Marketingforce Management (2556) H2 2025 earnings summary

Executive summary

• Achieved strategic transformation to an AI-native application platform, integrating scenario, data, platform, and model layers.

• International expansion advanced with subsidiaries established in Hong Kong, the US, and Singapore, and direct service to local overseas clients.

• Served over 210,000 enterprise customers across 30 industries, with rapid growth in both KA and SMB segments.

• Ecosystem revenue grew 35%, with 295 channel partners and deepened cooperation with leading tech partners.

• No final dividend recommended for 2025; focus remains on reinvestment and capital efficiency.

Financial highlights

• Revenue: RMB2,818 million in 2025, up 80.8% year-over-year.

• Gross profit: RMB1,184.1 million, up 43.4% year-over-year; gross margin declined to 42.0% from 53.0%.

• Adjusted net profit: RMB151.5 million, up 91.3% year-over-year.

• Net profit: RMB73.3 million, compared to a net loss of RMB876.7 million in 2024.

• Free cash outflow: RMB687.9 million, compared to RMB127.9 million inflow in 2024.

Outlook and guidance

• Plans to deepen AI application commercialization, expand industry template library, and accelerate international market penetration in 2026.

• Focus on high-quality growth, performance-based billing, and long-term customer contracts.

• Intends to fully utilize proceeds from recent share placings by end of 2026 for AI R&D, M&A, global expansion, and working capital.