Minieye Technology Co Ltd (2431) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 46.1% YoY to RMB345.7m; gross margin improved 0.9 percentage point to 15.0%, while net loss widened 44.8% to RMB162.3m amid higher investment in advanced driving technologies.

• Adjusted net loss, excluding share-based payment and listing expenses, was RMB142.6m versus RMB82.4m in H1 2024.

• Growth was supported by intelligent cabin and vehicle-infrastructure solutions, OEM design wins and initial commercialization of L4 autonomous minibuses.

Financial highlights

• Revenue was RMB345.7m versus RMB236.7m; gross profit rose 54.8% to RMB51.8m, with gross margin increasing to 15.0% from 14.1%.

• Operating loss widened to RMB162.4m from RMB109.9m; basic and diluted loss per share was RMB0.38 versus RMB0.31.

• R&D expense rose 50.2% to RMB95.1m, selling expense increased 66.7% to RMB53.4m and G&A expense rose 17.4% to RMB58.9m.

• Cost of sales increased 44.6% to RMB294.0m, broadly in line with revenue growth; net impairment losses on financial assets rose 50.7% to RMB9.9m.

• Loss attributable to owners was RMB151.6m versus RMB108.1m in H1 2024.

Outlook and guidance

• iPilot 4 Pro platform-based design wins are expected to enter mass production in H1 2026.

• First-generation unmanned logistics vehicles entered open-road testing; first deliveries are expected in Q4 2025.

• Priorities include technology development, solution optimization, overseas expansion and new commercial applications, business models and partnerships.

• No material adverse change in financial or trading position or prospects had occurred since June 30, 2025, as of the announcement date.