Beijing Yunji Technology (2670) H2 2025 earnings summary

Executive summary

• Revenue rose 23.1% year-over-year to RMB301.2 million, driven by strong growth in AI agent applications and expanded deployments in hotels and hospitals.

• Net loss increased 59.6% to RMB295.2 million, with adjusted net loss (non-IFRS) up 310.5% to RMB113.1 million, reflecting strategic investments in R&D, international expansion, and IPO-related costs.

• Gross profit improved to RMB113.4 million, but gross margin declined to 37.6% due to a shift in product mix toward lower-margin, high-penetration offerings.

• The company completed a successful IPO on the Hong Kong Stock Exchange in October 2025, raising HK$678 million for R&D, commercialization, and working capital.

Financial highlights

• Revenue: RMB301.2 million (+23.1% YoY); gross profit: RMB113.4 million (+6.5% YoY); gross margin: 37.6% (down from 43.5%).

• Net loss: RMB295.2 million (+59.6% YoY); adjusted net loss: RMB113.1 million (+310.5% YoY).

• Basic loss per share: RMB4.65 (vs. RMB2.99 in 2024).

• R&D expenses: RMB62.2 million (+8.3% YoY); selling and marketing: RMB87.9 million (+51.1% YoY); administrative: RMB143.6 million (+155.9% YoY).

• Cash and cash equivalents: RMB233.4 million; time deposits: RMB595.5 million; no bank borrowings.

Outlook and guidance

• Plans to deepen hotel market leadership, expand into B2C and new verticals, and enhance product adaptability.

• Focus on global expansion, especially in Japan, Southeast Asia, and Hong Kong.

• Industry expected to grow at a 29.3% CAGR through 2029, with favorable government policies supporting AI agent adoption.