小马智行Robotaxi在深实现单车盈利转正 商业化运营再下一城

Core Insights - The company announced that its seventh-generation Robotaxi will achieve monthly single-vehicle operational profitability in Shenzhen by February 2026, following a similar milestone in Guangzhou in November 2025, indicating significant progress in the commercialization of the Robotaxi market [2] - The average daily net income per vehicle in Shenzhen reached 338 yuan, with an average of 23 orders per vehicle per day as of February 28, driven by increasing user demand and improved operational efficiency [2] - The CEO stated that achieving profitability in Shenzhen validates the company's technological maturity and commercialization strategy, proving the economic sustainability of autonomous driving in major Chinese cities [2] Operational Expansion and User Growth - The operational area has expanded from 21.7 square kilometers at the start of market operations in March 2025 to 167.4 square kilometers by the end of 2025, covering key areas in Nanshan and Baoan [2] - As of February 16, 2026, the number of paid orders for Robotaxi in Shenzhen has already surpassed the total for the entire year of 2025, with an average of 26 paid orders per vehicle per day during the recent Spring Festival, significantly higher than the national average of 15 orders per vehicle per day in 2025 [3] Cost Structure and Profitability - The improvement in profitability is attributed to ongoing optimization of the cost structure, which includes depreciation of vehicles and autonomous driving kits, charging costs, maintenance, remote operational assistance, insurance, labor costs, and infrastructure expenses [3] - The seventh-generation autonomous driving system utilizes 100% automotive-grade components, reducing material costs by approximately 70% compared to the previous generation, while AI algorithms enhance fleet management and remote assistance personnel allocation, further improving vehicle utilization and overall operational efficiency [3] Market Position and Replicability - The successful achievement of single-vehicle operational profitability in both Shenzhen and Guangzhou demonstrates the replicability of the company's business model in core cities in China, reinforcing its leading position in the commercialization of autonomous driving [3]