On March 31, Ruqi Mobility (9680.HK) released its full-year performance report for 2025.
In 2025, a year when warnings of overcapacity in the ride-hailing market were frequent across China and the industry was locked in a brutal price war, Ruqi Mobility recorded a year-on-year revenue growth of 114.6%, with total annual revenue reaching 5.286 billion yuan. Simultaneously, its gross margin doubled from single digits to 11.9%, and overall profit indicators improved by 48.1%.
However, stripping away high-growth labels such as &#34;doubling&#34; and &#34;surge&#34; and looking through the structure of this 5.286 billion yuan in revenue, this mobility platform—which carries the halo of the &#34;first Robotaxi stock&#34; on the Hong Kong Stock Exchange—is facing the dual challenges of struggling for razor-thin profits in traditional mobility services and heavy capital investment in cutting-edge technology.
Financial data shows that revenue from mobility services, including Robotaxi, grew 131.8% year-on-year to 5.097 billion yuan in 2025. This means traditional mobility services accounted for a massive 96.4% of the total revenue pool.
In an industry where incremental growth is peaking, Ruqi Mobility's ability to achieve a scale expansion of over 130% stems not from endogenous growth in first-tier cities, but from its reliance on a &#34;ripple model&#34;—replicating the operational systems of the Greater Bay Area in lower-tier markets and surrounding cities.
While this strategy of trading space for growth has boosted revenue volume, average revenue per user in lower-tier markets is naturally under pressure, and platforms often have to pay hidden costs for offline compliance and driver recruitment.
So, why did the gross margin leap from single digits to 11.9%? Why did profit indicators improve by 48.1%? The answer lies on the other side of the coin: extreme cost control.
The financial report explicitly states that finance costs and general and administrative expenses achieved &#34;double-digit declines&#34; during the year. This indicates that Ruqi Mobility's financial turning point was largely &#34;squeezed out&#34; by compressing back-office expenses and slashing non-essential operating costs.
On the front end, empty mileage rates were lowered by optimizing dispatch algorithms; on the back end, all rigid expenditures were strictly controlled. This defensive-counter-attack financial strategy has indeed stabilized cash flow, but it also means the profit ceiling for its traditional mobility business is extremely clear—it is a tough business highly dependent on economies of scale with razor-thin margins.
Of the total revenue of nearly 5.3 billion yuan, the segment that truly possesses high-margin attributes and room for imagination is &#34;technology service revenue,&#34; which accounts for only about 3%. In 2025, revenue from this segment surged 487.4% year-on-year to 160 million yuan.
This is where Ruqi Mobility's differentiation lies and serves as the core support for its attempt to sustain its valuation as a technology stock on the Hong Kong Stock Exchange.
Currently, the entire automotive industry chain is in a critical phase of high-level intelligent driving and end-to-end large model R&amp;D. Automakers and algorithm companies are extremely hungry for high-quality, real-world road test data that includes complex long-tail scenarios.
Ruqi Mobility is essentially repurposing the hundreds of thousands of ride-hailing vehicles on the road as high-frequency data collection terminals. By providing AI data service products (such as labeled data and high-definition maps), it is also attempting to break into the B2B SaaS services and data Tier-1 supply chain for automakers.
From a financial logic perspective, this 160 million yuan in revenue has extremely low marginal costs and is the growth pole most likely to contribute to net profit in the future. However, from a business reality perspective, a 3% revenue share remains too weak.
In the short to medium term, this &#34;second growth curve&#34; exists more as a valuation chip for the capital markets and is not yet sufficient to fully cover the losses of the main business on the income statement.
As another piece of its technological foundation, the commercialization progress of Robotaxi appears somewhat subtle in the financial report. Official data shows that in the first quarter of this year, Ruqi's Robotaxi capacity expanded to approximately 600 vehicles, doubling in scale compared to the end of 2025.
In an ecosystem of &#34;human + autonomous&#34; mixed dispatching, Ruqi Mobility plays the role of a commercial operational arena. However, from a financial perspective, these 600 Robotaxis are by no means &#34;cash cows&#34; at this stage; they are absolute &#34;money-guzzlers.&#34;
Even though the costs of core hardware like LiDAR are falling, the fleet assembly of hundreds of Robotaxis, early customized development, labor costs for safety officers, computing power support for data centers, and long-term vehicle-road coordination operations all require massive capital expenditures.
This constitutes the core contradiction in Ruqi Mobility's financial report: the traditional mobility business is striving for cost reduction and efficiency to improve the income statement, while the doubling of Robotaxi capacity expansion could at any moment re-widen the loss gap that was finally starting to narrow.
How to control the pace of heavy-asset investment in Robotaxi while ensuring that the cash flow of the main business does not dry up will be the key test of management's ability to walk the tightrope.
Overall, Ruqi Mobility's 2025 performance report reflects a mobility company in a &#34;red ocean&#34; market attempting to stop the bleeding through refined operations while using its technology business to buy a future transformation.
The 114.6% revenue growth and improved gross margin prove its survival resilience in a brutal market. But the pricing logic of the capital market is cold: the story of traditional ride-hailing lacks explosive power, and 160 million yuan in technology revenue alongside an unprofitable Robotaxi business is not yet enough to completely reshape its fundamentals.
Before it fully crosses the break-even point, Ruqi Mobility's &#34;technological credentials&#34; still face a long and expensive commercialization ordeal.

DRIV

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Ruqi Mobility’s 2025 Revenue Doubles, Profit Improvement Driven by Cost Cutting