Edianyun Limited (2416) H2 2025 earnings summary

Executive summary

• FY25 revenue rose 10.6% YoY to RMB1,500.1m; profit for the year increased 101.0% to RMB130.1m. Adjusted net profit was RMB145.2m and adjusted EBITDA RMB833.6m.

• AI workstations became a new growth driver: they contributed nearly 20% of revenue growth, while monthly shipments increased more than tenfold from 2024 to 2025.

• Active customers rose 7.0% YoY to 54,588, and devices under service grew 15.9% to 1.59m; pay-as-you-go solution net dollar retention improved to 98.0%.

Financial highlights

• Revenue increased 10.6% YoY to RMB1,500.1m; cost of sales rose 10.4% to RMB883.3m and gross profit grew 10.8% to RMB616.9m.

• Profit before tax rose 99.5% to RMB155.0m; profit and total comprehensive income increased 101.0% to RMB130.1m.

• Adjusted net profit, excluding share-based payment expense, increased 81.2% to RMB145.2m; adjusted EBITDA, excluding share-based payment expense, rose 20.5% to RMB833.6m.

• Selling and marketing expenses were RMB157.9m, research and development expenses RMB59.3m, and general and administrative expenses RMB89.8m, down from RMB128.9m in 2024.

Outlook and guidance

• 2026 AI hardware revenue growth is projected at 100%, with its contribution to revenue growth expected to exceed 30%; focus areas include AI video, short dramas, MCN livestreaming and localized AI model training.

• Office IT subscription revenue is expected to grow over 20% annually for the next three years; 2026 net profit growth is projected to remain consistent with 2025.

• An in-house-developed laptop is planned for 2026; continued product upgrades, sales-force expansion and remanufacturing automation are also planned.