Core Insights - Pony.ai has been included in the MSCI China Index, becoming the first autonomous driving stock in the index, which is expected to attract passive investment and signifies recognition from the international capital market [1] - The company has entered a strategic partnership with domestic GPU firm Moore Threads to enhance L4 autonomous driving world model training using domestic AI computing power [1] - The first mass-produced model of the Robotaxi, the Platinum Smart 4X, has been launched, with plans to deploy a fleet of 1,000 vehicles by 2026 [1] - Pony.ai has also been included in the Hang Seng Composite Index, potentially broadening its investor base [1] Stock Performance - Over the past week (February 6 to 13, 2026), Pony.ai's stock price increased by 10.61%, reaching a high of 119.60 HKD on February 11 and a low of 108.40 HKD on February 9 [2] - The closing price on February 13 was 114.70 HKD, with a single-day decline of 0.35% and a trading volume of approximately 72.68 million HKD [2] - Stock price fluctuations were primarily driven by the MSCI inclusion and partnership announcements, with a notable 5.79% increase following the strategic partnership announcement on February 9 [2] Financial Analysis - Pony.ai's 2025 earnings forecast indicates a reduced annual loss of 69 to 86 million USD, a significant decrease of 68.7% to 74.9% compared to 2024, mainly due to increased investment fair value changes [3] - The gross margin for Q3 2025 is projected to rise to 18.4%, a 2.2 percentage point increase quarter-over-quarter [3] - The Robotaxi fleet is expected to reach 1,159 vehicles by December 31, 2025, with the seventh-generation model achieving positive unit economics in Guangzhou, laying the groundwork for expanding the fleet to 3,000 vehicles in 2026 [3] Institutional Perspectives - According to a report by Zhongyou Securities, Pony.ai is recognized as a leader in intelligent driving, with its Robotaxi commercialization path showing initial validation [4] - The report highlights a light-asset model and cost optimization, such as a 70% reduction in the cost of autonomous driving suite BOM, supporting long-term growth [4] - Revenue projections for 2025 to 2027 are estimated at 81.92 million, 122 million, and 236 million USD, respectively, although net profit is expected to remain negative during this period [4]
小马智行获MSCI纳入指数 与摩尔线程合作推进自动驾驶