In May, SAIC Mobility, backed by SAIC Motor, refiled its prospectus with Hong Kong Exchanges and Clearing, launching its second attempt at an IPO. Compared with its first filing in October 2025, the main update was the addition of complete financial and operating data for 2025.
Through the prospectus, SAIC Mobility is trying to send a clear message to the market: its profitability is improving.
SAIC Mobility’s revenue has steadily expanded, while its losses have narrowed. From 2023 to 2025, the company’s revenue rose from RMB 5.718 billion (USD 840.6 million) to RMB 6.774 billion (USD 995.9 million). Its net loss narrowed from RMB 604 million (USD 88.8 million) to RMB 246 million (USD 36.2 million), while its overall gross margin rose from 6.6% to 11%.
The improvement was mainly attributable to economies of scale across its business. From 2024 to 2025, the company’s gross transaction value (GTV) and order volume both maintained year-on-year growth of about 10%.
However, SAIC Mobility’s operating data show a gap across different metrics. In recent years, although its financial data have continued to improve, the number of active drivers has barely grown. Monthly active drivers stood at 94,000 in 2023 and 100,000 in 2025. Compared with 2024, the figure fell 9% year-on-year in 2025.
