High Templar Tech (HTT) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 revenues fell sharply to RMB3.2 million (US$0.5 million), down from RMB52.2 million year-over-year, mainly due to the winding down of the last-mile delivery business.

• Net loss attributable to shareholders for Q4 2025 was RMB163.1 million (US$23.3 million), compared to RMB66.4 million in Q4 2024.

• Full year 2025 revenues dropped 81.1% to RMB41.0 million (US$5.9 million), while net income attributable to shareholders surged to RMB708.6 million (US$101.3 million), up from RMB91.7 million in 2024, driven by significant investment and derivative gains.

• The company continued its business transition, focusing on efficient cash management and new business opportunities.

Financial highlights

• Q4 2025 operating costs and expenses decreased 31.8% year-over-year to RMB111.6 million (US$16.0 million).

• Cost of revenues in Q4 2025 dropped 95.2% to RMB2.3 million (US$0.3 million).

• Full year 2025 operating costs and expenses decreased 16.2% to RMB439.7 million (US$62.9 million).

• Interest and investment income for 2025 rose 160.6% to RMB990.4 million (US$141.6 million).

• Gain on derivative instruments for 2025 was RMB188.7 million (US$27.0 million), up from RMB19.5 million in 2024.

Outlook and guidance

• Management remains focused on navigating market dynamics and capitalizing on new business to build long-term shareholder value.