Autostreets Development (2443) H1 2025 earnings summary

Executive summary

• H1 2025 revenue fell 25.9% YoY to RMB141.846m; net profit was RMB12.791m versus a RMB142.231m loss, reflecting the absence of prior-year preferred-share fair-value losses and listing expenses.

• Used-vehicle activity weakened amid lower prices and cautious dealer spending; auction success rate improved to 47.2% from 45.6%.

• Expanded dealer and OEM partnerships, launched commercial-vehicle disposal services, and ended June with 82 auction centres and service outlets across 329 cities.

Financial highlights

• Revenue declined 25.9% YoY to RMB141.846m; gross profit fell 27.9% to RMB89.209m.

• Profit before tax was RMB16.016m versus a loss of RMB135.727m; net profit was RMB12.791m versus a loss of RMB142.231m.

• H1 2024 included a RMB142.293m preferred-share fair-value loss and RMB26.662m of listing expenses; administrative expenses fell 45.5% to RMB42.1m in H1 2025.

• Selling and distribution expenses fell 23.1% to RMB30.5m; cost of sales decreased 22.1% to RMB52.6m.

Outlook and guidance

• Priorities include expanding and optimizing auction sites, broadening seller and Professional Buyer channels, diversifying services, and strengthening cooperation with new-energy vehicle OEMs.

• Plans include developing used-vehicle data and inspection tools, improving digital products, and exploring strategic cooperation and acquisitions.

• Auto exhibitions may resume in H2, subject to market conditions.