GL-Carlink Technology Holding Limited (Carlink Tech) reported FY2025 revenue of RMB717.08 million, a 2.4% rise from FY2024, powered by an 11.6% increase in SaaS marketing and management services to RMB601.64 million. The shift toward higher-margin SaaS business lifted gross profit 17.4% to RMB513.63 million, expanding the gross margin to 71.6% (FY2024: 62.5%).

Net profit fell 50.8% year on year to RMB21.84 million as operating costs climbed. Distribution and selling expenses rose 26.5% to RMB421.62 million on expanded service coverage, while research and development spending jumped 51.0% to RMB42.07 million amid continued investment in AI-driven digital retail and mobility platforms. Administrative costs increased 16.6% to RMB35.80 million, and net foreign-exchange losses turned other gains into a RMB5.39 million deficit (FY2024: RMB2.54 million gain).

Operating cash inflow could not offset higher expenses: cash and cash equivalents declined 22.8% to RMB316.77 million. Borrowings more than doubled to RMB93.00 million, lifting the gearing ratio to 13.6% (FY2024: 6.4%). Trade and other receivables plus prepayments rose 42.0% to RMB300.73 million, reflecting business expansion, while trade, bills and other payables nearly doubled to RMB231.49 million.

Carlink Tech’s July 2024 IPO generated net proceeds of HKD227.51 million (RMB207.79 million). As of 31 December 2025, RMB82.33 million had been deployed, mainly for R&D and category expansion, leaving RMB125.46 million unutilised. The company plans to allocate the remaining funds by end-2028, except for strategic investments targeted by end-2026.

No final dividend was proposed for FY2025. Management highlighted continued focus on broadening service offerings to new-energy vehicle manufacturers, ramping AI-enabled product development, and pursuing strategic investments to bolster growth through 2026.