Marketingforce Management (2556) investor relations material

Executive summary

• Revenue surged 111.2% year-over-year to RMB1,960.4 million for the six months ended June 30, 2026, driven by rapid expansion in AI application business and precision marketing services.

• Net profit increased 466.1% year-over-year to RMB202.8 million, with adjusted net profit up 150.9% to RMB212.6 million.

• AI application business revenue grew 123.7% year-over-year, now accounting for 57.5% of total revenue, while precision marketing services rose 96.3%.

• Operating cash flow turned positive with a net inflow of RMB500 million, reflecting strong cash generation from AI business.

Financial highlights

• Gross profit rose 96.5% year-over-year to RMB885.9 million; gross margin decreased to 45.2% from 48.6%.

• AI application business gross margin was 76.6% (down from 80.4%), while precision marketing services margin dropped to 2.7% (from 10.8%).

• Selling and distribution expenses increased 41.6% to RMB223.0 million; administrative expenses decreased 5.2% to RMB89.7 million.

• R&D expenses jumped 286.7% to RMB325.2 million, reflecting heavy investment in AI and cloud computing.

• Free cash flow was RMB482.9 million, reversing a prior outflow.

Outlook and guidance

• Strategy centers on evolving from AI application platform to a full-stack token factory, focusing on scalable, scenario-driven AI agent solutions.

• Plans to deepen the token economy model, expand AI-native platform capabilities, accelerate ecosystem development, and pursue international expansion.

• Revenue model shifting from software subscriptions to consumption-based charging aligned with business outcomes.