GL-Carlink Technology Holding (2531) H1 2025 earnings summary

Executive summary

• H1 2025 revenue fell 1.7% YoY to RMB303.2m; gross profit rose 21.9% to RMB210.2m and net profit increased 1.1% to RMB19.0m.

• Higher-margin software and services reached 83.0% of revenue, lifting overall gross margin to 69.3% from 55.9%.

Financial highlights

• Revenue was RMB303.2m versus RMB308.4m; cost of sales fell to RMB93.0m from RMB136.1m.

• Profit before tax was RMB16.3m versus RMB18.8m; a RMB2.75m income tax credit supported net profit of RMB19.0m versus RMB18.8m.

• Basic EPS was RMB0.05 versus RMB0.31 as weighted-average shares increased to 366.6m from 60.6m.

• Selling and distribution expenses rose 40.4% to RMB174.6m; other income increased to RMB9.0m, mainly on higher wealth-management interest income.

Outlook and guidance

• Smart vehicle plans target growth in relationships with leading NEV manufacturers and pilots in used-car transactions, digital finance and digital maintenance to expand marketing-service revenue.

• Smart travel plans use vehicle-owner reach and trusted-data technology to develop an ICV transportation-capacity asset RWA platform and a second growth curve.