CloudVoice's large model business revenue in 2025 is expected to increase by more than 10 times, approaching the breakeven point.

Ask AI · How does CloudWalk’s large-model business achieve a 10x revenue growth?

In 2025, China’s domestic strategic transaction value reached $395 billion, up 25% year over year.

Planned for release in the second quarter of 2026 through the third quarter, a native agent large model for programming and office work.

According to a report on its IPO “early intel,” CloudWalk (09678.HK) released its full-year results for the year ended December 31, 2025 on March 26. This is also the first annual report CloudWalk has published since listing on the Hong Kong Stock Exchange.

Financial results show that in 2025, CloudWalk achieved total revenue of RMB 1.21 billion, up 29% year over year. Of this, revenue in the second half of 2025 increased 33% year over year to RMB 810 million.

Notably, CloudWalk’s large-model business revenue for the full year was RMB 610 million, up more than 10x. Especially in the second half, this business contributed about RMB 500 million in revenue—5 times the scale of the first half—demonstrating strong capabilities for scaled deployment.

While revenue grew at a high speed, CloudWalk’s loss situation improved significantly—in the second half of 2025, CloudWalk’s net loss narrowed 84% year over year; after adjustments, the loss narrowed 92% year over year, nearing the break-even point, reflecting ongoing optimization in cost control and operating efficiency.

At the same time, some of CloudWalk’s operating metrics also improved markedly—its adjusted operating expense ratio fell by 10 percentage points year over year compared with 2024; sales expenses did not increase but instead decreased, accounting for only 5.4% of revenue; and its cost-effectiveness ratio improved significantly. From the data side, in 2025 CloudWalk’s revenue per employee was RMB 2.52 million per person; compared with RMB 2.02 million per person in 2024, that is up 25% year over year. Its capability for value creation per employee continues to lead the industry, directly highlighting its core advantages of technology-driven, lean operations.

From a business perspective, in 2025 CloudWalk continued to adhere to the “strong foundation model + deep applications” strategy, continuously strengthening the full-modal technical foundation, and promoting the ongoing growth of its self-developed large-model matrix to steadily enhance global influence in fields such as healthcare, speech, and OCR.

On the commercialization front, CloudWalk drove business execution through AI-native organizations, and the strategy of dual-wheel driving—smart healthcare and smart living—has shown clear results.

In 2025, the smart living business generated revenue of RMB 968 million, up 30.8% year over year. Of this, the smart transportation business grew nearly 40% year over year. It has now deployed agent applications based on the ShanHai large model in more than 10 cities, including Qingdao, Ningbo, Shenzhen, Nanning, and others. In addition, the cumulative shipments of AI chips surpassed 110 million units, further validating CloudWalk’s scalable capability in end-terminal AI products.

In smart healthcare, the business achieved revenue of RMB 244 million in 2025, up 22.2%, with the average transaction price up 53.2% year over year. In 2025, among cooperating hospitals, over 85% were tertiary hospitals, and more than one-third of customers have cooperated for more than three consecutive years. Meanwhile, the medical large-model-based medical record entry and generation products have achieved a 10x year-over-year increase in generated medical records for the whole year in a single campus at a top-tier Grade 3A hospital. The case handling volume of the commercial insurance agent platform increased 37x year over year. Through deep cooperation with major insurance groups, the expense control rate has been effectively improved to about 20%, realizing incremental cost control at a level exceeding RMB 1 billion compared with traditional review methods, fully empowering insurance institutions’ refined operations in medical risk control.

To consolidate its leading position in the industry, in 2025 CloudWalk continued to invest heavily in the technology side. Full-year R&D expenses exceeded RMB 380 million, accounting for 75% of adjusted selling, general and administrative expenses (“three fees”). The proportion of R&D personnel reached 69%. Continued R&D investment achieved breakthroughs across multiple technical areas. For example, in the MedBench 4.0 evaluation, CloudWalk secured the first place in three technical paradigms—“medical agents,” “medical large language models,” and “medical multimodal large models”—earning the “three crowns” honor.

Looking ahead, CloudWalk will continue to deepen the “strong foundation model + deep applications” strategy. On the technology side, it will keep increasing strategic investment in foundation large models, aiming to maintain a global top-tier level. On the application side, it will use the scaled expansion of MaaS (model as a service) and agents as the core growth engine to drive exponential growth in smart living and smart healthcare businesses. Meanwhile, CloudWalk is actively exploring building a recurring revenue system through models such as API calling and Token-based billing, and treating C-end product opportunities as a second growth curve to further expand the boundaries of commercialization.

It is worth noting that from the end of the second quarter of 2026 to the third quarter, CloudWalk will launch a native agent large model for programming and office work, and is expected to achieve a doubling of both intelligent density and Token production efficiency.