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… low-single-digit growth.
These measures helped reduce selling and distribution expenses as a share of revenue by 1.1 percentage points to 31%, while operating margin rose from 12.8% to 13.2%. Even with pressure on gross margin, the company’s core business remained profitable.
During the reporting period, Li-Ning’s total cash balance, including time deposits, reached RMB 19.973 billion (USD 2.9 billion), up RMB 1.833 billion (USD 265.7 million) from 2024. That cash position gives the company more flexibility for long-term investment.
Last year, Li-Ning regained the Chinese Olympic Committee partnership rights from Anta. At the end of 2025, it opened a flagship store in Beijing’s Taikoo Li Sanlitun and launched the “Glory Gold Label” series, marking the first time the Chinese Olympic Committee’s commercial emblem and the Li-Ning logo had appeared together on products.
<figure id="attachment_160789" aria-describedby="caption-attachment-160789" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-160789" src="https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee.jpg" alt="" width="1920" height="1280" srcset="https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee.jpg 1920w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee-720x480.jpg 720w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee-1024x683.jpg 1024w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee-768x512.jpg 768w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-160789" class="wp-caption-text">Photo source: Li-Ning.</figcaption></figure>
Discussing the new store format, Kosaka said overall store productivity had exceeded internal expectations. He added that the company is expanding the product line and preparing to open a new store in a prime commercial district in Shanghai.
At the recently concluded Winter Olympics, Li-Ning gained another visibility boost. According to Guojin Securities, the Chinese sports delegation wore Li-Ning gear during the opening ceremony, giving the brand high-profile exposure. Guojin Securities also said it remains optimistic about Li-Ning’s performance in 2026 and expects the increase in visibility to support results for the full year.
Kosaka also said the CEO of the joint venture handling overseas business took office in the second half of last year. Although the joint venture has been removed from the listed company’s financial reporting system, he said its business is still growing and will contribute to the broader company’s performance.
Li-Ning still faces long-term challenges, but its latest results suggest it is entering its next phase with firmer operating control, clearer category priorities, and more confidence in where to invest.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3735252461748480">article</a> was written by Xie Yunzi for 36Kr.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.83 = USD 1 and RMB 6.90 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Li-Ning eyes a new growth cycle amid strong results and Olympic momentum

Retail

Consumer Economy

China

Chinese <a href="/industry/ev">electric vehicle</a> battery makers increased their dominance to a global share topping 70% last year, up from less than 50% in 2021, while South Korean competitors struggle in the US market.
Industry leader <a href="/company/catl">Contemporary Amperex Technology</a> (CATL) offers a range of EV and plug-in hybrid vehicle batteries at various price points. Customers include major Chinese automakers and a growing number of European car companies like Volkswagen and the Mercedes-Benz Group.
Net profit grew 42% in 2025 to a record RMB 72.2 billion (USD 10.5 billion).
CATL led the global market for EV and hybrid batteries in 2025 with a 39.2% share based on installed capacity, up one percentage point from 2024, according to South Korea's SNE Research.
Its high market share helps power a virtuous cycle of price and quality competitiveness that only adds to its scale.
While EV sales are slowing in the US and some other regions, they are growing worldwide. Vehicle battery installation volume remained strong in 2025, climbing 32% from 2024 to 1,187 gigawatt-hours, of which the Chinese market accounted for about 60%.
China's battery market continues to expand, fueled by government subsidies to promote adoption of EVs and other new energy vehicles. CATL and other Chinese makers also are capturing demand overseas, especially in Europe, where they have benefited from a lack of strong local rivals.
Six of the top ten global automotive battery manufacturers by installed capacity in 2025 were Chinese, with their combined share increasing by about four points from 2024 to 70.4%, according to SNE Research.
EV giant <a href="/company/byd">BYD</a> ranked second after CATL, developing and producing batteries in-house for its own vehicles while also increasing supply to other companies like <a href="/company/xiaomi">Xiaomi</a> and Stellantis, the maker of Fiat, Peugeot, Jeep cars.
China Aviation Lithium Battery (CALB) and Gotion High-tech, in fourth and fifth place, respectively, also increased shipments.
Meanwhile, South Korean battery makers are struggling. Their combined market share last year fell by about three points to 15.3%, roughly halving from over 30% in 2021.
Their decline reflects a focus on the US, where the Trump administration has eliminated EV-friendly policies put in place under the previous administration.
LG Energy Solution, South Korea's top battery player and the third largest worldwide, derives roughly 40% of its sales from the US. Net profit fell 76% in 2025 to KRW 80.8 billion (USD 53.9 million), less than 1% of CATL's net profit for the same period.
SK On and Samsung SDI, South Korea's second and third largest battery makers, respectively, both reported net losses.
"Demand for EVs continues to decline, and we expect a temporary negative growth in batteries," said Lee Chang-sil, LG Energy Solution's CFO.
South Korean companies are reconsidering their strategies in the US. This month, SK On cut around 1,000 jobs at its battery plant in the Southern state of Georgia, about 40% of the plant's workforce. LG Energy Solution said in December it would sell buildings and other assets at its joint venture battery plant in Ohio with Honda Motor to Honda's US subsidiary.
Among Japanese companies, Panasonic Holdings ranked seventh worldwide, with a market share of less than 4%. Panasonic began operations at a battery plant in the Midwestern state of Kansas in July, but it has postponed full operations there—originally planned for the end of fiscal 2026—due to declining sales at major customer <a href="/company/tesla">Tesla</a>.
The Chinese market is expected to slow this year, posing a risk to Chinese suppliers. The Chinese government revised subsidies for the purchase of EVs and other new energy vehicles at the end of 2025, contributing to a 28% year-on-year drop in new sales of new energy vehicles in January and February.
Chinese companies are expanding production in other countries to diversify. CATL completed a production line at its first Hungarian plant at the end of 2025 and recently began operations.
CALB is also increasing production in Europe and Southeast Asia.
"We will steadily promote the construction of production facilities to adapt to local policies and market needs," chairperson Liu Jingyu told Nikkei.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/china-s-ev-battery-makers-widen-lead-to-over-70-global-share">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.rwegrgdf5.eu.org/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.
Note: KRW, RMB figures are converted to USD at rates of KRW 1497.97 = USD 1 and RMB 6.90 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China's EV battery makers widen lead to over 70% global share

Deep Tech

Batteries

Energy

<a href="/company/tencent">Tencent</a> reported its fourth-quarter and full-year 2025 results on March 19, underscoring that <a href="/industry/gaming">games</a> remain the foundation of its business even as it increases investment in <a href="/industry/ai">artificial intelligence</a> and other verticals.
According to its disclosure, revenue from Tencent’s domestic games business reached RMB 164.2 billion (USD 23.8 billion) in 2025, up 18% year-on-year (YoY), driven by strong performance from Delta Force and continued growth from evergreen titles such as Honor of Kings and Game for Peace, as well as the Valorant franchise across PC and mobile.
Revenue from international games totaled RMB 77.4 billion (USD 11.2 billion), up 33% YoY, supported by growth from Supercell titles and PUBG Mobile, along with contributions from Wuthering Waves.
Over the past year, AI has been a defining theme for Tencent, including within its games business. In both its earnings release and earnings call, management emphasized AI’s role in content creation, marketing, and in-game features designed to enhance user experience. Examples include AI-driven teammates in Game for Peace and the in-game companion Lingbao in Honor of Kings.
To some extent, Tencent has little choice but to foreground AI in its narrative. Its adoption in games aligns with Tencent Games’ broader strategy and rising investment. General and administrative expenses reached RMB 136.1 billion (USD 19.7 billion) in 2025, up 21% YoY, making it the company’s largest and fastest-growing cost category, driven by AI-related R&amp;D, investment, and talent expenses.
At the same time, 2025 marked the broader rollout of multimodal foundation models, positioning games as a key deployment scenario. Still, beyond questions of whether AI improves gameplay, a more immediate focus is whether it can reduce development costs and increase production efficiency.
Tencent released additional data on March 19, stating that Delta Force had reached 50 million daily active users. That figure, if sustained, places the title, launched in September 2024, among Tencent’s evergreen games alongside Honor of Kings and Game for Peace.
Delta Force’s trajectory reflects Tencent’s long-term operating approach. In October 2025, the game faced criticism over gameplay fairness. According to 36Kr, it received more than 500,000 negative reviews at one point, and its single-day gross revenue fell by more than 60%.
As evergreen games have become central to Tencent Games’ strategy, the focus has shifted to expanding and extending existing titles. Delta Force represents another push within the competitive shooter category, where Tencent has established expertise.
Tencent’s long-term strategy includes turning games into platforms and expanding them across multiple devices. The first involves continuously adding modes, scenarios, content, and social features to deepen engagement, with the goal of positioning a single title as both platform and traffic gateway. The second involves multi-platform releases.
One example is Valorant, which launched on PC in 2023 and expanded to mobile two years later. Together, the two versions contributed to Tencent Games’ revenue growth in 2025.
“Valorant Mobile was the most successful new mobile game industrywide by gross receipts in 2025, bringing a PC-quality shooting experience and a distinctive art style that appeals to younger players,” Mitchell said on the earnings call. “The game achieved lifetime high gross receipts in February.”
The evergreen strategy also intersects with Tencent’s international expansion. In 2025, international games revenue posted double-digit growth, improving from 9% in 2024, and surpassed USD 10 billion annually. The company attributed this to sustained performance from evergreen titles and the expansion of content-driven games.
Among top contributors overseas, PUBG Mobile remained a consistent presence. Tencent also rolled out the international mobile version of its self-developed Delta Force in April 2025, where it ranked highly on app store charts in multiple markets, according to company disclosures.
Despite this progress, Tencent has yet to achieve its goal of balancing domestic and overseas games revenue. In 2025, international markets accounted for about 32% of total games revenue, up from roughly 29% in 2024, a modest YoY increase.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3734107862073606">article</a> was written by Lan Jie for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Tencent says AI will reshape games, but evergreen titles still drive the business

East Asia

Gaming

Creative

… 190 million registered members. Those members accounted for about 80% of gross merchandise value, while annual transacting members exceeded 140 million.
That gives the company a large base for promotions and retention, provided those users remain active. Over the past year, Wanchen has made membership operations a larger part of its playbook:
<ul>
<li aria-level="1">Users who register through its QR code system can access a 12% discount promotion on the eighth day of each month. Every Wednesday, they can also use membership points to join a raffle.</li>
<li aria-level="1">In September 2025, Haoxianglai launched a member campaign tied to the Mid-Autumn Festival and China’s National Day holiday. The company said the campaign, which included purchase-based lucky draws and other interactive features, drew nearly four million participants over 13 days.</li>
<li aria-level="1">During the 2026 Lunar New Year period, Haoxianglai also ran a campaign that allowed customers to collect “blessings” through purchases and exchange them for a chance to win a car. Actor Tan Jianci appeared in a Haoxianglai Douyin livestream as part of that campaign.</li>
<li aria-level="1">Wanchen has also been building a self-operated membership system. Through community groups and its in-house customer relationship management platform, it said it can deliver more tailored messaging by region, time, and user profile, along with member-only coupons and early access to new products.</li>
</ul>
<figure id="attachment_160788" aria-describedby="caption-attachment-160788" style="width: 1280px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-160788" src="https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Haoxianglai-Products.jpg" alt="" width="1280" height="720" srcset="https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Haoxianglai-Products.jpg 1280w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Haoxianglai-Products-720x405.jpg 720w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Haoxianglai-Products-1024x576.jpg 1024w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Haoxianglai-Products-768x432.jpg 768w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Haoxianglai-Products-480x270.jpg 480w" sizes="(max-width: 1280px) 100vw, 1280px" /><figcaption id="caption-attachment-160788" class="wp-caption-text">Photo source: Haoxianglai via 36Kr.</figcaption></figure>
<h3>User demand remains the real test</h3>
China’s snack and beverage retail market is still growing, and the bulk snack format remains one of the faster-growing parts of offline retail. According to CIC, China’s broader beverage and snack retail market grew from RMB 3.2 trillion (USD 463.8 billion) in 2019 to RMB 4 trillion (USD 579.8 billion) in 2024, representing a compound annual growth rate (CAGR) of 5%. CIC expects that market to reach RMB 5.4 trillion (USD 782.7 billion) by 2029, implying a CAGR of 5.9%.
Within that market, the bulk snack format has grown much faster. CIC said the segment expanded at a CAGR of 77.9% from 2019–2024 and is projected to grow at a CAGR of 36.5% over the following five years, reaching about RMB 613.7 billion (USD 89 billion) by 2029.
Above all, Wanchen’s 2025 results suggest it has started shifting from growth at any cost toward a model built on better execution. Logistics, private-label development, and member operations all appear to be part of that shift.
But efficiency is not the end goal. In retail, it matters only if it helps a company understand demand better and respond faster. For Wanchen, that remains the central test.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3728249171295363">article</a> was written by 36Kr Caijing.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Wanchen’s bulk snack business enters 2026 with margins on the rise

… id="caption-attachment-160785" class="wp-caption-text">Photo source: 36Kr.</figcaption></figure>
As of November 2025, Didi said the service had supported more than 27 million passenger trips and reduced carbon dioxide emissions by about 31,200 metric tons, which it said is equivalent to planting roughly 245,000 trees.
In Mexico, Didi launched a premium ride-hailing category in October 2025 with 500 <a href="/industry/ev">electric vehicles</a> from Chinese brands including GAC Aion and JAC Group. It said it aims to work with automakers, charging providers, financial institutions, and insurers to bring 100,000 EVs to Mexico by 2030.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3726781163682439">article</a> was written by 36Kr Caijing.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Didi’s overseas push stays on track as LATAM expansion accelerates

Didi

Transportation

On-demand Services

E-commerce

Ride-hailing

Food Delivery

Grocery Delivery

Mobility

Latin America

… color: inherit; padding-top: 8px; border-top: 1px solid #e8e8e8;">Note: JPY figures are converted to USD at rates of JPY 158.77 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

BYD says it "can't compete" in Japan with EV subsidy gap

Electric Vehicles

Japan

Beijing-based investment bank China Renaissance is shifting its focus back toward the US this year, now that founder Bao Fan has been released from state detention.
The Chinese financial institution, which has roughly RMB 32 billion (USD 4.6 billion) in assets under management, hired a new head of capital markets in the US and is increasing its resources to help Chinese companies that are increasingly looking to diversify beyond the domestic market.
A younger generation of Chinese entrepreneurs, inspired by their global upbringing and education in Western countries, is setting its sights overseas as weak consumption and property woes continue to dog China's economy.
"We have the resources as a company overall to cater to them and service them," Enna Weng, China Renaissance's new head of capital markets in the US, told Nikkei Asia in an interview. "We know how to cater to the second generation, how to grow alongside [them] with our US expertise."
Weng pointed to <a href="/company/pop-mart">Pop Mart</a>, the company behind the once globally viral Labubu dolls, and <a title="" href="/company/luckin-coffee" target="_blank" rel="noopener">Luckin Coffee</a>'s recent entrance into the US market as examples of corporate China's international footprint.
Companies from the world's second largest economy in recent years have accelerated the "chuhai" trend, which means to go overseas, as their home market shrinks, segueing from exporters to global brand builders. Some, like electric vehicle maker <a href="/company/byd">BYD</a> and battery producer <a href="/company/catl">Contemporary Amperex Technology</a> (CATL), have also moved manufacturing bases outside China to "geopolitically neutral" countries over heightened diplomatic tensions.
Weng, who has also worked at Freedom Capital Markets and Barclays, said these companies have a lot of potential to grow and are also interested in listing in the US through reverse mergers or special purpose acquisition companies.
"We're going to see a lot of that, I think, in the near term," she said.
China Renaissance is hiring at least seven new North America staff in banking and sales this year after scaling back its operations in 2023, when star dealmaker Bao, who founded the bank in 2005 with two other men, was <a title="" href="https://asia.nikkei.com/business/finance/missing-china-tech-banker-bao-fan-aiding-investigation-company-says" target="_blank" rel="noopener">unable to be contacted</a>. His disappearance rattled China's financial sector before he reemerged last August as the Chinese government began exploring ways to boost confidence among private businesses.
A decade ago, when record numbers of Chinese companies were listing in the US, the boutique investment bank was involved in underwriting some of the larger ones, including those of <a href="/industry/e-commerce">e-commerce</a> giants <a href="/company/jd">JD.com</a> and <a href="/company/tencent">Tencent</a>. It also oversaw major Chinese tech mergers, including those of delivery giants <a href="/company/meituan">Meituan</a> and Dianping, and ride-hailing services <a href="/company/didi">Didi</a> and Kuaidi.
The number of blockbuster listings in the US declined after the Chinese government launched an investigation into Didi days after the taxi-hailing company listed on the New York Stock Exchange in the summer of 2021, with the help of China Renaissance. Intense government pressure forced Didi to delist less than a year later.
Companies looking to list outside of mainland China must obtain approval from Chinese regulators. In the past year, such approvals have slowed to a trickle.
Geopolitical tensions have also made it difficult to seek US funding. In addition, US regulators <a href="https://asia.nikkei.com/politics/international-relations/us-china-tensions/nasdaq-proposes-tighter-rules-targeting-chinese-small-cap-listings" target="_blank" rel="noopener">tightened restrictions</a> after small-cap listings by Chinese companies were found to be involved in pump-and-dump schemes.
While acknowledging the challenges, Weng remains confident that more globalized companies can overcome these hurdles. Her investment bank is looking at listings valued at USD 200 million to USD 3 billion, focusing on healthcare, consumer goods, and crypto and digital assets.
"We want to grow with the company early on," Weng said, "so we can help them eliminate or reduce risks to be a better global stage company."
China Renaissance is also looking to help take Asian <a href="/industry/biotech">biotechnology</a> patents to North America via licensing deals that let established pharmaceutical companies develop and commercialize intellectual property from smaller Asian players.
In China, biotech licensing surged to a record high last year, when 186 deals were signed, according to data provider Pharmcube.
"We would like to help companies to license out to the United States from Asia, not just China," Weng said. "We have had a presence in Singapore as well, so we want to go into other regions in Asia, in [South] Korea, in Japan, in Southeast Asia, and cater to entrepreneurs there" and help them navigate their way in the US and Canada.
This article first appeared on <a href="https://asia.nikkei.com/business/finance/china-renaissance-sets-sights-on-cross-border-deals-with-new-us-hire">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.rwegrgdf5.eu.org/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China Renaissance sets sights on cross-border deals with new US hire

Investment

Unitree Robotics has filed for an IPO on the Shanghai Stock Exchange, seeking to raise up to RMB 4.2 billion (USD 609 million).
According to the company’s prospectus, about half of the proceeds will be allocated to R&amp;D in <a href="/industry/robotics">robotics</a> and embodied intelligence. The remaining funds are set to support product development and manufacturing facilities following the IPO.
The review process is expected to begin soon, with Unitree aiming to list on the Star Market, which typically caters to technology and tech-focused companies.
The planned IPO follows strong sales growth. According to the prospectus, Unitree’s sales reached RMB 1.7 billion (USD 246.5 million) in 2025, about 4.3 times higher than the previous year, while net profit tripled to about RMB 287.6 million (USD 41.7 million). Notably, revenue from humanoid robots has risen sharply in recent years, alongside broad-based growth across its product categories, based on data disclosed in the filing:
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Even before reaching these financial milestones, Unitree had long been viewed as one of China’s leaders in robotics since its founding in 2016. That reputation stems not only from the company’s high-profile demonstrations and public showcases, but also from its founder, Wang Xingxing.
Wang has been vocal about the need for embodied intelligence to advance through both hardware and software, rather than placing too much emphasis on hardware alone. In previous conversations with 36Kr, he said Unitree has a sizable team focused on <a href="/industry/ai">artificial intelligence</a> model development, including models that power its robots. According to Wang, the company’s efforts extend beyond motion control, where it is already considered strong, into more advanced capabilities such as cognition and planning.
Among Unitree’s latest offerings is the <a href="https://rwegrgdf5.eu.org/unitrees-new-h2-brings-streamlined-elegance-to-humanoid-robotics">H2</a>, a full-sized humanoid robot, though the G1 is likely more familiar to the public. The G1 has been used in public showcases, including a martial arts segment during <a href="https://rwegrgdf5.eu.org/after-this-years-gala-spectacle-where-is-unitree-robotics-headed">this year’s Lunar New Year gala</a> in China, where 24 G1 robots were deployed to “spar” with human performers and execute movements such as table vaults and backflips. Unitree also participated in last year’s broadcast.
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Beyond humanoid robots, Unitree also develops other robotic form factors, including quadruped machines such as the Go2 robot dog.
In terms of commercialization, Unitree is among the frontrunners, projecting shipments of 10,000–20,000 units in 2026. Its domestic competitors include UBTech Robotics, which develops the Walker line of humanoid robots, as well as broader technology players such as <a href="/company/xpeng">Xpeng</a>, which is developing the Iron humanoid robot. Globally, Unitree is often compared with <a href="/company/tesla">Tesla</a>, which is developing the Optimus robot.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 24, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Unitree targets IPO after revenue quadruples on robotics demand

Robotics

Embodied Intelligence

<a href="/company/weride">WeRide</a>, the Nasdaq-listed autonomous driving company, reported its full-year 2025 results on March 23, posting record revenue of RMB 684.6 million (USD 99.3 million), up 89.6% year-on-year, as fourth-quarter revenue more than doubled to RMB 314 million (USD 45.5 million). Robotaxi revenue rose 209.6% to RMB 148 million (USD 21.5 million). The company said its global robotaxi fleet reached 1,125 vehicles and is expected to grow to 2,600 by the end of 2026, subject to regulatory approvals and market conditions.
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The more consequential signal in the results is WeRide's shift toward real-world deployment, particularly overseas. On the earnings call, management said international markets contributed about 29% of 2025 revenue, supported by expansion in the Middle East, Europe, and the Asia Pacific. In its release, the company highlighted Europe's first driverless robotaxi permit for passenger services in Switzerland, a fully driverless commercial permit in Abu Dhabi, and new launches in Dubai, Riyadh, Singapore, and Slovakia.
The results also signal how far the business remains from translating scale into earnings. Full-year gross profit rose to RMB 206.8 million (USD 30 million), with gross margin broadly stable at 30.2%. However, WeRide reported an operating loss of RMB 1.85 billion (USD 268.3 million) and a net loss of RMB 1.65 billion (USD 239.3 million). Even after narrowing from 2024, those losses remained more than twice annual revenue.
The fourth quarter reflected similar dynamics. Revenue rose 123% to RMB 314 million (USD 45.5 million), driven by a 308.9% increase in product revenue to RMB 211.4 million (USD 30.7 million), mainly from robotaxi and robobus sales. Service revenue grew 15.2% to RMB 102.6 million (USD 14.9 million). Gross margin declined to 28.5% from 36.5% a year earlier, which the company attributed primarily to a lower contribution from higher-margin R&amp;D services related to advanced driver assistance systems (ADAS).
That revenue mix is significant. While robotaxis anchor WeRide's long-term narrative, its current revenue base remains diversified. On the earnings call, management said robotaxi contributed 22% of 2025 revenue, robobus 34%, and ADAS and data services 29%. This indicates WeRide is scaling as a diversified business before demonstrating it can generate returns as a mature robotaxi operator.
The progress, however, is incremental rather than definitive. One of the more important signals in the release was cost. WeRide said total cost of ownership in China fell 38% in 2025, supported by lower bill-of-materials costs and improved operating efficiency. The remotely assisted human-to-vehicle ratio improved fourfold, while the latest GXR robotaxi reduced bill-of-materials costs by 15% and cut per-vehicle production time to under ten minutes.
These improvements help explain management's emphasis on scalability. On the call, the company said average daily orders per vehicle in China reached 15 trips over the past six months and 26 during peak periods, while its Middle East subsidiary was already profitable on a standalone basis. These disclosures indicate where WeRide sees a path to viable unit economics: denser fleets, lower operating costs, and overseas markets with more favorable pricing and regulatory conditions.
The balance sheet provides time to pursue that strategy. WeRide ended 2025 with RMB 7.13 billion (USD 1.03 billion) in total capital reserves, including RMB 6.97 billion (USD 1.01 billion) in cash, cash equivalents, and time deposits, and announced a USD 100 million share repurchase program.
Even so, the company is not close to breakeven. R&amp;D spending remained elevated at RMB 1.37 billion (USD 198.7 million) for the year, up from RMB 1.09 billion (USD 158.1 million) in 2024, driven by investment in data compliance capabilities, preinstalled robotaxis, and next-generation infrastructure. That level of spending may be necessary to build a global platform spanning Level 2 to Level 4 capabilities, but it also extends the timeline to profitability.
What WeRide's 2025 results show is not the emergence of robotaxis as a mature business, but the early assembly of one. The company is building the components: international permits, growing fleet density, lower unit costs, expanding product revenue, and a broader overseas footprint. In 2026, WeRide must show that its deployments can translate into repeatable, higher-margin ride revenue before the cost of building it rises again.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 24, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

WeRide revenue surges on robotaxi growth, but losses remain high

WeRide

Autonomous Vehicles