现金流恶化个屁，瞎胡_老虎社区_美港股上老虎 - 老虎社区

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恒金资本
05-11

现金流恶化个屁，瞎胡分析

异动解读 | 财报显示净亏损扩大，小马智行-W盘中大跌5.06%

小马智行-W今日盘中股价出现大幅下跌，跌幅达5.06%，引发市场关注。消息面上，公司此前发布了双重上市后的首份年报。财报显示，尽管2025年总营收同比增长约20%，但更能反映主营业务造血能力的Non-GAAP口径下，净亏损同比扩大了31.5%至1.74亿美元。同时，公司经营活动现金流净额进一步恶化，研发及市场部署开支高企，主营业务自我造血的拐点尚未出现。

异动解读 | 财报显示净亏损扩大，小马智行-W盘中大跌5.06%

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