ZG Group (6676) H1 2026 earnings summary

Executive summary

• Revenue rose 30.1% year-over-year to RMB1,037.0 million, driven by overseas and logistics growth.

• Gross profit increased 5.5% to RMB191.5 million, while net loss narrowed by 80.8% to RMB95.6 million.

• Adjusted net loss and adjusted EBITDA improved by 35.4% and 52.9% year-over-year, respectively.

• Overseas revenue surpassed domestic for the first time, accounting for 55.5% of total revenue.

• AI-driven transformation accelerated, with domestic AI GMV up 73.2% and international AI supply chain services up 260.2%.

Financial highlights

• Revenue: RMB1,037.0 million (+30.1% YoY); gross profit: RMB191.5 million (+5.5% YoY).

• Net loss: RMB95.6 million (vs. RMB498.8 million loss prior year); basic/diluted loss per share: RMB0.09.

• Adjusted net loss: RMB72.7 million; adjusted EBITDA: loss of RMB43.8 million.

• Gross margin declined to 18.5% from 22.8% due to higher overseas/logistics mix.

• Operating cash flow positive at RMB1,942.1 million.

Outlook and guidance

• Management expects further improvement in expense ratios and operational efficiency as AI strategy deepens.

• Continued investment in digital assets and AI capabilities planned for the second half of the year.

• Overseas business to expand factoring and asset-light operations; Dubai plant to boost Middle East capacity.