Voicecomm International (2495) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 29.0% YoY to RMB478.7m; gross profit increased 63.9% to RMB266.1m as gross margin expanded to 55.6%.

• Profit was RMB73.1m versus a RMB589.8m loss in H1 2024, which included a non-cash RMB632.8m charge on redeemable capital contributions later reclassified to equity.

• Adjusted net profit was RMB73.1m, up 69.9% YoY, with adjusted net margin of 15.3%.

Financial highlights

• Revenue increased RMB107.5m YoY to RMB478.7m; enterprise-level solutions contributed RMB474.4m, up 29.5%.

• Gross profit rose RMB103.7m to RMB266.1m; operating profit increased 78.4% to RMB90.1m.

• Adjusted net margin was 15.3%, up 3.7 percentage points; gross margin improved 11.9 percentage points to 55.6%.

• R&D expense rose 44.4% to RMB92.9m; trade receivables impairment increased to RMB50.8m from RMB11.7m.

• Other revenue was RMB10.7m, primarily a RMB10.4m tax refund; net finance costs rose to RMB12.1m.

Outlook and guidance

• H2 priorities include upgrading multi-agent collaboration, developing vertical-industry solutions, expanding customer channels and revenue scale, and increasing R&D investment; no numerical guidance was stated.

• Plans include expansion in Southeast Asia and the Middle East, talent recruitment, stronger partnerships, and selective strategic investment, M&A and technology commercialization.

• Malaysian subsidiary signed an Aug. 20, 2025 MOU with MRANTI to explore AI solutions, smart cities, advanced mobility and voice-based AI applications.