Dmall (2586) H1 2025 earnings summary

Executive summary

• H1 revenue rose 14.8% YoY to RMB1,078.4m; profit for the period was RMB62.2m versus a RMB249.1m loss, and adjusted continuing-operations profit reached RMB77.0m.

• Growth reflected expansion in both AI retail segments and wider client deployments; cash and cash equivalents declined to RMB565.9m as loans were repaid, non-controlling interests acquired and shares repurchased.

Financial highlights

• Revenue rose to RMB1,078.4m from RMB939.2m; gross profit increased 15.2% to RMB413.9m.

• Operating profit was RMB60.1m versus an RMB81.2m loss; continuing-operations profit was RMB62.2m versus a RMB482.2m loss.

• Adjusted continuing-operations profit rose 152.5% to RMB77.0m from RMB30.5m; adjustments included share-based payments, fair-value changes, investment gains and listing expenses.

• Net finance income was RMB1.8m versus RMB5.7m in finance costs; H1 2024 continuing results included convertible-share fair-value losses.

• Basic and diluted EPS were RMB0.08, versus a loss per share of RMB0.45 overall and RMB0.89 from continuing operations in H1 2024.

Outlook and guidance

• Priorities include AI-led product innovation and client-focused, full-channel services for retail digital transformation in China and overseas.

• Stablecoin and blockchain payment use cases remain exploratory; potential retail services are subject to licensing and regulatory approval.

• SM Group expects more than 100 stores to complete new system deployments in 2025, with further modules advancing; this is a client deployment expectation, not financial guidance.