Ruqi Mobility: Total revenue doubled year-over-year by 2025, with gross profit increasing nearly fourfold

China Securities Journal China Securities Network News (Reporter Wan Yu) On the evening of March 31, GAC Group’s mobility technology and services company, Ruqi Travel, released its 2025 annual report. During the reporting period, the company’s core financial indicators improved, with total revenue of RMB 5.286 billion, up 114.6% year-on-year. During the year, both order volume and transaction value doubled, with profit up 48.1% year-on-year. The company reported gross profit of RMB 628 million during the reporting period, up 395.3% year-on-year, and the gross margin increased to 11.9%. The company’s Robotaxi (autonomous driving taxis) business accelerated its large-scale expansion; its AI data services have covered multiple scenarios and achieved commercial monetization, becoming a new growth curve driving the company’s future development.

The annual report shows that in 2025, Ruqi Travel’s core business operating data were comprehensively positive. Among them, the travel services segment reached 233 million orders for the full year, up 106.2% year-on-year. Transaction value reached RMB 6.426 billion, an increase of about 115.7%. The average transaction value per order rose from RMB 26.4 to RMB 27.6. As the company’s core source of revenue, the travel services segment generated revenue of RMB 5.097 billion in 2025, up 131.8% year-on-year.

While expanding its business, Ruqi Travel, by advancing cost optimization, achieved double-digit declines in multiple expense categories. The benefits of scale economies have already delivered improved operating efficiency for the company. The report indicates that in 2025, the company’s general and administrative expenses fell 18.1% year-on-year to RMB 111 million. Finance costs decreased to RMB 900,000, a decline of 48.9%.

As part of Ruqi Travel’s second growth-curve strategy, the Robotaxi business made significant progress in 2025. The company adopted a hybrid operating model that runs human-driven ride-hailing and Robotaxi services in parallel, gradually advancing the commercialization of autonomous driving technology. The company said it places a high priority on R&D for autonomous driving and Robotaxi operation services. According to the use of proceeds plan from the global offering, the company will allocate 40% of the funds raised (about HKD 393 million) to this area. In 2025, the company invested about HKD 135 million in this field; the remaining HKD 180 million will continue to be invested in 2026 and beyond.

On March 19, Ruqi Travel announced that its Robotaxi operations achieved large-scale upgrades. More than 100 new Robotaxis were delivered by Pony AI and added to Ruqi’s Robotaxi fleet. They will carry out commercialized hybrid operations of human-driven ride-hailing and Robotaxi services in Guangzhou through Ruqi’s fully open Robotaxi operation technology platform. After the new fleet was added, the size of Robotaxi vehicles operated by Ruqi Travel expanded to about 600 vehicles, with services covering multiple regions across the Guangdong-Hong Kong-Macao Greater Bay Area, including Guangzhou, Shenzhen, and the Hengqin Guangdong-Macao In-Depth Cooperation Zone.

The company plans that over the next 5 years, together with partners, it will build a Robotaxi fleet of over 10,000 vehicles. Its operations will expand to 100 cities. The company also plans to invest RMB 1.0 billion in 100 cities to build 1,000 third-tier maintenance and operations networks, supporting the maintenance and operations capabilities for 100,000 Robotaxis.

In 2025, Ruqi Travel’s technology services revenue reached RMB 160 million, up 487.4% year-on-year, becoming the company’s fastest-growing business segment. Ruqi Data is a full-stack AI data production, service, and management solution launched by Ruqi Travel. Its product matrix covers three major core stages: data collection, annotation, and synthesis. It has datasets including raw data, annotated data, and synthesized data. This full-stack capability enables Ruqi Data to meet diverse needs from customers across different industries. From acquiring raw data to delivering final usable datasets, it provides end-to-end one-stop services.

At present, Ruqi Data has entered multiple key industry AI application scenarios, such as intelligent driving and smart warehouses, large models, consumer electronics, financial services, healthcare, and research institutions. Customers include industry enterprises such as GAC Group, Tencent, Pony AI, Ideal Automobile, Alibaba Cloud, iFlytek, ByteDance, Meituan, and others. It covers multiple cutting-edge areas, including autonomous driving, the internet, and artificial intelligence.

【Source: China Securities Journal • China Securities Network】