Star Plus Legend Holdings (6683) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 19.1% YoY to RMB472.4m as IP creation and operation revenue declined; new retail grew 17.2% to RMB316.3m.

• Gross profit decreased 43.9% to RMB183.5m; a RMB64.4m non-cash impairment provision contributed to a RMB51.0m net loss versus RMB50.2m profit in FY2024.

• Strategy prioritizes expanding IP consumption through product development and offline channels, with plans for at least 1,000 robot shops in 2026.

Financial highlights

• Revenue was RMB472.4m, down 19.1% YoY; cost of revenue rose 12.4% to RMB288.9m, reducing gross profit to RMB183.5m from RMB327.0m.

• Operating loss was RMB67.9m versus operating profit of RMB83.4m; loss before tax was RMB69.4m versus profit before tax of RMB86.8m.

• Net loss was RMB51.0m versus net profit of RMB50.2m; owners’ attributable loss was RMB36.4m versus profit of RMB56.1m.

• Fair-value gains lifted other gains, net, to RMB43.8m from RMB6.3m; net finance income was RMB2.5m versus RMB3.4m.

Outlook and guidance

• 2026 priorities: broaden proprietary and collaborative IPs, launch competitive celebrity-IP and health products, and expand integrated online/offline and domestic/overseas channels.

• Target at least 1,000 robot shops in 2026, including Hong Kong and Taiwan expansion; planned related capex is RMB15m.

• First CHOUCHOU-focused Celebrity IP Collection Store planned for Shanghai in H1 2026; a second Changsha store is expected to open midyear.

• 2026 CHOUCHOU product focus includes blind boxes, figurines, plush toys and cultural merchandise, with technology, artist collaborations and cultural-tourism tie-ins.