Minieye Technology Co Ltd (2431) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 16.0% YoY to RMB759.0m; gross margin expanded 2.6 percentage points to 18.6%, while operating loss widened to RMB414.1m.

• L4 driverless vehicles and operational services began commercial operation, generating RMB65.0m revenue; L2+ and L4 capabilities form the two-pillar strategy.

Financial highlights

• Revenue was RMB759.0m vs RMB654.5m; gross profit was RMB141.4m vs RMB104.8m, up 35% YoY.

• Operating loss widened to RMB414.1m from RMB222.5m; net loss was RMB416.3m vs RMB227.7m, an 83% increase.

• Adjusted net loss, excluding share-based payment and listing expenses, was RMB376.7m vs RMB166.7m; adjusted net loss margin was 49.6% vs 25.5%.

• Basic and diluted loss per share was RMB0.99 vs RMB0.61.

Outlook and guidance

• Next-generation driverless logistics vehicles are under development, with planned map-free L4 capability reusing L2+ data, algorithms and mass-production expertise.

• Priorities include expanding autonomous logistics from project-based operations toward dispatchable scale, and advancing urban NOA toward mass production and broader affordability.

• Overseas expansion will focus on regulatory localization and partnerships; Saudi Arabia deployment is planned to reach 1,000 driverless logistics vehicles by 2030.