Xuan Wu Cloud Technology Holdings (2392) H2 2026 earnings summary

Executive summary

• FY2025 revenue fell 28.7% YoY to RMB763.4m; continuing operations recorded a RMB37.6m loss, and owners’ attributable loss was RMB54.3m versus RMB6.9m profit in 2024.

• Regulatory changes in China’s telecom industry pressured domestic PaaS and some SaaS sales; management reported operating cash flow of RMB76.9m, its first annual turnaround since listing.

• Strategic priorities: focus on AI + cloud communication, integrate AI into products and operations, and expand overseas.

Financial highlights

• Revenue was RMB763.4m, down 28.7%; gross profit fell 33.5% to RMB109.6m, and operating result swung to a RMB32.9m loss from RMB26.4m profit.

• Loss before tax was RMB36.2m; continuing-operations loss was RMB37.6m, while discontinued operations added a RMB23.5m loss.

• Owners’ attributable loss was RMB54.3m; basic and diluted loss per share were RMB0.101, versus earnings per share of RMB0.012 in 2024.

• Cost of sales declined 27.9% to RMB653.7m, while selling and distribution expenses rose 10.4% to RMB78.7m and R&D expense rose 7.0% to RMB32.4m.

Outlook and guidance

• Priorities include strengthening the cPaaS platform, embedding AI in product development and internal workflows, and expanding international operations and local channel ecosystems.

• FY2026 focus is on developing core products and solutions, improving operational quality, and pursuing long-term value creation; no numerical guidance was stated.