小马智行，开始造血了

Core Viewpoint - The company has achieved a significant milestone by realizing profitability on a per-vehicle basis for its seventh-generation Robotaxi, indicating a successful validation of its economic model and the potential for scalable growth in the autonomous driving sector [2][12][13]. Financial Performance - In Q3 2025, the company reported total revenue of 181 million yuan, marking a 72% increase year-over-year, with the Robotaxi segment experiencing an impressive 89.5% growth compared to the same period last year [3][6]. - The revenue from the Robotaxi segment reached 47.7 million yuan in Q3 2025, with passenger fare income surging over 200% year-over-year [3][6]. Vehicle Production and Operations - The seventh-generation Robotaxi, which utilizes 100% automotive-grade components, has reduced the cost of the autonomous driving suite by 70% and is designed for a lifespan of 10 years or 600,000 kilometers [4][6]. - As of November 23, 2025, the company has a total of 961 Robotaxi vehicles, with 667 being the seventh generation, and aims to exceed 1,000 vehicles by the end of the year [6][12]. Market Expansion and Future Plans - The company has initiated commercial operations of the seventh-generation Robotaxi in major cities such as Beijing, Guangzhou, and Shenzhen, with plans to triple the fleet size to over 3,000 vehicles by the end of 2026 [6][12]. - The company has also announced partnerships for the development of the fourth-generation Robotruck, with expectations to produce and operate over 1,000 units by 2026 [7]. Industry Context - The autonomous driving industry is transitioning from a phase of high investment and low profitability to one where companies are beginning to realize sustainable business models [15][16]. - The market is expected to see a significant shift in valuation metrics starting in 2025, focusing on commercial progress, fleet expansion, and cost-revenue dynamics [16].