REVENUE

6 Months Ended

Jun. 30, 2026

4REVENUE

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,
		2025		2026
		RMB’000		RMB’000
Disaggregated by major business lines:
L4 business		123,932		179,475
Other businesses		75,683		166,382
		199,615		345,857

4REVENUE (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		2026
		RMB’000		RMB’000
Disaggregated by major products or service lines:
Autonomous driving-related operational and technical support services		54,651		66,692
Other technology services		75,683		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		73,335		162,517
Over time		126,280		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,
	2025		2026
Customer A	17	%	10	%
Customer B	13	%	*

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