1、业绩表现：小马智行营收高速增长，已获四城全无人驾驶许可，技术与城市落地领先同行。 2、投资方：国际机构持续加码，看好其Robotaxi商业化潜力与AI出行布局。 3、商业化风险：亏损扩大、资金压力与行业监管趋严，成为商业化落地的最大风险。 导语：在亏损与增长的交错中，这家Robotaxi"独角兽"要证明的，不只是"能跑"，还要"能赚"。 摘要： 根据小马智行 2025 年第二季度财报，公司实现总营收 1.54 亿元人民币，同比大增 75.9% ，环比增长 53.5% 。 其中， Robotaxi 业务收入 1090 万元，同比增长 157.8% ，其中 乘客 端 车费收入更是同比增长超 300% 。截 至二季度末，小马智行在北京、上海、广州、深圳四大一线城市均取得全无人驾驶收费许可，车辆总数突破 500 台，运营面积超 2000 平方公里。 但值得注意的是，小马智行的业务板块主要分为 Robotaxi 业务、授权与应用业务、 Robotruck ，其中 Robotaxi 是小马智行的战略核心，但其业务收入仅占总营收 不足一成，比如 在 2024 年， Robotaxi 占总营收比例约 9.7% ； 202 ...

Core Insights - The article highlights the growth of the autonomous driving industry, indicating that it has evolved from a small workshop into a platform with significant technological depth and breadth, with increasing business lines and demand in the market [1] Group 1: Team Overview - The team has spent over two years developing four key IPs: embodied intelligence, autonomous driving, 3D vision, and large model technology, with a total online following of nearly 360,000 across various platforms [1] - The team operates on multiple platforms including WeChat, video accounts, Zhihu, and Bilibili, indicating a broad outreach strategy [1] Group 2: Job Opportunities - The company is currently hiring for full-time and part-time positions in operations and sales, reflecting its expansion and need for additional personnel [2] - The responsibilities for the operations role include managing course progress, enhancing platform engagement, and content creation related to the autonomous driving and AI sectors [4] - The sales role involves creating promotional content for online and hardware products and liaising with hardware manufacturers and academic institutions [5][6] Group 3: Growth and Learning Opportunities - The company offers significant growth opportunities, allowing employees to learn from top operational teams and gain insights into sales strategies [7] - Employees will have exposure to cutting-edge content in fields such as autonomous driving and AI, broadening their technical understanding and industry perspective [8] - There are also opportunities for further academic pursuits, such as pursuing graduate or doctoral studies, which can enhance personal development [9]

点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近15个 方向 学习 路线 今年很多同学都在跟柱哥吐槽自驾太卷了，打算转行了，没有实习根本找不到工作。。。 这一点也是大家的共识了，自动驾驶进入到下一个冷静期和行业整合期，技术路线趋于收敛，量产 方案趋同，很多小伙伴都觉得自驾卷到头了，决定转行去具身，我们也看到一些业内大佬辞职投身 具身的创业洪流。如何破局成了大家讨论的最多的话题。所以我们也看到VLA/WA的路线之争，以 及在这背后一轮更大的行业变革。 对于处在自驾领域的个人来说，变革是挑战更是机遇。 真正留在行业内担当主力的，都是综合型人 才，技术栈特别丰富。抱着"捞一波"行情的心态，不可能长久，洗牌也是早晚的事情。广屯粮，筑 高墙是个一直受用的真理。 扛内卷，一个足够有料的社区 对于很多想入门的同学来说，试错成本有点高。没时间和缺乏完整的体系是最大问题，这也容易导 致行业壁垒越来越高，如果想要卷赢那就更加困难了。 所以我们联合了诸多学术界和工业界的大佬，共同打造了我们维护三年之久的『自动驾驶之心知识 星球』！ 星球目前集视频 + 图文 + 学习路线 + 问答 + 求职交流为一体，是 ...

Core Insights - The approval of the dual listing for autonomous driving companies WeRide and Pony.ai on the Hong Kong Stock Exchange marks a significant step in their "US + HK" listing strategy, reflecting a shift in the autonomous driving industry from "technology validation" to "scale implementation" [1][2] Company Summaries - WeRide plans to issue up to 102.4 million ordinary shares, while Pony.ai plans to issue up to 102.1 million ordinary shares on the Hong Kong Stock Exchange, following their previous listings on NASDAQ [2] - WeRide, established in 2017, operates in 30 cities across 11 countries, holding multiple autonomous driving licenses, while Pony.ai, founded in 2016, focuses on full-stack autonomous driving technology and has expanded its Robotaxi fleet to various countries [2][3] - Despite both companies currently operating at a loss, they have shown strong revenue growth, with WeRide achieving revenue of 127 million yuan in Q2 2025, a 60.8% year-on-year increase, and Robotaxi business revenue reaching 45.9 million yuan, up 836.7% [2][3] Industry Trends - The approval of the IPOs is accelerating the global expansion of WeRide and Pony.ai, with WeRide launching an autonomous ride-hailing service in Singapore and obtaining an L4 autonomous driving testing license in Belgium [4] - Pony.ai has received road testing permits in Dubai and plans to achieve fully autonomous commercial operations by 2026, with its global Robotaxi fleet expected to exceed 1,000 vehicles by the end of the year [4] - The Robotaxi industry is at a critical commercialization juncture, with increasing policy support and market demand, indicating significant growth potential in the Chinese Robotaxi market [5]

Core Viewpoint - The two leading companies in the Robotaxi industry, Pony AI Inc. and WeRide Inc., are simultaneously advancing their listing processes in Hong Kong after previously going public on NASDAQ, with Pony AI's market value being over twice that of WeRide [1][3][5] Group 1: Company Listings - Both WeRide and Pony AI have received approval from the China Securities Regulatory Commission for their overseas listing applications, marking the start of their Hong Kong listing processes [3] - WeRide plans to issue up to 102.4 million ordinary shares, while Pony AI intends to issue up to 102.1 million ordinary shares, both targeting the main board of the Hong Kong Stock Exchange [3] Group 2: Business Expansion - WeRide has obtained autonomous driving licenses in seven countries, covering over 30 cities across 11 countries, and has launched a driverless ride-hailing service in Shanghai [3] - Pony AI is expanding its Robotaxi fleet in major Chinese cities and has received road testing permits in Dubai, with plans for full driverless commercialization in Dubai by 2026 [4] Group 3: Financial Performance - In Q2 2025, WeRide reported revenue of 127 million yuan, a year-on-year increase of 60.8%, but a net loss of 301 million yuan, which widened by 72.2% [4] - Pony AI's Q2 revenue reached 154 million yuan, a 75.9% year-on-year increase, with a net loss of 380 million yuan [4] - Both companies are experiencing rapid revenue growth alongside ongoing losses, typical of the industry [4] Group 4: Market Valuation - As of October 15, Pony AI's market value is approximately 7.427 billion USD, while WeRide's is around 3.322 billion USD, indicating Pony AI's significant lead in market capitalization [5] - Both companies have been included in the NASDAQ China Golden Dragon Index, reflecting market recognition of their technological value and growth potential [5] Group 5: Future Outlook - The listing processes for both companies are expected to raise funds for technology development and global expansion, providing a reference for the capitalization path of China's autonomous driving industry [5]

与此同时，针对智能驾驶的监管也将迎来新阶段。报告提到的一项调查显示，"交通事故责任划分法律 问题"(30.56%)是公众最关注的无人驾驶汽车问题，35.84%的受访者期待"构建完善的法规政策体系并明 确事故责任边界"。报告认为，在新的监管框架下，自动驾驶行业正在向规范化运营迈进。数据安全防 护体系的建立，为自动驾驶技术发展筑起了安全屏障。权责清晰的运营模式正在形成，既保障了消费者 的合法权益，也为企业的合规经营提供了指引。 康琦明表示，无人驾驶商业化，是技术、法规、成本、市场等因素相互影响的复杂进程。从全球和中国 的尝试来看，目前无人驾驶仍出现于固定线路和限定区域。 "当前无人驾驶全面商业化还面临三个核心挑战。"康琦明介绍，一是对极端、罕见、高复杂性的"边缘 场景"的处理；二是大规模商业化的成本投入和盈利性，涉及算力成本、传感器成本等问题；三是对无 人驾驶的立法及其社会接受度，如事故责任划定等。应对这些核心挑战，需要经过感知决策AI技术突 破、可持续性的无人驾驶商业模式探索、法规和社会共识良性互动等途径。 毕马威中国交易战略咨询合伙人康琦明在接受证券时报记者采访时表示，汽车智能化从"感知"到"认 知"的发展， ...

Core Insights - WeRide Inc. (文远知行) plans to issue up to 102,428,200 overseas listed ordinary shares and has received approval for listing on the Hong Kong Stock Exchange [1][2] - The company was the first global autonomous driving company to list on NASDAQ under the ticker "WRD" on October 25, 2024, marking a significant milestone in the industry [3] Financial Performance - In Q2 2025, WeRide reported revenue of 127 million yuan, a year-on-year increase of 60.8% [5] - The Robotaxi business generated revenue of 45.9 million yuan in Q2, a substantial year-on-year growth of 836.7%, setting a new quarterly record since the company's inception [5] - The proportion of Robotaxi revenue in total revenue rose to 36.1%, the highest since Q1 2021 [5] - Gross profit increased by 40.6% year-on-year, indicating steady growth [5] Business Expansion - WeRide has deployed multiple products, including Robobus and Robotaxi, in Singapore and formed a strategic partnership with Grab to integrate its autonomous vehicles into Grab's operational network [5] - In the Middle East, WeRide signed a five-year agreement with Uber to expand services to 15 additional cities, including Dubai and Riyadh, and obtained the first autonomous driving license in Saudi Arabia [6] - In Europe, WeRide has begun deploying Robobus in Spain, France, and Belgium, and has secured autonomous driving licenses in these countries [8] Global Presence - WeRide operates autonomous driving research, testing, and operations in 30 cities across 11 countries, making it the only technology company with autonomous driving licenses in China, UAE, Singapore, France, the US, Saudi Arabia, and Belgium [10] - The company is leveraging its technological advancements and efficient commercialization to redefine industry standards and is expected to strengthen its leadership position in the global autonomous driving sector [10]

美国银行(Bank of America)认为，投资者们绝对不应忽视美国网约车巨头优步以及Lyft在这一不断增长 的新兴前沿技术市场中将发挥的重要作用。 这家华尔街巨头预计，优步与Lyft即将宣布与多家大型汽车制造商的增量自动驾驶领域深度合作伙伴关 系。展望未来，优步和Lyft被该机构认为将在2026-2027年期间处于自动驾驶领域的有利地位，主要在于 优步与Lyft将为多家开发愈发先进完全无人自动驾驶车队的汽车公司提供大面积部署完全无人驾驶 Robotaxi电动汽车的网络平台。美国银行对这两家聚焦网约车服务的科技公司均给予"买入"评级，并对 长期牛市前景持乐观态度。 古根海姆的资深分析师迈克尔·莫里斯(Michael Morris)领导的团队在研报中写道："我们预计到2035年， 自动驾驶车辆(AV)的预期规模将占美国整体网约车市场的20%，而优步有望凭借行业领先的网约车市场 需求，将大幅受益于自动驾驶浪潮之下的需求与供给大幅增加。" 此外，古根海姆分析师团队还表示，投资者们相对忽视了优步旗下的外卖以及商品便捷式配送业务;该 项业务当前有望在生鲜与零售、会员订阅平台以及广告等顺风因素推动下实现两位数级别的增 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致之任何損失承擔任何責任。 CHINA MERCHANTS CHINA DIRECT INVESTMENTS LIMITED 招 商 局 中 國 基 金 有 限 公 司 ( 於香港註冊成立之有限公司 ) （股份代號：133） 於2025年9月30日的總資産明細 下表所示為招商局中國基金有限公司(「本公司」)於 2025 年 9 月 30 日的未經審計總資産明細 之數據。 (A) 主要投資項目 | | | | | 上巿（交易 | | 佔資產 | | --- | --- | --- | --- | --- | --- | --- | | 項目名稱 | | 總部地點 | 主要業務 | 所）／非上巿 | 賬面值 | 總值 | | | | | | | 百萬美元 | % | | 金融服務： | | | | | | | | 1. 招商銀行股份有限公司 | | 廣東、深圳巿 | 銀行 | 上海證券交易所 | 314 | 28.83 | | 2. ...

10月14日，中国证监会正式确认小马智行（Pony AI Inc.）境外发行上市备案信息，标志着这家自动驾驶头部企业赴港上市计划跨过核心监管门槛。根据 备案文件，小马智行拟发行不超过1.02亿股普通股登陆香港联合交易所，距离其2024年11月纳斯达克上市不足一年，有望成为行业内2少数实现"美+港"双 重上市的企业。 财务数据显示，小马智行2025年二季度营收达1.54亿元，同比增长75.9%，其中Robotaxi业务因收费运营扩张成为核心增长引擎，Robotruck收入也因合资 公司运输服务增加实现同比提升。不过研发密集型特性导致公司仍处投入期，同期净亏损同比扩大72.49%，上半年研发费用达0.97亿美元，主要用于第7 代汽车量产研发及技术迭代。 对于募资用途，小马智行此前在招股书中明确，约40%将投向自动驾驶出行及货运服务商业化，40%用于技术研发，20%预留作战略投资。CEO彭军表 示，2025年是Robotaxi量产元年，公司计划年内推出1000多辆自动驾驶出租车，未来3年实现1万辆运营规模。 此次备案落地凸显资本对自动驾驶赛道的持续看好。截至美东时间10月13日，小马智行美股股价报22.19美元，总 ...