| 代码 | 名称 | 最新价 | 涨跌幅√ | 涨跌额 | 成交额 | | --- | --- | --- | --- | --- | --- | | AIHS | 森淼科技 | 3.870 | 61.25% | +1.470 | 10.25亿 | | ROMA | 罗马绿色金融 | 2.485 | 38.83% | +0.695 | 30.76万 | | FEDU | 四季教育 | 14.210 | 29.18% | +3.210 | 42.72万 | | NWGL | 大自然林业 | 1.270 | 23.30% | +0.240 | 192.34万 | | AIEV | 湘洧汽车 | 0.1100 | 20.75% | +0.0189 | 8188.23 | 格隆汇9月4日｜中概股收盘涨幅前五的个股为：森淼科技涨61.25%，罗马绿色金融涨38.83%，四季教 育涨29.18%，大自然林业涨23.3%，昶洧汽车涨20.75%。(格隆汇) ...

Core Viewpoint - Senmiao Technology (AIHS.US) experienced a significant increase of nearly 130%, reaching a price of $5.43, indicating strong market interest and potential growth in the fintech sector [1] Company Overview - Senmiao Technology is a comprehensive fintech company focusing on internet finance and automotive finance [1] - The company aims to provide intermediary services for freelancers, individual businesses, and small enterprises, addressing financing challenges [1] Business Model - The business model is built around scenario-based, small-scale, and decentralized transactions [1] - Current business types include ride-hailing vehicle leasing, automotive consumption installment, small business loans, personal consumption loans, dealer loans, and supply chain finance [1]

Core Viewpoint - Senmiao Technology (AIHS.US) experienced a significant increase of nearly 130%, reaching a price of $5.43, indicating strong market interest and potential growth in the fintech sector [1] Company Overview - Senmiao Technology is a comprehensive fintech company focusing on internet finance and automotive finance [1] - The company aims to provide intermediary services for freelancers, individual businesses, and small enterprises, addressing their financing challenges [1] Business Model - The business model is built around scenario-based, small-scale, and decentralized transactions [1] - Current business types include ride-hailing vehicle leasing, automotive consumption installment, small business loans, personal consumption loans, dealer loans, and supply chain finance [1]

[Cover Page and Company Information](index=1&type=section&id=Cover%20Page) This section provides fundamental details about Senmiao Technology Limited, a Nevada-registered company headquartered in Chengdu, China, whose common stock trades on Nasdaq under the ticker AIHS [Company Information](index=1&type=section&id=Company%20Information) This section provides fundamental details about Senmiao Technology Limited, a Nevada-registered company headquartered in Chengdu, China, whose common stock trades on Nasdaq under the ticker AIHS - Report type: Quarterly Report (Form 10-Q) for the quarter ended June 30, 2025[1](index=1&type=chunk) - Company name: Senmiao Technology Limited[2](index=2&type=chunk) Company Securities Information | Security Class | Trading Symbol | Listing Exchange | | :--- | :--- | :--- | | Common Stock, par value $0.0001 | AIHS | Nasdaq Stock Market | - As of August 8, 2025, the company had **1,108,312** shares of common stock issued and outstanding[6](index=6&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section outlines the forward-looking statements within the report, which are based on management's current expectations and subject to risks and uncertainties that may cause actual results to differ materially [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section clarifies that the report contains forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ significantly from expectations - Forward-looking statements cover company objectives, strategies, business growth, financial expectations, and projections for China's ride-hailing and auto finance industries[10](index=10&type=chunk)[14](index=14&type=chunk) - Actual results may differ significantly due to factors including changes in Chinese regulations, public health impacts, market competition, macroeconomic conditions, and government policies[11](index=11&type=chunk)[14](index=14&type=chunk) - Statistical data and estimates from industry publications and third-party reports, though not independently verified, are considered reliable but involve assumptions and uncertainties[13](index=13&type=chunk) [PART I – FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations [Item 1. Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides Senmiao Technology's unaudited condensed consolidated financial statements for the period ended June 30, 2025, showing a decrease in total assets and liabilities, and a narrowed net loss [Unaudited Condensed Consolidated Balance Sheets](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets decreased to **$5.31 million** from **$5.80 million**, total liabilities decreased to **$4.81 million** from **$5.22 million**, and total shareholders' equity increased to **$0.45 million** from **$0.35 million** Consolidated Balance Sheet Key Items (USD) | Item | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 867,767 | 833,577 | | Total current assets | 2,291,298 | 2,238,762 | | Total assets | 5,305,627 | 5,800,792 | | **Liabilities and Equity** | | | | Total current liabilities | 4,783,613 | 5,218,172 | | Total liabilities | 4,814,209 | 5,218,172 | | Total shareholders' equity | 448,475 | 348,256 | | Total liabilities, mezzanine equity and equity | 5,305,627 | 5,800,792 | [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For the three months ended June 30, 2025, total revenue was **$0.86 million**, slightly down from **$0.88 million** last year, while net loss significantly narrowed to **$0.28 million** from **$0.76 million** Operating Performance Comparison (Three Months Ended June 30) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Total revenue | $860,099 | $879,009 | | Gross profit | $196,955 | $252,970 | | Operating loss | ($611,290) | ($773,969) | | Net loss from continuing operations | ($276,438) | ($735,885) | | Net loss | ($276,438) | ($762,818) | | Net loss attributable to company shareholders | ($164,397) | ($673,420) | | Loss per share (basic and diluted) | ($0.15) | ($0.64) | [Unaudited Condensed Consolidated Statements of Changes in Equity](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity increased from **$0.35 million** at the beginning of the period to **$0.45 million** at the end, primarily due to warrant exercises and preferred stock conversions, partially offset by net loss - Beginning total equity was **$348,256**, increasing to **$448,475** at period-end[23](index=23&type=chunk) - Equity changes include: net loss of **$276,438**, increase from warrant exercises of **$226,000**, and increase from preferred stock conversion of **$191,421**[23](index=23&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the three months ended June 30, net cash used in operating activities was **$0.32 million**, while financing activities provided **$0.38 million**, resulting in an ending cash balance of **$0.87 million** Cash Flow Summary (Three Months Ended June 30) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Net cash from operating activities | ($321,155) | $16,762 | | Net cash from investing activities | ($385) | $7,250 | | Net cash from financing activities | $377,471 | ($53,707) | | Net increase (decrease) in cash | $34,190 | ($43,179) | | Cash and cash equivalents at end of period | $867,767 | $751,457 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's structure, going concern issues, accounting policies, discontinued operations, equity, related party transactions, and subsequent events, including a 1-for-10 reverse stock split in July 2025 - Company operations focus on auto transactions and related services in China, primarily for the ride-hailing industry[27](index=27&type=chunk) - The company completed the disposition of its ride-hailing platform XXTX on August 20, 2024, and now operates with a single segment[29](index=29&type=chunk) - Management has identified substantial doubt about the company's ability to continue as a going concern due to recurring net losses, accumulated deficit, and working capital deficit[37](index=37&type=chunk)[38](index=38&type=chunk) - The company implemented a **1-for-10** reverse stock split on July 29, 2025, with all share and per-share data retroactively adjusted[175](index=175&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=43&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's business, financial condition, and results, focusing on auto transaction services, the discontinued ride-hailing platform, and ongoing liquidity challenges [Overview and Business Segments](index=43&type=section&id=Overview%20and%20Business%20Segments) The company primarily offers auto transaction and related services, having discontinued its ride-hailing platform (Xixingtianxia) on August 20, 2024, which is now reported as a discontinued operation - Core business involves auto transactions and related services, primarily serving ride-hailing drivers in China[177](index=177&type=chunk) - The company sold and discontinued its ride-hailing platform business (XXTX) on August 20, 2024[178](index=178&type=chunk)[183](index=183&type=chunk) - As of June 30, 2025, the company facilitated financing for **312** vehicles, sold **1,516** vehicles, and delivered **2,185** operating lease vehicles and **192** finance lease vehicles[180](index=180&type=chunk) [Key Factors and Risks Affecting Results of Operations](index=44&type=section&id=Key%20Factors%20and%20Risks%20Affecting%20Results%20of%20Operations) Operating results are influenced by factors such as attracting lessees, managing auto leases, pricing, partner relationships, receivables collection, default risk, market competition, and Chinese ride-hailing regulations - Key factors include: expanding the lessee base, effective management of leased vehicles (Q1 2025 utilization rate approximately **88.0%**), service pricing, maintaining partner relationships, timely collections, and effective competition[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk)[193](index=193&type=chunk) - Competition in China's ride-hailing market has intensified, with saturation warnings issued in several cities[195](index=195&type=chunk) - Significant regulatory risks exist, as approximately **39%** of leased drivers lacked ride-hailing driver permits as of June 30, 2025, potentially leading to fines or service suspension[198](index=198&type=chunk) [Results of Operations](index=48&type=section&id=Results%20of%20Operations) For the three months ended June 30, total revenue from continuing operations slightly decreased to **$0.86 million** from **$0.88 million**, but net loss significantly narrowed to **$0.28 million** from **$0.74 million** due to reduced expenses and non-operating gains Continuing Operations Performance Comparison (Three Months Ended June 30) | Item | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $860,099 | $879,009 | ($18,910) | | Gross profit | $196,955 | $252,970 | ($56,015) | | Operating loss | ($611,290) | ($773,969) | $162,679 | | Net loss from continuing operations | ($276,438) | ($735,885) | $459,447 | - Revenue decline primarily attributed to lower average monthly rental fees in the auto leasing business, with operating lease revenue decreasing from **$0.76 million** to **$0.70 million**[202](index=202&type=chunk)[203](index=203&type=chunk) - Selling, general, and administrative expenses decreased by **5.3%**, mainly due to lower compensation and benefits from reduced headcount[212](index=212&type=chunk) - Other income of **$0.26 million** was recorded, primarily from a **$0.25 million** gain on the disposal of subsidiary Corenel[214](index=214&type=chunk) - A **$0.08 million** gain from fair value changes in derivative liabilities was recorded, compared to an **$0.01 million** loss in the prior year, significantly contributing to the improved net loss[217](index=217&type=chunk) [Liquidity and Going Concern](index=52&type=section&id=Liquidity%20and%20Going%20Concern) The company faces severe liquidity issues and substantial doubt about its ability to continue as a going concern, with a **$2.5 million** working capital deficit and **$45.3 million** accumulated deficit as of June 30, 2025 - The company has substantial doubt about its ability to continue as a going concern, primarily due to: Q1 2025 net loss of approximately **$0.3 million**, accumulated deficit of approximately **$45.3 million**, and a working capital deficit of approximately **$2.5 million**[231](index=231&type=chunk) - Management is actively seeking equity financing, bank loans, and related party financial support to mitigate going concern risks[232](index=232&type=chunk)[235](index=235&type=chunk) Cash Flow Summary (Three Months Ended June 30) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Net cash from operating activities | ($321,155) | $16,762 | | Net cash from investing activities | ($385) | $7,250 | | Net cash from financing activities | $377,471 | ($53,707) | [Critical Accounting Estimates](index=56&type=section&id=Critical%20Accounting%20Estimates) The financial statements rely on critical accounting estimates involving significant judgment and uncertainty, including fair value measurement of financial instruments, credit loss provisions, and impairment assessments of long-lived assets - Critical accounting estimates include: fair value of derivative liabilities, allowance for credit losses on accounts receivable, and impairment of long-lived assets[245](index=245&type=chunk) - Fair value of derivative liabilities is estimated using the Black-Scholes model[246](index=246&type=chunk) - Allowance for credit losses is estimated based on analysis of aging, collectibility, economic conditions, and customer-specific circumstances; as of June 30, 2025, a **$5.23 million** allowance was recorded for related party receivables[247](index=247&type=chunk)[249](index=249&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is marked as "Not Applicable," indicating the company, as a smaller reporting company, is not required to provide this disclosure or deems its market risk exposure immaterial - The company has not provided quantitative and qualitative disclosures about market risk in this report, marked as "Not Applicable"[251](index=251&type=chunk) [Item 4. Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of June 30, 2025, due to material weaknesses in internal control over financial reporting, including insufficient US GAAP accounting personnel and IT general control deficiencies - The company's CEO and CFO concluded that disclosure controls and procedures were ineffective as of June 30, 2025[252](index=252&type=chunk) - Internal control over financial reporting had three material weaknesses: 1. Lack of sufficient US GAAP accounting professionals. 2. Inadequate internal audit function policies and procedures. 3. Deficiencies in IT general controls (e.g., logical access security, change management)[254](index=254&type=chunk) - No significant changes in internal control over financial reporting occurred during the quarter that materially affected or are reasonably likely to materially affect internal control[253](index=253&type=chunk) [PART II – OTHER INFORMATION](index=59&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section contains additional information not covered in Part I, including exhibits and required certifications [Item 6. Exhibits](index=59&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the 10-Q report, primarily including CEO and CFO certifications required by Sarbanes-Oxley Sections 302 and 906, and XBRL-related files for interactive data submission - The exhibit list includes CEO and CFO certifications signed under Sarbanes-Oxley Act Sections 302 and 906[256](index=256&type=chunk) - It also includes a series of XBRL (eXtensible Business Reporting Language) files for SEC electronic reporting[256](index=256&type=chunk) [SIGNATURES](index=60&type=section&id=SIGNATURES) This report was formally signed by CEO Xi Wen and CFO Xiaoyuan Zhang on August 19, 2025, confirming its authenticity and completeness - The report was signed by Chief Executive Officer Xi Wen and Chief Financial Officer Xiaoyuan Zhang[259](index=259&type=chunk) - The signing date was August 19, 2025[259](index=259&type=chunk)

Core Viewpoint - Senmiao Technology Limited plans to implement a 1-for-10 reverse stock split effective July 29, 2025, with trading to begin on a split-adjusted basis on that day [1][2]. Group 1: Reverse Stock Split Details - The reverse stock split will convert every 10 shares of the Company's issued and outstanding common stock into one share, with no fractional shares issued; any resulting fractional shares will be rounded up to the next whole number [3]. - The Board of Directors has approved the reverse stock split, which will not alter any stockholder's percentage interest in the Company's outstanding common stock, except for adjustments related to fractional shares [2][3]. - A Certificate of Change has been filed to reduce the authorized number of shares from 500,000,000 to 50,000,000, maintaining the same ratio as the issued and outstanding shares [4]. Group 2: Company Overview - Senmiao Technology Limited is headquartered in Chengdu, Sichuan Province, and provides automobile transaction and related services, including sales, financing, and management of automobile transactions in China [5].

Part I [Business Overview](index=6&type=section&id=Item%201.%20Business) Senmiao Technology, a U.S. holding company, focuses on automobile transaction and related services in the PRC, having discontinued its ride-hailing platform to concentrate on core auto services - The company operates as a U.S. holding company with all substantial operations conducted through its PRC-based operating entities[21](index=21&type=chunk) - In August 2024, the company disposed of its XXTX online ride-hailing platform, ceasing operations in that segment to focus on automobile transaction and related services[22](index=22&type=chunk)[34](index=34&type=chunk) - As of March 31, 2025, the company facilitated financing for **312 automobiles**, sold **1,516 automobiles**, and delivered **2,116 automobiles** under operating leases and **191** under financing leases since November 2018[32](index=32&type=chunk) [Corporate History and Structure](index=8&type=section&id=Item%201.%20Business%20-%20Corporate%20History%20and%20Structure) Senmiao was incorporated in Nevada in 2017 and operates through PRC subsidiaries, with key historical events including acquisitions and recent streamlining through termination of VIE control and disposal of non-core assets - The company acquired a **60% equity interest** in Hunan Ruixi in November 2018, increasing to **65%** in February 2024 via a share swap agreement[37](index=37&type=chunk) - In August 2024, the company disposed of its **100% equity interest** in XXTX, its online ride-hailing platform subsidiary, for zero consideration with the acquirer assuming certain liabilities[43](index=43&type=chunk)[34](index=34&type=chunk) - In April 2025, the company transferred its **100% equity** in its subsidiary Corenel to Jinkailong for zero consideration[44](index=44&type=chunk) - The company terminated voting agreements with Jinkailong's shareholders on March 31, 2022, ceasing controlling financial interest, and now treats Jinkailong as an equity investee[50](index=50&type=chunk) [Competition](index=13&type=section&id=Item%201.%20Business%20-%20Competition) The company faces intense competition in China's online ride-hailing and automobile services market, particularly from large, well-capitalized players like Didi Chuxing - The company competes with approximately **300 automobile financing and leasing companies** in Chengdu and Changsha as of June 2025[60](index=60&type=chunk) - Didi Chuxing dominates the online ride-hailing platform market with over **80% market share**, also operating its own automobile purchasing and leasing channels, creating direct competition[61](index=61&type=chunk) - Competitors possess significant advantages including greater financial resources, brand recognition, and longer operating histories, enabling more effective responses to market changes[62](index=62&type=chunk) [Regulations](index=13&type=section&id=Item%201.%20Business%20-%20Regulations) The company's operations are subject to a complex and evolving PRC regulatory framework, including strict requirements for cybersecurity, data protection, online ride-hailing licenses, and financial leasing compliance - The company is subject to PRC cybersecurity and data protection laws, including the Personal Information Protection Law (effective November 2021) and new cross-border data flow regulations (March 2024), imposing strict requirements on user data handling[67](index=67&type=chunk)[73](index=73&type=chunk) - The online ride-hailing industry requires platform, vehicle, and driver licenses; as of March 31, 2025, approximately **43%** of affiliated drivers lacked required licenses, posing a compliance risk[79](index=79&type=chunk)[80](index=80&type=chunk) - Hunan Ruixi, the company's financial leasing subsidiary, has not yet fully complied with NFRAC Financial Leasing Measures and must rectify within a transition period to continue operations[89](index=89&type=chunk) - As of March 31, 2023, CSRC's Trial Measures require PRC domestic companies to file for overseas securities offerings and listings, applicable to the company's future offerings[136](index=136&type=chunk)[137](index=137&type=chunk) [Human Capital](index=31&type=section&id=Item%201.%20Business%20-%20Human%20Capital) As of the report date, the company had 35 full-time employees, primarily in its Automobile Transaction and Related Services segment, and faces potential penalties for inadequate employee benefit contributions Employee Breakdown by Function | Function | Number of Employees | | :--- | :--- | | Management | 2 | | Legal & Risk Management | 2 | | Operations | 7 | | Marketing | 2 | | Drivers & Automobile Management and Services | 10 | | Human Resources & Administration | 2 | | Finance and Accounting | 6 | | Internal Control and Audit | 1 | | **Total** | **32** | - The company has not made adequate employee benefit payments as required by PRC regulations and may face required make-up contributions, late fees, or fines[145](index=145&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant business, China-specific, internal control, and securities risks, including intense competition, evolving PRC regulations, material weaknesses in financial controls, and potential Nasdaq delisting - **Business Risks:** The company faces intense competition, relies on key partners like Gaode Maps, and is exposed to risks from customer illegal activities and driver licensing non-compliance[167](index=167&type=chunk)[170](index=170&type=chunk)[175](index=175&type=chunk) - **China-Specific Risks:** The business faces significant uncertainty from PRC regulations on data security, cybersecurity reviews, and overseas listings, with HFCAA posing a future delisting risk if the auditor becomes uninspectable by PCAOB[213](index=213&type=chunk)[250](index=250&type=chunk)[257](index=257&type=chunk) - **Internal Control Risks:** Management identified material weaknesses in internal control over financial reporting, including insufficient U.S. GAAP expertise, inadequate internal audit policies, and IT general control deficiencies[208](index=208&type=chunk)[209](index=209&type=chunk) - **Securities Risks:** The company has a history of failing to meet Nasdaq's minimum bid price requirement, risking delisting, and faces stock price volatility and potential dilution from outstanding warrants[288](index=288&type=chunk)[293](index=293&type=chunk) [Unresolved Staff Comments](index=81&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - Not applicable[342](index=342&type=chunk) [Cybersecurity](index=81&type=section&id=Item%201C.%20Cybersecurity) The company's board, primarily through its audit committee, oversees cybersecurity risk, integrating it into overall risk management with third-party assessments and data outflow controls, and experienced no material incidents in FY2025 - The board of directors, through the audit committee, oversees major financial risk exposures, including cybersecurity risks[344](index=344&type=chunk) - The company relies on third-party security assessments and data outflow controls, such as desensitizing sensitive information, to manage cybersecurity threats[346](index=346&type=chunk) - For the fiscal year ended March 31, 2025, the company incurred no material fines or penalties and experienced no material cybersecurity incidents[343](index=343&type=chunk) [Properties](index=82&type=section&id=Item%202.%20Properties) The company operates from leased facilities in Chengdu and Changsha, considering them adequate for current operations, and does not own any real estate Leased Properties | Property | Location | Size (sq. meters) | Lease Expiration | | :--- | :--- | :--- | :--- | | Principal Executive Office | Chengdu, Sichuan | 143 | July 31, 2025 | | Office | Changsha, China | 650 | May 31, 2027 | | Parking Lot | Changsha, China | 1,800 | N/A | [Legal Proceedings](index=82&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any material legal or administrative proceedings but may be subject to claims arising in the ordinary course of business - As of the report date, the company is not a party to any material legal proceedings[352](index=352&type=chunk) [Mine Safety Disclosures](index=82&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[353](index=353&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=83&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq under 'AIHS', with approximately 33 stockholders of record, and it has no plans to pay cash dividends due to a focus on growth and PRC regulatory restrictions - The company's common stock trades on the Nasdaq Capital Market under the symbol **AIHS**[356](index=356&type=chunk) - The company has never paid cash dividends and does not intend to in the foreseeable future[357](index=357&type=chunk) - The ability to pay dividends is limited by PRC regulations and the accumulated losses of most PRC subsidiaries as of March 31, 2025[358](index=358&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=84&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For FY2025, total revenues from continuing operations decreased by 21.5% to $3.39 million, while net loss narrowed to $3.47 million, but the company faces substantial doubt about its going concern ability due to recurring losses and a working capital deficit [Results of Continuing Operations](index=89&type=section&id=Item%207.%20MD%26A%20-%20Results%20of%20Continuing%20Operations) For FY2025, revenues from continuing operations decreased by 21.5% to $3.39 million, primarily due to lower operating lease revenues, while gross margin improved to 25.1% and net loss from continuing operations narrowed to $3.47 million Results of Continuing Operations (FY2025 vs FY2024) | Metric | FY 2025 | FY 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Revenues** | $3,389,072 | $4,320,031 | (21.5)% | | **Gross Profit** | $849,803 | $924,731 | (8.1)% | | **Loss from Operations** | ($3,867,516) | ($4,375,528) | 11.6% | | **Net Loss from Continuing Operations** | ($3,467,165) | ($3,854,206) | 10.0% | - The revenue decrease was primarily due to a **26.9% decline** in operating lease revenues, driven by a lower number of leased automobiles (**826** in FY2025 vs. over **1,400** in FY2024) and lower average monthly rental income per vehicle (**$410** vs. **$485**)[390](index=390&type=chunk)[392](index=392&type=chunk)[401](index=401&type=chunk) - Selling, general and administrative expenses decreased by **16.2%** to **$2.62 million**, primarily due to reduced salary and office rental costs[402](index=402&type=chunk) - The company recorded a provision for credit losses of **$2.09 million**, primarily against receivables from its equity investee, Jinkailong[403](index=403&type=chunk) [Results of Discontinued Operations](index=94&type=section&id=Item%207.%20MD%26A%20-%20Results%20of%20Discontinued%20Operations) Discontinued operations, reflecting the XXTX ride-hailing platform disposed of in August 2024, generated $0.34 million in revenue for the period it operated in FY2025, a significant drop from FY2024, with a net loss of $0.21 million Results of Discontinued Operations (XXTX) (FY2025 vs FY2024) | Metric | FY 2025 | FY 2024 | | :--- | :--- | :--- | | **Revenues** | $344,241 | $2,494,397 | | **Gross Profit** | $97,216 | $635,840 | | **Loss from Operations** | ($242,999) | ($349,383) | | **Net Loss from Discontinued Operations** | ($213,647) | ($380,008) | - The sharp decline in revenue reflects the reduced scale of operations leading up to the disposal of XXTX in August 2024[414](index=414&type=chunk)[415](index=415&type=chunk) [Liquidity and Going Concern](index=95&type=section&id=Item%207.%20MD%26A%20-%20Liquidity%20and%20Going%20Concern) The company's financial condition, marked by a $3.7 million net loss, $45.1 million accumulated deficit, and $3.0 million working capital deficit as of March 31, 2025, raises substantial doubt about its ability to continue as a going concern - Management has determined there is substantial doubt about the company's ability to continue as a going concern[426](index=426&type=chunk) - Key factors contributing to the going concern issue include a net loss of approximately **$3.7 million** for FY2025, an accumulated deficit of approximately **$45.1 million**, and a working capital deficit of approximately **$3.0 million** as of March 31, 2025[425](index=425&type=chunk) - Management's plans to mitigate this risk include seeking equity financing, debt financing from PRC institutions, and financial support from related parties[426](index=426&type=chunk) Cash Flow Summary (FY2025 vs FY2024) | Cash Flow Activity | FY 2025 | FY 2024 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $500,303 | $7,241 | | **Net Cash Used in Investing Activities** | ($464,778) | ($569,608) | | **Net Cash Used in Financing Activities** | ($123,720) | ($168,340) | [Quantitative and Qualitative Disclosures About Market Risk](index=97&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not required for smaller reporting companies - Not required for smaller reporting companies[441](index=441&type=chunk) [Financial Statements and Supplementary Data](index=99&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for FY2025 and FY2024, including an auditor's report with a going concern explanatory paragraph, detailing assets, liabilities, equity, operations, and cash flows - Marcum Asia CPAs LLP, the independent registered public accounting firm, issued an audit opinion on the financial statements[446](index=446&type=chunk)[452](index=452&type=chunk) - The auditor's report includes an explanatory paragraph highlighting substantial doubt about the company's ability to continue as a going concern due to significant working capital deficiency and recurring losses[447](index=447&type=chunk) Consolidated Balance Sheet Summary (As of March 31) | Account | 2025 | 2024 | | :--- | :--- | :--- | | **Total Assets** | $5,800,792 | $9,861,484 | | **Total Liabilities** | $5,218,172 | $5,573,116 | | **Total Equity** | $348,256 | $4,054,004 | Consolidated Statement of Operations Summary (For the Year Ended March 31) | Account | 2025 | 2024 | | :--- | :--- | :--- | | **Total Revenues (Continuing)** | $3,389,072 | $4,320,031 | | **Net Loss from Continuing Operations** | ($3,467,165) | ($3,854,206) | | **Net Loss from Discontinued Operations** | ($213,647) | ($380,008) | | **Net Loss** | ($3,680,812) | ($4,234,214) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=157&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reported no changes in or disagreements with its accountants on accounting and financial disclosure - None[680](index=680&type=chunk) [Controls and Procedures](index=157&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of March 31, 2025, due to material weaknesses including insufficient U.S. GAAP expertise, inadequate internal audit policies, and IT general control deficiencies, with remediation plans outlined - Management concluded that disclosure controls and procedures were not effective as of March 31, 2025[681](index=681&type=chunk) - Three material weaknesses were identified: insufficient U.S. GAAP accounting expertise, inadequate internal audit policies, and deficiencies in IT general controls[682](index=682&type=chunk)[686](index=686&type=chunk) - Remediation plans include hiring additional accounting staff, improving the internal audit function, and enhancing the IT environment[683](index=683&type=chunk)[687](index=687&type=chunk) [Other Information](index=157&type=section&id=Item%209B.%20Other%20Information) During the fiscal year ended March 31, 2025, none of the company's directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or officers adopted or terminated a Rule 10b5-1 trading plan in fiscal year 2025[688](index=688&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=158&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[689](index=689&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=159&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) The company's leadership includes CEO Xi Wen, CFO Xiaoyuan Zhang, and COO Haitao Liu, supported by a board with three independent directors and established Audit, Compensation, and Nominating and Corporate Governance Committees Executive Officers | Name | Position | | :--- | :--- | | Xi Wen | Chief Executive Officer, Chairman of the Board, President and Secretary | | Xiaoyuan Zhang | Chief Financial Officer and Treasurer | | Haitao Liu | Chief Operating Officer | - The Board has three committees: Audit, Compensation, and Nominating and Corporate Governance, all composed of independent directors[699](index=699&type=chunk)[700](index=700&type=chunk)[701](index=701&type=chunk)[702](index=702&type=chunk) - The company has adopted a code of ethics and filed its committee charters as exhibits[706](index=706&type=chunk) [Executive Compensation](index=163&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation for FY2025 saw reduced salaries for top executives, with CEO Xi Wen's salary at $83,145, and director compensation consisting of annual cash retainers, with no new equity awards granted Summary Compensation Table (Named Executive Officers) | Name and Principal Position | Year | Salary ($) | Total ($) | | :--- | :--- | :--- | :--- | | **Xi Wen**, CEO | 2025 | 83,145 | 83,145 | | | 2024 | 183,716 | 183,716 | | **Xiaoyuan Zhang**, CFO | 2025 | 56,151 | 56,151 | | | 2024 | 75,372 | 75,372 | | **Haitao Liu**, COO | 2025 | 56,123 | 56,123 | | | 2024 | 75,344 | 75,344 | - In FY2025, CEO Xi Wen's annual salary was modified to approximately **$84,000**, while the CFO and COO's annual salaries were modified to approximately **$38,000** each, effective September 1, 2024[718](index=718&type=chunk)[723](index=723&type=chunk)[727](index=727&type=chunk) - Independent directors receive an annual cash retainer of **$20,000**, with Mr. Trent Davis receiving **$40,000**[729](index=729&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=166&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) As of July 7, 2025, there were 11,082,746 shares outstanding, with Senmiao International Investment Group Limited holding 9.5%, and all directors and executive officers collectively owning approximately 1.3% - As of July 7, 2025, **11,082,746 shares** of common stock were outstanding[731](index=731&type=chunk) - Senmiao International Investment Group Limited is the only known beneficial owner of more than **5%** of the company's common stock, holding a **9.5%** stake[733](index=733&type=chunk) - All directors and executive officers as a group beneficially own **140,748 shares**, representing approximately **1.3%** of the outstanding common stock[733](index=733&type=chunk) - As of March 31, 2025, **1,770,371 securities** were available for future issuance under the 2018 Equity Incentive Plan[735](index=735&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=168&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) The company engages in related party transactions, including office leases and automobile leasing with affiliated entities and its equity investee Jinkailong, all reviewed by the audit committee, and has determined three directors are independent - The company leases office space from Hunan Dingchentai Investment Co., Ltd., an entity where an independent director serves as legal representative, incurring **$41,691** in rent expense for FY2025[738](index=738&type=chunk) - The company engages in automobile leasing transactions with its equity investee, Jinkailong, and other related parties, with its subsidiary Jiekai incurring **$93,872** in rental costs from Jinkailong in FY2025[742](index=742&type=chunk) - The board of directors has determined that Mr. Davis, Ms. Lin, and Ms. Wang are independent directors under Nasdaq listing rules[743](index=743&type=chunk) [Principal Accountant Fees and Services](index=170&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Marcum Asia CPAs LLP serves as the company's independent registered public accounting firm, with all services pre-approved by the audit committee, and total fees for FY2025 were $315,300, exclusively for audit services Accountant Fees (FY2025 vs FY2024) | Fee Category | Fiscal Year 2025 | Fiscal Year 2024 | | :--- | :--- | :--- | | Audit Fees | $315,300 | $302,000 | | Audit-Related Fees | $0 | $20,600 | | Tax Fees | $0 | $0 | | All Other Fees | $0 | $0 | - The company's audit committee pre-approves all audit and non-audit services provided by the independent registered public accounting firm[752](index=752&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=171&type=section&id=Item%2015.%20Exhibits,%20Financial%20Statement%20Schedules) This section lists the documents filed as part of the Form 10-K report, including financial statements and an index of all exhibits such as corporate documents and certifications - This section contains the list of financial statements and the exhibit index for documents filed with the report[755](index=755&type=chunk)[757](index=757&type=chunk) [Form 10-K Summary](index=171&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable to the company - Not applicable[756](index=756&type=chunk)

Group 1 - Nasdaq Golden Dragon China Index increased by 1.6%, outperforming the three major US stock indices, which are down by up to 0.6% [1] - Notable gains in popular Chinese concept stocks include Bilibili up over 7.8%, Baidu and Yum China up to 5.3%, and Li Auto up over 4.3% [1] - Significant stock movements include Yunmi Technology up 36.14%, XinYong up 30.77%, and Bit Origin up 24.94% [1] Group 2 - Yunmi Technology's current price is $2.26, with a rise of 36.14% and a year-to-date increase of 54.79% [2] - XinYong's current price is $4.25, with a rise of 30.77% and a year-to-date increase of 429.28% [2] - Bit Digital's current price is $3.56, with a rise of 21.12% and a year-to-date increase of 21.53% [2]

Core Viewpoint - Senmiao Technology Limited has signed a strategic cooperation agreement with Changsha Yipeng to develop an AI-backed data management system aimed at enhancing the efficiency of online ride-hailing management platforms [1][3]. Group 1: Company Overview - Senmiao Technology Limited is a financing and servicing company focused on the online ride-hailing industry in China [1]. - The company is headquartered in Chengdu, Sichuan Province, and provides various automobile transaction services, including sales, financing, and operating leases [4]. Group 2: Partnership Details - Changsha Yipeng has over a decade of experience in developing integrated AI-based information systems and big data platforms for various sectors in China [2]. - The agreement allows Changsha Yipeng to utilize Senmiao's historical data related to drivers, vehicles, and riders to create an AI-backed data management system [3]. - Both companies will seek necessary financing for the full development and deployment of the project [3]. Group 3: Strategic Goals - Following the recent sale of its online ride-hailing platform, Senmiao is exploring ways to leverage its accumulated data to generate new revenue sources [4]. - The collaboration with Changsha Yipeng aims to develop an advanced AI platform to achieve these strategic goals [4].

Core Viewpoint - Senmiao Technology Limited has signed a strategic cooperation agreement with Qinhong International Group to enhance growth and expand its business in the online ride-hailing industry in China [1][3][4] Company Overview - Senmiao Technology Limited, headquartered in Chengdu, Sichuan Province, focuses on automobile transaction services, including sales, financing facilitation, and operating leases in China [4] - Qinhong International Group has been providing financing facilitation support and financial services primarily to small and medium-sized enterprises in Southwest China since its incorporation in 2013 [2] Strategic Cooperation Details - The agreement allows Senmiao to leverage Qinhong's business relationships and customer resources across China [3] - Qinhong will assist Senmiao in securing financing through its extensive relationships with banks and financial institutions when needed [3] Management Perspective - The Chairman and CEO of Senmiao expressed that the cooperation with Qinhong represents a new growth opportunity, aiming to share resources, expand the customer base, and boost revenues [4]

Financial Performance - Total revenues for the three months ended December 31, 2024, were $919,836, a decrease of 17.0% compared to $1,108,207 for the same period in 2023[18]. - Gross profit for the nine months ended December 31, 2024, was $526,256, down from $741,763 in the same period of 2023, representing a decline of 29.0%[18]. - The net loss attributable to the Company's stockholders for the nine months ended December 31, 2024, was $1,950,184, compared to a net loss of $2,287,783 for the same period in 2023, indicating an improvement of 14.7%[18]. - The Company reported a loss from operations of $706,224 for the three months ended December 31, 2024, compared to a loss of $902,364 for the same period in 2023, showing a 21.7% improvement[18]. - The net loss per share for the three months ended December 31, 2024, was $(0.05), an improvement from $(0.10) for the same period in 2023[19]. - For the nine months ended December 31, 2024, Senmiao Technology reported a net loss of $1,771,649, compared to a net loss of $2,522,727 for the same period in 2023, indicating a 29.7% improvement in losses year-over-year[22]. - The company experienced a net loss from continuing operations of $1,558,002 for the nine months ended December 31, 2024, down from $2,154,948 in the prior year, reflecting a 27.6% reduction in operational losses[22]. - The Company reported a net loss of approximately $1.8 million for the nine months ended December 31, 2024, and an accumulated deficit of approximately $43.3 million as of the same date[34]. - As of December 31, 2024, the company reported a net loss before income tax of $583,378 for the three months ended December 31, 2024, compared to a loss of $703,034 for the same period in 2023[134]. - For the nine months ended December 31, 2024, the total net loss before income tax was $1,558,002, a decrease from $2,154,948 for the same period in 2023[134]. Assets and Liabilities - Total current assets decreased to $1,988,738 as of December 31, 2024, from $2,651,160 as of March 31, 2024, reflecting a decline of 25.0%[16]. - Total liabilities as of December 31, 2024, were $5,426,690, a slight increase from $5,343,210 as of March 31, 2024[16]. - Senmiao Technology's total equity as of December 31, 2024, was $2,230,485, down from $5,865,746 as of December 31, 2023, indicating a decline of 62.0%[21]. - The working capital deficit was approximately $3.4 million as of December 31, 2024[34]. - The balance of common stock increased to 10,518,040 shares as of December 31, 2024, from 9,568,040 shares as of December 31, 2023, reflecting a 9.9% increase in shares outstanding[21]. Cash Flow and Investments - Cash and cash equivalents increased to $949,224 as of December 31, 2024, from $737,719 as of March 31, 2024, representing a growth of 28.6%[16]. - Cash provided by operating activities from continuing operations was $621,883 for the nine months ended December 31, 2024, compared to $603,079 in 2023, showing a slight increase of 3.0%[22]. - Net cash used in investing activities for the nine months ended December 31, 2024, was $448,208, compared to $541,204 in the same period of 2023, indicating a 17.2% decrease in cash outflows for investments[22]. - Total cash, cash equivalents, and restricted cash at the end of the period for December 31, 2024, was $949,224, a decrease from $1,067,197 at the end of December 31, 2023[23]. Operational Changes - The company completed the acquisition of its ride-hailing platform, Xixingtianxia, on August 20, 2024, marking a strategic shift in its business operations[27]. - The company ceased its online ride-hailing platform services on August 20, 2024, which had been operational since October 2020[171]. - The company disposed of XXTX in August 2024, which was part of its strategy to maximize efficiency in resource allocation and performance assessment[55]. - The company has one operating segment focused on automobile transactions and related services, following the discontinuation of its online ride-hailing platform services in August 2024[55]. Revenue Sources - Operating lease revenues from automobile rentals for the nine months ended December 31, 2024, were $2,087,986, a decrease of 31.9% compared to $3,069,458 in 2023[71]. - Service fees from NEVs leasing increased to $142,751 for the nine months ended December 31, 2024, compared to $33,309 in 2023, reflecting a significant growth[71]. - For the three months ended December 31, 2024, the company generated $747,000 from Auto Operating Leasing, $44,000 from Auto Commissions, and $24,000 from Auto Financing, contributing to a total revenue breakdown of 81.2%, 4.8%, and 2.6% respectively[175]. - The average monthly rental income per automobile decreased from approximately $477 in Q4 2023 to approximately $383 in Q4 2024, significantly impacting gross profit margins[210]. Credit Losses and Provisions - The company reported a significant increase in provision for credit losses, amounting to $722,681 for the nine months ended December 31, 2024, compared to $680,396 in the previous year, representing a 6.2% increase[22]. - The allowance for credit losses due from Jinkailong was $3,778,815 as of December 31, 2024, with provisions recorded of $367,245 for the three months ended December 31, 2024[32]. - Provision for credit losses amounted to $367,245 against receivables from Jinkailong for the three months ended December 31, 2024, with no additional provision made in the prior year[212]. Management and Future Outlook - Management has substantial doubt about the Company's ability to continue as a going concern due to financial challenges and reliance on equity and debt financing[35]. - The Company is exploring various financing options, including equity financing and support from related parties, to alleviate going concern risks[35]. - The company plans to strengthen marketing efforts and maintain its active driver base to promote growth in the automobile rental business[178]. - The company plans to provide a series of product solutions to sustain and further increase the number of automobiles for operating leases, focusing on the automobile rental business as a major revenue source[199]. Miscellaneous - The company has not yet adopted recent accounting standards updates, including ASU 2023-06, which will enhance disclosure requirements[90]. - The company is currently evaluating the impact of ASU 2023-07 on its financial statements, which will enhance segment reporting disclosures[91]. - The exchange rate for RMB to USD was 7.2993 as of December 31, 2024, impacting the financial reporting[43]. - The company had accounts receivable from operating leases totaling approximately $40,000 as of December 31, 2024[184].