Driven by a dual-engine approach of "mobility services plus technology services," revenue has doubled and profitability continues to improve, pushing CHENQI TECH (09680) into a valuation "fast track."
On August 19, CHENQI TECH (09680) released its first-half 2026 financial results, reporting revenue of RMB 4.035 billion, a year-on-year increase of 140.7% that exceeded market expectations and marked the second consecutive half-year period with doubled growth. The company's profitability also improved significantly, with gross profit reaching RMB 501 million, up 156.3% year-on-year, and the gross margin climbing to 12.42%. During the period, the net loss attributable to shareholders narrowed further to just RMB 68 million, a reduction of 45.2% year-on-year.
The strong results exceeded the lower end of the company's earlier forecast, driven by two key factors: on one hand, the stable growth of its core business, with mobility service revenue reaching RMB 3.92 billion, up 139.6% year-on-year and contributing 97.1% of total revenue; on the other hand, its new growth engine continues to gain momentum, with technology service revenue — primarily from AI data — surpassing RMB 100 million, a surge of 274.4% year-on-year.
In fact, CHENQI TECH is one of the key players in the commercial operation of Robotaxi in China. Through its "chauffeured driving plus Robotaxi" hybrid operation model, the company has built a data asset ecosystem moat. In the first half of this year, the company accelerated the value realization of its data asset ecosystem, with AI data service revenue growing substantially, while also entering emerging sectors such as embodied intelligence, opening up new growth space in the AI field at the gateway to the real physical world.
"A stable core business plus high-value AI business growth plus Robotaxi scale expansion" is reshaping CHENQI TECH's fundamentals, and with scale growth and earnings expectations, this will also provide a new valuation anchor for the company.
Revenue doubled, profitability continued to improve.
Looking at semi-annual reports, CHENQI TECH's revenue has accelerated over the past three years. From the first half of 2024 to the first half of 2026, revenue came in at RMB 1.037 billion, RMB 1.676 billion, and RMB 4.035 billion respectively, representing a compound growth rate of 97.3%, with both the second half of last year and the first half of this year achieving doubled growth. Meanwhile, the net loss attributable to shareholders has narrowed year by year, from RMB 332 million, to RMB 125 million, and then to RMB 68 million over the same periods, gradually moving toward profitability.
In high-growth industries, scale growth is the primary goal, but for CHENQI TECH, growth and profitability are equally important. Since its listing in July 2024, the company has recorded significant improvements in multiple key financial indicators for several consecutive periods, achieving a balanced development of "growth and profitability" by scaling up while also reducing costs and improving efficiency.
First, the company's gross margin has improved significantly. In 2024, 2025, and the first half of 2026, the gross margins were 5.1%, 11.9%, and 12.42% respectively. Both core business segments recorded gross margin improvements, with the mobility services gross margin rising to 12.1% and the technology services gross margin reaching a relatively high 22.7%. The optimization of the revenue mix has also been lifting the overall gross margin.
Second, various expense ratios have continued to decline, thanks to operating leverage effects and significant improvements in operational efficiency. In the first half of 2026, all expense items showed an optimization trend under operating leverage, with the selling expense ratio falling by 1.66 percentage points and the administrative expense ratio dropping by 1.51 percentage points. Since the company has virtually no interest-bearing debt, its financial costs are very low. In addition to operating leverage, the company's full AI empowerment of operations, coupled with the commercialization of R&D results, has further driven down expense ratios.
The "mobility services plus technology services" dual-drive model may signal a valuation inflection point.
CHENQI TECH's growth is robust. From a business perspective, it operates on a dual-engine model of "mobility services plus technology services." Mobility services form the core foundation, while technology services represent the second growth curve. However, the company's business is primarily built on its strong data asset ecosystem, which is essentially a diversified model of data monetization.
The company is a veteran player in mobility services. Facing intense competition, it took the lead in transformation by adopting a "chauffeured driving plus Robotaxi" hybrid operation model and fully empowering operations with AI. On one hand, this has effectively improved ride-hailing service efficiency and user stickiness, consolidating its market share; on the other hand, it has created a second spring for mobility services, with the Robotaxi and "Robotaxi+" industry models reshaping the platform ecosystem and continuously strengthening its data asset moat.
Robotaxi is the core strategy of its mobility services. The company began promoting commercialization in 2021, and in October 2022, it became the world's first mobility platform to launch commercial hybrid operations of chauffeured ride-hailing and Robotaxi services. In 2026, the Robotaxi scale has further expanded. According to official information, the platform now operates over 550 Robotaxi vehicles, with services covering key regions including Guangzhou, Shenzhen, and the Hengqin Guangdong-Macao Deep Cooperation Zone.
It is worth noting that CHENQI TECH's Robotaxi operations technology platform is compatible with various autonomous driving solutions and Robotaxi vehicle models. In July 2025, the company launched its "Robotaxi+" strategy to seize the high ground in the industry ecosystem, and it has already entered the fleets of autonomous driving companies such as Pony.ai and WeRide. This year, the company has accelerated its pace, partnering with chip manufacturer Black Sesame Technologies and successively integrating with platforms such as Alipay and Tencent Travel Services, building a coordinated Robotaxi service matrix of "own platforms plus third-party platforms."
The company has a clear development plan for Robotaxi, aiming to expand its operations to 100 core cities within the next five years, build a fleet of more than 10,000 vehicles with partners, and drive a billion-level investment plan to establish an operations and maintenance network that supports the Robotaxi expansion. Clearly, Robotaxi will become the main driver of the company's sustained growth in mobility services.
Technology services are CHENQI TECH's second growth curve, having shown a trend of doubling growth since 2024. The core AI data services are steadily monetizing data resources across the autonomous driving industry chain. Moreover, this business has a high profit margin, with a pre-tax profit margin exceeding 20%, and it has become a major contributor to the company's profits.
In fact, mobility services are the core of CHENQI TECH's data asset ecosystem. Each year, the company accumulates hundreds of millions of real travel scenarios, which contain the full-chain interaction process of "driver decision-vehicle response-environment feedback." The "chauffeured driving plus Robotaxi" dual model fills the gap in autonomous driving behavior data. Based on data accumulated over the long term from real travel scenarios, the company began building its AI data services in 2023.
Using AI data services as the entry point for data asset monetization, CHENQI TECH is gradually expanding from full-chain AI data service capabilities to diversified physical AI scenarios, including embodied intelligence. Currently, it has established three service delivery bases across the country, with a service team of over 1,500 people and a monthly delivery annotation capacity reaching the tens of millions level. It has also deployed more than 300 intelligent driving data collection vehicles in compliance in cities such as Guangzhou, Shanghai, Chongqing, and Shenyang.
In terms of recent progress, in May this year, the company's data business segment fully disclosed its AI data asset landscape to the outside world for the first time. The assets cover four major categories: annotated data, behavioral data, synthetic data, and multimodal training datasets. In July, these data assets were listed on the "Automotive Industry Trusted Data Space," further opening up compliant and standardized data asset circulation channels. In June, the company launched an embodied intelligence data platform, officially extending its services to the high-growth embodied intelligence sector. With more physical AI deployments, the company has undoubtedly opened up a new growth curve with high elasticity.
Overall, CHENQI TECH has a clear growth path. The "mobility services plus technology services" dual-engine model both possess high growth potential. Mobility services, as the core business, operate on a "chauffeured driving plus Robotaxi" hybrid model, with Robotaxi and the "Robotaxi+" industry model accelerating expansion as a new growth point. Technology services use AI data services as the entry point for data asset monetization and are opening up growth space through physical AI deployments. The company's revenue structure is continuously optimizing, with the rising share of high-margin technology services steadily improving profitability. At the same time, with scale growth, operating leverage, and AI empowerment, cost reduction and efficiency gains are significant, gradually moving toward a profitability inflection point.
This means the company will have more cash flow, and ample cash flow further ensures the expansion of Robotaxi scale and continued exploration of high-value AI businesses, achieving balanced growth and profitability in a positive cycle. Clearly, the continuous improvement in fundamentals, along with Robotaxi and high-value AI businesses, has become a new valuation anchor for CHENQI TECH. Since the company released its positive profit alert at the beginning of August, its market capitalization has risen by more than 40%, and the valuation inflection point may already be here.