Marketingforce Management (2556) H2 2025 earnings summary

Executive summary

• Achieved strategic transformation from SaaS to AI-native application platform, integrating scenario, data, platform, and model layers.

• Served over 210,000 enterprise customers across 30 industries, with rapid growth in both KA and SMB segments.

• International expansion advanced, with subsidiaries established in Hong Kong, US, and Singapore, and direct service to local overseas clients.

• Ecosystem revenue grew 35%, with 295 channel partners and deepened cooperation with leading tech partners.

Financial highlights

• Revenue rose 80.8% year-over-year to RMB2,818.0 million in 2025.

• Gross profit increased 43.4% to RMB1,184.1 million; gross margin declined from 53.0% to 42.0%.

• Net profit reached RMB73.3 million, reversing a loss of RMB876.7 million in 2024.

• Adjusted net profit (non-IFRS) was RMB151.5 million, up 91.3%.

• Free cash outflow was RMB687.9 million, compared to RMB127.9 million inflow in 2024.

Outlook and guidance

• Plans to deepen AI commercialization, expand international footprint, and maintain high-quality growth.

• Focus on broadening industry coverage, accelerating overseas business, and increasing customer stickiness through performance-based billing.