Beisen Holding (9669) H2 2025 earnings summary

Executive summary

• FY2026 revenue rose 16.9% YoY to RMB1,104.8m; IFRS net loss narrowed 84.1% to RMB23.4m, while adjusted net income turned positive at RMB55.5m.

• Strategic focus shifted from traditional HR SaaS toward AI-native HR applications; AI product contracts exceeded RMB87m, up 10x YoY, establishing a second growth curve.

• Operating cash flow more than doubled, and the strategy centers on expanding AI product adoption, enterprise accounts and international capabilities.

Financial highlights

• Revenue was RMB1,104.8m, up 16.9% YoY; gross profit rose 21.8% to RMB747.4m, and gross margin expanded to 67.7% from 64.9%.

• Operating loss narrowed to RMB26.7m from RMB146.5m; loss before tax was RMB18.7m vs. RMB143.3m, and net loss was RMB23.4m vs. RMB147.4m.

• Adjusted net income was RMB55.5m vs. adjusted net loss of RMB29.1m; adjusted EBITDA reached RMB99.1m vs. RMB28.9m.

• Adjusted gross margin, excluding share-based payments and acquisition-related intangible amortization, rose to 68.5% from 66.2%.

• R&D expense fell 9.4% to RMB260.6m; excluding share-based compensation, it was RMB238.4m, or 21.6% of revenue vs. 26.4%.

Outlook and guidance

• FY2027 strategy targets a shift to an AI application enterprise and launch of Mavens, a one-stop HR expert platform with over 15 digital HR experts.

• Plans include further native AI agents across recruitment, training, talent development, employee services and performance, commercialized through customized FDE delivery.

• Priorities include scaling AI Interviewer, commercializing AI Leadership Coach and preparing AI Coaching for broader sales; key-account and international expansion remain strategic priorities.

• Management expects AI adoption, repeat purchases and declining marginal sales and service costs to support profitability; this outlook depends on business scale and lower AI computing costs.

• The annual report sets no numeric FY2027 financial guidance; it describes strategic and operational priorities.