Zibuyu Group (2420) investor relations material

Executive summary

• H1 2026 revenue rose 44.2% YoY to RMB2,827.3m; profit attributable to shareholders increased 30.0% to RMB137.7m, supported by Amazon growth and TikTok’s rapid expansion.

• Strategy focused on structural optimisation, omnichannel expansion, AI integration and core-brand development.

• Ten core brands contributed 65% of revenue, up from 54% in 2025; per-capita efficiency rose 35% YoY.

Financial highlights

• Gross profit rose 41.9% to RMB2,091.3m; gross margin eased to 74.0% from 75.2% following product sales-multiplier adjustments.

• Operating profit increased to RMB187.7m from RMB105.4m; profit before tax rose 74.7% to RMB188.3m.

• Attributable net profit grew 30.0% to RMB137.7m; basic and diluted EPS was RMB0.28 versus RMB0.22.

• Selling and distribution costs rose 37.6% to RMB1,819.9m; cost of sales increased 51.0% to RMB736.0m, primarily with higher sales volume.

• G&A increased 11.6% to RMB59.1m; income-tax expense rose to RMB50.6m from RMB1.8m, including supplementary 2025 tax provisions and payments.

Outlook and guidance

• H2 priorities include deeper AI integration, product and brand development, structural optimisation and stronger customer-touchpoint operations amid trade uncertainty and competition.

• Plans include TikTok product-mix adjustments, expanded livestreaming and KOL networks, independent websites and lightweight offline channels.

• Further plans include raising core-brand contribution, expanding overseas production and local fabric reserves, shortening delivery cycles, and building a US-based content team.