Quantgroup Holding (2685) H1 2026 earnings summary

Executive summary

• H1 2026 revenue fell 14.0% YoY to RMB437.4m; attributable profit declined 78.5% to RMB29.5m amid weaker demand, competition and higher payment-channel costs.

• Yangxiaomie GMV fell to RMB3.3bn from RMB5.5bn; cumulative registered users exceeded 65.0m, up 4.9m YoY.

• Pilot supply-chain and e-commerce operation services generated RMB23.2m combined revenue; strategy prioritises AI-powered industrial and consumer services.

Financial highlights

• Revenue was RMB437.4m versus RMB508.4m; gross profit was RMB233.5m versus RMB490.3m; operating profit was RMB48.7m versus RMB262.2m.

• Profit before tax was RMB48.0m versus RMB177.9m; attributable profit was RMB29.5m versus RMB137.3m; basic and diluted EPS was RMB0.0573 versus RMB0.2745.

• Cost of sales rose to RMB203.9m from RMB18.1m, driven by transaction-based fees under new Yangxiaomie payment-channel agreements.

• Sales and marketing expense fell 27.3% to RMB102.0m; R&D expense was RMB25.3m versus RMB25.9m; G&A expense fell 10.2% to RMB52.5m.

• Net impairment loss on financial assets rose 49.1% to RMB5.5m; income tax expense fell 54.5% to RMB18.5m as pretax profit declined.

Outlook and guidance

• Priorities include AI-enabled software-and-hardware products, foundational and vertical AI models, and standardized digital-intelligent services for business partners.

• Plans include a consumer e-commerce platform focused on healthy living, personal efficiency and companionship, plus smart hardware and physical AI applications.

• Management prioritises long-term value and steady, prudent development of AI-powered industrial and consumer services.