Ruqi Travel (09680) First half of 2026: Revenue increased by 140.7%, gross profit increased by 156.3%
Driven by “mobility service+technical service” two-wheel drive, revenue doubled, and profits continued to improve. For example, the valuation of Qi Travel (09680) entered an “upward channel”.
The Zhitong Finance App learned that on August 19, Ruqi Travel (09680) released its financial report for the first half of 2026, achieving revenue of 4,035 billion yuan, an increase of 140.7% over the previous year, exceeding market expectations, and maintained a doubling trend for two and a half years. The company's profitability also improved significantly. Gross profit for the period was 501 million yuan, up 156.3% year over year, and gross margin increased to 12.42%. During this period, shareholders' net loss narrowed further to only 68 million yuan, a year-on-year decrease of 45.2%.
This time, there was a sharp increase in performance, which is higher than the forecast. On the one hand, the basic market grew steadily, with travel service revenue of 3.92 billion yuan, up 139.6% year on year, and revenue contributing 97.1%; on the other hand, new growth engines continued to gain strength, and technology service revenue using AI data as the main source of revenue exceeded 100 million yuan, an increase of 274.4% year on year.
In fact, Ruqi Chuxing is one of the important players in the commercial operation of Robotaxi in China. Through the “manned driver+Robotaxi” hybrid operation model, it has built an ecological barrier to data assets. In the first half of this year, the company accelerated the release of the ecological value of data assets, and revenue from AI data services increased dramatically. At the same time, the company began to enter a racetrack such as embodied intelligence, opening up room for growth in the AI field at the entrance to the real physical world.
“Stable basic market+AI high-value business growth+RoboTaxi scale expansion” is reshaping the fundamentals of Ruqi Mobility. Under scale growth+profit expectations, it will also bring new valuation anchors to the company.
Revenue doubled and profits continued to improve
The Zhitong Finance App learned that according to the semi-annual report, Ruqi Chuxing's revenue has accelerated in the past three years. From H1 in 2024 to H1 in 2026, the revenue was 1,037 billion yuan, 1,676 billion yuan, and 4,035 billion yuan respectively, a compound increase of 97.3%. Among them, last year's H2 and this year's H1 both doubled. Meanwhile, shareholders' net losses are also narrowing year by year. Net losses for the above cycle were 332 million yuan, 125 million yuan, and 68 million yuan respectively, gradually moving towards profit.
Data source: Company financial report
In a high-growth industry, large-scale growth is the first goal, but for Ruqi, growth and profit are equally important. Since its launch in July 2024, the company has recorded significant improvements in many key financial indicators for several consecutive periods. While doing large-scale work, it is also reducing costs and increasing efficiency to achieve balanced development of “growth and profit”.
First, the company's gross margin improved dramatically. In 2024, 2025, and the first half of 2026, the company's gross margins were 5.1%, 11.9%, and 12.42%, respectively. Both core businesses recorded an increase in gross margin. The gross margin for travel services increased to 12.1%, and the gross margin for technical services was high, reaching 22.7%, while revenue structure optimization also boosted gross profit margins. Second, the level of various expenses continued to decline, thanks to operating leverage effects and significant improvements in operational efficiency.
In the first half of 2026, all expenses showed an optimization trend under operating leverage. Among them, the sales expense ratio decreased by 1.66 percentage points and the administrative expenses ratio decreased by 1.51 percentage points. Since the company basically has no interest-bearing debt, the financial costs are very low. In addition to operating leverage, the company fully empowers operations through AI. Coupled with the release of R&D achievements, the cost ratio has been further reduced.
“Travel service+technical service” dual-drive, valuation inflection point may be approaching
For example, the company's performance is growing strongly. From a business perspective, “travel service+technical service” is the two-wheel drive, travel service is the basic market, and technical service is the second growth curve. However, the company's business is mainly based on its strong data asset ecosystem, which is essentially a diversified model for data monetization.
The company is an established player in travel services. Facing a fierce competitive environment, the company took the lead in transformation. Through the “manned driver+Robotaxi” hybrid operation model and full AI empowerment, the company effectively improved the efficiency and user stickiness of online car-hailing services and stabilized market share; on the other hand, it built the second spring of travel services. Robotaxi and Robotaxi+ industry models reshaped the platform ecosystem and continuously consolidated its data asset barriers.
Robotaxi is the core strategy for travel services. The company began commercialization in 2021, and in October 2022, it became the first travel platform in the world to launch a hybrid operation of manned online car-hailing and the commercialization of Robotaxi services. The scale of Robotaxi was further expanded in 2026. According to official information, the platform has already operated more than 550 Robotaxi vehicles, and the operation services have covered important regions such as Guangzhou, Shenzhen, and the Hengqin Guangdong-Macao Deep Cooperation Zone.
It is worth mentioning that Ruqi Chuxing's Robotaxi operation technology platform is compatible with various autonomous driving solutions and Robotaxi models. The “Robotaxi+” strategy was launched in July 2025 to seize the industrial ecological highland. Currently, it has joined the fleet of autonomous driving companies such as Little Ma Zhixing and Wenyuan Zhixing. This year, the pace of development was accelerated. The company collaborated intelligently with chip manufacturer Black Sesame, and at the same time successively connected platforms such as Alipay and Tencent Travel Service to speed up the construction of a Robotaxi service matrix with “own platform+third-party platform” collaboration.
The company Robotaxi has a clear development plan. It plans to expand Robotaxi operations to 100 core cities within the next five years and build a fleet of more than 10,000 vehicles with partners. It will also promote a billion-level investment plan to establish an operation and maintenance network and support covering Robotaxi's expansion plans. Obviously, Robotaxi will be the main force in the company's continuous growth of mobility services.
Technical services are Ruqi Travel's second growth curve. Since 2024, they have all shown a doubling growth trend. Core AI data services have steadily monetized data resources in the autonomous driving industry chain. Moreover, the business has a high profit margin, with a profit margin of more than 20% before tax, making it a major contributor to the company's profits.
In fact, travel services are the core of Ruqi Travel's data asset ecosystem, accumulating hundreds of millions of real travel scenarios every year. These scenarios include the real interaction process of the entire “driver decision - vehicle response - environmental feedback” chain, and the “manned driving+robotaxi” dual model fills the gaps in autonomous driving behavior data. Based on data accumulated over a long period of time in real travel scenarios, the company began deploying AI data services in 2023.
Ruqi Chuxing uses AI data services as an entry point for data asset monetization, gradually expanding from full-chain AI data service capabilities to diversified physical AI scenarios including embodied intelligence. At present, it has set up three major service delivery bases across the country, with a service team of more than 1,500 people, a monthly delivery and marked production capacity of 10 million, and deployed more than 300 smart driving data collection vehicles in cities such as Guangzhou, Shanghai, Chongqing, and Shenyang.
Judging from recent developments, in May of this year, its data business division fully disclosed its AI data asset layout to the outside world for the first time. The asset already covers the four categories of labeling data, behavioral data, synthetic data, and multi-modal training data sets. The relevant data assets were listed in the “Automobile Industry Trusted Data Space” in July, further opening up a distribution channel for compliant and standardized data assets. The Personalized Intelligence Data Platform was released in June, and the scope of services was officially extended to the high-growth field of embodied intelligence. With the deployment of more physical AI, the company has undoubtedly opened up a new growth curve with high elasticity.
Overall, Ruqi Travel's growth route is clear, and the “travel service+technical service” two-wheel drive all have high growth capacity. As a basic platform, the mobility service business uses the “manned driver+robotaxi” hybrid operation model, and the Robotaxi and Robotaxi+ industry models are expanding rapidly and becoming a new growth point. Technical services use AI data services as an entry point for data asset monetization, and are opening up room for growth with physical AI layouts.
The company's revenue structure continues to be optimized, and the share of high-profit technology services has increased continuously to improve profitability. At the same time, under scale growth, operating leverage and AI empowerment have been superimposed to reduce costs significantly and increase efficiency, gradually moving towards an inflection point in profit. This means that the company will have more cash flow, and abundant cash flow will further guarantee RoboTaxi's scale expansion and continuous exploration of high-value AI businesses, and achieve balanced development and a positive cycle of growth and profit.
Obviously, fundamentals continue to improve, and the high-value business of RoboTaxi and AI has become a new anchor point for Ruqi Travel's valuation. Since the company issued a positive profit forecast in early August, its market capitalization has increased by more than 40%, and the inflection point in valuation may have arrived.