小马智行- 机器人车队将拓展至 20 + 城市；2025 年第四季度业绩超预期；买入评级

29 March 2026 | 11:12AM HKT Equity Research Pony AI Inc. (PONY): Robotaxi fleet to expand footprint to 20+ cities; 4Q25 beat; Buy Pony AI's Robotaxi revenues were up 160% YoY to US$6.7m in 4Q25, supported by the strong growth of the Robotaxi fare charging revenues and fleet expansion. The company's 4Q25 GM was down to 12.7% (vs. 3Q25 at 18.4%) due to higher rev contribution from Robotruck carrying lower margin, while NI turned positive in 4Q due to the increase in fair value of trading securities. Pony AI h ...