Gogox Holdings (2246) H1 2026 earnings summary

Executive summary

• H1 2026 revenue fell 10.9% YoY to RMB292.6m; net loss narrowed 37.3% to RMB71.2m and adjusted net loss narrowed 68.0% to RMB23.9m.

• Hong Kong and overseas operations contributed 85.0% of revenue; value-added services grew while Mainland revenue contracted 35.7%.

Financial highlights

• Gross profit fell 6.3% to RMB87.4m, while gross margin rose to 29.9% from 28.4%; cost of revenue declined 12.7% to RMB205.2m.

• Operating loss narrowed 37.7% to RMB71.7m from RMB115.1m; loss before tax was RMB71.8m and net loss was RMB71.2m.

• Adjusted net loss narrowed to RMB23.9m from RMB74.5m; adjusted EBITDA loss narrowed to RMB12.4m from RMB63.8m.

• Selling and marketing expenses fell 10.2% to RMB37.7m and G&A expenses fell 10.6% to RMB66.6m; R&D expenses declined 84.2% to RMB8.9m.

• Adjusted measures exclude share-based compensation and goodwill impairment from net loss; adjusted EBITDA also adjusts for tax credit, depreciation and amortization, and net finance cost/income.

Outlook and guidance

• Priorities include strengthening the platform ecosystem, expanding enterprise clients and value-added services, and using AI and machine learning to improve workflows and service delivery.

• Growth plans focus on deeper Asia-Pacific penetration and specialized premium offerings; macroeconomic shifts, digital threats and industry changes remain risk considerations.

• Liquidity needs are expected to be met through operating cash generation and remaining Global Offering proceeds; no material additional external financing plans were stated.