Pony AI Inc. 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 小馬智行* （於開曼群島註冊成立並以不同投票權方式控制的有限責任公司） （股份代號：2026） 自願公告 業務更新 本公告乃由Pony AI Inc.（「本公司」，連同其附屬公司統稱「本集團」）按自願性基 準作出，以向本公司股東及有意投資者提供有關本集團最新業務發展的資料。 本公司欣然宣佈與三一重卡、東風柳汽達成合作，將聯合打造第四代自動駕駛卡 車家族。 董事會主席兼首席執行官 彭軍博士 小馬智行第四代自動駕駛卡車套件將採用100%車規級零部件，複用全新一代 Robotaxi自動駕駛套件所採用的絕大部分零部件，單車自動駕駛套件BOM成本較 上一代大幅下降約70%。以「頭車有人、後車無人」的「1+4」編隊自動駕駛方案為 例，按現有示範場景測算，其單公里貨運成本相較傳統貨運將下降29%，貨運利 潤將提升195%，將實現貨運物流的大幅降本、提質和增效。 第四代自動駕駛卡車通過複用全新一 ...

公司港股最终发售价为139.00港元，所得款项总额为67.07亿港元，所得款项净额64.54亿港元。 小马智行全球发售的发售股份数目为48,249,000股发售股份(经计及发售量调整权获悉数行使及视乎超额 配股权行使与否而定，其中香港发售股份数目为4,195,600股发售股份，国际发售股份数目为44,053,400 股发售股份(经计及发售量调整权获悉数行使及视乎超额配股权行使与否而定)。 公司的基石投资者Eastspring Investments(Singapore)Limited、Ghisallo Fund Master Ltd、Athos Capital Limited、Hel Ved Master Fund、Ocean Arete Limited获分配的发售股份数分别为1,117,800股、2,794,600 股、1,397,300股、838,400股、558,900股。 中国经济网北京11月18日讯小马智行(02026.HK)港股今日收报92.00港元，跌幅6.122%，今日盘中最低 价91.20港元，创上市以来最低价。目前该股处于破发状态，上市以来累计跌幅33.81%。 小马智行2025年11月6 ...

Core Insights - The automatic driving taxi market is entering a new era with companies like Pony.ai and WeRide going public in Hong Kong, focusing on commercialization and scalability as key investment themes [1][5]. Business Model Divergence - There is a split in the business model choices among autonomous driving companies for Robotaxi, with some opting for a project-based (B2B) model while Pony.ai is pursuing a scalable operation model (B2C) to provide ongoing transportation services and achieve economies of scale [4][9]. - Pony.ai's CEO emphasizes that the company aims to focus on service provision rather than vehicle sales, with plans to expand its fleet and operations in various markets [4][5]. Operational Strategy - Pony.ai is transitioning to an "operation-centric" phase, having received recognition from long-term capital institutions for its focus on fleet scale and operational capabilities [5][14]. - The company has achieved 24/7 operational service in cities like Guangzhou and Shenzhen, with testing in Beijing [10]. Economic Model and Growth - The breakeven point for Robotaxi operations in major cities is identified at a fleet size of 1,000 vehicles, beyond which the cost per vehicle decreases and gross margins improve [13]. - The company reported a significant revenue increase of 75.9% year-on-year for Q2 2025, driven by cost reductions and scale effects [15]. Market Position and Future Outlook - Pony.ai is the first autonomous driving company to obtain permits for fully driverless Robotaxi services in major Chinese cities, indicating a strong market position [9][14]. - The company plans to scale its fleet to 50,000 vehicles by 2028-2029, with expectations of positive cash flow as it moves past the scalability inflection point [15]. Industry Evolution - The industry is shifting from a technology-driven phase to one focused on operational and scale-driven models, with sustainable and profitable service delivery becoming the core competitive advantage [16].

Core Viewpoint - Xiaoma Zhixing (02026.HK) has experienced a significant decline in its stock price since its listing, currently trading at 93.00 HKD, marking a drop of 13.889% and a cumulative decline of 33.09% since its debut [1] Group 1: Stock Performance - The stock hit an all-time low of 91.05 HKD during trading, indicating a challenging market reception since its IPO [1] - The stock opened at 124.00 HKD on its listing day, falling by 10.79% and closing at 126.10 HKD, reflecting a drop of 9.28% [1] - The final offering price was set at 139.00 HKD, with total proceeds amounting to 6.707 billion HKD and net proceeds of 6.454 billion HKD [1] Group 2: Share Distribution - The company allocated shares to cornerstone investors, with Eastspring Investments (Singapore) Limited receiving 1,117,800 shares, Ghisallo Fund Master Ltd receiving 2,794,600 shares, Athos Capital Limited receiving 1,397,300 shares, Hel Ved Master Fund receiving 838,400 shares, and Ocean Arete Limited receiving 558,900 shares [2]

Core Insights - As of November 14, 50 stocks reached their 52-week highs, with WMCH GLOBAL (08208), China New Retail Supply Chain (03928), and De Yong Jia Group (00321) leading the increase rates at 108.70%, 21.98%, and 19.05% respectively [1][2] 52-Week Highs Summary - WMCH GLOBAL (08208) closed at 0.143, with a peak of 0.240, achieving a high rate of 108.70% [2] - China New Retail Supply Chain (03928) closed at 9.360, with a peak of 9.380, achieving a high rate of 21.98% [2] - De Yong Jia Group (00321) closed at 0.900, with a peak of 1.000, achieving a high rate of 19.05% [2] - Other notable stocks include Base Champion Group (08460) at 15.00%, Junyu Foundation (01757) at 14.63%, and Deutsche Bank Tianxia (02418) at 11.98% [2] 52-Week Lows Summary - Dongyuan Renzhi Service (02352) reached a low of 5.890, with a decrease rate of -21.01% [2] - XL Ernan Strategy - U (09799) closed at 2.660, with a decrease rate of -19.26% [2] - Xiao Ma Zhi Xing - W (02026) closed at 93.000, with a decrease rate of -14.91% [2] - Other notable stocks include Dexin Service Group (02215) at -10.11% and Aoji Shares (02519) at -8.73% [2]

Core Points - The stock of Xiaoma Zhixing (小马智行) experienced a significant decline, dropping 13.75% to HKD 93.15 per share as of 15:21 on November 14, with a trading volume of HKD 2.28 billion [1][2] - Xiaoma Zhixing was listed on the Hong Kong Stock Exchange on November 6, with an initial offering price of HKD 139 per share, but has since fallen over 30% from its IPO price [2] - The company is scheduled to announce its financial results for the third quarter of 2025 on November 25 [3] Summary by Category Stock Performance - The stock price of Xiaoma Zhixing fell to HKD 93.15, marking a 13.75% decrease [1][2] - The stock opened at HKD 101.90 and reached a high of HKD 101.90, with a low of HKD 93.00 during the trading session [2] - The total market capitalization of the company is HKD 403.84 billion [2] IPO and Market Reaction - Xiaoma Zhixing's IPO price was set at HKD 139, but the stock has dropped over 30% since its debut [2] - The stock has experienced a trading volume of 236.41 million shares, with a turnover rate of 0.55% [2] Upcoming Financial Disclosure - The company will release its financial results for the third quarter of 2025 on November 25 [3]

Core Viewpoint - Xiaoma Zhixing's stock price has significantly declined since its listing, dropping over 30% from the initial offering price of 139 HKD per share, indicating market challenges and investor concerns [2][3]. Group 1: Stock Performance - On November 14, Xiaoma Zhixing's stock opened lower and continued to decline, with a drop of 13.75% to 93.15 HKD per share by 15:21, with a trading volume of 2.28 billion HKD [1]. - The stock reached a high of 101.90 HKD and a low of 93.00 HKD on the same day, with an average price of 96.608 HKD [2]. - The total market capitalization of Xiaoma Zhixing is 40.384 billion HKD, with a total share count of 434 million [2]. Group 2: Financial Metrics - The stock has a price-to-earnings ratio (P/E) indicating a loss, and a price-to-book ratio of 6.028 [2]. - The stock's 52-week high was 126.10 HKD, while the 52-week low was 93.00 HKD, reflecting significant volatility [2]. Group 3: Upcoming Events - Xiaoma Zhixing is scheduled to announce its financial results for the third quarter of 2025 on November 25 [3].

Market Overview - Major US stock indices experienced declines, with the Dow Jones down 1.65%, Nasdaq down 2.29%, and S&P 500 down 1.66% [1] - The tech sector faced significant losses, particularly the "Magnificent Seven" tech stocks, which dropped 2.29% [1] - Notable individual stock movements included Tesla falling over 6%, and Nvidia declining more than 3% following news of a short position by Michael Burry [1][3] Company Performance - Disney's stock plummeted over 7% after reporting fourth-quarter earnings that exceeded analyst expectations for profit but fell short on revenue due to weak performance in its entertainment platform business [2] - In the tech sector, Facebook (Meta) saw a slight increase of 0.14%, while other major companies like Apple, Microsoft, Amazon, and Google experienced declines ranging from 0.19% to 2.89% [3] Chinese Market - The Nasdaq Golden Dragon China Index fell by 1.59%, with individual stocks like Xiaoma Zhixing down nearly 8% and Baidu down over 6% [3] - Alibaba was an exception, rising over 1% amidst the overall downturn in Chinese stocks [3] Commodity and Cryptocurrency Market - Crude oil prices saw slight increases, with WTI crude up 0.19% and Brent crude up 0.29% [4] - Precious metals generally declined, with spot gold down 0.55% [4] - The cryptocurrency market faced significant losses, with Bitcoin dropping over 2% and falling below the $100,000 mark, leading to a total liquidation of approximately $728 million in the past 24 hours [4][5] Federal Reserve Policy - The Federal Reserve's monetary policy remains uncertain, with a recent rate cut of 25 basis points and mixed signals regarding future rate cuts [6] - Boston Fed President Susan Collins indicated that further rate cuts may be challenging, while other members like Stephen Milan advocate for more aggressive cuts [6] - Market expectations show a 60% probability of a 25 basis point cut in December, with a 40% chance of maintaining current rates [7]

Group 1 - Robotaxi is entering a phase of accelerated commercialization, with significant developments from companies like Pony.ai and WeRide, which recently completed a dual listing in Hong Kong [1] - Xpeng plans to launch three Robotaxi models by 2026, while Hello Robotaxi aims for small-scale production in 2026 and deployment of over 50,000 autonomous vehicles by 2027 [1] - HSBC predicts that the scale of Robotaxi fleets in China will grow tenfold between the second half of 2025 and 2026, marking a significant expansion in the industry [1] Group 2 - Pony.ai's IPO in Hong Kong is its second listing, following its debut on NASDAQ in November 2024, indicating strong investor interest and confidence in the company [2] - The founders of Pony.ai reflect on their journey, emphasizing the importance of building trust with investors through transparency and data sharing during early trials [10][11] Group 3 - The company is focused on achieving profitability by 2028 or 2029, with plans to operate a fleet of 50,000 Robotaxis primarily in first-tier cities [16][29] - The management believes that achieving a fleet size of several hundred to a thousand vehicles is essential for scaling operations effectively [17] Group 4 - The company positions itself as an "AI driver," aiming to integrate with existing ride-hailing platforms like Didi and Gaode, rather than competing directly with them [32][42] - The strategy includes expanding into international markets, particularly in the Middle East, where regulatory environments are favorable for autonomous vehicle deployment [46][50] Group 5 - The company emphasizes the importance of safety and regulatory compliance, stating that obtaining L4 licenses requires extensive testing and public engagement [18][24] - The founders express a commitment to maintaining a clear technological direction, focusing on L4 capabilities while recognizing the challenges of competing in a rapidly evolving market [37][39]

Group 1 - The stock of Xiaoma Zhixing (02026.HK) closed at HKD 108.00, marking a decline of 3.915% and reaching a new low since its listing [1] - The company went public on November 6, 2025, with an opening drop of 10.79%, closing at HKD 126.10, down 9.28% [1] - The final offering price for the company's shares was HKD 139.00, raising a total of HKD 6.707 billion, with a net amount of HKD 6.454 billion [1] Group 2 - The total number of shares offered globally by Xiaoma Zhixing was 48,249,000, with 4,195,600 shares allocated for the Hong Kong offering and 44,053,400 shares for the international offering [1] - Key cornerstone investors received the following allocations: Eastspring Investments (Singapore) Limited - 1,117,800 shares, Ghisallo Fund Master Ltd - 2,794,600 shares, Athos Capital Limited - 1,397,300 shares, Hel Ved Master Fund - 838,400 shares, and Ocean Arete Limited - 558,900 shares [2]