Core Insights - Pony.ai has been included in the MSCI China Index, becoming the first autonomous driving stock in the index, which is expected to attract passive investment and signifies recognition from the international capital market [1] - The company has entered a strategic partnership with domestic GPU firm Moore Threads to enhance L4 autonomous driving world model training using domestic AI computing power [1] - The first mass-produced model of the Robotaxi, the Platinum Smart 4X, has been launched, with plans to deploy a fleet of 1,000 vehicles by 2026 [1] - Pony.ai has also been included in the Hang Seng Composite Index, potentially broadening its investor base [1] Stock Performance - Over the past week (February 6 to 13, 2026), Pony.ai's stock price increased by 10.61%, reaching a high of 119.60 HKD on February 11 and a low of 108.40 HKD on February 9 [2] - The closing price on February 13 was 114.70 HKD, with a single-day decline of 0.35% and a trading volume of approximately 72.68 million HKD [2] - Stock price fluctuations were primarily driven by the MSCI inclusion and partnership announcements, with a notable 5.79% increase following the strategic partnership announcement on February 9 [2] Financial Analysis - Pony.ai's 2025 earnings forecast indicates a reduced annual loss of 69 to 86 million USD, a significant decrease of 68.7% to 74.9% compared to 2024, mainly due to increased investment fair value changes [3] - The gross margin for Q3 2025 is projected to rise to 18.4%, a 2.2 percentage point increase quarter-over-quarter [3] - The Robotaxi fleet is expected to reach 1,159 vehicles by December 31, 2025, with the seventh-generation model achieving positive unit economics in Guangzhou, laying the groundwork for expanding the fleet to 3,000 vehicles in 2026 [3] Institutional Perspectives - According to a report by Zhongyou Securities, Pony.ai is recognized as a leader in intelligent driving, with its Robotaxi commercialization path showing initial validation [4] - The report highlights a light-asset model and cost optimization, such as a 70% reduction in the cost of autonomous driving suite BOM, supporting long-term growth [4] - Revenue projections for 2025 to 2027 are estimated at 81.92 million, 122 million, and 236 million USD, respectively, although net profit is expected to remain negative during this period [4]

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of December 31, 2025, with Pony.ai (02026) being included in the Hang Seng Composite Index [1] - The changes will be implemented after the market closes on March 6, 2026, and will take effect on March 9, 2026, leading to adjustments in the eligible stocks for the Hong Kong Stock Connect [1] - According to a report by CICC, Pony.ai is likely to be included in the Hong Kong Stock Connect due to meeting various criteria, including market capitalization, liquidity, and listing duration [1] Group 2 - On February 6, Pony.ai, known as the "first global Robotaxi stock," announced a strategic partnership with Moore Threads (688795.SH), a leading domestic full-function GPU company [1] - The collaboration will focus on the implementation and large-scale application of L4 autonomous driving technology, emphasizing deep cooperation on Pony.ai's core technologies, including the world model and virtual driver system training and optimization [1] - The partnership aims to leverage safe and reliable AI computing power to enhance the iteration of autonomous driving technology and its commercial deployment [1]

Core Viewpoint - The announcement by Hang Seng Index Company regarding the inclusion of Pony.ai (02026) in the Hang Seng Composite Index is a significant development, expected to enhance the company's visibility and investment potential in the market [1] Group 1: Index Inclusion - Pony.ai is set to be included in the Hang Seng Composite Index as of March 6, 2026, with the changes taking effect on March 9, 2026 [1] - The inclusion will lead to adjustments in the eligible stocks for the Hong Kong Stock Connect, as per the regulations of the Shanghai and Shenzhen stock exchanges [1] - According to CICC's research report, Pony.ai meets various criteria such as market capitalization, liquidity, and listing duration, making it a candidate for inclusion in the Hong Kong Stock Connect [1] Group 2: Strategic Partnership - On February 6, Pony.ai, known as the "first global Robotaxi stock," announced a strategic partnership with Moore Threads (688795.SH), a leading domestic full-function GPU company [1] - The collaboration will focus on the implementation and scaling of Level 4 autonomous driving technology, emphasizing deep cooperation on training and optimization of Pony.ai's core technologies, including the world model and virtual driver system [1] - The partnership aims to leverage safe and reliable AI computing power to facilitate the iteration and commercial deployment of autonomous driving technologies [1]

Core Insights - MSCI announced its quarterly index adjustments for February 2026, adding 63 stocks and removing 61, including 9 A-shares [2] - The MSCI China Index added 37 constituent stocks, comprising 4 Hong Kong stocks and 33 A-shares, focusing on sectors like hard technology, semiconductors, digital economy, and strategic resources [2] - Pony.ai became the first and only autonomous driving company included in the index, indicating recognition of its business model and long-term value by international capital markets [2] Company Highlights - Pony.ai completed its listing on the Hong Kong Stock Exchange in November 2025, and its inclusion in the MSCI index occurred just three months post-listing, marking a significant milestone in operational performance and investor interest [5] - Following its inclusion, passive funds tracking the MSCI index will be required to invest in Pony.ai, providing a continuous influx of capital and establishing a long-term connection with international capital markets [5] - The CEO of Pony.ai stated that the Robotaxi industry has entered a new phase of large-scale production and commercialization, with the company focusing on operational capabilities and capital efficiency [5] Industry Developments - Pony.ai is the first company in China's four major first-tier cities to obtain full autonomous Robotaxi operation licenses, demonstrating steady progress in commercialization [5] - As of December 31, 2025, Pony.ai's Robotaxi fleet reached 1,159 vehicles, exceeding its annual deployment target [5] - The recent launch of the mass-produced Platinum Smart 4X Robotaxi marks a significant breakthrough in the company's scaling and operational capabilities, supporting future service network expansion and operational efficiency [5]

Core Insights - MSCI China Index has added 37 new constituent stocks, including 4 Hong Kong stocks and 33 A-shares, focusing on sectors like hard technology, semiconductors, digital economy, and strategic resources [1] - Pony.ai is the first and only autonomous driving company included in the MSCI China Index, indicating recognition of its business model and long-term value by international capital markets [1] - The MSCI China Index serves as a key reference for global investment institutions allocating Chinese assets, with over $100 billion tracking the index [1] Company Developments - Pony.ai's founder and CEO, Peng Jun, stated that the Robotaxi industry has entered a new phase of large-scale production and commercialization, with the company achieving dual listings in the US and Hong Kong [2] - The inclusion in the MSCI China Index is expected to enhance communication with global institutional investors and provide more capital support [2] - As of December 31, 2025, Pony.ai's Robotaxi fleet has reached 1,159 vehicles, exceeding its annual deployment target [4] - The company has recently launched its first mass-produced Robotaxi, the Platinum Smart 4X, marking a significant breakthrough in scaling production and operational capabilities [4]

Investment Rating - The report assigns a "Buy" rating for the stock, indicating an expected increase of over 15% relative to the Hang Seng Index [6]. Core Insights - Xiaoma Zhixing ranks second in China's Level 4 autonomous driving market, holding a 15.4% market share as of the end of 2024, with significant growth projected in the autonomous driving service market, expected to reach $39.4 billion by 2030 and $183 billion by 2035 [2]. - The company is increasing R&D investments despite recording losses, with expected net losses for 2025 projected to narrow significantly to between $69 million and $86 million, compared to $275 million in 2024 [2]. - The introduction of the seventh-generation Robotaxi in 2025 has reduced the total cost of the autonomous driving kit by 70%, leading to the first city-level single-vehicle profitability in Guangzhou [3]. - Xiaoma Zhixing is expanding its light-asset model through partnerships, which will enhance capital efficiency and accelerate fleet growth, with plans to exceed 3,000 vehicles by 2026 [4]. - Inclusion in the MSCI China Index is expected to attract passive capital inflows, with a projected compound annual growth rate (CAGR) of approximately 70% for revenue from 2025 to 2027 [5]. Summary by Sections Market Position - Xiaoma Zhixing is the only L4 autonomous driving technology company to obtain regulatory approval for autonomous driving services in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen [2]. - The company is strategically seeking overseas expansion opportunities and has already established a presence in eight countries [4]. Financial Performance - The company anticipates a significant reduction in net losses for 2025, with forecasts ranging from $126 million to $143 million, a notable decrease from $274 million in 2024 [2]. - The fourth quarter of 2025 is expected to see a turnaround to profitability, with projected net profits between $14 million and $31 million [2]. Product Development - The seventh-generation Robotaxi is set to launch in 2025, achieving substantial cost savings in key components, which is a critical milestone for the company's commercialization efforts [3]. Strategic Partnerships - Collaborations with partners like Deep Lake West Lake Group and Sunshine Travel are enhancing Xiaoma Zhixing's operational efficiency and fleet expansion capabilities [4]. Market Outlook - The report highlights the potential for increased valuation attractiveness if regulatory policies for autonomous driving are further relaxed in mainland China [5].

Core Insights - The company Xiaoma Zhixing (stock code: 02026) is currently involved in several significant events, focusing on strategic partnerships, index inclusion, and business progress [1] Group 1: Recent Events - MSCI announced on February 11, 2026, that Xiaoma Zhixing will be included in the MSCI China Index, with the adjustment taking effect after the market close on February 27, 2026 [2] Group 2: Business Progress - On February 6, 2026, Xiaoma Zhixing formed a strategic partnership with domestic GPU company Moore Threads to advance L4-level autonomous driving world model training and simulation, utilizing the MTT S5000 intelligent computing card and "Kuaguo" cluster for the first large-scale application of domestic AI computing power in critical areas [3] - On February 9, 2026, the first mass-produced Platinum 4X Robotaxi, a result of collaboration with Toyota China and GAC Toyota, officially rolled off the production line, marking the transition of the strategic partnership into large-scale production, with plans to deploy a fleet of over 1,000 vehicles in 2026 [3] - In early February 2026, Xiaoma Zhixing partnered with Aitebo to jointly build a fully autonomous driving service fleet, expanding into high-end market scenarios of "AI + mobility" [3] Group 3: Performance and Operations - On February 4, 2026, the company released a performance forecast for 2025, expecting an annual loss to narrow to between $69 million and $86 million, a significant reduction of 68.7% to 74.9% compared to 2024 [4] - In terms of business metrics, the gross margin for Q3 2025 increased to 18.4%, with the Robotaxi fleet size surpassing 1,159 vehicles, and the seventh-generation model achieving a positive unit economic model in Guangzhou, with a daily net income of 299 RMB, laying the groundwork for expanding the fleet to 3,000 vehicles in 2026 [4]

Core Insights - MSCI has included 37 new stocks in its China Index, with Pony.ai being the only autonomous driving company added, which is expected to attract more passive fund attention and improve liquidity [1][3] Company Overview - Pony.ai is the first and only autonomous driving company included in the MSCI China Index, which is a significant benchmark for global investment institutions allocating assets in China [3] - The company was founded in 2016 and focuses on providing autonomous driving technology and solutions for mobility and logistics, with a dual listing on NASDAQ and the Hong Kong Stock Exchange [3][4] Business Operations - Pony.ai's core business includes Robotaxi services, autonomous truck services, and technology licensing, with operations in major Chinese cities and a growing international presence [4][6] - The company has received permits for fully autonomous Robotaxi operations in Beijing, Shanghai, Guangzhou, and Shenzhen, making it the only company to do so in these cities [4] Financial Performance - For 2025, Pony.ai anticipates a loss of approximately $69 million to $86 million, a significant reduction from a loss of $275 million in 2024, primarily due to increased fair value gains from investments [4] - The Robotaxi business revenue grew by 89.5% year-on-year, with passenger fare revenue increasing by over 200%, indicating strong commercial progress [4] Fleet and Technology - The Robotaxi fleet has surpassed 1,159 vehicles, with plans to expand to 3,000 vehicles by 2026, demonstrating exponential growth [5] - The company has achieved cost reductions in its new generation of autonomous driving technology, with production material costs decreasing by 70% and specific components like the autonomous driving computing unit by 80% [5] Global Expansion - Pony.ai is pursuing a light-asset model and has formed partnerships with various companies to accelerate fleet expansion and global market entry [6] - The company has established operations in eight countries and is collaborating with major ride-hailing platforms to enhance its market presence [6] Analyst Coverage - A recent report from Zhongyou Securities initiated coverage on Pony.ai with a "Buy" rating, projecting revenues of $81.92 million, $121.85 million, and $235.58 million for 2025, 2026, and 2027, respectively, while also forecasting continued losses [6]

Group 1 - The core point of the article is that Xiaoma Zhixing has been included in the MSCI China Index, becoming the first and only autonomous driving company in this index, reflecting the recognition of its business model and long-term value by the international mainstream capital market [1][3] Group 2 - The MSCI China Index is considered an important reference for global investment institutions to allocate Chinese assets, with over $100 billion in funds tracking this index [3] - Xiaoma Zhixing was included in the index just three months after its Hong Kong IPO, providing a significant foundation for establishing long-term connections with the international capital market and attracting passive funds that track the MSCI index [3] - The founder and CEO of Xiaoma Zhixing, Peng Jun, stated that the Robotaxi industry has entered a new stage of large-scale production and commercialization, and the company is further solidifying its operational capabilities and capital efficiency [3] - As of December 31 of the previous year, Xiaoma Zhixing's Robotaxi fleet has expanded to 1,159 vehicles, exceeding its annual target, and the company announced the rollout of its first mass-produced Platinum Smart 4X Robotaxi, marking a significant breakthrough in large-scale deployment and operational capabilities [3]

Core Viewpoint - Pony.ai has been included in the MSCI China Index, becoming the first and only autonomous driving company in this index, highlighting its growing importance in the global capital market and recognition of its business model and long-term value [2] Group 1: MSCI Inclusion - The inclusion in the MSCI China Index reflects the company's compliance with strict selection criteria, showcasing its growth potential, stability, and representation among Chinese enterprises [2] - Over $100 billion in global funds track the MSCI China Index, making it a significant reference for investment in Chinese assets [2] - The rapid inclusion within three months of its Hong Kong listing indicates the company's effective operations and market performance post-IPO [2] Group 2: Business Development - The CEO of Pony.ai stated that the Robotaxi industry has entered a new phase of large-scale production and commercialization [2] - The company has achieved a fleet size of 1,159 Robotaxis as of December 31, exceeding its annual target [2] - The launch of the first mass-produced Platinum 4X Robotaxi marks a significant breakthrough in the company's deployment and operational capabilities [2]