小马智行(PONY)今日盘中股价大跌5.14%，引发了市场的广泛关注。
消息面上，公司最新发布的2025年财报显示，尽管营收连续四年增长，但按非公认会计准则(Non-GAAP)计算的亏损净额同比扩大31.5%，达到12.17亿元人民币，反映出核心经营亏损仍在加剧。此外，公司第四季度虽实现净利润5.28亿元，但主要得益于战略投资的公允价值变动收益，而非主营业务盈利，这令投资者对其盈利质量和可持续性产生疑虑。
尽管小马智行在Robotaxi业务上收入翻番，并在广州、深圳实现了单车运营盈利转正，但高昂的研发投入、持续的亏损状态以及激烈的市场竞争环境，共同构成了股价下行的压力。
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