Beijing UBOX Online Technology (2429) H1 2026 earnings summary

Executive summary

• H1 2026 revenue fell 1.4% YoY to RMB1,283.6m, while gross profit rose 10.5% to RMB531.4m as the mix shifted toward higher-margin unmanned retail.

• Net loss widened to RMB67.3m from RMB37.6m; adjusted net loss increased to RMB66.9m from RMB30.6m, mainly due to higher FX losses and a swing from ECL reversal to provision.

• The partner model became the principal unmanned-retail model, supporting network growth and expansion of partner-operated POS locations.

Financial highlights

• Revenue RMB1,283.6m, down 1.4% YoY; gross profit RMB531.4m, up 10.5% YoY; gross margin 41.4% versus 36.9%.

• Loss for the period RMB67.3m versus RMB37.6m; adjusted net loss RMB66.9m versus RMB30.6m.

• Operating loss RMB70.2m versus RMB33.2m; loss attributable to owners RMB63.6m versus RMB32.0m.

• Cost of sales fell 8.4% to RMB752.1m, while selling and marketing expenses rose 15.5% to RMB538.5m amid partner-network expansion.

Outlook and guidance

• H2 priorities include expanding the partner network, gradually reducing directly operated locations, and strengthening fulfillment and partner support.

• Further deployment of AI and data tools across product selection, inventory, replenishment and equipment maintenance is intended to improve operational efficiency.

• Plans include further rollout of Youchang AI smart karaoke booths, development of complementary services and exploration of selected overseas markets.