Star Plus Legend Holdings (6683) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 33.0% YoY to RMB354.5m, led by new retail; net profit fell to RMB8.1m from RMB25.5m.

• Adjusted net profit, adding back share-based compensation and listed-equity fair value losses, rose 7.0% to RMB27.6m; adjusted net margin was 7.8% versus 9.7%.

Financial highlights

• Revenue was RMB354.5m versus RMB266.5m; gross profit rose to RMB155.8m from RMB134.0m, while gross margin fell to 44.0% from 50.3%.

• Operating profit declined to RMB15.4m from RMB34.1m; profit before tax was RMB15.7m versus RMB36.8m, and net profit was RMB8.1m versus RMB25.5m.

• Profit attributable to owners was RMB10.3m versus RMB25.0m; basic and diluted EPS were RMB0.01 versus RMB0.03.

• Selling and marketing expense rose to RMB69.8m from RMB47.3m; general and administrative expense declined to RMB46.9m from RMB53.6m.

Outlook and guidance

• H2 priorities include expanding CHOUCHOU and other celebrity-IP products, online sales and robot shops into high-traffic locations; more than 70 self-managed IP robot shops had launched by 30 June.

• Plans include further Finding CHOUCHOU events, considering J-Style Trip 4, cross-sector IP and cultural-tourism collaborations, and expanding health products overseas; no numerical earnings guidance was stated.

• A July 2025 agreement with Hangzhou Yushu Technology covers development and commercialization of companion and social-interaction robots.

• A first CHOUCHOU “blacklabel” store in Guangzhou was under consideration.