中国资本市场将迎来 Robotaxi（自动驾驶出租车）行业的盛宴时刻。 10月14日，中国证监会网站信息显示，中国 Robotaxi 的双雄——小马智行 （Pony.AI）、文远知行 （WeRide）港股IPO于同日成功完成备案。 备案信息显示，小马智行、文远知行将分别于香港联交所发行1.021亿股、1.024亿股新股。 "巧合"数字的背后，两家 Robotaxi 资本化和市场化进程可谓长期并驾齐驱。2024年10月，文远知行率先在纳斯达克市场完成上市；同年11月，小马智行也 正式完成纳斯达克市场登陆。 此次，两家公司亦先后通过联交所聆讯，其中小马智行10月17日发布聆讯后招股书，文远知行则于10月19日发布聆讯后招股书。 资本化进程你追我赶的背后，港股"Robotaxi第一股"花落谁家？市场又会如何展望两家公司的未来？ 国内全牌照VS国际多牌照 2024年以来，包括速腾聚创等自动驾驶视觉传感器供应商，如祺出行等涉足Robotaxi的出行平台，均有借助Robotaxi东风上市之嫌。 但真正从主机厂合作、解决方案供应到自建车队运营的Robotaxi企业，小马智行，文远知行无疑是唯二的独角兽。 此前，两家公司均已 ...

10月17日晚，港交所显示，Pony AI Inc.（简称"小马智行"）已通过港交所聆讯并披露通过聆讯后的资料集，高盛、美银、德意志银行和华泰国际担任联 席保荐人。 近年来营收规模持续扩大 小马智行成立于2016年，是一家自动驾驶出行服务公司，专注于自动驾驶出行服务、自动驾驶卡车服务和技术授权与应用业务。 2024年11月，小马智行登陆纳斯达克。今年6月，纳斯达克中国金龙指数对其成分股进行了新一轮调整，小马智行正式被纳入其中。 资料显示，公司近年来营收规模持续扩大，自2022年起保持稳健增长，尤其在2025年上半年，业绩增速显著提升，实现营业收入3543万美元（约合人民币 2.54亿元），同比增长43.3%，展现出强劲的发展势头。作为核心业务的自动驾驶出租车（Robotaxi）板块表现尤为亮眼，2025年上半年收入达325.6万美 元（约合人民币2319万元），同比大幅增长178.8%。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Core Insights - Pony AI Inc. has successfully passed the Hong Kong Stock Exchange hearing and plans to issue up to 102,146,500 ordinary shares for a dual listing in Hong Kong and the US [2] - The company has shown significant revenue growth, particularly in its Robotaxi segment, which saw a 178.8% year-on-year increase in revenue for the first half of 2025 [5][6] - Pony AI is actively expanding its international operations, having received permits in Luxembourg, Singapore, and Dubai, and signed a memorandum of understanding with Stellantis to accelerate autonomous vehicle solutions in Europe [6][10] Revenue Growth - The company has maintained steady revenue growth since 2022, with a notable 43.3% increase in revenue to $3,543 million (approximately 254 million RMB) in the first half of 2025 [5] - The Robotaxi segment generated $325.6 million (approximately 23.19 million RMB) in revenue during the same period, reflecting a strong performance [5] International Expansion - In March, Pony AI received permission from the Luxembourg Ministry of Transport for operations [6] - In September, the company announced a partnership with ComfortDelGro in Singapore to deploy autonomous vehicles and services [6] - Pony AI has also obtained testing permits for autonomous driving in Dubai and signed a memorandum with Stellantis for collaboration in Europe [6] Autonomous Driving Development - The company is advancing its Level 4 autonomous driving capabilities, with plans for large-scale commercialization [8][10] - In 2025, Pony AI began testing fully autonomous vehicles on public roads in Beijing and Shanghai, and has launched paid autonomous ride-hailing services in major cities [10] - The company aims to achieve operational breakeven with a fleet of 1,000 autonomous taxis in urban areas [12] Strategic Partnerships - Since its US listing, Pony AI has attracted investments from notable institutions such as Baillie Gifford, Baron Capital, and ARK Invest [7] - The company has established strategic partnerships with OEMs and third-party fleet companies to enhance its market strategy for autonomous driving services [10][12]