CHENQI TECH (09680) First Half of 2026: Revenue increased by 140.7%, gross profit increased by 156.3%

Driven by the dual engines of "mobility services + technology services," CHENQI TECH (09680) has seen its revenue double and profitability continue to improve, propelling its valuation into an "upward channel." On August 19, CHENQI TECH (09680) released its financial report for the first half of 2026, achieving revenue of 4.035 billion yuan, a year-on-year increase of 140.7%, surpassing market expectations, and maintaining a doubling trend for two consecutive half-year periods. The company's profitability has also significantly improved, with a gross profit of 501 million yuan during this period, up 156.3% year-on-year, and the gross profit margin rising to 12.42%. During this period, the net loss attributable to shareholders further narrowed to only 68 million yuan, a year-on-year reduction of 45.2%. The remarkable increase in performance exceeded the lower end of the forecast, with stable growth of the fundamentals. Revenue from mobility services reached 3.92 billion yuan, growing 139.6% year-on-year, contributing 97.1% to total revenue. On the other hand, new growth engines continued to gain momentum, with technology services, primarily sourced from AI data, generating over 100 million yuan in revenue, a remarkable growth of 274.4% year-on-year. In fact, CHENQI TECH is one of the key players in the commercialization of Robotaxi operations in China. Through a hybrid operation model of "human driving + Robotaxi," it has built a data asset ecological barrier. In the first half of this year, the company accelerated the release of its data asset ecological value, significantly increasing AI data service revenue, while also venturing into new areas like embodied intelligence, opening up growth potential in the AI field within real-world physical environments. The combination of "stable fundamentals + high-value AI business growth + Robotaxi scale expansion" is reshaping CHENQI TECH's fundamentals. With growth scaling and profitability expectations, it will also provide new valuation anchors for the company. Revenue has doubled, and profitability continues to improve. According to the half-year report, CHENQI TECH has accelerated revenue growth over the past three years. From the first half of 2024 to the first half of 2026, revenue amounted to 1.037 billion yuan, 1.676 billion yuan, and 4.035 billion yuan, respectively, representing a compound growth rate of 97.3%, with both the second half of last year and the first half of this year seeing doubling growth. Meanwhile, the net loss attributable to shareholders has narrowed year by year, with losses during this period amounting to 332 million yuan, 125 million yuan, and 68 million yuan, gradually moving towards profitability. In a high-growth industry, scale growth is the foremost goal. However, for CHENQI TECH, achieving profitability is equally important. Since its listing in July 2024, the company has continuously recorded significant improvements in key financial metrics across multiple periods, simultaneously expanding scale while reducing costs and increasing efficiency to ensure balanced development in achieving profitability. First, the company has significantly improved its gross profit margin, which was 5.1%, 11.9%, and 12.42% for the years of 2024, 2025, and the first half of 2026, respectively. Both core business segments recorded an increase in gross profit margin, with the mobility services margin rising to 12.1% and the technology services margin reaching a high of 22.7%. Additionally, the optimization of revenue structure has also bolstered gross profit margins. Second, various cost levels have continued to decline thanks to operational leverage effects and significant improvements in operational efficiency. In the first half of 2026, expenses across the board displayed a trend of optimization driven by operating leverage, with selling expense ratios down by 1.66 percentage points and administrative expense ratios down by 1.51 percentage points. Since the company has virtually no interest-bearing debt, financial costs are very low. Besides the operational leverage, the company empowers its operations comprehensively with AI and, coupled with the realization of R&D achievements, further supports the reduction of expense ratios. With the dual drive of "mobility services + technology services," a valuation turning point may be approaching. CHENQI TECH has shown robust performance growth. From a business perspective, it is driven by the dual engines of "mobility services + technology services," with mobility services serving as the core foundation and technology services as the secondary growth curve. The company's operations are fundamentally built upon a strong data asset ecology, essentially comprising diversified models for data monetization. As a veteran player in the mobility services sector, the company has proactively transformed in the face of fierce competition, implementing a hybrid operation model of "human driving + Robotaxi" and leveraging AI comprehensively to enhance ride-hailing service efficiency and user stickiness while stabilizing market share. Additionally, it has created a renaissance for mobility services, with the Robotaxi and Robotaxi+ business models reshaping the platform ecosystem and continually solidifying its data asset barriers. Robotaxi is at the heart of the companys core strategic operations. The company began promoting commercialization in 2021 and in October 2022, became the world's first mobility platform to launch a hybrid operation of human-driven ride-hailing services and Robotaxi. By 2026, the scale of Robotaxi has further expanded. Official information indicates that the platform operates over 550 Robotaxi vehicles, providing service coverage in key areas such as Guangzhou, Shenzhen, and the Hengqin Guangdong-Macao Intensive Cooperation Zone. It is worth noting that CHENQI TECH's Robotaxi operational technology platform is compatible with various autonomous driving solutions and Robotaxi vehicle models. In July 2025, the company launched the "Robotaxi+" strategy to seize industrial ecological heights and has now entered partnerships with autonomous driving companies like Pony.ai and WeRide. This year, the company is accelerating its development pace through collaboration with chip manufacturer BLACK SESAME, simultaneously integrating with platforms like Alipay and Tencents mobility services to strengthen the collaborative proprietary platform + third-party platform Robotaxi service matrix. The company has a clear development plan for Robotaxi, aiming to expand operations to 100 core cities within the next five years and to collaborate with partners to build a fleet exceeding 10,000 vehicles while promoting a billion-level investment plan to establish an operational network and support for its Robotaxi expansion initiative. Clearly, Robotaxi will become the mainstay of the companys sustained growth in mobility services. Technology services are CHENQI TECH's secondary growth curve, showing a doubled growth trend since 2024. The core AI data service steadily monetizes data resources along the autonomous driving industry chain. Moreover, this business has a high profit margin, with the pre-tax profit margin exceeding 20%, making it a significant contributor to the companys profits. In reality, mobility services are the core of CHENQI TECH's data asset ecological construction, accumulating hundreds of millions of real travel scenarios each year, which encompass the entire interactive process of "driver decision-making - vehicle response - environmental feedback." The dual model of "human driving + Robotaxi" bridges the data gaps in autonomous driving behavior. Based on the long-term accumulation of data from real travel scenarios, the company began to lay out its AI data services in 2023. CHENQI TECH regards AI data services as the entry point for data asset monetization and is gradually expanding its capabilities from a full-chain AI data service to diversified physical AI scenarios, including embodied intelligence. Currently, it has established three major service delivery bases nationwide, with a service team exceeding 1,500 people, a monthly delivery capacity for annotations reaching millions, and compliant deployment of over 300 intelligent driving data collection vehicles in cities including Guangzhou, Shanghai, Chongqing, and Shenyang. From recent developments, in May this year, the data business segment fully disclosed its AI data asset landscape for the first time, covering four categories: annotated data, behavioral data, synthetic data, and multimodal training datasets. Relevant data assets were listed on the "Trusted Data Space for the Automotive Industry" in July, facilitating the flow of compliant standardized data assets. In June, the company launched an embodied intelligence data platform, officially extending its services to the high-growth embodied intelligence sector. As it expands its footprint in physical AI, the company has undoubtedly opened up a new growth curve with high elasticity. In summary, CHENQI TECH has a clear growth path, driven by "mobility services + technology services," both possessing high growth potential. Mobility services, operating through a hybrid model of "human driving + Robotaxi," are accelerating expansion into new growth points. Meanwhile, technology services leverage AI data services as the monetization entry point for data assets, opening up growth space through physical AI layouts. The company is optimizing its revenue structure continuously, with a rising share of high-margin technology services helping to improve profitability. Meanwhile, alongside scale growth, enhanced by operational leverage and AI empowerment, cost reductions and efficiency improvements are significant, gradually moving towards a profitability turning point. This suggests that the company will have increased cash flow, providing further support for the sustainable expansion of Robotaxi and the ongoing exploration of high-value AI businesses, achieving balanced development and a positive cycle in growth and profitability. Clearly, continuous improvement in the fundamentals, along with Robotaxi and high-value AI businesses, have become new valuation anchors for CHENQI TECH. Since the positive profit forecast released in early August, the company's market capitalization has risen by over 40%, indicating that a valuation turning point may have already arrived.