（原标题：文远知行扬帆出海，带不走五倍营收的亏损） 打开世界地图，文远知行过去这个季度做了很多事。 把Robotaxi部署了阿布扎比、准备在迪拜上线运营；与Uber的合作升级到了"未来五年覆盖15座城市"； 还和腾讯云、黑莓QNX继续深化合作——从业务版图看，这是一家典型的"全球自动驾驶出海代表"。 但财务数字并未跟上这些扩张节奏。2025年第一季度，文远知行的总收入为7244万元，同比增长 1.8%。与之对比，净亏损达到了3.85亿元，几乎是收入的五倍。即便不算进股权激励和投资波动，调整 后净亏损也达到了2.95亿元，也是去年同期的两倍。 Robotaxi业务的增速看上去亮眼，同比增长近200%，收入占比从12%跃升至22%。但体量仍然有限，一 季度该业务仅带来1610万元收入，难以在财务层面真正改变公司的基本面。 Robotaxi现在还只是支撑起了一个关于未来的叙事，而不是现实的现金流。 与此同时，公司原有的服务收入在下滑，尤其是ADAS定制化研发项目的收入，在去年下半年集中结束 后形成了断档。服务收入同比减少近180万元，成为拖累整体营收的一小部分因素。 季报显示，文远知行的研发费用达到3.26亿元，同 ...

证券研究报告 小马智行 (PONY US) Robotaxi 规模商业化初见成效 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 21 日│美国 | 计算机应用 | 小马智行公布 25Q1 业绩：总营收 1398 万美元，同比+12%；毛利润 232 万美元，毛利率达 16.6%，同比-4.4 pcts；Non-GAAP 净亏损为 2837 万美 元，对比 24Q1 净亏损为 2566 万美元。业绩当天收盘股价涨约 6%，主要 系：1）Robotaxi 服务收入同比+200%，一线城市面向公众的收费运营收入 同比+800%，规模化运营已初见成效；2）年底 Robotaxi 车队规模或将达 千台，或因车企出货节奏加快；3）此前于 5/14 管理层已宣布延长股份锁定 期。公司选择模拟仿真+强化学习打造 L4 无人驾驶系统，与比亚迪/蔚小理/ 特斯拉等车企定位模仿学习和 L2 辅助驾驶存在根本差异。重申"买入"。 Robotaxi 收费运营驱动收入增长，第七代平台 BOM 成本下降约 70% 目标价维持 21 美元，对应 DCF 退出倍数 ...

必读要闻三：AI需求为行业复苏提供新支撑，国际机构已连续第四年上调该领域全球增长预期 马斯克周二表示，xAI已在田纳西州孟菲斯的Colossus计算设施部署了20万块GPU，并计划在孟菲斯郊 区新建配备100万块GPU的超算中心。马斯克预测，当前制约AI发展的芯片瓶颈将很快转变为"电力设 备"短缺，最早到2026年年中前后，AI企业或将面临"根本性的发电量不足"。 AI数据中心将成为全球电力需求加速增长的关键驱动力之一。国金证券指出，AI数据中心驱动用能需 求，激活核电"第二春"。政策方面，美英法等多国联合出台《三倍核能宣言》，将使2050年核能装机容 必读要闻一：苹果向开发者开放人工智能模型，以刺激新应用程序开发 苹果正准备允许第三方开发者使用其人工智能模型编写软件，旨在刺激新应用程序的创建，并使其设备 更具吸引力。据知情人士透露，苹果正在开发一套软件开发工具包及相关框架，让外部开发者能够基于 驱动苹果智能（Apple Intelligence）的大型语言模型构建人工智能功能。苹果预计将于6月9日在全球开 发者大会上公布这一计划，此举是其成为生成式人工智能领域领导者这一更广泛尝试的一部分。 人工智能技术，特 ...

大家早上壕！ 先看海外要闻： 二十年期美债拍卖结果不佳，长期美债收益率飙升、带崩美股，避险情绪升温，黄金走高。美国股债 汇三杀。 美股创一个月最大跌幅，收盘道指跌1.91%，标普500指数跌1.61%，纳斯达克跌1.41%。 谷歌涨近3%，科技七巨头中独涨。财报后Target跌超5%。Navitas盘后涨超200%。百度财报后跌超 4%，季报及指引亮眼的小鹏汽车大涨13%。 美元连续三日走低。黄金涨超1%。美债标售后，债市抛售加速，十年期美债收益率日内涨幅超10个 基点。 OpenAI史上最大收购：拿下65亿美元"iPhone之父"AI硬件初创。 亚马逊CEO：关税并未影响消费者支出。 国内重大事件汇总： 1、上海印发《上海市提振消费专项行动方案》，促进汽车消费，新增手机、平板、智能手表（手 环）等数码产品购新补贴，加力支持绿色家电家居家装消费。加快构建房地产发展新模式，滚动推进 老旧小区更新改造。 2、国家金融监督管理总局等八部门联合印发《支持小微企业融资的若干措施》，支持符合条件的小 微企业在新三板挂牌，规范成长后到北交所上市。 3、北京首批即买即退集中退付点启用，离境退税政策拉动入境消费。 7、中国算力 ...

Group 1 - Baidu's "萝卜快跑" provided over 1.4 million rides in Q1 2025, a 75% year-on-year increase, totaling over 11 million rides to date [1] - "萝卜快跑" expanded internationally by entering Dubai and Abu Dhabi, with public road testing already underway in Dubai [1] - WeRide reported Q1 2025 revenue of 72.44 million yuan, with a gross margin of 35.0%, and Robotaxi revenue of 16.1 million yuan, accounting for 22.3% of total revenue [1] Group 2 - The year 2025 is anticipated to be a pivotal year for Robotaxi mass production and commercialization, with companies like Xiaoma Zhixing, Momenta, and WeRide expected to benefit [2] - The B-end shared mobility market is rapidly expanding, with a predicted surge in Robotaxi sales around 2026-2027, and by 2030, shared mobility is expected to account for 6.0% of the domestic market [2] - Robotaxi is projected to replace traditional shared mobility and some private car markets, with an optimistic estimate that Robotaxi will capture about 36% of the B-end shared mobility market by 2030, targeting a market size of 200 billion yuan [2] Group 3 - Qianli Technology is closely tied to Cao Cao Mobility, with its Robotaxi business expected to move towards commercialization [3] - BAIC Blue Valley's product lineup includes the Extreme Fox Alpha T5 Robotaxi [4]

Group 1 - Baidu reported a total revenue of 32.5 billion yuan in Q1 2025, a year-on-year increase of 3%, with a net profit of 6.469 billion yuan, a decrease of 8% [2] - Baidu's core revenue reached 25.5 billion yuan, up 7% year-on-year, driven by a 40% increase in non-online marketing revenue, which amounted to 9.4 billion yuan [2] - The autonomous driving service "萝卜快跑" provided over 1.4 million rides globally in Q1 2025, representing a 75% year-on-year growth [2] Group 2 - Xiaoma Zhixing reported a revenue of 102 million yuan in Q1 2025, a year-on-year increase of 12%, with its Robotruck service contributing 55.5% of total revenue [3] - WeRide's revenue for Q1 2025 was 72.44 million yuan, a decrease of 1.8% year-on-year, with 87% of its revenue coming from services [3] - Both Xiaoma Zhixing and WeRide experienced increased net losses in Q1 2025, with Xiaoma Zhixing's net loss reaching 28.4 million USD, a 10.5% increase year-on-year [4] Group 3 - The collaboration between Xiaoma Zhixing and Uber is set to launch in the Middle East in H2 2025, with plans to expand to more international markets [5] - WeRide plans to add 15 international cities in the next five years as part of its strategic partnership with Uber, which includes a commitment of 100 million USD in equity investment from Uber [5] - As of the report, WeRide's stock price was 8.45 USD with a market cap of 2.404 billion USD, while Xiaoma Zhixing's stock price was 17.88 USD with a market cap of 6.353 billion USD [5]

Core Insights - Baidu's Q1 2025 financial report shows total revenue of 32.5 billion yuan, with core revenue of 25.5 billion yuan, reflecting a year-on-year growth of 7%, exceeding market expectations [2] - Core net profit increased by 48% to 7.63 billion yuan, while the intelligent cloud segment grew by 42% year-on-year [2][9] - The report has boosted market confidence, leading to significant increases in holdings by major investment firms like Bridgewater and Fidelity [2][15] Financial Performance - Total revenue for Q1 2025 reached 32.5 billion yuan, with core revenue at 25.5 billion yuan, marking a 7% increase year-on-year [2] - Core net profit rose by 48% to 7.63 billion yuan [2] - Intelligent cloud revenue grew by 42% year-on-year, indicating strong demand for AI-driven solutions [9][11] Investment Activity - Major investment firms, including Bridgewater and Fidelity, significantly increased their holdings in Baidu, with Bridgewater's shares rising from under 200,000 to over 2.1 million, a more than tenfold increase [2] - Fidelity's holdings increased from over 330,000 shares to more than 2.5 million [2] - ARK Invest's CEO has also increased her stake in Baidu six times within a month and a half, doubling her holdings [2] AI and Cloud Strategy - Baidu's AI-first strategy is expected to maintain its competitive edge and capture long-term growth opportunities [3] - The company has released multiple powerful Wenxin models, with significant price reductions, enhancing customer efficiency and showcasing rapid technological evolution [9][10] - Baidu's intelligent cloud is positioned as a core growth engine, with a focus on lowering costs and enhancing service capabilities [10][11] Autonomous Driving Expansion - Baidu's autonomous driving service, "Luobo Kuaipao," has expanded internationally, entering markets like Dubai and Abu Dhabi, and has provided over 11 million rides globally [2][12] - The sixth-generation vehicles of Luobo Kuaipao have a cost of 204,600 yuan, significantly lower than competitors, while achieving a safety standard comparable to the C919 aircraft [13] - Baidu is transitioning from a technology provider to a global smart mobility platform, with plans for commercial deployment in Europe [12][13] AI Application and Ecosystem - Baidu's AI applications have reached a monthly active user count of 97 million for Baidu Wenku and over 80 million for Baidu Cloud, indicating a robust ecosystem [15][16] - The integration of AI capabilities across various products is creating a comprehensive ecosystem that enhances user engagement and revenue potential [15][16] - The company's focus on building a closed-loop system from models to applications is seen as a key factor in attracting significant investment [15][16]

与此同时，全球网约车巨头优步（Uber）与Lyft（美国第二大打车应用）通过合作加速自动驾驶商业 化，此外，上述两家公司于近日先后交出一季报，自动驾驶业务均取得显著进展。中国玩家小马智行、 文远知行也不甘落后，与优步联手将Robotaxi服务拓展至中东与欧洲市场。 对此，小马智行联合创始人、CEO彭军表示，2025年是小马智行的Robotaxi量产之年，随着第七代 Robotaxi的自动驾驶系统成本下降以及生产提速，2025年底Robotaxi车队规模将扩大到千台。 "随着Robotaxi运营场景和范围的扩大，2025年Robotaxi行业会迎来量产元年。"彭军表示，"从目前进展 来看，我们不是每投放一辆车亏一辆车的钱，而是每投放一辆车至少是不亏钱。小马智行今年将按1000 辆车排产，车辆毛利有望转正。未来三年，小马智行将投放上万辆Robotaxi。" （文章来源：证券日报） 本报讯 （记者袁传玺）2025年，或许注定是自动驾驶与人工智能深度融合的爆发年。此前，特斯拉宣 布将于6月份在美国得克萨斯州奥斯汀推出完全无人监督的Robotaxi（无人驾驶出租车）服务，并计划 2026年量产无方向盘车型CyberCa ...

Market Overview - US stock index futures are all down, with Dow futures down 0.75%, S&P 500 futures down 0.50%, and Nasdaq futures down 0.51% [1] - European indices also show declines, with Germany's DAX down 0.10%, UK's FTSE 100 down 0.01%, France's CAC40 down 0.54%, and the Euro Stoxx 50 down 0.37% [2] - WTI crude oil is up 0.74% at $62.49 per barrel, while Brent crude is up 0.67% at $65.82 per barrel [2] Currency and Economic Sentiment - There is a rising expectation of US dollar depreciation, with the Bloomberg dollar index's one-year risk reversal indicator showing a negative 27 basis points, indicating the lowest level on record [3] - Morgan Stanley suggests buying US assets excluding the dollar, predicting a series of interest rate cuts by the Federal Reserve that could support the bond market and boost corporate earnings [3] Inflation and Tariff Impact - Federal Reserve officials warn that the impact of tariffs will soon be fully realized, potentially leading to a new wave of price increases in the US economy [4] - Atlanta Fed President Bostic indicates that many companies' buffer strategies against high tariffs are running out, which could weaken overall economic activity [4] Investor Sentiment and Market Dynamics - JPMorgan's CEO warns of "extreme complacency" among investors, suggesting that the market may soon face turbulence [5] - Goldman Sachs reports that clients are increasingly seeking to withdraw funds from the US market, questioning whether the US stock market's rally has reached its peak [6] Company Performance Highlights - Lowe's reported same-store sales down 1.7% but expects this key sales metric to remain flat or grow up to 1% for the year [7] - ZTO Express achieved a 19.1% year-on-year increase in package volume, with net profit up 40.9% [7] - Baidu's Q1 net profit increased by 41.65% year-on-year, reaching 77.17 billion yuan [8] - XPeng Motors reported a net loss of 660 million yuan, a 51.5% decrease year-on-year, with total revenue up 141.5% [8] - Weibo's Q1 net profit grew by 116.36% year-on-year, reaching $107 million [9] - Target's Q1 performance fell short of expectations, leading to a downward revision of sales forecasts [10] - Full Truck Alliance reported a 19% year-on-year increase in revenue, with significant growth in operational metrics [11] - iQIYI's Q1 revenue reached 71.9 billion yuan, with a 9% quarter-on-quarter increase [12] - Xinyi Technology reported a Q1 revenue of 34.81 billion yuan, with a net profit of 7.38 billion yuan [12] - Tuya Smart's Q1 revenue grew by approximately 21.1%, exceeding expectations [12]