Senmiao Technology Limited (AIHS): Business Model Canvas [Dec-2025 Updated]

You're looking at a company, Senmiao Technology Limited, right in the middle of a tough strategic shift, moving away from the heavy capital needs of ride-hailing toward a data-driven service play. Honestly, the financials from the fiscal year ended March 31, 2025, show the near-term struggle, with total revenue at $3.39 million, though the pivot is showing some traction, like the $1.44 million in operating lease rentals for the six months ending September 30, 2025. As a former BlackRock analyst, I see this canvas as the blueprint for that pivot-it maps out how they plan to monetize their historical driver data with a new AI system while managing their New Energy Vehicle (NEV) leasing business. If you want to see the nuts and bolts of how Senmiao Technology Limited is trying to rebuild its model, dive into the nine blocks below.

Senmiao Technology Limited (AIHS) - Canvas Business Model: Key Partnerships

You're looking at Senmiao Technology Limited (AIHS) in late 2025, and the Key Partnerships block is all about securing capital and monetizing data assets following the sale of the ride-hailing platform.

The need for these alliances is clear from the financials for the fiscal year ending March 31, 2025: Total Revenue was only $3.39 million, which translated to a Net Loss of -$3.73 million, giving an Operating Profit Margin of -114.12%. So, partnerships that bring in funding or new, high-margin revenue streams are defintely critical right now.

Here's what the structure looks like based on recent agreements:

• Qinhong International Group for SME financing and customer base expansion.
• Changsha Yipeng to jointly develop the AI-backed data management system.
• NEV manufacturers to secure favorable terms for vehicle supply.
• Financial institutions for capital to support vehicle financing and leasing.

The partnership with Qinhong International Group, signed on June 12, 2025, directly addresses the capital need. Qinhong, which specializes in financing facilitation for SMEs since 2013, will leverage its relationships with financial institutions to help Senmiao Technology secure funding for its business plans. At the time of this announcement, Senmiao Technology's market capitalization stood at $12.1 million, and its trailing twelve-month revenue growth was cited at 12.21% with a Gross Profit Margin of 22.88%.

The collaboration with Changsha Yipeng Information Technology, formalized on June 13, 2025, pivots the business toward data monetization. Changsha Yipeng brings over ten years of experience in AI-based information systems. They will use Senmiao's historical operational data-related to drivers, vehicles, and riders-to build an AI-backed data management system. Both parties agreed to jointly seek the necessary financing for the system's full development and deployment.

The reliance on external funding is underscored by recent capital raises. Senmiao Technology closed a registered direct offering on November 20, 2025, securing aggregate gross proceeds of approximately $2.8 million by selling shares and pre-funded warrants at $1.26 per share. This highlights the ongoing need to tap into capital markets or partner with institutions that have direct access.

The structure of these alliances, particularly the one with Qinhong International Group, is designed to provide immediate financial support and access to a broader customer base, which is essential given the company's reported Current Ratio of 0.37 as of mid-2025, suggesting liquidity challenges.

Here is a summary of the quantitative aspects tied to the key strategic alliances announced in mid-2025:

Regarding the partnership with NEV manufacturers, the public disclosures confirm the strategic intent is to secure favorable terms for vehicle supply, which supports the ongoing Automobile Transaction and Related Services segment, which includes vehicle finance and operating leases. However, specific financial terms, such as the number of vehicles secured or the discount percentage achieved through these arrangements, were not detailed in the latest available public filings as of late 2025.

The partnership with Financial institutions is largely facilitated through Qinhong International Group, but the company also continues to expand its complementary financial offerings, which include vehicle finance, vendor finance, and supply chain finance, as noted in its late 2025 business updates.

Finance: draft 13-week cash view by Friday.

Senmiao Technology Limited (AIHS) - Canvas Business Model: Key Activities

Senmiao Technology Limited's key activities center on its integrated financial and automobile services ecosystem in China. The company actively engages in facilitating transactions and managing assets within the vehicle sector.

Automobile transaction services, including sales and financing facilitation.

The core activity involves providing a suite of integrated financial services, which includes vehicle sales and purchase facilitation, alongside financing services for automobiles. This is part of a broader set of offerings that also covers vendor finance, supply chain finance, and guarantee services. The overall financial performance tied to these activities for the fiscal year ending March 31, 2025, showed total revenue of $3.39 million.

The operational results for the fiscal year ending March 31, 2025, included:

Operating lease and rental services, with a focus on New Energy Vehicles (NEVs).

A significant activity is the operation of leasing and rental services for automobiles. The volume in this segment directly impacts top-line revenue. For the quarter ending December 31, 2024, total revenues were $919,836, down from $1,108,207 in the same quarter the prior year, which the company attributed to a reduction in the number of automobiles leased for operating purposes. The cost of revenues for that quarter was $743,449, representing 81% of total revenues.

The most recent reported quarterly revenue, for Q3 2025, stood at $0.94 million.

Developing and monetizing the AI-backed data management platform.

Senmiao Technology Limited is actively developing and seeking to monetize its technology platform capabilities. This includes leveraging its e-commerce platform, which connects agricultural produce sellers and other small merchants, to enhance its ability to collect data. A specific strategic move in this area was the June 13, 2025, Strategic Cooperation Agreement with Changsha Yipeng to develop an AI-backed data management system for online ride-hailing service providers.

The company's activities related to technology development and platform enhancement are intended to support its financial services by driving sustainable growth and improving risk management.

Securing capital through equity offerings, like the recent $2.8 million gross raise.

A critical ongoing activity is securing necessary capital to fund operations and growth strategy. Senmiao Technology Limited closed a registered direct offering in November 2025, raising approximately $2.8 million in gross proceeds before deducting offering expenses. The terms of this financing involved several components:

• Shares sold in the direct offering: 1,350,000 common shares.
• Pre-funded warrants issued: To purchase 905,000 shares.
• Purchase price per unit (share or pre-funded warrant): $1.26.
• Potential additional warrants: To purchase up to 4,510,000 shares.
• Exercise price for potential warrants: $1.26 per share.

As of November 20, 2025, the company's market capitalization was reported at $1.19 million.

Senmiao Technology Limited (AIHS) - Canvas Business Model: Key Resources

You're looking at the core assets Senmiao Technology Limited (AIHS) is relying on as of late 2025. These are the things they own or have contractual rights to that make the business model work.

Historical ride-hailing data on drivers, vehicles, and riders

Senmiao Technology Limited's operations are centered on the online ride-hailing industry in China, and its historical data is a recognized asset. This data is key to strategic technology development.

• Historical operational data leveraged for an AI-backed data management system via cooperation with Changsha Yipeng Information Technology, signed in June 2025.

Capital from the November 2025 registered direct offering

The company secured immediate liquidity through a registered direct offering in November 2025. This financing strengthens the financial foundation for growth strategy execution.

Here's the quick math on the closing of the registered direct offering on November 20, 2025:

What this estimate hides is the potential dilution if the 4,510,000 warrants are approved and exercised.

Automobile inventory for leasing and sales, concentrated on NEVs

Senmiao Technology Limited's business activities explicitly include the leasing and servicing of new energy vehicles (NEVs). The majority of the group's revenue is generated from its automobile rental business.

• Business activity includes leasing and servicing of new energy vehicles.

Strategic cooperation agreements and banking relationships in China

Strategic agreements are in place to expand business presence and secure funding channels within China.

• Cooperation agreement signed with Qinhong International Group in June 2025.
• Qinhong International Group will help Senmiao Technology secure financing through its established banking relationships.
• Cooperation agreement signed with Changsha Yipeng Information Technology in June 2025 to develop an AI-backed data management system.

Senmiao Technology Limited (AIHS) - Canvas Business Model: Value Propositions

You're looking at the core offerings Senmiao Technology Limited (AIHS) is pushing to turn around its financial footing. The company's value proposition centers on supporting the ride-hailing ecosystem in China, especially as it pivots toward data monetization. Honestly, the financial context from the fiscal year ending March 31, 2025, shows why these propositions are critical: Total Revenue was only $3.39 million, against a Net Loss of -$3.73 million. That's a Net Profit Margin of -102.30%, so the value delivered must translate directly into better unit economics for the customer or new revenue streams for Senmiao Technology Limited (AIHS).

Access to New Energy Vehicles (NEVs) for ride-hailing drivers

The fundamental value here is providing the physical assets necessary for drivers to operate on ride-hailing platforms. Senmiao Technology Limited (AIHS) focuses on the leasing and servicing of New Energy Vehicles (NEVs), which is a key part of its Automobile Transaction and Related Services segment. This proposition directly addresses the barrier to entry for drivers needing compliant, modern vehicles.

• Providing access to the necessary fleet assets.
• Focus on leasing and servicing of NEVs.
• Supporting the core ride-hailing industry operations.

Financing and Leasing Solutions for Vehicle Acquisition

This goes beyond just providing a car; it's about structuring the acquisition. Senmiao Technology Limited (AIHS) offers automobile financing through financing leases and car rental services. This is a direct financial service component, which, alongside micro-finance lending, forms a complementary financial offering. The goal is to ease the capital burden for drivers or fleet operators.

Here's the quick math on the financial scale that these services operate within:

What this estimate hides is the specific portfolio size of the vehicle finance book, but the overall revenue base shows the scale of the challenge these propositions must overcome.

Data-driven Operational Efficiency Tools via the New AI System

This is the strategic pivot for Senmiao Technology Limited (AIHS). The value proposition shifts from asset-heavy operations to data monetization. In June 2025, the company signed a cooperation agreement to jointly develop an AI-backed data management system for online ride-hailing providers. The value is derived from monetizing extensive historical operational datasets.

The AI system is designed to deliver value through:

• Developing AI-backed data management for efficiency.
• Monetizing historical operational datasets.
• Improving risk management through data analytics capabilities.

This move is a direct response to the Operating Profit Margin plunging to -114.12% in FY 2025, signaling a need for non-traditional, high-margin revenue streams.

Streamlined Administrative Procedures for Driver Qualification and Vehicle Management

The integration of the platform and data services is intended to simplify the necessary compliance and management overhead for drivers and partners. This includes offering management and related services to Partner Platforms. The value is in reducing the friction and time spent on non-driving related tasks.

The administrative value proposition includes:

• Providing management services to Partner Platforms.
• Offering services to automobile purchasers throughout the purchase process.
• Reducing administrative load on drivers and partners.

If onboarding takes 14+ days, churn risk rises, so speed in qualification is a tangible benefit.

Senmiao Technology Limited (AIHS) - Canvas Business Model: Customer Relationships

You're looking at how Senmiao Technology Limited (AIHS) interacts with the folks who use their services, especially now that they've pivoted away from running the ride-hailing platform itself. The relationships are now heavily focused on enabling the ecosystem through data and financing.

Direct service and consultation for financing and leasing clients.

For clients needing capital for vehicles, the relationship is direct, centered on auto finance solutions and New Energy Vehicle (NEV) leasing. This is where the rubber meets the road for their core transaction business. The scale of these direct engagements, as of March 31, 2025, gives you a concrete idea of the current customer base in this segment.

Honestly, with current liabilities at $5.218 million against current assets of only $2.239 million for FY 2025, securing new, quality financing relationships is defintely a top priority to shore up that 0.43 current ratio.

Strategic cooperation model for data platform partners.

The relationship shifts to a strategic cooperation model with technology firms, moving from direct platform operation to becoming a data enabler. This is a key part of their post-platform strategy, aiming to monetize historical operational data. For instance, the June 13, 2025, agreement with Changsha Yipeng Information Technology Co., Ltd. establishes a joint effort to develop an AI-backed data management system. This system will use Senmiao Technology Limited's historical data related to drivers, vehicles, and riders.

Also, Senmiao Technology Limited signed a strategic cooperation agreement with Qinhong International Group on June 12, 2025, to jointly promote their services to Small and Medium-sized Enterprises (SMEs) in China, which implies a relationship built on shared customer networks and financial access.

Transactional relationship for one-time automobile sales.

For customers engaging in outright purchase, the relationship is purely transactional, covering the sale of new or used cars. This is separate from the ongoing lease or financing arrangements. Looking at the transaction volume as of March 31, 2025, you can see the scale of these one-off sales activities.

• Automobiles Sold (one-time transactions) as of March 31, 2025: 1,516 units.
• Total Revenue for FY 2025 was $3.39 million, which reflects the overall activity across all segments, including these sales.

Dedicated support for ride-hailing driver qualification.

Even after selling the platform, Senmiao Technology Limited maintains relationships providing essential management and supporting services to drivers, which is crucial for keeping the ecosystem running smoothly. These services are designed to onboard and maintain driver compliance.

The dedicated support includes specific administrative and training functions:

• Ride-hailing driver training.
• Assisting with a series of administrative procedures.
• Credit assessment services.
• Installation of GPS devices.
• Handling ride-hailing driver qualification processes.

These support services are a direct, hands-on relationship with the individual driver, helping them meet regulatory and operational requirements in the mobility sector.

Senmiao Technology Limited (AIHS) - Canvas Business Model: Channels

Senmiao Technology Limited uses a multi-faceted approach to reach customers for its automobile transaction and related services, which, for the fiscal year ending March 31, 2025, generated total revenues of $3.39 million.

Direct presence is established through the company headquarters in Chengdu, Sichuan Province, with primary operations focused on the local markets of Chengdu and Changsha, China.

The company actively pursues channel expansion through strategic alliances, notably the agreement signed in June 2025 with Qinhong International Group, intended to leverage existing business relationships and customer resources to expand the customer base and boost revenues.

For enhancing its service delivery, Senmiao Technology entered a cooperation agreement in June 2025 with Changsha Yipeng Information Technology to develop an AI-backed data management system for online ride-hailing service providers, utilizing historical data to improve efficiency and safety.

The core automobile services are distributed through direct transaction channels, as evidenced by the volume of activities recorded as of March 31, 2025:

• The company discontinued its online ride-hailing platform services in August 2024.
• Focus remains on automobile sales, financing facilitation, and leasing services.

The volume of automobile transactions channeled through the business as of the end of the fiscal year 2025 is detailed below:

Marketing efforts for these automobile services, which include operating leases and financing, are conducted through both online and offline methods to reach drivers and other relevant customers in the service areas.

Senmiao Technology Limited (AIHS) - Canvas Business Model: Customer Segments

You're looking at Senmiao Technology Limited (AIHS) as of late 2025, and the customer base is clearly concentrated in the automobile transaction and leasing space, following the August 2024 discontinuation of the online ride-hailing platform services segment.

The primary customer groups driving the $3.39 million in Total Revenue for the fiscal year ending March 31, 2025, fall into these categories:

Online ride-hailing drivers in China

• This segment is effectively obsolete; the company discontinued its online ride-hailing platform services in August 2024.

Small and medium-sized enterprises (SMEs) seeking financing facilitation

This group is served through the financing lease and automobile purchase services. The scale of this activity as of March 31, 2025, shows the volume of vehicles supported:

Online ride-hailing service providers needing data solutions

While the platform itself is gone, the company still provides management and related services to Partner Platforms. Specific customer counts for this data solution service are not detailed in the latest filings, but it falls under the broader Automobile Transaction and Related Services umbrella.

Individual customers for car rental services

This segment is the core revenue generator, as the majority of Senmiao Technology Limited's revenue is generated from its automobile rental business. The activity level for these individual customers is quantified by operating leases:

• Automobiles Delivered Under Operating Leases (as of March 31, 2025): 2,116 units.

The company also offers New Energy Vehicle (NEV) leasing and general car rental services to individual customers with lease terms no more than twelve months.

Senmiao Technology Limited (AIHS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Senmiao Technology Limited (AIHS) for the fiscal year ended March 31, 2025, and honestly, the numbers show a business where expenses are significantly outpacing revenue, which is the core challenge you need to model.

The largest direct cost component is the Cost of Revenue, which came in at $2,539 thousand for FY 2025. This is the direct cost associated with generating their reported total revenue of $3,389 thousand for that period. This resulted in a Gross Profit of $850 thousand and a Gross Profit Margin of 25.07% for the year.

The overhead-the Sales, General and Administrative (SG&A) expenses-was a substantial drain, totaling $2,624 thousand in FY 2025. When you stack the Cost of Revenue and SG&A together, you see why the operating performance was so weak. The company posted an Operating Income loss of -$3,868 thousand for the year.

Here's a quick look at the key expense categories from the income statement for the fiscal year ended March 31, 2025, in thousands of USD:

Regarding the costs related to developing the new AI-backed data system, the reported Research and Development expense line item for FY 2025 is listed as not applicable or zero in the available filings data, represented by '--'. This suggests that either the costs were immaterial, classified elsewhere, or that the primary focus in that fiscal year was not on large-scale R&D capitalization, despite the strategic pivot you know they are attempting.

For vehicle depreciation and operating lease costs, these are embedded within the Cost of Revenue and SG&A, as the majority of Senmiao Technology Limited (AIHS)'s revenue is generated from its automobile rental business, including leasing and servicing new energy vehicles. The balance sheet data does show current liabilities of $4.75 million exceeding current assets of $2.11 million, which includes operating and financing lease liabilities that are not broken out separately as a direct expense in the provided income statement snapshot.

The financing costs and interest expense are explicitly detailed. The Interest Expense for the fiscal year ended March 31, 2025, was $15 thousand. This is a relatively small figure compared to the operating losses, but it adds to the overall cost base that the company must cover.

• Cost of Revenue: $2,539 thousand.
• SG&A Expenses: $2,624 thousand.
• Interest Expense: $15 thousand.
• Net Loss for FY 2025: -$3,725 thousand.

Finance: draft 13-week cash view by Friday.

Senmiao Technology Limited (AIHS) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for Senmiao Technology Limited (AIHS) revenue streams as of late 2025. The total revenue for the fiscal year ending March 31, 2025, was reported at $3.39 million. This figure represented a year-over-year decline of -21.55% compared to the $4.32 million reported for the fiscal year ended March 31, 2024.

To give you a more current snapshot, the trailing twelve months (TTM) revenue, as of September 30, 2025, stood at $3.56 million.

Here's a quick look at the annual revenue context:

For the six months ended September 30, 2025, total revenue reached $1.80 million. The primary driver for this period was the operating lease rentals of automobiles, which totaled $1.44 million. The remaining revenue came from other core activities.

The specific revenue streams contributing to the top line include:

• Operating lease rentals of automobiles, totaling $1.44 million in the six months ended September 30, 2025.
• Automobile sales and financing facilitation service fees.
• NEV leasing service fees and commissions.

The most recent reported quarterly revenue, for the quarter ending September 30, 2025, was $0.936344 million.

Looking ahead, there is potential future revenue identified from the development of an AI-backed data management system, following a strategic cooperation agreement signed in mid-2025. Still, the immediate financial reality shows a working capital deficit of roughly $2.6 million as of September 30, 2025, indicating reliance on financing to support operations. Finance: draft 13-week cash view by Friday.