小马智行-扩大合作伙伴关系，加速部署第七代 Robotaxi 车队；25 年第四季度非运营利润转正，给予买入评级
2026-02-10 03:24

5 February 2026 | 3:35PM HKT Equity Research Pony AI Inc. (PONY): Scaling up Gen-7 Robotaxi fleet with expanding partnership; 4Q25 NI turns positive on non-OP; Buy Pony AI announced a 2025 profit alert (Link), projecting a net loss of US$126m-US$143m. This suggests 4Q25 NI would turn positive to US$14m-US$31m vs. our previous estimate of a US$56m net loss. The company attributes this higher-than-expected NI in 4Q25 to gains from fair value changes in its investments in publicly traded companies. Looking ahe ...