Gogox Holdings (2246) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 1.3% YoY to RMB328.3m; Hong Kong and overseas growth offset a 23.8% decline in Chinese mainland revenue.

• Gross profit fell to RMB93.3m and net loss widened 37.0% to RMB113.6m.

• Adjusted net loss was RMB74.5m and adjusted EBITDA loss was RMB63.8m, widening 120.0% and 201.1% YoY, respectively.

Financial highlights

• Revenue was RMB328.3m, up 1.3% YoY; cost of revenue rose 11.1% to RMB235.0m, mainly reflecting higher subcontracting fees.

• Operating loss widened 36.2% to RMB115.1m; loss before tax was RMB114.6m and net loss was RMB113.6m.

• Adjusted net loss was RMB74.5m, up 120.0% YoY; adjusted EBITDA loss was RMB63.8m, up 201.1%.

• Selling and marketing expenses fell 39.4% to RMB42.0m; R&D expense rose to RMB56.3m, including RMB47.6m for a logistics business service project.

• Basic and diluted loss per share was RMB1.80 versus restated RMB1.31 in H1 2024.

Outlook and guidance

• Priorities include platform improvement, enterprise-client growth, value-added services, and AI and machine-learning deployment to improve efficiency and service quality.

• Growth opportunities include Asia-Pacific expansion and new premium services; no numerical financial guidance was stated.

• Technology disruption and cybersecurity risks were identified, with mitigation strategies in place.