小马智行2025Q1财报点评:第七代ROBOTAXI平台发布 车队规模年末有望达千台

中信建投证券
May 23, 2025

核心观点2025Q1 公司实现营收1398 万美元,同比增长12%,其中Robotaxi 收入173 万美元,同比增长200%,面向公众收费运营收入同比增长8 倍,Robotruck 收入778 万美元,同比增长4%,技术授权与应用服务收入447 万美元,同比基本持平。4 月公司发布第七代Robotaxi 平台,BOM 成本下降70%,预计下半年将逐步量产,2025 年底公司Robotaxi 车队...

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