Beisen Holding (9669) H1 2025 earnings summary

Executive summary

• H1 FY2026 revenue rose 18.2% YoY to RMB516.0m; net loss narrowed to RMB18.4m and adjusted net profit was RMB19.6m, versus an adjusted net loss of RMB34.2m a year earlier.

• Cloud HCM subscriptions drove growth, with revenue up 22.2% and share of total revenue rising to 80.3%; AI products, integrated HCM modules and key-account wins supported commercial expansion.

• Market share in China HCM SaaS was ~15% in H1 2025; the business retained a leading position in Core HCM, recruitment and performance SaaS submarkets.

Financial highlights

• Revenue was RMB515.967m, up 18.2% YoY; gross profit increased 26.2% to RMB355.444m.

• Net loss was RMB18.408m versus RMB99.040m; adjusted net profit was RMB19.585m versus adjusted net loss of RMB34.157m.

• Operating cash outflow improved to RMB86.151m from RMB97.041m; cash and cash equivalents were RMB612.9m at 30 Sep 2025.

Outlook and guidance

• FY2026 H2 priorities: deepen AI-first product development, pursue large enterprise accounts and high-growth industries, improve customer success and cross-selling, expand ecosystem partnerships, and support Chinese enterprises overseas.

• Over the past five years, ARPU CAGR exceeded 10%, ARR CAGR was 19%, and Core HCM integration ARR CAGR exceeded 43%; subscription revenue retention was around 105%.

• New products and features are intended to increase cross-selling; no specific FY2026 revenue or earnings target is stated in the provided guidance.