Pony AI强劲Robotaxi需求验证可持续商业化
08 June 2026 What’s Hot Today: ►Pony AI (2026 HK, HK$74.20, HK$32bn): Strong RobotaxiDemand Validates Sustainable Commercialization Pony.AI postedsolid1Q26 growth,withRobotaxipostingstrongend-marketdemand,drivingpositiveUEinseveralcorecities,substantiatingcommercializationofautonomousmobility.Furthermore,BillofMaterials(BOM)reductionwillamplifyper-vehicleprofitability,andweremainpositiveonthecompany'slong-termoutlook. Drivenby Robotaxi and Intelligent Solutions:1Q26 total revenue came inRMB236m(+145%YoY)with, 1).RobotaxirevenuestoodatRMB59.1m(+395%YoY/+27%QoQ,25%oftotal).Passengerfares surged 4.6x YoY,confirming strong demand of real userpayments.Currently,itsglobalfleetsizehasreached1,700+units,deployedin9countriesincludingChina,Qatar,Singapore,CroatiaandSouthKorea.Itisaleadingplayer in major cities such as Beijing,Shanghai,Guangzhou andShenzhen.IthasalsoestablishedpartnershipwithOnTimeandVerneunderco-fleetmodelstopenetratemorecitiesinChina. Lookingahead,theMgthasraiseditsfull-year2026targetsofrobotaxifleetsizefrom3kto3,5kunitswithrevenuegrowthfrom3xto3.5x+YoY,andtargettooperateinover20citiesglobally.Inaddition,the2027modelRobotaxiisexpectedtoachieveatotalvehicleBOMofnomorethanRMB230k,providingastrongreasonforrapidfleetexpansion. 2).RobotruckrevenuereachedRMB70.3m(+31%YoY/-23%QoQ,30%oftotal).TheexpandingfleetandhighertrafficvolumeusedbySinotransarethekeyreasonsbehind the growth.The QoQ drop would be affected by logisticsoff-season.Thecompany’sGen4truckisscheduledformassproductionin2H26.TheL4autonomouslight-dutytruckwaslaunchedinApril,focusingonurbanlogisticsscenarios.Leveraging the same software stack and operationalinfrastructurewithRobotaxi,thelight-dutytruckisexpectedtoreduceoperatingcostsbyapproximately50%comparedtomannedfleets. 3).IntelligentSolutionsrevenuecameinatRMB107m(+246.5%YoY/+63%QoQ,45%oftotal).DrivenbystrongdemandonAtomADC,whichshipmentgrewmorethan5x YoY,commonly used for low-speeddelivery,street sweepers,logisticsandhumanoidrobots.ThismarksPony.Ai’sabilitytoleverageitsL4technologyandsoftware-hardwareintegration,packagingautonomousdrivingcapabilitiesintostandardizedADCsforexternalsale,thusbecomingasupplierofautonomoushardwareandsolutions. MorningSnapshot HongKong&ChinaMarketDaily StableGPM,NarrowingCoreLoss:OverallGPMremainedstableat16.2%.OPEXratioimprovedfurtherto187%(from266%in4Q25),benefitingfromstrongtoplineexpansion,despiteabsoluteOPEXremainingaboveRMB400mn.R&DspendingmoderatedtoRMB330mn,whileSG&AstayedrelativelyflatatRMB111mn,duetohighercosts associated with overseas operations.Core operating loss narrowed to RMB402mn fromRMB517mninQ42025,thoughlargelyunchangedYoY.CoreoperatingmargincontinueditsQoQandYoYimprovementto-170%.AndthenetlossstoodatRMB369mn.Bytheendof1Q26,thecompanyhadtotalcashandinvestmentstotalingRMB9.9bn,providingampleliquiditytounderpinstrategicexecution. Source: Company Data, Sunwah Kingsway Research MorningSnapshot HongKong&ChinaMarketDaily 08 June 2026 Source: Company Data, Sunwah Kingsway Research Ourviews:WeremainpositiveonPony.AI.ThecompanyisagloballeaderinRobotaxiandL4autonomousdriving.ItsrapidlygrowingRobotaxirevenueandADCshipmentsfurthervalidatesitstechnologicaledgeandcommercializationcapability. Pony.AIhasachievedpositiveuniteconomics(UE)inseveralcorecities(suchasGuangzhouandShenzhen)anditwouldbeacriticalmilestoneincommercialization.Thesuccessfulbusinesscaseislikelytoattractmorenewpartners(e.g.,mobilityplatforms,fleetoperators)andexistinguserstoincreasetheircommitment. WebelievePony.Ai’sL4technologyisitscorecompetitivecapability andthefoundationofitsindustryleadership.However,itisimportanttokeepitscostsdownasthefleetsizeexpands.Therefore,thecompanyplanstolowertotalvehicleBOMcostforits2027domesticRobotaximodelby25%,fromthecurrentRMB310k(7thgeneration)tobelowRMB230k,whichwillfurtherboostpervehicleprofitability.Althoughinsurancemitigatespartoftheoperationalrisk,potentialsafetyincidentsstillwarrantclosemonitoringgiventheirpossibleregulatory,reputationalandfinancialimplications.ThecompanyhasbeenadmittedintoStockConnectonJune4.Thecompanyistradingat18xFY26EEV/Revenue.(ResearchDepartment) So urce: B lo o mberg Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmayconstituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbecopied,photocopied,duplicated,orredistributed without thepriorwrittenconsent ofKingswayFinancial Services GroupLimited(“KFS”)anditsaffiliatedcompanies(collectively,“KingswayGroup”). ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongK