Financial Performance - Total revenue for the year ended December 31, 2025, reached RMB 5,286,428 thousand, representing a 114.6% increase compared to RMB 2,463,426 thousand in 2024[4] - Gross profit for the same period was RMB 627,986 thousand, a significant increase of 395.3% from RMB 126,793 thousand in 2024[4] - Operating loss decreased by 39.6% to RMB (291,797) thousand from RMB (483,453) thousand in 2024[4] - Net loss for the year was RMB (293,035) thousand, a reduction of 48.1% from RMB (564,182) thousand in 2024[4] - Basic and diluted loss per share improved to RMB (1.49) from RMB (3.99) in the previous year, marking a 62.7% decrease in loss per share[4] - The company reported a pre-tax loss of RMB 202,411,000 for 2025, an improvement from a loss of RMB 368,953,000 in 2024, reflecting a reduction of approximately 45%[26] - The net loss for the year ending December 31, 2025, was RMB 293.0 million, a reduction of 48.1% from RMB 564.2 million in 2024[73] - Adjusted net loss (non-IFRS measure) for the year ending December 31, 2025, was RMB 288.2 million, a decrease of 37.0% from RMB 457.8 million in 2024[75] Revenue Sources - Ride-hailing services generated revenue of RMB 5,091,559,000 in 2025, compared to RMB 2,196,924,000 in 2024, marking an increase of about 132%[19] - Total transaction volume for the year was RMB 6,425.6 million, up from RMB 2,978.8 million in 2024, representing a growth of 115.0%[5] - Technology services revenue grew by 487.4% from RMB 27.3 million in 2024 to RMB 160.2 million in 2025, attributed to enhanced sales and marketing efforts[57] - The fleet sales and maintenance business generated revenue of RMB 28,909,000 in 2025, a decline from RMB 237,189,000 in 2024, representing a decrease of approximately 88%[25] Operational Metrics - The number of orders increased to 233 million in 2025, up from 113 million in 2024, reflecting a growth of 106.2%[5] - The average transaction value per order rose to RMB 27.6 in 2025, compared to RMB 26.4 in 2024, indicating a 4.5% increase[5] - Trade receivables increased to RMB 77,615,000 in 2025 from RMB 28,597,000 in 2024, reflecting a growth of 171%[37] - Trade payables surged to RMB 156,341,000 in 2025, up from RMB 66,838,000 in 2024, representing a 134% increase[40] Expenses and Cost Management - Research and development expenses totaled RMB 118,943,000 in 2025, down from RMB 141,361,000 in 2024, indicating a decrease of about 16%[30] - Sales and marketing expenses for the year ending December 31, 2025, were RMB 710.9 million, an increase of 98.3% compared to RMB 358.4 million in 2024, mainly due to increased spending on third-party mobility service platforms[65] - General and administrative expenses decreased by 18.1% to RMB 111.1 million for the year ending December 31, 2025, compared to RMB 135.7 million in 2024, attributed to reduced listing expenses and improved operational efficiency[66] - Credit losses on trade and other receivables decreased by 88.5% to RMB 1.2 million for the year ending December 31, 2025, compared to RMB 10.5 million in 2024, as no full loss provisions were made in 2025[68] Cash Flow and Liquidity - Cash and cash equivalents decreased to RMB 320,798 thousand from RMB 1,016,618 thousand in 2024, indicating a decline of 68.4%[8] - As of December 31, 2025, the company had cash and cash equivalents of RMB 320.8 million and time deposits of RMB 449.1 million, totaling RMB 769.9 million, down from RMB 1,016.6 million as of December 31, 2024[77] - Net cash used in operating activities for the year ending December 31, 2025, was RMB 215.7 million, a decrease from RMB 529.9 million in 2024, primarily due to changes in working capital[77] - The current ratio decreased from 455.8% as of December 31, 2024, to 307.3% as of December 31, 2025, mainly due to cash outflows affecting current assets[82] Shareholder Information - The company did not declare or pay any dividends for the year ended December 31, 2025, consistent with 2024[43] - The company has not proposed a final dividend for the year ending December 31, 2025[100] - The annual general meeting is scheduled for June 26, 2026, to discuss shareholder matters[101] Strategic Initiatives - The company plans to expand its ride-hailing and Robotaxi services internationally, leveraging its competitive advantages and successful experiences in key regions[52] - The company aims to optimize its ride-hailing platform and improve operational efficiency through data analysis and enhanced brand awareness[52] - The company has developed a comprehensive AI data and model solution platform to support the autonomous driving industry, enhancing its technological capabilities[51] Corporate Governance - The company has adhered to all applicable corporate governance codes during the reporting period, except for the absence of the chairman at the annual general meeting due to other commitments[103] - The audit committee has reviewed the annual performance and confirmed that the financial statements are prepared in accordance with applicable accounting standards[106] Future Outlook - The smart mobility and autonomous driving industry in China continues to expand rapidly, driven by urbanization and rising disposable incomes, supported by favorable government policies[46] - The company is focusing on developing Robotaxi vehicles equipped with L4 and L5 autonomous driving technology[111] - The report period ends on December 31, 2025, indicating a long-term outlook for the company's performance[111]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a leading mobile travel platform in the Guangdong-Hong Kong-Macao Greater Bay Area, accelerating the large-scale commercialization of Robotaxi services [15]. - The company benefits from a strong shareholder structure, including GAC Group and Tencent, which creates a synergistic ecosystem combining vehicle manufacturing, internet traffic, and intelligent driving technology [19]. - The revenue growth is driven by the expansion of ride-hailing services and the commercialization of Robotaxi, with projected revenues of 53 billion, 105 billion, and 158 billion yuan for 2025, 2026, and 2027 respectively [9]. Summary by Sections 1. Business Model and Market Position - The company has established a mixed operation model that integrates human-driven and Robotaxi services, becoming the first in the world to commercialize this hybrid operation [16]. - The company has a robust operational network with over 300 Robotaxi vehicles and more than 10,000 operational stations, aiming to expand its infrastructure to cover 100 cities [16][15]. 2. Financial Performance - The company's revenue is expected to grow from 2.16 billion yuan in 2023 to 15.8 billion yuan in 2027, with a compound annual growth rate (CAGR) of 50.74% [1]. - The net profit is projected to improve from a loss of 692.79 million yuan in 2023 to a profit of 20.42 million yuan in 2027, indicating a significant turnaround [1]. 3. Market Trends and Opportunities - The report highlights the shift in the ride-hailing market from rapid growth to a more regulated and efficient model, with Robotaxi expected to be a core growth driver [9]. - The overall ride-hailing market in China is projected to reach 850.79 billion yuan by 2030, with a compound annual growth rate of 19.1% from 2025 to 2030 [34]. 4. Competitive Landscape - The company is positioned well against competitors due to its unique shareholder structure and operational model, which allows it to leverage resources from GAC Group and Tencent effectively [19]. - The report notes that the ride-hailing market is becoming increasingly competitive, with a significant share held by major players like Didi, but also highlights opportunities for second-tier platforms [34][43].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a leader in the Greater Bay Area's mobility market and is accelerating the large-scale commercialization of Robotaxi services. It leverages strong partnerships with major stakeholders like GAC Group and Tencent to enhance its operational capabilities and market reach [15][19]. - The company has shown significant revenue growth, with projections indicating a rise from 2.16 billion CNY in 2023 to 15.8 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 50.74% [1][25]. - The report highlights the company's strategic shift towards an open Robotaxi operating platform, integrating various autonomous driving technologies and expanding its service offerings across multiple sectors [9][16]. Summary by Sections 1. Company Overview - The company was established in 2019 and has rapidly developed into a leading mobility platform in the Greater Bay Area, focusing on the commercialization of Robotaxi services [15]. - It has formed a strong collaborative ecosystem with GAC Group and Tencent, enhancing its operational efficiency and market penetration [19][22]. 2. Financial Performance - Revenue is expected to grow significantly, with a forecast of 5.32 billion CNY in 2025 and 10.48 billion CNY in 2026, driven by the expansion of its ride-hailing and Robotaxi services [1][25]. - The company is on track to improve its gross margin from -24.2% in 2021 to a positive margin in 2025, indicating enhanced operational efficiency [25][31]. 3. Market Dynamics - The report anticipates the Chinese ride-hailing market to reach 850.79 billion CNY by 2030, with a projected annual growth rate of 19.1% from 2025 to 2030 [34][38]. - The market is evolving towards a more diversified structure, with the emergence of Robotaxi services expected to drive significant growth and reshape competitive dynamics [9][34]. 4. Strategic Initiatives - The company has launched the "Robotaxi+" strategy, focusing on integrating various autonomous driving technologies and expanding its operational capabilities through partnerships [9][16]. - It aims to build a comprehensive operational infrastructure network to support the large-scale deployment of Robotaxi services across 100 key cities [16][19].

香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：9680） （於開曼群島註冊成立的有限公司） 董事會會議通告 Chenqi Technology Limited 如祺出行科技有限公司 如祺出行科技有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將於 2026年3月31日（星期二）舉行，藉以（其中包括）考慮及批准本公司及其附屬公司及 關聯併表實體截至2025年12月31日止年度之年度業績及其發佈，並考慮派發末期股 息之建議（如有）。 承董事會命 董事長 高銳先生 中國廣州，2026年3月13日 於本公告日期，董事會成員包括：(i)執行董事蔣華先生；(ii)非執行董事高銳先生、 肖艷女士、梁偉強先生、鍾翔平先生及柏卉女士；及(iii)獨立非執行董事張君毅先 生、張森泉先生及李貿祥先生。 如祺出行科技有限公司 ...

呈交日期: 2026年3月4日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 如祺出行科技有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09680 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 480,000,000 | USD | | 0.0005 USD | | 240,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 480,000,000 | USD | | 0.0005 USD | | 240,000 | 本月底法定/註冊股本總額： USD 240,000 FF30 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 承董事會命 Chenqi Technology Limited 如祺出行科技有限公司 （股份代號：9680） （於開曼群島註冊成立的有限公司） 正面盈利預告 — 虧損減少 本公告乃由如祺出行科技有限公司（「本公司」，連同其附屬公司及關聯併表實體統 稱為「本集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2) 條及香港法例第571章證券及期貨條例第XIVA部內幕消息條文（定義見上市規則） 刊發。 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，基 於對本集團截至2025年12月31日止年度（「報告期」）未經審核綜合管理賬目的初步審 閱，預期本集團(i)將於截至2025年12月31日止年度錄得綜合收入不少於人民幣 5,000百萬元，較截至2024年12月31日止年度大幅增長不少於人民幣2,500百萬元， 增幅不少於100%；及(ii)將於截至20 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 如祺出行科技有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09680 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 480,000,000 | USD | | 0.0005 | USD | | 240,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 480,000,000 | USD | | 0.0005 | USD | | 240,000 | 本月底法定/註冊股本總額 ...

Core Insights - The report indicates that as of December 31, 2025, there are 395 licensed ride-hailing platforms in China, with a slight increase of one platform from the previous month [1] - A total of 9.63 billion orders were processed in December, reflecting a significant operational scale in the ride-hailing industry [1] Group 1: Order Compliance Rates - The top three platforms by order compliance rate are: 1. Ruqi Mobility (如祺出行) at 99.1% 2. Fengyun Mobility (风韵出行) at 98.6% 3. Jishi Mobility (及时用车) at 98.9% [4] - The platforms with the highest growth in order compliance rates are Ruqi Mobility, Cao Cao Mobility (曹操出行), and T3 Mobility, while Didi Mobility (滴滴出行) showed minimal growth of 0.1% [1][4] - The platforms with the lowest compliance rate growth include Xiaohongshu Mobility (花小猪出行) at -1.9% and Xiangdao Mobility (享道出行) at -1.0% [1] Group 2: Major City Compliance Rates - The cities with the highest order compliance rates include Xiamen, Guangzhou, Shenzhen, and Chengdu, with 26 cities reporting compliance rates above 80% [2] - The top three cities with the highest growth in compliance rates are Kunming, Jinan, and Hangzhou, while Yinchuan, Hohhot, and Urumqi experienced the largest declines [2] Group 3: Order Volume Changes - Ruqi Mobility reported a 12.6% increase in order volume, while Fengyun Mobility saw a 110.0% increase, indicating strong growth among leading platforms [4] - Didi Mobility and Xiaohongshu Mobility both reported a 17.9% increase in order volume, but their compliance rates remain significantly lower compared to competitors [4][7]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 公司名稱: 如祺出行科技有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09680 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 480,000,000 | USD | | 0.0005 | USD | | 240,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 480,000,000 | USD | | 0.0005 | USD | | 240,000 | 本月底法定/註冊股本總額： USD 240,000 ...

Core Insights - The shared economy model, leveraging internet technology and resource sharing, has rapidly emerged, significantly impacting various sectors including transportation and finance [1] - The shared mobility sector has seen a recovery in transaction volume, reaching 234.5 billion yuan in 2024, a year-on-year increase of 9.07% [1][9] - Future growth is expected as shared mobility integrates with advanced technologies like autonomous driving and electric vehicles, enhancing service intelligence and sustainability [1][9] Shared Mobility Industry Overview - Shared mobility refers to transportation methods where users do not own vehicles but share them, including ride-hailing services and bike-sharing [2] - The industry encompasses various innovative models such as ride-hailing, bike-sharing, and car-sharing services [2] Development Background of Shared Mobility - The shared economy, centered around internet platforms, optimizes resource allocation and enhances efficiency [4] - China's shared economy market size is projected to grow from 19.6 trillion yuan in 2015 to 44.6 trillion yuan in 2024, with a compound annual growth rate of 9.57% [4] Shared Mobility Industry Chain - The industry chain includes hardware suppliers (vehicle manufacturers, battery suppliers) at the upstream, platform operators in the middle, and end-users at the downstream [5] Current State of Shared Mobility - The user base for shared mobility in China has grown from 380 million in 2016 to 710 million in 2024, with a compound annual growth rate of 8.13% [8] - The shared mobility sector is becoming a vital part of urban transportation, driven by urbanization and increasing environmental awareness [8] Competitive Landscape and Key Players - The shared mobility industry features a competitive landscape with major players like Didi Chuxing, Cao Cao Mobility, and others in ride-hailing, while bike-sharing is dominated by companies like Hello Bike and Meituan Bike [9] Future Trends in Shared Mobility - The integration of services and the emergence of Mobility as a Service (MaaS) will enhance user experience and operational efficiency [13] - Technological advancements will improve user experience and operational intelligence, with AI and autonomous driving playing key roles [14] - The green transition in shared mobility will involve collaboration with urban energy systems, enhancing sustainability [15]