格隆汇12月3日丨小马智行-W(02026.HK)公告，根据香港法例第571W章《证券及期货(稳定价格)规则》 第9(2)条的规定，公司宣布，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。有关稳定价格经办人于稳定价格期间采取的稳定价格行动的 进一步资料载于本公告。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。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）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。 除非本公告另有界定，否則本公告所用詞彙應與Pony AI Inc.（「本公司」）發佈的日期為2025年 10月28日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告乃根據香港法例第571W章《證券及期貨（穩定價格）規則》第9(2)條作出。本公告僅供參 考，並不構成收購、購買或認購本公司證券的邀請或要約。本公告並非招股章程。潛在投資 者在決定是否投資於發售股份前，應細閱招股章程內有關本公司及下文所述全球發售的詳細資 料。有關發售股份的任何投資決定應僅依賴招股章程所提供的資料而作出。 本公告不會直接或間接於或向美國（包括美國的領土及屬地、美國任何州以及哥倫比亞特區） 發佈、刊發或派發。本公告並不構成亦不屬於在美國境內或於任何其他司法權區購買或認購證 券的任何要約或遊說的一部分。發售股份尚未且將不會根據美國證券法或美國任何州級證券法 登記，且不得在美 ...

凤凰网科技讯12月3日，小马智行正式上线无障碍功能，后续将覆盖所有自动驾驶车型。 据了解，小马智行已在北京、上海、广州、深圳四大一线城市取得无人驾驶出行服务许可，并开展全无 人Robotaxi商业化运营。 视障用户需打开手机旁白或朗读功能，在"小马智行"App页面双击对应车型，可播报对应语音，选中或 取消该车型。在无人车达到指定上车点后，在App页面双击"播报找车"，无人车会播报语音"您呼叫的 车在这，请上车"，帮助用户确定车辆位置。确保手机蓝牙打开，靠近车辆时自动解锁，自动确认乘客 身份(仅支持最新四座车型)。上车后，语音说出"开始行程"即可出发。行程中，可通过"你好POPO"语音 唤醒词，即可支持调节空调温度，播放音乐等功能。 ...

Core Insights - The Hong Kong IPO market showed a marginal recovery in November 2025, with a notable concentration of listings towards the end of the month [2][18] - A total of 53 companies submitted listing applications, with 25 of them in the last week of November [2][18] - 12 new companies successfully listed on the Hong Kong Stock Exchange during this period [2][18] Listing Performance - The top three performers on their first trading day were 旺山旺水 (Wangshan Wangshui) with a gain of 145.73%, 明略科技 (Minglue Technology) at 106.10%, and 量化派 (Quantitative Party) at 88.78% [2][19][21] - Conversely, the companies with the largest declines were 海伟股份 (Haiwei Co.) at -22.97%, 文远知行 (Wenyan Zhixing) at -9.96%, and 小马智行 (Xiaoma Zhixing) at -9.28% [2][19][21] Fundraising Highlights - The top three companies in terms of fundraising were 赛力斯 (Sailis) with approximately 14.283 billion HKD, 小马智行 (Xiaoma Zhixing) at 6.707 billion HKD, and 创新实业 (Innovation Industry) at 5.495 billion HKD [2][19][26]

Core Viewpoint - Pony.ai (PONY.US) continues to rise in pre-market trading, up 2.5%, following a five-day consecutive increase, driven by strong revenue growth in its latest earnings report [1] Group 1: Financial Performance - For Q3 2025, Pony.ai reported total revenue of 181 million yuan, representing a 72% year-over-year increase, marking three consecutive quarters of revenue growth [1] - The revenue growth is primarily attributed to strong performance in Robotaxi and technology licensing and application revenues [1] Group 2: Analyst Revisions - Following the earnings report, multiple investment banks have raised their revenue forecasts for Pony.ai for 2026 [1] - Bank of America has increased its revenue projections for Pony.ai for 2025 to 2027 by 5%, 4%, and 9% respectively, and has raised the stock's target price from $20 to $21, maintaining a "Buy" rating [1]

Group 1 - The stock of Xiaoma Zhixing-W (02026.HK) increased by over 3%, specifically rising by 3.37% to reach HKD 113.5 [1] - The trading volume amounted to HKD 67.4418 million [1]

消息面上，小马智行近期发布2025年第三季度财报，宣布第七代Robotaxi在广州实现单车盈利转正，公 司将提前完成Robotaxi千辆规模目标，2026年底将扩至3000辆以上。三季度该公司实现总营收1.81亿元 人民币，同比增长72%，连续三个季度实现营收增长。Robotaxi业务三季度收入达4770万元人民币，同 比增长89.5%，其中乘客车费收入同比上涨超200%。东吴证券指出，公司商业化拐点确立，多维能力构 建护城河。随技术进步与政策推进，公司有望持续受益于自动驾驶行业从"技术验证"走向"规模化量 产"的红利。 智通财经APP获悉，小马智行-W(02026)涨超3%，截至发稿，涨3.37%，报113.5港元，成交额6744.18万 港元。 ...

Core Viewpoint - The company, Xiaoma Zhixing, has achieved a significant milestone with its seventh-generation Robotaxi becoming profitable in Guangzhou, indicating a successful transition towards commercialization in the autonomous driving sector [1] Financial Performance - For the third quarter, the company reported total revenue of 181 million RMB, representing a year-on-year increase of 72%, marking three consecutive quarters of revenue growth [1] - Revenue from the Robotaxi business reached 47.7 million RMB in the third quarter, showing a year-on-year growth of 89.5%, with passenger fare income increasing by over 200% [1] Business Expansion - The company is set to achieve its target of deploying 1,000 Robotaxis ahead of schedule, with plans to expand to over 3,000 vehicles by the end of 2026 [1] - Dongwu Securities highlighted that the company has established a commercial turning point and is building a competitive moat through multi-dimensional capabilities [1] Industry Outlook - With advancements in technology and supportive policies, the company is expected to continue benefiting from the shift in the autonomous driving industry from "technology validation" to "scale production" [1]

Core Viewpoint - Pony.ai (PONY.US) reported strong third-quarter earnings, with total revenue of 181 million yuan, representing a 72% year-over-year increase, marking three consecutive quarters of revenue growth [1] Revenue Performance - The Robotaxi business generated revenue of 47.7 million yuan, showing an impressive year-over-year growth of 89.5%, with passenger fare income increasing by over 200% [1] - The seventh-generation Robotaxi achieved single-vehicle profitability in Guangzhou [1] Analyst Ratings and Forecasts - Bank of America raised its revenue forecasts for Pony.ai for 2025 to 2027 by 5%, 4%, and 9% respectively, and increased the target stock price from $20 to $21, maintaining a "Buy" rating [1] - Everbright Securities also upheld a "Buy" rating, optimistic about the new generation models driving the core Robotaxi business growth and the gradual realization of profitability [1]

Group 1 - The core viewpoint of the article highlights that Pony.ai (PONY.US) is benefiting from a surge in its Robotaxi business, with Q3 revenue exceeding expectations [1] - According to a report from China Merchants Securities International, the G7 model in Guangzhou has achieved breakeven, validating the Robotaxi business model and indicating a rapid scale-up phase [1] - Bank of America Securities reported that as of November 23, Pony.ai's Robotaxi fleet reached 961 vehicles, with management confident of surpassing the 1,000 vehicle target by year-end and expecting over 3,000 vehicles by the end of 2026 [1] Group 2 - Bank of America has raised its revenue forecasts for Pony.ai for 2025 to 2027 by 5%, 4%, and 9% respectively, and increased the target price for its US stock from $20 to $21 [1] - The stock price of Pony.ai rose by 2.6% in pre-market trading, reaching $13.8 [1] - The total market capitalization of Pony.ai is reported to be $5.831 billion [1]