Is Tubatu.com profitable?

Tubatu reported net profit of RMB 86.6 million in 2020 on revenue of RMB 615 million, per its 2021 IPO prospectus. No audited profit figures have been disclosed publicly since, so its current profitability cannot be confirmed as of 2026.

Did Tubatu's IPO ever go through?

No. Tubatu filed for a Shenzhen Stock Exchange ChiNext listing in June 2021 seeking RMB 700 million (~$108 million), after an earlier Hong Kong attempt failed around 2018. No approval, rejection, or listing has been confirmed as of 2026, over four years later.

Who owns Tubatu.com and is it publicly traded?

Tubatu is privately held. Its unicorn $2 billion valuation traces to a $200 million Series C raised on March 9, 2015, per CB Insights. It has raised no confirmed new capital since, and its 2021 IPO attempt has no confirmed outcome.

Could AI replace Tubatu.com's core business?

Online-service matching made up 99.94% of Tubatu's revenue in 2020, and this matching, cost-estimation, and design-visualization layer overlaps heavily with generative AI. Tubatu launched an internal AI 'Star Plan' in December 2024 to integrate AI into design, service, and matching itself.

Who is Tubatu.com's biggest competitor?

Qeeka Home (Jia.com), listed on the Hong Kong Stock Exchange, reported RMB 1,107 million revenue in 2021, up 20.8% YoY with net profit up 82.3%, giving it disclosed financials and public-market liquidity Tubatu lacks. Kujiale's AI design tools also pressure Tubatu's core value-add.

What is Tubatu.com's revenue trend?

Per its 2021 IPO filing, Tubatu's revenue rose from RMB 583 million in 2018 to RMB 680 million in 2019, then fell to RMB 615 million in 2020, attributed to COVID-19. No independently verified revenue figure has been published for any year after 2020.

China · China

Tubatu.com

Online platform matching Chinese homeowners with vetted renovation contractors.

Losing its protection

Assessed 29 July 2026 · Evidence as of 29 July 2026

The structural protection is eroding.

On the recordSince 29 July 2026 · Checkable from Unresolved since June 2021, watch through 2026 · Every call on the record Checkpoint: Resolution of Shenzhen ChiNext IPO filing (approval, rejection, or withdrawal)

The call

Tubatu holds a real contractor network and guarantee system, but four years of IPO silence and flat revenue leave its equity path unresolved.

Tubatu is a Chinese platform that matches homeowners with contractors and inspectors for home renovations, taking a commission on each job. It has built something real over 15 years: a network of vetted contractors, data on quality, and insurance backing that larger rivals like JD.com and Alibaba have avoided taking on. But the company faces two big threats. First, AI can now do much of what Tubatu does: match customers to workers, estimate costs, and show design ideas, which is almost all of Tubatu's revenue. Second, the bigger platforms (especially Meituan) could launch their own home-renovation service anytime and crush Tubatu with their existing users and cash. The one thing that could change everything is if Tubatu goes public successfully, which would finally give owners a way to cash out and bring in fresh money. Instead, the company has tried and failed to go public twice since 2018, and nobody has heard anything official in over four years, a silence that suggests the listing is probably stuck or dead.

Why

AI pressure: Generative AI design and cost-estimation tools. AI can generate renovation quotes, layouts, and material lists, threatening the matching fees that make up 99.94% of revenue. Could AI do the core job? Only partly.

Bigger players: JD.com, Alibaba/Tmall, Meituan. These platforms have the traffic and logistics to enter home renovation but have not yet shipped a guarantee-backed vertical to match Tubatu. Could a giant copy it? Probably.

What protects it. A 15-year contractor network with quality-inspection records and guarantee/escrow liability that big platforms have not built.

What would change this call

Shenzhen ChiNext regulator issues approval, rejection, or withdrawal notice for Tubatu's IPO filing. Resolves whether Tubatu can access fresh capital or remains stuck in equity limbo.
Meituan, JD.com, or Alibaba launches a home-renovation vertical with contractor guarantees. Would show incumbents finally contesting Tubatu's trust/escrow moat directly.
Qeeka Home (Jia.com) discloses revenue growth in its public filings versus Tubatu's stagnant figures. Would show customers and contractors shifting toward a transparent, listed competitor.

Key numbers

Revenue RMB 615 million in 2020 (2020)
Net profit RMB 86.6 million in 2020 (2020)
2021 IPO filing implied valuation ~RMB 3 billion (2021)

Named risks

Four-plus years of silence on the 2021 Shenzhen ChiNext IPO filing leaves equity path unresolved. Severity: high
China property and renovation market 'winter' compressing core matching-fee revenue as of December 2025. Severity: high
99.94% of 2020 revenue came from online matching, the segment most exposed to AI commoditization. Severity: high
No confirmed new funding round since March 2015, leaving the $2 billion unicorn tag stale. Severity: medium
Conflicting founder-name reporting and unverifiable post-2020 revenue figures weaken data reliability. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Qeeka Home (Jia.com)	gaining on	HK-listed, RMB 1.1B revenue in 2021 +20.8% YoY, profit +82.3%, vs Tubatu's unresolved IPO
Kujiale	gaining on	AI-native 3D design tools erode Tubatu's design/matching value-add as of 2019-2025
3vjia	gaining on	3D/VR design software competitor for furniture and decoration supply chain
JD.com, Tmall/Alibaba, Meituan	contesting	Structurally avoid guarantee/liability layer; have not shipped a competing renovation vertical as of Dec 2025

Questions people ask

Is Tubatu.com profitable?: Tubatu reported net profit of RMB 86.6 million in 2020 on revenue of RMB 615 million, per its 2021 IPO prospectus. No audited profit figures have been disclosed publicly since, so its current profitability cannot be confirmed as of 2026.
Did Tubatu's IPO ever go through?: No. Tubatu filed for a Shenzhen Stock Exchange ChiNext listing in June 2021 seeking RMB 700 million (~$108 million), after an earlier Hong Kong attempt failed around 2018. No approval, rejection, or listing has been confirmed as of 2026, over four years later.
Who owns Tubatu.com and is it publicly traded?: Tubatu is privately held. Its unicorn $2 billion valuation traces to a $200 million Series C raised on March 9, 2015, per CB Insights. It has raised no confirmed new capital since, and its 2021 IPO attempt has no confirmed outcome.
Could AI replace Tubatu.com's core business?: Online-service matching made up 99.94% of Tubatu's revenue in 2020, and this matching, cost-estimation, and design-visualization layer overlaps heavily with generative AI. Tubatu launched an internal AI 'Star Plan' in December 2024 to integrate AI into design, service, and matching itself.
Who is Tubatu.com's biggest competitor?: Qeeka Home (Jia.com), listed on the Hong Kong Stock Exchange, reported RMB 1,107 million revenue in 2021, up 20.8% YoY with net profit up 82.3%, giving it disclosed financials and public-market liquidity Tubatu lacks. Kujiale's AI design tools also pressure Tubatu's core value-add.
What is Tubatu.com's revenue trend?: Per its 2021 IPO filing, Tubatu's revenue rose from RMB 583 million in 2018 to RMB 680 million in 2019, then fell to RMB 615 million in 2020, attributed to COVID-19. No independently verified revenue figure has been published for any year after 2020.

Timeline

2025-12-24Tubatu upgrades 'Preemptive Compensation' guarantee and claims AI integrated across design, service, quality, marketing
2024-12-19CEO Wang Guobin unveils 2025 'Star Plan' at Tubatu Ecology Conference to embed AI in design and matching
2021-07-12Reports confirm Tubatu's Shenzhen ChiNext IPO filing seeking RMB 700 million (~$108 million)
2021-06Tubatu files IPO application on Shenzhen Stock Exchange ChiNext board
2020Revenue falls to RMB 615 million, net profit RMB 86.6 million, per IPO prospectus
2019Revenue reaches RMB 680 million per IPO prospectus data
2018Revenue RMB 583 million; earlier Hong Kong IPO attempt fails
2015-03-09Tubatu raises $200 million Series C, basis of its $2 billion unicorn label
2010Domain tubatu.com registered, hosted in Shanghai

Revision history

29 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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