Mininglamp Technology (2718) Q4 2025 earnings summary

Executive summary

• Strategic shift from Data Intelligence toward outcome-based Agentic Services; AI-enabled productivity supported a turnaround to adjusted net profit of RMB42.0m.

• Revenue rose 3.2% YoY to RMB1,425.8m; reported net loss of RMB6,412.7m was primarily driven by a RMB6,414.0m fair-value loss on preferred shares, warrants and convertible notes.

Financial highlights

• Gross profit increased 10.8% YoY to RMB789.6m; gross margin expanded to 55.4% from 51.6%.

• Operating loss narrowed to RMB15.7m from RMB132.3m; adjusted operating profit was RMB25.0m versus RMB0.6m in 2024.

• Adjusted net profit was RMB42.0m versus an adjusted net loss of RMB45.1m in 2024; reported net loss was RMB6,412.7m versus net profit of RMB7.9m.

• Basic and diluted loss per share were both RMB137.41; 2024 basic EPS was RMB0.18 and diluted loss per share was RMB2.47.

Outlook and guidance

• 2026 priorities: replicate proven Agentic Services across more customers and scenarios, extend into digital white-collar work, develop edge-side AI and expand overseas.

• Plans include expanding AI Agents into labour- and expertise-intensive functions such as operations, finance, accounting, HR and supply chain.

• DeepMiner development will prioritize cross-industry reasoning, broader Mano execution capabilities, multi-Agent scheduling and edge-task processing.