<p>对机器人出租车开发商 <strong>小马智行</strong>（PONY -3.80%）的第二季度财报，市场的期待显然很高，该财报于周二市场开盘前发布。公司的表现虽然稳健但并不出色，生产更新最终让一些投资者感到失望。整体来看，他们纷纷抛售该股票，导致该交易时段股价下跌近 4%。</p>
<h2>许可和应用收入大幅提升</h2>
<p>小马智行以人民币和美元两种货币报告，显示其收入同比增长 76%，接近 2150 万美元。这一增长主要来自许可和应用收入的十倍以上增长。该项收入为 1040 万美元，而 2024 年同季度略超过 100 万美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwMTgvcmVkLXRyYWZmaWMtbGlnaHQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwMTgvcmVkLXRyYWZmaWMtbGlnaHQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>相反，净亏损在 GAAP（一般公认会计原则）和非 GAAP（调整后）基础上均有所扩大。在后者标准下，净亏损略超过 4600 万美元（每股 0.13 美元），与去年同期 3000 万美元的亏损相比，表现不佳。</p>
<p>跟踪小马智行的分析师平均预计收入为 1600 万美元。他们对盈利能力的共识估计并不明显。</p>
<h2>1000 辆车的目标</h2>
<p>在运营方面，小马智行表示，自两个月前机器人出租车开始大规模生产以来，广州汽车集团和北京汽车工业公司生产了超过 200 辆搭载小马智行技术的第七代车型。这使得制造商有望在今年年底前达到 1000 辆的目标，尽管未能超出该目标。</p>

小马智行

<p>Pony AI 的股票在公司公布第二季度财报后下跌近 4%。尽管该财报显示收入同比增长 76%，达到 2150 万美元，但未能满足投资者的预期。收入的增长主要得益于许可和应用收入的显著增加。然而，净亏损扩大至 4600 多万美元，而去年同期为 3000 万美元。该公司有望在年底前实现生产 1000 辆机器人出租车的目标，目前已生产超过 200 辆</p>

<p>Expectations were clearly high for robotaxi developer <strong>Pony AI</strong>'s (PONY -3.80%) second-quarter earnings, which were published before market open on Tuesday. The company's solid but not spectacular performance and production update ended up discouraging some investors. Collectively, they traded out of the stock to leave it with a nearly 4% dip in price that trading session.</p>
<div class="lb-trans"><p>对机器人出租车开发商 <strong>小马智行</strong>（PONY -3.80%）的第二季度财报，市场的期待显然很高，该财报于周二市场开盘前发布。公司的表现虽然稳健但并不出色，生产更新最终让一些投资者感到失望。整体来看，他们纷纷抛售该股票，导致该交易时段股价下跌近 4%。</p>
</div><h2>Big boost in the take for licensing and applications</h2>
<div class="lb-trans"><h2>许可和应用收入大幅提升</h2>
</div><p>Reporting in both Chinese yuan and U.S. dollars, the China-based Pony AI revealed that its revenue leaped 76% year over year to just under $21.5 million. Much of that increase came from a more than tenfold rise in licensing and applications revenue. This came in at $10.4 million against slightly over $1 million in the same quarter of 2024.</p>
<div class="lb-trans"><p>小马智行以人民币和美元两种货币报告，显示其收入同比增长 76%，接近 2150 万美元。这一增长主要来自许可和应用收入的十倍以上增长。该项收入为 1040 万美元，而 2024 年同季度略超过 100 万美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwMTgvcmVkLXRyYWZmaWMtbGlnaHQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829018%2Fred-traffic-light.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Going in the opposite direction was net loss, which widened on both a GAAP (generally accepted accounting principles) and non-GAAP (adjusted) basis. Under the latter standard, it was slightly over $46 million ($0.13) per share, comparing unfavorably to the year-ago deficit of $30 million.</p>
<div class="lb-trans"><p>相反，净亏损在 GAAP（一般公认会计原则）和非 GAAP（调整后）基础上均有所扩大。在后者标准下，净亏损略超过 4600 万美元（每股 0.13 美元），与去年同期 3000 万美元的亏损相比，表现不佳。</p>
</div><p>On average, analysts tracking Pony AI were modeling $16 million for revenue. Their consensus estimate for profitability wasn't immediately apparent.</p>
<div class="lb-trans"><p>跟踪小马智行的分析师平均预计收入为 1600 万美元。他们对盈利能力的共识估计并不明显。</p>
</div><h2>The 1,000-car goal</h2>
<div class="lb-trans"><h2>1000 辆车的目标</h2>
</div><p>In terms of operations, Pony AI said that since the launch of mass production of robotaxis two months ago, more than 200 of Guangzhou Auto Group's and Beijing Automotive Industry Corporation's Gen-7 models -- packed with Pony AI technology -- have been produced. This puts the manufacturers on track to meet, although not exceed, its target of 1,000 by the end of this year.</p>
<div class="lb-trans"><p>在运营方面，小马智行表示，自两个月前机器人出租车开始大规模生产以来，广州汽车集团和北京汽车工业公司生产了超过 200 辆搭载小马智行技术的第七代车型。这使得制造商有望在今年年底前达到 1000 辆的目标，尽管未能超出该目标。</p>
</div>

为什么投资者今天对小马智行的股票采取了观望态度