Chenqi Technology (9680) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue rose 61.7% YoY to RMB1,676.5m; gross profit turned positive at RMB37.4m from a RMB32.4m loss.

• Net loss narrowed 62.3% to RMB124.9m from RMB331.6m; adjusted net loss fell 49.8% to RMB121.4m.

• Mobility activity expanded to 73.3m orders and RMB2,032.4m GTV, with operations in 94 mainland China cities at June 30, 2025.

Financial highlights

• Revenue was RMB1,676.5m, up 61.7% YoY; cost of revenue rose 53.3% to RMB1,639.0m.

• Gross margin improved to 2.2% from -3.1%; operating loss narrowed to RMB124.4m from RMB255.9m.

• Net loss was RMB124.9m versus RMB331.6m; basic and diluted loss per share improved to RMB0.64 from RMB3.67.

• Adjusted net loss was RMB121.4m versus RMB242.0m, excluding preferred-share and other investor-liability remeasurement, share-based payments and listing expenses.

Outlook and guidance

• Priorities include expanding ride-hailing and Robotaxi internationally and geographically, refining the hybrid manned/Robotaxi model, and improving efficiency through data analysis.

• Plans also include smoother Robotaxi service, stronger brand awareness, and continued talent recruitment and development.

• No material adverse change in financial or trading position or prospects was identified through the report date after June 30, 2025.