每经AI快讯，小马智行-W(02026.HK)再涨超3%，截至发稿，涨3.59%，报104港元，成交额1643.87万港 元。 ...

来源：智通财经网 消息面上，近日，小马智行-W披露2025年三季度业绩。美银证券指出，小马智行-W第三季收入按年增 长72%至2,540万美元，其中Robotaxi服务按年增长89%；毛利率达18.4%，按年及按季分别提升9.1及2.2 个百分点，因收入结构改善且Robotaxi服务贡献提高。期内研发费用为6,000万美元，按年增长80%，主 要投入于第七代车辆研发及研发人员扩充。非公认会计准则净亏损为5,500万美元，对比去年同期及上 季分别为4,100万美元及4,600万美元。 该行续指，截至11月23日，小马智行Robotaxi车队规模达961辆，管理层有信心在今年底突破1,000辆目 标，并预期2026年底将超过3,000辆。管理层又表示，车辆密度更高将缩短候车时间、提升用户体验， 从而令定价及利用率更高，并预期2026年Robotaxi收入增长将进一步加速，受稳健订单及营运效率提升 推动。 小马智行-W(02026)再涨超3%，截至发稿，涨3.59%，报104港元，成交额1643.87万港元。 ...

该行续指，截至11月23日，小马智行Robotaxi车队规模达961辆，管理层有信心在今年底突破1,000辆目 标，并预期2026年底将超过3,000辆。管理层又表示，车辆密度更高将缩短候车时间、提升用户体验， 从而令定价及利用率更高，并预期2026年Robotaxi收入增长将进一步加速，受稳健订单及营运效率提升 推动。 消息面上，近日，小马智行-W披露2025年三季度业绩。美银证券指出，小马智行-W第三季收入按年增 长72%至2,540万美元，其中Robotaxi服务按年增长89%；毛利率达18.4%，按年及按季分别提升9.1及2.2 个百分点，因收入结构改善且Robotaxi服务贡献提高。期内研发费用为6,000万美元，按年增长80%，主 要投入于第七代车辆研发及研发人员扩充。非公认会计准则净亏损为5,500万美元，对比去年同期及上 季分别为4,100万美元及4,600万美元。 小马智行-W(02026)再涨超3%，截至发稿，涨3.59%，报104港元，成交额1643.87万港元。 ...

Summary of Pony AI Inc. (PONY) Conference Call Company Overview - **Company**: Pony AI Inc. (PONY) - **Industry**: Autonomous Vehicle Technology, specifically focusing on robotaxi services Key Financial Highlights - **3Q25 Revenue**: Increased by 72% YoY to **US$25 million**, with a 19% increase QoQ [1][4] - **Robotaxi Fare-Charging Revenue**: Up **200% YoY**, attributed to demand growth, optimized operations, and pricing strategies [1][11] - **Gross Margin (GM)**: Improved to **18.4%** from **16.1%** in 2Q25 and **9.2%** in 3Q24 [1][4] - **Operating Loss**: Recorded at **US$70 million**, higher than the expected **US$62 million** due to increased R&D expenses [1][4] - **Fleet Size**: Expanded to **961 vehicles**, with **667** being the latest Gen-7 models [1][4] Strategic Initiatives - **Future Deployment Goals**: Plans to deploy **3,000 robotaxis** by the end of 2026 [1] - **City-Wide Break-Even**: Achieved unit economics break-even in Guangzhou with **23 orders per day per vehicle** [1] - **Partnerships**: Collaborations with Mowasalat for Qatar, Uber, and Bolt for global ride-hailing, and local partnerships with Sunlight Mobility and Shenzhen Xihu for fleet expansion [7] Earnings Revision and Forecasts - **Revenue Forecasts**: Revised upwards by **7% to 9%** for 2025-2032, reflecting the 3Q25 revenue beat and increased fleet size outlook [9] - **Gross Margin Adjustments**: Slightly lowered for 2025-2027 due to expected dilution from accelerated fleet deployment, but raised for 2028-2035 as profitability improves [9] - **Net Income Estimates**: Slightly increased for 2025-2032 [9] Valuation and Price Target - **Target Price**: Maintained at **US$31.3**, based on a discounted EV/EBITDA method with a multiple of **16.6x** for 2031E [10][13] - **Upside Potential**: Current price at **US$13.33**, indicating an upside of **134.8%** [16] Risks and Challenges - **Key Risks**: Include regulatory challenges, supply chain issues, robotaxi market growth, personal information concerns, infrastructure limitations, pricing competition, and product liability [14] Conclusion - **Investment Recommendation**: Maintain a **Buy** rating based on strong revenue growth, strategic partnerships, and positive outlook for robotaxi deployment and profitability improvements [1][9][10]

智通财经APP获悉，小马智行-W(02026)再涨超3%，截至发稿，涨3.59%，报104港元，成交额1643.87万 港元。 消息面上，近日，小马智行-W披露2025年三季度业绩。美银证券指出，小马智行-W第三季收入按年增 长72%至2,540万美元，其中Robotaxi服务按年增长89%；毛利率达18.4%，按年及按季分别提升9.1及2.2 个百分点，因收入结构改善且Robotaxi服务贡献提高。期内研发费用为6,000万美元，按年增长80%，主 要投入于第七代车辆研发及研发人员扩充。非公认会计准则净亏损为5,500万美元，对比去年同期及上 季分别为4,100万美元及4,600万美元。 该行续指，截至11月23日，小马智行Robotaxi车队规模达961辆，管理层有信心在今年底突破1,000辆目 标，并预期2026年底将超过3,000辆。管理层又表示，车辆密度更高将缩短候车时间、提升用户体验， 从而令定价及利用率更高，并预期2026年Robotaxi收入增长将进一步加速，受稳健订单及营运效率提升 推动。 ...

2025年第三季度非公认会计准则下的每股普通股基本及摊薄亏损净额均为0.14美元（人民币1.00元）， 而2024年第三季度为3.50美元。 （文章来源：国际金融报） 11月25日，小马智行发布第三季度营收2540万美元，同比增长72%，市场预估2280万美元；三季度毛利 467万美元。2025年第三季度非公认会计准则下的亏损净额为5500万美元，2024年第三季度为4140万美 元。 小马智行称2025年车队规模将超额完成目标，扩容至3000辆以上。 ...

小马智行 20251125 摘要 Pony.ai 通过次 IPO 筹集超过 8 亿美元，增强了资产负债表，为加速量 产和商业化提供资金保障，计划到年底扩展到 3,000 多辆机器人出租车， 并预计在 2026 年达到此规模。 公司推出第七代机器人出租车后，在广州等城市实现经济收支平衡，为 扩大车队规模创造了条件。第三季度机器人出租车收入同比增长 90%， 充电收入同比增长超过 200%。 Pony.ai 成为上海首家推出完全自动驾驶商业机器人出租车业务的公司， 并在深圳扩展商业运营区域，覆盖更大城市范围。 公司采用全栈集成技术，包括软件、硬件和运营，并通过高保真交互仿 真技术和 AI 学习评估器，不断改进驾驶标准，确保安全和效率。 Pony.ai 致力于全球市场扩张，已在中国、中东、东亚、欧洲和美国等 8 个国家建立业务，并计划通过与 Stellantis 联盟在欧洲部署测试车辆。 2025 年第三季度，公司收入达 4.05 亿美元，同比增长 72%，毛利率 提升至 18.4%。机器人出租车服务收入同比增长 89.5%，环比增长 338.7%。 公司计划利用香港上市所获资金巩固技术领先地位，增加研发投入，吸 ...

Summary of Xiaoma Zhixing Conference Call Company Overview - **Company**: Xiaoma Zhixing (小马智行) - **Industry**: Autonomous Ride-Hailing (Robotaxi) Key Points Financial Performance and Business Model - Xiaoma Zhixing achieved breakeven for its Robotaxi, with an average daily revenue of 299 RMB per vehicle, completing 23 rides per day, each approximately 5.2 kilometers long, indicating a preliminary success in its business model and government recognition [2][3][5] - The company plans to deploy 1,000 Robotaxis in 2025 and at least 3,000 in 2026, leveraging a light-asset model in collaboration with taxi and leasing companies to increase vehicle numbers and reduce wait times [2][6] - In November 2025, Xiaoma Zhixing raised $993 million on the Hong Kong Stock Exchange, netting over $800 million, which, combined with a cash reserve of $600 million, totals over $1.4 billion, the highest fundraising for a RoboTaxi company this year [2][7] Cost Management and Efficiency - The company aims to reduce the cost of its autonomous driving kit (ADK) by 20% by 2026 through increased procurement volume and engineering optimizations (VAVE) [2][8] - The cost of Advanced Driver Assistance Systems (ADAS) has decreased from 150,000 RMB to 120,000 RMB, lowering the total cost of a Robotaxi to 270,000 RMB, which enhances profitability by reducing depreciation costs [2][9] Market Strategy and Expansion - Xiaoma Zhixing's strategy in second-tier cities involves gradual entry with small fleets and collaboration with local taxi companies to facilitate traditional company upgrades [4][12] - The company is focusing on building a robust operational system that includes vehicle maintenance, charging, and cleaning, which is crucial for the success of autonomous ride-hailing [11] Competitive Landscape - The commercial viability of autonomous ride-hailing relies on a combination of technology, policy, production, and logistics, requiring long-term partnerships with manufacturers and a comprehensive operational framework [11] User Engagement and Market Potential - The average daily order volume in Guangzhou has increased from 15 to 23, indicating significant room for growth as more vehicles are deployed [6][13] - User retention rate is approximately 70%, suggesting a solid customer base that can be expanded as vehicle availability increases [17] Challenges and Future Outlook - The company faces challenges in second-tier cities, including the need for education and collaboration with local taxi firms, which may slow down expansion [12] - The operational cycle for new vehicles is currently around three months but is expected to shorten to one or two months as processes become more streamlined [18][22] Transparency and Information Disclosure - Xiaoma Zhixing plans to enhance transparency and provide more detailed updates to investors, aiming for quicker and more comprehensive reporting in the future [19] Conclusion - Xiaoma Zhixing is positioned for growth in the autonomous ride-hailing market, with a clear strategy for cost reduction, market expansion, and operational efficiency, while also addressing challenges in user engagement and competitive dynamics [2][6][11]

Core Insights - Guangzhou Xiaoma Zhixing Technology Co., Ltd. reported a revenue of $25.44 million for Q3 2025, representing a 72% year-on-year increase, and a total revenue of $60.88 million for the first three quarters, up 54.1% year-on-year [1] - Despite revenue growth, the company is still facing significant losses, with a net loss of $61.57 million in Q3 2025, a 46.2% increase year-on-year, and a total net loss of $152 million for the first three quarters, up 62.1% year-on-year [1] - Operating cash flow remains negative, with an outflow of $56.80 million in Q3 2025, a 175.2% increase year-on-year, and a total outflow of $136 million for the first three quarters, up 71% year-on-year [1] Operational Highlights - The company reported that its seventh-generation Robotaxi has achieved single-vehicle profitability in Guangzhou, with an average of 23 orders per vehicle per day [1] - However, this profitability claim is limited to a specific region and model, and does not reflect the overall lack of positive operating cash flow for the company [2] Strategic Developments - Xiaoma Zhixing continues to pursue an expansion strategy, planning to increase its Robotaxi fleet to over 3,000 vehicles by the end of 2026 [2] - The heavy asset investment contradicts the company's stated "light asset model," as costs related to autonomous driving system development, high-precision map maintenance, safety personnel, insurance, and operational expenses remain significant burdens [2] Market Performance - The capital market has reacted negatively, with Xiaoma Zhixing's stock price declining since its listing on the Hong Kong Stock Exchange, closing at HKD 100.4 per share on November 26, down 27.77% from its IPO price of HKD 139 [2]

Core Insights - Pony.ai has made significant strides in the commercialization of autonomous driving, marking the beginning of a new profitable cycle with impressive Q3 2025 results [1] Group 1: Business Performance - The Robotaxi business has achieved a major breakthrough, with the seventh-generation Robotaxi becoming profitable on a per-vehicle basis in Guangzhou, averaging 23 orders per day over the last two weeks [1] - The total number of Robotaxi vehicles has reached 961, with 667 being the seventh generation, and the company expects to exceed 1,000 vehicles by the end of the year, aiming for over 3,000 by the end of 2026 [2] - The Robotaxi segment generated revenue of 47.7 million RMB in Q3 2025, a year-on-year increase of 89.5%, with passenger fare revenue surging over 200% [3] Group 2: Financial Performance - Q3 2025 revenue reached 181 million RMB, a 72% increase year-on-year, following revenues of 102 million RMB in Q1 and 154 million RMB in Q2 [3] - The company completed a dual listing in the US and Hong Kong, raising approximately 6 billion RMB, which will be used for L4 autonomous vehicle production, commercialization, and R&D [3] Group 3: Strategic Partnerships and Global Expansion - Pony.ai has established partnerships with various ride-hailing platforms and taxi companies to create a scalable autonomous driving ecosystem, focusing on a "light asset + AI empowerment" model [4] - The Robotaxi business has expanded to eight countries, with testing initiated in Dubai, Singapore, and Doha, supported by strategic investments from Uber and Bolt [4] Group 4: Other Business Segments - The Robotruck and technology licensing segments also saw year-on-year growth, with Robotruck revenue at 72.5 million RMB and technology licensing at 61 million RMB in Q3 2025 [5] - The fourth-generation Robotruck is set to launch in 2026, with a projected fleet of over 1,000 vehicles, significantly reducing costs and increasing profit margins [5]