MetaLight (2605) H2 2025 earnings summary

Executive summary

• FY2025 revenue was RMB206.3m, up 0.1% YoY; gross margin rose 1.1 percentage points to 77.5%, while IFRS net loss widened to RMB127.6m. Adjusted net profit fell 22.4% to RMB40.7m.

• Net loss primarily reflected RMB119.2m of non-cash fair-value losses on redeemable preferred shares; those shares converted to ordinary shares upon listing, removing this source of future fair-value volatility.

Financial highlights

• Revenue was RMB206.313m vs RMB206.137m in 2024; gross profit increased 1.5% to RMB159.862m, and cost of sales fell 4.6% to RMB46.451m.

• Net loss was RMB127.569m vs RMB26.138m; loss before tax was RMB117.207m vs RMB21.744m, and basic and diluted loss per share were RMB1.11 vs RMB0.45.

• Adjusted net profit, a non-IFRS measure excluding specified fair-value, share-based payment, listing and investment items, was RMB40.690m vs RMB52.417m.

• Selling, administrative and R&D expenses rose to RMB40.9m, RMB71.0m and RMB49.9m, respectively; administrative costs included higher equity incentives and listing-related compliance costs.

Outlook and guidance

• For 2026, advertising-market conditions are expected to remain structurally adjusted; priorities include AI-based ad pricing and targeting, broader programmatic partnerships, and long-tail advertiser demand.

• Chelaile plans to grow coverage in lower-tier cities, strengthen data and natural-language AI capabilities, and develop toward an intelligent mobility assistant; Busio will expand coverage and localization.

• Robobus pilot operations are planned with partners in certain cities in 2026; the AI venture fund is expected to begin project selection and investment, with a continued cautious investment pace.