Chenqi Technology (9680) Q4 2024 earnings summary

Executive summary

• FY2024 revenue rose 14.0% YoY to RMB2,463.4m; gross loss narrowed to RMB35.4m from RMB150.4m, while net loss narrowed 18.6% to RMB564.2m.

• Mobility activity expanded: order volume reached 113.0m, daily orders 309.6k and registered riders 34.5m; adjusted net loss was RMB457.8m, down 15.4% YoY.

Financial highlights

• Revenue was RMB2,463.4m, up 14.0% YoY; cost of revenue increased 8.1% to RMB2,498.8m.

• Gross loss narrowed 76.5% to RMB35.4m; gross loss margin improved to 1.4% from 7.0%.

• Operating loss was RMB483.5m versus RMB593.9m; net loss was RMB564.2m versus RMB692.8m.

• Adjusted net loss, excluding preferred-share and other investor-liability carrying changes, share-based payments and listing expenses, was RMB457.8m versus RMB541.2m.

• Basic and diluted loss per share was RMB3.99, compared with RMB7.69 in 2023.

Outlook and guidance

• Priorities include scaling ride-hailing and Robotaxi internationally, geographic expansion, refining the hybrid manned ride-hailing/Robotaxi model, and improving operations through data analysis.

• IPO proceeds allocated to R&D and Robotaxi operations, mobility product upgrades, geographic expansion, strategic partnerships and working capital are expected to be fully used in 2026 and thereafter.