【小马智行（PONY.O）】广州城市UE首次转正，车队规模爬坡超预期——2025年三季报业绩点评（倪昱婧/邢萍）

Core Viewpoint - The article highlights the strong performance and growth potential of Xiaoma Zhixing (Pony.ai) in the Robotaxi sector, driven by technological advancements and operational efficiencies, despite ongoing financial losses [4][5][6]. Financial Performance - In Q3 2025, Xiaoma Zhixing reported total revenue of $25.44 million, a year-on-year increase of 72% and a quarter-on-quarter increase of 19%. The gross margin improved by 9 percentage points year-on-year and 2 percentage points quarter-on-quarter to 18%. However, the Non-GAAP net loss attributable to shareholders widened by 33% year-on-year and 19% quarter-on-quarter to $54.72 million [4]. Business Segmentation - The revenue from Robotaxi services surged by 89% year-on-year and 339% quarter-on-quarter to $6.69 million, accounting for 26% of total revenue. Passenger fare revenue grew over 200% year-on-year. Robotruck service revenue increased by 9% year-on-year and 7% quarter-on-quarter to $10.18 million, while technology licensing and service application revenue skyrocketed by 355% year-on-year but decreased by 18% quarter-on-quarter to $8.57 million [5]. Cost Management - Xiaoma Zhixing's SG&A expense ratio decreased by 2 percentage points year-on-year and 18 percentage points quarter-on-quarter to 55%. As of the end of Q3 2025, the company had cash reserves totaling 4.184 billion yuan, with an additional 6 billion yuan raised post-Hong Kong IPO [5]. Global Expansion and Future Outlook - As of November 2023, Xiaoma Zhixing had a total of 961 Robotaxi vehicles, with 667 being the seventh generation, which has achieved profitability on a per-vehicle basis in Guangzhou. The management aims to exceed the target of 1,000 vehicles by the end of the year and expects to expand the Robotaxi fleet to over 3,000 vehicles by 2026 [6][7]. - The company has established a commercialized network for autonomous driving in four major first-tier cities and plans to expand operations to other domestic cities and international markets, having already obtained testing and operational licenses in several countries [6][7]. Technological and Operational Advantages - Xiaoma Zhixing has built core advantages in Robotaxi and Robotruck businesses through strong technology, ecosystem partnerships, and operational qualifications. The seventh-generation Robotaxi has reduced the cost of the autonomous driving suite by 70% compared to the previous generation, with an expected further reduction of 20% by 2026 [6][7].