service agreement with another Chinese manufacturer, pursuant to which the Group
committed to purchase research and development services from the manufacturer with an aggregated purchase
consideration of RMB216.8 million in 2024 and 2025. As of June 30, 2026, the research and development services
have not started and no consideration has been paid yet.

(iii)

As of June 30, 2026, the Group had aggregated capital expenditure commitments amounting to RMB9.0 million. In
January 2026, the Group injected RMB11.5 million to one investee.

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

27

MATERIAL RELATED PARTY TRANSACTIONS
(a)

Name and relationship with related parties
Name of related parties
Dr. Tony Xu Han
Dr. Yan Li
Dr. Hua Zhong
Ms. Jennifer Xuan Li
Mr. Qingxiong Yang
Mr. Jean-François Salles
Mr. Ichijo Futakawa (appointed on April 21, 2026)
Mr. David Zhang (張彤)
Ms. Huiping Yan
Dr. Tony Fan-cheong Chan
Mr. Grégoire de Franqueville (resigned on March 5, 2025)
Mr. Takao Asami (resigned on March 24, 2025)
Mr. Kazuhiro Doi (resigned on March 31, 2026)
Alliance Automotive R&D (Shanghai) Co., Ltd., Alliance
Ventures, B.V. and Nissan Mobility Service Co., Ltd.
(collectively “Alliance affiliates”)
Guangzhou Yuji Technology Co., Ltd. and its subsidiaries
(collectively “Yuji affiliates”)

Relationship with the Group
Founder, Chairman, Executive Director and CEO
Co-founder, Executive Director and
Chief Technology Officer
Senior Vice President
Chief Financial Officer and Head of International
Vice President
Non-Executive Director
Non-Executive Director
Independent Director
Independent Director
Independent Director
Former Non-Executive Director
Former Non-Executive Director
Former Non-Executive Director
Affiliates of a shareholder

Entity controlled by a close family member of
Dr. Tony Xu Han

81

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WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

27

MATERIAL RELATED PARTY TRANSACTIONS (CONTINUED)
(b)

Other transactions with related parties
In addition to the transactions disclosed elsewhere in this report, the Group entered into the following
continuing material related party transactions during the periods presented:
For the six months
ended June 30,
2025
RMB’000

2026
RMB’000

–

1,445

Service rendered to:
Alliance affiliates

6,058

5,320

Purchases of services from:
Yuji affiliates

32,379

41,920

Payments made on behalf of customers to:
Yuji affiliates

2,734

–

Disposal of property and equipment to:
Yuji affiliates

1,431

–

Sales of goods to:
Alliance affiliates

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

27

MATERIAL RELATED PARTY TRANSACTIONS (CONTINUED)
(c)

Balances with related parties
As of
December 31,
2025
RMB’000

As of
June 30,
2026
RMB’000

Trade related
Trade receivables from:
Alliance affiliates
Less: loss allowance

590
(16)

4,369
(95)

Trade receivables, net of loss allowance

574

4,274

Prepayments to:
Yuji affiliates

8,436

13,943

Prepayments to and amounts due from related parties

9,010

18,217

Trade related
Amounts due to related parties
Yuji affiliates

1,949

7,910

1,949

7,910

As of December 31, 2025 and June 30, 2026, amounts due from related parties are unsecured,
interest-free and repayable on demand.

83

84

WeRide Inc. / Interim Report 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Expressed in thousands of RMB, unless otherwise indicated)

28

ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE FOR THE SIX MONTHS
ENDED JUNE 30, 2026
A number of amendments and new standards are not yet mandatory for annual periods beginning January
1, 2026. Earlier application is permitted; however, the Group has not early adopted any new or amended
standards in preparing this interim financial report.
The following updates the information provided in the last annual financial statements about the possible
impacts of IFRS 18 which may have a significant impact on the Group’s consolidated financial statements
when adopted.
IFRS 18, Presentation and disclosure in financial statements
IFRS 18 will replace IAS 1 Presentation of financial statements and aims to improve the transparency and
comparability of information about an entity’s financial statements. IFRS 18 is effective for annual reporting
periods beginning on or after January 1, 2027 and is to be applied retrospectively.
Among other changes, under IFRS 18, entities are required to classify all income and expenses into five
categories in the statement of profit or loss, namely the operating, investing, financing, discontinued
operations and income tax categories. Entities are also required to provide specific disclosures about
management-defined performance measures in a single note in the financial statements.
The Group does not plan to early adopt IFRS 18. IFRS 18 will impact the presentation of financial statements
and is not expected to have a significant impact on the financial performance and position of the Group.

29

SUBSEQUENT EVENTS
Management has considered subsequent events through August 12, 2026, and there are no significant
events subsequent to June 30, 2026 which would materially affect the Group’s operation results and financial
position.

WeRide Inc. / Interim Report 2026

DEFINITIONS

In this interim report, the following expressions have the meanings set out below unless the context requires
otherwise.
“2018 Share Plan”

the 2018 share plan adopted by the Company in June 2018 and amended and
restated in July 2024

“2026 Share Plan”

the 2026 share plan adopted by the Company in March 2026

“ADS(s)”

American Depositary Share(s) issued by the Depositary pursuant to the deposit
agreement in respect of the Class A Ordinary Shares, each ADS representing
three Class A Ordinary Shares on deposit with the Custodian

“Articles” or “Articles of
Association”

the ninth amended and restated articles of association of the Company
adopted by a special resolution of the Shareholders on March 13, 2026

“Audit Committee”

the audit committee of the Board

“Board”

the board of Directors

“BVI”

the British Virgin Islands

“Cayman Companies Act”

the Companies Act (As Revised) of the Cayman Islands, as amended,
supplemented or otherwise modified from time to time

“CEO”

the chief executive officer of the Group

“CFO”

the chief financial officer of the Group

“China,” “Chinese Mainland” or
“PRC”

the People’s Republic of China, and for the purposes of this interim report
only, except where the context requires otherwise, excluding the Hong Kong
Special Administrative Region, the Macao Special Administrative Region of the
People’s Republic of China and Taiwan

“Class A Ordinary Share(s)”

class A ordinary share(s) in the share capital of the Company with a nominal
value of US$0.00001 each, conferring a holder one vote per Class A Ordinary
Share on any resolution tabled at our Company’s general meetings

“Class B Ordinary Share(s)”

class B ordinary share(s) in the share capital of the Company with a nominal
value of US$0.00001 each, conferring weighted voting rights such that a
holder is entitled to exercise ten votes per Class B Ordinary Share on any
resolution tabled at our Company’s general meetings, save for resolutions with
respect to the Reserved Matters where a holder shall be entitled to one vote
per Class B Ordinary Share

“Company,” “we,” “us,”
“our” or “WeRide”

WeRide Inc., an exempted company incorporated in the Cayman Islands with
limited liability on March 13, 2017

85

86

WeRide Inc. / Interim Report 2026

DEFINITIONS

“Compensation Committee”

the compensation committee of the Board

“Corporate Governance Code”

The Corporate Governance Code set out in Appendix C1 to the Listing Rules

“Corporate Governance
Committee”

the corporate governance committee of the Board

“CTO”

the chief technology officer of the Group

“Custodian”

Deutsche Bank AG, Hong Kong Branch, which is appointed by the Depositary
to hold our Class A Ordinary Shares deposited under the deposit agreement

“Depositary”

Deutsche Bank Trust Company Americas

“Director(s)”

the director(s) of the Company

“Dr. Han”

Dr. Tony Xu Han (韓旭), our founder, chairman of our Board, executive
Director, and CEO

“Dr. Li”

Dr. Yan Li (李岩), our co-founder, executive Director, and CTO

“Global Offering”

the Hong Kong Public Offering and the International Offering as defined in the
Prospectus

“Group,” “we,” “us” or “WeRide”

our Company and its subsidiaries from time to time

“HK$”

Hong Kong dollars, the lawful currency of Hong Kong

“Hong Kong”

the Hong Kong Special Administrative Region of the People’s Republic of China

“Humber Partners”

Humber Partners Limited, a company incorporated in the BVI with limited
liability on June 22, 2022 and wholly owned by Dr. Li

“IFRS” or “IFRS Accounting
Standards”

IFRS Accounting Standards issued by the International Accounting Standards
Board from time to time

“Latest Practicable Date”

August 31, 2026, being the latest practicable date prior to the publication of
this interim report

“Listing”

the listing of the Class A Ordinary Shares on the Main Board of the Hong Kong
Stock Exchange

“Listing Date”

November 6, 2025, the date on which the Class A Ordinary Shares were listed
and from which dealings therein were permitted to commence on the Hong
Kong Stock Exchange

“Listing Rules”

Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited, as amended, supplemented or otherwise modified from time to time

WeRide Inc. / Interim Report 2026

DEFINITIONS

“Model Code”

the Model Code for Securities Transactions by Directors of Listed Issuers set
out in Appendix C3 to the Listing Rules

“Nasdaq”

the Nasdaq Stock Market

“Nasdaq Listing Rules”

The Nasdaq Stock Market LLC Rules

“Nomination Committee”

the nomination committee of the Board

“Prospectus”

the prospectus of the Company dated October 28, 2025 in connection with
the Global Offering

“R&D”

research and development

“Reporting Period”

the six months ended June 30, 2026

“Reserved Matters”

the matters the resolutions with respect to which each Share is entitled to
one vote at general meetings of our Company, being: (i) changes to the
Memorandum or Articles, (ii) variation of rights attached to any class of shares,
(iii) the appointment or removal of any independent non-executive Director, (iv)
the appointment or removal of auditors of our Company, and (v) the voluntary
winding-up of our Company

“RMB”

Renminbi, the lawful currency of China

“SEC”

the United States Securities and Exchange Commission

“SFO”

the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong),
as amended, supplemented or otherwise modified from time to time

“Shareholder(s)”

holder(s) of the Share(s)

“Shares”

the Class A Ordinary Shares and Class B Ordinary Shares in the share capital of
the Company, as the context so requires

“Stock Exchange” or “Hong Kong
Stock Exchange”

The Stock Exchange of Hong Kong Limited

87

88

WeRide Inc. / Interim Report 2026

DEFINITIONS

“subsidiary(ies)”

has the meaning ascribed to it in section 15 of the Companies Ordinance

“substantial Shareholder(s)”

has the meaning ascribed to it in the Listing Rules

“THL”

Tonyhan Limited, a company incorporated in the BVI with limited liability on
May 10, 2017 and indirectly controlled by Dr. Han

“treasury Share(s)”

has the meaning ascribed to it under the Listing Rules

“Trident”

Trident Trust Company (South Dakota) Inc., the respective trustee of the Han
Family Trust and the Li Family Trust

“UAE”

the United Arab Emirates

“U.S.”

the United States of America, its territories, possessions and all areas subject to
its jurisdiction

“US$”

United States dollar, the lawful currency of the United States

“weighted voting right” or “WVR”

has the meaning ascribed to it under the Listing Rules

“WVR Beneficiaries” and each a
“WVR Beneficiary”

has the meaning ascribed to it under the Listing Rules and unless the context
otherwise requires, shall include Dr. Han and Dr. Li, being the beneficial
owners of the Class B Ordinary Shares which carry weighted voting rights

“XHL”

Xu Han Limited, a company incorporated in the BVI with limited liability on
June 22, 2022 and wholly owned by Dr. Han

“Yanli”

Yanli Holdings Limited, a company incorporated in the BVI with limited liability
on May 11, 2017 and indirectly controlled by Dr. Li

“%”

per cent

文遠知行

＊

WeRide Inc.
（於開曼群島註冊成立以不同
投票權控制的有限責任公司）

股份代號 : 0800

僅供識別

＊

2026

中 期 報 告

目錄
2

公司資料

4

安全港聲明

5

重點摘要

7

業務回顧及展望

11

管理層討論及分析

16

企業管治

23

其他資料

45

獨立審計師報告

46

未經審計簡明綜合損益表

47

未經審計簡明綜合損益及其他全面收益表

48

未經審計簡明綜合財務狀況表

50

未經審計簡明綜合權益變動表

52

未經審計簡明綜合現金流量表

54

未經審計簡明綜合中期財務報表附註

85

釋義

文遠知行 / 2026中期報告

公司資料

執行董事

聯席公司秘書

韓旭博士（董事長兼首席執行官）
李岩博士

王亮女士
余安妮女士

非執行董事

授權代表

Ichijo Futakawa先生（自2026年4月21日起獲委任）
Kazuhiro Doi先生（自2026年3月31日起辭任）
Jean-François Salles先生

韓旭博士
余安妮女士

獨立非執行董事

中國
廣東省
廣州市
廣州國際生物島
螺旋大道51號
官洲生命科學創新中心
A塔21樓

顏惠萍女士
張彤先生
陳繁昌博士

審計委員會
顏惠萍女士（主席）
張彤先生
陳繁昌博士

薪酬委員會
張彤先生（主席）
韓旭博士
顏惠萍女士
陳繁昌博士

提名委員會
張彤先生（主席）
韓旭博士
顏惠萍女士
陳繁昌博士

企業管治委員會
張彤先生（主席）
顏惠萍女士
陳繁昌博士

總部及中國主要營業地點

香港主要營業地點
香港
灣仔
皇后大道東248號
大新金融中心40樓

註冊辦事處
P.O. Box 472
Harbour Place, 2nd Floor, North Wing
103 South Church Street
George Town
Grand Cayman KY1-1106
Cayman Islands

2

3

文遠知行 / 2026中期報告

公司資料

審計師

主要股份過戶登記處

畢馬威會計師事務所
執業會計師
根據《會計及財務匯報局條例》註冊的
公眾利益實體核數師
香港
中環
遮打道10號
太子大廈8樓

International Corporation Services Ltd.
P.O. Box 472
Harbour Place, 2nd Floor, North Wing
103 South Church Street
George Town
Grand Cayman KY1-1106
Cayman Islands

法律顧問
有關香港及美國法律
科律香港律師事務所
香港
中環
康樂廣場8號
交易廣場2座35樓
有關開曼群島法律
泰特加律師事務所
香港
金鐘
金鐘道89號
力寶中心2座3605室

合規顧問
浤博資本有限公司
香港
中環
德輔道中71號
永安集團大廈7樓710號辦公室

主要往來銀行
招商銀行
中國
廣東省
廣州市
天河區
華穗路5號
招商銀行大廈
UBS AG, Singapore
9 Penang Road
238459
Singapore
Goldman Sachs Bank USA New York Branch
200 West Street
New York
NY 10282
United States

股份代號
0800.HK

香港股份過戶登記處

納斯達克股票代碼

香港中央證券登記有限公司
香港
灣仔
皇后大道東183號
合和中心17樓
1712-1716舖

WRD

公司網站
www.weride.ai

文遠知行 / 2026中期報告

安全港聲明

本中報載有根據1995年《美國私人證券訴訟改革法》中的「安全港」條文可能構成「前瞻性」陳述的陳述。該等前瞻性陳
述可從所用詞彙如「將」、「預期」、「預計」、「旨在」、「未來」、「有意」、「計劃」、「相信」、「估計」及「可能會」等類似陳
述加以識別。並非歷史事實的陳述（包括有關文遠知行的信念、計劃和期望的陳述）均屬前瞻性陳述。前瞻性陳述涉及
固有的風險和不確定性。有關該等及其他風險的進一步資料，載於文遠知行向美國證交會所提交的文件及於聯交所網站
刊發的公告中。本中報所提供的全部資料均截至本中報日期，除非適用法律要求，否則文遠知行不承擔任何更新任何前
瞻性陳述的義務。

4

5

文遠知行 / 2026中期報告

重點摘要

截至2026年6月30日止六個月的財務摘要
•

報告期內收入總額達人民幣345.9百萬元，同比（「同比」）增長73.3%。

•

海外收入同比增長154.4%。

•

毛利為人民幣126.5百萬元；毛利率由2025年同期的30.6%提高至36.6%。

•

息稅折舊及攤銷前利潤（「EBITDA」）為負人民幣667.0百萬元，同比收窄6.5%。

截至2026年6月30日止六個月的經營摘要
•

截至2026年7月31日，本集團的全球L4級車隊規模約3,400輛，其中自動駕駛出租車車隊規模超1,800輛。

•

本集團將其輕資產自動駕駛出租車業務模式快速複製到其他海外市場。

•

•

在西班牙，本集團與Uber宣佈在馬德里推出西班牙首個自動駕駛出租車商業運營服務的試點計劃，標誌
著我們在全球範圍內的第四個聯合部署項目，以及我們首次進軍歐洲市場。

•

在瑞士，本集團正在大蘇黎世地區與Uber協同推進自動駕駛出租車服務落地，標誌著我們在全球範圍內
的第五個聯合部署項目，以及我們在歐洲的第二個聯合部署項目。

•

在丹麥，與GreenMobility（納斯達克哥本哈根證券交易所：GREENM）達成戰略合作標誌著本集團進入的
第六個歐洲市場及首次進入北歐市場。

•

在新加坡，本集團攜手Grab在榜鵝(Punggol)地區啟動公開運營。

•

在中東，在我們已於阿布扎比和迪拜實現自動駕駛出租車純無人運營的基礎上，我們的整體自動駕駛出
租車服務已覆蓋城市核心城區70%以上的區域。截至2026年7月31日，我們於中東的自動駕駛出租車車
隊規模約400輛。

本集團持續擴大國內市場的自動駕駛出租車業務規模，並提升運營效率。

文遠知行 / 2026中期報告

重點摘要

•

•

•

2026年第二季度，單車日均訂單量超過21單，環比（「環比」）增長24%，單車單日完成訂單量峰值達到
28單；當季度國內打車收入環比增長約140%。

•

在廣州，純無人自動駕駛出租車服務區域現已覆蓋黃埔、天河、海珠等行政區，服務區域擴大至2025年
底的3倍，並實現7*24小時商業化運營。

•

2026年第二季度，文遠知行自動駕駛出租車服務的註冊用戶環比增長35%。

本集團其他自動駕駛業務取得顯著進展。
•

本集團於蘇黎世的自動駕駛小巴服務已取消前排安全員，該實踐系歐洲首例，而其於比利時魯汶(Leuven)
的服務預期於2026年第三季度取消前排安全員。本集團亦與雷諾集團合作，連續第三年在法國網球公開
賽(Roland Garros French Open)期間提供自動駕駛小巴接駁服務。此外，其在日本、沙特阿拉伯、新加坡
及阿聯酋運營自動駕駛小巴出行服務。

•

截至本中報日期，我們的自動駕駛業務已拓展至全球13個國家的超過60個城市。

本集團的L2++/L3級解決方案業務進入快速增長階段。
•

•

2026年第二季度，我們的一段式端到端L2++/L3級解決方案WRD 3.0出貨量約為30,000台。截至目前，
本集團已獲得超30款車型的L2++級量產定點。WRD 3.0也已在法國、德國、日本等海外市場開展道路測
試與適配驗證。

本集團透過WeRide GENESIS及WeRide WITT進一步鞏固技術基礎。
•

WeRide GENESIS可將數百萬公里的道路測試壓縮至數天內完成，同時使數據採集與標註成本降低超過
75%。該模型於2026年6月獲得兩項技術國際大獎。

•

本集團的物理人工智能認知基礎大模型WeRide WITT能夠從海量運營信息中提煉物理世界的認知規律，在
同類任務中可節省多達98%的詞元(token)成本，使得單片圖形處理器單日可處理多達10,000分鐘車輛運
行視頻，最高實現200倍數據處理效率提升。

•

於2026年6月，本集團宣佈與吉利遠程及冠忠巴士集團有限公司共同開發專為右舵市場設計的自動駕駛出
租車。右舵自動駕駛出租車的商業服務將首先在新加坡及香港推出，為全球右舵市場更廣泛地採用自動
駕駛出行解決方案鋪平了道路。

6

7

文遠知行 / 2026中期報告

業務回顧及展望

業務回顧
1.

整體表現
本集團於報告期內取得佳績，收入總額達人民幣345.9百萬元，較2025年同期人民幣199.6百萬元增長73.3%。
報告期內，海外收入同比增長154.4%，延續其快速增長態勢，彰顯本集團經驗證的輕資產海外拓展模式正逐步
推行。
報告期內，毛利為人民幣126.5百萬元，而毛利率由2025年同期增長至36.6%，主要得益於高毛利率的L2++/L3
級解決方案以及海外L4級業務的貢獻增加。
報告期內，EBITDA為負人民幣667.0百萬元，較2025年同期的負人民幣713.3百萬元收窄6.5%。

2.

L4級自動駕駛出租車
自動駕駛出租車是本集團的旗艦產品，亦是我們商業化策略的核心驅動力。截至2026年7月31日，本集團的全
球L4級車隊規模約3,400輛，其中自動駕駛出租車車隊規模超1,800輛。

海外業務
在西班牙，本集團與Uber宣佈在馬德里推出西班牙首個自動駕駛出租車商業運營服務的試點計劃，標誌著我們
在全球範圍內的第四個聯合部署項目，以及首次共同進軍歐洲市場。該服務預計於今年年底開始運營。在瑞士，
繼2025年11月獲瑞士聯邦公路局(FEDRO)頒發首張純無人自動駕駛出租車許可後，本集團正在大蘇黎世地區與
Uber協同推進自動駕駛出租車服務落地，標誌著我們在全球範圍內的第五個聯合部署項目，以及在歐洲的第二
個聯合部署項目。在此項目之前，本集團已經與瑞士國家鐵路(SBB)、瑞士交通實驗室和歐洲知名按需出行服務
提供商ioki在蘇黎世推出了自動駕駛出租車服務。在丹麥，本集團透過與GreenMobility達成戰略合作，進入其第
六個歐洲市場並首次擴張至北歐地區。此外，本集團於2026年3月與ELEVATE Slovakia合作推出斯洛伐克首個自
動駕駛項目。
在中東，在我們已於阿布扎比和迪拜實現自動駕駛出租車純無人運營（包括2026年4月攜手Uber和迪拜道路及交
通管理局(Roads and Transport Authority)在迪拜推出的首項純無人駕駛收費式服務）的基礎上，本集團的整體核
准服務區域已覆蓋城市核心城區70%以上的區域。截至2026年7月31日，我們於中東的自動駕駛出租車車隊規
模約有400輛。
在新加坡，本集團攜手Grab在新加坡榜鵝(Punggol)地區啟動公開運營，成為本集團在東南亞擴張的一個重要里
程碑。

文遠知行 / 2026中期報告

業務回顧及展望

中國業務
報告期內，車隊利用率與單車經濟效益模型持續優化。2026年第二季度，單車日均訂單量超過21單，環比增長
24%，單車單日完成訂單量峰值達到28單。2026年第二季度，文遠知行自動駕駛出租車服務的註冊用戶環比增
長35%，當季度打車收入環比增長約140%。依託於北京和廣州的核心運營樞紐，本集團持續擴大其純無人自動
駕駛出租車服務的覆蓋範圍。在廣州，服務區域較2025年底擴大至3倍，現已覆蓋黃埔、天河及海珠區，並實現
7*24小時商業化運營。這些複雜的運營環境進一步驗證了本集團自動駕駛系統的安全性與運行穩定性。
3.

其他L4級業務線
本集團持續加速其自動駕駛小巴的全球部署。於蘇黎世，其自動駕駛小巴開始在無前排安全員的情況下運營，該
實踐系歐洲首例。本集團於比利時魯汶(Leuven)的商業化自動駕駛小巴服務，計劃於2026年第三季度在無前排
安全員的情況下運營。本集團亦與雷諾集團合作，連續第三年在法國網球公開賽(Roland Garros French Open)期
間提供自動駕駛小巴接駁服務。此外，本集團在日本、沙特阿拉伯、新加坡及阿聯酋運營自動駕駛小巴出行服
務。
截至本中報日期，我們的自動駕駛業務已拓展至13個國家超過60個城市。

4.

L2++/L3級業務
本集團的一段式端到端L2++/L3級解決方案WRD 3.0進入快速增長階段。於2026年第二季度，WRD 3.0的總出貨
量約為30,000台。截至目前，本集團已獲得超30款車型的L2++級量產定點。於2026年4月，廣汽埃安正式推出
埃安N60，這是其與本集團聯合打造的首款量產乘用車。該車型亦標誌著本集團首次在高通驍龍平台上量產部署
其一段式端到端技術。同月，WRD 3.0成為中國智駕大賽首個亦是唯一一個「六連冠」。WRD 3.0也已在法國、
德國、日本等海外市場開展道路測試與適配驗證。

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文遠知行 / 2026中期報告

業務回顧及展望

5.

技術進展
於報告期內，本集團進一步鞏固其技術基礎。本集團的自研世界模型WeRide GENESIS，構建了從感知到理解物
理世界的閉環，使得自動駕駛系統能夠在大規模、高保真的虛擬環境中進行訓練、驗證與迭代。該模型可將數
百萬公里的道路測試壓縮至數天內完成，同時使數據採集與標註成本降低超過75%。於2026 年6 月，WeRide
GENESIS獲得2026汽車測試技術國際大獎(ATTI Awards)中的仿真創新獎(Simulation Innovation Award)，以及
2026人工智能突破大獎中的年度最佳生成式人工智能綜合解決方案(Overall Gen-AI Solution of the Year)。
於2026年7月，本集團推出其物理人工智能認知基礎大模型WeRide WITT，該模型能夠從海量運營信息中提煉支
配物理世界的根本原則。相較於動輒數以千億級參數的通用人工智能模型，WeRide WITT在同類任務中可節省多
達98%的詞元(token)成本，使得單片圖形處理器單日可處理多達10,000分鐘車輛運行視頻，最高實現200倍數
據處理效率提升。
於2026年6月，我們宣佈與吉利遠程及冠忠巴士集團有限公司共同開發專為右舵市場設計的自動駕駛出租車，作
為我們與彼等達成之戰略合作的一部分。右舵自動駕駛出租車的商業化服務將首先在新加坡及香港推出，為全球
右舵市場帶來具有變革性的自動駕駛出行解決方案。

展望
展望未來，本集團將繼續實施雙重策略，即以輕資產、高利潤率為特點的海外擴張與國內自主運營增長相結合。在海
外，本集團將拓展新市場以實現強大的複合規模效應，隨著地理版圖的擴張，邊際成本不斷下降，部署效率不斷提升。
在國內，其將提升車隊密度及運營能力，同時進一步完善其本地端到端商業生態系統。憑藉國內外經驗證的運營經驗，
本集團正在開發一個圍繞自動駕駛出租車構建的全球標準化L4級操作系統，以在全球範圍內擴展並推廣我們經驗證的商
業模式。從技術層面而言，本集團持續演進的全棧數據工具鏈能夠增強其物理人工智能基礎設施、加速算法迭代並鞏固
其技術壁壘，從而進一步提升駕駛安全性、系統性能及跨多樣化運營場景的適應性。

文遠知行 / 2026中期報告

業務回顧及展望

1.

全球自動駕駛出租車規模擴大
在我們優先發展的、運營成熟的海外核心市場中，我們已建立一套綜合的端到端商業運營模型，在各個城市層面
實現持續盈利，並保持了穩健的業務擴張。基於此經驗證的運營框架，我們正在推進歐洲多個市場的商業推廣。
我們預期將於2026年底前在馬德里推出西班牙首個自動駕駛出租車商業運營服務，透過我們與Uber在歐洲的第
二次合作部署將自動駕駛出行服務擴展至大蘇黎世地區，並與GreenMobility合作於2027年上半年在丹麥推出自
動駕駛公共交通服務。我們經驗證的海外運營模式帶來了複合的規模經濟效益，隨著進入每個新市場，邊際成本
會逐步遞減，從而能夠以經濟高效的方式在不同地區快速複製業務模式。在國內，我們計劃將業務版圖擴展至更
多主要城市，重點優先佈局核心一線都市圈，同時繼續優化我們當地的商業運營模型，以擴大我們國內L4級業
務的覆蓋範圍。

2.

可複製的輕資產出海模式
本集團的輕資產出海模式具備優秀的可複製性，便於在多個城市實現快速規模化落地。本集團已在多個國際市場
建立完整商業生態系統閉環，並將繼續深化其在主要國際城市的佈局，同時進一步完善L4級城市出行服務的標
準化運營模型。

3.

L2++/L3級業務增長及邊際貢獻
建基於與本集團L4 級解決方案相同的技術平台，其一段式端到端L2++/L3 級解決方案已進入商業化快速增長階
段。隨著業務規模擴大，固定投資可被更有效地利用，從而為本集團的整體盈利能力創造可觀的增量貢獻潛力。
本集團將繼續擴大其原始設備製造商(OEM)合作夥伴關係，並推進WRD 3.0在國際市場的本地化驗證，將其經驗
證的智能駕駛解決方案帶給全球更廣泛的客戶。

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文遠知行 / 2026中期報告

管理層討論及分析

截至2026年6月30日止六個月的未經審計綜合財務業績
收入
截至2026年6月30日止六個月收入總額增加73.3%至人民幣345.9百萬元（51.0百萬美元），截至2025年6月30日止六
個月為人民幣199.6百萬元。該增加主要由以自動駕駛出租車和自動駕駛小巴為主導的L4級業務持續擴張以及L2++/L3
級業務快速增長。
收入成本
截至2026年6月30日止六個月收入成本為人民幣219.4百萬元（32.3百萬美元），而截至2025年6月30日止六個月為人
民幣138.6百萬元。該增加主要由於L4級業務及AI基礎設施業務 1 收入增長且與有關增長基本一致。
毛利及毛利率
截至2026 年6 月30 日止六個月毛利為人民幣126.5 百萬元（18.6 百萬美元），截至2025 年6 月30 日止六個月為人民幣
61.1百萬元。截至2026年6月30日止六個月毛利率增加至36.6%，而截至2025年6月30日止六個月為30.6%。毛利率
增長主要得益於高毛利率的L2++/L3級業務及海外L4級業務的收入貢獻增加。
經營開支
截至2026年6月30日止六個月經營開支為人民幣1,001.6百萬元（147.6百萬美元），截至2025年6月30日止六個月為人
民幣951.4百萬元。
•

截至2026年6月30日止六個月研發開支為人民幣797.7百萬元（117.6百萬美元），截至2025年6月30日止六個月
為人民幣644.6百萬元。該增加主要由於人員及外包人工成本、折舊與攤銷開支以及雲服務費的增加。

•

截至2026年6月30日止六個月行政開支為人民幣152.1百萬元（22.4百萬美元），截至2025年6月30日止六個月
為人民幣278.9百萬元。該減少主要由於股份支付薪酬開支減少及與全球發售及法律合規事宜相關的專業服務費
減少。

•

截至2026年6月30日止六個月銷售開支為人民幣51.9百萬元（7.6百萬美元），截至2025年6月30日止六個月為
人民幣27.8百萬元。該增加主要由於人員成本及市場推廣及廣告開支增加。

1

AI基礎設施業務主要指智能數據服務。

文遠知行 / 2026中期報告

管理層討論及分析

期內虧損
截至2026年6月30日止六個月期內虧損為人民幣789.8百萬元（116.4百萬美元），截至2025年6月30日止六個月為人民
幣791.5百萬元。
截至2026 年6 月30 日止六個月期內非《國際財務報告準則》經調整虧損為人民幣664.6 百萬元（98.0 百萬美元），截至
2025年6月30日止六個月為人民幣595.1百萬元。期內非《國際財務報告準則》經調整虧損定義為不包括股份支付薪酬開
支及以公允價值計量且其變動計入當期損益（「以公允價值計量且其變動計入當期損益」）的金融資產公允價值變動的期
內虧損，載列如下：
截至6月30日止六個月
2025年
2026年
人民幣千元
人民幣千元
期內虧損
加：
股份支付薪酬開支
以公允價值計量且其變動計入當期損益的金融資產
公允價值變動

(791,517)

(789,750)

219,522

119,210

(23,154)

5,909

期內經調整虧損

(595,149)

(664,631)

EBITDA
截至2026年6月30日止六個月EBITDA為負人民幣667.0百萬元（98.3百萬美元），截至2025年6月30日止六個月為負人
民幣713.3百萬元，同比收窄6.5%。EBITDA定義為剔除所得稅、融資成本、折舊與攤銷開支後的期內虧損，載列如下：
截至6月30日止六個月
2025年
2026年
人民幣千元
人民幣千元
期內虧損
加：
所得稅
融資成本
折舊與攤銷開支

(791,517)

(789,750)

1,877
3,292
73,027

(141)
5,089
117,813

EBITDA

(713,321)

(666,989)

12

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文遠知行 / 2026中期報告

管理層討論及分析

每股股份 ╱ 美國存託股份的基本及攤薄虧損
截至2026年6月30日止六個月每股普通股基本及攤薄虧損為人民幣0.79元（0.12美元），截至2025年6月30日止六個月
為人民幣0.87元。截至2026年6月30日止六個月每股美國存託股份的基本及攤薄虧損為人民幣2.37元（0.36美元），截
至2025年6月30日止六個月為人民幣2.61元。
資產負債表
截至2026年6月30日，本集團持有現金及現金等價物與定期存款人民幣5,374.8百萬元（792.2百萬美元）、計入以公允
價值計量且其變動計入當期損益的流動金融資產的理財產品投資人民幣2.3百萬元（0.3百萬美元），以及受限制現金人
民幣21.4百萬元（3.2百萬美元），合計人民幣5,398.5百萬元（795.6百萬美元）。
截至2026年6月30日，本集團持有短期銀行貸款人民幣485.0百萬元（71.5百萬美元）。
流動資金及資本資源
報告期內，我們主要透過現有現金為營運提供資金。截至2026年6月30日，現金、現金等價物、定期存款、受限制現
金及計入以公允價值計量且其變動計入當期損益的流動金融資產的理財產品投資的合計結餘為人民幣54億元，較截至
2025年12月31日的人民幣71億元減少24.3%。
本集團謹守資金及庫務政策，以管理其資本資源。
銀行貸款
截至2026年6月30日，我們的未償還銀行借款為人民幣485.0百萬元，該借款以人民幣計值，主要用於補充營運資金。
銀行借款須於一年內償還，利率介乎2.11%至2.21%。
資產抵押
截至2026年6月30日，銀行結餘人民幣21.4百萬元持作於若干銀行賬戶的擔保金額，用於出具擔保函、支付租金及償
還信用卡負債。
截至2026年6月30日，若干專利已抵押，以取得若干銀行貸款。
資產負債比率
資產負債比率按負債總額除以資產總值計算，由截至2025年12月31日的12%上升至截至2026年6月30日的18%。
重大投資
報告期內，本集團並無任何重大投資（包括任何價值佔本集團截至2026年6月30日資產總值5%或以上的於被投資公司
的投資）。截至2026年6月30日，本集團並無其他重大投資及資本資產的計劃。
資本開支承諾
截至2026年6月30日，本集團資本開支承諾總額為人民幣9.0百萬元。

文遠知行 / 2026中期報告

管理層討論及分析

或有負債
截至2026年6月30日，本集團並無任何重大或有負債。
重大收購事項及出售事項
報告期內，本集團並無進行任何重大收購事項及出售事項。
風險管理
外匯風險
當未來商業交易或已確認資產及負債以我們附屬公司相關功能貨幣之外的貨幣計值時，即產生外匯風險。我們通過密切
監察外幣匯率變動管理外匯風險，並將在有需要時考慮對沖重大外幣風險敞口。

利率風險
按浮動利率計息及按固定利率計息的計息金融工具分別使本集團面臨現金流量利率風險及公允價值利率風險。我們根據
當前市場狀況釐定固定利率及浮動利率計息工具的適當權重，並進行定期審查及監察，以實現固定利率及浮動利率風險
的適當組合。我們不會利用金融衍生工具對沖利率風險。
僱員及薪酬政策
截至2026年6月30日，本集團在全球擁有4,952名全職僱員及533名臨時僱員（實習生），其中，5,322名僱員居於中國
（包括廣州、上海、北京），163名僱員居於中國以外地區。
下表載列本集團截至2026年6月30日的僱員（包括臨時僱員）人數。

僱員人數

佔僱員總數
的百分比

研發工程
研發數據處理
銷售及營銷
運營
一般管理及行政

1,066
4,125
116
79
99

19.43%
75.21%
2.11%
1.44%
1.80%

合計

5,485

100.00%

職能

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管理層討論及分析

本集團主要通過校園招聘會、僱員引薦、業內推介及線上渠道（包括我們的公司網站及社交網絡平台）招聘僱員。本集
團已遵循嚴謹的招聘面試程序。本集團根據市場慣例與僱員簽訂標準的僱傭協議及保密和競業禁止協議。本集團已在中
國內地建立培訓體系，據此，其為僱員提供入職前及持續管理以及技術培訓。
本集團為僱員提供有競爭力的薪酬待遇、基於績效的現金獎金及其他獎勵。本集團為中國僱員參與各種僱員社會保障計
劃，包括養老保險、失業保險、生育保險、工傷保險、醫療保險及住房公積金。

文遠知行 / 2026中期報告

企業管治

本公司致力於實現高水準的企業管治，以維護股東權益、提升企業價值及增強問責性。

不同投票權
本公司通過不同投票權進行控制。根據此架構，本公司的股本包括A類普通股及B類普通股。就在本公司股東大會提出
的任何決議案而言，每股A類普通股賦予持有人可投一票，而每股B類普通股賦予持有人可投十票，但與保留事項有關
的決議案除外，就此而言，每股股份享有一票投票權。
本公司的不同投票權架構可使不同投票權受益人在即使並未持有本公司股本的大部分經濟利益的情況下，仍可對本公司
行使投票控制權。這將使本公司受益於不同投票權受益人的持續願景及領導力，而他們將控制本公司，以期實現其長期
展望和策略。
投資者務請留意投資於具有不同投票權架構的公司的潛在風險，特別是不同投票權受益人的利益未必總與股東整體利益
一致，不同投票權受益人將對本公司事務及股東決議案的結果施加重大影響。投資者應僅於恰當及審慎考慮後決定投資
本公司。
截至最後實際可行日期，不同投票權受益人為韓博士及李博士，彼等透過XHL（由韓博士及Trident（ 韓氏家族信託的受
託人，韓博士為保護人，其後代為受益人）分別擁有80%及20%的股權）、THL（由XHL及Trident（ 韓氏家族信託的受託
人）分別擁有51%及49%的股權）、Humber Partners（ 由李博士及Trident（ 李氏家族信託的受託人，李博士為保護人，
其後代為受益人）分別擁有80%及20%的股權）及Yanli（由Humber Partners及Trident（ 李氏家族信託的受託人）分別擁
有51%及49%的股權）持有A類普通股及B類普通股。

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企業管治

截至最後實際可行日期，韓博士及李博士通過其中介公司實益擁有及控制合共27,129,666股A類普通股及54,814,423
股B類普通股，佔(i)本公司已發行股本總額（不包括庫存股份）的8.30%；(ii)本公司已發行股本總額（不包括庫存股份）
經濟利益的9.06%（經計及其根據2018年股份計劃獲授予的已歸屬購股權）；(iii)就與保留事項以外事項相關的股東決
議案所擁有的本公司投票權（不包括庫存股份，亦不計及存託人截至最後實際可行日期持有的21,420,342股A類普通股
所附帶投票權，該等股份未來可能用於履行根據2018年股份計劃及2026年股份計劃授出的購股權及股份獎勵的任何行
使或歸屬）的39.44%（基於每股A類普通股賦予持有人可投一票及每股B類普通股賦予持有人可投十票計算）；及(iv)就
與保留事項相關的股東決議案所擁有的本公司投票權（不包括庫存股份，亦不計及存託人截至最後實際可行日期持有的
21,420,342股A類普通股所附帶投票權，該等股份未來可能用於履行根據2018年股份計劃及2026年股份計劃授出的購
股權及股份獎勵的任何行使或歸屬）的8.49%（基於每股股份賦予持有人可投一票計算）。
B類普通股可按1:1的比例轉換為A類普通股。截至最後實際可行日期，在所有已發行及發行在外的B類普通股轉換為A
類普通股後，本公司將發行54,814,423股A類普通股，佔已發行及發行在外的A類普通股總數約5.55%（不包括庫存股
份）
（經該等A類普通股擴大）。
根據《上市規則》第8A.22條，當不同投票權受益人不再對任何B類普通股擁有實益擁有權或不再於其中擁有經濟利益，
或不再對任何B類普通股所附帶投票權擁有控制權時，B類普通股所附帶的不同投票權將終止。這可能會在下列情況下
發生：
(i)

當發生《上市規則》第8A.17條所載的任何情況時，具體而言，不同投票權受益人：(1)身故；(2)不再是董事會成
員；(3)被聯交所認為無能力履行董事職責；或(4)被聯交所認為不再符合《上市規則》所載的董事規定；

(ii)

當B類普通股持有人將B類普通股的實益擁有權或經濟利益或所附帶投票權的控制權轉讓予他人時（《上市規則》第
8A.18條允許的情況除外）；

(iii)

當代表不同投票權受益人持有B類普通股的公司不再符合《上市規則》第8A.18(2)條規定時；或

(iv)

當所有B類普通股被轉換為A類普通股時。

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企業管治

本公司已申請且聯交所已批准豁免嚴格遵守《上市規則》第8A.18(1)條，以促成(i) XHL向Trident配發及發行新股份；及
(ii) Humber Partners向Trident配發及發行新股份，理由包括：韓博士及李博士均繼續擔任各自家族信託的保護人，並於
上述股份配發及發行後全權控制其家族信託架構內所持有B類普通股附帶的投票權。有關詳情請參閱本公司日期為2026
年7月13日的公告。

遵守《企業管治守則》
本公司已採用《上市規則》附錄C1所載《企業管治守則》的守則條文作為其自身守則，以規管企業管治常規。報告期內，
除以下事項外，本公司已遵守《企業管治守則》所有守則條文。
根據《企業管治守則》第2部分之守則條文第C.2.1條，在聯交所上市的公司預期將遵守但可以選擇偏離有關主席與行政
總裁角色區分，且不應由同一名人士擔任的規定。本公司並無獨立的董事長及首席執行官，韓旭博士目前兼任這兩個職
位。董事會認為由同一名人士同時擔任董事長和首席執行官兩個職位有利本集團的領導貫徹一致，並使本集團更有效及
高效地制訂整體戰略計劃及執行戰略舉措。董事會認為現時的安排並不會損害權力及權限的平衡，而此結構將確保本公
司迅速及有效地作出及執行決定。董事會將繼續審查此項安排，並會在計及本集團整體情況後考慮於適當時候將董事長
與首席執行官的角色分開。
根據《企業管治守則》第2部分之守則條文第C.1.5條，非執行董事及獨立非執行董事應出席股東大會，以對股東的意見
有公正的了解。Kazuhiro Doi先生（於2026年3月31日辭任）及陳繁昌博士因其他業務承諾未能出席於2026年3月13日
舉行的股東特別大會；而Ichijo Futakawa先生、顏惠萍女士及陳繁昌博士因其他業務承諾未能出席於2026年6月26日舉
行的股東週年大會。其他董事會成員，包括兩位執行董事（即韓旭博士及李岩博士）均出席了兩次大會，並在會上回答
股東提問。於會議舉行前，缺席的非執行董事及獨立非執行董事已審閱所有相關會議材料，了解待審議的事項，並表達
了彼等的意見，履行了彼等作為董事的職責。董事會認為，該等暫時缺席並未對本公司的企業管治標準、董事會的有效
運作或本集團的日常運營產生任何重大不利影響。董事會將繼續監察董事出席股東大會的情況，並提醒全體董事在此方
面的義務。

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企業管治

遵守《標準守則》
本公司已採用《上市規則》附錄C3所載《標準守則》，作為董事進行證券交易的行為守則。我們已向可能掌握本集團內幕
消息的全體董事及相關僱員作出特定查詢，彼等確認於報告期內均已遵守《標準守則》。

董事委員會
董事會已成立四個委員會，即審計委員會、薪酬委員會、提名委員會及企業管治委員會，以監督本公司特定方面的事
務。各委員會均設有明確的書面章程。董事委員會的章程可於本公司及聯交所網站查閱。
審計委員會
本公司已依據《上市規則》第3.21條及《企業管治守則》設立審計委員會。
審計委員會的主要職責包括（其中包括）審閱會計及內部控制政策及程序以及為監控重大財務風險敞口而採取的任何措
施的充分性及有效性、審閱及批准所有擬議關聯方交易、監督審計流程及履行董事會指派的其他職責。
本公司審計委員會由三名獨立非執行董事組成，即顏惠萍女士、張彤先生及陳繁昌博士，由顏惠萍女士（為擁有《上市
規則》第3.10(2)條及第3.21條規定的適當會計或相關財務管理專業知識的獨立非執行董事）擔任審計委員會主席。
審計委員會已審閱本集團於報告期的未經審計綜合財務報表及未經審計中期業績，且董事會與審計委員會對本公司所採
用會計處理方式並無異議。
審計委員會已與本公司獨立審計師畢馬威會計師事務所舉行會議。審計委員會亦就本公司所採用會計政策及實務相關事
宜以及風險管理及內部控制系統和財務報告事宜與本公司高級管理層展開討論。
本公司獨立審計師畢馬威會計師事務所已根據《香港審閱委聘準則》第2410號「由實體的獨立核數師執行中期財務資料
審閱 」審閱本集團於報告期的未經審計簡明綜合中期財務報表。

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企業管治

薪酬委員會
本公司已依據《上市規則》第3.25條及《企業管治守則》設立薪酬委員會。
薪酬委員會的主要職責包括（其中包括）就所有董事及高級管理層的薪酬政策及結構向董事會提出建議、根據董事會的
企業目標及宗旨審閱及批准薪酬方案，以及履行董事會指派的其他職責。
薪酬委員會由一名執行董事及三名獨立非執行董事組成，即張彤先生、韓博士、顏惠萍女士及陳繁昌博士，由張先生擔
任主席。
提名委員會
本公司已依據《上市規則》第3.27A及8A.27條及《企業管治守則》設立提名委員會。
提名委員會的主要職責包括（其中包括）審核董事會的結構、規模及組成、協助董事會維持董事會技能矩陣、評估獨立
非執行董事的獨立性、甄選並向董事會推薦候選人供股東選舉或董事會委任，以及履行董事會指派的其他職責。
提名委員會由一名執行董事及三名獨立非執行董事組成，即張彤先生、韓博士、顏惠萍女士及陳繁昌博士，由張先生擔
任主席。
企業管治委員會
本公司已依據《上市規則》第8A.30及8A.31條及《企業管治守則》設立企業管治委員會。
企業管治委員會的主要職責包括（其中包括）制定及審閱企業管治政策及慣例並向董事會提出建議、確保本公司的經營
及管理符合全體股東的利益、確保遵守《上市規則》及與我們的不同投票權架構有關的保障措施，以及履行董事會指派
的其他職責。

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企業管治

企業管治委員會由三名獨立非執行董事組成，即張彤先生、顏惠萍女士及陳繁昌博士，由張先生出任主席。
企業管治委員會將須向董事會確認，其認為本公司已採取足夠的企業管治措施，以管理本集團與不同投票權受益人之間
的潛在利益衝突，從而確保本公司的營運及管理無差別地符合股東的整體利益。
報告期內，企業管治委員會審閱了以下事項：
(i)

本公司的企業管治政策及慣例；

(ii)

董事及高級管理層的培訓及持續專業發展；

(iii)

適用於董事及僱員的商業行為及道德準則；

(iv)

本公司對《企業管治守則》的遵守情況及於本企業管治報告中的披露；

(v)

本公司的營運及管理是否符合所有股東的利益；

(vi)

本公司的利益衝突管理，以及本公司、其附屬公司及 ╱ 或股東（一方）與不同投票權受益人（另一方）之間的任何
潛在利益衝突；

(vii)

與本公司不同投票權架構相關的所有風險，包括本公司及其附屬公司（一方）與任何不同投票權受益人（另一方）
之間的關連交易；

(viii)

本公司與股東之間有效及持續的溝通，特別是關於《上市規則》第8A.35條的規定；

(ix)

本公司在遵守法律及監管規定方面的各項政策及慣例；及

(x)

《上市規則》第8A.30條所涵蓋的事項。

文遠知行 / 2026中期報告

企業管治

企業管治委員會已審閱並向董事會確認，有足夠的企業管治措施來管理本集團與不同投票權受益人之間的潛在利益衝
突。該等措施包括：(i)任何關連交易均根據《上市規則》的要求進行披露及處理；(ii)任何有利益衝突的董事須就相關董
事會決議案放棄投票；及(iii)就涉及不同投票權受益人的交易或本集團與不同投票權受益人之間的潛在利益衝突的任何
事項，諮詢合規顧問。企業管治委員會建議董事會繼續落實該等企業管治措施，並不時審閱該等措施的有效性。
在審閱合規顧問的薪酬及委聘條款後，企業管治委員會向董事會確認，其並不知悉任何因素致使其須考慮罷免現任合規
顧問或委任新合規顧問。因此，企業管治委員會建議董事會繼續委聘本公司的現任合規顧問。
企業管治委員會已確認：(i) 不同投票權受益人於整個報告期內一直為董事會成員；(ii) 於報告期內並無發生《上市規
則》第8A.17條項下的事項；及(iii)不同投票權受益人於整個報告期內一直遵守《上市規則》第8A.14、8A.15、8A.18及
8A.24條。

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文遠知行 / 2026中期報告

其他資料

董事及最高行政人員於本公司或其任何相聯法團的股份、相關股份及債權證的權益及淡倉
截至2026年6月30日，董事及本公司最高行政人員於本公司或其任何相聯法團（定義見《證券及期貨條例》第XV部）的股
份、相關股份及債權證中擁有(a)根據《證券及期貨條例》第XV部第7及8分部須知會本公司及聯交所的權益及淡倉（包括
根據《證券及期貨條例》有關條文彼等被當作或視為擁有的權益及淡倉）；或(b)根據《證券及期貨條例》第352條記錄於本
公司須存置的登記冊內的權益及淡倉；或(c)根據《標準守則》須知會本公司及聯交所的權益及淡倉如下：
於本公司股份及相關股份中的權益

姓名

職務

權益性質

股份數目及類別 (1)

佔各類別股份權益的
概約百分比 (2)

(%)
韓博士

董事長、執行董事兼
首席執行官

實益權益 (3)
受控法團權益 (4)

李博士

執行董事

實益權益 (5)
受控法團權益 (6)

顏惠萍女士

獨立非執行董事

實益權益 (7)

張彤先生

獨立非執行董事

實益權益 (8)

27,595,520股A
類普通股(L)
41,249,590股B
類普通股(L)
10,513,974股A
類普通股(L)
27,129,666股A
類普通股(L)
13,564,833股B
類普通股(L)
93,189股A
類普通股(L)
81,966股A
類普通股(L)

2.84
75.25
1.08
2.79
24.75
0.01
0.01

附註：
(1)

字母「L」指該人士於股份中的好倉。

(2)

基於截至2026年6月30日已發行972,508,041股A類普通股及54,814,423股B類普通股的總數計算。

(3)

韓博士有權根據2018年股份計劃項下授予其的購股權獲得27,595,520 股A類普通股，但須受購股權的相關條件（包括歸屬條
件）規限。詳情請參閱本中報「其他資料 － 股份激勵計劃」一節。

文遠知行 / 2026中期報告

其他資料

(4)

XHL由韓博士擁有80%股權。THL由XHL及Trident分別擁有51%及49%股權。Trident為韓氏家族信託的受託人，而韓博士為保
護人以及其後代為受益人。因此，根據《證券及期貨條例》，韓博士被視為於XHL及THL持有的B類普通股中擁有權益。

(5)

李博士有權根據2018年股份計劃項下授予其的購股權獲得10,513,974 股A類普通股，但須受購股權的相關條件（包括歸屬條
件）規限。詳情請參閱本中報「其他資料 － 股份激勵計劃」一節。

(6)

Humber Partners由李博士擁有80%股權。Yanli由Humber Partners及Trident分別擁有51%及49%股權。Trident為李氏家族
信託的受託人，而李博士為保護人以及其後代為受益人。因此，根據《證券及期貨條例》，李博士被視為於Humber Partners及
Yanli持有的A類普通股及B類普通股中擁有權益。

(7)

顏惠萍女士有權根據2018年股份計劃項下授予其的股份獎勵獲得93,189股A類普通股。詳情請參閱本中報「其他資料 － 股份激
勵計劃」一節。

(8)

張彤先生有權根據2018年股份計劃項下授予其的購股權獲得81,966股A類普通股。詳情請參閱本中報「其他資料 － 股份激勵計
劃」一節。

除上文所披露者外，截至2026年6月30日，據任何董事或本公司最高行政人員所知，董事及本公司最高行政人員概無
於本公司或其任何相聯法團（定義見《證券及期貨條例》第XV部）的股份、相關股份或債權證中擁有任何(a)根據《證券及
期貨條例》第XV部第7及8分部須知會本公司及香港聯交所的權益或淡倉（包括根據《證券及期貨條例》的該等條文彼等
被當作或視為擁有的權益及淡倉）；(b)根據《證券及期貨條例》第352條須列入該條所指登記冊的權益或淡倉；或(c)根據
《標準守則》須知會本公司及聯交所的權益或淡倉。

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其他資料

主要股東於本公司股份及相關股份的權益及淡倉
截至2026年6月30日，據董事所深知，以下人士（本公司董事及最高行政人員除外）於本公司股份或相關股份中擁有根
據《證券及期貨條例》第XV部第2及3分部須向本公司披露或記錄於本公司根據《證券及期貨條例》第336條須存置的登記
冊內的權益或淡倉：

股東

權益性質

股份數目 (1)

於各類別
股份的持股
概約百分比 (2)

(%)
A類普通股
Deutsche Bank Aktiengesellschaft
（「Deutsche Bank」）(3)
湯玉祥先生（「湯先生」）(4)
鄭州通泰合智管理諮詢有限公司
（「通泰合智」）(4)
鄭州通泰志合企業管理中心（有限合夥）
（「通泰志合」）(4)
鄭州宇通集團有限公司（「鄭州宇通」）(4)
鄭州旭新企業管理諮詢有限公司（「鄭州旭新」）(4)
鄭州旭豐嘉遠智能網聯企業管理中心（有限合夥）
（「鄭州旭豐」）(4)

受控法團權益
受控法團權益

690,161,727 (L)
690,161,727 (S)
65,659,592 (L)
65,659,592 (L)

70.97
70.97
6.75
6.75

受控法團權益

65,659,592 (L)

6.75

受控法團權益
受控法團權益
實益權益
受控法團權益

65,659,592 (L)
65,659,592 (L)
25,868,845 (L)
39,790,747 (L)

6.75
6.75
2.66
4.09

Renault S.A.（「Renault」）(5)
Renault s.a.s.(5)
日產自動車株式會社（「日產」）(5)
Alliance Ventures B.V.（「Alliance Ventures」）(5)

受控法團權益
受控法團權益
受控法團權益
實益權益

63,680,080 (L)
63,680,080 (L)
63,680,080 (L)
63,680,080 (L)

6.55
6.55
6.55
6.55

SMB Holding Corporation（「SMB」）(6)
Uber Technologies, Inc.（「Uber」）(6)

實益權益
受控法團權益

50,536,766 (L)
50,536,766 (L)

5.20
5.20

Qiming Corporate GP V, Ltd.
（「Qiming Corporate GP V」）(7)

受控法團權益

49,269,870 (L)

5.07

實益權益
受控法團權益
實益權益
實益權益
受控法團權益
受控法團權益

24,850,000 (L)
16,399,590 (L)
16,399,590 (L)
13,564,823 (L)
10 (L)
16,399,600 (L)

45.33
29.92
29.92
24.75
0.00
29.92

B 類普通股
XHL(8)
THL(8)
Humber Partners(9)
Trident(8)(9)

存託人

文遠知行 / 2026中期報告

其他資料

附註：
(1)

字母「L」指該人士於股份中的好倉，而「S」指該人士於股份中的淡倉。

(2)

基於截至2026年6月30日已發行972,508,041股A類普通股及54,814,423股B類普通股的總數計算。

(3)

Deutsche Bank於本公司合共690,161,727股A類普通股（好倉）及690,161,727股A類普通股（淡倉）中擁有權益。根據Deutsche
Bank就日期為2026年6月18日的相關事件提交的權益披露通知，該等A類普通股由Deutsche Bank透過其以美國存託憑證存託
人身份行事的附屬公司持有。

(4)

鄭州旭豐持有北京旭豐致遠智能科技合夥企業（有限合夥）
（「北京旭豐」）92.4%的合夥權益，而北京旭豐實益持有39,790,747
股A類普通股。鄭州旭豐及北京旭豐的普通合夥人為鄭州旭新。鄭州旭新由鄭州宇通全資擁有。鄭州宇通由通泰志合擁有85%
股權。通泰志合的普通合夥人為通泰合智。通泰合智由湯先生擁有52%股權。因此，根據《證券及期貨條例》，鄭州旭豐被視
為於北京旭豐持有的A類普通股中擁有權益，以及根據《證券及期貨條例》，湯先生、通泰合智、通泰志合、鄭州宇通及鄭州旭
新各自被視為於鄭州旭豐及北京旭豐持有的A類普通股中擁有權益。

(5)

Alliance Ventures由Renault s.a.s.及日產（一家於東京證券交易所上市的公司，股票代碼：7201）分別擁有40%及40%股權。
Renault s.a.s.由Renault（ 一家於泛歐證券交易所上市的公司，股票代碼：RNO）全資擁有。因此，根據《證券及期貨條例》，
Renault、Renault s.a.s.及日產各自被視為於Alliance Ventures持有的A類普通股中擁有權益。

(6)

SMB由Uber全資擁有。因此，根據《證券及期貨條例》，Uber被視為於SMB持有的A類普通股中擁有權益。

(7)

Qiming Venture Partners V, L.P.及Qiming Managing Directors Fund V, L.P.均為根據開曼群島法律註冊的獲豁免有限合夥企
業。Qiming Venture Partners V, L.P.及Qiming Managing Directors Fund V, L.P. 分別持有47,787,195股及1,482,675股A類普
通股。Qiming GP V, L.P.是Qiming Venture Partners V, L.P.的普通合夥人，而Qiming Corporate GP V則是Qiming GP V, L.P.及
Qiming Managing Directors Fund V, L.P.的普通合夥人。因此，根據《證券及期貨條例》，Qiming Corporate GP V被視為於
Qiming Venture Partners V, L.P.及Qiming Managing Directors Fund V, L.P.持有的A類普通股中擁有權益。

(8)

XHL由韓博士擁有80%股權。因此，根據《證券及期貨條例》，韓博士被視為於XHL持有的B類普通股中擁有權益。
THL由XHL及Trident分別擁有51%及49%股權。Trident為韓氏家族信託的受託人，而韓博士為保護人以及其後代為受益人。因
此，根據《證券及期貨條例》，XHL及Trident各自被視為於THL持有的B類普通股中擁有權益。

(9)

Yanli由Humber Partners及Trident分別擁有51%及49%股權。Trident為李氏家族信託的受託人，而李博士為保護人以及其後
代為受益人。因此，根據《證券及期貨條例》，Humber Partners及Trident各自被視為於Yanli所持10股B類普通股中擁有權益。

除上文所披露者外，據董事所深知，截至2026年6月30日，概無任何人士（本公司董事及最高行政人員除外）於本公司
股份或相關股份中擁有根據《證券及期貨條例》第XV部第2及3分部須向本公司披露，或須記錄於本公司根據《證券及期
貨條例》第336條須存置的登記冊內的權益或淡倉。

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其他資料

禁售期
下表載列根據《上市規則》第18C.14條須遵守禁售規定的人士（連同彼等各自的緊密聯繫人）名單：

人士

身份

於最後實際可行日期
持有的股份總數

受禁售規定限制
的股份百分比 (1)

已商業化公司的禁售期

(%)
韓博士

創始人、董事長、執行董事、
首席執行官兼不同投票
權受益人
聯合創始人、執行董事、首席
技術官兼不同投票權受益人

李博士

鍾華博士

高級副總裁

41,249,590股B
類普通股 (2)

4.0

27,129,666股A
類普通股 (3)
13,564,833股B
類普通股 (4)
16,573,442股A
類普通股

2.6

自招股章程之日
起至上市日期起計
12個月當日止期間 (5)

1.3
1.6

附註：
(1)

基於截至最後實際可行日期已發行972,508,041股A類普通股及54,814,423股B類普通股總數計算。

(2)

指XHL所持有的24,850,000 股B類普通股及THL所持有的16,399,590 股B類普通股。XHL由韓博士及Trident分別擁有80%及
20%股權。THL由XHL及Trident分別擁有51%及49%股權。Trident為韓氏家族信託的受託人，而韓博士為保護人及其後代為
受益人。

(3)

指Humber Partners持有的11,129,666股A類普通股及Yanli持有的16,000,000股A類普通股。Humber Partners由李博士及
Trident分別擁有80%及20%股權。Yanli由Humber Partners及Trident分別擁有51%及49%股權。Trident為李氏家族信託的受
託人，而李博士為保護人及其後代為受益人。

(4)

指Humber Partners持有的13,564,823股B類普通股及Yanli持有的10股B類普通股。

(5)

韓博士已自願承諾遵守為期三年的禁售期，自2025年10月28日起生效，涵蓋由彼直接或間接擁有或控制的本公司股本的所有
股份，或可轉換為、可交換為或可予行使以認購本公司股本中任何股份的證券。於此禁售期內，除慣例豁免情況外，韓博士將
不會出售、轉讓、質押或以其他方式處置任何該等證券。

(6)

韓博士及李博士有權根據2018年股份計劃項下授予彼等的購股權，分別獲得27,595,520股A類普通股及10,513,974股A類普
通股，但須遵守其中的相關條件（包括歸屬條件）。韓博士及李博士於招股章程日期起至上市日期後12個月當日止期間行使購
股權時獲配發及發行的A類普通股亦須遵守該期間的禁售規定。

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其他資料

股份激勵計劃
2018年股份計劃
本公司於2018年6月12日採納2018年股份計劃，並於2024年7月26日修訂及重述。2018年股份計劃（經修訂且現時有
效）的主要條款載述如下。

目的
2018年股份計劃的目的為吸引、激勵及留住本公司的員工、董事及顧問，並促進我們業務的成功。
獎勵類型
2018年股份計劃規定直接授予或出售股份、授予購買股份的購股權以及授予收購股份的受限制股份單位。根據該計劃
授予的購股權可能是激勵性股票期權（「ISO」），旨在符合1986年《國內稅收法》第422條的規定，也可能是非合格股票
期權（「NSO」），其目的並不符合該條款的要求。
計劃限額
根據2018年股份計劃初步發行的股份數目不得超過311,125,716股（如有任何股息、股份拆細、重新分類、資本重組、
分拆、反向分拆、合併或類似交易，則予以公平調整），約佔本公司截至本中報日期已發行股份總數（不包括庫存股份）
的31.53%。2018 年股份計劃項下並無服務提供商分項限額。2018 年股份計劃條款不符合《上市規則》第十七章的規
定，故本公司於聯交所上市後不得根據2018年股份計劃作進一步授出。
計劃管理
董事會或董事會任命的一個或多個委員會將管理2018年股份計劃。委員會或董事會（如適用）應有充分的權力及自由裁
量權採取其認為必要或可取的任何行動，以管理2018年股份計劃。
獎勵協議
2018年股份計劃下的各股份獎勵、各股份出售、各購股權授予及各受限制股份單位授予應分別由股份授予協議、股份
購買協議、購股權協議及受限制股份單位協議證明。該獎勵、出售及購股權應受2018年股份計劃的所有適用條款及條
件以及董事會認為適合納入股份授予協議或股份購買協議的其他條款所規限。
資格
我們的員工、本集團董事及顧問有資格根據2018年股份計劃獲授予獎勵，而僅員工有資格獲得ISO。
歸屬時間表
一般而言，計劃管理人決定歸屬時間表，該時間表於相關的購股權協議中規定。
行使獎勵
計劃管理人釐定相關獎勵協議中規定的將予發行的股份或將予授予的購股權或受限制股份單位的行使或購買價格（如適
用）。

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其他資料

轉讓限制
除符合2018年股份計劃或相關獎勵協議中規定的例外情況或由計劃管理人另行決定的情況外，參與者不得以任何方式
轉讓獎勵，例如通過受益人指定、遺囑或繼承及分配法進行轉讓。
終止及修訂
除非提前終止，否則2018年股份計劃的期限為自(i)董事會通過2018年股份計劃之日；或(ii)董事會及股東批准最近一次
增加預留股份數目之日（以較晚者為準）起十年。因此，2018年股份計劃的剩餘年期約為7.9年。董事會有權隨時以任何
理由修改、暫停或終止2018年股份計劃。然而，對2018年股份計劃的任何修訂，僅在須遵守適用法律、法規及規則時
須經股東批准。
每名參與者的最大權利
根據2018年股份計劃，每名參與者的獲授權利並無最高限額。
行使期
任何購股權均不得於授出日期起計十(10)年後，或相關購股權協議訂明的較短期間屆滿後行使。計劃管理人可酌情決定
每份購股權的行使期，惟須受前述最長期限所限。如屬授予參與者（持有本公司所有發行在外股份類別總投票權10%以
上）的ISO，則購股權期限自授予日期起計不得超過五(5)年。
接納購股權或股份獎勵的對價
根據2018年股份計劃授出任何購股權或獎勵時，參與者無需支付任何現金對價。在行使購股權時，參與者應以現金或
現金等價物，或董事會可能准許的其他付款方式，支付相關購股權協議所載適用行使價。2018年股份計劃項下授出的
受限制股份單位歸屬或結算時，參與者無須支付任何行使價或購買價。
釐定購股權行使價及股份獎勵購買價的基準
因行使購股權而將予認購的每股A類普通股的行使價由計劃管理人釐定，並依照相關購股權協議所載規定為之。如屬旨
在符合《1986年美國國內稅收法典》第422條規定的ISO，其行使價不得低於授予日期A類普通股公平市值的100%。如
屬NSO，行使價通常不得低於授予日期A類普通股公平市值的100%，惟於授予日期向非美國納稅人授出的NSO，或旨
在符合《1986年美國國內稅收法典》第409A條或獲其豁免的NSO除外。根據2018年股份計劃授出的受限制股份單位歸
屬時，無須支付任何購買價。

文遠知行 / 2026中期報告

其他資料

已授出未行使購股權及股份獎勵
本公司於上市日期後並無根據2018年股份計劃進一步授出任何購股權。於報告期內，2018年股份計劃項下已授出購股
權的變動詳情如下：
相關購股權所涉A類普通股數目
每股A類
普通股
相關購股權
行使價
（美元）

截至
2026年
1月1日未
行使

於報告期
內授予

於報告期
內行使

於報告期
內註銷

於報告期內
失效

截至
2026年
6月30日
尚未行使

22,662,519

–

–

–

–

22,662,519

4,933,001
7,554,173
2,959,801
81,966

–
–
–
–

–
–
–
–

–
–
–
–

–
–
–
–

4,933,001
7,554,173
2,959,801
81,966

4,526,170

–

–

–

–

4,526,170

150,000
2,710,000
3,777,087
986,600

–
–
–
–

–
–
–
–

–
–
–
–

–
–
–
–

150,000
2,710,000
3,777,087
986,600

在任何12個月期間內，獲授及將獲授購股權超過相關類別已發行股份（不包括庫存股份）0.1%的服務提供者
曾鳴先生
2022年10月29日
1.24 自授予日期起計四年
1,500,000

–

–

–

–

1,500,000

小計

–

–

–

–

51,841,317

承授人類別或姓名

授予日期

董事
韓博士

2022年10月29日

1.24

2024年7月26日
2022年10月29日
2024年7月26日
2025年3月12日

3.89
1.24
3.89
1.22

李博士
張彤先生

獲授及將獲授購股權及獎勵超過1%個人限額的參與者
李璇女士
2021年2月5日

2021年10月25日
2022年5月24日
2022年10月29日
2024年7月26日

0.46

0.55
1.03
1.24
1.22

歸屬期

(1)

在納斯達克或
聯交所上市後歸屬

自授予日期起計一年

在納斯達克上
市後或自授予日期
起計四年歸屬

51,841,317

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其他資料

相關購股權所涉A類普通股數目

承授人類別或姓名
本集團其他僱員合共
493名承授人

合計

授予日期

2019年5月30日
2019年11月14日
2020年2月11日
2020年5月22日
2020年9月23日
2021年2月5日
2021年10月25日
2022年1月6日
2022年5月24日
2022年10月29日
2023年12月6日
2024年6月28日
2024年7月26日

每股A類
普通股
相關購股權
行使價
（美元）

0.46至3.89

歸屬期

(1)

於授出時、於納斯達克
上市時或自授出
日期起計四年歸屬

截至
2026年
1月1日未
行使

於報告期
內授予

於報告期
內行使

於報告期
內註銷

於報告期內
失效

截至
2026年
6月30日
尚未行使

91,668
624,837
1,120,953
1,816,569
1,129,155
283,593
12,206,169
2,715,237
3,155,766
9,245,370
6,152,535
3,884,052
986,598

–
–
–
–
–
–
–
–
–
–
–
–
–

19,668
150,993
177,534
336,894
199,296
19,800
892,464
212,394
423,357
696,045
517,023
204,843
–

–
–
–
–
–
–
–
–
–
–
–
–
–

–
–
–
–
–
–
–
–
11,760
50,601
163,323
276,390
–

72,000
473,844
943,419
1,479,675
929,859
263,793
11,313,705
2,502,843
2,720,649
8,498,724
5,472,189
3,402,819
986,598

95,253,819

–

3,850,311

–

502,074

90,901,434

附註：
(1)

各批次購股權適用的歸屬期載於上表中。購股權期限自相關授予日期起計不得超過十年。如屬授予參與者（持有本公司所有發
行在外股份類別總投票權10%以上）的ISO，則購股權期限自相關授予日期起計不得超過五年。

(2)

上表所示A類普通股數據乃按每股美國存託股份代表三股A類普通股的基準，由美國存託股份數據換算得出。各項變動數據（包
括已授出、已行使、已註銷及已失效購股權涉及的A類普通股數目）按相關美國存託股份數據除以三計得。倘相關美國存託股
份數據無法被三整除，則所得數值向下約整至最接近的A類普通股整數。

(3)

報告期內，緊接購股權獲行使日期前一個營業日，A類普通股的加權平均收市價為18.98港元。報告期內，緊接購股權獲行使
日期前一個營業日，美國存託股份的加權平均收市價為7.21美元。

(4)

為符合香港披露規定，根據2018 年股份計劃授出的獎勵原以美國存託股份計值並轉換為A類普通股。由於轉換過程中已作約
整，本公司向美國證交會提交的文件與香港報告所披露美國存託股份數目之間或會出現輕微差異。

文遠知行 / 2026中期報告

其他資料

本公司於上市日期後並無根據2018年股份計劃進一步授出任何股份獎勵。於報告期內，2018年股份計劃項下已授出股
份獎勵的變動詳情如下：
相關股份獎勵涉及的A類普通股數目

承授人類別或姓名
本集團其他僱員合共
453名獎勵對象

合計

授予日期

歸屬期

2024年11月14日
2025年1月18日
2025年4月16日
2025年8月5日
2025年10月25日

自授出日期起
計四年或五年

截至2026年
1月1日未
歸屬

於報告期
內授予

於報告期
內歸屬

於報告期
內註銷

於報告期
內失效

截至2026年
6月30日
未歸屬

5,340,486
3,716,928
4,746,756
3,604,206
5,155,425

–
–
–
–
–

508,608
421,011
736,026
264,126
1,365

–
–
–
–
–

–
192,096
304,713
639,768
401,997

4,831,878
3,103,821
3,706,017
2,700,312
4,752,063

22,563,801

–

1,931,136

–

1,538,574

19,094,091

附註：
(1)

上表所示A類普通股數據乃按每股美國存託股份代表三股A類普通股的基準，由美國存託股份數據換算而得。各項變動數據（包
括已授出、已歸屬、已註銷及已失效股份獎勵所涉A類普通股數目）按相關美國存託股份數據除以三計得。如相關美國存託股
份數據無法被三整除，則所得數值約整至最接近的A類普通股整數。

(2)

報告期內，緊接股份獎勵歸屬日期前一個營業日，A類普通股的加權平均收市價為20.29港元。報告期內，緊接股份獎勵歸屬
日期前一個營業日，美國存託股份的加權平均收市價為7.71美元。

截至2026年1月1日及6月30日，2018年股份計劃項下概無可予授出購股權或股份獎勵。
2026年股份計劃
本公司於2026年3月13日採納2026年股份計劃。2026年股份計劃主要條款如下。

目的
2026年股份計劃的目的是通過授出獎勵（「獎勵」）吸引、激勵及留住僱員、董事及顧問。2026年股份計劃就授出購股權
（「購股權」）以購買A類普通股以及授出受限制股份單位（「受限制股份單位」）以收購A類普通股作出規定。根據2026年
股份計劃提呈發售的相關A類普通股可由新A類普通股或庫存股份撥付。

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其他資料

資格
僱員、董事及顧問合資格獲授2026年股份計劃項下獎勵。
顧問的資格應由管理人經考慮其對本集團的成功及發展的潛在及 ╱ 或實際貢獻、顧問具備的特定技能或技術知識以及
保留其服務對本集團的重要性後全權酌情釐定。具體而言，管理人可能會基於以下因素通過授出獎勵而向顧問提供激勵
及獎勵：(i)其參加及參與推廣本集團業務的情況；(ii)其向本集團提供優質服務和及時市場情報的情況；及(iii)其是否有
助於本集團的中短期或長期業務發展。

管理
薪酬委員會或薪酬委員會已向其轉授權力的任何小組委員會或代表（「管理人」）將管理2026年股份計劃。在2026年股份
計劃條文及適用法律法規（包括《上市規則》）的規限下，管理人應有充分的權力及自由裁量權採取其認為必要或可取的
任何行動，以管理2026年股份計劃。管理人對2026年股份計劃、根據2026年股份計劃授出的任何獎勵及任何獎勵協議
的詮釋以及管理人作出的所有決定、裁定及詮釋，就所有目的而言具有最終性、約束力及不可推翻，且對所有未行使獎
勵持有人（「參與者」）及從參與者獲得權利的所有人士均具有約束力。
計劃限額及顧問分項限額
2026年股份計劃項下可予發行或轉讓的A類普通股（包括庫存股份）的最高數目，不得超過本公司截至股東批准2026年
股份計劃之日已發行及發行在外股份總數（不包括庫存股份）的10%（即102,732,246股A類普通股（「計劃限額」））。
在計劃限額中，可向顧問發行或轉讓的A類普通股的最高數目，不得超過本公司截至股東批准2026年股份計劃之日已發
行及發行在外股份總數（不包括庫存股份）的1%（即10,273,224股A類普通股（「顧問分項限額」））。
如出現任何股份分拆、合併、重新分類或類似公司交易，計劃限額及顧問分項限額均須作出公平調整，確保各項限額代
表的已發行股份百分比於有關交易前後保持一致。本公司可在適用法律（包括《上市規則》）允許並受其要求規限下，更
新計劃限額及顧問分項限額，或在該等限額之外授出獎勵。任何計劃限額及 ╱ 或顧問分項限額的更新均須獲得股東批
准。

文遠知行 / 2026中期報告

其他資料

若尚未行使購股權或受限制股份單位因任何理由屆滿或失效，該等購股權或受限制股份單位中尚未行使或尚未結算的部
分可獲分配的相關A類普通股將仍可根據2026年股份計劃予以發行或轉讓。為免生疑問，根據2026年股份計劃的條款
已失效的購股權或受限制股份單位，在計算計劃限額及顧問分項限額時將不被視為已使用，惟被註銷的購股權或受限制
股份單位於進行該等計算時將被視為已使用。
即使2026年股份計劃載有任何相反規定，在任何情況下，以下A類普通股概不得再次根據2026年股份計劃用於其他獎
勵：(i)行使購股權或其他獎勵時為支付相關行使價（倘適用）而交出或扣留的A類普通股；(ii)參與者為履行與行使購股權
或結算任何其他獎勵相關的預扣稅義務而交出或被本公司扣留的A類普通股；及(iii)以行使購股權所得現金在公開市場上
購買的A類普通股。

獎勵授出
倘向參與者授出任何獎勵，將導致於截至有關授出日期（包括該日）止十二個月期間就有關參與者獲授的所有購股權及
獎勵（不包括根據股份計劃或獎勵協議條款失效的任何獎勵）涉及的已發行及將予發行A類普通股合共超過已發行股份
（不包括庫存股份）總數的1%，則有關授出須於股東大會上另行取得股東批准，而有關參與者及其緊密聯繫人（倘參與
者為關連人士，則其聯繫人）須放棄投票。
向本公司董事、最高行政人員或主要股東或其各自的任何聯繫人授出獎勵，須經獨立非執行董事（不包括身為獎勵承授
人的任何獨立非執行董事）批准。企業管治委員會須就向身為不同投票權受益人的董事授出任何獎勵作出建議。
倘向本公司董事（獨立非執行董事除外）、最高行政人員或其任何聯繫人授出任何獎勵（不包括授出購股權），將導致於
截至有關授出日期（包括該日）止十二個月期間就有關參與者獲授的所有購股權及獎勵（不包括根據股份計劃或獎勵協議
條款失效的任何獎勵）涉及的已發行及將予發行A類普通股合共超過已發行股份（不包括庫存股份）總數的0.1%，則有關
進一步授出獎勵須於股東大會上取得股東批准，而有關參與者及其聯繫人須於有關股東大會上放棄投贊成票。
倘向本公司獨立非執行董事或主要股東或其各自的任何聯繫人授出任何獎勵，將導致於截至有關授出日期（包括該日）
止十二個月期間就有關參與者獲授的所有獎勵（不包括根據股份計劃或獎勵協議條款失效的任何獎勵）涉及的已發行及
將予發行A類普通股合共超過已發行股份（不包括庫存股份）總數的0.1%，則有關進一步授出獎勵須於股東大會上取得
股東批准，而有關參與者及其聯繫人須於有關股東大會上放棄投贊成票。

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其他資料

本公司不得於下列期間授出任何獎勵：
(a)

獲悉任何內幕消息後至直至公佈該消息後的交易日（包括該日）；

(b)

緊接：(1)董事會會議批准本公司任何年度、半年度、季度或任何其他中期業績（無論《上市規則》有否規定）當日
（即根據《上市規則》最先通知聯交所的有關日期）；及(2)本公司根據《上市規則》公佈任何年度或半年度或者季度
或任何其他中期業績（無論《上市規則》有否規定）的最後限期當日（以較早者為準）前30日起至業績公告刊發日期
止期間；及

(c)

本公司延遲刊發業績公告的任何期間。

參與者無須就獎勵授出支付現金對價。

購股權的期限
購股權協議應載明經管理人釐定的購股權期限，該期限自授出日期起計不得超過10年。
歸屬
管理人將全權酌情釐定獎勵的歸屬，惟根據2026年股份計劃授出的獎勵不得早於授出日期第一週年歸屬。儘管如此，
對於授予僱員的下列獎勵，管理人可於獎勵授出時全權酌情釐定可歸屬獎勵的更短期間：
(a)

就根據本公司或其任何附屬公司所訂立的合併、收購或類似交易而被繼受、轉換或替代的獎勵而授出的替代獎
勵；或

(b)

管理人可能就以下各項授出的任何額外獎勵：(i)向新僱員授出簽約或補償性獎勵；(ii)授出附有績效掛鈎歸屬條件
的獎勵；(iii)因行政或合規理由分批授出的獎勵；(iv)授出在12個月或以上期間分批等額歸屬的獎勵；(v)授出總歸
屬及持有期間超過12個月的獎勵；及(vi)須遵守最低持有期限為12個月而根據僱員與本集團的薪酬安排（包括相
關獎勵協議）交付予僱員的獎勵。

績效目標
根據2026年股份計劃授出的每項獎勵須由參與者與本公司簽訂的獎勵協議予以證明。協議載明獎勵所涉的股份數目以
及獎勵條款及條件，包括獎勵可歸屬前需實現的任何績效目標（該等績效目標以各種關鍵績效指標為基礎，涉及經營、
財務、業務及 ╱ 或旨在激勵及獎勵對本集團的貢獻的其他參數）。評估績效目標的關鍵績效指標包括以下任一個或多個
公司範圍內的或附屬公司、部門、經營單位、業務線、項目、地區或個人參數：現金流；收益；每股收益；市場增值或
經濟增值；利潤；資產收益率；收入；增長率；股本回報率；投資回報；銷售額；股價；股東總回報；業務單位發展；
或管理人不時釐定的其他目標。

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在評估獎勵所附績效目標是否達成時，管理人將綜合考慮與參與者職責性質及本集團於適用期間的業務目標相關的定量
及定性因素。定量評估將通常涉及將實際績效與授出時批准的預設關鍵績效指標（如收入增長、營運效率指標、研發進
度里程碑或財務比率）進行比較。定性評估可能包括對參與者在戰略計劃、項目執行、團隊領導、合規性及其他職務特
定交付成果方面所作貢獻的評估。管理人將根據上述因素的整體審閱結果，並參照本集團內部管理報告、財務記錄、項
目狀態更新資料及其他相關文件，確定是否達成績效目標及達成的程度。
管理人可隨時全權酌情修改或調整關鍵績效指標，並制定關鍵績效指標須遵守的任何特殊規則及條件。為免生疑問，績
效目標不適用於根據2026年股份計劃授予獨立非執行董事的獎勵（如有）。

購股權的行使價
各購股權協議須明確行使購股權時每股可予購買的美國存託股份的行使價，而行使價將由管理人釐定，但前提是(i)行使
價必須至少為該美國存託股份於授出日期（必須為納斯達克交易日）的公平市場價（定義見下文）；(ii)在任何情況下，行
使價不得低於A類普通股面值；及(iii)釐定行使價的前提是應遵守適用法律以及A類普通股或美國存託股份上市或交易所
在任何交易所的要求（包括《上市規則》）。
ISO的行使價必須至少為A類普通股於授出日期的公平市場價的100%，惟根據以符合《1986年美國國內稅收法典》
（已修
訂）
（「《稅收法》」）第424(a)條規定的方式承接或替代的另一ISO而授出的ISO除外。
NSO的行使價必須至少為A類普通股於授出日期的公平市場價的100%，惟向於授出日期並非為美國納稅人之人士授出
的NSO、旨在作為「短暫遞延」而獲豁免遵守《稅收法》第409A條或符合《稅收法》第409A條規定的NSO或根據以符合
《稅收法》第409A條規定的方式承接或替代的另一購股權而授出的NSO除外。
「公平市場價」指按以下任一方式釐定的A類普通股的公平市場價：
(a)

如A類普通股在聯交所上市，則公平市場價應為以下兩者中的較高者：(i)聯交所每日報價表所載的A類普通股於
釐定日期（必須為聯交所交易日）的收市價；及(ii)聯交所每日報價表所載的A類普通股於緊接釐定日期前的五個
營業日的平均收市價；

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其他資料

(b)

如代表A類普通股的存託憑證於納斯達克上市，則公平市場價應為以下兩者中的較高者：(i)由彭博社或管理人認
為可靠的其他類似來源報告的、納斯達克於釐定日期（必須為納斯達克交易日）所報的該等存託憑證的收盤賣出
價（但任何適用法律另有規定的除外）；及(ii)納斯達克所報的該等存託憑證於緊接釐定日期前的五個交易日的平
均收盤賣出價，每一種情形下，均除以該等存託憑證代表的A類普通股數目；

(c)

在取得相關監管機構的事先許可或豁免或同意的前提下，如果A類普通股於納斯達克或聯交所之外的一家或多家
成熟證券交易所上市或者在一個或多個自動報價系統上交易，則公平市場價應為以下兩者中的較高者：(i)由彭
博社或管理人認為可靠的其他來源報告的、任何該等A類普通股上市或交易的交易所或系統於釐定日期所報的收
盤賣出價（但任何適用法律另有規定的除外），或者，如果釐定日期並非交易日，則為由彭博社或管理人認為可
靠的其他來源報告的、該等A類普通股上市或交易的交易所或系統於緊接釐定日期前的交易日所報的收盤賣出價
（任何適用法律另有規定的除外）；及(ii)任何A類普通股上市或交易的交易所或系統所報的該等A類普通股於緊接
釐定日期前的五個交易日的平均收盤賣出價；或

(d)

如A類普通股並無成熟市場，則公平市場價應由管理人善意確定。

參與者的權利
在參與者被登記為A類普通股持有人（在本公司股東名冊中登記）之前，儘管獎勵已歸屬，A類普通股不存在投票權、收
取股息（或本公司清盤時的分派）的權利或作為股東的任何其他權利。
獎勵失效
倘參與者的服務因任何原因或身故而終止，則購股權將自動失效。
倘參與者因任何原因（參與者身故除外）終止服務，則該參與者的購股權將於下列日期中的較早者自動失效：(i)根據購
股權期限釐定的屆滿日期；(ii)因無行為能力以外的任何原因導致參與者終止服務後三個月當日，或管理人可能釐定的較
早或較後日期（惟無論如何不得早於參與者終止服務後30天）；或(iii)參與者因無行為能力原因終止服務後六個月當日，
或管理人可能釐定的較後日期。
倘參與者於任職期間身故，則該參與者的購股權將於下列日期中的較早者自動失效：(i)根據購股權期限釐定的屆滿日
期；或(ii)參與者身故後12個月當日，或管理人可能釐定的較早或較後日期（惟無論如何不得早於參與者身故後6個月）。

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其他資料

倘參與者因任何原因終止服務，屆時所有尚未歸屬的受限制股份單位將自動失效，惟並無對價，自以下日期的較早者起
生效：(i)參與者發出或收到有關書面終止通知之日；或(ii)倘參與者為僱員，則參與者不再受僱於本集團及實際現身本集
團處所之日，而不論任何適用法律項下規定的任何通知期或代通知金期限。

獎勵註銷
2026年股份計劃並無規定管理人可註銷根據該計劃已授出獎勵的具體情形。為免生疑問，倘管理人因任何理由註銷授
予參與者的獎勵，則計算計劃限額（及顧問分項限額（如適用））時該等被註銷的獎勵將被視為已使用。僅在計劃限額（及
顧問分項限額（如適用））下仍有股份可供授出的情況下，方可向同一參與者授出任何新獎勵。
A類普通股的調整
倘本公司資本結構出現任何變動，如資本化發行、供股、分拆或綜合股份或削減本公司股本（因本公司作為一方進行
的交易以發行股份作為對價而導致本公司的資本結構出現的任何變動除外），管理人應按其酌情權作出適當的相應調整
（如有），以反映該變動對以下事項的影響：(i)至今尚未行使的獎勵所涉A類普通股的數目或面額；或(ii)行使價或其任何
組合。有關調整將根據聯交所刊發之常用材料之規定作出。任何有關調整（任何就資本化發行所作出的調整除外）均須
經獨立財務顧問或本公司審計師發出書面確認，確保賦予參與者與有關人士先前有權獲得的相同比例的股本（或相同比
例的權利），惟有關調整不得導致股份將按低於其面值的價格發行。
倘本公司為綜合或整合的一方，或倘出售本公司全部或絕大部分股份或資產，則根據2026年股份計劃收購的所有A類普
通股以及於交易生效日期尚未行使的所有獎勵須按最終交易協議所述方式處理（或倘交易並無涉及本公司作為訂約方的
最終協議，則按管理人以2026年股份計劃管理人的身份釐定的方式處理，而有關釐定對所有各方均具有最終約束力），
而有關協議或釐定毋須以相同方式處理所有獎勵（或獎勵的所有部分）。
先前尚未行使或結算的購股權及受限制股份單位，應在緊接本公司清盤或解散前終止。
除2026年股份計劃另有規定外，參與者不得因(i)任何類別股份的任何分拆或綜合、(ii)任何股息的支付或(iii)任何類別股
份數目的任何其他增減而享有任何權利。本公司發行任何類別股份或可轉換為任何類別股份的證券，均不得影響獎勵所
涉A類普通股的數目或行使價，亦不得就此作出任何調整。

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可轉讓性
購股權或受限制股份單位乃參與者個人所有，不得由參與者轉讓或讓渡，除非經適用主管機構（包括聯交所）授出豁免
並取得管理人批准。聯交所或會考慮授出該豁免，允許為參與者及有關參與者的任何家庭成員的利益（例如為遺產規劃
或稅務規劃目的）轉讓購股權或受限制股份單位予某一工具（如信託或私人公司），其將繼續符合2026年股份計劃目的
及符合《上市規則》的其他規定。
退回機制
在適用法律以及A類普通股上市或交易所在任何交易所的要求（包括《上市規則》）的規限下，於適用獎勵協議可能列明
的任何適用事件發生（包括但不限於因事由終止僱傭關係或實施任何構成事由的行為）時，(i)參與者的所有購股權或受
限制股份單位（不論歸屬與否）及授予該參與者的所有其他獎勵即自始無效，而行使任何該等購股權或受限制股份單位
應自動撤銷並視為無效；及(ii)鑒於該參與者的所有獎勵（不論歸屬與否）自始無效，該參與者應立即向本公司返還：
(A)因結算或行使該等無效獎勵獲取的所有美國存託股份，(B)因結算或行使該等無效獎勵獲取的所有現金或其他財產，
及 ╱ 或(C)該參與者因出售、轉讓或以其他方式處置行使該等無效獎勵獲取的美國存託股份或其他財產而獲得的任何收
益、利得及 ╱ 或經濟利益，且本公司有權採取一切必要行動以促使該參與者返還所有該等美國存託股份、現金或其他
財產及 ╱ 或收益、利得及 ╱ 或經濟利益。「事由」是指本集團真誠釐定參與者的嚴重不當行為或違法行為，包括不誠
實、盜竊、欺詐、刑事定罪的行為、違反法律或交易所規則、違反受信責任或嚴重違反本公司書面政策、嚴重違約行
為、經書面通知並給予合理補救機會（若可補救）後仍未能履行重大職責、不正當競爭、誹謗或發表有害言論、誘導違
約，或任何對本集團聲譽和利益造成重大不利影響的行為。為免生疑問，任何已退回獎勵將被視為失效，而如此失效的
獎勵就計算計劃限額及顧問分項限額而言不會被視為已動用。
2026年股份計劃的期限
2026年股份計劃自2026年3月13日起採納並生效。2026年股份計劃將於股東採納日期後10年自動終止，除非董事會釐
定提前終止。因此，2026年股份計劃的剩餘期限約為9.5年。
修訂及終止
董事會可隨時因任何理由修訂、暫停或終止2026年股份計劃，惟對(i)對2026年股份計劃屬重大的條款及條件；(ii)參與
者或潛在參與者與《上市規則》第17.03條所載事項有關的優勢；或(iii)董事會修改2026年股份計劃條款的權力的修訂須
經股東於股東大會上批准。為免生疑問，只要本公司仍以聯交所為主要上市地，2026年股份計劃的有關經修訂條款仍
須符合《上市規則》第十七章項下的相關規定。

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其他資料

如果向參與者授出任何獎勵首先取得了董事會、董事會轄下委員會、獨立非執行董事及 ╱ 或股東（如適用及視情況而
定）的批准，則對該等獎勵的條款的任何更改均須獲得同一權力機構的批准，但任何對根據2026年股份計劃自動生效的
獎勵的更改除外。
2026年股份計劃終止後，不得根據2026年股份計劃發行或出售任何A類普通股，亦不得根據2026年股份計劃授出任何
獎勵，惟於有關終止前根據2026年股份計劃授出的獎勵獲行使或結算時除外。除非本公司與受影響參與者另有協議，
否則2026年股份計劃的終止不得影響先前根據2026年股份計劃發行的任何A類普通股或授出的任何獎勵。2026年股份
計劃的任何修訂應適用於先前授出的獎勵及有關獎勵涉及的A類普通股（包括尚未歸屬、尚未行使或尚未結算的已授出
獎勵，視情況而定），惟本公司另有決定者不在此限。

已授出未行使獎勵
本公司並無根據2026 年股份計劃授出任何購股權。於報告期內，2026 年股份計劃項下已授出股份獎勵的變動詳情如
下：
相關股份獎勵涉及的A類普通股數目
承授人類別或姓名

授予日期

本集團其他僱員合共
274名承授人
2026年4月10日
51名承授人
2026年5月18日
合計

歸屬期

購買價

自授出日期起計42至58個月
自授出日期起計15至54個月

零
零

截至2026年
1月1日未歸屬

於報告
期內授予 (1)

於報告
期內歸屬

於報告
期內註銷

於報告 截至2026年
期內失效 6月30日未歸屬

–
–

7,227,600
1,281,929

–
417

–
–

732,300
90,000

6,495,300
1,191,512

–

8,509,529

417(5)

–

822,300

7,686,812

附註：
(1)

報告期內，根據2026年股份計劃授出的股份獎勵並無附帶任何績效目標。

(2)

2026 年4 月9 日及5 月15 日（即緊接授予日期2026 年4 月10 日及5 月18 日前的交易日），每股A類普通股的相關收市價分別為
20.18港元及19.72港元。2026年4月9日及5月15日（即緊接授予日期2026年4月10日及5月18日前的交易日），每股美國存託
股份的相關收市價分別為7.59美元及7.14美元。

(3)

於2026年4月10日及5月18日授出的股份獎勵公允價值分別為2.53美元及2.38美元，乃採用A類普通股於相關授予日期的收市
價釐定。有關上述公允價值計算所採用的會計準則及政策，請參閱本中報未經審計簡明綜合財務報表附註24。

(4)

報告期內，緊接股份獎勵歸屬日期前一個營業日，A類普通股的加權平均收市價為20.21港元。報告期內，緊接股份獎勵歸屬
日期前一個營業日，美國存託股份的加權平均收市價為8.05美元。

(5)

由於行政原因導致股份獎勵的授予被推遲，因此授予日期與首次歸屬日期之間的期間少於12個月，以反映股份獎勵本應授予
的起始時間，此做法符合2026年股份計劃的規定。

40

41

文遠知行 / 2026中期報告

其他資料

可供未來授出的A類普通股數目
2026年股份計劃於2026年3月13日獲採納。截至2026年6月30日，根據2026年股份計劃及本公司任何其他計劃，就授
出新股份的獎勵而言，計劃限額及顧問分項限額項下分別有95,045,017股及10,273,224股相關A類普通股可供未來授
出。
根據《上市規則》第17.07(3)條，於報告期內，就本公司所有計劃項下已授出購股權及股份獎勵而可能發行的A類普通股
數目除以報告期內股份加權平均數（不包括庫存股份）的所得結果為0.85%。

全球發售所得款項用途
於2025年11月6 日，本公司A類普通股在聯交所主板上市，經扣除承銷費用及佣金，本公司成功募集所得款項淨額約
2,318.0百萬港元（「全球發售所得款項淨額」）。截至2026年6月30日及直至本中報日期，本公司並無動用任何全球發售
所得款項淨額。截至本中報日期，誠如招股章程「未來計劃及所得款項用途」先前所披露，全球發售所得款項淨額擬定
用途並無變動。本公司計劃根據業務實際情況，逐步將全球發售所得款項淨額用於該等擬定用途；全球發售所得款項淨
額預期於未來兩至三年內動用。下表載列全球發售所得款項淨額的動用情況，連同預期的動用時間表：
招股章程
所述全球
佔全球發售
所得款項 發售所得款項
淨額百分比 淨額計劃分配
（概約）
（概約）

(%)
開發我們的自動駕駛技術棧，包括基礎設施和核心
能力、數據、自動駕駛技術解決方案和運營平台
加快我們L4級車隊的商業化量產及 ╱ 或運營，以提
升我們自動駕駛產品和解決方案的質量，並擴大
我們的業務規模
建立必要的營銷團隊和分支機構，以拓展現有市場
及更多市場，以及投資營銷活動
營運資金和一般企業用途
合計

截至2026年
6月30日
動用餘下
未動用所得
未動用所得款項
款項淨額
（概約） 淨額的預期時間表

（百萬港元） （百萬港元）

40.0

927.2

927.2

未來兩至三年內

40.0

927.2

927.2

未來兩至三年內

10.0

231.8

231.8

未來兩至三年內

10.0

231.8

231.8

未來兩至三年內

100.0

2,318.0

2,318.0

文遠知行 / 2026中期報告

其他資料

倘全球發售所得款項淨額並未立即用於擬定用途，以及在相關法律法規允許的情況下，本集團擬將所得款項存入持牌商
業銀行及 ╱ 或其他認可金融機構（定義見《證券及期貨條例》或其他司法管轄區的適用法律法規）的短期計息賬戶。

中期股息
董事會不建議就截至2026年6月30日止六個月派付任何中期股息。

購買、出售及贖回本公司上市證券
於報告期內，本公司於聯交所購回合共27,447,800股A類普通股，總對價為542.98百萬港元，並於納斯達克購回合共
4,335,433股美國存託股份，總對價為30.02百萬美元。本公司於報告期內進行的購回詳情如下：

購回時間

購回地點

已購回A類
普通股數目 (1)

2026年3月

聯交所
納斯達克
納斯達克
聯交所
納斯達克
聯交所
納斯達克

17,029,000股
3,234,039股
2,280,000股
6,847,100股
4,238,817股
3,571,700股
3,253,443股

2026年4月
2026年5月
2026年6月

每股A類普通股已付價格
最高
最低
20.32港元
2.64美元
2.50美元
20.66港元
2.50美元
21.30港元
1.99美元

17.53港元
2.30美元
2.43美元
17.23港元
2.21美元
19.58港元
1.79美元

已付總對價
336,857,621.00港元
7,999,502.75美元
5,667,396.79美元
131,981,547.00港元
10,245,748.47美元
74,136,958.00港元
6,109,271.36美元

附註：
(1)

於納斯達克購買的證券乃以美國存託股份的形式進行。每股美國存託股份代表三股A類普通股。

除上文所披露者外，於報告期內，本公司或其任何附屬公司概無購買、出售或贖回本公司任何上市證券（包括出售或轉
讓庫存股份）。截至2026年6月30日，本公司持有40,454,099股庫存股份。該等庫存股份將在適用法律法規及《上市規
則》允許的範圍內用於股份計劃、出售以換取現金或予以註銷（如適用）。

42

43

文遠知行 / 2026中期報告

其他資料

根據《上市規則》第13.51B(1)條作出的董事資料變更
Kazuhiro Doi先生因退休而辭任非執行董事，自2026年3月31日起生效。
Ichijo Futakawa先生已獲委任為非執行董事，自2026年4月21日起生效。
非執行董事Jean-François Salles先生自2026年初起擔任雷諾集團的全球商業服務副總裁。在此項委任之前，彼自2023
年起擔任雷諾集團的合作副總裁。
除上文所披露者外，自本公司截至2025年12月31日止年度的年報刊發以來，董事資料於報告期內概無出現須根據《上
市規則》第13.51B(1)條予以披露的變動。

根據《上市規則》的持續披露責任
除本中報所披露者外，本公司並無任何其他根據《上市規則》第13.20、13.21及13.22條須履行的披露責任。

重大訴訟
於報告期內，本集團並無涉及任何可能對其財務狀況或經營業績產生重大不利影響的重大訴訟或仲裁。於報告期內及直
至最後實際可行日期，董事亦不知悉任何可能對本集團財務狀況或經營業績產生重大不利影響的待決或對本集團構成威
脅的重大訴訟或申索。

報告期後重要事項
自2026年6月30日起及直至本中報日期，概無對本集團造成影響的重大事項。

批准中報
本集團截至2026年6月30日止六個月的中報及未經審計簡明綜合中期業績已獲董事會批准及授權於2026年8月12日刊
發。

採用非《國際財務報告準則》財務指標
於評估其業務時，本公司考慮並採用非《國際財務報告準則》財務指標，即(i)期內經調整虧損和(ii) EBITDA，作為審閱及
評估經營業績的補充指標。本公司認為，期內經調整虧損和EBITDA可為投資者及其他人士提供有用資料，協助其以與
本公司管理層相同的方式理解及評估本公司的綜合經營業績。本公司將期內經調整虧損定義為剔除股份支付薪酬開支及
以公允價值計量且其變動計入當期損益的金融資產公允價值變動後的期內虧損。本公司將EBITDA定義為剔除所得稅、
融資成本、折舊與攤銷開支後的期內虧損。

文遠知行 / 2026中期報告

其他資料

本公司呈報非《國際財務報告準則》財務指標，是因為管理層使用該等指標評估經營業績及制定業務計劃。期內經調整
虧損使本公司管理層能夠在不考慮上述其認為無法反映核心業務的非現金調整項目影響的情況下，評估本公司的經營業
績。EBITDA使本公司管理層能夠在不考慮所得稅、融資成本、折舊與攤銷的情況下，聚焦經營現金流相關項目，評估
本公司的經營業績。因此，本公司認為，使用該等非《國際財務報告準則》財務指標可為投資者及其他人士提供有用資
料，協助其以與本公司管理層及董事會相同的方式理解及評估本公司的經營業績。
該等非《國際財務報告準則》財務指標並未在《國際財務報告準則》中界定，亦未根據《國際財務報告準則》呈列。非《國
際財務報告準則》財務指標作為分析工具存在局限性。使用非《國際財務報告準則》財務指標的主要局限之一是，其無法
反映影響本公司運營的所有開支項目。此外，該等非《國際財務報告準則》指標可能不同於其他公司（包括同行公司）所
使用的非《國際財務報告準則》資料，因此其可比性可能有限。
非《國際財務報告準則》財務指標不應被單獨考慮，亦不應被解釋為期內虧損或任何根據《國際財務報告準則》編製及呈
列的其他業績資料指標的替代指標，或作為衡量本公司經營表現的指標。本公司鼓勵投資者參照下文所載最直接可比的
《國際財務報告準則》指標，審閱本公司的歷史非《國際財務報告準則》財務指標。本文所呈列的非《國際財務報告準則》
財務指標未必可與其他公司所呈列的類似名稱指標作比較。其他公司對類似名稱指標的計算方式可能有所不同，從而
限制有關指標在比較分析本公司數據時的有用性。本公司鼓勵 閣下全面審閱本公司的財務資料，而非依賴單一財務指
標。

44

45

文遠知行 / 2026中期報告

獨立審計師報告

致文遠知行股東
（於開曼群島註冊成立的有限責任公司）

緒言
我們已審閱隨附的文遠知行（「貴公司」）及其附屬公司（統稱為「貴集團」）截至2026年6月30日的簡明綜合財務狀況表以
及截至該日止六個月期間的簡明綜合損益表、損益及其他全面收益表、權益變動表及現金流量表以及中期財務報表附註
（「簡明綜合中期財務報表」）。管理層須負責根據《國際會計準則》第34號「中期財務報告 」編製及呈列該等簡明綜合中期
財務報表。我們之責任為根據我們的審閱對該等簡明綜合中期財務報表作出結論。

審閱範圍
我們已根據《香港審閱委聘準則》第2410 號「由實體的獨立核數師執行中期財務資料審閱 」進行審閱。審閱中期財務報
表主要包括向負責財務及會計事務的人員查詢，並應用分析和其他審閱程序。由於審閱的範圍遠小於根據《香港審計準
則》進行的審計範圍，故不能保證我們會注意到審計中可能發現的所有重大事項。因此，我們不發表任何審計意見。

結論
根據我們的審閱，我們並無發現任何事項，令我們相信隨附的截至2026年6月30日及截至該日止六個月的簡明綜合中
期財務報表在所有重大方面未按照《國際會計準則》第34號「中期財務報告 」的規定編製。
畢馬威會計師事務所
執業會計師
香港中環
遮打道10號
太子大廈8樓
2026年8月12日

文遠知行 / 2026中期報告

未經審計簡明綜合損益表
（以人民幣千元呈列，每股數據除外）

截至6月30日止六個月
附註

收入
產品收入
服務收入
收入總額

4

收入成本
銷售貨品成本
服務成本

2025年
人民幣千元

2026年
人民幣千元

69,281
130,334

112,783
233,074

199,615

345,857

(35,461)
(103,095)

(75,578)
(143,806)

收入成本總額

6

(138,556)

(219,384)

毛利
其他收益淨額
研發開支
行政開支
銷售開支
應收款項及合同資產減值虧損

5
6
6
6

61,059
3,021
(644,635)
(278,942)
(27,780)
(2,800)

126,473
22,612
(797,654)
(152,066)
(51,891)
(384)

(890,077)
5,629
74,946

(852,910)
(24,489)
98,506

經營虧損
匯兌收益 ╱（虧損）淨額
利息收入
以公允價值計量且其變動計入當期損益的金融資產公允價值變動
（「以公允價值計量且其變動計入當期損益」）
融資成本

25
7

23,154
(3,292)

(5,909)
(5,089)

除稅前虧損
所得稅

8

(789,640)
(1,877)

(789,891)
141

期內虧損

(791,517)

(789,750)

本公司股東應佔虧損

(791,517)

(789,750)

(0.87)

(0.79)

每股普通股虧損
每股A類及B類普通股基本及攤薄虧損（人民幣元）
隨附附註組成該等簡明綜合中期財務報表的一部分。

9(a)(ii)

46

47

文遠知行 / 2026中期報告

未經審計簡明綜合損益及其他全面收益表
（以人民幣千元呈列）

截至6月30日止六個月
2025年
人民幣千元

2026年
人民幣千元

期內虧損

(791,517)

(789,750)

期內其他全面收益，經扣除零稅項：
不會重新分類至損益的項目：
－ 換算海外業務財務報表的匯兌差額

(29,075)

(153,164)

會重新分類至損益的項目：
－ 換算海外業務財務報表的匯兌差額

–

(18,942)

期內其他全面收益

(29,075)

(172,106)

期內全面收益總額

(820,592)

(961,856)

本公司股東應佔全面收益總額

(820,592)

(961,856)

附註

隨附附註組成該等簡明綜合中期財務報表的一部分。

文遠知行 / 2026中期報告

未經審計簡明綜合財務狀況表
（以人民幣千元呈列）

附註

資產
非流動資產
物業及設備
使用權資產
無形資產
商譽
受限制現金 － 非流動
以公允價值計量且其變動計入當期損益的金融資產 － 非流動
其他非流動資產

流動資產
存貨
合同資產
貿易應收款項
預付款項及其他應收款項
預付關聯方款項及應收關聯方款項
以公允價值計量且其變動計入當期損益的金融資產 － 流動
定期存款
現金及現金等價物
受限制現金 － 流動

10
11

12
17
16

13
14(a)
15
15
27(c)
17
18
18
12

資產總額
權益
A類普通股
B類普通股
股份溢價
庫存股份
儲備
累計虧損
總權益

隨附附註組成該等簡明綜合中期財務報表的一部分。

23(a)
23(a)
23(b)
23(c)
23(c)

截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

378,769
65,870
17,966
44,758
6,487
188,083
23,668

573,233
139,560
16,426
44,758
10,988
252,411
89,964

725,601

1,127,340

321,021
23,305
462,135
269,986
9,010
144,252
301,401
6,666,304
12,910

439,112
23,964
455,765
303,486
18,217
2,293
1,099,805
4,275,014
10,420

8,210,324

6,628,076

8,935,925

7,755,416

69
4
14,962,531
–
3,223,822
(10,286,252)

69
4
14,985,114
(684,809)
3,170,926
(11,076,002)

7,900,174

6,395,302

48

49

文遠知行 / 2026中期報告

未經審計簡明綜合財務狀況表
（以人民幣千元呈列）

截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

23,241
3,489
7,720

95,397
2,991
24,994

34,450

123,382

324,263
163,000
408,357
28,512
31,920
1,949
43,300

485,047
243,563
385,088
48,053
35,390
7,910
31,681

1,001,301

1,236,732

流動資產淨值

7,209,023

5,391,344

負債總額

1,035,751

1,360,114

權益及負債總額

8,935,925

7,755,416

附註

負債
非流動負債
租賃負債 － 非流動
遞延稅項負債
其他非流動負債

流動負債
短期銀行貸款
貿易應付款項
其他應付款項、已收按金及應計開支
合同負債
租賃負債 － 流動
應付關聯方款項
認沽期權負債

隨附附註組成該等簡明綜合中期財務報表的一部分。

20

22
21
21
14(b)
27(c)
19

少於人民幣1,000元之金額。

–

8
4

–
–

–
*

62

隨附附註組成該等簡明綜合中期財務報表的一部分。

*

截至2025年6月30日的結餘

–
–
–
–

–

–
–

4

B類普通股
人民幣千元

–
3
4
1

–

全面收益總額

6(i)

–
–

截至2025年6月30日止六個月的權益變動
期內虧損
外幣換算調整（扣除零所得稅）

股份支付薪酬開支
發行A類普通股以結算已歸屬受限制股份單位
發行予存託銀行的A類普通股
發行A類普通股以行使購股權
扣繳結算已歸屬受限制股份單位後為符合
所得稅要求的已歸屬受限制股份單位
交回A類普通股

54

A類普通股
人民幣千元

截至2025年1月1日的結餘

附註

12,800,243

49,645

–
*

–
(3)
(4)
49,652

–

–
–

12,750,598

股份溢價
人民幣千元

2,292,826

168,676

(50,846)
–

219,522
–
–
–

–

–
–

2,124,150

股份支付
薪酬儲備
人民幣千元

(225,358)

–

–
–

–
–
–
–

(29,075)

–
(29,075)

(196,283)

換算儲備
人民幣千元

1,018,848

–

–
–

–
–
–
–

–

–
–

1,018,848

其他儲備
人民幣千元

(9,422,869)

–

–
–

–
–
–
–

(791,517)

(791,517)
–

(8,631,352)

累計虧損
人民幣千元

6,463,756

218,329

(50,846)
–

219,522
–
–
49,653

(820,592)

(791,517)
(29,075)

7,066,019

總權益
人民幣千元

文遠知行 / 2026中期報告

未經審計簡明綜合權益變動表
（以人民幣千元呈列）

50

–

–

少於人民幣1,000元之金額。

隨附附註組成該等簡明綜合中期財務報表的一部分。

*

截至2026年6月30日的結餘
69

–
–
–

6(i)
23(a)(ii)
23(b)

–
–
–

股份支付薪酬開支
發行A類普通股以行使購股權
購回A類普通股

–

–

全面虧損總額

4

–
–

–
–

截至2026年6月30日止
六個月的權益變動
期內虧損
外幣換算調整（扣除零所得稅）

4

B類普通股
人民幣千元
附註23(a)

69

A類普通股
人民幣千元
附註23(a)

截至2026年1月1日的結餘

附註

14,985,114

22,583

–
22,583
–

–

–
–

14,962,531

股份溢價
人民幣千元
附註23(a)

(684,809)

(684,809)

–
–
(684,809)

–

–
–

–

庫存股份
人民幣千元
附註23(b)

2,642,497

119,210

119,210
–
–

–

–
–

2,523,287

股份支付
薪酬儲備
人民幣千元
附註23(c)(i)

(490,419)

–

–
–
–

(172,106)

–
(172,106)

(318,313)

換算儲備
人民幣千元
附註23(c)(ii)

1,018,848

–

–
–
–

–

–
–

1,018,848

其他儲備
人民幣千元
附註23(c)(iii)

(11,076,002)

–

–
–
–

(789,750)

(789,750)
–

(10,286,252)

累計虧損
人民幣千元

6,395,302

(543,016)

119,210
22,583
(684,809)

(961,856)

(789,750)
(172,106)

7,900,174

總權益
人民幣千元

51
文遠知行 / 2026中期報告

未經審計簡明綜合權益變動表

（以人民幣千元呈列）

文遠知行 / 2026中期報告

未經審計簡明綜合現金流量表
（以人民幣千元呈列）

截至6月30日止六個月
2025年
人民幣千元

2026年
人民幣千元

經營活動
經營所用現金
已付所得稅

(659,448)
(3,948)

(715,320)
(357)

經營活動所用現金淨額

(663,396)

(715,677)

投資活動
購買物業及設備款項
購買無形資產款項
處置物業、設備及無形資產所得款項
購買定期存款
定期存款到期時所得款項
購買以公允價值計量且其變動計入當期損益的金融資產款項
出售以公允價值計量且其變動計入當期損益的金融資產所得款項
購買以攤銷成本計量的金融資產款項
出售以攤銷成本計量的金融資產所得款項
向僱員貸款的款項
收取向僱員貸款的所得款項

(134,354)
(117)
1,439
(100,000)
468,569
(37,281)
1,714
–
–
(359)
19,088

(235,442)
(808)
9,996
(901,655)
101,650
(109,863)
175,387
(61,448)
61,568
–
–

218,699

(960,615)

附註

投資活動所得 ╱（所用）現金淨額

隨附附註組成該等簡明綜合中期財務報表的一部分。

25
25

52

53

文遠知行 / 2026中期報告

未經審計簡明綜合現金流量表
（以人民幣千元呈列）

截至6月30日止六個月
附註

融資活動
支付租賃負債的資本部分
支付租賃負債的利息部分
支付上市開支
發行普通股以行使購股權所得款項
結算已歸屬受限制股份單位產生的預扣稅付款
購回A類普通股款項
銀行貸款所得款項
償還銀行貸款
支付銀行貸款利息
償還認沽期權負債

23(a)(ii)
23(b)

19

融資活動所得 ╱（所用）現金淨額
現金及現金等價物減少淨額

2025年
人民幣千元

2026年
人民幣千元

(26,810)
(1,660)
(10,762)
25,534
(50,846)
–
72,223
(2,500)
(1,280)
–

(24,578)
(1,330)
–
20,995
–
(684,809)
224,636
(63,900)
(3,711)
(11,619)

3,899

(544,316)

(440,798)

(2,220,608)

截至1月1日的現金及現金等價物
外匯匯率變動影響

18

4,268,300
8,635

6,666,304
(170,682)

截至6月30日的現金及現金等價物

18

3,836,137

4,275,014

隨附附註組成該等簡明綜合中期財務報表的一部分。

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

1

一般資料和編製及呈列基準
(a)

一般資料
文遠知行（「本公司」）於2017年3月13日根據開曼群島法例第22章《公司法》
（1961年第3號法例，經綜合
及修訂）在開曼群島註冊成立為獲豁免有限公司。本公司的美國存託股份自2024年10月25日起已在納斯
達克股票市場上市，且本公司於2024年10月28日完成其首次公開發售。本公司的每股美國存託股份代表
三股普通股。
於2025年11月6日，本公司完成在香港聯合交易所有限公司（「香港聯交所」）的全球發售（「全球發售」），
包括香港公開發售及國際發售。
本公司為一家投資控股公司。本公司通過其全資附屬公司（統稱為「本集團」）主要從事於提供自動駕駛產
品和服務。

(b)

編製及呈列基準
本中期財務報告乃根據香港聯交所證券上市規則適用披露條文編製，包括遵守國際會計準則理事會（「國
際會計準則理事會」）頒佈的《國際會計準則》
（「《國際會計準則》」）第34號「中期財務報告」。其於2026年8
月12日獲授權刊發。

54

55

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

1

一般資料和編製及呈列基準（續）
(b)

編製及呈列基準（續）
本中期財務報告乃根據2025年年度財務報表所採用相同會計政策編製，惟預期將反映於2026年年度財務
報表的會計政策變動除外。會計政策的任何變動詳情載於附註2。
編製符合《國際會計準則》第34號的中期財務報告時，管理層須作出會影響政策應用以及資產及負債、收
入及開支從年初迄今的呈報金額的判斷、估計及假設。實際結果可能與該等估計不同。
本中期財務報告載有簡明綜合財務報表及選定解釋性附註。該等附註載有自2025年年度財務報表刊發以
來，對了解本集團財務狀況及業績變動而言屬重大的事項及交易的說明。簡明綜合中期財務報表及隨附
附註並不包括根據《國際財務報告準則會計準則》編製完整財務報表所需的全部資料。
中期財務報告未經審計，惟畢馬威會計師事務所已根據香港會計師公會頒佈的《香港審閱委聘準則》第
2410號「由實體的獨立核數師執行中期財務資料審閱」予以審閱。

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

2

會計政策變動
國際會計準則理事會已頒佈多項《國際財務報告準則會計準則》的修訂，該等修訂於本會計期間首次生效。其
中，僅下列各項與本集團財務報表相關，且本集團已於本會計期間將該等修訂應用於該等簡明綜合財務報表：
•

《國際財務報告準則》第9號及《國際財務報告準則》第7號（修訂本）－ 對金融工具分類和計量的修訂

•

《國際財務報告準則會計準則》年度改進 － 第11卷

該等發展並無對本集團於本會計期間的業績及財務狀況的編製或呈列方式造成重大影響。本集團並無採用任何於
本會計期間尚未生效的新訂準則或詮釋。

3

分部呈報
為資源分配及評估表現之目的，主要營運決策者（「主要營運決策者」）審閱本集團整體的業績及財務狀況。因
此，本集團僅有一個經營分部，故並無呈列有關此單一經營分部的進一步獨立財務資料或分析。
地理資料
來自客戶合同的收入明細如下：
截至6月30日止六個月

中國內地
海外地區

2025年
人民幣千元

2026年
人民幣千元

152,686
46,929

226,558
119,299

199,615

345,857

56

57

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

4

收入
本集團的主要業務活動為：(i) L4 級業務（指自動駕駛車輛的銷售及自動駕駛相關的運營與技術支持服務的提
供）；及(ii)其他業務，包括(a) L2++/L3級業務（指高級駕駛輔助系統研究與開發（「研發」）服務）及(b) AI基礎設施
業務（主要指智能數據服務）。
(i)

收入分類
本集團通常向客戶銷售自動駕駛車輛，並提供相應的運營及技術支持服務。下表載列按主要業務線劃分
的來自客戶合同的收入明細：
截至6月30日止六個月

按主要業務線劃分：
L4級業務
其他業務

2025年
人民幣千元

2026年
人民幣千元

123,932
75,683

179,475
166,382

199,615

345,857

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

4

收入（續）
(i)

收入分類（續）
按主要產品或服務線和收入確認時間劃分的來自客戶合同的收入明細如下：
截至6月30日止六個月
2025年
人民幣千元

2026年
人民幣千元

按主要產品或服務線劃分：
自動駕駛相關的運營與技術支持服務
其他技術服務

54,651
75,683

66,692
166,382

提供服務

130,334

233,074

出售自動駕駛汽車

69,281

112,783

合計

199,615

345,857

收入確認時間
某時間點
隨時間

73,335
126,280

162,517
183,340

199,615

345,857

截至2025年及2026年6月30日止六個月，單獨貢獻本集團總收入10%以上的主要客戶如下：
截至6月30日止六個月

客戶A
客戶B
*

表示單獨來自該客戶的總收入金額少於相應期間總收入的10%。

2025年

2026年

17%
13%

10%
*

58

59

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

5

其他收益淨額
截至6月30日止六個月

政府補助
出售非流動資產的虧損淨額
個人所得稅手續費返還
其他

6

2025年
人民幣千元

2026年
人民幣千元

450
(109)
2,692
(12)

9,811
(123)
6,429
6,495

3,021

22,612

按性質劃分的開支
截至6月30日止六個月

工資及僱員福利（附註6(i)）
存貨成本（附註13(b)）
折舊及攤銷（附註6(ii)）
專業服務費
來自關聯方的服務費（附註27(b)）
外包服務費用
水電及物業管理費
與全球發售有關的上市開支
其他
收入成本、研發開支、行政開支及銷售開支總額

2025年
人民幣千元

2026年
人民幣千元

693,153
35,461
73,027
73,656
32,379
61,734
24,823
29,068
66,612

699,775
67,361
117,813
41,079
41,920
105,314
28,795
–
118,938

1,089,913

1,220,995

445,452
28,179
219,522

541,977
38,588
119,210

693,153

699,775

45,372
25,417
2,238

88,708
26,759
2,346

73,027

117,813

附註：
(i)

(ii)

工資及僱員福利：
薪金、津貼、花紅及實物福利
界定供款退休計劃的供款
股份支付薪酬開支（附註24）

折舊及攤銷：
物業及設備
使用權資產
無形資產

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

7

融資成本
截至6月30日止六個月

銀行貸款利息
租賃負債利息
認沽期權負債賬面值變動

8

2025年
人民幣千元

2026年
人民幣千元

1,307
1,660
325

3,759
1,330
–

3,292

5,089

所得稅
本集團分別就截至2025年6月30日止六個月所得稅開支人民幣1.9百萬元以及截至2026年6月30日止六個月的所
得稅利益人民幣0.1百萬元計提撥備，其中因遞延稅項負債撥回而確認的遞延所得稅利益為人民幣0.5百萬元，而
即期所得稅開支為人民幣0.4百萬元。即期所得稅開支為根據中國內地相關規則及法規，就本公司及其香港附屬
公司（為非中國居民）從位於中國內地的銀行賺取的利息收入按10%的稅率徵收的預扣稅，以及根據美國相關規
則及法規，就本公司（為非美國居民）從位於美國的銀行賺取的利息收入按30%的稅率徵收的預扣稅。

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文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

9

每股A類及B類普通股的虧損
(a)

每股A類及B類普通股的基本虧損
每股A類及B類普通股的基本虧損乃按本公司普通權益股東應佔虧損，除以發行在外的A類及B類普通股的
加權平均數計算。
除轉換權及投票權外，A類與B類普通股的持有人具有相同權利。每股B類普通股可由其持有人隨時轉換
為一股A類普通股，但A類普通股在任何情況下都不可轉換為B類普通股。對於需要股東投票的事項，於
2026年3月13日前，B類普通股持有人每股擁有40票表決權，而A類普通股持有人每股擁有一票表決權。
股東特別大會於2026年3月13日批准B類普通股的表決權修訂為每股10票表決權。

(i)

就每股A類及B類普通股基本虧損而言的A類及B類普通股加權平均數
截至6月30日止六個月
2025年
股份數目
（千股）

2026年
股份數目
（千股）

截至1月1日已發行的A類及B類普通股
已發行普通股的影響
放棄A類普通股的影響
視作已發行普通股的影響
購回A類普通股的影響

826,214
30,191
*
50,451
–

999,268
2,239
–
14,118
(14,544)

期內A類及B類普通股的加權平均數

906,856

1,001,081

*

指數目少於1,000股的股份。

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

9

每股A類及B類普通股的虧損（續）
(a)

每股A類及B類普通股的基本虧損（續）
(i)
就每股A類及B類普通股基本虧損而言的A類及B類普通股加權平均數（續）
附註：
(i)

(ii)

被視為已發行的普通股指授予合資格董事及員工的已歸屬受限制股份單位。

每股A類及B類普通股的基本虧損的計算
截至6月30日止六個月

本公司股東應佔虧損（人民幣千元）
期內A類及B類普通股的加權平均數（千股）
每股A類及B類普通股的基本虧損（人民幣元）
(b)

2025年

2026年

(791,517)
906,856
(0.87)

(789,750)
1,001,081
(0.79)

每股A類及B類普通股的攤薄虧損
截至2025年及2026年6月30日止六個月，每股A類及B類普通股的基本虧損與攤薄虧損並無差異，原因是
購股權具有反攤薄影響（附註24(a)）。

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文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

10

物業及設備
截至2026年6月30日止六個月，本集團就物業及設備產生資本開支成本人民幣221.7百萬元（截至2025年6月30
日止六個月：人民幣122.0百萬元）。截至2026年6月30日止六個月，賬面淨值為人民幣13.6百萬元的物業及設
備項目已出售（截至2025年6月30日止六個月：人民幣1.4百萬元）。

11

使用權資產
截至2026年6月30日止六個月，本集團就辦公室及停車場訂立新租賃協議，並確認使用權資產增加人民幣105.5
百萬元（截至2025年6月30日止六個月：人民幣27.9百萬元）。

12

受限制現金

非流動
租賃辦公室按金（附註(i)）
擔保函按金

流動
租賃辦公室按金（附註(i)）
擔保函及信用卡按金

附註：
(i)

租賃辦公室按金指存放在美國抵押銀行賬戶且指定用於租賃辦公室按金的現金。

截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

–
6,487

7,001
3,987

6,487

10,988

6,488
6,422

–
10,420

12,910

10,420

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

13

存貨
(a)

存貨包括：

生產用品
在製品（附註(i)）

截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

72,840
248,181

127,965
311,147

321,021

439,112

附註：
(i)

(b)

在製品指正在進行部署以供出售的車輛。

確認為收入成本並計入損益的存貨金額分析如下：
截至6月30日止六個月

已售出存貨之賬面值
存貨減值

2025年
人民幣千元

2026年
人民幣千元

34,070
1,391

64,484
2,877

35,461

67,361

64

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文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

14

合約資產及合約負債
(a)

合約資產

合約資產
產生自出售自動駕駛汽車
產生自提供服務
減：虧損撥備

截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

21,251
25,964
(23,910)

21,449
26,010
(23,495)

23,305

23,964

截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

10,843
17,669

23,398
24,655

28,512

48,053

所有款項預計將於各報告年度 ╱ 期間末起計一年內收回。
(b)

合約負債

合約負債
－ 於履約前預先收取之款項
－ 於商品轉讓前預先收取之款項

截至2025年12月31日計入合約負債的人民幣14.2百萬元已確認為截至2026年6月30日止六個月的收入。

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

15

貿易應收款項、預付款項及其他應收款項
截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

貿易應收款項
減：虧損撥備

531,930
(69,795)

521,823
(66,058)

貿易應收款項（扣除虧損撥備）

462,135

455,765

應收代表客戶支付的款項（扣除撥備）

19,593

9,855

其他應收款項

19,593

9,855

以攤銷成本計量的貿易及其他應收款項

481,728

465,620

預付供應商款項
可退還增值稅
其他

109,584
106,946
33,863

102,822
156,671
34,138

預付款項及其他

250,393

293,631

預付款項及其他應收款項

269,986

303,486

66

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文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

15

貿易應收款項、預付款項及其他應收款項（續）
所有貿易及其他應收款項預計於一年內收回或確認為開支。貿易應收款項一般從發票日期起計30至90日內到期。
賬齡分析
貿易應收款項按發票日期的賬齡分析如下：

1年內
1年以上

16

截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

378,383
153,547

410,340
111,483

531,930

521,823

截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

9,358
14,310

22,196
67,768

23,668

89,964

其他非流動資產

應收租賃按金 － 非流動
預付物業及設備款項

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

17

以公允價值計量且其變動計入當期損益的金融資產

非流動
－ 投資上市公司（附註(i)）
－ 對私人基金的投資（附註(ii)）

流動
－ 非股權投資（附註(iii)）

截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

36,774
151,309

23,015
229,396

188,083

252,411

144,252

2,293

144,252

2,293

332,335

254,704

附註：
(i)

2024年，本公司以總對價20.0百萬美元或每股4.53美元購買一家上市公司4,416,000股普通股。該投資最初為20.0百
萬美元（相當於人民幣138.7百萬元），隨後以公允價值計量。本公司就該投資確認截至2026年6月30日止六個月的公
允價值變動虧損為1.9百萬美元（相當於人民幣12.8百萬元）。

(ii)

2025年，本集團分別投資於中國內地兩項私人基金（總代價為人民幣81.9百萬元）以及一項海外私人基金（代價為10.0
百萬美元（相當於人民幣70.3百萬元））。2026年1月，本集團進一步投資於中國內地兩項私人基金（額外注資分別為人
民幣11.5百萬元及人民幣43.1百萬元），並投資於另一項新海外私人基金（總代價為2.9百萬美元（相當於人民幣20.0百
萬元））。本集團對該等基金並無任何控制權，該等投資以公允價值計量且其變動計入當期損益，對截至2026年6月30
日止六個月的影響甚微。

(iii)

非股權投資指銀行發行的具有可變收益的理財產品。該等理財產品的可變收益由包括政府債券及貨幣市場基金在內的
相關資產的表現釐定。該等金融資產以公允價值計量且其變動計入當期損益。

有關公允價值估值的詳情，請參閱附註25。

68

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文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

18

現金、現金等價物及定期存款

現金及現金等價物
定期存款

截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

6,666,304
301,401

4,275,014
1,099,805

人民幣並非可自由兌換貨幣，將資金匯出中國須受中國政府所施加匯兌限制的規限。本集團的定期存款以美元或
人民幣計值，並存放於中國內地及海外銀行及其他金融機構。

19

認沽期權負債
於2019年7月，WeRide Hong Kong Ltd.（「WeRide HK」）及廣州景騏科技有限公司與兩名投資者訂立一份協議。
根據該協議，1) WeRide HK、廣州景騏及投資者共同成立一家新公司文遠粵行（廣東）出行科技有限公司（「文遠
粵行」），本集團對該公司擁有控制權；2)投資者分別注資人民幣36.0百萬元及人民幣28.8百萬元以換取文遠粵
行20%及16%的股權；及3）倘文遠粵行未能於2025 年8 月前完成首次公開發售，投資者有權要求本集團購回
他們於文遠粵行的全部或部分股權，及倘他們的投資回報低於原始注資金額的10%，要求本集團支付任何的差
額。經本集團與其中一名投資者磋商，本集團於2021年9月及2026年4月從其中一名投資者手中分別贖回15%
及5%的股權。
認沽期權負債於呈列期間的變動情況載列如下：
截至6月30日止六個月
2025年
人民幣千元

2026年
人民幣千元

截至1月1日
賬面值變動（附註7）
償還認沽期權負債

41,099
325
–

43,300
–
(11,619)

截至6月30日

41,424

31,681

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

20

其他非流動負債

須滿足條件方能領取的政府補助

截至
12月31日
2025年
人民幣千元

截至
6月30日
2026年
人民幣千元

7,720

24,994

本集團獲授予附帶條件的政府補助，該等條件須於未來幾年內達成。該等政府補助的條件預計超過一年達成，且
該等補助將作為非流動負債列示，當附帶條件滿足時，將於綜合損益表中確認為其他收入。

21

貿易及其他應付款項、已收按金以及應計開支
截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

貿易應付款項

163,000

243,563

須滿足條件方能領取的政府補助*
應計工資和社會保險
應付專業服務費
應納稅款及其他

192,019
118,413
49,413
48,512

189,269
112,414
19,646
63,759

其他應付款項、已收按金以及應計開支總額

408,357

385,088

貿易及其他應付款項、已收按金及應計開支

571,357

628,651

*

須滿足條件的政府補助的即期部分主要為須滿足特定地區若干經營表現和稅收貢獻要求的政府補助。

70

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文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

21

貿易及其他應付款項、已收按金以及應計開支（續）
賬齡分析
貿易應付款項按發票日期的賬齡分析如下：

1年內
1年以上

截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

154,930
8,070

234,824
8,739

163,000

243,563

截至2025年12月31日及2026年6月30日，所有貿易及其他應付款項結餘預計於一年內結清或確認為收入或按要
求償還。供應商授予的信貸期一般為30至60日。

22

銀行貸款

流動
－ 短期銀行貸款（附註(i)）

截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

324,263

485,047

附註：
(i)

截至2026年6月30日，本集團有未償還的一年期短期貸款，本金總額及應計利息為人民幣485.0百萬元，年利率介乎
2.11%至2.21%。截至2026年6月30日，本集團持有的若干專利已抵押，以取得若干本金總額為人民幣130.0百萬元
的銀行貸款。

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

23

資本及儲備
(a)

股本及股份溢價
截至2026年6月30日，對本公司已發行股份的分析如下：

截至2026年1月1日 ╱6月30日

A類
普通股數目

A類
普通股股本
人民幣千元

B類
普通股數目

B類
普通股股本
人民幣千元

972,508,041

69

54,814,423

4

附註：

(b)

(i)

截至2026年6月30日止六個月，本公司動用1,915,725股A類普通股（每股面值0.00001美元），以結算若干僱
員所持已歸屬受限制股份單位，該等普通股均來自發行予股份存託銀行的75,000,000股A類普通股。

(ii)

截至2026年6月30日止六個月，本公司動用3,850,311股A類普通股（每股面值0.00001美元），以行使若干僱
員持有的已歸屬購股權，該等普通股均來自發行予股份存託銀行的75,000,000股A類普通股。本公司因行使已
歸屬購股權而獲得發行A類普通股所得款項人民幣21.0百萬元。

(iii)

於2025 年，本公司向其股份存託銀行發行了75,000,000 股A類普通股，用於結算已歸屬受限制股份單位及
行使已歸屬購股權，其被列作庫存股份。該等股份在用於結算已歸屬受限制股份單位及行使已歸屬購股權之
前，均排除在每股普通股虧損的計算之外。本公司並未就此次普通股發行收取對價。截至2026 年6 月30 日，
34,788,501股及17,922,804股A類普通股分別用於結算上述已歸屬受限制股份單位及行使已歸屬購股權。

庫存股份
於2026年3月23日，董事會授權一項股份回購計劃（「2026年股份回購計劃」），據此，本公司可在未來12
個月回購最多100百萬美元的A類普通股（包括美國存託股份形式）。
截至2026年6月30日止六個月，本公司按市價從納斯達克股票市場及香港聯交所分別回購13,006,299股
及27,447,800股A類普通股。回購對價以美元或港元結算，相當於人民幣684.8百萬元，其被列作庫存股
份。
截至2026年6月30日，如附註23(a)(iii)所述，為結算已歸屬受限制股份單位及行使已歸屬購股權保留的A
類普通股數目為22,288,695股。

72

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未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

23

資本及儲備（續）
(c)

(d)

儲備的性質及目的
本集團的儲備及累計虧損變動載列如下：
股份支付
薪酬儲備
人民幣千元

換算儲備
人民幣千元

其他儲備
人民幣千元

累計虧損
人民幣千元

截至2026年1月1日
期內虧損
外幣換算調整（扣除零所得稅）
股份支付薪酬開支

2,523,287
–
–
119,210

(318,313)
–
(172,106)
–

1,018,848
–
–
–

(10,286,252)
(789,750)
–
–

截至2026年6月30日

2,642,497

(490,419)

1,018,848

(11,076,002)

(i)

股份支付薪酬儲備
股份支付薪酬儲備指授予關鍵管理人員、僱員及非僱員的購股權或受限制股份單位的授予日公允
價值部分（已確認為股份支付薪酬開支）。

(ii)

換算儲備
換算儲備包括換算國外業務財務報表產生的所有外匯差額。

(iii)

其他儲備
其他儲備指以公允價值計量且其變動計入當期損益的認股權證負債行使為可轉換可贖回優先股所
產生的差額，該優先股於本公司首次公開發售前按贖回金額或被分類為權益的不可贖回優先股的
現值計量。

股息
截至2025年及2026年6月30日止六個月，本公司或本集團成員公司並無向其股東宣派或支付股息。

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

24

股份支付薪酬安排
2018年股份計劃
於2018年6月，本公司董事會批准並採用2018年股份計劃，根據該計劃，本公司儲備311,125,716股股份，用
於向高級人員、董事、僱員及非僱員授予購股權或受限制股份單位。

(a)

購股權
根據2018年股份計劃授予的購股權一般受最長四年服務期的時間要求所限制。根據2018年股份計劃，所
有已授出購股權的合約期限為十年。
截至2026年6月30日止六個月的購股權活動概述如下：
加權平均行使價
美元

購股權數目

截至2026年1月1日尚未行使
已到期
已沒收
已行使

1.3
1.1
1.2
0.8

95,160,657
(8,065)
(399,903)
(3,850,311)

截至2026年6月30日尚未行使

1.3

90,902,378

截至2026年6月30日可行使

1.3

86,429,269

截至2026年6月30日，尚未行使購股權的加權平均剩餘合同期限為6.0年。

74

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未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

24

股份支付薪酬安排（續）
2018年股份計劃（續）
(b)
受限制股份單位
根據2018年股份計劃授予的受限制股份單位，合同期限為七年，其中基於時間的服務期要求各不相同，
最長可達四年，同時還要求本公司完成首次公開發售。獲授予受限制股份單位的人員無需為此支付現金
對價。
截至2026年6月30日止六個月的受限制股份單位活動概述如下：
受限制股份
單位數目
截至2026年1月1日尚未行使
已沒收
已歸屬

22,413,960
(1,388,733)
(1,931,136)

截至2026年6月30日尚未行使

19,094,091

截至2026年6月30日，尚未行使受限制股份單位的加權平均剩餘合同期限為5.6年。

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

24

股份支付薪酬安排（續）
2026年股份計劃
於2026年3月13日，本公司董事會批准並採用2026年股份計劃以通過授出購股權或受限制股份單位吸引、激勵
及留住僱員、董事及顧問。根據計劃可予發行或轉讓的股份（包括庫存股份）最高數目，不得超過本公司於2026
年3月13日已發行及流通在外普通股總數的10%。根據2026年股份計劃授出的購股權及受限制股份單位一般受
服務期的時間要求（介乎四至五年）所限制，且根據2026年股份計劃授出的所有購股權及受限制股份單位的合約
期限為十年。
截至2026年6月30日止六個月的受限制股份單位活動概述如下：
受限制股份
單位數目
截至2026年1月1日尚未行使
已授予
已沒收
已歸屬

–
8,509,529
(822,300)
(417)

截至2026年6月30日尚未行使

7,686,812

截至2026年6月30日，尚未行使受限制股份單位的加權平均剩餘合同期限為9.6年。
截至2026年6月30日止六個月，就上述已授出購股權及受限制股份單位於綜合損益表確認的根據授予日期公允
價值及估計沒收率計算的薪酬開支總額為人民幣119.2百萬元。

76

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文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

25

金融工具公允價值
公允價值層級
下表呈列本集團於所示期末按經常性基準計量的金融工具之公允價值，其按照《國際財務報告準則》第13號 － 公
允價值計量 的定義分類為三個公允價值層級。參照估值技術所用輸入數據的可觀察性及重要性釐定將公允價值計
量分為以下層級：
•

第一層級估值：

僅使用第一層級輸入數據（即於計量日期的相同資產或負債於活躍市場的未經調整報
價）計量的公允價值。

•

第二層級估值：

使用第二層級輸入數據（即未能達致第一層級的可觀察輸入數據）且並非使用重大不可
觀察輸入數據計量的公允價值。不可觀察輸入數據為無市場數據的輸入數據。

•

第三層級估值：

使用重大不可觀察輸入數據計量的公允價值。

下表呈列本集團截至2026年6月30日以公允價值計量的金融資產及負債：
截至2026年6月30日
經常性公允價值計量

資產
－ 以公允價值計量且其變動計入當期
損益的金融資產

公允價值
人民幣千元

第一層級
人民幣千元

第二層級
人民幣千元

第三層級
人民幣千元

254,704

23,015

2,293

229,396

於所呈列期間，第一層級與第二層級之間並無轉移且並無第三層級的轉進或轉出。本集團的政策為於產生公允價
值層級轉移的呈列期末確認轉移。

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

25

金融工具公允價值（續）
公允價值層級（續）
第二層級的金融工具
第二層級內以公允價值計量且其變動計入當期損益的金融資產
第二層級金融資產的公允價值，按照交易對手銀行或金融機構網站上公佈的單位價格確定，公佈的單位價格為持
有人於各所示期末可以贖回基金份額的單位價格。
第二層級內以公允價值計量且其變動計入當期損益的金融資產包括以下各項：
截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

總成本基準
未變現持有收益總額

82,323
61,929

2,293
–

公允價值總額

144,252

2,293

下表反映於所呈列報告期公允價值層級中經常性公允價值計量的期初餘額與期末餘額的對賬情況：
截至2026年6月30日止六個月

資產
以公允價值計量且其變動
計入當期損益的金融資產

2026年
1月1日
人民幣千元

購買
人民幣千元

出售
人民幣千元

計入盈利
人民幣千元

外匯影響
人民幣千元

2026年
6月30日
人民幣千元

144,252

35,001

(175,387)

1,171

(2,744)

2,293

78

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文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

25

金融工具公允價值（續）
公允價值層級（續）
第三層級的金融工具
第三層級內以公允價值計量且其變動計入當期損益的金融資產
以公允價值計量且其變動計入當期損益的第三層級資產的金融工具是指對非上市私人基金的股權投資。中國內地
私人基金及一項海外私人基金的公允價值採用近期交易法釐定，據此，重大不可觀察輸入數據為近期交易價格。
截至2026年6月30日止六個月，該等基金的公允價值變動微乎其微。
其他海外私人基金的公允價值基於普通合夥人於報告期末向有限合夥人呈報的於非上市私人基金的投資的資產淨
值釐定。有關重大不可觀察輸入數據的定量資料以及就海外基金第三層級公允價值計量應用的估值技術說明（包
括定期進行的第三層級公允價值計量所涉不可觀察輸入數據變動的敏感度分析說明）如下：

截至2026年
6月30日
的公允價值
人民幣千元

說明

以公允價值計量且其變動計入當期損益的金融資產
－ 於私人基金的投資

72,863

估值技術

不可觀察
輸入數據

範圍
（加權範圍
（如適用））

資產淨值方法

資產淨值

+/- 5%

不可觀察
輸入數據變動
的公允價值
敏感度分析
人民幣千元

3,643

下表反映於所示期間公允價值層級中經常性公允價值計量的期初餘額與期末餘額的對賬情況：
截至2026年6月30日止六個月

資產
以公允價值計量且其變動
計入當期損益的金融資產

(i)

2026年
1月1日
人民幣千元

購買
人民幣千元

出售
人民幣千元

計入盈利
人民幣千元

外匯影響
人民幣千元

2026年
6月30日
人民幣千元

151,309

74,862

–

5,699

(2,474)

229,396

以公允價值之外方式列賬的金融資產及負債的公允價值
本集團按成本或攤銷成本列賬的金融工具賬面值與其截至2025年12月31日及2026年6月30日的公允價值
並無重大差異。

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

26

承諾
未於財務報表計提撥備的承諾如下：

就購買存貨訂約（附註(i)）
就購買服務訂約（附註(ii)）
就資本投資訂約（附註(iii)）

截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

39,795
216,807
20,520

30,721
216,807
9,000

277,122

256,528

截至2026年6月30日，本集團簽訂以下承諾協議；
(i)

與一家中國製造商訂立的車輛購買協議，據此，本集團承諾於2024年購買該製造商生產的車輛，總購買金額為人民幣
100.3百萬元。截至2026年6月30日，本集團已根據該車輛購買協議支付人民幣78.1百萬元。本集團正與該製造商就
延長該協議項下的車輛購買期限進行磋商。
另一份與另一家中國製造商（專注於客車的開發、生產及銷售）簽訂的車輛購買協議，據此，本集團承諾於2024 年及
2025年購買該製造商生產的車輛，總購買金額為人民幣32.7百萬元。截至2026年6月30日，本集團已根據該車輛購買
協議支付人民幣24.3百萬元。

(ii)

與另一家中國製造商簽訂的研發服務協議，據此，本集團承諾於2024年及2025年向該製造商購買研發服務，總購買對
價為人民幣216.8百萬元。截至2026年6月30日，研發服務尚未開始，且尚未支付任何對價。

(iii)

截至2026年6月30日，本集團資本開支承諾總額為人民幣9.0百萬元。於2026年1月，本集團向一家被投資公司注資人
民幣11.5百萬元。

80

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文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

27

重大關聯方交易
(a)

姓名 ╱ 名稱及與關聯方的關係
關聯方姓名 ╱ 名稱
韓旭博士
李岩博士
鍾華博士
李璇女士
楊慶雄先生
Jean-François Salles先生
Ichijo Futakawa先生（於2026年4月21日獲委任）
張彤先生
顏惠萍女士
陳繁昌博士
Grégoire de Franqueville先生（於2025年3月5日辭任）
Takao Asami先生（於2025年3月24日辭任）
Kazuhiro Doi先生（於2026年3月31日辭任）
阿利昂斯汽車研發（上海）有限公司、
Alliance Ventures, B.V.及日產出行服務有限公司
（統稱為「阿利昂斯聯屬公司」）
廣州禹跡科技有限公司及其附屬公司
（統稱為「禹跡聯屬公司」）

與本集團的關係
創始人、董事長、執行董事兼首席執行官
聯合創始人、執行董事兼首席技術官
高級副總裁
首席財務官兼國際業務負責人
副總裁
非執行董事
非執行董事
獨立董事
獨立董事
獨立董事
前任非執行董事
前任非執行董事
前任非執行董事
股東的聯屬公司

韓旭博士的一名近親控制的實體

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

27

重大關聯方交易（續）
(b)

與關聯方的其他交易
除本報告其他地方所披露之交易外，本集團於所呈報期間內亦進行以下持續重大關聯方交易：
截至6月30日止六個月
2025年
人民幣千元

2026年
人民幣千元

向以下各方銷售商品：
阿利昂斯聯屬公司

–

1,445

向以下各方提供服務：
阿利昂斯聯屬公司

6,058

5,320

自以下各方採購服務：
禹跡聯屬公司

32,379

41,920

代表客戶向以下各方支付款項：
禹跡聯屬公司

2,734

–

向以下各方出售物業及設備：
禹跡聯屬公司

1,431

–

82

83

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

27

重大關聯方交易（續）
(c)

與關聯方的結餘
截至12月31日
2025年
人民幣千元

截至6月30日
2026年
人民幣千元

貿易相關
來自以下各方的貿易應收款項：
阿利昂斯聯屬公司
減：虧損撥備

590
(16)

4,369
(95)

貿易應收款項（扣除虧損撥備）

574

4,274

向以下各方預付款項：
禹跡聯屬公司

8,436

13,943

預付款項及應收關聯方款項

9,010

18,217

貿易相關
應付關聯方款項
禹跡聯屬公司

1,949

7,910

1,949

7,910

截至2025年12月31日及2026年6月30日，應收關聯方款項為無抵押、免息及須按要求償還。

文遠知行 / 2026中期報告

未經審計簡明綜合中期財務報表附註
（除特別說明外，以人民幣千元呈列）

28

已頒佈但截至2026年6月30日止六個月尚未生效的會計準則
多項修訂及新訂準則於自2026年1月1日開始的年度期間尚不具強制性。雖可提前應用，但本集團在編製本中期
財務報告時並無提前採用任何新訂或經修訂準則。
下文為對上一份年度財務報表所載述資料的更新，內容有關《國際財務報告準則》第18號的潛在影響；該準則一
經採用，或會對本集團的綜合財務報表造成重大影響。
《國際財務報告準則》第18號財務報表之呈列及披露
《國際財務報告準則》第18號將取代《國際會計準則》第1號財務報表的呈列 ，旨在提高實體財務報表資料的透明
度及可比性。《國際財務報告準則》第18號於自2027年1月1日或之後開始的年度報告期間生效，將予追溯應用。
除其他變動外，根據《國際財務報告準則》第18 號，實體須將損益表中的所有收入及開支分為五個類別，即經
營、投資、融資、終止經營業務及所得稅類別。實體亦須在財務報表單一附註中，提供有關管理層界定的績效衡
量指標的具體披露。
本集團並不計劃提前採用《國際財務報告準則》第18號。《國際財務報告準則》第18號將影響財務報表的呈列，惟
預期不會對本集團的財務表現及狀況造成重大影響。

29

期後事項
管理層已考慮截至2026年8月12日之期後事項，於2026年6月30日後並無發生任何會對本集團之經營業績及財
務狀況造成重大影響的重大事項。

84

85

文遠知行 / 2026中期報告

釋義

於本中報內，除文義另有所指外，下列詞彙具有下文所載涵義。
「2018年股份計劃」

指

本公司於2018年6月採納並於2024年7月修訂及重述的2018年股份計劃

「2026年股份計劃」

指

本公司於2026年3月採納的2026年股份計劃

「美國存託股份」

指

存託機構根據存託協議就A類普通股發行的美國存託股份，每股美國存託股份
代表三股存放於存託機構的A類普通股

「章程細則」或「組織章程細則」

指

本公司於2026年3月13日通過股東特別決議案採納的第九次經修訂及重述組
織章程細則

「審計委員會」

指

董事會審計委員會

「董事會」

指

董事會

「英屬維爾京群島」

指

英屬維爾京群島

「開曼群島《公司法》」

指

開曼群島《公司法》
（經修訂）
（經不時修訂、補充或以其他方式修改）

「首席執行官」

指

本集團首席執行官

「首席財務官」

指

本集團首席財務官

「中國」或「中國內地」

指

中華人民共和國，就本中報而言，除文義另有所指外，不包括中華人民共和
國香港特別行政區、澳門特別行政區及台灣

「A類普通股」

指

本公司股本中每股面值0.00001美元的A類普通股，賦予持有人可就本公司股
東大會提呈的任何決議案享有每股A類普通股一票的投票權

「B類普通股」

指

本公司股本中每股面值0.00001美元的B類普通股，賦予加權投票權，即持有
人有權就本公司股東大會上提呈的任何決議案行使每股B類普通股十票的投票
權，但有關保留事項的決議案除外，該等決議案中持有人每股B類普通股有權
投一票

「本公司」、「我們」
或「文遠知行」

指

文遠知行，一家於2017年3月13日在開曼群島註冊成立的獲豁免有限責任公
司

文遠知行 / 2026中期報告

釋義

「薪酬委員會」

指

董事會薪酬委員會

「《企業管治守則》」

指

《上市規則》附錄C1所載《企業管治守則》

「企業管治委員會」

指

董事會企業管治委員會

「首席技術官」

指

本集團首席技術官

「託管商」

指

德意志銀行香港分行，由受託人指定持有本公司根據存託協議存託的A類普通
股

「存託人」

指

Deutsche Bank Trust Company Americas

「董事」

指

本公司董事

「韓博士」

指

韓旭博士，本集團創始人、董事長、執行董事兼首席執行官

「李博士」

指

李岩博士，本集團聯合創始人、執行董事兼首席技術官

「全球發售」

指

香港公開發售及國際發售（定義見招股章程）

「本集團」、「我們」或
「文遠知行」

指

本公司及本公司不時的附屬公司

「港元」

指

港元，香港法定貨幣

「香港」

指

中華人民共和國香港特別行政區

「Humber Partners」

指

Humber Partners Limited，一家於2022年6月22日在英屬維爾京群島註冊成
立的有限責任公司，由李博士全資擁有

「《國際財務報告準則》」或「《國
際財務報告準則會計準則》」

指

由國際會計準則理事會不時頒佈的《國際財務報告準則會計準則》

「最後實際可行日期」

指

2026年8月31日，即本中報刊發前的最後實際可行日期

「上市」

指

A類普通股於香港聯交所主板上市

「上市日期」

指

2025年11月6日，A類普通股上市及獲准開始在香港聯交所買賣的日期

「《上市規則》」

指

《香港聯合交易所有限公司證券上市規則》
（經不時修訂、補充或以其他方式修
改）

86

87

文遠知行 / 2026中期報告

釋義

「《標準守則》」

指

《上市規則》附錄C3所載的《上市發行人董事進行證券交易的標準守則》

「納斯達克」

指

納斯達克股票市場

「納斯達克上市規則」

指

納斯達克證券市場有限責任公司規則

「提名委員會」

指

董事會提名委員會

「招股章程」

指

本公司日期為2025年10月28日與全球發售相關的招股章程

「研發」

指

研究及開發

「報告期」

指

截至2026年6月30日止六個月

「保留事項」

指

有關每股股份有權於本公司股東大會上投一票的事項決議案，即：(i)對章程
大綱或章程細則的修改；(ii)變更任何類別股份的附帶權利；(iii)對任何獨立非
執行董事的委任或罷免；(iv)對本公司審計師的委聘或辭退；及(v)本公司自願
清算

「人民幣」

指

人民幣，中國法定貨幣

「美國證交會」

指

美國證券交易委員會

「《證券及期貨條例》」

指

香港法例第571章《證券及期貨條例》
（經不時修訂、補充或以其他方式修改）

「股東」

指

股份持有人

「股份」

指

本公司股本中的A類普通股及B類普通股，如文義所指

「聯交所」或「香港聯交所」

指

香港聯合交易所有限公司

文遠知行 / 2026中期報告

釋義

「附屬公司」

指

具有《公司條例》第15條賦予該詞的涵義

「主要股東」

指

具有《上市規則》賦予該詞的涵義

「THL」

指

Tonyhan Limited，一家於2017年5月10日在英屬維爾京群島註冊成立的有限
責任公司，由韓博士間接控制

「庫存股份」

指

具有《上市規則》賦予該詞的涵義

「Trident」

指

Trident Trust Company (South Dakota) Inc.，韓氏家族信託及李氏家族信託
各自的受託人

「阿聯酋」

指

阿拉伯聯合酋長國

「美國」

指

美利堅合眾國、其領土、屬地及受其管轄的所有地區

「美元」

指

美國的法定貨幣美元

「不同投票權」

指

具有《上市規則》賦予該詞的涵義

「不同投票權受益人」

指

具有《上市規則》賦予該詞的涵義，除文義另有所指外，應包括韓博士和李博
士，即具有不同投票權的B類普通股實益擁有人

「XHL」

指

Xu Han Limited，一家於2022年6月22日在英屬維爾京群島註冊成立的有限
責任公司，由韓博士全資擁有

「Yanli」

指

Yanli Holdings Limited，一家於2017年5月11日在英屬維爾京群島註冊成立
的有限責任公司，由李博士間接控制

「%」

指

百分比

88