小马智行-W（02026）：单三季度收入同比增长72%，Robotaxi商业化运营持续推进：小马智行（PONY.0/2026.HK）

Investment Rating - The report maintains an "Outperform" rating for the company [6][54]. Core Insights - The company achieved revenue of $25.44 million in Q3 2025, representing a year-on-year growth of 72% and a quarter-on-quarter increase of 18.6% [1][7]. - The Robotaxi service revenue reached $6.7 million in Q3 2025, with a year-on-year growth of 89.5%, driven by a significant increase in passenger fare revenue [1][8]. - The company is expanding its Robotaxi fleet, with 961 operational vehicles, including 667 of the seventh-generation model, aiming to exceed 1,000 vehicles by year-end and 3,000 by the end of 2026 [3][23]. - The company has formed strategic partnerships to enhance its global presence, including collaborations in Qatar, Singapore, and with major ride-hailing platforms like Uber and Bolt [3][37]. Financial Performance - In Q3 2025, the company's gross margin improved to 18.4%, up 9.1 percentage points year-on-year, primarily due to an optimized revenue structure [2][15]. - The company reported a net loss of $61.32 million in Q3 2025, compared to a loss of $41.89 million in Q3 2024 [1][7]. - The adjusted net loss for Q3 2025 was $54.72 million, reflecting an increase in operational costs associated with the development of the seventh-generation Robotaxi [1][7]. Business Segments - The Robotruck service generated $10.2 million in revenue in Q3 2025, with an 8.7% year-on-year increase, supported by a 70% reduction in the BOM cost of the fourth-generation Robotruck [1][8]. - The licensing and application revenue surged to $8.6 million in Q3 2025, marking a significant growth of 354.6%, driven by increased demand for autonomous driving domain controllers [1][8]. Future Outlook - The company forecasts revenues of $80 million, $93 million, and $195 million for 2025, 2026, and 2027, respectively, with expected growth rates of 7.0%, 15.4%, and 110.3% [4][54]. - The company aims to maintain its competitive edge in the Robotaxi and Robotruck sectors, with plans for fleet expansion and operational scaling [4][54].