Voicecomm International (2495) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 35.1% YoY to RMB646.6m and profit for the period increased 27.4% to RMB93.1m; gross margin eased 1.1 percentage points to 54.5%.

• Growth reflected product upgrades, deeper existing-customer cooperation, new customer and channel expansion, and ecosystem partnerships.

• VocSageX launched in June, supporting a shift toward reusable, platform-based enterprise AI agent services; outstanding project contract sum reached RMB1,093.0m, up 23.8% YoY.

Financial highlights

• Revenue increased 35.1% to RMB646.6m; AI solutions revenue rose 36.0% to RMB645.0m, while other revenue fell 62.1% to RMB1.6m.

• Gross profit rose 32.3% to RMB352.2m; gross margin declined 1.1 percentage points to 54.5%.

• Operating profit increased 18.5% to RMB106.8m; profit before tax rose 23.4% to RMB92.3m and profit for the period rose 27.4% to RMB93.1m, including an RMB0.8m tax credit.

• R&D expenses rose 27.9% to RMB118.8m; trade-receivable impairment increased 51.6% to RMB76.9m and net finance costs rose 27.2% to RMB15.4m.

• Basic and diluted EPS was RMB2.54, versus RMB2.10 in H1 2025.

Outlook and guidance

• Strategy prioritizes trustworthy agent capabilities, including decision-making, knowledge reasoning, security, access control and compliance, rather than competing mainly on model size.

• VocSageX is intended to consolidate sector expertise into reusable modules, lower marginal delivery costs and support platform operations and customer retention.

• Plans include replicating validated projects in similar cities and industries, deepening domestic technology partnerships, and expanding overseas along Belt and Road markets.

• Strategic investments and partnerships will be pursued prudently to complement capabilities, integrate industry channels and strengthen long-term resilience.