Lemo Services (2539) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 13.63% YoY to RMB906.78m; profit attributable to shareholders increased 9.23% to RMB93.73m and adjusted net profit grew 10.07% to RMB112.35m.

• Operating cash inflow reached RMB240.84m, while POS count grew 8.44% YoY to 49,877 at year-end.

Financial highlights

• Gross profit rose 6.10% YoY to RMB305.35m, below revenue growth; gross margin fell to 33.67% from 36.07%.

• Operating profit increased to RMB113.87m from RMB105.85m; profit before tax was RMB112.06m versus RMB102.30m.

• Net profit was RMB93.73m versus RMB85.81m; basic and diluted EPS rose to RMB1.86 from RMB1.72.

• Adjusted net profit was RMB112.35m, excluding equity-settled share-based payment expenses of RMB4.56m and listing expenses of RMB14.06m.

Outlook and guidance

• 2026 priorities include improving partner and direct operations, optimizing R&D and manufacturing centers, applying AI, deepening user engagement, refining POS scenarios, and raising efficiency.

• Internationalization strategy targets localized operations and supply chains, with Southeast Asia among priority markets; remaining IPO proceeds are expected to be used by 31 December 2026, subject to market conditions and policies.