MetaLight (2605) H1 2025 earnings summary

Executive summary

• H1 revenue rose 7.6% YoY to RMB97.0m and adjusted net profit increased 5.8% to RMB28.2m; IFRS net loss was RMB125.5m, mainly due to a non-cash preferred-share fair value loss.

• Chelaile expanded coverage and users, data technology revenue grew, and the June IPO strengthened liquidity as preferred shares converted to ordinary shares.

Financial highlights

• Revenue was RMB97.0m, up 7.6% YoY; gross profit rose 6.2% to RMB75.7m.

• IFRS net loss was RMB125.5m versus net profit of RMB0.2m in H1 2024; adjusted net profit was RMB28.2m versus RMB26.6m.

• Administrative expenses rose to RMB38.0m from RMB27.0m, mainly due to listing and equity incentive expenses; R&D expenses increased to RMB21.6m from RMB18.6m.

• FVTPL financial liability fair value losses were RMB119.2m versus RMB8.0m, driven by preferred-share remeasurement.

Outlook and guidance

• China’s urban public bus industry revenue is projected to exceed RMB500bn in 2025, with 4%–5% CAGR; passenger trips are forecast at 120bn, up 2.5% YoY.

• Overseas plans emphasize technology export, localized operations and service adaptation; transit products launched in Hong Kong and Kuala Lumpur, with services in five overseas markets by August 2025.

• AI investment priorities include time-series foundation models, multimodal forecasting, LLM alignment and incubation of new AI products.