ZG Group (6676) H1 2026 earnings summary

Executive summary

• Revenue rose 30.1% year-over-year to RMB1,037.0 million, driven by strong 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); adjusted net loss: RMB72.7 million.

• Adjusted EBITDA loss: RMB43.8 million (vs. RMB93.0 million loss YoY).

• Gross profit 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-driven business transformation is planned.

• Overseas asset-light operations and expansion of factoring partnerships are targeted; Dubai plant to boost Middle East capacity.