小马智行-W今日盘中股价出现大幅下跌，跌幅达5.06%，引发市场关注。
消息面上，公司此前发布了双重上市后的首份年报。财报显示，尽管2025年总营收同比增长约20%，但更能反映主营业务造血能力的Non-GAAP口径下，净亏损同比扩大了31.5%至1.74亿美元。核心的自动驾驶卡车业务增长近乎停滞，而作为未来估值核心的Robotaxi业务虽增长迅速，但在总营收中占比仍不足两成。同时，公司经营活动现金流净额进一步恶化，研发及市场部署开支高企，主营业务自我造血的拐点尚未出现。
此外，Robotaxi赛道竞争日趋激烈，百度、小鹏汽车、特斯拉等科技公司与主机厂纷纷加速布局，可能进一步加剧市场对公司未来盈利前景的担忧。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.