High Templar Tech posts sharp revenue decline amid last-mile delivery exit

High Templar Tech (NYSE:HTT) reported unaudited financial results for the fourth quarter and full year ended December 31, 2025, revealing the significant fiscal impact of its ongoing strategic transition.

The company, which is actively moving away from its legacy last-mile delivery operations, saw annual revenue plummet 81.1% to RMB41 million.

The fourth quarter reflected the tail end of this restructuring, with revenue coming in at just RMB3.2 million.

High Templar Tech recorded a net loss of RMB163.1 million for the quarter, or RMB1.03 per diluted ADS.

However, the full-year picture told a different story; despite the collapse in operational revenue, the company reported a total net income of RMB708.6 million (RMB4.25 per diluted ADS).

This profitability was primarily driven by non-operating factors, specifically higher investment income and gains from derivative financial instruments.

The company maintains a significant capital cushion to fund its next chapter.

As of year-end 2025, High Templar Tech held RMB5,532.4 million in cash and cash equivalents, along with RMB1,523.7 million in restricted cash.

This liquidity has enabled the firm to pursue an aggressive capital return strategy even as its core business model shifts.

Through March 8, 2026, the company executed share repurchases totaling approximately 182.3 million ADSs.

Meanwhile, management reiterated that the wind-down of the last-mile delivery segment is a necessary step toward long-term sustainability.