Beijing-based intelligent-connected-vehicle (ICV) testing specialist SAIMO (北京赛目科技股份有限公司) reported audited results for the year ended 31 December 2025, highlighting solid top-line expansion and continued R&D investment.

Revenue and profitability • Revenue climbed 18.3% year on year to RMB 262.45 million, buoyed by a 41.10% surge in sales of ICV simulation testing software and platforms to RMB 188.81 million—now 71.9% of total turnover. • Gross profit slipped 7.4% to RMB 140.52 million as the gross margin narrowed to 53.5% (2024: 68.4%), reflecting a higher share of hardware-integrated and highly customised projects. • Profit before tax rose 2.3% to RMB 58.29 million, while net profit attributable to shareholders increased 4.8% to RMB 56.27 million. Overall profit for the year improved 8.2% to RMB 59.62 million. • Basic earnings per share fell to RMB 0.43 (2024: RMB 0.55) owing to a larger share base after the company’s Hong Kong listing in January 2025.

Cost and expense trends • Cost of sales jumped 74.0% to RMB 121.93 million, driven by expanded operations and higher hardware procurement. • R&D spending expanded 28.7% to RMB 110.48 million, reinforcing SAIMO’s focus on advancing its core Sim Pro and Safety Pro toolchains and related AI/world-model technologies. • Selling and marketing expenses declined 17.9% to RMB 8.97 million following sales-force optimisation, while general and administrative costs rose 21.1% to RMB 36.27 million, reflecting higher staffing and professional-service fees. • Government grants contributed RMB 41.70 million to other income, supporting the company’s innovation activities.

Balance sheet and cash flow • Total assets grew to RMB 1.04 billion (2024: RMB 667.96 million) after the Hong Kong IPO and increased investments. Equity attributable to owners reached RMB 899.83 million. • Cash and cash equivalents stood at RMB 235.46 million, up from RMB 208.33 million a year earlier. Net cash from operations almost doubled to RMB 86.16 million. • Financial assets at fair value through profit or loss expanded to RMB 285.16 million, including a 1.365% stake in Hong Kong-listed Ruifeng Power Group acquired for about HKD 99.5 million. • The company remains debt-free, with a gearing ratio of zero. No dividends were declared for FY2025.

Operational highlights • Key customers in 2025 included two clients contributing a combined 29.1% of revenue, down from five major customers accounting for 63.4% in 2024, reflecting improved customer diversification. • SAIMO continued to develop AI-driven scenario generation and world-model capabilities to enhance simulation fidelity, and reported progress in expanding SaaS-based testing solutions. • The company is extending its simulation expertise into drones, digital city twin projects and intelligent agriculture, while planning further geographic expansion across China and into Hong Kong and overseas markets.

Capital moves and post-year events • In October 2025 an independent trustee purchased 3.23 million H-shares (2.42% of issued shares) under the 2025 H-Share Award Scheme for HKD 42.60 million. • January 2026: SAIMO agreed to dilute its stake in subsidiary Zhejiang Saimo Technology to 51% via a RMB 9.61 million capital increase by strategic investors. • February–March 2026: the board approved an H-share full-circulation plan to convert 52.91 million domestic shares (39.68% of share capital) into H-shares, pending regulatory clearance.

Outlook Management intends to sustain high R&D investment, upgrade flagship products, roll out new offerings such as SGO Pro, DB Pro and Cloud Pro, and bolster sales coverage in additional Chinese cities while preparing for overseas expansion. No guidance on dividend distribution was provided.

Audit and governance The FY2025 results were audited by PricewaterhouseCoopers and reviewed by the company’s Audit Committee. SAIMO states compliance with the Hong Kong Stock Exchange’s Corporate Governance Code and Model Code since its listing.