Marketingforce Management (2556) investor relations material

Executive summary

• Revenue surged 111.2% year-over-year to RMB1,960.4 million for H1 2026, driven by strong AI application business growth and precision marketing services.

• Net profit rose 466.1% year-over-year to RMB202.8 million, reflecting improved operational efficiency and scale.

• Adjusted net profit (non-IFRS) increased 150.9% year-over-year to RMB212.6 million.

• The company deepened its AI strategy, evolving into a "Full-Stack Token Factory" and expanding its AI agent product matrix across core enterprise scenarios.

• Customer base grew 25.9% year-over-year, with monthly average revenue per user up 80.0%.

Financial highlights

• Gross profit increased 96.5% year-over-year to RMB885.9 million, though gross margin declined to 45.2% from 48.6% due to business mix.

• AI application business gross margin was 76.6% (down from 80.4%), while precision marketing services margin dropped to 2.7% (from 10.8%).

• Free cash flow turned positive at RMB482.9 million, compared to an outflow of RMB793.2 million in H1 2025.

• Liquidity stood at RMB3,297.0 million as of June 30, 2026.

• R&D expenses jumped 286.7% to RMB325.2 million, reflecting heavy investment in AI and cloud computing.

Outlook and guidance

• Plans to further evolve the business model from subscription to consumption-based charging, aligning customer value with commercial returns.

• Continued investment in AI-native platforms, multi-model orchestration, and international expansion, targeting new markets in Southeast Asia, Middle East, Europe, and South America.

• Focus on high-quality growth, ecosystem development, and long-term value creation.

• Strategy centers on evolving from AI application platform to a full-stack token factory, focusing on scalable, scenario-driven AI agent solutions.