WeRide Inc. (WRD)

Price$5.91Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe stock still prices in rapid scaling despite heavy losses and substantial execution risk.

At the latest regular-session close, WeRide's market value was about $1.9 billion and enterprise value, which subtracts net cash from equity value, about $1.2 billion. Against roughly $122 million of trailing revenue, enterprise value is near ten times sales. That is demanding for a company with deeply negative EBITDA and free cash flow. The valuation can work if revenue compounds rapidly for several years, but current fundamentals leave little room for slower commercialization.

Big pictureRevenue is accelerating, but cash consumption remains the central constraint on today's valuation.

WeRide Inc. is the Nasdaq-listed issuer under WRD, with a dual primary Hong Kong listing under 0800; each ADS represents three ordinary shares. First-half revenue rose 73.3%, while second-quarter revenue rose 82.2% and gross margin reached 37.5%. Yet first-half EBITDA, a rough measure of operating earnings before financing, taxes and non-cash depreciation, remained negative RMB667 million. Liquid resources were RMB5.4 billion at June-end, down 24.3% from December, versus RMB485 million of short-term bank loans. That decline is not pure operating burn because buybacks and deposit movements also matter.

Business strengthGlobal permits, partnerships and improving margins support a credible long-term commercialization case.

WeRide had about 3,400 Level 4 vehicles by July-end, including more than 1,800 robotaxis, and its overseas revenue grew 164.4% in the second quarter. Higher-margin driver-assistance sales are also scaling. Partnerships with mobility operators can reduce the capital WeRide must supply itself. Still, vehicle deliveries and automaker programs can be lumpy, and fleet spending is exposed to auto-industry cycles. More importantly, many international launches remain dependent on local permits, so regulatory timing can shift revenue between periods.

What could change the storyFaster break-even could unlock upside; slower approvals or fresh dilution could pressure returns.

Bull case: revenue keeps growing above 50% through 2027, gross margin holds in the mid-30s or better, and management reaches positive quarterly cash flow around 2028. Bear case: growth falls below 30%, margins slip below 30%, and approval delays keep cash use high enough to require new equity. Capital allocation cuts both ways: first-half buybacks used about $100 million equivalent and reduced shares, but August filings still showed about 89.9 million legacy options outstanding plus substantial capacity under the 2026 equity plan.

AI: News

HKEX Tech 100 inclusionWeRide will join the HKEX Tech 100 after the September quarterly index review.

On August 31, WeRide said the index change will take effect on September 14 after implementation following the prior market close. Inclusion can improve visibility to Hong Kong and mainland-linked investors and make the shares eligible for index-related investment products. It is a market-access milestone rather than an operating one, so it does not by itself improve revenue, margins, or cash flow.

Second-quarter growth acceleratesQuarterly revenue jumped 82.2%, led by overseas expansion and rapidly scaling driver-assistance programs.

On August 12, WeRide reported second-quarter revenue of RMB231.7 million, up 82.2% year over year, while overseas revenue increased 164.4%. Gross margin reached 37.5%, helped by a richer mix of higher-margin driver-assistance and overseas Level 4 business. The company still posted a first-half loss of RMB789.8 million and held about $795.6 million of liquid resources at June-end.

Expansion targets broadenManagement named more Asian and Australian markets while keeping its 2028 quarterly cash-flow positivity target.

In an August 13 Reuters interview, CEO Tony Han said WeRide was considering Australia, South Korea, Japan and Southeast Asia, while also talking with additional European markets. Management remained confident in reaching 5,000 Level 4 vehicles by year-end, including 2,600 robotaxis. Han said WeRide targets a positive-cash-flow quarter in 2028 and full-year break-even in 2029, with no immediate need to raise capital.

Denmark launch plannedWeRide and GreenMobility plan a driverless public service, subject to approvals, in early 2027.

On August 3, WeRide and GreenMobility announced a partnership to deploy Level 4 autonomous shared mobility in Denmark, WeRide's sixth European market. The partners aim to launch public service in the first half of 2027 using the GXR robotaxi. The model is strategically attractive because a local operator supplies market expertise, but commercialization still depends on Danish and European regulatory approvals and successful testing.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

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Total cash / debt

CashTotal debt

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2025

Financial statements

	2025	2024	2023	2022
Revenue	¥684.6M	¥361.1M	¥401.8M	¥527.5M
Gross profit	¥206.8M	¥110.7M	¥183.5M	¥232.5M
Gross margin	30.21%	30.66%	45.66%	44.08%
Research & development	¥1.37B	¥1.09B	¥1.06B	¥758.6M
Operating expenses	¥2.03B	¥2.30B	¥1.75B	¥1.01B
Operating income	−¥1.82B	−¥2.19B	−¥1.57B	−¥779.2M
Operating margin	−266.22%	−605.09%	−389.75%	−147.71%
EBITDA	−¥1.48B	−¥2.08B	−¥1.48B	−¥692.7M
EBITDA margin	−215.78%	−577.09%	−367.45%	−131.30%
Net income	−¥1.65B	−¥2.52B	−¥1.95B	−¥1.30B
Net profit margin	−241.74%	−696.92%	−485.04%	−246.14%
Basic EPSper basic share	-CN¥5.37	-CN¥8.54	-CN¥16.86	-CN¥11.08
Diluted EPSper diluted share	-CN¥5.37	-CN¥8.54	-CN¥16.86	-CN¥11.08

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of WRD
Holder	Shares held
Uber Technologies, Inc	11.19M
China-UAE Investment Cooperation Fund, L.P.	7.77M
VANGUARD CAPITAL MANAGEMENT LLC	7.35M
UBS Group AG	5.17M
MORGAN STANLEY	5.16M
Robert Bosch GmbH	4.11M
BlackRock, Inc.	3.75M
ARK Investment Management LLC	3.74M
Global Alpha Capital Management Ltd.	2.81M
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	2.63M
BANK OF AMERICA CORP /DE/	2.6M
Greenwoods Asset Management Hong Kong Ltd.	2.2M
Sumitomo Mitsui Trust Group, Inc.	2.1M
Amova Asset Management Americas, Inc.	2.1M
NORGES BANK	2M
VANGUARD FIDUCIARY TRUST CO	1.91M
CITADEL ADVISORS LLC	1.63M
JOHO CAPITAL LLC	1.5M
STATE STREET CORP	1.34M
Point72 Asset Management, L.P.	1.3M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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