Bairong AI (6608) H2 2025 earnings summary

Executive summary

• FY2025 revenue was RMB2,920.2 million, down 0.3% YoY; profit for the year fell 72% to RMB73.9 million amid higher AI investment and regulatory pressure.

• Strategy centers on enterprise-grade AI agents and outcome-based MaaS and BaaS delivery; 2026 is positioned as a shift from capability-building to value realization.

• Served more than 8,000 institutional clients; core-client retention reached 98% in certain business lines.

Financial highlights

• FY2025 revenue was RMB2,920.2 million, down 0.3% YoY; gross profit was RMB2,101.9 million, down 2%.

• Operating profit fell 79% to RMB60.4 million; profit for the year declined 72% to RMB73.9 million, including a RMB10.4 million income tax benefit.

• Non-IFRS profit was RMB178.6 million, down 52%; non-IFRS EBITDA was RMB244.4 million, down 50%.

• R&D expense rose 25% to RMB636.8 million; sales and marketing expense increased 2% to RMB1,141.8 million, while G&A expense was flat at RMB327.8 million.

Outlook and guidance

• 2026 priorities balance scaled profitability in mature scenarios with investment in new AI-agent use cases, marking a transition from capability-building to value realization.

• Priorities include deepening finance and insurance, expanding contact-center and professional-service use cases, and opening voice and decision-making capabilities through ecosystem partners.

• Planned opportunity areas include AI coding, specialist legal and financial services, and support for Chinese businesses expanding overseas.

• AI talent and core technology investment will continue alongside efforts to improve marketing efficiency, control management expense and enhance returns on capital.