Shanghai Able Digital Science&Tech (2687) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 14.3% YoY to RMB969.4m; net profit increased 23.9% to RMB130.2m and adjusted net profit rose 21.0% to RMB148.5m.

• Customer count reached 1,797, up 3.4% YoY, while revenue per customer increased 10.5% to RMB539k; lighthouse-customer revenue grew 21.3% to RMB301m.

Financial highlights

• Gross profit increased 20.8% YoY to RMB634.6m; gross margin expanded 3.6 percentage points to 65.5%.

• Operating profit rose to RMB126.3m from RMB108.7m; profit before tax was RMB122.1m versus RMB106.6m, and net profit was RMB130.2m versus RMB105.1m.

• Basic and diluted EPS increased to RMB2.15 from RMB1.75; adjusted net profit, adding back share-based payment and listing expenses, was RMB148.5m versus RMB122.7m.

• R&D expenses rose 48.9% to RMB189.0m; selling expenses increased 13.5% to RMB244.9m and G&A expenses rose 15.5% to RMB79.2m.

Outlook and guidance

• Priorities include further investment in Polymas, knowledge graphs and intelligent agents, with agents targeted for broader deployment across teaching, research and academic administration.

• Plans include scaling knowledge graphs within content services, improving high-margin business contribution, deepening engagement with leading and high-value customers, and expanding end-to-end campus services.

• Management aims to sustain revenue growth, optimize gross margin, improve operating efficiency and receivables management, and preserve adequate liquidity while funding R&D and expansion.