GL-Carlink Technology Holding (2531) H2 2025 earnings summary

Executive summary

• Revenue rose 2.4% YoY to RMB717.1m and gross profit increased 17.4% to RMB513.6m; profit for the year fell 50.8% to RMB21.8m.

• Growth in high-margin SaaS marketing and value-added services lifted gross margin to 71.6% from 62.5%, while higher selling and R&D expenses weighed on earnings.

Financial highlights

• Revenue was RMB717.075m vs RMB700.418m; gross profit was RMB513.631m vs RMB437.356m.

• Profit before tax declined to RMB16.706m from RMB38.858m; net profit was RMB21.835m vs RMB44.358m.

• Adjusted for no items: reported profit included RMB20.715m of listing expenses; no adjusted earnings figure was stated.

• SaaS marketing and management services revenue reached RMB601.6m, up 11.6% YoY, driving total revenue growth.

Outlook and guidance

• For 2026, plans focus on leading NEV manufacturers, wider partner-store coverage, digital second-hand cars, and expansion into digital finance and battery testing and maintenance.

• AI and data investment is intended to improve retail efficiency and support revenue growth from performance-based value-added services.

• Automotive trade-in policies and rising ICV penetration are expected to support demand and create further data and AI application opportunities.