Robotaxi's revenue surged 6.9 times, and My Little Pony Zhixing-W (02026) diversified driving performance entered the “acceleration channel”

The Zhitong Finance App learned that on August 18, My Little Pony Zhixing-W (02026) released financial reports and interim results for the second quarter of 2026. The total revenue for the second quarter was 246 million yuan, up 68.8% year on year. The cumulative total revenue for the first half of the year was 478 million yuan, an increase of 98.9% year on year, nearly doubling. Net losses for the second quarter narrowed by 14.9% year on year and 15.3% month on month, respectively.

Robotaxi's performance was the most impressive. The Q2 business revenue was 81.92 million yuan, up 691.2% year on year, and revenue contribution increased to 33.33%, while passenger fare revenue increased 849.3% year on year, the highest increase in a single quarter; revenue in the first half of the year was 20.643 million US dollars, up 534% year on year, and revenue contributed 29.3%. In terms of incremental business contributions, Robotaxi's business contributions in Q2 and the first half of the year reached 71.43% and 49.6% respectively. Obviously, this business has become the core growth engine.

As of June 30, 2026, the company's Robotaxi fleet reached 1975 and continues to advance towards the goal of surpassing 3,500 by the end of the year.

In fact, My Little Pony Zhixing's early strategic investment in full-stack L4 autonomous driving technology and advanced world models had a first-mover advantage and technological leadership, and the replicability of technology implementation was laying a strong competitive barrier for the company's multi-scenario business driven and “domestic+overseas” twin-engine strategy.

First, technology implementation brings multiple drivers. Apart from Robotaxi, Robotruck is the company's second largest business scenario, fully reusing Robotaxi's technical capabilities. Among them, the reuse of light trucks and Robotaxi exceeds 90%. In the first half of the year, Robotruck's revenue increased by 36%, and revenue contributed 33.4%. The intelligent driving solutions business was a technology export. During this period, it also achieved a significant increase of 76.8%, and revenue contributed 37.3%.

Second, Self-developed World Model 2.0 continues to improve R&D efficiency, enabling it to be deployed faster in new countries and cities without increasing investment in engineering resources in equal proportions. On the one hand, R&D expenses were saved. The R&D cost rate fell 124.7 percentage points in the first half of the year, with outstanding results; on the other hand, technology-driven fleet operation optimization continued to improve operational efficiency, and sales and administrative expenses fell 29.7 percentage points during the period.

Third, the replicability of mature domestic “model rooms” supports the implementation of the “domestic+overseas” dual-engine strategy. With Robotaxi as a key layout, it is deeply involved in first-tier cities such as Beihai, Guangshen, etc., with full coverage of operations in key regions, and the number of registered users in China has surpassed 1.5 million. Overseas, the joint fleet model has been rapidly replicated and expanded with asset-light advantages, and has been tested or operated in various overseas markets such as Luxembourg, Singapore, Croatia and the United Arab Emirates, and the revenue contribution brought by the joint construction fleet model in China and overseas increased sequentially in Q2.

In August of this year, My Little Pony Zhixing and the global travel platform Uber announced that the two sides will further expand their strategic cooperation and deploy more than 2,000 My Little Pony Robotaxis in five European cities. This is also one of Europe's largest Robotaxi deployment plans. “The reason Uber chose us is actually very clear: the autonomous driving partner Uber is looking for must not only have reliable technology that can support large-scale operations, but also be competitive enough in terms of cost,” Pony Zhixing Peng Jun said during the conference call.

The co-built fleet model combines the technical and operational advantages of ponies, and is highly replicable through “technician+platform+operator” collaborative joint fleet cooperation. The company uses successful domestic operating cities as examples, including proven driving performance, stable all-weather operation capability, and bicycle profit correction. Using its own technology and products as the core, the company promoted China's autonomous driving solutions to the world, achieving “deep local cultivation” to “global export.”

My Little Pony has secured a number of partners in the joint fleet model (including signing an agreement with Uber to deploy more than 2,000 autonomous taxis in Europe), bringing the total number of partner vehicles locked in the international market to more than 4,000. The company has abundant cash flow. As of June 30, 2026, it held a total of 9.435 billion yuan in cash equivalents and long-term and short-term financial management, which guarantees the development of diverse scenarios and global strategies.

The company was favored by many investment banks. China's Taihaitong released a research report saying that the company's Robotaxi is growing at a high rate, that the fleet, users, and orders resonate, that Robotruck and intelligent solutions are growing in collaboration, expanding the boundaries of autonomous driving applications, and that growth certainty continues to increase, while cost optimization and joint fleet construction models open up profit space and give a “gain” rating; Lyon gave it a “outperforming the market” rating, with a target price of HK$125, which is a 106% premium over the current price.

Overall, Little Pony Smart's performance was impressive. Robotaxi continued to double its quarterly growth, reaching new highs, and diversified businesses continued to gain strength. Robotruck and intelligent solutions collaborated to build a fleet model to accelerate the global strategy. The results were remarkable, while the revenue structure continued to be optimized, driving improved profitability, and gross margin continued to rise. The company was favored by many investment banks and was included in the Hong Kong Stock Connect in June. As multiple scenarios of autonomous driving technology continue to explode, the company will fully benefit from industry development dividends and achieve a double impact on performance and valuation.