Gogox Holdings (2246) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 1.6% YoY to RMB670.6m; IFRS loss narrowed 16.2% to RMB162.6m, while adjusted net loss widened 12.2% to RMB96.6m.

• Strategy shifted from high-subsidy expansion toward meaningful scale and long-term profitability; Hong Kong and overseas markets contributed 80.3% of revenue, up from 74.8% in 2024.

• Platform supported 35.4m registered shippers and 7.3m drivers; completed 11.0m shipment orders and generated RMB1,447.4m GTV.

Financial highlights

• Revenue was RMB670.6m, up 1.6% YoY; gross profit fell 13.8% to RMB188.6m as cost of revenue rose 9.2% to RMB482.0m.

• Operating loss narrowed to RMB169.1m from RMB204.6m; loss before tax was RMB168.8m and net loss was RMB162.6m, versus RMB203.3m and RMB194.0m in 2024.

• Adjusted net loss, excluding share-based compensation and goodwill impairment, was RMB96.6m, up 12.2%; adjusted EBITDA was negative RMB78.6m, up 15.1%.

• Selling and marketing expense fell 45.4% to RMB82.9m; G&A declined 9.6% to RMB150.2m; R&D rose 199.1% to RMB66.7m, including RMB50.4m for a logistics project.

Outlook and guidance

• 2026 priorities: grow in overseas markets, direct capital toward cross-border opportunities in India, refine AI tools and Smart Order Dispatching System 2.0, and integrate ESG across investments.

• Autonomous vehicle integration is a long-term priority to address labor shortages and reduce environmental impact; no numeric financial guidance was stated.