CaoCao (2643) H2 2025 earnings summary

Executive summary

• Revenue grew 37.7% year-over-year to RMB20.2 billion, driven by robust expansion in mobility services and vehicle sales.

• Gross profit margin improved to 9.4% from 8.1% in 2024, reflecting enhanced operational efficiency.

• Net loss narrowed by 50.8% to RMB613.6 million; adjusted net loss decreased 29.8% to RMB508.5 million.

• Achieved positive EBITDA for the full year and positive adjusted profit in Q4 2025.

• Expanded service coverage to 195 cities, adding 59 new cities in 2025.

Financial highlights

• Mobility services revenue rose 36.8% to RMB18.6 billion; vehicle sales revenue surged 63.6% to RMB1.4 billion.

• Gross profit increased to RMB1.89 billion; cost of sales rose 35.8% to RMB18.3 billion.

• Selling and marketing expenses up 47.5% to RMB1.8 billion, mainly due to higher commissions to aggregation platforms.

• General and administrative expenses fell 19.8% to RMB611.2 million; R&D expenses down 12% to RMB206.3 million.

• Net cash from operating activities increased 60.3% to RMB378.3 million.

Outlook and guidance

• Plans to further expand Robotaxi operations domestically and internationally, leveraging Geely Group's OEM and autonomous driving capabilities.

• Intends to deploy more second-generation Robotaxi vehicles and develop a third-generation L4 vehicle by end-2026.

• Focus on increasing market share in lower-tier cities and enhancing city-level gross margins.

• Strategic acquisitions and internationalization expected to drive long-term growth and margin expansion.