Ruqi Mobility Financial Report Analysis: 5.3 Billion Revenue Fails to Hide Business Simplicity, Ten Thousand Robotaxi Plan Tests Financial Strength

Ask AI · How can Ruqi Mobility balance ride-hailing dependency with Robotaxi investment?

Produced by｜Company Research Lab

Written by｜Wang Zheping

On March 31, “Robotaxi’s first listed company” Ruqi Mobility (9680.HK) released its 2025 annual report. The company’s total revenue was RMB 5.29 billion, up 114.6% year over year; net loss during the year was RMB 290 million, narrowing 48.1% year over year. Loss per share decreased from RMB 3.99 to RMB 1.49.

From core metrics, Ruqi Mobility’s results in this report are quite impressive. However, despite revenue of RMB 5.3 billion, Ruqi Mobility has not yet shed its dependence on traditional business, and it also faces the challenge of heavy-asset investment in its Robotaxi business.

Increasing dependence on ride-hailing

In 2025, Ruqi Mobility’s operating data grew rapidly and revenue rose accordingly. Full-year gross merchandise value (GTV) was RMB 6.43B, up 115.7%; orders totaled 233 million, surging 106.2% year over year; daily average orders increased from 309.6k in 2024 to 638.5k; average transaction value per order was RMB 27.6, up RMB 1.2 from 2024; total revenue was RMB 5.29 billion, up 114.6% year over year.

Behind the doubled revenue, the company’s revenue mix compared with 2024 is even more imbalanced.

Specifically, Ruqi Mobility’s business is divided into three parts: mobility services, technology services, and fleet sales and maintenance.

Among them, the ride-hailing service in mobility services is the company’s most core source of revenue. Full-year revenue was RMB 5.09 billion, up 131.9%, with its share rising from 89.2% last year to 96.4%.

Benefiting from the commercialization acceleration of AI data and model solutions, high-precision mapping, and other technology services, technology service revenue reached RMB 160 million in 2025, surging 487.4% year over year. Although this business achieved substantial growth, its revenue share is only 3.0%, and it still cannot become a “second growth curve.”

In 2025, the fleet sales and maintenance business saw a sharp decline because vehicle sales revenue decreased. Revenue fell to RMB 28.91 million, down 87.8% year over year, and its share dropped from 9.6% last year to 0.5%.

Overall, although Ruqi Mobility has the halo of “Robotaxi’s first listed company,” it is still a traditional ride-hailing platform, and its cutting-edge technology business is almost negligible in revenue. Meanwhile, because fleet sales and maintenance plunged sharply, the company’s potential for business diversification is further weakened.

Profitability improves significantly

What makes investors pleased in this annual report is that Ruqi Mobility’s profitability improved markedly. Loss per share narrowed from RMB 3.99 to RMB 1.49, narrowing by 62.7%.

In 2025, Ruqi Mobility’s gross profit was RMB 630 million, up 395.3% year over year; overall gross margin was 11.9%, up 6.8 percentage points from 2024. Among them, the gross margin of mobility services improved from 5.0% to 11.7%, which is the main reason for the big jump in gross margin.

In the annual report, Ruqi Mobility stated that after effectively improving penetration rates, it adopted a more prudent passenger rewards policy to reduce subsidy spending; the reduction in driver-side rewards was because the company optimized its driver cost structure through fleet maintenance and repair services, and the growth in order volume ensured drivers’ income expectations, reducing the need for additional incentives.

In simple terms, Ruqi Mobility reduced subsidies to both passengers and drivers. In business logic, this is equivalent to cutting service costs. While it boosts paper profits, it may also consume future growth potential and reduce driver stickiness.

As for net profit, the company recorded a net loss of RMB 293 million during the year, narrowing 48.1% year over year; adjusted net loss was RMB 288 million, narrowing 37.0% year over year.

The narrowing of net loss is not only due to the increase in gross margin, but also because Ruqi Mobility compressed its backend costs.

In 2025, Ruqi Mobility’s general and administrative expenses decreased 18.1% year over year, from RMB 136 million to RMB 111 million. The company said this was due to lower listing expenses, reduced share-based payment expenses, and economies of scale effects. R&D expenses decreased 15.9% year over year, from RMB 141 million to RMB 119 million, because some R&D personnel costs were shifted to technology service cost.

Robotaxi may become a “money-draining machine”

As the “Robotaxi’s first listed company” in Hong Kong stocks, Ruqi Mobility has long tried to package itself using the valuation logic of “tech stocks.”

However, reality is not so. The more severe challenges for Ruqi Mobility come precisely from the Robotaxi business it has high hopes for.

In 2025, revenue from innovative services such as Robotaxi was only RMB 5.76 million, accounting for just 0.1% of total revenue. Despite its thin revenue contribution, its expansion pace did not stop. In the first quarter of 2026, Ruqi Robotaxi’s capacity had already expanded to about 600 vehicles, doubling its size compared with the end of 2025.

Under Ruqi Mobility’s “Robotaxi+” strategy, Ruqi Mobility plans to build a Robotaxi fleet exceeding 10,000 vehicles with partners over the next 5 years, expand operations to 100 cities, and plans to invest RMB 1 billion to build 1,000 tier-three operations and maintenance networks across 100 cities, supporting 100k Robotaxi operations and maintenance capability.

This shows that at this stage, the Robotaxi business is absolutely not a profit cash cow, but an indisputable “money-draining machine.” Whether it is fleet formation, early customized development, or the cost of security personnel labor, data center computing power support, and long-term vehicle-to-road collaborative operations and maintenance, all of it requires large-scale capital expenditures to support.

Ruqi Mobility is currently caught in a dilemma: the traditional ride-hailing business is in a red ocean with a low earnings ceiling; while technology services and Robotaxi represent the future, their commercialization process is slow, making it difficult to contribute actual profits in the short term, and the company could at any time see the narrowed loss exposure ripped open again.

Especially worth noting, in 2025, the gross margin of technology services fell from 18.7% in the prior year to 14.8%, a reduction of 3.9 percentage points.

Conclusion

In 2025, the doubled revenue, nearly fourfold growth in gross profit, and halved losses prove Ruqi Mobility’s resilience. But capital markets prefer sexier stories: the story of traditional ride-hailing lacks appeal, and the as-yet not scaled Robotaxi has not been enough to spark the market’s imagination.

This mobility platform still needs to face a long and expensive commercialization test, and the technology mobility story the company tells has not yet found a true profit-making foothold.