Unisound AI Technology (9678) H2 2025 earnings summary

Executive summary

• Revenue grew 29.0% year-over-year to RMB1,211.4 million, driven by explosive growth in large model-related business and strong expansion in both Smart Life and Smart Healthcare segments.

• Adjusted net loss narrowed by 24.9% to RMB126.5 million, while reported net loss decreased by 27.5% to RMB329.5 million, reflecting improved operational efficiency and cost control.

• Gross profit increased 19.9% to RMB437.0 million, but gross margin declined to 36.1% due to higher costs from business expansion and structural adjustments.

• The company completed a successful Hong Kong IPO in June 2025, raising HK$368 million, and executed two additional placings in early 2026, further strengthening its capital base.

Financial highlights

• Revenue: RMB1,211.4 million (up 29.0% YoY); Smart Life RMB967.8 million (+30.8%), Smart Healthcare RMB243.6 million (+22.3%).

• Gross profit: RMB437.0 million (+19.9% YoY); gross margin 36.1% (down from 38.8%).

• Loss for the year: RMB329.5 million (narrowed by 27.5% YoY); adjusted net loss: RMB126.5 million (narrowed by 24.9%).

• R&D expenses: RMB380.7 million (+2.9% YoY); finance costs: RMB147.3 million (down 45.2%).

• Cash and cash equivalents: RMB341.2 million at year-end, up from RMB156.5 million.

Outlook and guidance

• Strategic focus remains on strengthening foundation models and deepening applications, with continued investment in AGI and multi-modal capabilities.

• MaaS (Model as a Service) business expected to be the core growth engine, with plans to replicate health insurance large model success nationwide and expand Smart Life applications.

• Exploring recurring revenue models (API, token-based billing), C-end product opportunities, and international expansion via China-ASEAN AI Application Cooperation Center.