Quantgroup Holding (2685) H2 2025 earnings summary

Executive summary

• FY25 revenue rose 4.2% YoY to RMB1,034.8m, gross profit increased 2.6% to RMB987.2m, and profit for the year grew 32.6% to RMB195.1m.

• Yangxiaomie remained the main growth engine, with annual GMV above RMB10bn, up 30.59% YoY; the business focus is shifting toward AI-enabled e-commerce and deeper consumer scenarios.

Financial highlights

• Revenue was RMB1,034.8m versus RMB993.0m in FY24; gross profit was RMB987.2m versus RMB961.9m.

• Profit from operations increased to RMB416.7m from RMB352.1m; profit attributable to equity shareholders rose to RMB195.1m from RMB147.1m.

• Sales and marketing costs fell 33.4% to RMB313.5m, while R&D rose 37.2% to RMB51.3m and G&A increased 23.7% to RMB141.7m.

• Net impairment on financial assets was RMB65.7m, versus a net reversal of RMB5.3m in FY24; income tax expense rose 36.6% to RMB65.2m.

Outlook and guidance

• Strategy centers on AI as a core engine, upgrading QuantPlanet for user insights, recommendations, precision marketing, and operations, alongside deeper cultivation of consumer scenarios.

• Plans include using AI to improve product selection and user matching, expanding AI applications in consumer goods and exploring design, R&D, and global sales of AI-enabled products.

• Advertisement placement will be managed prudently and on an opportunity-driven basis following its post-2024 transformation-related slowdown.