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Token Cat Limited

TC

NASDAQIndustrialsSpecialty Business Services

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Previous close

$2.07

−$0.08 · -3.72%

Aug 21, 4:00 PM ET

TC company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Sell

Trim exposure — unfavorable risk-reward

Valuation

55

Fair Value

Momentum

18

Strong Down

Sentiment

48

Mixed

Risk resilience

34

High Risk

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Company profile

Company website

Token Cat Limited, through its subsidiaries, operates as an omni-channel automotive marketplace in the People’s Republic of China. The company organizes auto shows and special promotion events; and provides integrated marketing solutions to industry customers, including automakers, franchised dealerships, secondary dealers, and automotive service providers, as well as enable interactions between participants on both sides of a potential transaction. It also offers business and technical support, and consulting services; subscription and support services; online marketing services through various online platforms, including tuanche.com website, WeChat account, WeChat mini-program, mobile applications, and Cheshangtong, a software as a service product; and referral services for commercial bank to enhance its auto loan business. The company was formerly known as TuanChe Limited and changed its name to Token Cat Limited in February 2025. Token Cat Limited was founded in 2010 and is headquartered in Beijing, China.

Industry
Specialty Business Services
Sector
Industrials
Headquarters
CN
CEO
Guang Sheng Liu
Listed since
Nov 20, 2018
Employees
23

Market position

Day range

Current $2.07

52-week range

Current $2.07

Open
$2.15
Previous close
$2.15
Volume
44.87K
0.03× average
Average volume
1.75M
Average daily volume
Market cap
6.02M USD
Beta
0.81
Market reference 1
50-day average
$3.7802
-45.24% below average
200-day average
$9.5811
-78.39% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
11.01M CNY
P/E (TTM)
-2.42×
P/B (TTM)
0.01×
P/S (TTM)
2.05×
EV / EBITDA
-0.33×
Earnings yield
38.21%
Free cash flow yield
-2968.88%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
79.01%
Operating margin
-206.98%
Net margin
-3.41%
Return on equity
1.67%
Return on assets
1.28%
Return on invested capital
-20.58%

Financial health

Debt / equity
0.05×
Current ratio
10.66×
Altman Z-score
-11.1
Piotroski F-score
4 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends142%-121%-385%-648%Gross margin, FY2021: 76.15%Gross margin, FY2022: 61.49%Gross margin, FY2023: 57.54%Gross margin, FY2024: 68.29%Gross margin, FY2025: 2.84%Operating margin, FY2021: -31.00%Operating margin, FY2022: -65.12%Operating margin, FY2023: -74.54%Operating margin, FY2024: -182.89%Operating margin, FY2025: -582.35%Net margin, FY2021: -28.51%Net margin, FY2022: -90.88%Net margin, FY2023: -51.10%Net margin, FY2024: -382.28%Net margin, FY2025: 38.34%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 76.15%. Gross margin FY2022 61.49%. Gross margin FY2023 57.54%. Gross margin FY2024 68.29%. Gross margin FY2025 2.84%. Operating margin FY2021 -31.00%. Operating margin FY2022 -65.12%. Operating margin FY2023 -74.54%. Operating margin FY2024 -182.89%. Operating margin FY2025 -582.35%. Net margin FY2021 -28.51%. Net margin FY2022 -90.88%. Net margin FY2023 -51.10%. Net margin FY2024 -382.28%. Net margin FY2025 38.34%.

Income trends

Revenue

5.76M CNY-88.29%

Operating income

−33.54M CNY+62.71%

Net income

2.21M CNY+190.2M CNY
Income trends across reported periods412.11M CNY193.89M CNY−24.33M CNY−242.55M CNYRevenue, FY2021: 357.55M CNYRevenue, FY2022: 183.19M CNYRevenue, FY2023: 162.37M CNYRevenue, FY2024: 49.18M CNYRevenue, FY2025: 5.76M CNYOperating income, FY2021: −110.85M CNYOperating income, FY2022: −119.3M CNYOperating income, FY2023: −121.03M CNYOperating income, FY2024: −89.94M CNYOperating income, FY2025: −33.54M CNYNet income, FY2021: −101.95M CNYNet income, FY2022: −166.49M CNYNet income, FY2023: −82.97M CNYNet income, FY2024: −187.99M CNYNet income, FY2025: 2.21M CNYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 357.55M CNY. Revenue FY2022 183.19M CNY. Revenue FY2023 162.37M CNY. Revenue FY2024 49.18M CNY. Revenue FY2025 5.76M CNY. Operating income FY2021 −110.85M CNY. Operating income FY2022 −119.3M CNY. Operating income FY2023 −121.03M CNY. Operating income FY2024 −89.94M CNY. Operating income FY2025 −33.54M CNY. Net income FY2021 −101.95M CNY. Net income FY2022 −166.49M CNY. Net income FY2023 −82.97M CNY. Net income FY2024 −187.99M CNY. Net income FY2025 2.21M CNY.
Metric (CNY)FY2025FY2024FY2023FY2022FY2021
Revenue5.76M CNY49.18M CNY162.37M CNY183.19M CNY357.55M CNY
Cost of goods sold5.6M CNY15.6M CNY68.94M CNY70.54M CNY85.29M CNY
Gross profit163.42K CNY33.58M CNY93.43M CNY112.65M CNY272.26M CNY
Research and development—11.89M CNY11.27M CNY19.8M CNY35.65M CNY
Selling, general, and administrative34.64M CNY107.58M CNY201.67M CNY192.4M CNY347.46M CNY
Operating expenses33.7M CNY123.52M CNY214.45M CNY231.95M CNY383.11M CNY
Interest income——143K CNY174K CNY625K CNY
Interest expense—999K CNY—625K CNY—
Depreciation and amortization—85.89M CNY4.24M CNY4.24M CNY7.41M CNY
Operating income−33.54M CNY−89.94M CNY−121.03M CNY−119.3M CNY−110.85M CNY
Net income2.21M CNY−187.99M CNY−82.97M CNY−166.49M CNY−101.95M CNY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
40%
2 beats, 3 misses, 0 met estimates
Average EPS surprise
-83.34%
5 comparable reports
Latest EPS result
-0.4

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates-0.13-27.07-54.01-80.95Q1 '24MissQ3 '24BeatQ3 '24MissQ1 '25BeatQ3 '25No estimateQ1 '26EstimateQ1 '26EstimateQ3 '26Estimate
Q1 2024, reported Mar 28, 2024: actual -0.28, estimate -0.15, surprise -86.67%, Miss. Q3 2024, reported Aug 30, 2024: actual -0.958, estimate -1.2, surprise +20.20%, Beat. Q3 2024, reported Sep 26, 2024: actual -4.79, estimate -1.2, surprise -299.33%, Miss. Q1 2025, reported Mar 28, 2025: actual -4.6, estimate -7.17, surprise +35.78%, Beat. Q3 2025, reported Sep 15, 2025: actual -0.402, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Feb 25, 2026: actual —, estimate -74.94, surprise —, Comparison unavailable. Q1 2026, reported Mar 27, 2026: actual —, estimate -74.96, surprise —, Comparison unavailable. Q3 2026, reported Sep 24, 2026: actual —, estimate -42, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates180.75M120.83M60.91M982.09KQ1 '24MissQ3 '24MissQ3 '24MissQ1 '25MissQ3 '25No estimateQ1 '26EstimateQ1 '26EstimateQ3 '26Estimate
Q1 2024, reported Mar 28, 2024: actual 2.23M USD, estimate 167.45M USD, surprise -98.67%, Miss. Q3 2024, reported Aug 30, 2024: actual 2.22M USD, estimate 17.01M USD, surprise -86.93%, Miss. Q3 2024, reported Sep 26, 2024: actual 1.2M USD, estimate 16.99M USD, surprise -92.93%, Miss. Q1 2025, reported Mar 28, 2025: actual 1.16M USD, estimate 1.29M USD, surprise -10.56%, Miss. Q3 2025, reported Sep 15, 2025: actual 1.38M USD, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Feb 25, 2026: actual —, estimate 12.09M USD, surprise —, Comparison unavailable. Q1 2026, reported Mar 27, 2026: actual —, estimate 12.1M USD, surprise —, Comparison unavailable. Q3 2026, reported Sep 24, 2026: actual —, estimate 18.88M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Rating distribution

18 ratings
Strong buy00%
Buy317%
Hold1056%
Sell528%
Strong sell00%

Corporate actions

Corporate action history

Stock split

Effective Aug 29, 2025

1:20

Stock split

Effective Jan 26, 2024

1:15

Stock split

Effective Oct 22, 2020

1:4

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ETFs holding TC

Funds reporting this stock among their holdings, ordered by reported position size.

State Street SPDR S&P Emerging Markets Small Cap ETF logoState Street SPDR S&P Emerging Markets Small Cap ETFEWX
Market value
116.33K
Weight
0.02%
AUM
685.65M USD
Expense ratio
0.65%
Price / 1D
$72.22+0.25%

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