METALIGHT (02605) announced its financial results for the fiscal year ended December 31, 2025, and held its first full-year earnings call since listing. During the period, the company recorded revenue of RMB 206 million, a slight increase of 0.1% year-on-year. Gross profit was RMB 160 million, with a gross margin of 77.5%, representing an improvement of 1.1 percentage points compared to the previous year. The company reported a net loss of RMB 128 million, primarily due to a RMB 119 million fair value change in convertible redeemable preferred shares, which is a non-cash accounting item that has been eliminated following the listing. Adjusted net profit was RMB 40.69 million, marking the fourth consecutive fiscal year of adjusted profitability. In terms of operational metrics, the flagship product "Che Lai Le" expanded its coverage to 488 cities and towns, with cumulative users exceeding 334 million. Monthly active users surpassed 30.31 million, and the number of partnered transportation entities increased to 312. All four core indicators maintained positive growth. During the earnings call, Chairman and CEO Dr. Sun Xi highlighted three key growth directions: first, international expansion, with the overseas real-time bus application Busio already covering over 10 international cities, preliminarily validating the cross-market applicability of its core technology; second, autonomous bus services, positioning the company as a technology enabler for Robobus operational transformation, with the first strategic partnership secured after the reporting period and pilot programs planned for several cities by 2026; third, AI integration into core operations, with efforts underway to evolve the product from a query tool to an intelligent travel assistant. A time-series forecasting model has been deployed, improving the accuracy of arrival predictions. Additionally, the company, using its own funds, co-established a venture capital fund focused on the AI sector with partners including Chuangxiang Times Investment and the Guangzhou Angel Mother Fund. Management stated that 2026 will focus on "securing the core business while advancing new initiatives in a phased manner." With the elimination of the preferred shares accounting factor, the company expects its financial performance to more accurately reflect its operational conditions.