2025 Annual Results Highlights

• Total revenue was RMB206.3 million, remaining largely unchanged from the prior year.
• Gross profit was RMB159.9 million, representing an increase of approximately 1.5% over the prior year. Gross margin was 77.5%, up approximately 1.1 percentage points year-on-year.
• Adjusted net profit (non-IFRS measure)(1) was RMB40.7 million.
• As of the date of the annual results announcement, Chelaile platform expanded its city coverage to 488 cities and towns, with cumulative users increasing to approximately 334 million and average monthly active users increasing to approximately 30.31 million. The number of cooperating transport entities increased from 295 to 312.

Dr. Sun Xi, Chairman and Chief Executive Officer of MetaLight, stated: "2025 was the inaugural year of MetaLight's entry into the capital market. Against the backdrop of a decelerating mobile advertising market and intensifying industry competition in China, we maintained a solid revenue base and a healthy gross margin, while keeping adjusted net profit in positive territory.

In terms of core business, the user base and city coverage of the Chelaile platform continued to expand, with average monthly active users surpassing 30 million, reflecting further strengthening of platform user stickiness. Strategically, we are actively building our technological capabilities in the autonomous driving public transit space, and our international product Busio has launched operations in multiple overseas cities.

Looking ahead to 2026, we will focus on enhancing advertising monetization efficiency, deepening user growth in lower-tier markets, and continuing to advance our AI-native organization. With the elimination of accounting factors related to preferred shares following our listing, our financial performance will more accurately reflect our actual operating conditions. We will face the market with honesty, focus on perfecting every product, serving every user diligently, and seizing every genuine growth opportunity."

2025 Financial Review

Revenue

Total revenue was RMB206.3 million, remaining largely unchanged from RMB206.1 million in the prior year. Of this, revenue from mobile advertising services was RMB200.4 million; revenue from data technology services was RMB6.0 million, representing an increase of approximately 45.7% year-on-year, primarily attributable to the Company's ongoing expansion of its public transit analytics platform business, establishing partnerships with more transportation entities.

Gross Profit and Gross Margin

Gross profit increased by approximately 1.5% from RMB157.4 million in 2024 to RMB159.9 million in 2025. Gross margin slightly increased from 76.4% in 2024 to 77.5% in 2025, primarily due to a decrease in cross-network advertising fees driving down cost of sales.

Selling Expenses

Selling expenses increased from RMB38.3 million in 2024 to RMB40.9 million in 2025, primarily due to enhanced marketing efforts to attract new users and improve user engagement on Chelaile.

Administrative Expenses

Administrative expenses increased from RMB56.2 million in 2024 to RMB71.0 million in 2025, primarily attributable to an increase in equity incentive expenses and compliance-related costs following the Company's listing.

Research and Development Expenses

Research and development expenses increased from RMB42.5 million in 2024 to RMB49.9 million in 2025, primarily due to an increase in staff costs in relation to research and development personnel and equity incentive expenses.

Loss for the Year and Adjusted Net Profit

A net loss of RMB127.6 million was recorded for the year, primarily due to fair value losses on financial liabilities at FVTPL of RMB119.2 million. This item represents a non-cash accounting treatment for convertible redeemable preferred shares and does not affect actual operating cash flow. Following the successful listing of the Company, such preferred shares were automatically converted into ordinary shares, and no further fair value fluctuations of this nature are expected in the future.

Adjusted net profit (non-IFRS measure)(1) was RMB40.7 million.

Cash Position

As of December 31, 2025, the Group's cash and cash equivalents were RMB38.7 million, and time deposits were RMB206.9 million. Net cash from operating activities was RMB8.1 million.

Note: (1) The Company defines "adjusted net profit" (non-IFRS measure) as loss for the year, adjusted to exclude the impact of the following items on profit or loss: (i) fair value losses on financial liabilities at FVTPL; (ii) share-based payment expenses; (iii) listing expenses; (iv) loss on equity investments; and (v) gain or loss on change in fair value of equity investments measured at fair value.

2025 Business Review

In 2025, the Chelaile platform continued to deliver steady growth. During the year, the Company continued to expand its public transit analytics platform business, establishing partnerships with more transportation entities, with the number of cooperating transport entities increasing from 295 in 2024 to 312, and revenue from data technology services growing approximately 45.7% year-on-year.

In terms of the core platform, Chelaile continued to deepen its focus on user value and product experience. During the year, the platform further expanded its market coverage in third-tier and lower-tier cities, while optimizing the pricing strategy and targeting accuracy of its advertising inventory through AI algorithms to enhance advertising monetization efficiency. Concurrently, the Company strengthened its marketing efforts to attract new users and improve user engagement, resulting in continued strengthening of the platform's user base and usage stickiness.

In June and August 2025, the Company successively launched Busio, an internationalized real-time public transit inquiry application, on iOS and Android platforms. As of the date of the annual results announcement, Busio covered over 10 international cities and regions, including Singapore, Kuala Lumpur, Penang, Kuantan, Johor Bahru, Melbourne and Sydney. The international business is currently in an early promotion stage.

Concurrently, leveraging Chelaile's long-term expertise in public transit data, the Company is actively expanding into the autonomous driving public transit space. The Company is currently developing AI dispatching algorithms and intelligent analytics Agent products for autonomous driving public transit scenarios, and has commenced cooperation exploration with several major domestic bus groups on relevant application scenarios.

As of the date of the annual results announcement, Chelaile platform expanded its city coverage from 466 cities and towns at the end of 2024 to 488, with cumulative users increasing from approximately 298 million to 334 million, and average monthly active users growing from approximately 29.08 million to approximately 30.31 million. The continuous growth in monthly active user scale reflects the further strengthening of the platform's user base and usage stickiness.

Subsequent Events

On March 9, 2026, Wuhan Yuanguang and partners including Guangzhou Angel Investment Master Fund Venture Capital Partnership (Limited Partnership) and Yuehe Ruicheng (Shenzhen) Investment Partnership (Limited Partnership) entered into a partnership agreement to jointly establish a limited partnership focused on artificial intelligence-related fields within the digital economy. The total subscribed capital contribution of all partners was RMB101.10 million, of which Wuhan Yuanguang subscribed RMB40 million.

On March 10, 2026, Wuhan Yuanguang and Shenzhen Chuangxiang Xingyi No. 1 Investment Partnership (Limited Partnership) (a limited partnership in which the Group holds a 30% ownership interest) entered into an equity transfer agreement to acquire a 1.1429% equity interest in Xingyi Lianxin Aerospace Technology (Wuxi) Co., Ltd. held by Chuangxiang Xingyi at a total consideration of RMB8 million. As of the date of the annual results announcement, the Group has paid partial consideration of RMB4 million, with the remaining RMB4 million unpaid.

On March 20, 2026, Wuhan Yuanguang and Ningbo Yun Sui Self-Funded Investment Partnership (Limited Partnership) entered into a partnership property transfer agreement to acquire a 66.67% property interest in Hangzhou Yunzhimeng Technology Partnership (Limited Partnership) at a total consideration of RMB20 million. As of the date of the annual results announcement, the Group has not paid the consideration.

Earnings Conference Call

The Company's management held an earnings conference call and webcast on Thursday, March 26, 2026 at 9:00 a.m. Beijing Time to discuss the results. A replay of the conference call and webcast will be available on the Company's website at www.metalight.ai within 48 hours after the conclusion of the meeting.

About MetaLight

MetaLight Inc. (Stock Code: 02605.HK) is a public transit information service provider powered by time series data analytics and AI technology. With a focus on time series data foundation models, the Company has built a technology stack with its core comprising an AI Model Building Platform and AI model libraries for three industry verticals: public bus, renewable energy and industrial internet, integrating capabilities in data access, pre-processing, labeling, AI model training and foundation model adaptation. Based on this technology stack, the Company operates the Chelaile real-time public transit information platform, providing commuters with services including real-time bus arrival predictions, vehicle location tracking and travel route planning, while also offering public transit analytics platforms and data technology services to transport operators. According to CIC data as of December 31, 2024, Chelaile is the largest real-time public transit information platform in China by city coverage, covering 488 cities and towns nationwide with approximately 334 million cumulative users, committed to making public transit more convenient and efficient. For more information, please visit www.metalight.ai.

Forward-Looking Statements

In addition to statements of historical fact, this press release contains forward-looking statements relating to the Company's business outlook, estimates of financial performance, forecast business plans, development strategies and projections of anticipated trends in our industry. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "might," "can," "could," "will," "would," "expect," "believe," "continue," "estimate," "anticipate," "forecast," "intend," "plan," "seek" or "timetable." Such forward-looking statements are based on the information available to the Company and the outlook as at the time of publication of this press release. Such forward-looking statements are based on certain projections, assumptions and premises, some of which involve subjective factors or factors beyond our control. Such forward-looking statements may prove to be inaccurate and may not materialize in the future. Such forward-looking statements involve a number of risks and uncertainties. In view of the risks and uncertainties, forward-looking statements contained in this press release should not be construed as representations by the Board or the Company that such plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, neither the Company, its Board, employees nor agents assume any obligation to publicly release any revisions, corrections or updates to the forward-looking statements contained in this press release to reflect events or circumstances occurring after the date of this press release or unanticipated events, nor do they assume any liability for any losses arising from the failure to realize or inaccuracy of any forward-looking statements.

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