Plus Group Holdings (2486) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 93.7% YoY to RMB2,027.3m; profit for the year increased 79.3% to RMB24.7m.

• Results reflected strong growth in AI-enabled matching and customised marketing, alongside a strategic shift from SaaS services toward an AI-focused retail business.

• Paying customers increased to 1,286 from 608; cumulative touchpoints rose 27.8% to 842,000, while average monthly active touchpoints fell 4.5% to 84,000.

Financial highlights

• Revenue was RMB2,027.3m versus RMB1,046.4m in 2024; gross profit was RMB178.0m versus RMB124.4m.

• Profit for the year rose to RMB24.7m from RMB13.8m; profit attributable to owners increased to RMB22.4m from RMB13.0m.

• Basic and diluted EPS was RMB0.19 versus RMB0.11; operating profit was RMB36.9m versus RMB21.9m.

• Cost of services increased 100.6% to RMB1,849.2m; gross margin was 8.8%, down from 11.9% in 2024.

Outlook and guidance

• In 2026, plans include launching FluxMens large models and the Flux Intelligent Agent Family, with focus on improving model intelligence, precision and capabilities through business deployment.

• Expansion priorities include AI Sales and AI Marketing, plus adjacent areas such as procurement, delivery, real-time retail, e-commerce, social marketing and on-demand logistics.

• Overseas expansion is planned from 2026 in Vietnam, Indonesia, Australia, Japan, South Korea and the UK; strategic investment, acquisitions and partnerships are also under consideration.