赴港二次上市后，小马智行交出了全新成绩单。 11月25日，小马智行发布未经审计的2025年第三季度财报：Q3总营收1.81亿元，连续三个季度营收高速增长；作为核心业务的Robotaxi板块更是实现了较 去年同期89.5%的大幅增长。 当中，一个更加重要的信号浮出水面——小马智行第七代Robotaxi以城市为单位实现了单车盈利转正。这意味着，创业9年后，小马智行完成了经济模型 的初步验证，证明了其商业模式具备规模化可行性。单辆车能够赚钱了，后续将开启快速增长和规模化扩张的新周期。 浮沉之间，自动驾驶时代正在拉开新的帷幕。 小马智行在财报中预计，2026年第七代Robotaxi生产成本将进一步下降，其自动驾驶套件BOM（物料清单）成本较今年水准再降20%。需知道，自动驾驶 套件BOM成本的每一次下降，都是自动驾驶公司从"技术验证"迈向"商业盈利"的关键一步。 于是，标志性一幕提前到来——基于该车型在广州启动商业化运营以来，截至11月23日最近两周内日均运营数据，第七代Robotaxi在广州已实现单车盈利 转正，单台车日均订单量达到23单。通俗来说，单辆车能够赚钱了，这是自动驾驶公司能够告别烧钱，最终实现盈利的阶段 ...

Group 1 - Uber will begin offering fully autonomous ride-hailing services in select areas of Abu Dhabi, marking a significant milestone since the introduction of drivered services nearly a year ago [1] - Passengers using the Uber app can select the new "autonomous driving" ride type, which is priced similarly to Uber Comfort, increasing their chances of being matched with a self-driving vehicle [1] - The current service area includes a 30-square-mile region where rides from Abu Dhabi airport and other routes will still have safety drivers [1] Group 2 - Uber sold its autonomous driving division in 2020 but has since formed over 20 partnerships to expand autonomous ride-hailing services globally, investing hundreds of millions in companies like WeRide [2] - The company has indicated that these investments may take years to yield returns due to the current scale of autonomous vehicles being far from the number of traditional taxis and ride-hailing vehicles in operation [2] - WeRide reported a net loss of 307 million RMB (approximately 43 million USD) in Q3, a reduction from a loss of 1.04 billion RMB in the same period last year, and has obtained autonomous driving permits in eight countries [2]

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].

美银证券发表研究报告指，小马智行第三季收入按年增长72%至2540万美元，其中Robotaxi服务按年增 长89%。毛利率达18.4%，按年及按季分别提升9.1及2.2个百分点，因收入结构改善且Robotaxi服务贡献 提高。截至11月23日，小马智行Robotaxi车队规模达961辆，管理层有信心在今年底突破1000辆目标， 并预期2026年底将超过3000辆。 该行将小马智行2025至2027年收入预测分别上调5%、4%及9%，首予小马智行H股"买入"评级及目标价 164港元，美股目标价由20美元升至21美元。 ...

Core Insights - A strategic cooperation agreement has been signed among Qizhou Zhihang, Guangfa Express, and China Mobile Zhejiang to establish a new paradigm for commercial operation of L4 unmanned logistics vehicles in Jinhua, a city known for its express delivery services [1][2] Group 1: Company Contributions - Qizhou Zhihang will leverage its expertise in L4 autonomous driving and experience from nearly one million NOA production vehicles to provide safe, reliable, and efficient unmanned logistics products [1] - Guangfa Express, as a local efficient express service provider, brings mature operational experience and resource scenarios in trunk transportation and urban last-mile delivery [1] - China Mobile Zhejiang will offer stable and reliable technical support for the large-scale operation of unmanned logistics vehicles through its leading communication network and information services [1] Group 2: Industry Impact - Jinhua, as a core logistics hub in the southern Yangtze River Delta, has consistently ranked among the top in express delivery volume nationwide, making its smart upgrade in logistics highly relevant for the national logistics industry [2] - The collaboration aims to reduce labor and operational costs in the local logistics sector while enhancing last-mile delivery efficiency and service experience [2] - The initiative seeks to create a benchmark for safe, reliable, and sustainable unmanned logistics operations in Jinhua, with plans to replicate the successful "Jinhua model" in other cities across the country [2]

今年的1000台Robotaxi投放目标将提前完成，明年指引还准备翻3倍。 最关键的是，在广州，小马的Robotaxi服务日均达到23单，已经实现单车盈利转正……L4跑通商业化，曙光已现。 Robotaxi，盈利了。 中国L4头部玩家小马智行，发布了一份具有里程碑意义的财报—— 三季度公司营收1.81亿元，核心的Robotaxi业务收入同比增长89.5%，乘客车费收入暴涨200%以上。 小马智行最新财务表现如何？ 今年第三季度，小马智行的总营收达2544万美元（约1.81亿元），较同比增长72%，环比增长18%；前三季度累计收入达6088万美元（约4.3亿元）。 按照业务来源，小马智行将收入分为三类，分别是Robotaxi服务、Robotruck服务、技术授权和应用服务。 而公司财报透露，Q3营收增长的原因主要来自Robotaxi服务、技术授权和应用服务的收入增长。 具体细分，小马Q3的营收大头还是Robotruck服务，相关收入为1018.3万美元（约7216万元），约占总收入的40%，同比增长8.7%。 来自Robotaxi的收入为669.4万美元（约4744万元），同比增长89.5%，占总收入的26.3 ...

Core Viewpoint - Youjia Innovation (佑驾创新) is issuing up to 14.01 million new H-shares at a discount to raise approximately HKD 204 million, primarily for the development of L4 autonomous logistics vehicles and upgrading of foundational research platforms [1][2] Group 1: Fundraising and Allocation - The company plans to issue new H-shares at HKD 14.88 each, representing a discount of about 9.98% from the closing price of HKD 16.53 on November 25 [1] - Approximately 70% of the raised funds will be allocated to the development of L4 autonomous logistics vehicles, including next-generation product R&D, operational platform upgrades, and sales network expansion [1] - The remaining 30% will be used for upgrading foundational research platforms, focusing on enhancing the efficiency of data closed-loop systems and supporting the development of multiple product lines for L4 autonomous vehicles [1] Group 2: Strategic Partnerships and Market Position - Recently, Youjia Innovation signed a strategic cooperation agreement with Xinjiao Automobile and Binghuo Di to jointly design, produce, and deliver 800 autonomous logistics vehicles that meet automotive standards [2] - This collaboration aims to leverage complementary advantages and create a new industry benchmark for smart logistics, validating Youjia Innovation's L4 technology and engineering capabilities [2] - The company’s self-developed Xiaozhu autonomous vehicle targets traditional logistics pain points with features such as multi-sensor fusion and a fully automotive-grade intelligent driving system, enabling stable operation in various scenarios [2] Group 3: Industry Trends and Future Outlook - The global logistics industry is accelerating its transition to smart solutions, with China's autonomous vehicle sector showing leading advantages [2] - Youjia Innovation aims to deepen collaboration with industry partners to expand the application boundaries of its technology and products, contributing to the construction of a safe, efficient, and intelligent future logistics system [2]

Group 1: Alibaba - Alibaba's latest financial report for Q2 of FY2026 shows a revenue increase of 34% year-on-year to 398.2 billion RMB, exceeding market expectations [2] - The total revenue for Alibaba in Q2 reached 2477.95 billion RMB, with a year-on-year growth of 4.8%, surpassing the market estimate of 2452 billion RMB [2] - The cloud intelligence group reported a revenue of 398.2 billion RMB, a 34% increase year-on-year, also exceeding market expectations [2][3] - AI-related product revenue has seen triple-digit year-on-year growth for nine consecutive quarters, indicating strong adoption among enterprise clients [3] - Alibaba Cloud holds the largest market share in China's AI cloud market at 35.8% [3] Group 2: NIO - NIO's Q3 financial report indicates a revenue of 217.9 billion RMB, reflecting a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [4] - The company delivered 87,071 smart electric vehicles in Q3, marking a 40.8% year-on-year growth [4] - NIO's gross profit reached 30.2 billion RMB, a 50.7% increase year-on-year, with a gross margin improvement to 13.9% from 10.7% in the previous year [4] - As of the end of Q3, NIO's total cash and equivalents amounted to 367 billion RMB, a significant increase of nearly 10 billion RMB quarter-on-quarter [4] Group 3: Pony.ai - Pony.ai reported a total revenue of 181 million RMB for Q3, a substantial year-on-year growth of 72% [5] - The Robotaxi business generated revenue of 47.7 million RMB, with an impressive year-on-year increase of 89.5%, and passenger fare revenue surged over 200% [5] - The company anticipates achieving its goal of over 1,000 vehicles in its fleet ahead of schedule and plans to triple this number to over 3,000 by the end of 2026 [5]

Core Insights - The company is leveraging a unified technology stack to support different business lines in L2 and L4 autonomous driving [1] - The company has achieved mass production of over 20 vehicle models and is approaching a software deployment milestone of 1 million units [1] - The industry is currently at a stage where advanced driver assistance systems (ADAS) are being fully implemented, with expectations for large-scale production of L4 vehicles in the future [1] Company Highlights - The CTO of the company, Li Dong, emphasized the technical characteristics that enable the support of both L2 and L4 business operations [1] - The company is optimistic about the future, believing it will transition towards broader applications of artificial intelligence for the general public [1]

恒指涨0.59%，恒生科技指数涨0.67%。阿里巴巴绩后跌超2%，蔚来汽车跌近7%，小马智行-W涨超 5%。 来源：第一财经 ...