Plus Group Holdings (2486) investor relations material

Executive summary

• H1 revenue fell 65.1% YoY to RMB569.347m as non-AI and low-margin operations were scaled back to prioritize the AI transformation.

• Gross margin doubled to 10.0%; profit for the period was RMB5.159m and profit attributable to owners was RMB4.581m.

• FluxMens domain model and FluxPlus enterprise agent launched as core components of a three-tier AI capability architecture.

Financial highlights

• Revenue was RMB569.347m versus RMB1,631.270m in H1 2025; cost of sales fell 66.9% YoY to RMB512.7m.

• Gross profit was RMB56.685m versus RMB82.085m; operating profit was RMB7.947m versus RMB12.649m.

• Profit before tax was RMB7.000m versus RMB11.662m; profit for the period was RMB5.159m versus RMB7.984m, and attributable profit was RMB4.581m versus RMB6.317m.

• Basic and diluted EPS were RMB0.04 versus RMB0.06; no interim dividend was paid or proposed.

Outlook and guidance

• H2 priorities are to commercialize and improve FluxMens and FluxPlus, deepen real-world data collection, and continue algorithm research and model iteration; no numerical financial guidance was stated.

• Plans include extending AI-driven services into omni-channel merchandise sales and distribution, connecting online and offline channels.

• Overseas targets include Vietnam, Malaysia, Indonesia, Australia, Japan, South Korea and the UK, adapting AI solutions to local retail markets.

• Talent, university and research partnerships, and potential strategic investments, acquisitions or collaborations may strengthen AI capabilities and data access.