Beisen Holding (9669) H2 2024 earnings summary

Executive summary

• FY2025 revenue rose 10.6% YoY to RMB945.1m; net loss narrowed 95.4% to RMB147.4m and adjusted net loss narrowed 72.4% to RMB29.1m.

• Cloud HCM subscriptions drove growth, while operating cash flow turned positive; adjusted EBITDA also moved to positive territory.

• AI products began scaling commercially, and the January 2025 Cool College acquisition expanded learning solutions and customer reach.

Financial highlights

• Revenue was RMB945.1m, up 10.6% YoY; gross profit rose 19.1% to RMB613.5m and operating loss narrowed to RMB146.5m from RMB389.7m.

• Net loss was RMB147.4m versus RMB3,208.6m; adjusted net loss was RMB29.1m versus RMB105.4m, excluding specified non-IFRS adjustments.

• Cost of revenue fell 2.4% to RMB331.5m; selling and marketing, G&A, and R&D expenses declined 9.3%, 11.2%, and 18.0%, respectively, largely due to lower share-based compensation.

• Operating cash flow was RMB76.9m inflow versus RMB82.5m outflow in FY2024; cash and cash equivalents reached RMB478.9m at 31 March 2025.

Outlook and guidance

• FY2026 priorities include an AI-first strategy, more AI agents embedded in HCM scenarios, integrated products and cross-selling, and deeper focus on large enterprise accounts.

• A dedicated Key Accounts Division will target new energy, high-tech manufacturing, and consumer chain retail, with plans to strengthen service capabilities over 2–3 years.

• International HCM SaaS, AI Learning, platform partnerships, and support for Chinese enterprises expanding overseas remain strategic priorities.

• FY2026 sales plans include more province- and city-oriented coverage, shifting renewals for clients under 2,000 users to customer success teams, and account-based marketing.