Core Insights - The announcement of the first batch of conditional L3 autonomous vehicle permits by the Ministry of Industry and Information Technology marks a clearer path for autonomous driving commercialization, particularly in the Robotaxi sector, which is entering a competitive phase [1] Group 1: Company Developments - Xiaoma Zhixing has achieved single-vehicle profitability with its seventh-generation Robotaxi, aiming for breakeven by 2030 [1][2] - The company plans to operate fully autonomous Robotaxi services in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, covering over 2000 square kilometers [2] - Xiaoma Zhixing's Robotaxi fleet has grown from over 680 vehicles to more than 961, with a target of exceeding 1000 vehicles by the end of 2025 and expanding to over 3000 by the end of 2026 [2] Group 2: Financial Performance - In Q3 2025, Xiaoma Zhixing reported total revenue of $25.4 million (approximately 181 million RMB), a 72% increase from $14.8 million in Q3 2024, driven by strong demand for autonomous driving services and technology licensing [3] - The gross margin improved to 18.4% in Q3 2025, up from 9.2% in the same period in 2024, attributed to a higher contribution from high-margin autonomous driving services [3] - Revenue from autonomous driving services grew by 89.5% year-on-year, with passenger fare income surging over 200% [3] Group 3: Autonomous Trucking Initiatives - Xiaoma Zhixing's autonomous truck business has accelerated, with a fleet of approximately 200 trucks and a cargo transport volume exceeding 10 billion ton-kilometers [3][4] - The company has partnered with SANY Heavy Truck and Dongfeng Liuzhou Motor to develop a fourth-generation autonomous truck family, with plans for mass production of two models based on advanced electric platforms by 2026 [4] - The current scale of 200 autonomous trucks is strategically significant for meeting data needs for technology iteration, with plans for commercial scaling after 2-3 years of technology validation [4]
小马智行（02026）王皓俊：财务指标不全反映技术价值，2023年或成商业化验证年