Dmall (2586) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 19.8% YoY to RMB2,226.8m; net profit was RMB127.1m, versus a RMB2,220.3m net loss in 2024.

• AI-driven products and expanded client relationships supported growth; the business is shifting toward retail AI agents and overseas expansion.

Financial highlights

• Revenue increased 19.8% to RMB2,226.8m; gross profit rose 13.9% to RMB849.8m, while gross margin declined to 38.2% from 40.1%.

• IFRS profit from continuing operations was RMB127.1m, versus a RMB2,453.4m loss in 2024; 2024 included a RMB2,275.7m preferred-share fair-value loss.

• Adjusted profit from continuing operations, a non-IFRS measure, rose to RMB203.4m from RMB29.8m; adjustments include share-based payments, investment fair-value changes, goodwill impairment and listing expenses.

• Operating profit was RMB85.4m versus an operating loss of RMB174.0m; other net income was RMB44.6m versus a RMB102.6m loss.

Outlook and guidance

• 2026 priorities include AI-native R&D, retail AI agents for merchandise and store operations, and an expansion of agent capabilities across supply chain and headquarters functions.

• The strategy targets value co-creation and pay-for-performance partnerships, evolving from software fees toward revenue sharing and measurable client growth.

• Overseas expansion will focus on Asia-Pacific and the Middle East; the Cold Storage Singapore project is expected to complete in Q2 2027.

• Remaining global offering proceeds of HK$207.8m and top-up subscription proceeds of HK$253.4m are expected to be used by December 2026.