Beijing UBOX Online Technology (2429) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 5.5% YoY to RMB2,758.5m; gross profit declined 1.6% to RMB1,024.5m, while net loss narrowed 64.1% to RMB75.7m.

• Strategy prioritized higher-margin POS locations, cost controls and operating efficiency; Ubox POS count rose 1.0% to 67,840, while Non-Ubox POS count declined 1.5% to 15,513.

• Adjusted net loss narrowed 51.8% YoY to RMB55.6m; year-end cash and cash equivalents more than doubled to RMB705.8m.

Financial highlights

• Revenue RMB2,758.5m, down 5.5% YoY; cost of sales fell 7.6% to RMB1,734.0m.

• Gross profit RMB1,024.5m, down 1.6%; gross margin rose 1.4 percentage points to 37.1%.

• Operating loss narrowed to RMB75.5m from RMB176.8m; loss before tax was RMB71.2m versus RMB191.8m.

• Net loss was RMB75.7m versus RMB210.7m; loss attributable to owners was RMB68.7m versus RMB197.3m.

• Adjusted net loss, excluding specified share-based compensation, fair value changes and impairment items, was RMB55.6m versus RMB115.4m.

Outlook and guidance

• 2026 growth is expected from Youchang AI smart karaoke booths following a pilot that demonstrated commercial feasibility.

• AI-based capacity modeling was fully deployed across nine core unmanned-retail operating areas in 2025; plans include further development of autonomous AI agents and intelligent retail operations.

• Priorities include expanding equipment into airports, tourist attractions and exhibition centers, developing new and limited-edition products, and growing offline B2B and IP-derivative sales channels.

• Karaoke expansion will emphasize rapid rollout, standardized implementation and data-driven operations, building on deployment across office buildings and business districts.