Travel orders doubled, as Qiqi Travel lost 290 million last year.

Ask AI · Why does business growth sharply contrast with stock price performance?

On March 31, Geely Go (9680.HK) released its 2025 full-year financial report. The report shows that in 2025, Geely Go’s revenue was RMB 5.29 billion, up 114.6% year over year. Net losses for the year were RMB 290 million, narrowing by 48.1% year over year.

Previously, Geely Go had also issued a profit-loss reduction forecast. It said that operating efficiency in its ride-hailing services improved, and optimizations to its cost structure enhanced gross profit. In addition, business volumes in technical services increased, administrative expenses decreased, and so on. The financial report shows that during the reporting period, expenditures such as research and development, administrative expenses, and credit loss all decreased. As a result, the proportion of revenue costs to total revenue fell.

Geely Go’s business is currently mainly divided into three parts: mobility services, technical services (mainly AI data and model solutions as well as high-precision maps), and fleet sales and maintenance. The financial report shows that the share of revenue contributed by mobility services to total revenue continued to rise. In 2025, the share reached 96.5%, compared with 89.3% in 2024. The share of technical services revenue increased from 1.1% in 2024 to 3%, while the share of revenue from fleet sales and maintenance fell from 9.6% to 0.5%.

Over the past year, Geely Go’s ride-hailing orders doubled. In 2025, the number of ride-hailing orders was 233 million, up 106.2% year over year. The average transaction value per order increased 4.5% from RMB 26.4 in 2024 to RMB 27.6. The double growth in both order volume and average transaction value drove a 115.7% year-over-year increase in annual transaction value to RMB 6.43 billion.

Regarding the growth in orders, Geely Go stated in its financial report that this was due to strengthened cooperation between Geely Go and third-party ride-hailing service platforms, as well as the implementation of a regional expansion strategy, which increased the transaction value of ride-hailing services.

While revenue improved, Geely Go’s stock performance remained far from optimistic. On July 10, 2024, Geely Go listed on the Hong Kong Stock Exchange at an issue price of HKD 35. As of March 31, Geely Go’s share price was HKD 9.16, down 73.8% from the issue price.

Robotaxi is a key area Geely Go is heavily betting on. The financial report shows that in 2025, other service revenue, including Robotaxi services and marketing and promotional services, increased 182.6% year over year to RMB 5.76 million. Currently, the revenue brought by Robotaxi is not reflected as clearly in the financial report, accounting for 0.1% of total revenue. As of March 2026, Geely Go has operated Robotaxi in the Greater Bay Area of Guangdong, Hong Kong and Macao, with a cumulative total of about 600 units. According to Geely Go’s plan, Robotaxi services will cover 100 core cities over the next five years.

Multiple platforms are betting on Robotaxi, and competition in the Robotaxi industry this year is expected to become fiercer. In June last year, Hello announced it would enter the Robotaxi sector and planned to complete mass production and roll off the line in 2026. In December last year, Cao Cao Mobility released its global strategy goal of “10 years, 100 cities, and 1 trillion.”

From the trends, the ride-hailing industry as a whole is moving toward greater compliance and rationality. Last year, in multiple places, regulatory authorities issued implementation rules for ride-hailing management, further clarifying the responsibilities of ride-hailing platforms in protecting drivers’ rights and interests. Building on this, several platforms announced reductions in the commission (take) rate.

However, competition in the industry should not be underestimated. For example, the Guangzhou Municipal Transport Bureau has repeatedly reminded drivers to view industry competition rationally. It also said that current ride-hailing industry competition is intense, and market competitiveness varies among different ride-hailing platforms. Some smaller and mid-sized platforms have weaker risk-resilience and often rely on aggregation platforms to carry out their businesses.

(This article comes from Yicai Finance)