Readboy Education Holding Company (2385) investor relations material

Executive summary

• H1 2026 revenue fell 59.0% YoY to RMB74.5m; gross margin declined to 14.6%, while net loss narrowed 30.1% to RMB31.3m.

• Personal student tablets remained the largest revenue source at RMB52.7m; digital and smart classroom solutions grew as other product and licensing lines declined.

Financial highlights

• Revenue was RMB74.5m versus RMB182.0m; gross profit was RMB10.9m, down 72.9%, and gross margin was 14.6% versus 22.2%.

• Net loss narrowed to RMB31.3m from RMB44.8m; loss before tax was RMB31.5m versus RMB44.9m.

• Adjusted net loss was RMB31.3m versus RMB44.1m; 2026 had no fair-value loss on financial assets, compared with RMB0.7m in 2025.

• Other income and gains rose 81.2% to RMB18.5m; selling expenses fell 60.1% to RMB16.2m and R&D expenses fell 43.4% to RMB12.2m.

• Operating cash outflow was RMB32.3m; investing activities generated RMB8.1m and financing activities used RMB37.3m.

Outlook and guidance

• H2 priorities include advancing AI + Education, improving core devices and in-school products, and expanding AI-enabled learning functions based on use and feedback.

• School solutions will be refined and expanded beyond pilots; Education Agent and education-specific large-model functions remain subject to validation and commercialisation progress.

• After-school services will build on AI Aixue Centre and Magic Classroom, with service standardisation and partner support; commercial performance will be assessed prudently.

• Channel mix, expenses, inventory, receivables and working capital remain priorities; resource allocation will track demand and commercialisation progress.