小马智行获港股上市备案，Robotaxi收入占比不足10%，何时盈利？

Core Viewpoint - Xiaoma Zhixing has made significant progress towards its Hong Kong IPO, having received the overseas issuance listing notice from the China Securities Regulatory Commission, with plans to issue up to 102 million ordinary shares on the Hong Kong Stock Exchange [1] Group 1: IPO and Market Position - Xiaoma Zhixing's IPO plans have been in the works since March 2025, with a confidential application submitted shortly after [1] - The company is currently listed on NASDAQ, with a market capitalization of approximately $7.536 billion, equivalent to about 53.676 billion RMB, and has seen a stock price increase of over 60% since its listing [1] - Xiaoma Zhixing is the first and only L4 autonomous driving company included in the NASDAQ China Golden Dragon Index [7] Group 2: Financial Performance - In the first half of 2025, Xiaoma Zhixing reported revenues of $35.434 million, a year-on-year increase of 43.34%, but also a net loss of $90.64 million, which is a 75.07% increase in losses compared to the previous year [1][2] - The company's revenue sources include Robotaxi services, Robotruck services, and technology licensing, with Robotruck services generating $17.3 million (down 4.08% year-on-year) and technology licensing services generating $14.878 million (up 169.68% year-on-year) [3] - Robotaxi services generated $3.256 million in revenue in the first half of 2025, a significant increase of 178.77%, but still accounted for less than 10% of total revenue [3] Group 3: Operational Efficiency and Cost Management - Xiaoma Zhixing is optimizing its "person-vehicle" remote monitoring ratio to improve operational efficiency, aiming for a 1:30 ratio by the end of 2025 [4] - The company has reduced vehicle insurance costs by 18% compared to the previous renewal cycle, contributing to improved unit economics for Robotaxi operations [4] Group 4: Investment and Market 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 Toyota [6] - In the second quarter of 2025, 14 top international institutions increased their holdings in Xiaoma Zhixing, indicating strong market confidence [6] Group 5: Competitive Landscape - Compared to its competitor, WeRide, which has seen a nearly 30% decline in stock price since its listing, Xiaoma Zhixing maintains a higher market valuation [7][8] - WeRide reported a 836.7% year-on-year increase in Robotaxi revenue for the second quarter of 2025, contributing 36.1% to total revenue, which is significantly higher than Xiaoma Zhixing's Robotaxi revenue contribution [8]