小马智行2026年第二季度业绩电话会纪要

发布时间：2026-08-19 一、AI总结内容 一、核心业务表现 1. 2026年Q2总营收达3620万美元，同比增长69%，其中robotaxi营收1210万美元，同比增长691%，fair charging营收同比增长849%；robot truck营收1330万美元，同比增长40%；智能解决方案营收1080万美元，同比增长4%。 2. Robotaxi车队规模已达2000辆，预计年底达3500辆；国内注册用户超150万，广州运营面积扩至超300平方公里，覆盖700万人口；国际方面获超4000台车辆承诺订单，已落地新加坡、克罗地亚等市场。 3. Robot truck业务Q2收入同比增长40%，Gen 4车型量产并开展商业运营，与中国招商港口合作在深圳妈湾港部署无人驾驶卡车，可无缝衔接城市与长途场景技术协同。 二、技术与运营优势 1. 自研Pony World 2.0技术，通过闭环工程实现世界模型精度自动对齐，大幅降低新城市部署的人力需求，工程师数量减少约一个数量级，可快速适配不同区域驾驶习惯。 2. 运营效率突出，车队与人员比例达100:3，无需专用充电场地，可与人类车辆共享停车场自主充电，大幅降低运营成本，硬件+运营的单位英里成本为行业最具竞争力水平。三、财务与资本情况 1. GAAP口径下，Q2总运营费用7210万美元，非GAAP口径6300万美元，费用增速9.6%远低于营收增速68.8%；净亏损4500万美元，同比下降14.9%，运营亏损率从去年同期负285.6%收窄至负181.5%。 2. 截至2026年6月30日，现金及等价物等合计13.9亿美元，与一季度末基本持平；资本支出3220万美元，上半年累计4430万美元，主要用于车队和自动驾驶套件投入。 3. 采用轻资产联合部署模式，合作伙伴出资车辆与运营，小马智行提供技术，可在不增加同等资本强度的前提下扩张市场，当前合作伙伴含Uber、SF快递、中国邮政等。四、后续规划与风险 1. 国内方面，年底前重点布局20个城市，下半年将进入长沙、杭州等新一线城市；国际方面，依托联合部署模式深化欧洲、中东、东南亚等市场扩张。 2. L4轻型卡车业务已与宁德时代合作推出全球首款量产全冗余车型，获顺丰、中国邮政订单，有望开辟城市物流新场景。 3. 行业层面，Robotaxi行业已进入高标准竞争阶段，需具备成熟无人驾驶能力、用户满意度与安全记录，公司作为先行者将受益于行业标准提升形成的竞争壁垒。五、投资者问答核心 1. 关于与Uber合作的原因，技术可靠性、规模成本优势与文化契合是核心，公司成为Uber在欧洲最大的自动驾驶合作伙伴，后续将视规模扩展车队。 2. 关于open source世界模型的影响，自研的Pony World 2.0为自动驾驶专用模型，与通用生成式世界模型有本质区别，不受开源模型影响。 二、音频原文（转写） Ladies and gentlemen, thank you for standing byand welcome to Pony AI Inc. Second Quarter 2026Earnings Conference Call. At this time, all participants are in Listen Only mode. After the management's prepared remarks, there will be a question and answer session. As a reminder, today's conference call is being recorded, and a webcastreplay will be available on the company's Investor Relations website at IR. Pony AI. I will now.I'll turn the call over to your host, George Shao, head of capital markets and investor relations at Pony AI. Please go ahead, George. Thank you, operator, and hello, everyone. We appreciateyou joining us today for Pony AI's second quarter 2026 earnings call. Earlier today, we issued apress release with our financial and operatingmetrics, which is available on our IR website. an earnings presentation which we will refer to during the conference call. can also be accessedand downloaded on our investor relations website. Joining me on the top. Today's calls are Dr James Hung. chairman of the board. and chief executive officer. 到这天城楼。 Chief Technology Officer. and dr liu wang. She is the financial officer of the company. They will provide prepared remarks followed by a Q&A session. Before we begin. Please refer to the safeharbor statement in our earnings release. whichapplies to this car as we will be making forward-looking statements. Please also note that we will discuss non GAAP measures today. which are more starting. explained and reconciled to the most comparable measures. reported under GAAP in our earnings release. available our i r f set. andfiling with the SEC and the hong kong stock exchange I will now hand it over to our Chairman and CEO, dr. james pung. basikal. Thank you, George. Hello everyone. Thank you for joining our earnings call today. We delivered another fantasticquarter. highlighted by multi-fold expansion ac ross the board. first strong top line growth. Total revenue surged by 69% year over year. drivenby a close to 8-time jump in robotaxi revenue.AND OVER NINE TIMES Search. in fair charging revenue. second rapid fleet scaling our Robo taxi fleet expanded to 2000 vehicles. Putting us on track. to deliver thirty five hundred legals by year end. third Expanded deployment. Domestically,we reinforced. our leadership. in tier one cities. as we surpassed. one point five million. register the users. We also improved. our network capacity with more deployed vehicles and operational coverage. Internationally. We unlocked. demands By scaling our joint. deployment model currently. We have secured. over 4000 vehicle commitments. with uber. and other overseas partners theexpanded deployment. in both China and overseasmarkets. Clearly shows. that our dual engine strategy is turning into robust. top line growth.Looking at our domestic. Operations first. The L4 industry in China is entering a new phase. WHERE Higher standards are required. to keep the industry on a sustainable, healthy trajectory. forany robotaxi company to enter into large scaledeployment. It now needs. proven driverless capabilities. positive user satisfaction. and verified safety records ああ。 We are perfectly positioned. to capitalize on this shift. because we have already been operatingwell ahead of this curve. This. Rising standards will only widen our competitive moat. and solidify our leadership. In China. our confidence actually is grounded in solid results. from commercial global taxi operations. We have three JAN SEVEN Robo taxi vehicle models. in our daily services. including the GAC IONV The B A I C OX FOX.Alpha T five and the Toyota Busy four X. We arecontinuously improving user experience, which is the key driver for our organic user growth, asour total registered users have surpassed 1.5 m illi