关注 「电动车公社」 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 ，看我们就够啦～ 今日新闻要点： 1、 理想发布三季度财报 营收274亿元 11月26日，理想汽车发布第三季度财报。 其中 营收274亿元， 经营亏损12亿元， 经营利润34亿元， 四季度交付指引为 10-11万辆。 和我们一起重新思考汽车 理想汽车发布三季度财报，营收274亿元 ； 小马智行发布三季度财报， 实现城市级单车盈利； 3.坚持全链路自研。 | | 2025 Q3 | 2025 Q2 | 2025 01 | 2024 04 | | --- | --- | --- | --- | --- | | Deliveries | 93.211 | 111,074 | 92.864 | 158,696 | | | 2024 03 | 2024 O2 | 2024 OI | 2023 04 | | Deliveries | 152,831 | 108,581 | 80.400 | 131,805 | 财报后的电话会议，主要提到内容为： 1.公司要回归"创业公司管理模式"。 2.随着公 ...

从现金流方面来看，小马智行经营活动现金流继续呈现流出状态，2025年第三季度，小马智行经营活动 现金流流出5679.5万美元，同比扩大175.2%；前三季度，经营活动现金流流出1.36亿美元，同比扩大 71%。 11月25日，广州小马智行科技有限公司（以下简称"小马智行"）发布第三季度业绩报告。2025年第三季 度，小马智行实现营收2544.2万美元，同比增长72%；前三季度，小马智行实现营收6087.6万美元，同 比增长54.1%。 与此同时，小马智行继续实施扩张策略，公司宣布2026年底Robotaxi车队将扩至3000辆以上。"这种重 资产投入与所谓'轻资产模式'自相矛盾。即便引入合作方分担部分车辆成本，自动驾驶系统的研发迭 代、高精地图维护、安全员配置（在完全无人化前）、保险及运维费用仍构成沉重负担。"上述人士表 示。 然而，在营收增长的背后，公司整体仍处于巨额亏损状态。财报显示，2025年第三季度，小马智行亏损 净额为6157万美元，亏损同比扩大46.2%；前三季度净亏损为1.52亿美元，同比扩大62.1%。 值得关注的是，小马智行在财报中透露，截至11月23日最近两周内日均运营数据，小马智行第七代 ...

单辆车能赚钱了 。 作者/杨继云 报道/投资界PEdaily 赴港二次上市后，小马智行交出了全新成绩单。 11 月 2 5 日 ， 小 马 智 行 发 布 未 经 审 计 的 2 0 2 5 年 第 三 季 度 财 报 ： Q3 总 营 收 1 . 8 1 亿 元 ， 连 续 三 个 季 度 营 收 高 速 增 长 ； 作 为 核 心 业 务 的 Ro b o t a x i板块更是实现了较去年同期8 9 . 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Ro b o t a x i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。 标志性一幕 实现单辆车盈利了 面纱揭开。 今年前三个季度，小马智行季度总营收分别为1 . 0 2亿元人民币、1 . 5 4亿元人民币、1 . 8 1亿元人民币，同时三季度总营收较去年同期大 涨7 2 %。其中，核心业务Ro b o t a x i板块表现尤为亮眼——2 0 2 5 ...

Core Insights - The company, Pony.ai, reported a significant revenue increase of 72% year-over-year for Q3 2025, reaching $25.4 million (approximately RMB 181 million) [2] - The Robotaxi fleet is nearing 1,000 vehicles, with the seventh-generation model achieving profitability in Guangzhou, marking a critical milestone in commercialization [2][6] Revenue Breakdown - Revenue from autonomous ride-hailing services reached $6.7 million (approximately RMB 47.7 million) in Q3 2025, reflecting an 89.5% increase year-over-year, with passenger fare revenue growing over 200% [5] - Autonomous trucking services generated $1.03 million (approximately RMB 7.25 million) in Q3 2025, an 8.7% increase year-over-year [5] - Revenue from technology licensing and applications surged by 354.6% year-over-year to $8.6 million (approximately RMB 61 million), driven by strong demand for autonomous driving domain controllers [4] Profitability and Expenses - The gross profit for Q3 2025 was $4.7 million (approximately RMB 33.2 million), with a gross margin of 18.4%, up from 9.2% in Q3 2024, attributed to an improved revenue mix [3] - R&D expenses increased by 79.6% year-over-year to $60.4 million (approximately RMB 429.9 million), primarily due to investments in the seventh-generation model and expansion of R&D personnel [4] Financial Position - As of September 30, the company had cash and cash equivalents totaling approximately RMB 4.184 billion, bolstered by an additional RMB 6 billion from its Hong Kong listing, providing ample funding for R&D and commercialization [6] Fleet Expansion and Market Strategy - The company aims to expand its Robotaxi fleet to over 3,000 vehicles by the end of 2026, tripling its current size [6] - Collaborations with major automotive manufacturers and ride-hailing platforms are being established to accelerate the deployment of autonomous vehicle fleets in major cities [7]

小马智行第七代Robotaxi于11月起在北京、广州、深圳开启全无人驾驶商业化运营。该公司称，第七代 Robotaxi在广州已实现以城市为单位的单车盈利转正，单台车日均订单量达到23单。 消息面上，小马智行昨晚公布业绩显示，2025年第三季度总营收1.81亿元，同比增长72%，连续三个季 度实现营收增长。财报称，收入增长主要是Robotaxi及技术授权与应用收入的强劲增长所推动。其中， Robotaxi业务实现收入4770万元，同比涨89.5%。 小马智行-W(2026.HK)高开5.61%报101.6港元；隔夜美股市场小马智行收涨5.88%报13.33美元，折算成 港股市场价格为103.48港元/股。 ...

1、 蔚来发布三季度财报 毛利率创新高 11月25日，蔚来发布第三季度财报。其中营收217.9亿元，同比增长16.7%；交付87081辆新车，同比增长40.8%； 综合毛利率13.9%，创三年来新高；季 度末现金储备367亿元；第四季度交付指引量12-12.5万辆。截至10月31日，蔚来在全球建成3614座换电站，4801座充电站，27396根充电桩。 蔚来发布三季度财报，毛利率创新高； 禾赛 发布自研 激光雷达主控芯片； 小马智行第七代自动驾驶车辆正式投入运营； 关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 ，看我们就够啦～ 今日新闻要点： 2、 禾赛发布自研激光雷达主控芯片 11月24日， 禾赛科技 发布了基于RISC-V架构的激光雷达专用 高性能智能主控芯片——费米C500， 同时发布了 全球唯一的光子隔离安全技术 ，以及256 线安全激光雷达 ATX焕新版 。 截至 2025年11月，禾赛共有 16款自研芯片获得车规认证 ， 已累计交付达1.85亿颗 ，位列全球第一。 此前李斌多次在公开场合称， ...

小马智行表示，截至11月23日最近两周内日均运营数据，第七代Robotaxi（自动驾驶出租车）在广州实 现单车盈利转正，单台车日均订单量达到23单。目前，公司Robotaxi车辆总数961辆，其中667辆为第七 代Robotaxi，公司预计提前实现年内超1000辆车队规模目标，并计划在2026年底将规模扩大至三倍，达 到3000辆以上。 北京商报讯（记者 魏蔚）11月25日，小马智行发布的最新财报显示，2025年三季度营收1.81亿元，同比 增长72%，其中自动驾驶出行服务4770万元，同比增长89.5%；自动驾驶卡车服务营收7250万元，同比 增长8.7%；技术授权与应用营收6100万元，同比增长354.6%。同期，小马智行非公认会计准则下的净 亏损5497.6万美元（约合人民币3.92亿元），同比扩大32.7%。 ...

Market Overview - On November 25, U.S. stock indices opened mixed, with the Dow Jones up 0.28%, the S&P 500 down 0.09%, and the Nasdaq down 0.41% [1] Company News - Alibaba reported its Q2 FY2026 revenue at 247.8 billion yuan, a year-on-year increase of 4.8%, surpassing the estimated 245.2 billion yuan; adjusted earnings per ADS were 4.36 yuan, below the expected 6.34 yuan; the Chinese e-commerce segment generated 132.58 billion yuan, with adjusted net profit at 10.35 billion yuan, also below the forecast of 16.8 billion yuan [2] - X-energy, a nuclear reactor developer supported by Amazon, completed nearly $700 million in oversubscribed Series D financing, led by Jeneration Capital, with new investors including Ark Invest, Galvanize, Hood River Capital Management, Point72, Reaves Asset Management, and XTX Ventures [5] - Pony.ai reported Q3 2025 revenue of 181 million yuan, a 72% year-on-year increase; Robotaxi business generated 47.7 million yuan, up 89.5% year-on-year, with passenger fare revenue increasing over 200%; Robotruck revenue was 72.5 million yuan, and technology licensing and application revenue was 61 million yuan; the seventh-generation Robotaxi began fully autonomous commercial operations in Beijing, Guangzhou, and Shenzhen in November [7][8] Stock Performance - Alibaba's stock rose over 2% in pre-market trading [3] - Pony.ai's stock surged over 13% in pre-market trading [9] Legal Matters - TSMC filed a lawsuit against former senior vice president Luo Wei-ren, alleging potential leakage of trade secrets to Intel after his retirement and subsequent employment with the company [4] Regulatory Actions - Singapore's Ministry of Home Affairs issued directives to Google and Apple to implement measures by November 30, 2025, to prevent fraud through their messaging platforms [6]

Core Insights - The company reported significant revenue growth alongside increased losses, with a third-quarter revenue of $25.4 million, a 72% increase from the previous year, while operating losses reached $69.7 million [2] - The company anticipates achieving its goal of over 1,000 Robotaxi vehicles by the end of the year and plans to triple its fleet to over 3,000 by the end of 2026 [4] Revenue and Loss Analysis - The third-quarter revenue totaled $25.4 million (RMB 181 million), up 72% from $14.8 million in the same quarter of 2024; however, the operating loss was $69.7 million (RMB 496 million), compared to a loss of $40.7 million in the previous year [2] - The revenue from autonomous ride-hailing services was $6.7 million, an increase of 89.5% year-over-year, with passenger fare revenue rising over 200% [2] - The revenue from autonomous truck services was $10.29 million, an 8.7% increase from $9.4 million in the same quarter of 2024 [2] - Technology licensing and application revenue surged to $8.6 million (RMB 61 million), a 354.6% increase from $1.9 million in the previous year, driven by strong demand for autonomous driving domain controllers [2] Cash Position - As of September 30, the company had cash and cash equivalents totaling RMB 4.184 billion; following its Hong Kong listing, it raised approximately RMB 6 billion, potentially reaching RMB 7 billion if the overallotment option is fully exercised [3] - The dual listing provides long-term and stable capital support for the company's commercialization efforts [3] Robotaxi Expansion Plans - The total number of Robotaxi vehicles reached 961, with 667 being the seventh generation; the company expects to exceed 1,000 vehicles by year-end and aims for 3,000 by the end of 2026 [4] - The seventh-generation Robotaxi began commercial operations in Beijing, Guangzhou, and Shenzhen in November, achieving profitability in Guangzhou with an average of 23 orders per vehicle per day [4] - The company is focused on enhancing the profitability of its Robotaxi business and has established a scalable ecosystem for autonomous driving services [5] Strategic Partnerships - The company has explored a light-asset value chain collaboration model, partnering with taxi and ride-hailing platforms to expand its autonomous vehicle fleet efficiently [5] - Collaborations with companies like Shenzhen Xihu Group and Sunshine Travel are aimed at building a large-scale autonomous driving fleet in major cities [5]

Core Viewpoint - The company reported a significant increase in revenue for Q3 2025, driven by strong growth in autonomous driving services and technology licensing, achieving a total revenue of $25.442 million, a 72% year-over-year increase [3][9]. Revenue Breakdown - Autonomous driving ride-hailing services generated $6.694 million in revenue, up 89.5% year-over-year, with passenger fare revenue increasing by over 200% due to rising demand in first-tier cities and optimized fleet operations [3][9]. - Autonomous truck services brought in $10.183 million, reflecting an 8.7% increase year-over-year, aided by the launch of the fourth-generation autonomous truck, which reduced the BOM cost by 70% compared to the previous generation [3][9]. - Revenue from technology licensing and applications surged to $8.565 million, a remarkable 354.6% increase year-over-year, driven by strong demand for autonomous driving domain controllers in the automated delivery sector [3][9]. Profitability Milestones - The company achieved city-level single-vehicle profitability for its seventh-generation Robotaxi, with an average of 23 orders per vehicle per day since the launch of commercial operations in Guangzhou [5][6]. - The total number of Robotaxi vehicles reached 961, with plans to expand to over 3,000 vehicles next year, exceeding the initial target of 1,000 vehicles for this year [8][9]. Cost Reduction and Efficiency - The fourth-generation Robotruck is set to enter mass production next year, with a fleet size expected to exceed 1,000 units, and a BOM cost reduction of over 70% compared to previous models [15]. - The innovative truck platooning scheme, which includes one lead vehicle with a safety driver and four fully autonomous following vehicles, is projected to reduce freight costs by over 29% and increase total freight profit by 195% based on current demonstration scenarios [17].