Senmiao Technology Limited is a Nevada-incorporated holding company with operations mainly in China's automobile leasing, sales, and financing sectors, transitioning from ride-hailing services.

# Company Summary: Senmiao Technology Limited

## Overview
- **Legal Structure:** U.S. holding company incorporated in Nevada on June 8, 2017.
- **Operations in China:** Mainly through subsidiaries and equity investees.
- **Primary Business Focus:** Automobile Transaction and Related Services (including leasing, sales, financing, and related services).

## Core Business Activities
- **Automobile Operating Lease (Auto Operating Leasing):** Providing car rentals to individual customers with lease terms ≤12 months, including new energy vehicles (NEVs).
- **Services for NEV Leasing:** Charging lease service fees for NEV rentals, offering industry and order-taking guidance, violation/legal/insurance consultation.
- **Automobile Purchase Services:** Assisting customers with credit assessments, GPS installation, driver qualification, and administrative processes, based on vehicle sales prices.
- **Auto Commissions:** Management and related services for partner platforms, earning monthly management commissions.
- **Auto Financing:** Providing auto financing solutions via leasing; Hunan Ruixi, a subsidiary, acts as lessor. During FY ended March 31, 2025, interest income was $93,473.
- **Default Revenue & Other Services:** Revenue from early contract termination and violations; total of $126,059 in FY ended March 31, 2025.
- **Discontinued Ride-Hailing Platform:** Operated the Xixingtianxia platform from October 2020 to August 2024, serving online ride-hailing drivers across 22 cities with associated licensing and regulatory compliance. The platform was sold and discontinued in August 2024.

## Customer Base
- Serviced approximately **3,000 customers** in FY ended March 31, 2025.
- Customers are mainly online ride-hailing drivers using leased or purchased automobiles.

## Employees
- Total full-time employees: **35** (as of the date of the report).
- Breakdown by function:
  - Management: 2
  - Legal & Risk Management: 2
  - Operations: 7
  - Marketing: 2
  - Drivers & Automobiles Management & Services: 10
  - Human Resources & Administration: 2
  - Finance & Accounting: 6
  - Internal Control & Audit: 1

## Financials (FY ended March 31, 2025)
- **Revenue:** 
  - Auto Operating Leasing (excluding Jinkailong): Leasing 826 automobiles, avg. $410/month per car.
  - NEV Leasing Service Revenue: $184,625
  - Automobile Purchase Services: $38,696
  - Auto Commissions (monthly management fees): $145,227
  - Auto Financing (interest income): $93,473
  - Default Revenue: $105,025
  - Other Services: $21,034
- **Total Revenue (approximate):** 
  - Summing the major sources: approximately **$587,080** (excluding contributions from discontinued ride-hailing).
- **Net Income / Losses:** 
  - Reported net losses of **$3,467,165** for FY ended March 31, 2025.
  - Previous year net losses were **$3,854,206**.

## Summary Notes
- The company primarily operates in China's automobile leasing, sales, and financing sector.
- It has transitioned from operations in ride-hailing platform services which it sold in August 2024.
- The customer base is mainly online ride-hailing drivers, with a focus on leasing NEVs and conventional vehicles.
- The company has a lean staff of 35 full-time employees, mostly based in China.
- Revenue is derived from automobile leasing, sales-related services, management fees, and auto financing, with significant net operating losses reported for the fiscal year.

Senmiao is a U.S. holding company operating in the PRC's online ride-hailing industry, focusing on services like automobile leasing and a ride-hailing platform.

# Summary of Senmiao's Business Operations

## Overview
Senmiao is a U.S. holding company, incorporated in Nevada on June 8, 2017, which primarily operates through its subsidiaries in the People's Republic of China (PRC). The company has focused on providing services related to the online ride-hailing industry since November 2018.

## Core Business Segments

### 1. **Automobile Transactions and Related Services**
This segment encompasses several services aimed at ride-hailing drivers and vehicle purchasers:
- **Automobile Operating Lease:** Leasing vehicles to individual customers with terms of no more than 12 months. Excluding one equity investee company, Senmiao has over 1,400 leased automobiles, generating an average monthly income of approximately $485 per vehicle as of March 31, 2024.
- **Auto Commissions:** Provided management and related services to partner platforms, generating $196,099 in revenue for the year ending March 31, 2024.
- **Auto Financing:** Offered financing solutions for leasing and purchases. Interest income recognized was $57,677 for the year ending March 31, 2024.
- **NEVs and Purchase Services:** Services related to new energy vehicle transactions, resulting in $45,231 from leasing NEVs and $36,637 from automobile purchases for the year ending March 31, 2024.
- **Auto Management and Guarantee Services:** Post-delivery services for ride-hailing drivers earned the company $16,246 in revenue for the year ending March 31, 2024.
- **Auto Sales:** Sales of used vehicles generated $8,822 in revenue for the year ending March 31, 2024. 

Token figures from these operations show the scale of business, with a total of **312 automobiles financed**, **1,516 automobiles sold** totaling approximately **$14.5 million**, and **1,892 automobiles delivered** under operating leases.

### 2. **Online Ride-hailing Platform Services**
Senmiao operates its ride-hailing platform called Xixingtianxia, which commenced in October 2020. Key details include:
- Serves qualified ride-hailing drivers and customers primarily in **22 cities**, including Chengdu and Changsha.
- Average monthly active drivers exceeded **5,000**, with a total of approximately **4.9 million rides** completed, generating gross fare revenue of approximately **$15.1 million** in the fiscal year ending March 31, 2024.
- Revenue from online ride-hailing platform services amounted to around **$2.5 million** after accounting for driver incentives.

### Customer Base
Senmiao has serviced over **2,000 clients** within the **Automobile Transaction and Related Services** segment in the fiscal year ending March 31, 2024. 

### Employees
As of the date of this report, Senmiao employs a total of **55 full-time employees**:
- **45 employees** are involved in the Automobile Transaction and Related Services segment.
- **7 employees** are dedicated to Online Ride-hailing Platform Services.

### Financial Performance
For the fiscal year ending March 31, 2024:
- **Net Revenue** from operations generated significant figures but specific total revenue needs to be clarified as the financial summary mentions various income streams without an aggregate net revenue figure.
- **Net Losses** were recorded at **$4.2 million** for the year ended March 31, 2024, reflecting ongoing challenges despite revenue generation.

### Conclusion
Senmiao is a rapidly evolving player in the ride-hailing industry, with a robust presence in automobile leasing and financing targeted at ride-hailing drivers. The company's strategic operations and broad scope of services underpin its efforts to navigate an intensely competitive market while maintaining growth potential.

Senmiao Technology Ltd

10-K / July 10, 2025

10-K / June 27, 2024

10-K / July 10, 2025

Company Summary: Senmiao Technology Limited

Overview

Core Business Activities

Customer Base

Employees

Financials (FY ended March 31, 2025)

Summary Notes