Revenue for Q2 2026 rose 11% year-over-year to RMB204.8 billion, with gross profit up 13% to RMB118.4 billion and operating profit up 12% to RMB67.3 billion.
Non-IFRS net profit attributable to equity holders grew 9% year-over-year to RMB68.4 billion; basic EPS for Q2 2026 was RMB6.21, up 2% year-over-year.
AI initiatives, including Hy3, WorkBuddy, and CodeBuddy, drove product innovation, user growth, and rapid adoption.
Strong performance in domestic games, marketing services, and fintech, with new game launches and expanded cloud services.
Major CapEx increase focused on AI infrastructure and data centers, impacting net cash position.
Q2 2026 revenue: RMB204.8 billion (+11% YoY, +4% QoQ); H1 2026 revenue: RMB401.2 billion (+10% YoY).
Q2 2026 gross profit: RMB118.4 billion (+13% YoY, +6% QoQ); gross margin improved to 58%.
Non-IFRS operating profit reached RMB75.6 billion, up 9% year-on-year; excluding new AI products, it was RMB86.1 billion, up 19%.
Free cash flow was negative RMB13.8 billion due to large AI infrastructure CapEx and prepayments; excluding prepayments, free cash flow would have been RMB37.6 billion.
Net cash at quarter-end was RMB58.2 billion, down from RMB146.9 billion in Q1, mainly due to capital expenditures and dividend payments.
AI investments and infrastructure are expected to drive long-term value and future revenue, with disciplined capital allocation.
Monetization of AI products like WorkBuddy and Xiaowei is expected to accelerate as user experience and adoption improve.
Ongoing enhancements in marketing services, games, and cloud are expected to support future growth.
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