雷递网 雷建平 10月17日 自动驾驶企业Pony.ai（小马智行）今天通过港交所上市聆讯，即将踏入港股市场。 小马智行是2024年11月底在美国纳斯达克挂牌上市，募资金额约4.52亿美元（约32.9亿元）。 2025年10月14日，小马智行港股上市备案通过中国证监会审批，拟发行不超过1.02亿股普通股赴港上市。 一旦此番在港股上市，则标志着其"美股+港股"双主场战略迈出第二步，全球化资本布局进一步完善。 上半年营收3543万美元 同比增43% 据介绍，小马智行成立于2016年，为市场提供出行和物流领域的自动驾驶技术和解决方案。小马智行于2018年推出中国首个Robotaxi服务。 因和美国自动驾驶企业Waymo在技术路线、业务模式及发展阶段上相似，小马智行也被业界称作"中国版Waymo"。 小马智行基于世界模型™（PonyWorld）和虚拟司机™（Virtual Driver）的技术核心，其现已布局自动驾驶出行服务（Robotaxi）、自动驾驶卡车物流 （Robotruck）、技术授权与应用服务三大业务。目前小马智行自动驾驶路测总里程累计突破5500万公里。 小马智行是一家获得在四座一线城市提供面向公众的自 ...

北京商报讯（记者魏蔚）10月17日，港交所网站挂出小马智行PHIP版招股书，小马智行正式通过港交 所聆讯。2024年11月，小马智行登陆纳斯达克，2025年10月14日，小马智行港股上市备案通过中国证监 会审批，拟发行不超过1.02亿股普通股赴港上市。 （文章来源：北京商报） ...

Core Viewpoint - Pony AI Inc. is set to achieve a dual listing in the U.S. and Hong Kong, marking a significant milestone as the first global Robotaxi company to go public, with a strong backing from major investment firms and a notable increase in stock price since its IPO [2][3][15]. Group 1: IPO and Market Performance - Pony AI has successfully passed the Hong Kong Stock Exchange hearing and plans to list under the code "PONY" on NASDAQ in November 2024, making it the largest IPO in the U.S. autonomous driving sector for 2024 [2]. - Since its U.S. IPO, Pony AI has attracted significant investments from renowned institutions, with its stock price rising over 42% from $15.05 to $21.39 [2][15]. - The company is expected to enhance its investor base and liquidity through the upcoming Hong Kong listing, potentially allowing for participation in the Stock Connect program [3]. Group 2: Business Operations and Growth - Pony AI operates over 680 Robotaxi vehicles, with plans to exceed 1,000 by the end of the year, and has accumulated over 55 million kilometers of autonomous driving testing mileage [4][9]. - The company reported a 157.8% year-on-year increase in Robotaxi business revenue for Q2, reaching 10.9 million RMB ($1.5 million), driven by a surge in user demand and vehicle scale [6]. - The unit economic model has improved significantly, with expectations to achieve operational breakeven for individual vehicles by 2025, marking a transition to profitable operations [9]. Group 3: Global Expansion and Partnerships - Pony AI has accelerated its global business expansion, establishing R&D centers in multiple countries and forming strategic partnerships with major platforms like Uber and local transportation authorities in Dubai and Qatar [10][11][13]. - The company aims to commercialize its Robotaxi services in international markets, with plans for testing and deployment in regions such as Singapore and the Middle East [10][11][13]. - According to forecasts, the global Robotaxi market is expected to reach $2.9 billion by 2025, with China projected to become the largest market [14]. Group 4: Investment Interest and Market Position - Pony AI has garnered attention from long-term investment funds, with significant purchases from ARK Invest and other international funds, indicating strong market confidence [15][16]. - The company has been included in the NASDAQ China Golden Dragon Index, attracting more investments from ETFs and hedge funds [16]. - Following the dual listing, Pony AI is anticipated to benefit from increased liquidity and capital reserves, enhancing its competitive position in the L4 autonomous driving sector [16].

2024年11月，小马智行以"PONY"为代码登陆纳斯达克，成为2024年以来美股自动驾驶领域最大 规模的IPO。值得注意的是， 自美股上市以来，小马智行在公开市场吸引了包括柏基投资（Baillie Gifford ） 、 公 爵 资 本 （ Baron Capital ） 、 方 舟 投 资 （ ARK Invest ） 、 威 灵 顿 资 产 管 理 为全球化战略注入强劲动力。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao （Wellington Management）、富达投资（Fidelity Management & Research）在内的多家知 名机构积极买入。 尤其在8月12日小马智行2025年第二季度财报发布后，其股价表现强劲。10月 16日，小马智行开盘价报21.39美元，较8月12日的15.05美元上涨超42.13%，并已显著超越其13 美元的美股IPO发行价。 一旦港股上市顺利落地，不仅将拓宽小马智行的全球投资者基础，提升股份流动性，更有望在短期内 加入港股通，进一步打开内地资金参与通道，为其全球化战略注入强劲动力。 据IPO早知道消息，Pon ...

2024年11月，小马智行以"PONY"为代码在纳斯达克完成上市，成为全球Robotaxi第一股。10月16日， 其收盘价报20.415美元，较其13美元的美股IPO发行价涨超57%。 智通财经APP获悉，据港交所10月17日披露，中国头部自动驾驶企业小马智行(PONY.US)已正式通过港 交所聆讯，即将踏入港股市场。小马智行PHIP版招股书显示，公司2022年至2024年营收规模持续扩 大，2025年上半年增速尤为明显，同比增长43.3%，达3543万美元(约合人民币2.54亿元)。Robotaxi业务 收入在2025年上半年涨势强劲，达325.6万美元(约合人民币2332万元)，同比激增178.8%，其中乘客车费 收入在2025年第一季度和第二季度分别实现约800%与超300%同比飙升。 ...

Core Insights - The 2025 Sustainable Global Leaders Conference was held from October 16 to 18 in Shanghai, where Liu Erhai, founder and managing partner of Joy Capital, discussed the evolution of technology revolutions, particularly in AI [1] Group 1: Technology Evolution - Liu Erhai compared the development of AI to the internet, highlighting two phases: the investment phase and the penetration phase, where foundational technologies lead to widespread applications [1] - He noted that AI currently has typical applications in areas like intelligent Q&A (e.g., ChatGPT), programming assistance, and image generation, with smart driving seen as a key foundational application [1] - Liu emphasized that for AI to become a true infrastructure and penetrate various industries deeply, it will require considerable time [1] Group 2: Investment Strategy - Joy Capital's investment strategy in the AI sector focuses on foundational technologies such as chips, computing power, models, and data management [1] - The firm is also interested in applications that significantly enhance productivity, particularly those that combine software and hardware [1] Group 3: Market Perspective - Liu pointed out the essential difference between the smart economy and the internet economy, emphasizing the leap in productivity and the reconstruction of both user and product sides in the smart economy [2] - While acknowledging concerns about an AI bubble, he stated that there are no signs of a bubble burst similar to that of 2000, although adjustments may occur [2] - Joy Capital will continue to focus on companies that achieve "bilateral reconstruction" through AI, particularly in sectors like smart manufacturing and autonomous driving, where efficiency breakthroughs are evident [2]

其中，第一个五年(2016年-2021年)核心任务是完成L4级自动驾驶的全栈核心技术研发，目前已掌握相 关所有核心技术。 10月17日，观察者网了解到，滴滴联合创始人、滴滴自动驾驶公司CEO张博今日在2025世界智能网联汽 车大会上提出滴滴自动驾驶的"三个五年计划"： 据悉，此前，在10月11日，滴滴自动驾驶曾宣布获得D轮融资，融资总额20亿元。投资方包括中关村科 学城科技成长基金、北京信息产业发展投资基金、北京市人工智能产业投资基金、广汽集团、广州广花 基金及滴滴。资金将用于加大AI研发投入、推动L4自动驾驶应用落地，助力交通运输行业高质量发 展。 彼时，张博曾表示，L4自动驾驶技术是下个十年人工智能时代最重要的技术变革之一，将大幅提升出 行安全、效率与体验。滴滴自动驾驶在AI、量产及运营三个关键领域上已有近十年的积累，将始终坚 持负责任的科技创新，在积极探索新型就业空间的同时，稳步推进自动驾驶发展，为智能网联产业发展 贡献力量。 本文系观察者网独家稿件，未经授权，不得转载。 第二个五年(2022年-2026年)核心任务为完成L4级自动驾驶在中国市场环境下"0-1"的验证，在2026年底 前，张博表示，将在 ...

Core Viewpoint - The 2025 World Intelligent Connected Vehicles Conference was held in Beijing, showcasing advancements in intelligent connected vehicles and featuring WeRide's autonomous driving solutions [1][2]. Group 1: Event Overview - The conference, themed "Gathering Wisdom and Energy, Connecting the Infinite," was co-hosted by China's Ministry of Industry and Information Technology, Ministry of Transport, and Beijing Municipal Government, attracting over 4,000 representatives from more than 10 countries and regions [2]. - WeRide showcased its new generation Robotaxi GXR and autonomous driving minibus Robobus, providing autonomous shuttle services across multiple key locations during the event [1][7]. Group 2: WeRide's Contributions - WeRide's founder and CEO, Han Xu, participated in a safety forum, emphasizing that safety is the top priority for the large-scale deployment of autonomous vehicles [2][5]. - The company deployed nearly 10 Robotaxi GXR and multiple Robobus vehicles to offer shuttle services, demonstrating its capabilities in L4-level autonomous driving technology and large-scale operations [7]. Group 3: Product Showcase - WeRide presented four autonomous driving products at the static display area, including Robotaxi GXR, Robobus, autonomous sanitation vehicle S6, and unmanned street sweeper S1, highlighting its technological layout and commercialization progress in smart mobility and sanitation [9]. - The Robotaxi GXR is designed for rapid deployment in any global city, supporting 24/7 fully unmanned commercial operations, while Robobus targets urban micro-circulation scenarios [9].

IPO动态 A股 本周，A股上会公司共有三家。 10月15日，优迅芯片、昂瑞微顺利过会，均将在科创板上市。 10月16日，天溯股份顺利过会，将在创业板上市。 10月14日，滨会生物、大红袍、瀚天天成、华恒生物向港交所递交招股书。 10月15日，遇见小面、白山云向港交所递交招股书。 10月16日，首创证券、千里科技向港交所递交招股书。 新股上市： 10月16日，长江能科(920158)在北交所上市。 10月17日，道生天合(601026) 在上交所主板上市。 新股申购： 本周共有一只新股进行申购。 10月17日，必贝特(688759)在科创板进行申购。 港股 10月13日，赛力斯通过港交所聆讯；普源精电、华付股份、晶存科技、贝达药业、利欧集团、晶合集 成、大金重工向港交所递交招股书。 热点追踪 遇见小面冲刺港股IPO：上半年净利翻番，两个月前遭二股东减持 10月15日，遇见小面更新其港股招股书。 遇见小面是以重庆小面系列为主打的中式餐饮连锁品牌，产品已扩展到各种辣与不辣的菜品，涵盖面 条、米饭、小吃和饮料。根据第三方弗若斯特沙利文资料显示，就2024年总商品交易额而言，遇见小面 为中国第四大中式面馆经营者，市场 ...

Core Viewpoint - The company, Wenyan Zhixing, is making significant progress towards its listing in Hong Kong, having received approval from the China Securities Regulatory Commission for its overseas issuance plan, aiming to issue up to 102 million ordinary shares on the Hong Kong Stock Exchange [2][4]. Financial Performance - Wenyan Zhixing has experienced a decline in revenue and continued losses, with total losses exceeding 6.8 billion yuan over four years. Revenue peaked in 2022 at 528 million yuan but has since declined for two consecutive years, with decreases of 23.86% and 10.2% [5][6]. - The company's net losses have expanded over the years, with figures of 1.007 billion, 1.298 billion, 1.982 billion, and 2.517 billion yuan from 2021 to 2024, respectively. Although the net loss narrowed to 791 million yuan in the first half of 2025, profitability remains in question [5][6]. Revenue Breakdown - Revenue is categorized into product income and service income, with product income's gross margin at 17.3% and service income's gross margin at 47.6%. However, the contribution of service income has been decreasing, from 86.51% in 2022 to 65.29% in the first half of 2025 [7][9]. - The company relies heavily on specific large clients for revenue, with the top two clients accounting for 52.4% of total revenue as of June 30, 2024. This high client concentration poses risks to revenue stability [11][12]. Competitive Landscape - The competition in the autonomous driving sector is intensifying, with pressure from both peer companies and major automotive manufacturers accelerating their self-research efforts. Wenyan Zhixing faces challenges from competitors like Xiaoma Zhixing and Baidu's Apollo, which have made significant advancements in commercializing autonomous driving [13][17]. - Despite having a higher gross margin compared to Xiaoma Zhixing, Wenyan Zhixing's revenue scale is smaller, with a market capitalization significantly lower than its competitors, reflecting differing market confidence in their future prospects [15][17].