Chenqi Technology (9680) Q4 2025 earnings summary

Executive summary

• FY2025 revenue rose 114.6% YoY to RMB5,286.4m; gross profit increased to RMB628.0m, while net loss narrowed 48.1% to RMB293.0m.

• Mobility activity more than doubled: order volume reached 233.0m and GTV RMB6,425.6m; growth was attributed mainly to ride-hailing expansion and stronger third-party platform cooperation.

Financial highlights

• Revenue RMB5,286.4m, up 114.6% YoY; gross profit RMB628.0m, up 395.3%; gross margin rose to 11.9% from 5.1%.

• Operating loss narrowed to RMB291.8m from RMB483.5m; loss before tax was RMB292.7m versus RMB564.2m.

• Net loss narrowed to RMB293.0m from RMB564.2m; basic and diluted loss per share improved to RMB1.49 from RMB3.99.

• Adjusted net loss, excluding preferred-share and other investor-liability carrying-value changes, share-based payments and listing costs, was RMB288.2m versus RMB457.8m, down 37.0%.

• Selling and marketing expenses increased 98.3% to RMB710.9m, mainly from higher third-party mobility-platform fees; G&A fell 18.1% to RMB111.1m and R&D fell 15.9% to RMB118.9m.

Outlook and guidance

• Strategy prioritizes domestic and international expansion in ride-hailing and Robotaxi, improving hybrid operations, operating efficiency, brand awareness and talent development.

• HKD601.91m of IPO net proceeds remained at year-end; utilization is planned for 2026 and thereafter, with no change to intended uses or timetable.

• No material adverse change in financial or trading position or prospects was identified from year-end through the announcement date.