Xuan Wu Cloud Technology Holdings (2392) H1 2026 earnings summary

Executive summary

• H1 revenue rose 9.9% YoY to RMB420.2m; continuing-operations profit was RMB3.1m versus a restated RMB16.7m loss, while profit attributable to owners was RMB3.0m versus a restated RMB25.9m loss.

• Following the Sales Cloud divestment, strategic focus shifted to AI + Cloud Communication, comprising intelligent cloud communication and intelligent voice.

Financial highlights

• Gross profit rose 15.7% to RMB65.8m; overall gross margin increased to 15.7% from 14.9%, while cost of sales rose 8.9% to RMB354.4m.

• Selling and distribution expenses fell 17.4% to RMB30.4m, administrative expenses fell 3.5% to RMB15.5m, and R&D expenses fell 11.1% to RMB14.2m; total expenses decreased 12.7%.

• Operating gain was RMB4.7m versus a restated RMB14.4m operating loss; profit before tax was RMB3.1m versus a restated RMB16.5m loss.

• Basic and diluted EPS were RMB0.006 versus restated losses per share of RMB0.048; continuing-operations diluted EPS was RMB0.005 versus a restated loss per share of RMB0.032.

• Net operating cash outflow was RMB78.0m versus inflow of RMB30.8m in H1 2025.

Outlook and guidance

• Priorities include AI engineering, platform, product and delivery upgrades, continued development of core communication services, overseas expansion, and capital discipline.

• Computing-power scheduling and cross-border offshore computing services entered business verification and customer-demand testing in H2 2026, with potential contribution from 2027 onward.

• The AI Agent Gateway and usage-linked service model remain in feasibility research and concept verification, with no substantial near-term impact expected on revenue or profit structure.