【小马智行（PONY.O）】广州深圳UE双双盈利，国内+海外双引擎扩张——2025年年报业绩点评（倪昱婧/邢萍）

Core Viewpoint - The company is expected to achieve a total revenue of $90 million in 2025, reflecting a year-on-year increase of 20%, with a gross margin improvement of 1 percentage point to 16% [4]. Group 1: Business Performance - In Q4 2025, the company's total revenue decreased by 18% year-on-year but increased by 14% quarter-on-quarter to $29.13 million, with a gross margin decline of 8 percentage points year-on-year and 6 percentage points quarter-on-quarter to 13% [4]. - The Robotaxi service revenue in Q4 2025 increased by 160% year-on-year but decreased by 1% quarter-on-quarter to $6.66 million, accounting for 23% of total revenue [5]. - The Robotruck service revenue increased by 1% year-on-year and 29% quarter-on-quarter to $13.12 million, representing 45% of total revenue [5]. - The technology licensing and service application revenue decreased by 53% year-on-year but increased by 9% quarter-on-quarter to $9.35 million, making up 32% of total revenue [5]. Group 2: Cost Management - The SG&A expense ratio in Q4 2025 decreased by 34 percentage points year-on-year but increased by 4 percentage points quarter-on-quarter to 59% [5]. - The R&D expense ratio decreased by 208 percentage points year-on-year and 30 percentage points quarter-on-quarter to 208% [5]. - As of the end of Q4 2025, the company had cash reserves totaling 10.593 billion yuan [5]. Group 3: Global Expansion and Profitability - As of March 2026, the company's Robotaxi fleet exceeded 1,400 vehicles, with the seventh-generation model achieving profitability in Guangzhou and Shenzhen, and peak daily revenue per vehicle reaching 394 yuan [6]. - Management has guided that Robotaxi revenue is expected to triple in 2026, with fleet size expanding to over 3,000 vehicles and operations in more than 20 cities globally, nearly half of which will be overseas [6]. - The company has established a dual-engine expansion model, penetrating both domestic and international markets, including Croatia and Singapore, leveraging operational experience from first-tier cities [6]. - The company has built comprehensive barriers through technology, ecosystem partnerships, and cost reduction strategies, with the seventh-generation Robotaxi's autonomous driving kit costs reduced by 70% compared to the previous generation [7].