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 ...

在完成港股上市后，小马智行也将获得更多资金，其能率先完成盈利吗？ 1 Robotaxi仍在投入期● 亏损是目前Robotaxi企业的常态，小马智行也不例外。2025年上半年，小马智行营收3543.4万美元，同比增长43.34%；净亏损9064万美 元，同比扩大75.07%。 小马智行的CEO彭军曾在接受媒体采访时表示，公司的盈利与Robotaxi规模密切相关，预计Robotaxi规模达到5万辆时可达到盈利的平衡 点，盈利时间预计在2028年-2029年。 据小马智行2024年年报，截至2025年4月10日，其运营超过270辆Robotaxi，累计自动驾驶里程超过3920万公里。据2025年第二季度报， 小马智行在6月和7月分别与广汽集团和北汽集团启动了第七代Robotaxi车型的大规模生产，目前已生产超过200辆，力争在2025年底实现 1000辆车的生产目标。同时，小马智行与深圳西湖集团达成战略合作，将在未来几年内在深圳联合部署超过1000辆第七代Robotaxi车 型。 图片来源：pixabay 10月14日，据中国证券监督管理委员会披露，小马智行获境外发行上市备案通知书，公司拟发行不超过1.02亿股普通 ...

Core Viewpoint - The company reported significant revenue growth but also a substantial increase in net losses, primarily due to investments in the seventh-generation Robotaxi project and R&D expenses [2][6][7]. Financial Performance - In Q2 2025, the company generated revenue of $21.5 million, a year-on-year increase of 75.9%, while net losses reached $53.3 million, widening by 72.5% [2]. - For the first half of 2025, total revenue was $35.4 million, up 43.34% year-on-year, with net losses amounting to $90.6 million, an increase of 75.07% [2][7]. - The gross margin improved to 16.1% in Q2 2025, compared to -0.3% in the same period last year, attributed to a focus on high-profit revenue sources [7]. Business Segments - The Robotaxi service generated $1.5 million in revenue, a 157.8% increase, but accounted for less than 10% of total revenue [3]. - Robotruck service revenue was $9.5 million, down 9.9%, while technology licensing and application services revenue surged to $10.4 million, a 901.8% increase [3]. - The company is focusing on expanding its Robotaxi fleet, with over 500 vehicles currently operational and a target of exceeding 1,000 by the end of 2025 [2][3]. Operational Developments - The company has expanded its operational range to major cities including Beijing, Shanghai, Guangzhou, and Shenzhen, with over 2 million kilometers driven on public roads [4]. - A strategic partnership was formed with Shenzhen Xihua Group to deploy over 1,000 Robotaxis in Shenzhen over the coming years [4]. - The company is optimizing operational efficiency by improving the remote assistance ratio to 1:30, meaning one remote operator will monitor 30 vehicles [4][5]. Investment and Costs - Operating expenses in Q2 2025 were $64.7 million, a 75.1% increase, driven by investments in production and increased employee costs for enhancing technology capabilities [6]. - R&D expenses reached $49 million, up 69%, primarily due to investments in the seventh-generation Robotaxi [6]. Market Outlook - The global Robotaxi market is projected to reach $47 billion by 2035, with expectations of profitability starting in 2026 in major cities [8]. - The company is expected to continue incurring losses as it invests heavily to maintain a competitive edge in the emerging autonomous driving market [8].

Investment Rating - The report maintains a "Recommended" investment rating for the industry [10]. Core Insights - The report highlights that Pony.ai is approaching a profitability inflection point driven by AI-powered autonomous driving ecosystem and accelerated global expansion [4][10]. - The company reported a total revenue of $13.979 million in Q1 2025, representing a year-on-year growth of 11.6%, primarily driven by Robotaxi services [4]. - The gross margin decreased to 16.6%, down 440 basis points year-on-year, due to changes in revenue structure [5]. - Significant operational losses were reported, with an operating loss of $56 million, an increase of 61.4% year-on-year, reflecting a temporary imbalance between technological investment and commercialization [5][10]. Revenue and Profitability - Revenue growth was robust, with Robotaxi service revenue reaching $1.73 million, a staggering increase of 200.3% year-on-year [4]. - The on-demand charging revenue surged by 800%, indicating rapid expansion of commercial operations in first-tier cities in China [4]. - Operating expenses increased by 56.3% to $58.359 million, primarily due to investments in Gen 7 production and R&D [5]. Strategic Partnerships and Technological Advancements - Pony.ai has established strategic partnerships with Tencent Cloud and Uber to enhance its commercial deployment and leverage AI capabilities [6][8]. - The company has received permission to begin L4 level Robotaxi testing in Luxembourg, marking a significant step in its technological advancement [8]. - The seventh-generation autonomous driving system was showcased at the Shanghai Auto Show, featuring a 100% automotive-grade autonomous driving kit [8]. Global Expansion and Market Presence - Pony.ai has expanded its operations to over 2,000 square kilometers across various regions, including China, Europe, East Asia, and the Middle East [9]. - The company has recorded over 45,000 kilometers of freight service since launching cross-province freight services in Beijing-Tianjin [9]. - A strategic partnership with WeChat's "Mobile Travel Service" platform has led to a 20% increase in registered users in Q1 2025, enhancing its market reach [9]. Investment Recommendations - The report suggests that investors should focus on Pony.ai's technological leadership and commercialization capabilities in the autonomous driving sector, positioning it as a core investment opportunity in the AI mobility revolution [11].