Patheo Autolink, the “first smart cockpit stock,” has filed its first performance report since going public.最大的目标是扩大业务规模。 In 2025, PATEO AutoLink achieved revenue of 3.51 billion yuan, a year-on-year increase of 37.26%. Gross profit rose to 434 million yuan from 301 million yuan a year earlier. The revenue increase was primarily due to increased shipping volumes throughout the year. 2025年，博泰智能座舱域控制器出货量将达到130万台，同比增长超过40%。 However, behind the expansion the shadow of the deficit lingers, and the biggest challenge for Patheo Automobile Alliance is that scale effects have not materialized. It has not yet achieved its own “blood production”. From a revenue ratio perspective, smart cockpit solutions remain the main sourcee of income from PATEO AutoLink. In 2025, it is expected to reach a revenue of 3.413 billion yuan, accounting for 97.3% of the total revenue, while this figure was 95.5% in 2024. In terms of revenue, PATEO AutoLink still has to solve its loss problem.虽然利润规模随着业务的扩大而扩大，但并没有能够转化为利润，还没有达到可以为自己“造血”的地步。 In 2025, Patheo Autolink’s net loss is expected to be 1.094 billion yuan, an increase of 102.23% from the previous year. Adjusted net loss for the year (excluding non-operating factors such as stock compensation) narrowed to 240 million yuan. High growth and high losses have always been the “two sides” of PATEO AutoLink’s performance.博泰车联公布了过去三年的业绩，继续以2025年上市为目标。随后，该公司2022年至2024年营收保持增长，但亏损分别约为4.52亿元、2.84亿元和5.41亿元。 By 2025, losses are expected to increase further due to selling expenses, administrative expenses, research and development expenses, financing expenses, listing expenses, etc. In addition, PATEO AutoLink’s losses are also related to industry characteristics.张旭 技术研究院院长Deepiniaorong氏は、北京nyusushierufァイナnsの记者に损失の主な理由は、少年の巨额の研究开発投资、顾客のカsuタマイズ、市场竞争と価格引き下げによって引き起こされる低い粗利益率、そして业务がまだ育成段阶にあるという事実であると分析した。人工智能提供了新的叙事空间，但仍处于商业化的早期阶段。 2025年，博泰毛利率为12.4%。从长远来看，2022年至2024年的毛利率将分别为14.1%、15.4%和11.8%。 2025年の売上総利益率は前年比プラス成长となるものの、2023早餐SVの売上総利益率は长期にわたって20%以上维持しており、KICK海外市场に关しては、2025年にパテオオートランクの海外市场收益はわずか 3,200该公司正在与欧洲一家全球豪华汽车公司合作，计划在2026年交付产品。AI也是Patheo汽车联盟在年报中反复提及的一个术语。 2025年，PATEO’s AI-related revenue is expected to be approximately 95.1 million yuan, representing a year-on-year growth of 210%. The AI also provides a new narrative space for PATEO AutoLink. However, the scale of PATEO’s connected car AI business is still relatively small. ，其对全球收入的贡献有限。 Its business model has not yet formed itself.現時点では、AI機能は主にコックピットソリューションに付属して”” AI has not yet reached the commercial stagereal collection ial.さらに、AIベースのスマートコックピットは、本質的には垂直シナリオにおける一般的な大型モデルのアプリケーションです. PATEO AutoLink は現在、主に Technology SenseTimeなどの大手モデル会社との協力を通じて機能を構築しているため、技術的な独占性There is none. In Zhang’s view, companies must achieve sustainable profits through technological advancements and customer loyalty, or they will still fall into the “over-technology trap.” Patheo Auto Alliance said it will continue to deepen its artificial intelligence technology design, promote technology related to cockpit driving integration, focus on the intelligent field of mid- and high-end a汽车，向海外拓展智能业务。回到现在，公司发现自己陷入了速度与失败的拉锯战。另一方面，为了应对智能座舱的爆发式增长，该公司正在迅速扩大规模。另一方面，大量投资仍在继续，但未能实现盈利。对于PatheoAutolink来说，目前最重要的问题可能是如何尽快实现盈利。新京报贝壳财经记者编辑：王琳琳纠错：杨川杨莉
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