Beijing time, August 31st, physical AI company Momenta (6880.HK) delivered its first semi-annual report after going public. This result gave the market a glimpse of the possibility that the autonomous driving industry could bid farewell to the "cash-burning" era—first-half revenue was RMB 1.6 billion, up 76% year-on-year, while adjusted net loss narrowed sharply by 97% to just RMB 14.097 million.

With a gross margin of 75% leading the industry and a cash reserve exceeding RMB 15 billion, the data shows that in the first half of 2026, Momenta's revenue and gross profit both hit historic highs. Excluding share-based compensation expenses, gross profit reached RMB 1.21 billion, up 75% year-on-year, with a gross margin of 75%, maintaining an industry-leading position. Alongside significantly improved profitability, Momenta's "ammunition depot" is also exceptionally well-stocked. After completing its IPO fundraising in July, the company's cash reserves have surpassed RMB 15 billion, laying a solid funding foundation for accelerating large-scale unmanned operations and global expansion.

1.1 million vehicles on the road, and the latest 100,000 vehicle deliveries were completed in just 36 days—the "flywheel effect" of the mass production business is fully emerging. Currently, the cumulative scale of mass-produced vehicles equipped with Momenta's system has exceeded 1.1 million units, with deliveries covering more than 110 mass-produced models and over 230 models under designation—the latest 100,000 units were delivered in only 36 days. As the "shared choice of global brands," Momenta firmly holds the top spot in the third-party city NOA supplier market. The company has established partnerships with 26 automakers worldwide, ranking first in the industry in terms of international clients, and is the first Chinese company to achieve global-scale mass production of intelligent driving solutions. Its mass production solutions have been deployed in more than 10 countries and regions across Asia, Europe, Oceania, Latin America, and North Africa.

The world model has become the "unified foundation," expanding from passenger vehicles to Robotaxi. Momenta's growth story goes beyond the financial figures. In March of this year, the company released the R7 World Model, opening the "prologue to physical AI." Based on over 15 billion kilometers of real-world driving mileage and more than 100 million segments of golden data, with over 10 million kilometers of simulation training daily, the R7 World Model advances through self-play evolution powered by reinforcement learning. Momenta's ambition extends far beyond passenger car intelligent driving. Leveraging its unified world model foundation platform, the company supports the large-scale deployment of passenger vehicles, Robovans, Robotaxis, and RoboTrucks with the same core model. Among these, the Robovan business has already been launched in Suzhou's Xiangcheng district, with partners including major express delivery companies such as China Post, JD Logistics, SF Express, and the "Three Tong" and "One Da" courier services. Meanwhile, Robotaxi operations are set to begin in Shanghai and Abu Dhabi within this year. Momenta has obtained the autonomous driving operation license in Shanghai's Pudong New Area, achieving this milestone in just 8 months from start to license acquisition, setting a new industry record. It has also become the first Chinese company to receive Germany's L4 road testing qualification. Momenta CEO Cao Xudong stated that using the world model as a unified foundation, and through three levels—pre-training, simulation, and reinforcement learning—the autonomous driving system can deeply understand the physical world, driving system performance to gradually surpass human levels. This technical capability has already extended from mass production scenarios to large-scale unmanned operations and is rapidly expanding into overseas markets.

Investment banks are collectively bullish, with the highest target price set at HKD 520. Momenta's positive growth flywheel of "data-computing power-model-business" is accelerating. Recently, various well-known investment banks including CICC, Deutsche Bank, BofA Securities, CITIC, and BOCI have all initiated coverage, giving "Buy" or "Overweight" ratings, with the highest target price at HKD 520. From annual revenue of RMB 2.4 billion to semi-annual revenue of RMB 1.6 billion, and from an adjusted loss of RMB 300 million to a loss in the millions—Momenta's semi-annual report tells the market that the inflection point for autonomous driving profitability may be closer than everyone thinks.