Minieye Technology Co., Ltd. released its audited results for the year ended 31 December 2025. Revenue rose 16.0% year-on-year to RMB 759.02 million, driven by solid growth in intelligent driving solutions and the first-time commercial contribution from driverless vehicle operations.

Revenue Breakdown • Intelligent components & solutions generated RMB 648.94 million, or 85.5% of total revenue.  – iSafety (L0–L2 driver-assistance) contributed RMB 340.97 million.  – iPilot (L2+ mid- to high-level driver assistance) delivered RMB 120.22 million, up 39.0% year-on-year.  – Intelligent cabin solutions almost doubled to RMB 187.75 million, reflecting an 80.2% rise. • Driverless vehicles & operational services, launched in 2025, added RMB 65.00 million (8.6% of revenue). • “Others” (vehicle infrastructure and parts) declined 32.5% to RMB 45.08 million.

Profitability • Gross profit increased 34.8% to RMB 141.35 million; gross margin improved 2.6 ppts to 18.6% due to scale benefits, product-mix upgrade and cost initiatives. • Operating loss widened to RMB 414.08 million (2024: RMB 222.50 million) as R&D expenditure more than doubled to RMB 332.62 million amid intensified product development. • Total comprehensive loss attributable to shareholders expanded 84.8% to RMB 400.40 million. • On a non-IFRS basis (excluding RMB 39.60 million share-based payments), adjusted net loss was RMB 376.67 million, versus RMB 166.69 million in 2024.

Expenses • Selling expenses rose 27.1% to RMB 90.37 million on higher personnel and marketing spend. • General & administrative expenses edged up 4.0% to RMB 111.13 million.

Cash Flow and Balance Sheet • Operating cash outflow increased to RMB 424.50 million (2024: RMB 215.80 million). • Cash and cash equivalents stood at RMB 686.60 million, down from RMB 793.94 million a year earlier. • Total borrowings climbed to RMB 372.49 million (2024: RMB 191.51 million); net finance costs fell to RMB 2.03 million. • Current ratio declined to 2.41 times (2024: 3.14 times) and total assets-to-liabilities ratio to 2.26 times (2024: 3.14 times). • Capital expenditure more than doubled to RMB 148.50 million, mainly for production facilities and R&D infrastructure.

Operational Highlights • Core L2+ and L4 dual-pillar strategy advanced: over 40 OEMs in mass production, 43 new design wins and more than 6,000 driverless logistics vehicles under cooperation agreements. • The “Bamboo Robovan” driverless logistics brand deployed in 18 Chinese cities; second-generation map-free model under development. • Overseas footprint expanded with 12 design wins across Europe, Australia, Asia and the Middle East; partnership with ZF entered mass-production phase.

Capital Management • No final dividend declared. • Between January and February 2026, Minieye repurchased 6.34 million H-shares for HK$ 99.80 million. • The company obtained regulatory approval in early 2026 for H-share full circulation involving 89.58 million unlisted shares.

Outlook Management plans to leverage L2+ data assets to accelerate L4 map-free autonomous driving, push cost-effective urban NOA solutions onto mainstream vehicle platforms, deepen cabin-driving integration, and continue global market expansion.