小马智行获港股上市备案！Robotaxi收入占比不足10%，何时盈利？

Core Insights - Xiaoma Zhixing has received approval from the China Securities Regulatory Commission for its overseas listing, planning to issue up to 102 million ordinary shares on the Hong Kong Stock Exchange [2] - The company aims to achieve profitability in its Robotaxi business by scaling up to 50,000 vehicles, with a projected breakeven timeline of 2028-2029 [3] Financial Performance - In the first half of 2025, Xiaoma Zhixing reported revenue of $35.43 million, a year-on-year increase of 43.34%, but a net loss of $90.64 million, widening by 75.07% [2] - The revenue from Robotruck services decreased by 4.08% to $17.30 million, while revenue from technology licensing and application services surged by 169.68% to $14.88 million [4] - Robotaxi service revenue reached $3.26 million, up 178.77%, but accounted for less than 10% of total revenue [4] Operational Efficiency - The company is optimizing its "person-vehicle" remote ratio to improve operational efficiency, targeting a ratio of 1:30 by the end of 2025 [5] - Insurance costs for vehicles have decreased by 18% compared to the previous renewal cycle, contributing to improved unit economics for Robotaxi [5] Market Position and Investor Sentiment - Despite ongoing losses and fluctuating gross margins, Xiaoma Zhixing remains favored by capital markets, attracting investments from notable firms such as Sequoia Capital China and IDG Capital [6] - In the second quarter of 2025, 14 top international institutions increased their holdings in Xiaoma Zhixing, indicating strong institutional support [7] Competitive Landscape - Xiaoma Zhixing is the only L4 autonomous driving company included in the Nasdaq China Golden Dragon Index, contrasting with its competitor, WeRide, which has seen a nearly 30% decline in stock price since its listing [8] - While Xiaoma Zhixing's Robotaxi revenue contribution is lower than that of WeRide, both companies are expected to benefit from new funding following their Hong Kong listings, which will aid in technology advancement and fleet expansion [8]