6-K - WETO - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2025

Commission File Number: 001-42536

Webus International Limited

(Translation of registrant’s name into English)

25/F, UK Center, EFC, Yuhang District

Hangzhou, China 311121

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

weto046_ex99-1.htm

Webus International Limited (the “Company”) is furnishing this report on Form 6-K to report its financial results for the six months ended December 31, 2024 and to discuss its recent corporate developments.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Statements in this current report with respect to the Company’s current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of the Company. Forward-looking statements include, but are not limited to, those statements using words such as “believe,” “expect,” “plans,” “strategy,” “prospects,” “forecast,” “estimate,” “project,” “anticipate,” “aim,” “intend,” “seek,” “may,” “might,” “could” or “should,” and words of similar meaning in connection with a discussion of future operations, financial performance, events or conditions. From time to time, oral or written forward-looking statements may also be included in other materials released to the public. These statements are based on management’s assumptions, judgments and beliefs in light of the information currently available to it. The Company cautions investors that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, including but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. Therefore, investors should not place undue reliance on such forward-looking statements. Actual results may differ significantly from those set forth in the forward-looking statements.

All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

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EXHIBITS

Exhibit No.	Description
99.1	Management’s Discussion and Analysis of Financial Condition and Results of Operation
99.2	weto046_ex99-2.htm<br><br>Unaudited Consolidated Financial Statements as of December 31, 2024 and for the six months ended December 31, 2024 and 2023
3
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Webus International Limited
By:	/s/ Zheng Nan
Name:	Zheng Nan
Title:	Chief Executive Officer

Date: May 9, 2025

4

Exhibit 99.1 ****

Webus International Limited **** Reports the First Half of Fiscal Year 202 5 Unaudited Financial Results

Webus International Limited (“Webus,” the “Company,” “we,” “our,” or “us”) (NASDAQ: WETO), a recognized provider of AI-driven mobility solutions specializing in premium, customizable chauffeur services for travelers worldwide announced its unaudited financial results for the six months ended December 31, 2024 on May 9, 2025.

Key Highlights for the First Half of Fiscal Year 202 5 **** ****

·	International businesses surged with rapid business development in North American region and the active market expansion in Japan - Korea region and the Middle East region in the first half of fiscal year 2025.

· Packaged tour services in North American region grew by 36.6% in the aspect of order number, primarily attributed to our development of premium routes and the considerate services offered by professional guides and drivers.

· The Company entered the Japan - Korea market and the Middle East market and the revenue from these markets contributed more than 24.5% of total revenue of packaged tour and customized charted bus services, primarily driven by the popularity of Japan - Korea and the Middle East tourism industry and attractive customized services we offered.

·	The Company improved the overall financial performance in the first half of fiscal year 2025.

· Gross profit margin ratio grew to 20.5% in the first half of fiscal year 2025 from 12.0% in the first half fiscal year of 2024.

· Gross profit for the first half fiscal year of 2025 was RMB3.6 million ($0.5 million), increased by 22.1% year over year, compared to RMB2.9 million in the first half of fiscal year 2024.

· Net loss for the first half fiscal year of 2025 narrowed to RMB2.8 million ($0.4 million), decreased by 33.0% year over year, compared to RMB4.2 million in the first half of fiscal year 2024.

· Cash and cash equivalents were RMB2.8 million and RMB3.8 million ($0.5 million) as of June 30, and December 31, 2024, respectively. Short-term investments were RMB9.7 million ($1.3 million) as of December 31, 2024, compared to nil as of June 30, 2024, which mainly consisted of wealth management products issued by PRC banks and equity securities intended to be sold within one year.

·	Initial Public Offering

· On February 28, 2025, we successfully completed the initial public offering (“Offering”) on The Nasdaq Capital Market and commenced trading under the ticker symbol “WETO.” Under the Offering, 2,000,000 ordinary shares, par value $0.0001 per share (the “Ordinary Shares”) were issued at a price of $4.00 per share. The Offering was conducted on a firm commitment basis for gross proceeds of $8,000,000, before deducting underwriting discounts and offering expenses.

Management Commentary

“We achieved a significant operational progress in the first half of fiscal year 2025. We have seen remarkable growth in our overseas packaged tour service business, especially in North America, Japan - Korea, and the Middle East region, which significantly boosted our gross profit and narrowed our net losses.” said Mr. Zheng Nan, the Chief Executive Officer, “Looking ahead, we are steadily rolling out impactful strategies tailored to North America, Japan - Korea, and the Middle East markets. Our aim is to refine our service ecosystem and ensure unparalleled service standards, as we've always highly valued service quality. Moreover, we are committed to continuously expanding our global customer base, thereby further extending our market reach and solidifying our position in the international market arena.”

Financial Review for the Six Months Ended December 31, 202 3 and 202 4

Revenues

Our revenues decreased by 28.5% from RMB24.3 million for the six months ended December 31, 2023 to RMB17.4 million ($2.4 million) for the six months ended December 31, 2024. The decrease was mainly due to the decline in packaged tour service in the domestic market, customized chartered bus service and commuter shuttle service, and partially offset by the growth in packaged tour service in the overseas market.

The following table sets forth a breakdown of our revenues, each expressed in the absolute amount and as a percentage of our total revenues, for the periods indicated.

	For the six months ended December 31,
	202 3				202 4				Variance
	RMB		%		RMB		%		%
R evenues:
Packaged tour service		17,666,615 ****	****	72.7 ****	****	1 5 , 413 , 411		88 . 7		(12.8 ** **	) ** **
Domestic		7,832,089		32.2		-		-		(100.0	)
Overseas		9,834,526		40.5		15,413,411		88.7		56.7
Customized chartered bus service		5,431,317		22.4		1 , 588 , 793 ****		9.1		(70.7 ** **	) ** **
Domestic		809,268		3.3		165,455		1.0		(79.6	)
Overseas		4,622,049		19.1		1,423,338		8.1		(69.2	)
Commuter shuttle service		1,201,256		4.9		376,392		2 . 2		(68.7 ** **	) ** **
Domestic		1,201,256		4.9		376,392		2.2		(68.7	)
Total revenues		24,299,188		100.0		17 , 378 , 596		100.0		(28.5 ** **	) ** **

All values are in US Dollars.

Packaged tour service Our revenues from packaged tour service decreased by 12.8% from RMB17.7 million for the six months ended December 31, 2023 to RMB15.4 million ($2.1 million) for the same period in 2024, primarily attributable to the decrease of RMB7.8 million ($1.1 million) in the domestic market, partly offset by the increase of RMB5.6 million ($0.8 million) in the overseas market. The divergence in performance between the domestic and overseas markets was primarily attributed to our strategic decision to allocate more resources towards developing high-margin exquisite tourism routes in the overseas market during the six months ended December 31, 2024.

Customized chartered bus service Our revenues from customized chartered bus service decreased by 70.7% from RMB5.4 million for the six months ended December 31, 2023 to RMB1.6 million ($0.2 million) for the same period in 2024, mainly due to the fact that we integrated a portion of customized charted bus service into packaged tour services in overseas market to create a more competitive and all - inclusive tour service offering.

Commuter shuttle service Our revenues from commuter shuttle service decreased by 68.7% from RMB1.2 million for the six months ended December 31, 2023 to RMB0.4 million ($0.1 million) for the same period in 2024, primarily attributable to the termination in collaboration with three major customers and our strategic decision to downsize the operation of commuter shuttle service.

Cost of revenues

Our cost of revenues decreased by 35.4% from RMB21.4 million for the six months ended December 31, 2023 to RMB13.8 million ($1.9 million) for the six months ended December 31, 2024, generally aligning with our revenue trends. The following table sets forth a breakdown of our cost of revenues by revenue streams, expressed as an absolute amount and as a percentage of the total cost of revenues, for the periods indicated.

	For the six months ended December 31,
	202 3				202 4				Variance
	RMB		%		RMB		%		%
Cost of revenues:
Packaged tour service		15,559,204		72.8		1 2 , 182 , 579		88 . 2		(21.7 ** **	) ** **
Domestic		7,529,173		35.2		-		-		(100	)
Overseas		8,030,031		37.6		12,182,579		88.2		51.7
Customized chartered bus service		4,293,976		20.1		1 ,2 36 , 096		8 . 9		(71.2 ** **	) ** **
Domestic		644,366		3.0		128,359		0.9		(80.1	)
Overseas		3,649,610		17.1		1,107,737		8.0		(69.6	)
Commuter shuttle service		1,533,104		7.1		404,210		2.9 ****	****	(73.6 ** **	) ** **
Domestic		1,533,104		7.1		404,210		2.9		(73.6	)
Total cost of revenues		21,386,284		100.0		13,822,885		100.0		(35.4 ** **	) ** **

All values are in US Dollars.

Our cost of packaged tour services primarily consists of the procurement cost of hotel rooms, meals and other local services such as sightseeing costs for packages, entrance fees to museums and attractions and local transportation costs. Cost of customized chartered bus service and commute shuttle service includes costs directly related to delivering transportation services inclusive of payments to fleet operators for vehicle rental fees and petrol costs, and other miscellaneous expenses for operation.

Our cost of revenues for packaged tour service decreased by 21.7% from RMB15.6 million for the six months ended December 31, 2023 to RMB12.2 million ($1.7 million) for the same period in 2024 primarily due to the decrease in fleet and tour operators costs, generally in line with our revenues from packaged tour service. Our cost of revenues for customized chartered bus service and commuter shuttle service decreased by RMB3.1 million ($0.4 million) and RMB1.1 million ($0.2 million), respectively, from the first half fiscal year of 2024 to the first half fiscal year of 2025. The decrease was mainly due to the decrease in cost related to fleet operators, which was generally in line with the revenue trends.

Gross profit and margin

The following table sets forth a breakdown of our gross profit, margin by revenue streams, expressed as an absolute amount and as a percentage of the total gross profit for the periods indicated.

	For the six months ended December 31,
	202 3									202 4
	RMB			Margin			%			RMB				Margin			%
Gross profit and margin:
Packaged tour service		2,107,411			11 .9	%		72.3 ****	****	****	3 , 230 , 832				21.0	%		90 . 9
Domestic		302,916			3.9	%		10.4			-				-			-
Overseas		1,804,495			18.3	%		61.9			3,230,832				21.0	%		90.9
Customized chartered bus service		1,137,341			20.9	%		39.0			352,697				2 2 . 2	%		9 . 9
Domestic		164,902			20.4	%		5.7			37,096				22.4	%		1.0
Overseas		972,439			21.0	%		33.3			315,601				22.2	%		8.9
Commuter shuttle service		(331,848 ** **	) ** **		(27.6 ** **	)%		(11.3 ** **	) ** **		(27,818 ** **	) ** **	) ** **	****	(7.4 ** **	)% ****	****	(0.8 ** **	) ** **
Domestic		(331,848	)		(27.6	)%		(11.3	)		(27,818	)	)		(7.4	)%		(0.8	)
Total		2 , 912 , 904			12 .0	%		100.0			3 , 555 , 711				20.5	%		100.0

All values are in US Dollars.

As a result of the foregoing, our gross profit realized a significant increase of 22.1% from RMB2.9 million for the six months ended December 31, 2023 to RMB3.6 million ($0.5 million) for the same period in 2024, representing a gross profit margin increasing from 12.0% to 20.5%. The increase in the gross profit margin rate was primarily attributable to the increase in the proportion of revenue from packaged tour service in the overseas market with the higher margin rate among all revenue streams. The volume of orders for our packaged tour service in the overseas market significantly increased by 133.1%, representing our steadily – accumulated and loyal customer base.

Operating expenses

Our operating expenses decreased by 3.6% from RMB7.6 million for the six months ended December 31, 2023 to RMB7.3 million ($1.0 million) for the six months ended December 31, 2024, primarily due to the following:

●	Selling expenses in the first half of 2025 slightly decreased by 9.9% to RMB3.8 million ($0.5 million) from RMB4.2 million in the same period of 2024, which was primarily driven by the decrease in advertising expenses as a result of our reduction in the expenditure on promotion and advertising.
●	General and administrative expenses in the first half of 2025 slightly increased by 13.7% to RMB2.9 million ($0.4 million) from RMB2.6 million in the same period of 2024, primarily due to an increase in professional service expenses relating to the consulting and auditing fees for the Initial Public Offering.
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●	Research and development expenses in the first half of 2025 decreased by 25.7% to RMB0.6 million ($0.1 million) from RMB0.8 million for the same period of 2024, primarily due to a reduction in the staff cost resulting from a slight decrease in the R&D department’s headcount.
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Total other income, net

Total other income, net increased from RMB0.5 million for the six months ended December 31, 2023 to RMB1.0 million ($0.1 million) for the six months ended December 31, 2024, primarily due to (i) an increase in government grant of RMB0.8 million; and was partially offset by (ii) the increase in interest expenses and bank charges of RMB0.2 million, as a result of the incremental short-term borrowings during the period.

Income tax expense

We incurred income tax expense of RMB20,139 for the six months ended December 31, 2023 since one of our PRC subsidiaries, Webus Travel Agency had taxable income for the six months ended December 31, 2023. For the six months ended December 31, 2024, we incurred no income tax expenses, since our PRC subsidiaries and Wetour suffered a loss.

Net loss

As a result of the foregoing, our net loss narrowed to of RMB2.8 million ($0.4 million) for the six months ended December 31, 2024 from RMB4.2 million in the same period in 2023.

E xchange rate information ****

A significant portion of our business is conducted in China. A significant portion of our revenues is received and denominated in RMB. A significant portion of our costs is paid and denominated in RMB and general administration costs are paid and denominated in RMB. Capital accounts of our financial statements are translated into United States dollars from RMB at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rates as of the balance sheet date. Income and expenditure are translated at the average exchange rate of the period. RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into United States dollars at the rates used in translation.

Amounts in USD are presented for the convenience of the reader and are translated at the rate of $1.00 = RMB7.2993, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2024. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate, or at any other rate.

About **** Webus International Limited

Webus International Limited is a recognized provider of AI-driven mobility solutions specializing in premium, customizable chauffeur services for travelers worldwide. Through our innovative "Mobility-as-a-Service" (MaaS) model, we deliver exceptional personalized transportation experiences with our extensive fleet of luxury vehicles and professional chauffeurs.

Our flagship brand “Wetour” specializes in high-end customized travel services, offering airport transfers, intercity transportation, private guided tours, and luxury chartered services for both leisure and business travelers. Leveraging proprietary technology, our platform integrates real-time AI support with 24/7 multilingual itinerary management, ensuring seamless mobility solutions across all international destinations we serve. For more information, please visit our website at www.webus.vip or www.wetourglobal.com.

Forward-Looking Statements

This discussion contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Exhibit 99.2 ****

WEBUS INTERNATIONAL LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”), except for share and per share data)

			As of December 31,
			2024			2024
			RMB			US
ASSETS
Current assets:
Cash and cash equivalents	2,780,907			3,831,871
Short-term investments	-			9,663,356
Accounts receivable	884,853			529,592
Amounts due from a related party	111,341			3,387
Deferred offering costs	5,350,165			6,084,501
Prepaid expenses and other current assets	1,783,880			8,435,567
Total current assets	10,911,14 6			28,548,274 ****	****		****
Non-current assets:
Property and equipment, net	33,714,952			32,603,469
Right-of-use assets	307,330			186,084
Total non-current assets	34,022,282			32,789,553 ****	****		****
TOTAL ASSETS	44,933,42 8			61,337,827 ****	****		****
LIABILITIES
Current liabilities:
Short-term borrowings	10,000,000			30,000,000
Accounts payable	411,219			319,595
Deferred revenue	2,621,402			2,691,633
Income tax payable	97,344			97,456
Lease liabilities - current	180,135			164,575
Accrued expenses and other current liabilities	1,145,737			558,235
Total current liabilities	14,455,83 7			33,831,494
Non-current liabilities:
Long-term borrowings	2,200,000 ****			2,200,000
Lease liabilities - noncurrent	55,454 ****			-
Other long-term liabilities	414,400 ****			347,200
Total non-current liabilities	2,669,854			2,547,200
TOTAL LIABILITIES	17,125,69 1			36,378,694			****
Commitments and Contingencies
SHAREHOLDERS’ EQUITY
Ordinary Shares (US0.0001 par value per share; 500,000,000 and 500,000,000 shares authorized as of June 30 and December 31, 2024; 20,000,000 and 20,000,000 shares issued and outstanding as of June 30 and December 31, 2024, respectively*)	12,720			12,720
Additional paid-in capital	65,063,327			65,063,327
Share subscription receivable	(12,720	)		(12,720	)		)
Accumulated deficits	(37,278,750	)		(40,115,970	)		)
Accumulated other comprehensive income	23,160			11,776
Total shareholders' equity	27,807,737			24,959,133 ****	****		****
TOTAL LIABILITIES AND SHAREHOLDES’ EQUITY	44,933,428			61,337,827 ****	****		****

All values are in US Dollars.

*	The shares and per share data are presented on a retroactive basis to reflect the Company’s recapitalization.

WEBUS INTERNATIONAL LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”), except for share and per share data)

	For the six months ended December 31,
	202 3			202 4			2024
	RMB			RMB			US
Revenues		24,299,188			17,378,596
Cost of revenues		(21,386,284	)		(13,822,885	)		)
Gross profit		2,912,904			3,555,711
Operating expenses:
Sales and marketing expenses		(4,213,766	)		(3,795,148	)		)
General and administrative expenses		(2,589,165	)		(2,945,069	)		)
Research and development expenses		(812,680	)		(604,159	)		)
Total operating expenses		(7,615,611 ****	) ****		(7,344,376 ** **	) ** **		) ****
Operating loss		(4,702,707 ****	) ****		(3,788,665 ** **	) ** **		) ****
Other income/(expenses)
Financial expenses, net		(455,550	)		(666,774	)		)
Other income, net		942,824			1,618,219
Total other income, net		487,274			951,445 ****	****		****
Loss before income tax expense		(4,215,433 ****	) ****		(2,837,220 ****	) ****		) ** **
Income tax expense		(20,139	)		-
Net loss		(4,235,572 ****	) ****		(2,837,220 ** **	) ** **		) ****
Other comprehensive income /(loss) :
Foreign currency translation adjustments, net of nil tax		5,118			(11,384	)		)
Total other comprehensive income /(loss)		5,118			(11,384 ** **	) ** **		) ****
Total comprehensive loss		(4,230,454 ****	) ****		(2,848,604 ****	) ****		) ****
Loss per ordinary share
Basic and diluted*		(0.21	)		(0.14	)		)
Weighted average number of ordinary shares outstanding
Basic and diluted*		20,000,000			20,000,000

All values are in US Dollars.

*	The shares and per share data are presented on a retroactive basis to reflect the Company’s recapitalization.