TuanChe (TC) AI Stock Analysis

• Market Cap: $1.81M
• Dividend Yield: N/A
• Average Volume (3M): 12.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.15
• Revenue Growth: -64.20%
• EPS Growth: -18.43%
• Country: US
• Employees: 116
• Sector: Communication Services
• Sector Strength: 97
• Industry: Internet Content & Information
• EPS (TTM): -0.79
• Shares Outstanding: 1,680,200
• 10 Day Avg. Volume: 25,770
• 30 Day Avg. Volume: 12,554
• PEG Ratio: -0.02
• Price to Book (P/B): -2.57
• Price to Sales (P/S): 7.36
• P/FCF Ratio: -10.42
• Enterprise Value/Market Cap: 157.91
• Enterprise Value/Revenue: 7.80
• Enterprise Value/Gross Profit: 10.64
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $10.50 ▲(21.39% Upside)
• Action: Upgraded Date: 01/18/26
• Date: Action: Upgraded 01/18/26

The score is driven primarily by very weak financial performance—sharp multi-year revenue contraction, persistent large losses, ongoing negative cash flow, and the shift to negative equity. Technicals are mixed with only short-term improvement against a bearish longer-term trend, while valuation is not supportive due to losses (negative P/E) and no dividend yield.

Positive Factors

High gross margins

Sustained gross margins around 60%+ indicate TuanChe’s core lead-generation and event services have high incremental profitability. That durable unit economics mean fewer revenue dollars are needed to cover variable costs, supporting eventual operating leverage if scale is restored.

Reduced cash burn trend

A meaningful reduction in operating cash outflow signals improved cost control and operational stabilization. Persistent but shrinking cash burn lessens near-term financing pressure and gives management runway to pursue restructuring or growth initiatives that could sustainably narrow losses over months.

Strategic cross-border partnership

The Ouyi Industrial agreement targets large-scale overseas aftermarket and cross-border sales, diversifying revenue beyond domestic auto events. If executed, it can structurally expand addressable markets, deepen supply-chain integration, and rebuild scale over multiple years—key to long-term recovery.

Negative Factors

Severe multi-year revenue decline

A collapse in top-line scale erodes network effects central to a dealer-led marketplace, reducing dealer participation and lead quality. Loss of scale raises unit costs, undermines marketing efficacy and pricing power, and makes restoring sustainable profitability materially harder over months.

Negative stockholders' equity

Negative equity is a structural solvency red flag that elevates funding and counterparty risk. It constrains access to traditional financing, increases the likelihood of dilutive capital raises or asset sales, and undermines long-term operational flexibility and stakeholder confidence.

Chronic negative operating and free cash flow

Persistent negative OCF and FCF mean the business cannot self-fund operations or reinvestment, forcing reliance on external financing or asset disposals. That structural cash deficit limits strategic options, heightens bankruptcy/dilution risk, and weakens ability to sustain long-term growth programs.

TuanChe Business Overview & Revenue Model

Company Description

Token Cat Ltd. operates as a holding company, which engages in the operation of an omni-channel automotive marketplace. It offers auto shows, group-purchase facilitation, and virtual dealership services. The company was founded by Wei Wen and Jian Chen Sun in 2010 and is headquartered in Beijing, China.

How the Company Makes Money

TuanChe makes money primarily through transaction fees and service charges associated with its automotive marketplace services. By organizing large-scale auto shows and online events, TuanChe attracts various car dealers and manufacturers who pay to participate and showcase their vehicles. Additionally, the company earns revenue from advertising and marketing services offered to car manufacturers and dealers looking to reach a wider audience. TuanChe also leverages data analytics to provide value-added services, enhancing its revenue streams through strategic partnerships within the automotive industry.

TuanChe Financial Statement Overview

Summary

Financials are severely weakened: revenue has collapsed over multiple years, profitability is deeply negative (2024 net margin -382%), operating/free cash flow remains consistently negative, and 2024 stockholders’ equity turned negative—raising financial stability and funding risk despite only moderate absolute debt.

Income Statement

Revenue has contracted sharply over time (down from 644.8M in 2019 to 49.2M in 2024, including a -35.2% decline in 2024), signaling significant scale loss. While gross margins remain strong (57%–76%; 68% in 2024), operating performance is deeply unprofitable, with consistently negative EBIT and EBITDA and worsening profitability in 2024 (net margin -382% vs. -51% in 2023) as losses far exceed the reduced revenue base. Strength is limited to resilient gross margin; the key weakness is persistent and severe operating and net losses alongside continued top-line erosion.

Balance Sheet

The balance sheet weakened materially in 2024 with stockholders’ equity turning negative (-140.8M) versus positive equity in prior years, which is a major financial stability red flag. Total assets have also declined substantially (567.2M in 2019 to 44.1M in 2024), reducing flexibility. Debt is moderate in absolute terms (48.5M in 2024), but with negative equity, leverage risk is elevated and the capital structure is strained. A positive is that debt was low historically, but the shift to negative equity meaningfully increases risk.

Cash Flow

Cash generation remains weak, with operating cash flow negative every year shown and still negative in 2024 (-34.7M), though the cash burn improved versus 2023 (-74.9M). Free cash flow is also consistently negative (2024: -34.7M), indicating the business has not funded itself through operations. The main strength is the recent reduction in cash burn; the main weakness is the long track record of negative operating and free cash flow, implying ongoing reliance on external funding or balance-sheet resources.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Mar 2021
Income Statement
Total Revenue	36.65M	49.18M	162.37M	183.19M	357.55M	330.23M
Gross Profit	26.85M	33.58M	93.42M	112.65M	272.26M	241.43M
EBITDA	0.00	-85.89M	-115.28M	-95.31M	-103.44M	-164.22M
Net Income	-147.99M	-187.99M	-82.97M	-166.49M	-101.94M	-163.03M
Balance Sheet
Total Assets	203.70M	44.14M	119.35M	235.27M	353.07M	474.41M
Cash, Cash Equivalents and Short-Term Investments	1.07M	9.08M	16.16M	77.88M	71.10M	164.34M
Total Debt	41.70M	48.47M	24.79M	17.41M	11.06M	9.96M
Total Liabilities	170.72M	184.95M	99.86M	142.49M	159.76M	187.35M
Stockholders Equity	32.99M	-140.81M	19.48M	92.78M	194.41M	288.16M
Cash Flow
Free Cash Flow	-193.15M	-34.74M	-74.89M	-109.89M	-93.22M	-90.90M
Operating Cash Flow	-193.13M	-34.72M	-74.89M	-109.68M	-92.25M	-88.85M
Investing Cash Flow	-12.00K	-19.00K	0.00	-212.00K	47.86M	37.70M
Financing Cash Flow	187.14M	30.16M	13.97M	91.24M	7.00M	-63.00K

TuanChe Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.65
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TC, the sentiment is Negative. The current price of 8.65 is below the 20-day moving average (MA) of 11.74, below the 50-day MA of 10.50, and below the 200-day MA of 14.06, indicating a neutral trend. The MACD of 0.37 indicates Positive momentum. The RSI at 50.90 is Neutral, neither overbought nor oversold. The STOCH value of 43.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TC.

TuanChe Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ATHM	68 Neutral	$2.61B	12.15	5.87%	0.00%	-5.54%	-14.30%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
KRKR	49 Neutral	$6.92M	-1.13	-35.00%	―	―	―
ZH	49 Neutral	$282.13M	20.65	2.39%	―	-23.61%	―
CMCM	46 Neutral	$175.24M	-2.87	-22.88%	―	―	―
TC	42 Neutral	$1.81M	-0.07	-1080.13%	―	-64.20%	-18.43%

TuanChe Corporate Events

Token Cat Calls February EGM to Seek Massive Increase in Authorized Share Capital

On January 15, 2026, Token Cat Limited announced it will convene an extraordinary general meeting in Beijing on February 3, 2026, with shareholders of record as of January 14, 2026 entitled to vote. The agenda asks investors to approve a massive increase in the company’s authorised share capital from 30 billion to 4.806 trillion shares, primarily through the creation of an additional 4.776 trillion Class A ordinary shares, alongside the conditional adoption of a Ninth Amended and Restated Memorandum and Articles of Association and a potential adjournment mechanism if votes fall short; if passed, the move would dramatically expand Token Cat’s capacity to issue new equity, reshaping its capital structure and potentially paving the way for substantial future fundraising or strategic transactions, with significant implications for existing shareholders’ dilution and corporate governance.

The most recent analyst rating on (TC) stock is a Sell with a $8.00 price target. To see the full list of analyst forecasts on TuanChe stock, see the TC Stock Forecast page.

Token Cat Limited Announces Leadership Reshuffle

Token Cat Limited, a Cayman Islands exempted limited company, announced significant leadership changes effective November 6, 2025. Mr. Wei Wen, the former director, CEO, and Chairman, and Mr. Simon Li, the former CFO, both resigned on October 30, 2025, without any disagreements with the company. Mr. Guangsheng Liu, previously Co-CEO, has been appointed as the new CEO, CFO, and Chairman, consolidating leadership roles and potentially impacting the company’s strategic direction.