（编辑 张明富） 本报讯 （记者袁传玺）天眼查工商信息显示，近日，北京小马易行科技有限公司发生工商变更，注册资本由3亿美元增资 至4亿美元。股东信息显示，该公司由香港小马智行有限公司全资持股。 ...

Group 1 - The core viewpoint of the article is that Pony.ai (PONY.US) has seen a pre-market increase of 1.55%, reaching a price of $14.42, due to the nearing production readiness of the fourth-generation autonomous heavy truck developed in collaboration with SANY Heavy Truck, with the first batch set for commercial operation next year [1]. Group 2 - The closing price of Pony.ai on December 9 was $14.20, with a pre-market price of $14.42 on December 10 [1]. - The stock experienced a trading volume of 3.1786 million shares, with a high of $14.215 and a low of $13.770 during the trading session [1]. - The total market capitalization of Pony.ai is approximately $6.156 billion, with a total share count of 434 million [1].

Group 1 - The core viewpoint of the article highlights that Pony.ai (PONY.US) has seen a pre-market increase of 1.55%, reaching a price of $14.42, due to the nearing production readiness of the fourth-generation autonomous heavy truck developed in collaboration with SANY Heavy Truck, with the first batch set for commercial operation next year [1]. Group 2 - The closing price of Pony.ai on December 9 was $14.20, with a slight decrease of 0.14% [1]. - The pre-market price on December 10 was $14.42, reflecting an increase of $0.22 [1]. - The stock's highest price during the trading session was $14.215, while the opening price was $13.830 [1]. - The trading volume was approximately 3.1786 million shares, with a total transaction value of about $44.4971 million [1]. - The company's total market capitalization stands at $6.156 billion, with a total share count of 434 million [1]. - The stock has a 52-week high of $24.92 and a low of $4.11, indicating significant volatility [1].

Core Viewpoint - The company reported significant revenue growth in Q3 2025, driven by its Robotaxi and Robotruck services, despite continuing net losses [1][2]. Financial Performance - In Q3 2025, the company achieved revenue of $25.44 million, representing a year-on-year increase of 72% and a quarter-on-quarter increase of 18.6% [1]. - The net profit for Q3 2025 was -$61.32 million, compared to -$41.89 million in Q3 2024 and -$53.10 million in Q2 2025 [1]. - Adjusted net profit (after adding back stock-based compensation) was -$54.72 million in Q3 2025, compared to -$41.21 million in Q3 2024 and -$45.89 million in Q2 2025 [1]. Business Segments - Robotaxi service revenue reached $6.70 million in Q3 2025, a year-on-year increase of 89.5%, with passenger fare revenue growing over 200% [1]. - Robotruck service revenue was $10.20 million, reflecting an 8.7% year-on-year growth, aided by a 70% reduction in BOM costs for the fourth-generation Robotruck [1]. - Revenue from licensing and applications surged to $8.60 million, a significant increase of 354.6%, driven by rising demand for autonomous driving domain controllers and unmanned delivery services [1]. Profitability Metrics - The company's gross margin improved to 18.4%, a year-on-year increase of 9.1 percentage points, while the net margin was -242.0%, improving by 42.8 percentage points year-on-year [1]. - The expense ratio was 292.2%, up 7.7 percentage points year-on-year but down 9.5 percentage points quarter-on-quarter [1]. Strategic Developments - The company is a global leader in the commercialization of autonomous driving, with 961 Robotaxi vehicles in operation, including 667 of the seventh-generation model, aiming to exceed 1,000 vehicles by year-end and 3,000 by the end of 2026 [1]. - The seventh-generation Robotaxi has achieved profitability on a per-vehicle basis at the city level [1]. - The company expanded its strategic partnerships, including a collaboration with Sunshine Travel for comprehensive cooperation in autonomous driving, and entered the Qatari market with Mowasalat [1]. - The company is also exploring new markets through partnerships with global ride-hailing platforms like Uber and Bolt [1]. Investment Outlook - The company maintains its profit forecast, projecting revenues of $80 million, $93 million, and $195 million for 2025-2027, with expected net losses of -$227 million, -$220 million, and -$195 million respectively [2]. - The company continues to hold an "outperform" rating, with optimism regarding its growth in the Robotaxi and Robotruck sectors [2].

Investment Rating - The report maintains an "Outperform" rating for the company [6][54]. Core Insights - The company achieved revenue of $25.44 million in Q3 2025, representing a year-on-year growth of 72% and a quarter-on-quarter increase of 18.6% [1][7]. - The Robotaxi service revenue reached $6.7 million in Q3 2025, with a year-on-year growth of 89.5%, driven by a significant increase in passenger fare revenue [1][8]. - The company is expanding its Robotaxi fleet, with 961 operational vehicles, including 667 of the seventh-generation model, aiming to exceed 1,000 vehicles by year-end and 3,000 by the end of 2026 [3][23]. - The company has formed strategic partnerships to enhance its global presence, including collaborations in Qatar, Singapore, and with major ride-hailing platforms like Uber and Bolt [3][37]. Financial Performance - The gross margin for Q3 2025 was 18.4%, an increase of 9.1 percentage points year-on-year, attributed to an improved revenue mix with higher contributions from Robotaxi services [2][15]. - The company reported a net loss of $61.32 million in Q3 2025, compared to a loss of $41.89 million in Q3 2024 [1][7]. - The adjusted net loss for Q3 2025 was $54.72 million, reflecting ongoing investments in technology and fleet expansion [1][7]. Business Segments - Robotruck service revenue was $10.2 million in Q3 2025, showing an 8.7% year-on-year increase, supported by a 70% reduction in the BOM cost of the fourth-generation Robotruck [1][8]. - Revenue from licensing and applications surged to $8.6 million in Q3 2025, a significant increase of 354.6%, driven by rising demand for autonomous driving domain controllers [1][8]. Future Outlook - The company projects revenues of $80 million, $93 million, and $195 million for 2025, 2026, and 2027, respectively, with expected growth rates of 7.0%, 15.4%, and 110.3% [4][54]. - The company anticipates continued expansion in the Robotaxi and Robotruck sectors, leveraging its strategic partnerships and technological advancements to enhance operational efficiency and market reach [4][54].

Investment Rating - The report maintains an "Outperform" rating for the company [6][54]. Core Insights - The company achieved revenue of $25.44 million in Q3 2025, representing a year-on-year growth of 72% and a quarter-on-quarter increase of 18.6% [1][7]. - The Robotaxi service revenue reached $6.7 million in Q3 2025, with a year-on-year growth of 89.5%, driven by a significant increase in passenger fare revenue [1][8]. - The company is expanding its Robotaxi fleet, with 961 operational vehicles, including 667 of the seventh-generation model, aiming to exceed 1,000 vehicles by year-end and 3,000 by the end of 2026 [3][23]. - The company has formed strategic partnerships to enhance its global presence, including collaborations in Qatar, Singapore, and with major ride-hailing platforms like Uber and Bolt [3][37]. Financial Performance - In Q3 2025, the company's gross margin improved to 18.4%, up 9.1 percentage points year-on-year, primarily due to an optimized revenue structure [2][15]. - The company reported a net loss of $61.32 million in Q3 2025, compared to a loss of $41.89 million in Q3 2024 [1][7]. - The adjusted net loss for Q3 2025 was $54.72 million, reflecting an increase in operational costs associated with the development of the seventh-generation Robotaxi [1][7]. Business Segments - The Robotruck service generated $10.2 million in revenue in Q3 2025, with an 8.7% year-on-year increase, supported by a 70% reduction in the BOM cost of the fourth-generation Robotruck [1][8]. - The licensing and application revenue surged to $8.6 million in Q3 2025, marking a significant growth of 354.6%, driven by increased demand for autonomous driving domain controllers [1][8]. Future Outlook - The company forecasts revenues of $80 million, $93 million, and $195 million for 2025, 2026, and 2027, respectively, with expected growth rates of 7.0%, 15.4%, and 110.3% [4][54]. - The company aims to maintain its competitive edge in the Robotaxi and Robotruck sectors, with plans for fleet expansion and operational scaling [4][54].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][54]. Core Insights - The company achieved a revenue of $25.44 million in Q3 2025, representing a year-on-year growth of 72% and a quarter-on-quarter growth of 18.6% [7][8]. - The Robotaxi service revenue reached $6.7 million in Q3 2025, with a year-on-year increase of 89.5%, driven by a significant rise in passenger fare revenue [8][19]. - The company is expanding its Robotaxi fleet, with 961 operational vehicles, including 667 of the seventh-generation model, aiming to exceed 1,000 vehicles by year-end and 3,000 by the end of 2026 [3][23]. - The company has formed strategic partnerships to enhance its global presence, including collaborations in Qatar, Singapore, and with major ride-hailing platforms like Uber and Bolt [37][48]. Financial Performance - The gross margin for Q3 2025 was 18.4%, an increase of 9.1 percentage points year-on-year, attributed to an improved revenue mix [15]. - The company reported a net loss of $61.32 million in Q3 2025, compared to a loss of $41.89 million in Q3 2024 [7][15]. - The adjusted net loss for Q3 2025 was $54.72 million, reflecting ongoing investments in technology and fleet expansion [7][15]. Business Segments - The Robotruck service generated $10.2 million in revenue in Q3 2025, marking an 8.7% year-on-year growth, supported by a 70% reduction in the BOM cost of the fourth-generation Robotruck [8][40]. - The licensing and application revenue surged to $8.6 million in Q3 2025, a significant increase of 354.6% year-on-year, driven by rising demand for autonomous driving domain controllers [8][19]. Future Outlook - The company maintains its revenue forecasts, projecting revenues of $80 million, $93 million, and $195 million for 2025, 2026, and 2027, respectively, with expected growth rates of 7.0%, 15.4%, and 110.3% [54][56]. - The company is focused on scaling its Robotaxi and Robotruck operations, with expectations to continue outperforming the industry [54].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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） 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02026 | 說明 | A類普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 498,911,230 | USD | | 0.0005 | USD | | 249,455.62 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 498,911,230 | USD | | 0 ...

Group 1 - The stabilization period related to the global offering of Xiaoma Zhixing-W (02026) will end on December 3, 2025, which is the 30th day after the application deadline for the Hong Kong public offering [1] - The overall coordinator, representing international underwriters, did not exercise the over-allotment option during the stabilization period, and this option will expire on December 3, 2025 [1] - Goldman Sachs (Asia) LLC, as the stabilization agent, undertook stabilization actions during the period, including the allocation of 7.2373 million Class A ordinary shares, which represents 15% of the total shares available for subscription under the global offering [1] Group 2 - Goldman Sachs International, a subsidiary of the stabilization agent, borrowed a total of 7.2373 million Class A ordinary shares from Morningside China TMT Fund IV, L.P., Morningside China TMT Special Opportunity Fund II, L.P., and Morningside China TMT Fund IV Co-investment, L.P. to cover the over-allotment in the international offering [1] - The shares borrowed will be returned to the lenders according to the terms of the borrowing agreement [1] - During the stabilization period, shares were purchased in the market at prices ranging from HKD 85.70 to HKD 126.10 per Class A ordinary share, with the last purchase occurring on December 3, 2025, at a price of HKD 112.40 per share [1]

智通财经APP讯，小马智行-W(02026)公布，与全球发售有关的稳定价格期间于2025年12月3日(星期三) (即根据香港公开发售提交申请截止日期后第30日)结束。整体协调人(代表国际包销商)于稳定价格期间 未行使超额配股权，而超额配股权已于2025年12月3日(星期三)失效。 (3) 稳定价格期间于市场上以每股A类普通股85.70港元至126.10港元的价格相继购买合共723.73万股A类 普通股，以便促进归还根据借股协议向出借方借入的723.73万股A类普通股。于稳定价格期间，稳定价 格经办人或其联属公司或代其行事的任何人士在市场上的最后一次购买是2025年12月3日(星期三)，以 每股A类普通股112.40港元的价格购入。 高盛(亚洲)有限责任公司(作为稳定价格经办人)或其联属公司或代其行事的任何人士于稳定价格期间采 取的稳定价格行动如下： (1) 国际发售中超额分配合共723.73万股A类普通股，相当于全球发售项下可供认购的发售股份总数的 15%(经计及发售量调整权获悉数行使且于超额配股权获任何行使前); (2) Goldman Sachs International(稳定价格经办人的联属公司)根据 ...