Voicecomm International (2495) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 7.0% YoY to RMB1,006.9m; gross profit increased 8.0% to RMB551.2m, with gross margin up 0.5 percentage point to 54.7%.

• Profit was RMB140.2m versus a RMB481.5m loss in 2024; the comparison reflects the prior-year RMB632.8m charge from redeemable capital contributions, reclassified to equity upon listing.

• Adjusted net profit, excluding changes in the carrying amount of redeemable capital contributions, was RMB140.2m, down 7.4% YoY from RMB151.4m.

• Ongoing projects rose 41.6% to 320 and year-end outstanding contract sum increased 57.4% to RMB1,048.9m.

Financial highlights

• Revenue increased 7.0% to RMB1,006.9m; enterprise-level solutions grew 7.3% to RMB1,000.2m, while other revenue declined 24.9% to RMB6.7m.

• Gross profit rose 8.0% to RMB551.2m; cost of revenue increased 5.7% to RMB455.7m.

• Profit from operations fell 16.9% to RMB139.8m; R&D expenses increased 67.7% to RMB224.3m, mainly on server and software depreciation and amortization and outsourced services.

• Net finance costs rose 43.3% to RMB26.1m, reflecting higher bank loan balances and interest expense; receivables impairment expense was RMB113.8m, down 6.1%.

• Basic and diluted EPS was RMB3.81, versus a loss per share of RMB8.62 in 2024.

Outlook and guidance

• Strategy prioritizes multimodal and trustworthy Agent R&D, broader Agent deployment, open technology platforms, and deeper domestic partnerships alongside international expansion.

• Plans include expanding into consumer markets, establishing smart-city benchmarks, promoting Agent products internationally, and pursuing strategic investments and M&A to strengthen the industry chain.

• An Agent platform with continuous learning capabilities is under development to support scalable intelligent upgrades across industries and scenarios.