Xiaoma Zhixing and Moer Thread form strategic partnership, stock price rises, MSCI inclusion boosts market confidence

Economic Observer Network Recent hot topics for Xiaoma Zhixing (Hong Kong stock code: 02026) focus on strategic partnerships and index inclusion. On February 6, 2026, Xiaoma Zhixing reached a strategic cooperation agreement with domestic GPU company Mooresoft. The two parties will jointly promote L4 autonomous driving world model training and simulation based on Mooresoft’s MTT S5000 intelligent computing card and the “Kua E” cluster, marking the first large-scale application of domestic AI computing power in key segments. This collaboration aims to improve the efficiency of autonomous driving technology iteration and cost optimization, supporting commercialization. Additionally, on February 11, 2026, MSCI announced that Xiaoma Zhixing would be included in the MSCI China Index. The adjustment will take effect after the market close on February 27, and is expected to attract passive funds tracking.

Recent Stock Performance

Xiaoma Zhixing’s Hong Kong stock price has shown an upward trend over the past seven days (February 5 to 11, 2026). According to internal data, the stock’s price change ranged from a low of HKD 100.20 (February 6) to a high of HKD 119.60 (February 11), with a total increase of 9.42%. After the cooperation announcement on February 9, the stock rose 5.79% in a single day, closing at HKD 109.70; on February 10, it continued to rise 5.29%, closing at HKD 115.50; on February 11, boosted by MSCI inclusion, the closing price rose to HKD 118.50, a daily increase of 2.60%. Trading volume on February 9 surged to approximately HKD 95.31 million, reflecting increased market attention.

Financial Report Analysis

On February 4, 2026, Xiaoma Zhixing released its 2025 earnings forecast, estimating a narrowed annual loss of $69 million to $86 million, a significant reduction of 68.7% to 74.9% compared to the $275 million loss in 2024. The narrowing loss mainly results from increased gains in fair value changes of investments in listed companies. Business-wise, in Q3 2025, gross margin improved to 18.4% (up 2.2 percentage points quarter-over-quarter), the Robotaxi fleet exceeded 1,159 vehicles, and the seventh-generation model achieved unit economic breakeven in Guangzhou (average daily net income of RMB 299), laying the foundation for fleet expansion to 3,000 vehicles in 2026.

Institutional Views

A report from China Post Securities on February 9, 2026, stated that Xiaoma Zhixing, as a leader in intelligent driving, has preliminarily validated the commercialization path of Robotaxi. Its asset-light model and cost optimization (such as a 70% reduction in autonomous driving kit BOM costs) support long-term growth. The report forecasts the company’s revenue for 2025-2027 to be $81.92 million, $122 million, and $236 million, respectively, though net profit attributable to shareholders remains negative during this period. Risks include demand below expectations and intensified market competition.

The above content is compiled from publicly available information and does not constitute investment advice.