HONG KONG and GUANGZHOU and SHENZHEN, China, March 4, 2026 /PRNewswire/ -- On March 3, Hong Kong-listed company OnTime (09680.HK) issued its first positive profit alert since listing, forecasting year-on-year profit growth of no less than 43.4% for fiscal year 2025. The company expects consolidated revenue to reach at least RMB 5.0 billion, representing a substantial year-on-year increase of no less than 100%.
The strong revenue performance is primarily driven by a significant rise in ride-hailing order volumes, along with growth in technology services revenue following intensified sales and marketing in that segment. The improvement in profitability was largely driven by sustained gross profit growth resulting from improved operational efficiency and an optimized cost structure in the company's ride-hailing business. Additional contributions came from higher technology services volumes. In addition, the company projects a year-on-year reduction in both administrative expenses and finance costs for the year.
This marks OnTime's first profit forecast since its IPO on the Hong Kong Exchanges and Clearing Limited (HKEX) in July 2024. Market observers noted that the results indicate the company is progressing toward the profitability objectives outlined in its prospectus, including expanding business scale, driving revenue growth, and improving gross margin. The pace of improvement has exceeded market expectations.
Mobility and Technology Businesses Drive Dual-Engine Growth
Throughout 2025, OnTime recorded rapid revenue expansion, with particularly strong momentum in the second half of the year. Revenue for the first half of 2025 stood at RMB 1.676 billion. Based on the lower end of the estimate in this profit alert, revenue for the second half is expected to reach at least RMB 3.323 billion. This would represent roughly double the first-half figure and a 233% increase compared with the same period in 2024.
According to the announcement, the revenue breakthrough was driven by growth across both of OnTime's core business segments: mobility services and technology services. The company's revenue structure is shifting from a mobility-focused model toward one driven by both mobility and technology. Revenue growth was mainly fueled by a sharp increase in ride-hailing order volumes and rising technology services revenue, supported by expanded sales and marketing in that segment.
The company's 2024 annual report and 2025 interim results already showed consistent revenue growth across both segments. Year-on-year growth rates for mobility and technology services accelerated from 21.2% and 2.7% in fiscal 2024 to 86% and 207%, respectively, in the first half of 2025. This latest profit alert suggests that OnTime's mobility service business has continued to grow, while its technology services—including AI data and modeling solutions and high-definition maps—are emerging as new growth drivers.
Market analysis suggests that technology services typically carry higher gross margins than ride-hailing. As a result, expansion in this segment is expected to support overall profitability.
Revenue Doubles While Administrative and Finance Costs Decline
Notably, alongside its revenue surge, OnTime recorded a year-on-year decrease in both administrative expenses and finance costs in fiscal year 2025. These positive trends in two key metrics reflect improvements in operational efficiency among technology companies and have contributed to the expected improvement in profitability.
The company attributes the expected reduction in administrative expenses to economies of scale resulting from business expansion. It also expects finance costs to decline in 2025. Combined with improved operational efficiency, an optimized cost structure in the ride-hailing segment, and increased technology services volumes, these factors are expected to drive year-on-year profit growth of at least 43.4%.
This marks the first positive profit alert issued by OnTime since its listing on the HKEX in July 2024. In its previously released 2025 interim results, the company had already reported that its gross margin had turned positive for the first time.
source: Ontime
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