My Little Pony Zhixing (02026) Wang Haojun: Financial indicators do not reflect technical value. 2023 may become a commercial verification year

After the Ministry of Industry and Information Technology officially announced the entry permits for the first batch of conditional autonomous L3 class models in China, the path of smart driving business gradually became clear. Compared with L3, the commercialization of Robotaxi (driverless taxi) has entered an era of “showing muscle.”

Recently, Mercedes-Benz and Stellantis Group also announced their progress on Robotaxi; Tesla officially launched a fully driverless Robotaxi test in Austin; Waymo revealed its operating data — since 2025, the cumulative number of trips has exceeded 14 million, more than tripled from 2024, and is expected to achieve a cumulative total of more than 20 million trips by the end of the year; and My Little Pony (02026) announced that the seventh-generation Robotaxi has achieved a positive bicycle profit in Guangzhou...

Facing the first improvement in bicycle profits, at the media conference on December 16, Wang Haojun, co-founder and chief financial officer of My Little Pony Zhixing, once again stated “The company should achieve break-even by 2030 in line with the company's development.” The goal.

In addition to setting goals, Wang Haojun further explained in line with the financial side and technical side of investors' concerns. “Although financial indicators do not fully reflect technical value, 2030 can indeed be a critical year for verifying the commercialization path. Furthermore, the profitability of bicycles mainly depends on the balance between cost control and revenue scale. Among them, the increase in revenue is closely related to the effect of scale — only by reaching a certain scale of operation can we effectively dilute fixed costs and improve vehicle utilization, thus laying the foundation for achieving sustainable profits.”

In fact, in terms of its scale of operation, My Little Pony Zhixing has long been one of the leading companies in the domestic Robotaxi field.

According to Zhitong Finance's observations, My Little Pony plans to operate fully unmanned Robotaxis in first-tier cities such as Guangshen in the north, and the total operating area is expected to exceed 2,000 square kilometers. At that time, My Little Pony Zhixing will have accumulated more than 55 million kilometers of global autonomous driving road test mileage. The seventh-generation Extreme Fox Alpha T5 in collaboration with BAIC and the Aeon Dragon Robotaxi, which cooperated with GAC, were also officially put into operation in Guangzhou, Shenzhen and other places in November this year. At the same time, the number of the company's Robotaxi vehicles exceeded 680 in the first half of the year, and has now surpassed 961 vehicles. It is expected to complete the target scale of 1,000 vehicles ahead of schedule by the end of 2025, and expand to more than 3,000 by the end of 2026. The efficiency of its bicycle operation has improved markedly. Since the beginning of 2025, the average daily revenue of Robotaxi bikes has doubled compared to the average for the full year of 2024.

By the third quarter of 2025, My Little Pony Zhixing's financial profit indicators began to climb positively. In the third quarter of 2025, its total revenue reached US$25.4 million (approximately RMB 181 million), an increase of 72.0% over US$14.8 million in the same period in 2024. This growth was mainly driven by strong revenue from autonomous mobility services and technology licensing and applications. Gross margin climbed to 18.4% in the third quarter of 2025, compared to only 9.2% in the same period in 2024. The improvement in gross margin is due to the optimization of the revenue structure, particularly the increase in revenue contributions from high-margin autonomous driving travel services.

At the same time, My Little Pony achieved city-wide bicycle profits for seventh-generation autonomous taxis; commercialization of autonomous taxis continues to advance steadily - revenue from autonomous travel services increased 89.5% year on year, with passenger fare revenue surging by more than 200% year on year.

In addition, when the Robotaxi sector developed rapidly, Little Pony's autonomous truck business also showed an acceleration trend. Since its development, it has reached a scale of about 200 autonomous trucks, with a cargo transportation volume of more than 1 billion tons and kilometers, and obtained the first or first batch of autonomous truck road test permits and cargo road transport business permits in many parts of the country.

Also, a few days ago, My Little Pony Zhixing also announced that it has reached cooperation with Sany Heavy Truck and Dongfeng Liuqi to jointly build a fourth-generation autonomous truck family. According to the plan, the first two models launched will be based on Sany Heavy Truck and Dongfeng Liuqi's most advanced pure electric platforms, mass-produced and developed on a scale of 1,000 units, and are scheduled to be put into operation in the first batch in 2026. Mass production of this series of models will promote the development and application of autonomous truck technology, and enable the industry to leapfrog towards “large-scale unmanned commercial operation”.

Facing the share and commercialization of the autonomous truck business, Wang Haojun also admits that the strategic significance of the current 200-vehicle scale is to meet the data needs of technological iterations. “We have always positioned ourselves as a technology provider rather than a traditional logistics carrier. We expect to achieve technical verification within 2-3 years before considering large-scale commercialization.”