01 Auto Files for Hong Kong IPO: Revenue Surges Over 400x in Three Years, but Accumulated Losses Hit RMB 636 Million

On May 28, 2026, 01 Auto submitted an application for listing to the Hong Kong Stock Exchange. The company’s revenue for 2023, 2024, and 2025 amounted to RMB 1.163 million, RMB 124 million, and RMB 522 million, respectively—an increase of over 400-fold in three years. During the same period, its net losses were RMB 114 million, RMB 241 million, and RMB 281 million, totaling RMB 636 million in cumulative losses. The surge in revenue was primarily driven by a rapid increase in vehicle deliveries, which stood at 2 units in 2023, 272 units in 2024, and 1,176 units in 2025. As of April 30, 2026, the company had already delivered 778 vehicles year-to-date, representing a 334.6% year-over-year increase, with 1,002 orders remaining in its backlog as of that date. The company has not yet disclosed information regarding R&D expenses or revenue guidance for the next quarter. Its long-term goal is to scale commercial deployment of its “autonomous heavy-duty truck solutions,” though progress so far has been slow. Operating under an asset-light model, 01 Auto faces supply chain risks and a relatively undiversified cost structure, limiting its ability to withstand upstream price volatility. Although its dealer network is expanding rapidly, it remains to be seen whether newly added dealers can consistently fulfill incoming orders.