According to a research report by CITIC Securities, the pace of Robotaxi commercialization has significantly accelerated since 2025, mainly due to the initial maturity of L4 autonomous driving technology, the lower accident rate of Waymo in operational tests than that of human drivers, and the gradual relaxation of US regulation on Robotaxi. Looking ahead, it is expected that after mature operation, Robotaxi will significantly increase the utilization rate of single vehicles and reduce costs, driving the continued increase in the penetration rate of online ride-hailing in the travel market. Considering the supply and demand thresholds required for network effects, it is expected that new platforms may emerge in the future, but the cooperation model of platform + technology manufacturers will be more feasible, the long-term market space is expected to be significantly enlarged, and the comprehensive financial impact of existing shared travel platforms is expected to be positive.