Mobvoi (2438) H2 2025 earnings summary

Executive summary

• 2025 revenue was RMB323.0 million; annual loss narrowed 90.5% YoY to RMB68.9 million, while adjusted net loss narrowed 72.6% to RMB57.5 million.

• Organizational AI workflows and cost controls supported a 54.7% YoY reduction in operating costs; revenue per staff rose 22.5%.

• The strategy centers on AI Agent software integrated with hardware, shifting toward products and platforms for individual and team workflows.

Financial highlights

• Revenue fell 17.2% to RMB323.0 million from RMB390.3 million, mainly reflecting weaker AI Software Solutions sales; AI Hardware revenue increased.

• Gross profit decreased 20.5% to RMB161.7 million; gross margin was 50.1%, versus 52.1% in 2024.

• Operating loss narrowed to RMB67.8 million from RMB207.1 million; loss before tax was RMB68.8 million, versus RMB721.5 million.

• Adjusted net loss, a non-IFRS measure excluding preferred/ordinary share carrying-value changes, share-based compensation and listing expenses, was RMB57.5 million versus RMB210.3 million.

Outlook and guidance

• For 2026, priorities include organizational AI transformation, hardware-led growth, stronger product competitiveness and operational quality; no numerical financial guidance was stated.

• CodeBanana is planned to evolve into a full-stack task execution platform; Shadow AI 2.0 is targeted to advance from answering questions to autonomous execution.

• Further development is planned for professional workflows in law, healthcare and consulting, alongside hardware as always-present sensing devices.