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2026-08-19
17:13
Kuaishou Technology Announces Second Quarter and Interim 2026 Unaudited Financial Results

HONG KONG, Aug. 19, 2026 /PRNewswire/ -- Kuaishou Technology ("Kuaishou" or the "Company"; HKD Counter Stock Code: 01024 / RMB Counter Stock Code: 81024), a leading content community and social platform, today announced its unaudited consolidated results for the three months and six months ended June 30, 2026.

Second Quarter 2026 Key Highlights

  • Average DAUs on Kuaishou APP were 412.3 million, representing an increase of 0.8% from 408.9 million for the same period of 2025.
  • Average MAUs on Kuaishou APP were 797.3 million, representing an increase of 11.5% from 714.8 million for the same period of 2025.
  • Total revenue increased by 1.4% to RMB35.5 billion from RMB35.0 billion for the same period of 2025. Online marketing services and live streaming contributed 58.1% and 24.5%, respectively, to the total revenue. The other 17.4% came from other services.
  • Gross profit was RMB18.3 billion, compared to RMB19.5 billion for the same period of 2025. Gross profit margin in the second quarter of 2026 was 51.6%, compared to 55.7% for the same period of 2025.
  • Profit for the period was RMB3.2 billion, compared to RMB4.9 billion for the same period of 2025. Adjusted net profit(1) was RMB3.9 billion, compared to RMB5.6 billion for the same period of 2025.
  • Operating profit from the domestic segment(2) was RMB3.7 billion, compared to RMB5.4 billion for the same period of 2025. Operating loss from the overseas segment(2) was RMB25 million, compared to operating profit of RMB19 million for the same period of 2025.

First Half 2026 Key Highlights

  • Average DAUs on Kuaishou APP were 412.5 million, representing an increase of 1.0% from 408.5 million for the same period of 2025.
  • Average MAUs on Kuaishou APP were 784.5 million, representing an increase of 10.0% from 713.3 million for the same period of 2025.
  • Total revenue increased by 2.4% to RMB69.3 billion from RMB67.7 billion for the same period of 2025. Online marketing services and live streaming contributed 58.2% and 24.8%, respectively, to the total revenue. The other 17.0% came from other services.
  • Gross profit was RMB35.6 billion, compared to RMB37.3 billion for the same period of 2025. Gross profit margin was 51.4%, compared to 55.1% for the same period of 2025.
  • Profit for the period was RMB6.1 billion, compared to RMB8.9 billion for the same period of 2025. Adjusted net profit(1) was RMB7.3 billion, compared to RMB10.2 billion for the same period of 2025.
  • Operating profit from the domestic segment(2) was RMB6.8 billion, compared to RMB9.7 billion for the same period of 2025. Operating loss from the overseas segment(2) was RMB56 million, compared to operating profit of RMB47 million for the same period of 2025.
  • During the six months ended June 30, 2026 and up to August 19, 2026, the Company repurchased a total of 43,302,200 shares on the Hong Kong Stock Exchange at an aggregate consideration of HKD1.97 billion.

Mr. Cheng Yixiao, Co-founder, Chairman, and Chief Executive Officer of Kuaishou, commented, "In the second quarter of 2026, we continued to unlock the strategic value of AI and delivered solid financial and operating performance amid a complex macroeconomic environment. We accelerated the integration of AI across our content ecosystem, online marketing, e-commerce and internal organizational enablement, enhancing both user experience and commercial efficiency. During the quarter, the average DAUs on the Kuaishou App reached 412.3 million and total revenues reached RMB35.5 billion. Even as we continued to invest in AI technologies, our adjusted net profit reached RMB3.9 billion, with an adjusted net margin of 11.0%, and our profitability remained at a healthy level, further demonstrating the resilience of our business. On the AI innovation front, we launched the Kling 3.0 Turbo model, reinforcing Kling AI's global leadership in video generation. Meanwhile, commercialization maintained strong growth momentum, with Kling AI generating revenue of over RMB850 million in the second quarter, representing year-over-year growth of more than 200.0%. Looking ahead, we will continue to integrate AI more deeply across our business scenarios. Through continued technological innovation and ecosystem development, we remain dedicated to meeting users' evolving needs and creating sustainable, long-term value for our shareholders."

Second Quarter 2026 Financial Review

Revenue from our online marketing services increased by 4.4% to RMB20.6 billion for the second quarter of 2026, from RMB19.8 billion for the same period of 2025, primarily attributable to the increased online marketing spending, as we offered scenario-based marketing materials generation capabilities tailored to meet the needs across industries and clients.

Revenue from our live streaming business decreased by 13.5% to RMB8.7 billion for the second quarter of 2026, from RMB10.0 billion for the same period of 2025, as a result of our continuous efforts to develop a rich and healthy live streaming ecosystem and diverse high-quality content.

Revenue from our other services increased by 18.5% to RMB6.2 billion for the second quarter of 2026, from RMB5.2 billion for the same period of 2025, primarily due to the growth of our Kling AI business. The growth of Kling AI business was primarily attributable to our advanced AI technology and exceptional product performance.

Other Key Financial Information for the Second Quarter of 2026

Operating profit was RMB3.8 billion, compared to RMB5.3 billion for the same period of 2025.

Adjusted EBITDA(3) was RMB7.1 billion, compared to RMB7.7 billion for the same period of 2025.

Total available funds(4) reached RMB121.3 billion as of June 30, 2026.

Notes:

(1) We define "adjusted net profit" as profit for the period adjusted by share-based compensation expenses and net fair value changes on investments.

(2) Unallocated items, which consist of share-based compensation expenses, other income, and other gains, net, are not included.

(3) We define "adjusted EBITDA" as adjusted net profit for the period adjusted by income tax expenses, depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets, and finance expenses, net.

(4) Total available funds which we considered in cash management included but not limited to cash and cash equivalents, time deposits, financial assets and restricted cash. Financial assets mainly included wealth management products and others.

Business Review

In the second quarter of 2026, amid a complex macroeconomic environment and industry competition, we remained committed to our long-term vision and strategic AI investments, achieving high-quality growth. In the second quarter of 2026, the average DAUs on the Kuaishou App reached 412.3 million. Total revenues increased by 1.4% year-over-year to RMB35.5 billion. Revenues from our core commercial business, including online marketing services and other services, primarily e-commerce and Kling AI (可靈AI), increased by 7.4% year-over-year. Adjusted net profit reached RMB3.9 billion, with an adjusted net margin of 11.0%. Overall profitability remained stable, further demonstrating the resilience of our business operations.

AI business

In the second quarter of 2026, Kling AI continued to advance its vision of "empowering everyone to craft captivating stories with AI". Through breakthroughs in advanced model capabilities, upgrades to professional product features, and the expansion of a globalized creative ecosystem, Kling AI further reinforced its global leadership among multimodal large video generation models.

At the model and product level, Kling AI officially rolled out the native 4K video output feature in the Kling AI 3.0 model series. As the industry's first video generation model supporting native 4K output, this upgrade enables one-click cinema-grade 4K video generation. Designed for professional clients across the film, television and advertising industries, it directly delivers high-resolution visuals without the need for complex post-production, achieving industrial-grade cinematic visual effects. Concurrently, Kling AI released the Kling 3.0 Turbo model, which maintains stable, high-quality dynamic output and precise audio-visual synchronization, while significantly improving creative efficiency and reducing production costs. In addition, Kling MCP (Model Context Protocol) and Kling CLI (Command Line Interface) were officially launched, enabling AI agents to orchestrate Kling AI for batch content creation. These features further expanded Kling AI's applications in workflow automation and intelligent orchestration scenarios.

Kling AI continues to empower professional content creation through its integrated video creation capabilities, with its technological innovations and creative achievements earning broad industry recognition. At the 2026 Cannes Lions International Festival of Creativity (2026戛納國際創意節), two advertising videos generated by Kling AI won one Silver Lion and two Bronze Lion Awards, demonstrating recognition of Kling AI's creative capabilities by one of the world's premier creative awards programs. At the 2026 Beijing International Film Festival (2026北京國際電影節) , multiple works created with Kling AI including Paper Smartphone (紙手機) were nominated for the AIGC Section. Stroke of Genius (神•筆) with Liu Cixin serving as literary supervisor, was recognized as the "Annual Featured Work in Short Play/Micro-Short Play" in the Short Video Section. These achievements fully demonstrate Kling AI's strength in empowering professional filmmaking.

Driven by breakthroughs in model capabilities, continuous product enhancements and deeper penetration across application scenarios, Kling AI's commercialization maintained strong growth momentum. In the second quarter of 2026, Kling AI generated revenue of over RMB850 million, representing year-over-year growth of more than 200.0%, and continued to lead the commercialization of AI video generation globally.

In the second quarter of 2026, we continued to make solid progress in the research and application of our general-purpose large models. We released Keye-VL-2.0-30B-A3B, an upgraded version of our multimodal large model. The model successfully enables deep perception across 256K ultra-long context, while delivering nearly lossless reasoning capabilities for long-video temporal understanding. We introduced AgentX, a self-evolving AI agent for industrial recommendation systems. It enables recommendation systems to autonomously drive recommendation model and strategy design, evaluate performance and accumulate insights, significantly boosting the iteration efficiency of recommendation algorithms.

As part of our large model technology applications, we developed agent capabilities for scenario-based marketing materials generation in online marketing service scenarios. By offering tailored marketing materials generation capabilities to meet the needs across industries and clients, we achieved over 70% year-over-year growth in spending on AIGC short video marketing materials in the second quarter of 2026. We continued to extend our generative recommendation and intelligent bidding large models to a broader range of scenarios, including live streaming, search, and pan-shelf-based e-commerce, improving the effectiveness of marketing content recommendations, and unlocking marketing budgets from our clients. In the second quarter of 2026, in terms of organizational efficiency enhancement and empowerment, Kuaishou's proprietary general-purpose agent product, MyFlicker, has successfully integrated skills across key internal systems and is now widely adopted by our employees. In June 2026, over 92.0% of Kuaishou employees were actively using our in-house AI agent products, with the ratio of AI-generated code hitting 60.0% within our R&D team. Meanwhile, Kuaishou Vanchin (快手萬擎), our enterprise-grade large model service and development platform, integrates high-performance model inference, cost-efficient model customization and fully managed services. Vanchin not only supports Kuaishou's internal AI application scenarios but also provides large model infrastructure services to numerous external enterprise clients.

User and content ecosystem

In the second quarter of 2026, average DAUs on the Kuaishou App reached 412.3 million, and average MAUs reached 797.3 million. In terms of new user acquisition, we leveraged AI-powered smart placement to improve user acquisition efficiency while enhancing overall retention among new and reactivated users. We consistently refined our traffic allocation system to better safeguard the experience of our highly active core users. We continued to refine our social features. The number of users with mutual followers engaging in private messaging increased by more than 15.0% year-over-year in the second quarter of 2026. We also focused on optimizing Kuaishou App's basic features, comprehensively elevating the user experience through systematic improvements to product features, video playback smoothness and intelligent interaction.

We firmly believe in the power of community and continue to enhance the differentiated, high-quality content ecosystem that highlights Kuaishou's community-centric core. During June and July 2026, riding the wave of the World Cup, we launched our native IP the Kuaishou World Cup Fans Trophy (快手鐵力神杯). Beyond covering trending topics and news, we introduced a series of original activities, including the Kuaishou X.Y.Style FC (快手象牙山足球大賽), Dream Chasers Youth Football Tournament (逐夢少年足球賽). Through trending topic operations, engaging interactions, and community-wide content co-creation, we built a new sports hub where every user on Kuaishou platform could participate, engage, and share their passion. During the campaign period, Content related to these events generated 68.2 billion impressions on the Kuaishou App, while livestreams of these initiatives garnered nearly 360 million viewers.

We have deepened our innovative copyright cooperation mechanisms, utilizing a joint-operation model to deliver higher-value content consumption for our users. We leveraged e-commerce live streaming to introduce live broadcasting rights for the 2026 CBA season. Furthermore, we introduced the ticketed live-streaming model to online music performances. In April 2026, we hosted the TOP (TOP登陸少年組合) concert, generating more than RMB10 million in sales from this single event, realizing a synergy between content and commercialization. Furthermore, this model has driven grassroots sports events, establishing a notable regional scale, especially across Northwest China.

Online marketing services

In the second quarter of 2026, revenue from online marketing services reached RMB20.6 billion, representing a year-over-year increase of 4.4%. Our non-e-commerce marketing services continued to expand across the content consumption, lifestyle services and AI application sectors. Empowered by our omni-domain traffic synergy strategy and dedicated programs for brand merchants, our e-commerce marketing services demonstrated resilience. At the same time, by leveraging AI technologies, we further deepened the application of AI across the full online marketing services workflow.

During the second quarter of 2026, the content consumption, lifestyle services and AI application sectors continued to drive year-on-year growth in our non-e-commerce marketing services revenue. In the content consumption sector, AI reduced content production costs and lowered barriers to content creation, driving rapid growth in the supply of short play content, and catering to increasingly diverse user preferences. This further enriched the platform's content ecosystem and boosted related marketing demand. As of June 2026, the supply of short plays on Kuaishou platform, including both live-action and AI-generated short plays, increased by more than fivefold compared with January 2026. In the second quarter of 2026, the total spending from online marketing services driven by short plays increased by more than 100.0% year-over-year. In the lifestyle services sector, we continued to deepen our presence across sub-verticals, such as comprehensive services and local services, while exploring incremental growth opportunities across these areas. Meanwhile, by optimizing deep conversion capabilities, enhancing our full-stack lead-driven marketing solutions, and launching the user exploration AI agent, we enabled our clients to more effectively identify high-intent users, improving lead quality and subsequent conversion efficiency. In the AI application sector, we worked closely with our clients to better align advertising placement and in-app conversion, helping them improve user retention and conversion performance. These efforts further strengthened our competitiveness in capturing advertising spending from AI application clients.

For e-commerce marketing services, in the second quarter of 2026, we strengthened omni-domain traffic synergy across our e-commerce and online marketing businesses to improve the efficiency of matching merchants with relevant traffic. We conducted more granular merchant segmentation and implemented tiered operations, tailoring differentiated product strategies to address merchants' core needs across different segments. Meanwhile, we intervened at the supply level of marketing materials by actively taking governance measures, including incentivizing first-launch content and increasing recommendation diversity. These initiatives effectively optimized the content mix for e-commerce marketing materials, enabling high-quality content to reach target traffic more efficiently, while further optimizing our long-term commercialization ecosystem. Amid continued macro consumption and merchant operational challenges, we remained committed to providing traffic support to high-quality merchants. The T2000 brand initiative (T2000品牌專項) launched in the fourth quarter of 2025 has delivered promising initial results. Marketing spend by T2000 brand merchants outpaced that of our broader e-commerce marketing, and its contribution to online marketing services revenue continued to increase in the second quarter of 2026. At the product level of e-commerce marketing services, our Net Transaction ROI (淨成交ROI) product continued to evolve. By enhancing omni-scenario transaction bidding capabilities and refining bidding mechanisms and model strategies, its client penetration rate increased from 45.0% in the first quarter of 2026 to 55.0% in the second quarter of 2026, effectively helping merchants reduce product return rates.

In the second quarter of 2026, we continued to optimize the applications of AI across industry-specific scenarios, further enhancing clients' marketing placement efficiency and expanding our capacity to attract incremental marketing budgets across industries. In content consumption scenarios, through content understanding, user matching, smart placement and monetization strategy optimization, AI enabled high-quality content to reach potential users more efficiently. In lifestyle service scenarios, AI capabilities were primarily applied across areas including marketing materials generation, digital human live streaming, conversational business operations, user intent identification and deep conversion prediction, helping merchants reduce the costs associated with content creation, marketing placement operations and manual customer service.

E-commerce

In the second quarter of 2026, we further advanced our e-commerce strategy by focusing on three key areas: growing our paying user base, expanding supply, and deepening the integration of e-commerce and commercialization traffic. We prioritized optimizing our merchant ecosystem and merchant mix, strengthening the acquisition and development of brands and new merchants, and fostering greater synergies between e-commerce and e-commerce marketing. During the second quarter of 2026, we focused on increasing the number of high-quality users, while the number of active paying users in our e-commerce business remained largely stable quarter-over-quarter. With users' omni-domain consumption habits continuing to develop, we strengthened our private-domain advantages, meanwhile, by aligning traffic across diverse scenarios, we enabled content-driven product recommendation, shelf-based conversion and store repurchases to increasingly reinforce one another, creating a positive growth cycle. In the second quarter of 2026, we further enhanced cross-scenario synergies and optimized subsidy efficiency, driving balanced development across content-based scenarios and pan-shelf-based scenarios.

On the supply side, in the second quarter of 2026, we continued to onboard new merchants and advance brand expansion. Through initiatives focused on cost reduction, efficiency improvement, growth incentives, product empowerment and operational support, we consistently supported the growth of new merchants and small and medium-sized merchants, further improving our merchant ecosystem and mix. We launched an upgraded version of our Starlight Initiative (星耀計劃), offering tiered support programs for different merchant segments, including brand merchants, large merchants, industrial zone merchants, and small and medium-sized merchants, to help more merchants scale their businesses more rapidly. Supported by these initiatives, the number of newly onboarded merchants increased year-over-year and rose nearly 10.0% quarter-over-quarter in the second quarter of 2026. The number of new merchants achieving scaled growth in their second month after onboarding increased by nearly 30.0% year-over-year, reflecting continued improvements in the quality of growth among new merchants. On the brand merchant side, self-operated GMV from T2000 brands maintained strong year-over-year growth with contribution to overall GMV increased steadily. Meanwhile, marketing spend from brand merchants grew rapidly year-over-year, further enhancing their contribution to both overall e-commerce GMV and online marketing revenue.

In the second quarter of 2026, we continued to improve our KOL ecosystem and structure, enhancing the quality of supply across content-based scenarios. We deepened our collaborations with top-tier KOLs, increased support for mid-tier KOLs in verticals where Kuaishou has competitive advantages, such as Three Rural (三農) and anime, and improved the consistency of existing KOLs' performance, reinforcing our e-commerce content fundamentals. By integrating our outstanding KOL resources with distinctive product offerings nationwide, we deepened our penetration in industrial zones across China and launched differentiated content marketing initiatives, including product origins tracing livestreaming. These efforts strengthened the synergy between content and supply, empowered KOLs and improved merchants' conversion efficiency. Meanwhile, we continued to expand our KOL base through multiple channels, including in-platform incubation, partnerships with talent agencies and external recruitment. To boost KOL streaming frequency, we continuously refined our incentive policies. In the second quarter of 2026, the number of streamers hosting live sessions with over 10,000 followers increased year-over-year, while KOL streaming frequency continued to increase steadily. Regarding distribution pool development, we leveraged AI technologies to enhance our underlying product capabilities, creating a more targeted distribution pool system, further fostering the vibrancy of our distribution ecosystem. In the second quarter of 2026, the penetration of active KOLs participating in distribution continued to increase year-over-year, and the number of merchant-KOL matches in the distribution pool increased by over 20.0% year-over-year.

In the second quarter of 2026, we continued to optimize AI capabilities across our e-commerce scenarios throughout the full lifecycle of merchants, enabling merchants to reduce costs, improve efficiency and adopt intelligent business operations. These initiatives validated the feasibility of AI evolving from a productivity-enhancing tool into a comprehensive solution supporting business execution. In the first half of 2026, more than 850,000 merchants utilized our free AI-powered business operation tools across a wide range of scenarios, including product selection and listing, marketing materials generation, business analysis, smart placement and AI-powered customer service. These AI tools provided merchants with end-to-end operational support and capability enhancements.

Live streaming

In the second quarter of 2026, live streaming revenue reached RMB8.7 billion. We focused on the healthy development of our supply ecosystem and leveraged AI to empower live-streaming products, continuously driving ecosystem quality enhancements and product innovation. On the supply side, we launched the Confluence Initiative (百川計劃), through which we provided streamer acquisition incentives, early-stage growth support, and healthy ecosystem governance, to steadily expand the supply of new streamers from talent agencies, and further improve streamers' efficiency in gaining initial traction. Meanwhile, we strengthened independent streamer operations, focusing on identifying and nurturing high-value independent streamers, thereby solidifying our live streaming supply foundation through refined operations. Moreover, we encouraged top-tier streamers to expand into group live-streaming content formats, leveraging their traffic and influence to enrich the supply of high-quality live-streaming content.

On the product and technology front, AI capabilities further empowered live-streaming rooms. Powered by Kling AI's video generation capabilities, AI gifts with customizable special effects continued to evolve, offering a wider variety of gift formats and generation capabilities and further enhancing users' willingness to pay. In the second quarter of 2026, AI gifts sent by users surpassed 6 million in total. AI-driven content understanding capabilities continued to optimize our live streaming recommendation strategies, enabling more precise matching between streamers and users and supporting the expansion of our paying user base. In addition, intelligent live-streaming gift recommendation and ranking features based on real-time multimodal signals effectively improved users' payment experience and efficiency. AI tools such as AI Interaction Assistants (AI互動助手) and Digital Avatars Solution (數字分身服務) were further refined and upgraded, continuously improving streamers' service efficiency.

Overseas

In the second quarter of 2026, we remained committed to our high-value growth strategy, further strengthening the foundation of our overseas business in profitability, long-term operational capabilities and localized efforts. In traffic growth and the content ecosystem, we stayed focused on refined user acquisition. We enhanced our content offerings with distinctive local characteristics and expanded community-based creator networks, fostering an engaging community atmosphere around real-life scenarios and further deepening content consumption among core users. For online marketing services, leveraging major events such as Festa Junina and the World Cup, we empowered our marketing clients to achieve rapid growth during critical windows through AI-driven initiatives, including in-depth ROI analysis, user insights, innovative product features, and industry-specific strategies. Moreover, we further unlocked the monetization potential of short plays and other diversified content formats, forming a dual-engine growth model together with our marketing service product capabilities, while accelerating expansion into growth sectors such as e-commerce. Regarding overseas e-commerce, we continued to deliver solid year-over-year growth in GMV and order volume in the second quarter of 2026. At the same time, we drove growth in average order value through product mix optimization and high-quality supply, while maintaining solid operational efficiency and profit-generating ability.

Corporate social responsibility

Kuaishou remains firmly committed to its mission of "connecting good faith with technology and creating long-term values", continuously driving the deep integration of technological innovation and industrial development to foster high-quality employment. According to the 2025 Kuaishou Corporate Social Responsibility Report published on June 2, 2026, by the end of 2025, the Kuaishou platform had cumulatively created 48.6 million job opportunities and spawned 189 new professions in total. Among these, 15 new roles were directly generated by the advancement of AI, covering fields such as AIGC application specialists, prompt engineers, AI directors, and AI trainers.

Business Outlook

In the first half of 2026, we maintained our strategic focus on AI and continued to increase our investment, delivering high-quality, resilient growth across our content and business ecosystems. Looking ahead to the second half of 2026, the Group reaffirms its strategic direction of deepening AI investment and pursuing long-term sustainable development through advanced technology and a distinctive ecosystem. However, we are cautious about the short-term business outlook as the operating environment has become increasingly complex and challenging. We will continue to adopt a prudent and disciplined approach. We will continue to deepen AI integration across these ecosystems by advancing the capabilities of our large models across multiple scenarios, helping merchants and marketing clients operate more efficiently. We will also continue to scale Kling AI's model capabilities and expand its adoption across professional creative scenarios, unlocking additional commercialization opportunities. We remain dedicated to meeting users' evolving needs and creating sustainable, long-term value for Shareholders.

About Kuaishou

Kuaishou is a leading content community and social platform in China and globally, committed to becoming the most customer-obsessed company in the world. Kuaishou uses its technological backbone, powered by cutting-edge AI technology, to continuously drive innovation and product enhancements that enrich its service offerings and application scenarios, creating exceptional customer value. Through short videos and live streams on Kuaishou's platform, users can share their lives, discover goods and services they need and showcase their talent. By partnering closely with content creators and businesses, Kuaishou provides technologies, products, and services that cater to diverse user needs across a broad spectrum of entertainment, online marketing services, e-commerce, local services, gaming, and much more.

Forward-Looking Statements

Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events.

For investor and media inquiries, please contact

Kuaishou Technology
Investor Relations
Email: [email protected]

 

 

 

CONDENSED CONSOLIDATED INCOME STATEMENT




Unaudited


Unaudited



Three Months Ended


Six Months Ended



June 30,


March 31,


June 30,


June 30,


June 30,



2026


2026


2025


2026


2025



RMB'Million


RMB'Million


RMB'Million


RMB'Million


RMB'Million

Revenues


35,535


33,716


35,046


69,251


67,654

Cost of revenues


(17,207)


(16,467)


(15,542)


(33,674)


(30,358)

Gross profit


18,328


17,249


19,504


35,577


37,296

Selling and marketing expenses


(9,922)


(10,333)


(10,503)


(20,255)


(20,400)

Administrative expenses


(895)


(766)


(897)


(1,661)


(1,725)

Research and development expenses


(4,581)


(3,621)


(3,400)


(8,202)


(6,698)

Other income


33


245


16


278


69

Other gains, net


794


821


569


1,615


1,006

Operating profit


3,757


3,595


5,289


7,352


9,548

Finance expenses, net


(258)


(173)


(54)


(431)


(78)

Share of losses of investments
   accounted for using the equity method


(2)


(13)


(12)


(15)


(10)

Profit before income tax


3,497


3,409


5,223


6,906


9,460

Income tax expenses


(345)


(504)


(301)


(849)


(559)

Profit for the period


3,152


2,905


4,922


6,057


8,901

Attributable to:











— Equity holders of the Company


3,146


2,903


4,922


6,049


8,900

— Non-controlling interests


6


2


-


8


1



3,152


2,905


4,922


6,057


8,901

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEET




Unaudited


Audited



As of June 30,
2026


As of December 31,

 2025



RMB'Million


RMB'Million

ASSETS





Non-current assets





Property and equipment


34,126


22,869

Right-of-use assets


10,302


8,545

Intangible assets


968


986

Investments accounted for using the equity method


130


149

Financial assets at fair value through profit or loss


29,618


23,747

Derivative financial instruments


-


353

Other financial assets at amortized cost


-


35

Deferred tax assets


6,529


5,585

Long-term time deposits


14,291


22,015

Other non-current assets


4,950


2,671



100,914


86,955






Current assets





Trade receivables


7,804


8,127

Prepayments, other receivables and other current assets


9,837


7,028

Financial assets at fair value through profit or loss


56,353


42,323

Derivative financial instruments


584


1

Other financial assets at amortized cost


-


9

Short-term time deposits


12,358


8,630

Restricted cash


220


251

Cash and cash equivalents


11,696


11,180



98,852


77,549






Total assets


199,766


164,504

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEET




Unaudited


Audited



As of June 30, 
2026


As of December 31,

 2025



RMB'Million


RMB'Million

EQUITY AND LIABILITIES





Equity attributable to equity holders of the Company





Share capital


-


-

Share premium


261,530


265,628

Treasury shares


(95)


(602)

Other reserves


39,096


38,873

Accumulated losses


(218,292)


(224,341)



82,239


79,558

Non-controlling interests


34


26






Total equity


82,273


79,584











Non-current liabilities





Borrowings


14,792


11,098

Derivative financial instruments


520


30

Lease liabilities


7,920


5,977

Deferred tax liabilities


169


241

Other non-current liabilities


115


39



23,516


17,385






Current liabilities





Accounts payables


28,130


27,209

Other payables and accruals


41,620


29,160

Dividend payable


2,584


-

Advances from customers


4,842


4,848

Borrowings


12,570


1,968

Income tax liabilities


479


388

Lease liabilities


3,752


3,962



93,977


67,535






Total liabilities


117,493


84,920






Total equity and liabilities


199,766


164,504

 

 

 

Financial Information by Segment



Unaudited Three Months Ended


June 30, 2026

March 31, 2026

June 30, 2025


Domestic

Overseas

Unallocated
items

Total

Domestic

Overseas

Unallocated
items

Total

Domestic

Overseas

Unallocated
items

Total

RMB'Million

RMB'Million

RMB'Million

Revenues

34,356

1,179

-

35,535

32,554

1,162

-

33,716

33,746

1,300

-

35,046

Operating profit/(loss)

3,733

(25)

49

3,757

3,093

(31)

533

3,595

5,401

19

(131)

5,289















Unaudited Six Months Ended


June 30, 2026

June 30, 2025


Domestic

Overseas

Unallocated
items

Total

Domestic

Overseas

Unallocated
items

Total

RMB'Million

RMB'Million

Revenues

66,910

2,341

-

69,251

65,039

2,615

-

67,654

Operating profit/(loss)

6,826

(56)

582

7,352

9,746

47

(245)

9,548




















 

 

 

Reconciliation of Non-IFRS Accounting Standards Measures to the Nearest IFRS Accounting 
Standards Measures



Unaudited


Unaudited


Three Months Ended


Six Months Ended


June 30,


March 31,


June 30,


June 30,


June 30,


2026


2026


2025


2026


2025


RMB'Million


RMB'Million


RMB'Million


RMB'Million


RMB'Million











Profit for the period

3,152


2,905


4,922


6,057


8,901

Adjusted for:










Share-based compensation expenses

778


533


716


1,311


1,320

Net fair value changes on

   investments(1)

(17)


(64)


(20)


(81)


(23)











Adjusted net profit

3,913


3,374


5,618


7,287


10,198





















Adjusted net profit

3,913


3,374


5,618


7,287


10,198

Adjusted for:










Income tax expenses

345


504


301


849


559

Depreciation of property and
  equipment

1,745


1,364


885


3,109


1,667

Depreciation of right-of-use assets

845


799


831


1,644


1,599

Amortization of intangible assets

16


16


26


32


48

Finance expenses, net

258


173


54


431


78











Adjusted EBITDA

7,122


6,230


7,715


13,352


14,149


Note:

 (1)  Net fair value changes on investments represents net fair value (gains)/losses on financial assets at fair value
through profit or loss of our investments in listed and unlisted entities, net (gains)/losses on deemed disposals
of investments and impairment provision for investments, which is unrelated to our core business and operating
performance and subject to market fluctuations, and exclusion of which provides investors with more relevant
and useful information to evaluate our performance.

 

 

 

Information Provided by PR Newswire [Disclaimer]
16:44
Kingsoft Cloud Announces Unaudited Second Quarter 2026 Financial Results

BEIJING, Aug. 19, 2026 /PRNewswire/ -- Kingsoft Cloud Holdings Limited ("Kingsoft Cloud" or the "Company") (NASDAQ: KC and HKEX: 3896), a leading cloud service provider in China, today announced its unaudited financial results for the quarter ended June 30, 2026.

Mr. Tao Zou, Chief Executive Officer of Kingsoft Cloud, commented: "We are excited to deliver a quarter of both strong growth and profitability. Gross billings from our AI cloud business grew 82% year-over-year, representing 56% of public cloud revenue, driven by incremental contributions from our AI cloud infrastructure services as well as Model-as-a-Service (MaaS) offerings. Profitability-wise, we recorded positive operating margin (GAAP) for the first time, and our adjusted operating profit margin increased significantly to reach 4.0%[1], thanks to our improved gross margin and operating efficiency. We remain committed to pursuing high-quality, sustainable growth strategy, deepening collaboration with customers both within and beyond our ecosystem, and strengthening our market position."

Ms. Yi Li, Chief Financial Officer of Kingsoft Cloud, added, "We delivered a strong quarter, with total revenue reaching a record high of RMB3,072.0 million, representing an increase of 30.8% year-over-year. Adjusted gross profit increased by 34.6% year-over-year to RMB471.7 million, with an adjusted gross margin of 15.4%[2], an improvement from last quarter. We also reached breakeven on operating profit (GAAP), with adjusted operating profit margin reaching 4.0%, demonstrating improving profitability thanks to AI demand tailwinds and operational optimization. We remain committed to investing for sustainable long-term growth, with capital expenditures (including capitalized assets through leasing arrangements) amounting to RMB3.3 billion in Q2, an increase from Q1."

Second Quarter 2026 Financial Results

Total Revenues reached RMB3,072.0 million (US$452.8[3] million), increased by 30.8% year-over-year from RMB2,349.2 million in the same quarter of 2025, and increased by 13.6% quarter-over-quarter from RMB2,703.7 million in the first quarter of 2026. The increase was mainly due to revenue growth from AI-related customers, supported by continued upgrades to our AI infrastructure and product offerings.

Revenues from public cloud services were RMB2,357.6 million (US$347.5 million), increased by 45.1% year-over-year from RMB1,625.3 million in the same quarter of 2025 and increased by 18.1% quarter-over-quarter from RMB1,996.3 million last quarter. The increase was mainly driven by growing demand for AI cloud services. AI cloud gross billings reached RMB1,327 million (US$195.6 million), while our other public cloud services also maintained solid growth.

Revenues from enterprise cloud services were RMB714.3 million (US$105.3 million), representing a year-over-year decrease of 1.3% from RMB723.9 million in the same quarter of 2025 and a quarter-over-quarter increase of 1.0% from RMB707.4 million last quarter.

[1] Our operating profit margin was 0.7%.

[2] Our gross profit was RMB466.2 million, representing a year-over-year increase of 37.6%, with a gross margin of 15.2%.

[3] This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026 as certified for customs purposes by the Federal Reserve Bank of New York.

Cost of revenues was RMB2,605.8 million (US$384.0 million), representing an increase of 29.6% from RMB2,010.4 million in the same quarter of 2025, which was mainly due to our continued investment in AI computing resources. IDC costs increased by 23.3% year-over-year from RMB803.1 million to RMB990.1 million (US$146.0 million) this quarter, largely in line with our revenue expansion. Depreciation and amortization costs increased from RMB552.0 million in the same quarter of 2025 to RMB963.8 million (US$142.0 million) this quarter. The increase was mainly due to the depreciation of newly acquired and leased servers, and network equipment which were mainly related to AI cloud business. Solution development and services costs increased by 3.9% year-over-year from RMB563.7 million in the same quarter of 2025 to RMB585.7 million (US$86.3 million) this quarter. The increase was mainly due to the solution personnel expansion. Fulfillment costs and other costs were RMB15.1 million (US$2.2 million) and RMB51.1 million (US$7.5 million) this quarter.

Gross profit was RMB466.2 million (US$68.7 million), representing an increase of 37.6% from RMB338.9 million in the same quarter of 2025. The increase was mainly due to the expansion of our revenue scale, especially the intelligent computing services. Gross margin was 15.2% in this quarter, compared with 14.4% in the same quarter of 2025 and 12.8% last quarter. The increase was mainly due to higher profit contribution from our AI cloud business. Non-GAAP gross profit[4] was RMB471.7 million (US$69.5 million), compared with RMB350.6 million in the same period in 2025. Non-GAAP gross margin[4] was 15.4%, compared with 14.9% in the same period in 2025.

Total operating expenses were RMB443.2 million (US$65.3 million), decreased by 33.4% from RMB665.8 million in the same quarter of 2025 and decreased by 13.4% from RMB511.9 million last quarter. Among which:

Selling and marketing expenses were RMB113.1 million (US$16.7 million), decreased by 14.3% from RMB132.0 million in the same period in 2025 and decreased by 8.6% from RMB123.8 million last quarter. The decrease was mainly due to the decrease of share-based compensation and personnel costs.

General and administrative expenses were RMB140.2 million (US$20.6 million), decreased by 58.7% from RMB339.6 million in the same period in 2025 and decreased by 28.0% from RMB194.8 million last quarter. The decrease was mainly due to the decrease of credit loss expenses and share-based compensation.

Research and development expenses were RMB189.9 million (US$28.0 million), decreased by 2.3% from RMB194.3 million in the same period in 2025 and decreased by 1.8% from RMB193.3 million last quarter. The year-over-year decrease was mainly due to the decrease of personnel costs and share-based compensation.

Operating profit was RMB23.0 million (US$3.4 million), compared with operating loss of RMB327.0 million in the same period in 2025 and operating loss of RMB166.1 million last quarter. The year-over-year improvement was mainly due to the increase of revenue, while the sequential improvement was mainly due to the impact of increase in gross profit. Non-GAAP operating profit[5] was RMB124.0 million (US$18.3 million), compared with operating loss of RMB166.4 million in the same period last year and operating loss of RMB59.8 million last quarter.

[4] Non-GAAP gross profit is defined as gross profit excluding share-based compensation expenses allocated in the cost of revenues and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. See "Use of Non-GAAP Financial Measures" set forth at the end of this press release.

[5] Non-GAAP operating (loss) profit is defined as operating (loss) profit excluding share-based compensation expenses and amortization of intangible assets and we define Non-GAAP operating (loss) profit margin as Non-GAAP operating (loss) profit as a percentage of revenues. See "Use of Non-GAAP Financial Measures" set forth at the end of this press release.

Net loss was RMB93.0 million (US$13.7 million), narrowed by 79.6% from RMB456.9 million in the same quarter of 2025 and narrowed by 72.9% from RMB343.7 million last quarter. Non-GAAP net loss[6] was RMB59.8 million (US$8.8 million), compared with RMB300.5 million in the same quarter of 2025 and RMB237.1 million last quarter.

Non-GAAP EBITDA[7] was RMB1,100.5 million (US$162.2 million), compared with RMB406.0 million in the same quarter of 2025 and RMB747.5 million last quarter. Non-GAAP EBITDA margin was 35.8%, compared with 17.3% in the same quarter of 2025 and 27.6% last quarter.

Basic and diluted net loss per share was RMB0.02 (US$0.00), compared with RMB0.11 in the same quarter of 2025 and RMB0.08 last quarter.

Cash and cash equivalents were RMB4,674.3 million (US$688.9 million) as of June 30, 2026, compared with RMB6,018.0 million as of December 31, 2025. The decrease was mainly due to the investment into the procurement of computing power equipment.

Outstanding ordinary shares were 4,501,784,337 as of June 30, 2026, equivalent to about 300,118,956 ADSs.

Conference Call Information

Kingsoft Cloud's management will host an earnings conference call on Wednesday, August 19, 2026 at 8:15 am, U.S. Eastern Time (8:15 pm, Beijing/Hong Kong Time on the same day).

Participants can register for the conference call by navigating to https://register-conf.media-server.com/register/
BIf61186884fdb445fabf9794d01884399
. Once preregistration has been completed, participants will receive dial-in numbers, direct event passcode, and a unique access PIN.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your PIN, and you will join the conference instantly.

Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.ksyun.com

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). In evaluating our business, we consider and use certain non-GAAP measures, Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP operating (loss) profit, Non-GAAP operating (loss) profit margin, Non-GAAP EBITDA, Non-GAAP EBITDA margin, Non-GAAP net loss and Non-GAAP net loss margin, as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define Non-GAAP gross profit as gross profit excluding share-based compensation expenses allocated in the cost of revenues, and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. We define Non-GAAP operating (loss) profit as operating (loss) profit excluding share-based compensation expenses and amortization of intangible assets and we define Non-GAAP operating (loss) profit margin as Non-GAAP operating (loss) profit as a percentage of revenues. We define Non-GAAP net loss as net loss excluding share-based compensation expenses and foreign exchange loss (gain), and we define Non-GAAP net loss margin as Non-GAAP net loss as a percentage of revenues. We define Non-GAAP EBITDA as Non-GAAP net loss excluding interest income, interest expense, income tax expense and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of these non-GAAP measures facilitates investors' assessment of our operating performance.

[6] Non-GAAP net loss is defined as net loss excluding share-based compensation expenses and foreign exchange loss (gain), and we define Non-GAAP net loss margin as Non-GAAP net loss as a percentage of revenues. See "Use of Non-GAAP Financial Measures" set forth at the end of this press release.

[7] Non-GAAP EBITDA is defined as Non-GAAP net loss excluding interest income, interest expense, income tax expense and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. See "Use of Non-GAAP Financial Measures" set forth at the end of this press release.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

We compensate for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information

This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from RMB to U.S. dollars, in this press release, were made at a rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud's strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud's goals and strategies; Kingsoft Cloud's future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud' s business and industry; the expected growth of the cloud service market in China; the expectation regarding the rate at which to gain customers, especially Premium Customers; Kingsoft Cloud's ability to monetize the customer base; fluctuations in general economic and business conditions in China; and the economy in China and elsewhere generally; China's political or social conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Kingsoft Cloud Holdings Limited

Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX: 3896) is a leading cloud service provider in China. With extensive cloud infrastructure, cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities, well-architected industry-specific solutions and end-to-end fulfillment and deployment, Kingsoft Cloud offers comprehensive, reliable and trusted cloud service to customers in strategically selected verticals.

For more information, please visit: http://ir.ksyun.com

For investor and media inquiries, please contact:

Kingsoft Cloud Holdings Limited
Investor Relations
Email: [email protected] 

 

 

KINGSOFT CLOUD HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands)


Dec 31,
2025

Jun 30,
2026

Jun 30,
2026


RMB

RMB

US$

ASSETS




Current assets:




Cash and cash equivalents

6,018,043

4,674,330

688,911

Restricted cash

99,194

54,963

8,101

Accounts receivable, net

1,740,472

2,433,175

358,606

Prepayments and other assets

2,592,314

3,116,516

459,317

Amounts due from related parties

573,396

702,453

103,529

Total current assets

11,023,419

10,981,437

1,618,464

Non-current assets:




Property and equipment, net

10,094,870

13,725,293

2,022,858

Intangible assets, net

532,769

445,819

65,706

Goodwill

4,605,724

4,605,724

678,800

Prepayments and other assets

139,836

419,048

61,760

Equity investments

234,166

336,495

49,593

Operating lease right-of-use assets

98,405

189,754

27,966

Total non-current assets

15,705,770

19,722,133

2,906,683

Total assets

26,729,189

30,703,570

4,525,147





LIABILITIES, NON-CONTROLLING
INTERESTS AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

2,014,453

2,425,273

357,441

Accrued expenses and other current liabilities

3,222,429

3,792,735

558,981

Short-term borrowings

3,348,279

3,256,926

480,011

Income tax payable

73,310

67,751

9,985

Amounts due to related parties

721,932

1,221,055

179,961

Current operating lease liabilities

40,941

96,996

14,295

Total current liabilities

9,421,344

10,860,736

1,600,674

Non-current liabilities:




Long-term borrowings

3,023,538

3,424,480

504,706

Amounts due to related parties 

2,212,325

3,217,952

474,267

Deferred tax liabilities

61,914

61,273

9,031

Other liabilities

2,645,895

4,161,172

613,282

Non-current operating lease liabilities 

51,139

83,245

12,269

Total non-current liabilities

7,994,811

10,948,122

1,613,555

Total liabilities

17,416,155

21,808,858

3,214,229

Shareholders' equity:




Ordinary shares

30,888

30,888

4,552

Treasury shares

(31,068)

(6,222)

(917)

Additional paid-in capital

24,073,006

24,170,141

3,562,238

Statutory reserves funds

51,661

51,661

7,614

Accumulated deficit

(15,247,868)

(15,684,766)

(2,311,648)

Accumulated other comprehensive income

440,407

336,801

49,638

Total Kingsoft Cloud Holdings Limited
shareholders' equity

9,317,026

8,898,503

1,311,477

Non-controlling interests

(3,992)

(3,791)

(559)

Total equity

9,313,034

8,894,712

1,310,918

Total liabilities, non-controlling interests and
shareholders' equity

26,729,189

30,703,570

4,525,147

 

 

KINGSOFT CLOUD HOLDINGS LIMITED




UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS




(All amounts in thousands, except for share and per share data)





Three Months Ended

Six Months Ended


Jun 30,
2025

Mar 31,
2026

Jun 30,
2026

Jun 30,
2026

Jun 30,
2025

Jun 30,
2026

Jun 30,
2026


RMB

RMB

RMB

US$

RMB

RMB

US$

Revenues:








Public cloud services

1,625,309

1,996,301

2,357,617

347,470

2,978,788

4,353,918

641,688

Enterprise cloud services

723,918

707,431

714,349

105,282

1,340,416

1,421,780

209,544

Total revenues

2,349,227

2,703,732

3,071,966

452,752

4,319,204

5,775,698

851,232

Cost of revenues

(2,010,370)

(2,357,984)

(2,605,757)

(384,041)

(3,662,041)

(4,963,741)

(731,565)

Gross profit  

338,857

345,748

466,209

68,711

657,163

811,957

119,667

Operating expenses:








Selling and marketing expenses

(131,996)

(123,776)

(113,130)

(16,673)

(276,334)

(236,906)

(34,916)

General and administrative expenses

(339,563)

(194,765)

(140,169)

(20,658)

(521,562)

(334,934)

(49,363)

Research and development expenses

(194,285)

(193,315)

(189,911)

(27,989)

(420,455)

(383,226)

(56,481)

Total operating expenses

(665,844)

(511,856)

(443,210)

(65,320)

(1,218,351)

(955,066)

(140,760)

Operating (loss) profit

(326,987)

(166,108)

22,999

3,391

(561,188)

(143,109)

(21,093)

Interest income

11,520

32,030

25,920

3,820

16,466

57,950

8,541

Interest expense

(124,669)

(153,595)

(166,766)

(24,578)

(207,566)

(320,361)

(47,215)

Foreign exchange (loss) gain 

(39,526)

(44,006)

24,106

3,553

(30,475)

(19,900)

(2,933)

Other gain (loss), net

1,620

(6,588)

17,521

2,582

4,864

10,933

1,611

Other income (expense), net

23,522

(372)

(250)

(37)

16,510

(622)

(92)

Loss before income taxes

(454,520)

(338,639)

(76,470)

(11,269)

(761,389)

(415,109)

(61,181)

Income tax expense

(2,343)

(5,081)

(16,507)

(2,433)

(11,584)

(21,588)

(3,182)

Net loss

(456,863)

(343,720)

(92,977)

(13,702)

(772,973)

(436,697)

(64,363)

Less: net profit (loss) attributable to non-
controlling interests

602

100

101

15

(1,582)

201

30

Net loss attributable to Kingsoft Cloud
Holdings Limited

(457,465)

(343,820)

(93,078)

(13,717)

(771,391)

(436,898)

(64,393)

Net loss per share:








Basic and diluted

(0.11)

(0.08)

(0.02)

(0.00)

(0.20)

(0.10)

(0.01)

Shares used in the net loss per share
computation:








Basic and diluted

4,009,119,198

4,555,310,453

4,562,509,396

4,562,509,396

3,869,381,978

4,558,929,811

4,558,929,811

Other comprehensive income (loss), net
of tax of nil:








Foreign currency translation adjustments

43,174

(34,472)

(69,134)

(10,189)

50,918

(103,606)

(15,270)

Comprehensive loss

(413,689)

(378,192)

(162,111)

(23,891)

(722,055)

(540,303)

(79,633)

Less: Comprehensive income (loss)
attributable to non-controlling interests

606

100

101

15

(1,594)

201

30

Comprehensive loss attributable to
Kingsoft Cloud Holdings Limited

(414,295)

(378,292)

(162,212)

(23,906)

(720,461)

(540,504)

(79,663)

 

 

KINGSOFT CLOUD HOLDINGS LIMITED




RECONCILIATION OF GAAP AND NON-GAAP RESULTS




(All amounts in thousands, except for percentage)





Three Months Ended

Six Months Ended


Jun 30,
2025

Mar 31,
2026

Jun 30,
2026

Jun 30,
2026

Jun 30,
2025

Jun 30,
2026

Jun 30,
2026


RMB

RMB

RMB

US$

RMB

RMB

US$

Gross profit

338,857

345,748

466,209

68,711

657,163

811,957

119,667

Adjustments:








– Share-based compensation expenses (allocated in cost of revenues)

11,712

5,658

5,503

811

21,077

11,161

1,645

Adjusted gross profit (Non-GAAP Financial Measure)

350,569

351,406

471,712

69,522

678,240

823,118

121,312

 

 

KINGSOFT CLOUD HOLDINGS LIMITED



RECONCILIATION OF GAAP AND NON-GAAP RESULTS



(All amounts in thousands, except for percentage)




Three Months Ended

Six Months Ended


Jun 30,
2025

Mar 31,
2026

Jun 30,
2026

Jun 30,
2025

Jun 30,
2026

Gross margin

14.4 %

12.8 %

15.2 %

15.2 %

14.1 %

Adjusted gross margin (Non-GAAP Financial Measure)

14.9 %

13.0 %

15.4 %

15.7 %

14.3 %

 

 

KINGSOFT CLOUD HOLDINGS LIMITED




RECONCILIATION OF GAAP AND NON-GAAP RESULTS




(All amounts in thousands, except for percentage)





Three Months Ended

Six Months Ended


Jun 30,
2025

Mar 31,
2026

Jun 30,
2026

Jun 30,
2026

Jun 30,
2025

Jun 30,
2026

Jun 30,
2026


RMB

RMB

RMB

US$

RMB

RMB

US$

Net Loss

(456,863)

(343,720)

(92,977)

(13,702)

(772,973)

(436,697)

(64,363)

Adjustments:








– Share-based compensation expenses

116,856

62,571

57,260

8,439

251,467

119,831

17,661

– Foreign exchange loss (gain)

39,526

44,006

(24,106)

(3,553)

30,475

19,900

2,933

Adjusted net loss (Non-GAAP Financial Measure)

(300,481)

(237,143)

(59,823)

(8,816)

(491,031)

(296,966)

(43,769)

Adjustments:








– Interest income

(11,520)

(32,030)

(25,920)

(3,820)

(16,466)

(57,950)

(8,541)

– Interest expense

124,669

153,595

166,766

24,578

207,566

320,361

47,215

– Income tax expense

2,343

5,081

16,507

2,433

11,584

21,588

3,182

– Depreciation and amortization

591,021

858,003

1,002,924

147,813

1,012,922

1,860,927

274,267

Adjusted EBITDA (Non-GAAP Financial Measure)

406,032

747,506

1,100,454

162,188

724,575

1,847,960

272,354

– Gain on disposal of property and equipment

(5,708)

-

(35,024)

(5,162)

(7,818)

(35,024)

(5,162)

Excluding gain on disposal of property and equipment, normalized
Adjusted EBITDA

400,324

747,506

1,065,430

157,026

716,757

1,812,936

267,192

 

 

KINGSOFT CLOUD HOLDINGS LIMITED





RECONCILIATION OF GAAP AND NON-GAAP RESULTS





(All amounts in thousands, except for percentage)






Three Months Ended

Six Months Ended


Jun 30,
2025

Mar 31,
2026

Jun 30,
2026

Jun 30,
2026

Jun 30,
2025

Jun 30,
2026

Jun 30,
2026


RMB

RMB

RMB

US$

RMB

RMB

US$

Operating (loss) profit

(326,987)

(166,108)

22,999

3,391

(561,188)

(143,109)

(21,093)

Adjustments:








– Share-based compensation expenses 

116,856

62,571

57,260

8,439

251,467

119,831

17,661

– Amortization of intangible assets

43,751

43,720

43,702

6,441

87,532

87,422

12,884

Adjusted operating (loss) profit (Non-GAAP Financial Measure)

(166,380)

(59,817)

123,961

18,271

(222,189)

64,144

9,452

– Gain on disposal of property and equipment

(5,708)

-

(35,024)

(5,162)

(7,818)

(35,024)

(5,162)

Excluding gain on disposal of property and equipment, normalized
Adjusted operating (loss) profit

(172,088)

(59,817)

88,937

13,109

(230,007)

29,120

4,290

 

 

KINGSOFT CLOUD HOLDINGS LIMITED



RECONCILIATION OF GAAP AND NON-GAAP RESULTS



(All amounts in thousands, except for percentage)




Three Months Ended

Six Months Ended


Jun 30,
2025

Mar 31,
2026

Jun 30,
2026

Jun 30,
2025

Jun 30,
2026

Net loss margin

-19.4 %

-12.7 %

-3.0 %

-17.9 %

-7.6 %

Adjusted net loss margin (Non-GAAP Financial Measure)

-12.8 %

-8.8 %

-1.9 %

-11.4 %

-5.1 %

Adjusted EBITDA margin (Non-GAAP Financial Measure)

17.3 %

27.6 %

35.8 %

16.8 %

32.0 %

Normalized Adjusted EBITDA margin

17.0 %

27.6 %

34.7 %

16.6 %

31.4 %

Adjusted operating (loss) profit margin (Non-GAAP Financial Measure)

-7.1 %

-2.2 %

4.0 %

-5.1 %

1.1 %

Normalized Adjusted operating (loss) profit margin

-7.3 %

-2.2 %

2.9 %

-5.3 %

0.5 %

 

 

KINGSOFT CLOUD HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(All amounts in thousands)


Three Months Ended


Jun 30,
2025

Mar 31,
2026

Jun 30,
2026

Jun 30,
2026


RMB

RMB

RMB

US$

Net cash generated from operating activities

1,460,134

533,978

2,850,866

420,166

Net cash used in investing activities

(887,832)

(1,630,049)

(2,912,812)

(429,295)

Net cash generated from (used in) financing activities

2,552,561

7,606

(109,637)

(16,158)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

5,921

(78,078)

(49,818)

(7,343)

Net increase (decrease) in cash, cash equivalents and restricted cash

3,130,784

(1,166,543)

(221,401)

(32,630)

Cash, cash equivalents and restricted cash at beginning of period

2,386,344

6,117,237

4,950,694

729,642

Cash, cash equivalents and restricted cash at end of period

5,517,128

4,950,694

4,729,293

697,012

 

 

 

Information Provided by PR Newswire [Disclaimer]
16:38
快手科技發佈2026年第二季度及中期未經審核財務業績

香港2026年8月19日 /美通社/ -- 領先的內容社區及社交平台快手科技(「快手」或「公司」;港幣櫃台股份代號:01024 / 人民幣櫃台股份代號:81024),今日發佈截至2026年6月30日止三個月及六個月的未經審核合併業績。

2026年第二季度業績摘要

  • 快手應用平均日活躍用戶為4.123億,較去年同期4.089億增長0.8%。
  • 快手應用平均月活躍用戶為7.973億,較去年同期7.148億增長11.5%。
  • 總收入為人民幣355億元,較去年同期的人民幣350億元增長1.4%。從對總收入貢獻比例來看,線上營銷服務佔比58.1%,直播業務佔比24.5%,其他服務佔比17.4%。
  • 毛利為人民幣183億元,去年同期為人民幣195億元。毛利率為51.6%,去年同期為55.7%。
  • 期內利潤為人民幣32億元,去年同期為人民幣49億元。經調整利潤淨額1)為人民幣39億元,去年同期為人民幣56億元。
  • 國內分部經營利潤2)為人民幣37億元,去年同期為人民幣54億元。海外分部經營虧損2爲人民幣25百萬元,去年同期為經營利潤人民幣19百萬元。

2026年上半年業績摘要

  • 快手應用平均日活躍用戶為4.125億,較去年同期4.085億增長1.0%。
  • 快手應用平均月活躍用戶為7.845億,較去年同期7.133億增長10.0%。
  • 總收入為人民幣693億元,較去年同期的人民幣677億元增長2.4%。從對總收入貢獻比例來看,線上營銷服務佔比58.2%,直播業務佔比24.8%,其他服務佔比17.0%。
  • 毛利為人民幣356億元,去年同期為人民幣373億元。毛利率為51.4%,去年同期為55.1%。
  • 期內利潤為人民幣61億元,去年同期為人民幣89億元。經調整利潤淨額1)為人民幣73億元,去年同期為人民幣102億元。
  • 國內分部經營利潤2)為人民幣68億元,去年同期為人民幣97億元。海外分部經營虧損2爲人民幣56百萬元,去年同期為經營利潤人民幣47百萬元。
  • 截至2026年6月30日止六個月及直至2026年8月19日,本公司於聯交所以總價款19.7億港元合共購回43,302,200股股份。

快手聯合創始人、董事長兼首席執行官程一笑先生表示:「2026年第二季,我們持續發揮AI策略價值,在複雜的宏觀環境下,實現了穩健的財務與營運表現。我們加速推動AI技術在內容生態、線上營銷、電商及內部組織賦能等場景的深度融合,有效提升了用戶體驗與商業效率。本季度,快手應用的日均活躍用戶達到4.123億,總營收達355億元人民幣。在堅定AI技術投入的同時,我們的經調整淨利達到人民幣39億元,經調整淨利潤率達11.0%,盈利能力保持健康水準,經營韌性進一步凸顯。在AI技術創新方面,第二季度我們推出了可靈3.0 Turbo模型,鞏固了可靈AI在全球視頻生成產業的領導地位。同時,可靈AI的商業化變現保持高速增長,2026年第二季度,可靈AI營業收入超過8.5億元人民幣,同比增長逾200.0%。展望未來,我們將持續深化AI技術與業務場景的融合,通過不斷的技術創新與生態建設,我們始終致力於滿足用戶不斷變化的需求,並為股東創造可持續的長期價值。」

2026年第二季度財務回顧

線上營銷服務收入由2025年同期的人民幣198億元增加4.4%至2026年第二季度的人民幣206億元,主要是由於我們提供基於場景的營銷素材生產能力以滿足不同行業及客戶的需求,推動線上行銷消耗增加。

直播業務收入由2025年同期的人民幣100億元減少13.5%至2026年第二季度的人民幣87億元,是由於我們持續努力以建立一個豐富及健康的直播生態系統及多元化的優質內容。

其他服務收入由2025年同期的人民幣52億元增加18.5%至2026年第二季度的人民幣62億元,主要是由於我們可靈AI業務的增長。可靈AI業務的增長主要是由於先進的AI技術及卓越的產品性能。

2026年第二季度其他主要財務資料

經營利潤為人民幣38億元,去年同期為人民幣53億元。

經調整EBITDA3)為人民幣71億元,去年同期為人民幣77億元。

可利用資金總額4)截至2026年6月30日為人民幣1,213億元。

附註:

(1)我們將「經調整利潤淨額」定義為經以股份為基礎的薪酬開支及投資公允價值變動淨額調整的期內利潤。
(2)不包含以股份為基礎的薪酬開支、其他收入及其他收益淨額的未分攤項目。
(3)我們將「經調整EBITDA」定義為經所得稅開支、物業及設備折舊、使用權資產折舊、無形資產攤銷及財務開支淨額調整的期內經調整利潤淨額。
(4)我們在現金管理中考慮的可利用資金總額包括但不限於現金及現金等價物、定期存款、金融資產和受限制現金。金融資產主要包括理財產品及其他。

業務回顧

2026年第二季度,面對複雜的宏觀經濟環境和行業競爭,我們堅持長期主義,堅定AI戰略投入,實現了高質量增長。2026年第二季度,快手應用的平均日活躍用戶達到412.3百萬,總收入同比增長1.4%至人民幣355億元,其中,包含線上營銷服務和以電商及可靈AI為主的其他服務在內的核心商業收入,同比增長達7.4%。經調整利潤淨額為人民幣39億元,經調整淨利潤率為11.0%,公司整體盈利能力相對穩定,經營韌性進一步凸顯。

AI業務

2026年第二季度,可靈AI繼續踐行「讓每個人都能用AI講好故事」的願景,通過前沿的模型能力突破、專業的產品功能升級以及國際化的創意生態拓展,進一步鞏固其在多模態視頻生成大模型的全球領先地位。

在模型與產品層面,可靈AI在可靈AI 3.0系列模型中正式推出原生4K視頻直出功能,這是業內首個支持原生4K直出的視頻生成模型,支持一鍵生成院線級質感4K視頻。該功能面向影視、廣告等專業客戶,可在無需複雜後期處理的情況下,直接輸出高分辨率畫面,實現影視工業級視覺效果。同時,可靈AI推出可靈3.0 Turbo模型,在保證穩定動態高質量輸出與精准音畫同步的同時,大幅提升創作效率並降低創作成本。此外,可靈MCP (Model Context Protocol)可靈CLI (Command Line Interface) 正式上線,實現了讓AI智能體AI agents調度可靈AI進行批量作品創作的能力,進一步拓展了可靈AI在工作流自動化與智能編排場景中的應用。

可靈AI持續以一體化的視頻創作能力賦能專業創作,其技術創新與創作成果在行業內獲得廣泛認可。在2026戛納國際創意節上,兩部由可靈AI生成的廣告影片獲得一座銀獅獎及兩座銅獅獎,顯示了可靈AI的創作能力得到了全球頂級創意評獎體系的 認可。在2026北京國際電影節上,包括《紙手機》在內的多部使用可靈AI創作的作品入圍AIGC單元。由劉慈欣擔任文學監製的《神 • 筆》榮獲短視頻單元「短劇╱微短劇年度關注作品」,充分展現了可靈AI在賦能專業影視製作方面的實力。

在模型能力的突破、產品功能持續完善以及應用場景滲透深化的推動下,可靈AI的商業化保持強勁增長態勢。2026年第二季度,可靈AI營業收入超過人民幣8.5億元,同比增長超過200.0%,持續引領全球AI視頻生成行業的商業化進程。

2026年第二季度,我們在通用大模型的研究和應用上繼續取得穩健進展。我們發佈了升級版本的多模態大模型Keye-VL-2.0-30B-A3B,成功解鎖了256K超長上下文的深度感知,同時在長視頻時序感知上實現了幾乎無損的推理能力。我們面向工業推薦系統推出了自主迭代AI智能體AgentX,讓推薦系統自主完成推薦模型及策略設計、效果評估與經驗沉澱,大幅提升推薦算法迭代效率。

作為大模型技術應用的一部分,我們在線上營銷服務場景構建了場景化的營銷素材生產agent能力,根據不同行業和客戶的需求,提供最適合的營銷素材生成能力,2026年第二季度,我們實現AIGC短視頻營銷素材的投放消耗同比增長超過70%。我們將生成式推薦大模型和智能出價大模型繼續擴展到直播、搜索、泛貨架電商等更廣泛的場景,提升營銷素材推薦效果,撬動客戶營銷預算。2026年第二季度,在組織提效和賦能方面,快手自研的通用agent產品MyFlicker完成了重要內部系統的技能(skill)化集成,並被員工廣泛使用。2026年6月,快手員工使用自研的AI agent產品的人數佔比超過92.0%,研發技術人員的AI代碼貢獻率達到了60.0%。同時,快手萬擎作為企業級大模型服務與開發平台,集成高性能模型推理、低成本模型定製與全託管服務,除支持快手內部AI使用場景之外,也為眾多外部企業客戶提供大模型基礎設施服務。

用戶及內容生態系統

2026年第二季度,快手應用的平均日活躍用戶和平均月活躍用戶分別達到了412.3百萬及797.3百萬。在新用戶獲取方面,我們通過AI驅動的智能化投放手段,提升用戶獲取效率,同時提高了新增和回流用戶的整體留存。我們通過迭代流量分配體系,更好地保障高活躍的核心用戶的體驗。我們持續完善社交功能,2026年第二季度的雙關私信用戶數同比增加超過15.0%;同時亦著力於改善快手應用的基礎功能,在產品功能、視頻播放流暢度及智能化交互等維度實現系統性優化,全方位提升用戶體驗。

我們始終堅信社區的力量,持續強化體現快手社區內核的差異化優質內容生態系統。2026年6-7月,我們圍繞世界杯這一社會熱點事件,打造了原生IP快手鐵力神杯,除了做好熱點及資訊內容外,我們還推出了快手象牙山足球大賽、逐夢少年足球賽等多個原創系列活動,通過熱點話題運營、趣味互動及全民共創,打造了一個快手平台用戶都能參與、投入和表達其熱情的全新體育主場。活動相關內容在快手應用的總曝光達到682億,該等活動的直播累計觀看人次近3.6億。

我們深化版權內容的創新合作機制,以版權聯運的模式為用戶帶來更多高價值的內容消費。我們以電商帶貨的模式引入2026賽季CBA直播版權。此外,我們將付費直播模式引入到線上音樂演出,在2026年4月推出TOP登陸少年組合演唱會,實現單場銷售額超過1千萬人民幣,達成了內容與商業的共贏。同時,該模式也帶動了群眾自辦體育賽事,特別是在中國西北地區形成了區域性規模效應。

線上營銷服務

2026年第二季度,線上營銷服務收入達到人民幣206億元,同比增長4.4%。我們的非電商營銷服務在內容消費、生活服務及AI應用行業持續拓展,電商營銷服務在全域流量融合與品牌商家專項下顯示出韌性,同時,通過應用AI技術,我們進一步深化了AI在線上營銷服務全流程中的應用。

2026年第二季度,內容消費、生活服務及AI應用行業驅動非電商營銷服務收入同比持續增長。在內容消費行業,AI降低了內容生產成本及創作門檻,推動短劇內容供給快速增長,覆蓋更多元的用戶內容偏好,從而進一步豐富平台內容生態並帶動了相關營銷需求。截至2026年6月,快手平台上包括真人短劇和AI短劇在內的短劇的供給量,相較於2026年1月增長超5倍;2026年第二季度,短劇線上營銷服務總投放消耗同比增長超100.0%。在生活服務行業,我們持續深耕綜合服務、本地服務等細分行業,探索細分行業的增量空間。同時,通過優化深度轉化能力、完善線索全棧營銷解決方案,並推出用戶探索AI agent,幫助客戶更有效地識別高意向用戶,提升線索質量及後續轉化效率。在AI應用行業,我們與客戶緊密合作,以更好提升投放與應用內承接的一致性,幫助客戶改善用戶留存及轉化效果,從而進一步鞏固我們在AI應用客戶預算承接中的競爭力。

2026年第二季度,在電商營銷服務方面,我們持續加強電商及線上營銷業務的全域流量協同,致力提升商家與流量的匹配效率。我們對商家進行更精細化的分層分類和運營,針對不同類型商家的核心需求,定製差異化的產品策略;同時,我們從素材供給層面著手,積極採取治理措施,通過扶持首發素材及提升推薦多樣性,有效優化了電商營銷的素材結構,使優質內容能更有效地觸達目標流量,同時進一步優化長期商業生態。在宏觀消費與商家經營仍面臨挑戰的環境下,我們堅定為優質商家提供流量支持。我們自2025年第四季度推出的T2000品牌專項已初見成效,T2000品牌商家的營銷投放於2026年第二季度的增長速度超越整體電商營銷服務大盤增速,其對線上營銷收入的貢獻佔比持續提升。在電商營銷產品方面,淨成交ROI產品持續升級,通過完善全場景淨成交出價能力,以及持續迭代出價機制與模型策略,其客戶滲透率已由2026年第一季度的45.0%提升至2026年第二季度的55.0%,有效幫助商家降低產品退貨率。

2026年第二季度,我們持續優化AI在具體行業場景中的落地應用,進一步提升了客戶的營銷投放效率,並增強了我們對行業營銷預算的承接能力。在內容消費場景,AI通過內容理解、人群匹配、智能投放及變現策略優化,幫助優質內容更高效地觸達潛在用戶。在生活服務場景,AI能力重點應用於營銷素材生成、數字人直播、對話式經營、人群意向識別及深度轉化預估等環節,協助商家降低內容創作、投放操作及人工客服等方面的成本。

電商

2026年第二季度,我們延續聚焦付費買家增長、供給引入以及電商與商業化流量深度融合的三大核心領域的電商戰略方向,著力優化商家生態及結構,強化品牌和新商引入與培育,推動電商與電商營銷服務產生更大協同效應。2026年第二季度,我們關注高質量用戶數量的增長,電商活躍付費買家數環比基本保持穩定。隨著用戶的全域消費習慣逐步形成,我們強化自身私域優勢的同時,打通各場域的流量,使得內容種草、貨架承接以及店舖復購日益相互強化,逐步形成一個正向增長循環。2026年第二季度,我們進一步提升跨場域協同效率和優化補貼效率,推動內容場和泛貨架場均衡發展。

2026年第二季度,在供給側,我們持續推進新商引入和品牌擴容,圍繞降本增效、成長激勵、產品賦能、經營保障等舉措,持續助力新商家和中小商家成長,商家生態及結構進一步改善。我們推出星耀計劃升級版,針對品牌商家、大商、產業帶商家及中小商家等不同群體分層扶持,幫助更多商家加速起量成長。在上述舉措推動下,2026年第二季度新入駐商家規模同比增長,環比增長近10.0%,新商次月躍遷數量同比增長近30.0%,新商成長質量持續改善。品牌商家側,T2000品牌自賣GMV保持同比較高增速,佔全域大盤比例持續提升;同時,品牌商業化消耗同比亦實現較快增長,其對整體電商GMV及線上營銷收入的雙重貢獻持續加大。

2026年第二季度,我們持續優化達人生態結構,推動內容場供給質量提升。通過加深和頭部達人的合作,加大中腰部達人在快手優勢賽道,如三農、二次元等的扶持力度,提升存量達人的表現穩定性,强化電商內容基本盤。我們通過整合平台的優質達人資源,以及全國各地域的特色商品貨盤,深化對全國各地方產業帶的滲透,開展溯源直播等特色內容營銷事件,加強內容與供給的協同發力,賦能達人,提升商家轉化效率。同時,我們持續通過站內孵化、機構合作和站外引入等方式,擴大達人的引入。在達人勤奮度方面,我們持續迭代激勵政策,2026年第二季度,萬粉+主播有效開播數保持同比正增長,達人開播勤奮度穩步提升。在分銷庫建設上,我們通過AI技術支撐底層產品能力、構建更精準的分銷體系,進一步促進分銷生態繁榮。2026年第二季度,分銷動銷達人數滲透同比持續提升,分銷庫的商品與達人撮合對數同比增長超20.0%。

2026年第二季度,圍繞商家經營的全週期,我們持續優化電商業務各場景的AI能力,助力商家降本增效,驅動商家智能化經營,驗證了AI從工具提效演進為支持業務執行的綜合方案的可行性。2026年上半年,平台上超85萬商家使用平台免費AI經營工具,涵蓋選品發品、營銷素材生成、經營診斷、智能投放、AI客服等多場景,為商家提供全鏈路的經營支持和能力支撐。

直播

2026年第二季度,直播業務收入為人民幣87億元。我們聚焦供給側健康發展,結合AI賦能直播產品,持續推動生態提質與產品側創新。供給方面,我們推出百川計劃,通過拉新激勵、冷啟扶持與健康生態治理,帶動公會新主播供給穩步提升,新主播冷啟效率持續改善。同時,我們加強獨立主播運營,聚焦挖掘培育高價值獨立主播,以精細化運營穩固直播供給基本盤。此外,我們推動頭部主播拓展團播內容形式,發揮其流量與影響力優勢,豐富優質直播內容供給。

產品技術方面,AI能力進一步賦能直播間。基於可靈AI視頻生成能力,可定製專屬特效的AI禮物持續迭代,禮物形式與生成能力更加豐富,進一步提升用戶付費積極性。2026年第二季度,用戶送出AI禮物總計超600萬個。AI驅動的內容理解能力持續優化直播推薦策略,加強主播與用戶間的精準匹配,助力付費用戶規模提升。此外,基於實時多模態信號的直播智能禮物推薦與排序功能,有效提升用戶付費體驗與效率。AI互動助手數字分身服務等功能進一步迭代升級,持續提升主播的服務效率。

海外

2026年第二季度,我們堅定執行高價值增長戰略,進一步夯實海外業務在盈利能力、長期經營與本地化深耕上的根基。在流量增長與內容生態方面,我們堅持精細化獲客,加強本地化特色內容與社區化創作者網絡建設,圍繞真實生活場景營造活躍的社區氛圍,推動核心用戶內容消費不斷深化。海外線上營銷業務方面,借勢六月節、世界杯等重大節點,我們以AI為驅動,依託ROI深度研究、人群洞察、產品玩法創新與行業策略聯動,助力營銷客戶在關鍵窗口實現快速增長。此外,短劇等多元內容的營銷變現能力也在持續釋放,與營銷服務產品能力形成雙輪驅動,並加速向電商等增量行業拓展。海外電商業務方面,2026年第二季度GMV與訂單量同比持續穩健增長,我們通過貨品結構優化與高質量供給帶動客單價提升,經營效率與盈利能力保持穩健。

企業社會責任

快手始終秉持「科技鏈接善意,創造長期價值」的使命,持續推動技術創新與產業發展的深度融合,助力高質量就業。根據2026年6月2日發佈的《快手2025年度企業社會責任報告》,截至2025年底,快手平台累計帶動4,860萬個就業機會,累計催生189個新職業,其中,由AI發展帶來的新職業達到15個,涵蓋AIGC應用師、提示詞工程師、AI導演、AI訓練師等多個方向。

業務展望

2026年上半年,我們維持對AI的戰略聚焦,並持續加大投入,為我們的內容及業務生態系統帶來高質量且具韌性的增長。展望2026年下半年,本集團堅持其深化AI投資、以先進技術及獨特生態系統促進長期可持續發展的戰略方向。然而,鑒於經營環境日益複雜且充滿挑戰,我們對短期業務前景持審慎態度。我們仍將採取審慎及嚴謹方針,繼續深化AI於該等生態系統中的整合,推進大模型在多個場景下的能力,協助商家及營銷客戶更高效地運營。我們亦將繼續擴大可靈AI的模型能力,並擴大其在專業創意場景中的應用,以發掘更多商業化機遇。我們始終致力於滿足用戶不斷變化的需求,並為股東創造可持續的長期價值。

關於快手

快手作為中國乃至全球領先的內容社區及社交平台,致力於成為全球最癡迷于為客戶創造價值的公司。作為一家以人工智能為核心驅動和技術依託的科技公司,快手專注於通過持續的技術創新和產品升級,不斷豐富服務和應用場景,為客戶創造價值。在快手,用戶通過短視頻和直播來記錄和分享他們的生活,發現所需,發揮所長。通過與內容創作者和企業緊密合作,快手提供的技術、產品和服務可滿足用戶的多元化的需求,包括娛樂、線上營銷服務、電商、本地生活、遊戲等。

前瞻性聲明

除過往事實的陳述外,本新聞稿載有若干前瞻性陳述。前瞻性陳述一般可透過所使用前瞻性詞彙識別,例如「或會」、「可能」、「可」、「可以」、「將」、「將會」、「預期」、「認為」、「繼續」、「估計」、「預計」、「預測」、「打算」、「計劃」、「尋求」或「時間表」。該等前瞻性陳述受風險、不確定因素及假設的影響,可能包括業務展望、財務表現預測、業務計劃預測、發展策略及對我們行業預期趨勢的預測。該等前瞻性陳述是根據本集團現有的資料,亦按本新聞稿刊發之時的展望為基準,在本新聞稿內載列。該等前瞻性陳述是根據若干預測、假設及前提作出,當中許多涉及主觀因素或不受我們控制。該等前瞻性陳述或會證明為不正確及可能不會在將來實現。該等前瞻性陳述涉及大量風險及不明朗因素。鑒於上述風險及不明朗因素,本新聞稿內所載列的前瞻性陳述不應視為董事會或本公司聲明該等計劃及目標將會實現,故投資者不應過於依賴該等陳述。除法律要求的情形外,我們並無責任公開發佈可能反映本新聞稿日期後發生的事件或情況或可能反映意料之外事件的該等前瞻性陳述的任何修訂。

投資者及媒體問詢

快手科技
投資者關係
郵箱:[email protected] 

 

簡明合併損益表








未經審核


未經審核



截至以下日期止三個月


截至以下日期止六個月



2026年6月30日


2026年3月31日


2025年6月30日


2026年6月30日


2025年6月30日



人民幣百萬元


人民幣百萬元


人民幣百萬元


人民幣百萬元


人民幣百萬元

收入


35,535


33,716


35,046


69,251


67,654

銷售成本


(17,207)


(16,467)


(15,542)


(33,674)


(30,358)

毛利


18,328


17,249


19,504


35,577


37,296

銷售及營銷開支


(9,922)


(10,333)


(10,503)


(20,255)


(20,400)

行政開支


(895)


(766)


(897)


(1,661)


(1,725)

研發開支


(4,581)


(3,621)


(3,400)


(8,202)


(6,698)

其他收入


33


245


16


278


69

其他收益淨額


794


821


569


1,615


1,006

經營利潤


3,757


3,595


5,289


7,352


9,548

財務開支淨額


(258)


(173)


(54)


(431)


(78)

分佔按權益法入賬之投











資的虧損


(2)


(13)


(12)


(15)


(10)

除所得稅前利潤


3,497


3,409


5,223


6,906


9,460

所得稅開支


(345)


(504)


(301)


(849)


(559)

期內利潤


3,152


2,905


4,922


6,057


8,901

以下人士應佔:











— 本公司權益持有人


3,146


2,903


4,922


6,049


8,900

— 非控股權益


6


2


-


8


1



3,152


2,905


4,922


6,057


8,901

 

 

 

簡明合併資產負債表








未經審核


經審核



截至2026年

6月30日


截至2025年

12月31日



人民幣百萬元


人民幣百萬元

資產





非流動資產





物業及設備


34,126


22,869

使用權資產


10,302


8,545

無形資產


968


986

按權益法入賬之投資


130


149

按公允價值計量且其變動計入損益之金融資產


29,618


23,747

衍生金融工具


-


353

按攤餘成本計量之其他金融資產


-


35

遞延稅項資產


6,529


5,585

長期定期存款


14,291


22,015

其他非流動資產


4,950


2,671



100,914


86,955






流動資產





貿易應收款項


7,804


8,127

預付款項、其他應收款項及其他流動資產


9,837


7,028

按公允價值計量且其變動計入損益之金融資產


56,353


42,323

衍生金融工具


584


1

按攤餘成本計量之其他金融資產


-


9

短期定期存款


12,358


8,630

受限制現金


220


251

現金及現金等價物


11,696


11,180



98,852


77,549






資產總額


199,766


164,504

 

 

 

簡明合併資產負債表








未經審核


經審核



截至2026年

6月30日


截至2025年

12月31日



人民幣百萬元


人民幣百萬元

權益及負債





本公司權益持有人應佔權益





股本


-


-

股本溢價


261,530


265,628

庫存股份


(95)


(602)

其他儲備


39,096


38,873

累計虧損


(218,292)


(224,341)



82,239


79,558

非控股權益


34


26






權益總額


82,273


79,584






非流動負債





借款


14,792


11,098

衍生金融工具


520


30

租賃負債


7,920


5,977

遞延稅項負債


169


241

其他非流動負債


115


39



23,516


17,385






流動負債





應付賬款


28,130


27,209

其他應付款項及應計費用


41,620


29,160

應付股息


2,584


-

客戶預付款


4,842


4,848

借款


12,570


1,968

所得稅負債


479


388

租賃負債


3,752


3,962



93,977


67,535






負債總額


117,493


84,920






權益及負債總額


199,766


164,504

 

 

 

按分部劃分的財務資料






未經審核



截至以下日期止三個月



2026年6月30日


2026年3月31日


2025年6月30日



國內

海外

未分攤
項目

總計


國內

海外

未分攤
項目

總計


國內

海外

未分攤
項目

總計



人民幣百萬元


人民幣百萬元


人民幣百萬元


















收入

34,356

1,179

-

35,535


32,554

1,162

-

33,716


33,746

1,300

-

35,046


經營利潤/(虧損)

3,733

(25)

49

3,757


3,093

(31)

533

3,595


5,401

19

(131)

5,289





未經審核


截至以下日期止六個月


2026年6月30日


2025年6月30日


國內

海外

未分攤項目

總計


國內

海外

未分攤項目

總計


人民幣百萬元


人民幣百萬元











收入

66,910

2,341

-

69,251


65,039

2,615

-

67,654

經營利潤/(虧損)

6,826

(56)

582

7,352


9,746

47

(245)

9,548
























 

 

 

非國際財務報告會計準則計量與根據國際財務報告會計準則編製的最接近計量的對賬






未經審核


未經審核


截至以下日期止三個月


截至以下日期止六個月


2026年6月30日


2026年3月31日


2025年6月30日


2026年6月30日


2025年6月30日


人民幣百萬元


人民幣百萬元


人民幣百萬元


人民幣百萬元


人民幣百萬元











期內利潤

3,152


2,905


4,922


6,057


8,901

調整項目:










以股份為基礎的薪酬開支

778


533


716


1,311


1,320

投資公允價值變動淨額(1)

(17)


(64)


(20)


(81)


(23)











經調整利潤淨額

3,913


3,374


5,618


7,287


10,198











經調整利潤淨額

3,913


3,374


5,618


7,287


10,198

調整項目:










所得稅開支

345


504


301


849


559

物業及設備折舊

1,745


1,364


885


3,109


1,667

使用權資產折舊

845


799


831


1,644


1,599

無形資產攤銷

16


16


26


32


48

財務開支淨額

258


173


54


431


78











經調整EBITDA

7,122


6,230


7,715


13,352


14,149











附註:        
(1)    投資公允價值變動淨額指按公允價值計量且其變動計入損益之金融資產之上市和非上市實
體投資的公允價值(收益)/虧損淨額、視為處置投資的(收益)/虧損淨額以及投資減值
撥備,其與我們的核心業務及經營業績無關,且會受市場波動所影響,而剔除該數據可為
投資者提供可評估我們業績表現的更相關及有用的資料。

 

Information Provided by PR Newswire [Disclaimer]
11:47
雲頂新耀發布2026年度中期業績及業務進展

上海2026年8月19日 /美通社/ -- 雲頂新耀(HKEX 1952.HK)是一家專註於創新葯研發、臨床開發、製造及商業化的生物製藥公司,今日公布2026年度中期業績報告(截至2026年6月30日)及業務進展。

2026年上半年,雲頂新耀實現強勁增長,並取得盈利的重要里程碑。公司總收入達人民幣11.48億元,同比增長157%。報告期內,剔除非現金項目后毛利率達73.7%。公司非國際財務報告準則下實現凈利潤人民幣9,723萬元,國際財務報告準則下凈虧損同比收窄98%;運營費用占收入比重同比下降64.0個百分點,反映公司運營效率和執行效率的持續提升。

截至2026年6月30日,公司現金儲備充裕,達人民幣18.59億元;報告期后,公司於2026年7月收到希布替尼(EVER001)全球授權許可及合作協議項下的人民幣7.7億元首付款,現金餘額進一步充實,為公司後續研發投入及業務拓展提供有力支持。

雲頂新耀董事會主席吳以芳表示:「2026年上半年,雲頂新耀正式邁入3.0階段,成為創新驅動的綜合性生物製藥公司。在2030戰略指導下,公司持續提升創新資源整合能力、商業化運營能力和全球化發展能力,加速創新價值釋放,為長期高質量發展奠定更加堅實的基礎。

上半年,公司經營質量持續提升,實現扭虧為盈;創新產品管線不斷豐富,研發成果持續積累,臨床價值進一步提升。同時,公司持續強化『雙向』BD能力,一方面積極推動創新資產的全球合作與價值變現,成功完成首款擁有全球權益產品希布替尼(EVER001)的對外授權;另一方面,聚焦核心治療領域,持續引進具有較高商業化確定性和同類最佳潛力的中後期創新資產。通過BD合作、戰略投資、併購整合及本地化製造等方式,公司持續提升創新資源配置效率,加快推動創新成果向臨床價值和商業價值轉化。

公司持續構建具有全球競爭力的創新產品組合,並不斷提升商業化、研發註冊、供應鏈與製造等核心能力,並依託持續升級、升維的『A2MS』商業化運營體系,進一步增強商業化運營能力。與此同時,公司持續深化全球化布局,完成對海森生物製藥(新加坡)有限公司的收購,拓展亞太商業化布局,提升公司的國際競爭力和長期增長潛力。

公司始終堅持可持續發展理念,重視長期價值創造,持續強化治理與風險管理,以穩健經營夯實長期發展基礎。康橋資本及公司董事持續增持公司股份,體現了對公司戰略方向和長期發展前景的堅定信心。

雲頂新耀將繼續推進2030戰略,堅持創新驅動發展,持續創造長期價值,不斷提升競爭力,成為一家『值錢、值得期待、值得信任』的公司。」

雲頂新耀首席執行官羅永慶表示:「2026年上半年,公司圍繞既定戰略,加快推動創新成果轉化,商業化、BD、自主研發和全球化布局協同推進,經營質量持續改善,增長動能進一步增強。

商業化方面,公司核心產品持續釋放增長潛力,耐賦康®銷售收入保持強勁增長,維適平®獲批后快速實現商業化落地,依嘉®院端銷量保持穩健增長。海森生物商業化服務合作穩步推進,持續貢獻收入。依託『A2MS』商業化運營體系及精益管理體系,公司持續提升市場覆蓋和運營效率,推動創新產品與成熟產品協同增長。

在BD和自主研發方面,公司持續推進創新資產的全球合作與優質創新資產引進,自主研發及創新技術平台也持續取得臨床進展,進一步豐富未來增長動力。與此同時,隨着泛亞太商業化平台的建立,公司進一步將中國市場驗證的商業化能力複製至亞洲市場,推動現有及未來產品拓展亞洲市場。

這些進展進一步夯實了公司的增長基礎。展望未來,公司將繼續以全球創新資源整合和全價值鏈運營能力建設為重點,持續提升執行效率和全球競爭力,加快創新成果轉化和價值釋放,為實現2030戰略目標奠定更加堅實的基礎。」

商業化方面,公司核心產品持續釋放增長潛力。耐賦康®銷售收入保持強勁增長,公司持續深耕核心醫院網絡,拓展非核心市場覆蓋,加強醫生及患者教育,積累真實世界證據,推動「對因治療、儘早治療、長期治療」診療策略加速落地。維適平®獲批后快速實現商業化落地,本地化生產建設持續推進。依嘉®院端銷量保持穩健增長,本地化生產有序開展。與此同時,海森生物商業化服務合作穩步推進,貢獻銷售收入。公司與海南合瑞就耐賦康®相關專利達成諒解,並開展布地奈德腸溶膠囊商業化合作,進一步拓展患者的用藥選擇。

在BD合作方面,公司持續推進創新資產的全球價值釋放與優質創新資產引進。對外授權方面,公司與Travere Therapeutics就希布替尼(EVER001)達成獨家授權許可與合作協議,並與合作夥伴共同推進其全球開發及商業化,實現自主研發創新資產的全球價值變現。對內引進方面,公司聚焦核心治療領域和中後期資產,持續完善產品組合:在腎科及自身免疫領域引入MT1013、DMX-200和倍捷欣®;心血管領域引入星必妥®和維卡格雷,進一步完善心血管產品組合;在眼科領域引入LNZ100,與VIS-101共同強化眼科布局。隨着多項資產進入關鍵註冊及商業化階段,公司未來產品增長梯隊進一步清晰,其中,星必妥®預計2026年第三季度獲批上市,樂瑞泊®和LNZ100預計於2027年獲批上市,MT1013有望於2028年獲批上市。

研發方面,公司自主創新能力持續轉發為臨床開發進展。希布替尼52周Ib/IIa期臨床研究取得積極結果,並在中國啟動II期籃式試驗,進一步探索其在FSGS、MCD和IgAN等自身免疫性腎臟疾病中的治療潛力。與此同時,自研AI+mRNA平台持續取得突破,EVM16完成首次人體臨床數據讀出,並計劃於2026年第四季度啟動IIT Ib期臨床研究;自體生成CAR-T療法EVM18已啟動針對多類自身免疫疾病的IIT研究,並穩步推進全球IND申報。

全球化布局方面,公司完成對海森生物製藥(新加坡)的收購,獲得泛亞太商業化平台,加快將中國市場驗證的商業化能力複製至亞洲市場,推動現有及未來產品拓展亞洲市場,進一步提升全球商業化能力。

關於雲頂新耀
雲頂新耀是一家專註於創新葯研發、臨床開發、製造和商業化的生物製藥公司,致力於滿足全球市場尚未滿足的醫療需求。雲頂新耀的管理團隊在中國及全球領先製藥企業擁有深厚的專長和豐富的經驗。公司在浙江嘉善擁有具備商業化規模的全球生產基地,並依據中國、美國及歐盟標準建立了完善的GMP生產質量管理體系。

公司聚焦自身免疫、眼科、急重症及CKM(心血管、腎臟及代謝)等疾病治療領域,已打造集全渠道商業化體系與藥品全生命周期商業化能力於一體的商業化平台,並以擁有全球權益的自研mRNA平台為基礎,持續推進mRNA in vivo CAR-T與mRNA腫瘤疫苗等現有管線,同時通過引進及生態孵化潛力平台,拓展研發能力,同時強化全球化布局,加快國際化發展進程。更多信息,請訪問公司官網:www.everestmedicines.com

前瞻性聲明:
本新聞稿所發布的信息中可能會包含某些前瞻性表述,乃基於本公司或管理層在做出表述時對公司業務運營情況及財務狀況的現有看法、相信、和現有預期,可能會使用「將」、「預期」、「預測」、「期望」、「打算」、「計劃」、「相信」、「預估」、「確信」及其他類似詞語進行表述。這些前瞻性表述並非對未來業績的保證,會受到風險、不確定性及其他因素的影響,有些乃超出本公司的控制範圍,難以預計。因此,受我們的業務、競爭環境、政治、經濟、法律和社會情況的未來變化及發展等各種因素及假設的影響,實際結果可能會與前瞻性表述所含資料有較大差別。本公司及各附屬公司、各位董事、管理人員、顧問及代理未曾且概不承擔更新該稿件所載前瞻性表述以反映在本新聞稿發布日後最新信息、未來項目或情形的任何義務,除非法律要求。

Information Provided by PR Newswire [Disclaimer]
11:39
Everest Medicines Announces Interim Results for First Half of 2026

SHANGHAI, Aug. 19, 2026 /PRNewswire/ -- Everest Medicines (HKEX 1952.HK, "Everest", or the "Company"), a biopharmaceutical company focused on the discovery, clinical development, manufacturing, and commercialization of innovative therapeutics, today announced its interim results for the first half of 2026 along with a corporate update.

Everest delivered strong growth and reached an important profitability milestone in the first half of 2026. Total revenue increased 157.3% year-on-year to RMB 1,147.8 million, driven by continued commercial momentum across the Company's portfolio. Gross margin excluding non-cash items reached 73.7%, while operating expenses as a percentage of revenue decreased by 64.0 percentage points year-on-year, reflecting increasing operating leverage and execution efficiency.

The Company achieved non-IFRS net profit of RMB 97.2 million, while IFRS net loss narrowed by 98% year-on-year. Everest ended the period with RMB 1,858.8 million in cash. Following the reporting period, the Company received approximately RMB 770 million in July from the upfront payment under its global licensing and collaboration agreement for civorebrutinib, further strengthening its financial position and capacity to invest in future growth.

Mr. Yifang Wu, Chairman of the Board of Everest Medicines, said:

"Everest Medicines has entered a new phase of development as an innovation-driven, integrated biopharmaceutical company. Guided by our 2030 Strategy, we are strengthening our capabilities in innovation, commercialization, and global development, accelerating the realization of global value and laying a stronger foundation for sustainable, high-quality growth.

During the period, the Company achieved profitability, while expanding our innovative pipeline and advancing our R&D programs. We continued to strengthen our BD capabilities through global partnerships for our innovative assets and selective in-licensing of mid- to late-stage innovative assets with strong commercial potential and best-in-class potential across our core therapeutic areas. These efforts, together with strategic investments, M&A, and localized manufacturing, are enhancing the efficiency of innovation resource allocation and accelerating the translation of innovation into clinical and commercial value.

The Company remains focused on building a globally competitive innovative product portfolio and strengthening capabilities across commercialization, R&D and regulatory affairs, supply chain, and manufacturing. We are also deepening our global footprint and further enhancing our commercialization capabilities. Sustainable development and long-term value creation remain central to our approach, with continued focus on governance and risk management. Continued share purchases by CBC Group and the Company's Directors demonstrate their strong confidence in our strategic direction and long-term prospects.

As we execute our 2030 Strategy, we will pursue innovation-driven growth, create long-term value, and enhance our competitiveness, to build Everest into a leading biopharmaceutical company with long-term, sustainable value creation."

Mr. Rogers Yongqing Luo, Chief Executive Officer of Everest Medicines, said:

"In the first half of 2026, the Company continued to execute its strategy and accelerate the translation of innovation into clinical and commercial value. Solid progress across commercialization, BD, in-house R&D, and global expansion further strengthened our foundation for sustainable growth and our ability to bring innovative therapies to patients.

Commercially, our marketed portfolio continued to gain momentum, led by strong growth from NEFECON®, while VELSIPITY® advanced rapidly following approval and XERAVA® delivered steady hospital sales growth. Leveraging our 'A2MS' commercial operating system and lean management approach, we continued to improve execution efficiency and expand market access across both innovative and established products. Meanwhile, our BD strategy is building a diversified portfolio of future growth drivers through global partnerships for internally developed assets and selective in-licensing of differentiated innovative assets, while our in-house R&D continues to generate clinical progress.

With the establishment of a pan-Asia-Pacific commercialization platform, we are also extending our proven capabilities from China into other Asian markets. Looking ahead, Everest Medicines will integrate global innovation resources with end-to-end operating capabilities, strengthen execution across the value chain, and accelerate the translation of innovation into value as we advance our 2030 Strategy."

During the first half of 2026, the Company continued to expand the value of its marketed portfolio. NEFECON® maintained strong sales momentum, supported by deeper penetration across key hospitals, broader market expansion, enhanced physician and patient education, and continued generation of real-world evidence to support broader adoption of treatment strategies focused on addressing underlying causes, early intervention, and long-term management.

Following approval, VELSIPITY® moved rapidly into commercialization, with local manufacturing progressing. XERAVA® delivered steady hospital sales growth, while local manufacturing advanced as planned. Meanwhile, commercialization services for Hasten Biopharmaceuticals continued to contribute to revenue growth.

The Company also reached an understanding with Hainan Herui Pharmaceutical Co., Ltd. regarding certain NEFECON®-related patent matters and entered into a commercialization collaboration for budesonide enteric capsules, further broadening treatment options for patients. Leveraging its "A2MS" commercial operating system and lean management approach, the Company continued to enhance execution efficiency, expand market access, and drive growth across both innovative and established products.

The Company continued to strengthen its BD capabilities through global partnerships for internally developed assets and selective in-licensing of differentiated innovative assets across its core therapeutic areas. Through the exclusive licensing and collaboration agreement with Travere Therapeutics for civorebrutinib, the Company is working with its partner to advance its global development and commercialization, realizing the global value of the innovative asset.

At the same time, the Company continued to selectively introduce mid- to late-stage assets with strong commercial potential. MT1013, DMX-200, and Bejescin® strengthened its nephrology and autoimmune portfolio; CARDAMYST® and Sumecigrel (formerly known as Vicagrel) further expanded its cardiovascular portfolio; and LNZ100, together with VIS-101, enhanced its ophthalmology portfolio.

With multiple assets moving through key regulatory and commercialization milestones, the Company is building a diversified portfolio of future growth drivers. CARDAMYST® is expected to receive approval in the third quarter of 2026, LEROCHOL® and LNZ100 are expected to receive approval in 2027, and MT1013 is expected to receive approval in 2028.

The Company's in-house R&D also translated into clinical progress. Civorebrutinib achieved positive 52-week Phase 1b/2a clinical results, and a Phase 2 basket trial has been initiated in China to further evaluate its potential in autoimmune kidney diseases, including FSGS, MCD, and IgAN.

The Company's proprietary AI+mRNA platform also advanced, with EVM16 achieving its first-in-human clinical data readout and planned to enter an investigator-initiated Phase 1b study in the fourth quarter of 2026. EVM18, the Company's in vivo CAR-T therapy, has initiated IIT studies across multiple autoimmune diseases and is advancing toward global IND filings.

The acquisition of Hasten Biopharmaceuticals (SG) Pte. Ltd. further strengthened the Company's global commercialization capabilities and established a pan-Asia-Pacific commercialization platform. The platform provides a foundation for scaling the Company's proven commercialization capabilities from China across Asian markets, supporting the regional expansion of both existing and future products.

Through continued investment in innovation, commercialization, global development, and end-to-end capabilities, Everest Medicines is strengthening the foundation for sustainable long-term growth and supporting the execution of its 2030 Strategy.

About Everest Medicines

Everest Medicines is a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing innovative pharmaceutical products that address critical unmet medical needs for patients in global markets. The management team of Everest Medicines has deep expertise and an extensive track record both in China and with leading global pharmaceutical companies. The Company's therapeutic areas of focus include CKM (cardiovascular, kidney, and metabolic), autoimmune, ophthalmology and critical care. Everest Medicines has developed a fully integrated commercialization platform that combines omnichannel commercial capabilities with end-to-end product lifecycle management. Leveraging its proprietary mRNA platform, the Company is advancing its existing pipeline, including mRNA in vivo CAR-T and mRNA cancer vaccines, while selectively expanding into additional high-value therapeutic areas with blockbuster potential, and accelerating its global expansion. For more information, please visit the Company's website: www.everestmedicines.com

Forward-Looking Statements:

This news release may make statements that constitute forward-looking statements, including descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the business operations and financial condition of the Company, which can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, or other factors, some of which are beyond the control of the Company and are unforeseeable. Therefore, the actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, such as future changes and developments in our business, competitive environment, political, economic, legal and social conditions. The Company or any of its affiliates, directors, officers, advisors or representatives has no obligation and does not undertake to revise forward-looking statements to reflect new information, future events or circumstances after the date of this news release, except as required by law.

Information Provided by PR Newswire [Disclaimer]
09:09
Ping An Good Doctor Announces 2026 Interim Results

Corporate Health Management Business Grows Steadily; AI Healthcare Empowerment Drives Continued Profitability Improvement

HONG KONG, Aug. 19, 2026 /PRNewswire/ -- Ping An Healthcare and Technology Company Limited ("Ping An Good Doctor" or the "Company"; Stock Code: 1833.HK) announced its interim results for the six months ended June 30, 2026. During the period, the Company continued to improve its business quality and steadily enhance profitability. As the core flagship of Ping An Group's health and senior care ecosystem, the Company continued to deepen its managed care model with Chinese characteristics. It continued to upgrade its "online, in-hospital, at-home, and corporate" service network and empower full-scenario services through medical AI, providing users with one-stop medical, health, and senior care solutions that are worry-free, time-saving, and money-saving.

During the period, the Company recorded total revenue of RMB2.48 billion; profit attributable to owners of the parent of RMB219.3 million, up 63.5% year on year; and adjusted net profit of RMB226.8 million, up 37.7% year on year. Meanwhile, the Company's core businesses maintained steady growth momentum, with continued improvement in operating quality, further optimizing its revenue mix. Revenue from the commercial insurance enablement business (F-end), reached RMB1.58 billion; the corporate health management business (B-end) maintained high growth, with revenue reaching RMB713.8 million, representing a significant year-on-year increase of 65.1% and accounting for 28.7% of total revenue, up 11.5 percentage points year on year.

On the same day, as reviewed and approved by the Board, Mr. Zhu Yougang was appointed as Chairman of the Board and Non-executive Director. Mr. Zhu joined Ping An Group in 1994 and currently serves as Secretary of the Party Committee, Chairman, and Chief Executive Officer of Ping An Health Insurance, as well as Secretary of the Party Committee and Chairman of Peking University Medical Management Co., Ltd. The Board stated that it remains highly optimistic about the development opportunities of "medical-insurance synergy". Going forward, the Company will focus on building an integrated online-to-offline healthcare ecosystem, providing users with one-stop, full-lifecycle medical, health and elder-care services.

Deepening the China style HMO Model, Core Businesses Developing Steadily

As China's population ages, demand for senior care, healthcare and related services is shifting from discretionary spending to a basic necessity. During the period, the Company deeply integrated its medical service capabilities with Ping An Group's payment strengths in financial services and insurance, establishing a tiered and classified health benefits system that integrates insurance and health care. For customers with wealth-management insurance products, the Company collaborated with Ping An Life Insurance to launch the "Medical Visit Access" health service plan, providing customers with cutting-edge diagnostics and full-process medical care resources. For high-net-worth customers, the Company launched the new "Private Membership Club", integrating premium medical resources such as cutting-edge diagnostics (e.g. tumor genetic testing and PET/MR imaging) and advanced therapies. For pension insurance customers, the Company upgraded its home-based senior care service system, partnering with Ping An Life Insurance to launch the dedicated "Ping An Home" service brand, promoting a shift from reactive response to proactive health management. As of the end of the reporting period, the average first-year premium per new life policy of Ping An Home customers increased 9.7 times. The number of customers eligible for home-based senior care services exceeded 310,000, while the services covered 140 cities nationwide.

The corporate health management business (B-end) continued to demonstrate strong momentum. Over the past 12 months, the Company served more than 7,700 paying corporate clients, representing a year-on-year increase of more than 73%. The business focuses on large and medium-sized enterprises, supported by dedicated account service teams. At the product level, the Company worked with Ping An Group to build an integrated solution combining "commercial insurance + health insurance plans + health care services," comprehensively covering diverse workplace health needs. At the operations level, the Company provided enterprise-specific solutions by assigning dedicated service teams to key corporate clients and customizing benefits for their employees. At the same time, the Company actively developed its offline three-kilometer service network, "Ping An Circle." As of the end of the period, more than 500 sites had been established, integrating high-quality medical resources to provide corporate employees with one-stop services such as health consultations, health checkup report interpretation, chronic disease management, and medication guidance. The company is also expanding its "Ping An Health Pay" one-stop settlement network. More than 1,800 corporate clients, covering over 1 million employees, now have access to the service, which enables efficient medical-bill settlement without upfront payments or in-person paperwork.

Continuously Strengthening the "Online, In-hospital, At-home, and Corporate" Service Network to Consolidate Barriers in the Medical, Health, and Senior Care Ecosystem

During the reporting period, the Company continued to enhance its "online, in-hospital, in-home, and in-company" service system to meet demand for online consultation, workplace health coverage and home-based senior care. The initiative integrates online and offline services and strengthens the company's capabilities in providing health management across the full life cycle.

Online services, the Company continuously upgraded its multi-tiered family doctor service system to provide policyholders and corporate employees with full-cycle, proactive medical and health management services. The "AI + Physician" service achieved 100% coverage among Ping An Group's retail customers. During the period, AI Doctor was used by over 9.7 million users. For users with chronic conditions, the Company launched the "integrated comorbidity management" service, providing refined and dynamic health interventions and driving the transformation of medical services from reactive consultation to proactive health management.

In-hospital services, the Company continued to expand its high-quality offline medical resources, partnering with 3,216 Ping An Selected Hospitals, including 1,732 3A hospitals. It built a team of approximately 50,000 in-house and contracted external doctors, with over 3,700 contracted expert doctors. "Ping An Health Pay" has covered 149 thousand of the nearly 245 thousand partner pharmacies nationwide, connecting in-hospital and out-of-hospital medical settlement channels and simplifying the process of medical visits and medication purchases for users.

At-home services, the Company collaborated with Ping An Life Insurance to upgrade and launch the "Ping An Home" service brand, with home-based senior care services expanded to 140 cities nationwide.

Corporate services, the Company rolled out high-quality workplace health management pilots across multiple regions in China, building the "1124" corporate health-management framework tailored to employers' needs. The model comprises one on-site corporate clinic, a dedicated team of company-service specialists and four categories of integrated medical and health services.

The Company, as a core member of the drafting team, was also deeply engaged in the entire formulation process of the first domestic association standard document for longevity medicine-based geriatric health service, helping to fill the gap in standardized longevity medicine service in China and upgrade home-based senior care and medical services through a standardized framework.

Bolstering AI Capabilities and Applications, "Data + Model + real-world Scenarios" Drives Gross Profit Growth

In 2026, China introduced supportive policies to accelerate the large-scale rollout of AI in healthcare. Building digital health, smart medical services and AI-assisted diagnosis and treatment is a key part of implementing the Healthy China 2030 strategy. Leveraging its massive medical data accumulated over the years, the Company continued to strengthen its "data + model + real-world scenarios" closed-loop capabilities, iteratively upgraded its large medical model Ping An Medical Master® and refined five dedicated models for key vertical medical fields. During the period, AI business contributed approximately 4.6% of the Company's gross profit.

In serious medical scenarios, the Company built differentiated strengths through the "AI + Physician" model. This system has been fully integrated into all applications within Ping An Group's app matrix, achieving 100% coverage of the Group's retail customers. Currently, AI Doctor can precisely diagnose more than 11.3 thousand diseases, with an accuracy rate of nearly 96% in AI Doctor-aided diagnosis/treatment. The AI-enabled MDT platform has achieved an accuracy rate of nearly 90% in diagnosing complex diseases and formulating treatment plans. In addition, the Company further upgraded its AI-enabled MDT assistance platform for complex disease diagnosis, expanding from its original application in breast cancer to gastric cancer.

Ping An Good Doctor stated that the Company will continue to seize greater development opportunities in the medical and health industry. Taking advantage of Ping An's service-year initiatives, the Company will uphold its commitment to inclusive services for the public, and continue to provide users with high-quality medical, health, and senior care services that are worry-free, time-saving, and money-saving, while creating sustainable value returns for shareholders.

Information Provided by PR Newswire [Disclaimer]
06:00
ZTO Reports Second Quarter 2026 Unaudited Financial Results

10.5 Billion Parcels Expanded Market Share to 19.9%
Adjusted Net Income Increased 50.3% to RMB3.1 Billion

SHANGHAI, Aug. 19, 2026 /PRNewswire/ -- ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057), a leading and fast-growing express delivery company in China ("ZTO" or the "Company"), today announced its unaudited financial results for the second Quarter ended June 30, 2026[1]. The Company grew parcel volume by 6.5% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income increased 50.3%[2] to RMB3.1 billion. Net cash generated from operating activities was RMB4.6 billion.

Second Quarter 2026 Financial Highlights

  • Revenues were RMB14,549.9 million (US$2,144.4 million), an increase of 23.0% from RMB11,831.8 million in the same period of 2025.
  • Gross profit was RMB3,733.3 million (US$550.2 million), an increase of 26.8% from RMB2,944.4 million in the same period of 2025.
  • Net income was RMB3,077.6 million (US$453.6 million), an increase of 56.7% from RMB1,964.6 million in the same period of 2025.
  • Adjusted EBITDA[3] was RMB4,241.4 million (US$625.1 million), an increase of 20.0% from RMB3,534.9 million in the same period of 2025.
  • Adjusted net income was RMB3,086.1 million (US$454.8 million), an increase of 50.3% from RMB2,052.7 million in the same period of 2025.
  • Basic and diluted net earnings per American depositary share ("ADS"[4]) were RMB3.99 (US$0.59) and RMB3.78 (US$0.56), an increase of 64.9% and 59.5% from RMB2.42 and RMB2.37 in the same period of 2025, respectively.
  • Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were RMB4.00 (US$0.59) and RMB3.79 (US$0.56), an increase of 58.1% and 52.8% from RMB2.53 and RMB2.48 in the same period of 2025 respectively.
  • Net cash provided by operating activities was RMB4,563.6 million (US$672.6 million), compared with RMB2,168.2 million in the same period of 2025.

Operational Highlights for Second Quarter 2026

  • Parcel volume was 10,486 million, increased 6.5% from 9,847 million in the same period of 2025.
  • Number of pickup/delivery outlets was over 31,000 as of June 30, 2026.
  • Number of direct network partners was approximately 6,000 as of June 30, 2026.
  • Number of self-owned line-haul vehicles was over 10,000 as of June 30, 2026.
  • Number of line-haul routes between sorting hubs was over 3,600 as of June 30, 2026.
  • Number of sorting hubs was 92 as of June 30, 2026, among which 87 are operated by the Company and 5 by the Company's network partners.

[1]  An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com.

[2]  Adjusted net income is a non-GAAP financial measure, which is defined as net income before share-based compensation expense and non-recurring items such as impairment of Goodwill, impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary and corresponding tax impact which management aims to better represent the underlying business operations.

[3]  Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses, and further adjusted to exclude the shared-based compensation expense and non-recurring items such as impairment of Goodwill, impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary which management aims to better represent the underlying business operations.

[4]  One ADS represents one Class A ordinary share.

[5]  Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted American depositary shares, respectively.

Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented, "In the second quarter of 2026, ZTO remained focused on elevating service quality and customer experience, improving operational efficiency, and fostering fair, transparent network policies. We handled a total parcel volume of 10.5 billion, representing a 6.5% year–over–year increase, outpacing the industry average by 2.3 percentage points. Adjusted net income reached RMB 3.1 billion. Daily average retail parcel volume continued to grow faster than traditional e–commerce parcel volumes. This structural shift boosted parcel volumes while enhancing overall profit margins."

Mr. Lai added, "China's express–delivery industry continued to benefit from regulatory guidance, with broad–based profit expansion marking a shift in priorities toward value–driven development alongside volume growth. ZTO's Quality–First commitment and consistent performance are backed by our industry–leading operational efficiency and fairness–oriented network governance. Deep–rooted in our Shared–Success philosophy and practices, we enable and support improved returns for our network partners and couriers, while delivering sound profitability for the company. Supported by constructive regulatory guidance and our competitive advantages — including advancing digital–technology capabilities and nurtured trust and cohesiveness across our franchise partner network — we are well positioned to navigate industry and economic cycles."

Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, "For the second quarter this year, our core express ASP rose 15.5% in the second quarter, supported by an improved revenue mix driven by higher–value key–account volumes, including rapidly expanding reverse–logistics business. Despite cost pressures stemming from oil–price volatility, combined unit sorting and transportation costs decreased by 2 cents, thanks to digitization and lean operations. SG&A, excluding SBC, represented approximately 3.8% of revenue, compared with 5.2% in the same period last year. Operating cash flow was RMB 4.6 billion, while capital expenditure totaled RMB 952 million."

Ms. Yan added, "ZTO's long–standing profitable–growth strategy remains effective amid today's subdued growth environment. Our steady market–share gains are bolstered by sustained government efforts against involution, as well as our ongoing focus on the stability of our unique franchise–partner network, which thrives on the equitable allocation of risks and rewards. We intend to further solidify our volume leadership. Considering evolving market dynamics and slowing industry parcel–volume growth for the full year, we have updated our annual parcel–volume growth guidance to 6–10% year–over–year."

Second Quarter 2026 Unaudited Financial Results



Three Months Ended June 30,


Six Months Ended June 30,


2025


2026


2025


2026


RMB


%


RMB


US$


%


RMB


%


RMB


US$


%


(in thousands, except percentages)

Express delivery services

10,983,751


92.8


13,683,530


2,016,703


94.0


21,106,041


92.9


26,207,309


3,862,479


94.2

Freight forwarding services

180,257


1.5


218,349


32,181


1.5


359,477


1.5


374,259


55,159


1.3

Sale of accessories

635,770


5.4


624,942


92,105


4.3


1,196,066


5.3


1,202,617


177,244


4.3

Others

32,029


0.3


23,071


3,400


0.2


61,688


0.3


48,071


7,085


0.2

Total revenues

11,831,807


100.0


14,549,892


2,144,389


100.0


22,723,272


100.0


27,832,256


4,101,967


100.0

Total Revenues were RMB 14,549.9 million (US$ 2,144.4 million), increased 23.0% from RMB11,831.8 million in the same period of 2025. Revenue from the core express delivery business increased by 23.0% compared to the same period of 2025 as a result of a 6.5% growth in parcel volume and a 15.5% increase in parcel unit price. Within core express delivery revenue, key account revenue, generated by direct sales organizations, increased by 63.6% mainly driven by increase in e-commerce return parcels. Revenue from freight forwarding services increased by 21.1% compared to the same period of 2025. Revenue from sales of accessories, largely consisted of sales of thermal paper for digital waybills, decreased by 1.7%. Other revenues were mainly derived from financing services.


Three Months Ended June 30,


Six Months Ended June 30,


2025


2026


2025


2026


RMB


%


RMB


US$


%


RMB


%


RMB


US$


%


(in thousands, except percentages)

Line-haul transportation cost

3,290,945


27.8


3,375,579


497,499


23.2


6,774,009


29.8


6,905,747


1,017,781


24.8

Sorting hub operating cost

2,414,839


20.4


2,505,815


369,311


17.2


4,729,435


20.8


4,960,086


731,026


17.8

Freight forwarding cost

170,235


1.4


179,844


26,506


1.2


343,028


1.5


334,109


49,242


1.2

Cost of accessories sold

151,204


1.3


145,751


21,481


1.0


284,463


1.3


273,340


40,285


1.0

Other costs

2,860,187


24.2


4,609,650


679,378


31.7


4,958,720


21.8


8,390,500


1,236,607


30.2

Total cost of revenues

8,887,410


75.1


10,816,639


1,594,175


74.3


17,089,655


75.2


20,863,782


3,074,941


75.0

Total cost of revenues was RMB10,816.6 million (US$1,594.2 million), an increase of 21.7% from RMB8,887.4 million in the same period last year.

Line-haul transportation cost was RMB3,375.6 million (US$497.5 million), increased 2.6% from RMB3,290.9 million in the same period last year. The unit transportation cost decreased 3.0% or 1 cent mainly attributable to better economies of scale and improved load rate through more effective route planning offsetting higher diesel prices.

Sorting hub operating cost was RMB2,505.8 million (US$369.3 million), increased 3.8% from RMB2,414.8 million in the same period last year. The increase primarily consisted of (i) RMB84.5 million (US$12.5 million) increase in labor-associated costs partially offset by automation-driven efficiency improvements, and (ii) RMB14.8 million (US$2.2 million) increase in depreciation and amortization costs associated with automation facilities and equipment upgrades. As of June 30, 2026, there were 782 sets of automated sorting equipment in service, compared to 690 sets as of June 30, 2025.

Cost of accessories sold was RMB145.8 million (US$21.5 million), decreased by 3.6% compared with RMB151.2 million in the same period last year.

Other costs were RMB4,609.7 million (US$679.4 million), increased 61.2% from RMB2,860.2 million in the same period last year, which was mainly due to an increase of RMB1,620.4 million (US$238.8 million) for pickup and dispatching costs paid to network partners associated with serving key account customers, primarily for handling e-commerce return parcels.

Gross Profit was RMB3,733.3 million (US$550.2 million), increased by 26.8% from RMB2,944.4 million in the same period last year. Gross margin rate improved to 25.7% from 24.9% in the same period last year.

Total Operating Expenses were RMB505.3 million (US$74.5 million), compared to RMB469.3 million in the same period last year.

Selling, general and administrative expenses were RMB556.7 million (US$82.0 million), decreased by 10.7% from RMB623.6 million in the same period last year, mainly due to a RMB 40.8 million (US$6.0 million) allowance of credit losses relating to financing receivables recognized in the same period of last year.

Other operating income, net was RMB51.3 million (US$7.6 million), compared to RMB154.3 million in the same period last year. Other operating income mainly consisted of (i) RMB23.7 million (US$3.5 million) of government subsidies and tax rebates, and (ii) RMB27.6 million (US$4.1 million) of rental and other income.

Income from operations was RMB3,227.9 million (US$475.7 million), increased 30.4% from RMB2,475.1 million for the same period last year. The operating margin rate increased to 22.2% from 20.9% in the same period last year.

Interest income was RMB155.7 million (US$22.9 million), compared with RMB208.7 million in the same period last year.

Interest expenses was RMB70.6 million (US$10.4 million), compared with RMB98.1 million in the same period last year.

Gain from fair value changes of financial instruments was RMB45.4 million (US$6.7 million), compared with a loss of RMB3.6 million in the same period last year. Such gain or loss from fair value changes of the financial instruments is quoted by commercial banks according to market-based estimation of future redemption prices.

Income tax expenses were RMB258.6 million (US$38.1 million) compared to RMB575.5 million in the same period last year. The overall income tax rate was 7.7%, down 15.2 percentage points year over year. The decline was mainly attributable to an income tax refund of RMB344.3 million (US$50.7 million) received by Shanghai Zhongtongji Network Technology Co., Ltd. (上海中通吉網絡技術有限公司), a wholly owned subsidiary of the Company, upon its recognition as a "Key Software Enterprise" qualifying for a preferential tax rate of 10% for tax year 2025.

Net income was RMB3,077.6 million (US$453.6 million), which increased by 56.7% increase from RMB1,964.6 million in the same period last year.

Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.99 (US$0.59) and RMB3.78 (US$0.56), compared to basic and diluted earnings per ADS of RMB2.42 and RMB2.37 in the same period last year, respectively.

Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB4.00 (US$0.59) and RMB3.79 (US$0.56), compared with RMB2.53 and RMB2.48 in the same period last year, respectively.

Adjusted net income was RMB3,086.1 million (US$454.8 million), compared with RMB2,052.7 million during the same period last year.

EBITDA[1] was RMB4,231.3 million (US$623.6 million), compared with RMB3,446.8 million in the same period last year.

Adjusted EBITDA was RMB4,241.4 million (US$625.1 million), compared to RMB3,534.9 million in the same period last year.

Net cash provided by operating activities was RMB4,563.6 million (US$672.6 million), compared with RMB2,168.2 million in the same period last year.

[1]  EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses which management aims to better represent the underlying business operations.

Appointment of New Independent Director

The Board of Directors of the Company (the "Board") has announced that Mr. Wei Zhu has been appointed as an independent director, effective August 19, 2026.

Mr. Zhu has over 35 years of experience in management consulting, investment banking, private equity investment and large-scale corporate management. From April 2026, Mr. Zhu has served as a director and advisor to Shanghai Xforceplus Information Technology Co., Ltd. and its affiliate for AI technology. From June 2024 to February 2026, Mr. Zhu served as co-head of North Asia at Alvarez & Marsal. From 2018 to 2021, Mr. Zhu served as chairman of Greater China at Accenture plc and was appointed to Accenture's global management committee in 2020. Previously, Mr. Zhu served as global co-head of Standard Chartered Bank's private equity business from 2009 to 2017, senior managing director and head of CVC Capital Partners from 2008 to 2009, managing director at Goldman Sachs Gao Hua Securities Company Limited from 2005 to 2008, senior partner and president of Greater China at Roland Berger from 2004 to 2005, and president of Greater China at A.T. Kearney from 2001 to 2003. Mr. Zhu has served as an independent director of Shanghai Foreign Service Holding Group Co., Ltd. since September 2021. Mr. Zhu received a Bachelor in Foreign Service from Georgetown University in 1986 and an MBA from the University of Chicago in 1992.

Shareholder Return Update

As disclosed in March 2026, the Board has approved an enhanced return mechanism, pursuant to which the Company targets an aggregate annual shareholder return ratio of no less than 50% of its adjusted net income for the prior fiscal year, comprising both cash dividends and share repurchases.

As of the end of the second quarter, the Company had repurchased an aggregate of 31,788,692 Class A Ordinary Shares for US$740 million (including repurchase commissions) in 2026, equivalent to 52% of its adjusted net income for 2025. As such, the Board did not recommend the distribution of an interim dividend for the first half of 2026.

In March 2026, the Board also approved a new share repurchase program (the "New Program"), authorizing share repurchases of up to US$1.5 billion of its shares over a 24-month period, effective from March 20, 2026 to March 20, 2028. As of the end of the second quarter of 2026, the Company had repurchased an aggregate of 6,161,216 ADSs for US$138 million (including repurchase commissions) under the New Program, leaving US$1.36 billion of capacity under the authorisation.

Business Outlook

Based on current market and operating conditions, the Company revises its previously stated annual guidance. Parcel volume for 2026 is expected to increase by 6.0% to 10.0% year over year, representing a parcel volume range of 40.8 billion to 42.4 billion. Such estimates represent management's current and preliminary view, which are subject to change.

Exchange Rate

This announcement contains translation of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB 6.7851 to US$ 1.00, the noon buying rate on June 30, 2026 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve Systems.

Use of Non-GAAP Financial Measures

The Company uses EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders, and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders, each a non-GAAP financial measure, in evaluating ZTO's operating results and for financial and operational decision-making purposes.

Reconciliations of the Company's non-GAAP financial measures to its U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.

The Company believes that such non-GAAP measures help identify underlying trends in the Company's business that could otherwise be distorted by the effect of the related expenses and gains that the Company includes in income from operations and net income, and provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.

EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders should not be considered in isolation or construed as an alternative to net income or any other measure of performance or as an indicator of the Company's operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to ZTO's data. ZTO encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure.

Conference Call Information

ZTO's management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Tuesday, August 18, 2026 (8:30 AM Beijing Time on Wednesday, August 19, 2026).

Dial-in details for the earnings conference call are as follows:

United States:

1-888-317-6003

Hong Kong:

800-963-976

Mainland China:

4001-206-115

International:

1-412-317-6061

Passcode:

1904847

Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until August 24, 2026:

United States:   

1-855-669-9658

International:

1-412-317-0088

Passcode:

8514365

Additionally, a live and archived webcast of the conference call will be available at http://zto.investorroom.com.

About ZTO Express (Cayman) Inc.

ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057) ("ZTO" or the "Company") is a leading and fast-growing express delivery company in China. ZTO provides express delivery service as well as other value-added logistics services through its extensive and reliable nationwide network coverage in China.

ZTO operates a highly scalable network partner model, which the Company believes is best suited to support the significant growth of e-commerce in China. The Company leverages its network partners to provide pickup and last-mile delivery services, while controlling the mission-critical line-haul transportation and sorting network within the express delivery service value chain.

For more information, please visit http://zto.investorroom.com.

Safe Harbor Statement

This announcement contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and other similar expressions. Among other things, the business outlook and quotations from management in this announcement contain forward-looking statements. ZTO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the HKEX, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about ZTO's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: risks relating to the development of the e-commerce and express delivery industries in China; its significant reliance on certain third-party e-commerce platforms; risks associated with its network partners and their employees and personnel; intense competition which could adversely affect the Company's results of operations and market share; any service disruption of the Company's sorting hubs or the outlets operated by its network partners or its technology system; ZTO's ability to build its brand and withstand negative publicity, or other favorable government policies. Further information regarding these and other risks is included in ZTO's filings with the SEC and the HKEX. All information provided in this announcement is as of the date of this announcement, and ZTO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

UNAUDITED CONSOLIDATED FINANCIAL DATA


Summary of Unaudited Consolidated Comprehensive Income Data:



Three Months Ended June 30,


Six Months Ended June 30,


2025


2026


2025


2026


RMB


RMB


US$


RMB


RMB


US$


(in thousands, except for share and per share data)

Revenues

11,831,807


14,549,892


2,144,389


22,723,272


27,832,256


4,101,967

Cost of revenues

(8,887,410)


(10,816,639)


(1,594,175)


(17,089,655)


(20,863,782)


(3,074,941)

Gross profit

2,944,397


3,733,253


550,214


5,633,617


6,968,474


1,027,026

Operating (expenses)/income:












Selling, general and administrative

(623,587)


(556,667)


(82,043)


(1,361,098)


(1,372,331)


(202,257)

Other operating income, net

154,274


51,326


7,565


607,943


177,037


26,092

Total operating expenses

(469,313)


(505,341)


(74,478)


(753,155)


(1,195,294)


(176,165)

Income from operations

2,475,084


3,227,912


475,736


4,880,462


5,773,180


850,861

Other income/(expenses):












Interest income

208,732


155,709


22,949


407,124


321,654


47,406

Interest expense

(98,112)


(70,627)


(10,409)


(166,988)


(120,899)


(17,818)

(Loss)/gain from fair value changes of












financial instruments

(3,635)


45,410


6,693


32,978


100,354


14,790

Loss on disposal of equity investees,












subsidiary and others

(714)


(8,829)


(1,301)


(567)


(8,351)


(1,231)

Impairment of Goodwill

(84,431)


-


-


(84,431)


-


-

Foreign currency exchange gain/(loss) before












tax

16,419


6,936


1,022


12,375


(21,898)


(3,227)

Income before income tax, and share of












income in equity method investments

2,513,343


3,356,511


494,690


5,080,953


6,044,040


890,781

Income tax expense

(575,531)


(258,640)


(38,119)


(1,107,105)


(810,820)


(119,500)

Share of income/(expense) in equity method












investments

26,747


(20,299)


(2,992)


29,892


708


104

Net income

1,964,559


3,077,572


453,579


4,003,740


5,233,928


771,385

Net income attributable to non-controlling












interests

(26,227)


(26,681)


(3,932)


(72,161)


(64,704)


(9,536)

Net income attributable to ZTO Express












(Cayman) Inc.

1,938,332


3,050,891


449,647


3,931,579


5,169,224


761,849

Net income attributable to ordinary












shareholders

1,938,332


3,050,891


449,647


3,931,579


5,169,224


761,849

Net earnings per share attributed to












ordinary shareholders












Basic

2.42


3.99


0.59


4.92


6.71


0.99

Diluted

2.37


3.78


0.56


4.81


6.44


0.95

Weighted average shares used in calculating












net earnings per ordinary share/ADS












Basic

799,752,637


765,053,979


765,053,979


799,123,030


770,575,485


770,575,485

Diluted

833,990,437


814,969,973


814,969,973


833,360,830


809,872,825


809,872,825

Net income

1,964,559


3,077,572


453,579


4,003,740


5,233,928


771,385

Other comprehensive income/(expense),












net of tax of nil:












Foreign currency translation adjustment

41,831


22,572


3,327


50,532


12,650


1,864

Comprehensive income

2,006,390


3,100,144


456,906


4,054,272


5,246,578


773,249

Comprehensive (income)/loss attributable to












non-controlling interests

(26,227)


(26,681)


(3,932)


(72,161)


(64,704)


(9,536)

Comprehensive income attributable to ZTO












Express (Cayman) Inc.

1,980,163


3,073,463


452,974


3,982,111


5,181,874


763,713

 

Unaudited Consolidated Balance Sheets Data:



As of


December 31,


June 30,


2025


2026


RMB


RMB


US$


(in thousands, except for share data)

ASSETS


Current assets:






Cash and cash equivalents

10,011,533


9,906,896


1,460,096

Restricted cash

29,129


44,638


6,579

Accounts receivable, net

1,287,475


1,627,114


239,807

Financing receivables

674,880


488,569


72,006

Short-term investment

15,620,892


21,400,891


3,154,101

Inventories

40,648


31,002


4,569

Advances to suppliers

719,277


760,403


112,070

Prepayments and other current assets

5,102,997


5,208,995


767,711

Amounts due from related parties

477,865


606,988


89,459

Total current assets

33,964,696


40,075,496


5,906,398

Investments in equity investees

1,951,910


2,159,811


318,317

Property and equipment, net

35,433,509


35,956,197


5,299,288

Land use rights, net

6,762,240


6,900,233


1,016,969

Intangible assets, net

52,758


39,599


5,836

Operating lease right-of-use assets

398,082


231,129


34,064

Goodwill

4,157,111


4,157,111


612,682

Deferred tax assets

1,103,655


1,234,137


181,889

Long-term investment

5,221,110


6,520,491


961,001

Long-term financing receivables

1,039,946


969,868


142,941

Other non-current assets

938,980


499,473


73,613

TOTAL ASSETS

91,023,997


98,743,545


14,552,998

LIABILITIES AND EQUITY






Current liabilities






Short-term bank borrowing

10,934,419


11,621,408


1,712,784

Accounts payable

2,577,229


2,605,564


384,013

Advances from customers

1,833,131


1,872,809


276,018

Income tax payable

279,541


314,134


46,298

Amounts due to related parties

796,660


626,792


92,378

Operating lease liabilities

139,787


89,207


13,147

Dividends payable

19,659


19,625


2,892

Other current liabilities

6,288,714


6,816,229


1,004,587

Total current liabilities

22,869,140


23,965,768


3,532,117

Long-term bank borrowing

18,000


17,000


2,505

Non-current operating lease liabilities

261,257


126,648


18,666

Deferred tax liabilities

615,073


710,382


104,697

Convertible senior notes

124,114


10,185,580


1,501,169

TOTAL LIABILITIES

23,887,584


35,005,378


5,159,154

Shareholders' equity






Ordinary shares (US$0.0001 par value; 10,000,000,000 shares authorized;






795,528,169 shares issued and 790,812,316 shares outstanding as of December






31, 2025; 769,900,693 shares issued and 760,321,796 shares outstanding






as of June 30, 2026)

513


495


73

Additional paid-in capital

24,000,698


22,188,334


3,270,156

Treasury shares, at cost

(254,480)


(1,181,259)


(174,096)

Retained earnings

42,918,864


42,910,215


6,324,183

Accumulated other comprehensive loss

(281,266)


(268,616)


(39,589)

ZTO Express (Cayman) Inc. shareholders' equity

66,384,329


63,649,169


9,380,727

Non-controlling interests

752,084


88,998


13,117

Total Equity

67,136,413


63,738,167


9,393,844

TOTAL LIABILITIES AND EQUITY

91,023,997


98,743,545


14,552,998

 

Summary of Unaudited Consolidated Cash Flow Data:



Three Months Ended June 30,


Six Months Ended June 30,


2025


2026


2025


2026


RMB


RMB


US$


RMB


RMB


US$


(in thousands)

Net cash provided by operating activities

2,168,208


4,563,570


672,586


4,531,184


7,352,615


1,083,641

Net cash used in investing activities

(1,163,517)


(3,529,923)


(520,246)


(4,321,982)


(10,704,472)


(1,577,644)

Net cash (used in)/provided by financing activities

(117,713)


(2,433,546)


(358,660)


(378,804)


3,397,527


500,734

Effect of exchange rate changes on cash, cash












equivalents and restricted cash

(19,706)


(84,631)


(12,473)


(32,266)


(134,798)


(19,867)

Net increase/(decrease) in cash, cash equivalents












and restricted cash

867,272


(1,484,530)


(218,793)


(201,868)


(89,128)


(13,136)

Cash, cash equivalents and restricted cash at












beginning of period

12,461,807


11,442,119


1,686,360


13,530,947


10,046,717


1,480,703

Cash, cash equivalents and restricted cash at end of












period

13,329,079


9,957,589


1,467,567


13,329,079


9,957,589


1,467,567













The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:


As of


June 30,


June 30,


2025


2026


RMB


RMB


US$


(in thousands)

Cash and cash equivalents

13,291,796


9,906,896


1,460,096

Restricted cash, current

22,684


44,638


6,579

Restricted cash, non-current

14,599


6,055


892

Total cash, cash equivalents and restricted cash

13,329,079


9,957,589


1,467,567

 

Reconciliations of GAAP and Non-GAAP Results



Three Months Ended June 30,


Six Months Ended June 30,


2025


2026


2025


2026


RMB


RMB


US$


RMB


RMB


US$


(in thousands, except for share and per share data)

Net income

1,964,559


3,077,572


453,579


4,003,740


5,233,928


771,385

Add:












Share-based compensation expense (1)

2,994


1,197


176


223,263


222,316


32,765

Impairment of Goodwill

84,431


-


-


84,431


-


-

Loss on disposal of equity investees and












subsidiary, net of income taxes

714


7,294


1,075


593


6,899


1,017

Adjusted net income

2,052,698


3,086,063


454,830


4,312,027


5,463,143


805,167













Net income

1,964,559


3,077,572


453,579


4,003,740


5,233,928


771,385

Add:












Depreciation

770,270


777,399


114,574


1,559,378


1,690,048


249,082

Amortization

38,306


47,086


6,940


76,125


96,297


14,192

Interest expenses

98,112


70,627


10,409


166,988


120,899


17,818

Income tax expenses

575,531


258,640


38,119


1,107,105


810,820


119,500

EBITDA

3,446,778


4,231,324


623,621


6,913,336


7,951,992


1,171,977













Add:












Share-based compensation expense

2,994


1,197


176


223,263


222,316


32,765

Impairment of Goodwill

84,431


-


-


84,431


-


-

Loss on disposal of equity investees and












subsidiary

714


8,829


1,301


567


8,351


1,231

Adjusted EBITDA

3,534,917


4,241,350


625,098


7,221,597


8,182,659


1,205,973


(1) Net of income taxes of nil

 

Reconciliations of GAAP and Non-GAAP Results



Three Months Ended June 30,


Six Months Ended June 30,


2025


2026


2025


2026


RMB


RMB


US$


RMB


RMB


US$


(in thousands, except for share and per share data)

Net income attributable to ordinary












shareholders

1,938,332


3,050,891


449,647


3,931,579


5,169,224


761,849

Add:












Share-based compensation expense (1)

2,994


1,197


176


223,263


222,316


32,765

Impairment of Goodwill

84,431


-


-


84,431


-


-

Loss on disposal of equity investees












and subsidiary, net of income taxes

714


7,294


1,075


593


6,899


1,017

Adjusted Net income attributable to












ordinary shareholders

2,026,471


3,059,382


450,898


4,239,866


5,398,439


795,631













Weighted average shares used in












calculating net earnings per ordinary












share/ADS












Basic

799,752,637


765,053,979


765,053,979


799,123,030


770,575,485


770,575,485

Diluted

833,990,437


814,969,973


814,969,973


833,360,830


809,872,825


809,872,825













Net earnings per share/ADS attributable to












ordinary shareholders












Basic

2.42


3.99


0.59


4.92


6.71


0.99

Diluted

2.37


3.78


0.56


4.81


6.44


0.95













Adjusted net earnings per share/ADS












attributable to ordinary shareholders












Basic

2.53


4.00


0.59


5.31


7.01


1.03

Diluted

2.48


3.79


0.56


5.18


6.73


0.99















(1) Net of income taxes of nil














 

For investor and media inquiries, please contact:
ZTO Express (Cayman) Inc.
Investor Relations
E-mail: [email protected]
Phone: +86 21 5980 4508

Information Provided by PR Newswire [Disclaimer]
06:00
中通快遞發佈 2026年第二季度未經審計財務業績

包裹量105億件,市場份額擴張至19.9%

調整後淨利潤增長50.3%至人民幣31億元

上海2026年8月18日 /美通社/ -- 中通快遞(開曼)有限公司(紐交所代碼:ZTO 及香港聯交所代號:2057,中國領先且快速成長的快遞公司(「中通」或「本公司」),今日公佈其截至 2026年6 月 30 日[1]止第二季度的未經審計財務業績。本公司實現包裹量同比增長6.5%,同時保持優質服務及客戶滿意度。調整後淨利潤增加50.3%[2]達人民幣31億元。經營活動產生的現金流量淨額為人民幣 46億元。

2026年第二季度財務摘要

  • 收入為人民幣 14,549.9百萬元(2,144.4 百萬美元),較 2025年同期的人民幣 11,831.8 百萬元增長 23.0%。
  • 毛利為人民幣 3,733.3百萬元(550.2 百萬美元),較 2025年同期的人民幣2,944.4百萬元增長26.8%。
  • 淨利潤為人民幣3,077.6百萬元(453.6 百萬美元),較 2025年同期的人民幣1,964.6百萬元增長56.7%。
  • 調整後息稅折攤前收益[3]為人民幣 4,241.4百萬元(625.1百萬美元),較 2025年同期的人民幣 3,534.9百萬元增長20.0%。
  • 調整後淨利潤為人民幣 3,086.1 百萬元(454.8 百萬美元),較 2025年同期的人民幣2,052.7 百萬元增長50.3%。
  • 每股美國存託股(「ADS」[4])基本及攤薄淨收益分別為人民幣 3.99 元(0.59美元)及人民幣 3.78元(0.56美元),較 2025年同期的人民幣 2.42 元及人民幣 2.37 元分別增長64.9%及59.5%。
  • 歸屬於普通股股東[5]的調整後每股美國存託股基本及攤薄收益分別為人民幣 4.00 元(0.59美元)及人民幣 3.79 元(0.56美元),較 2025年同期的人民幣2.53元及人民幣2.48元分別增長 58.1%及52.8%。
  • 經營活動產生的現金流量淨額為人民幣4,563.6百萬元(672.6百萬美元),而 2025年同期則為人民幣2,168.2百萬元。

2026年第二季度經營摘要

  • 包裹量為 10,486 百萬件,較 2025年同期的 9,847百萬件增長 6.5%。
  • 截至 2026年 6 月 30 日,攬件/派件網點數量為 31,000 餘個。
  • 截至2026年 6 月 30 日,直接網絡合作夥伴數量約為 6,000 個。
  • 截至2026年 6 月 30 日,自有幹線車輛數量為 10,000 餘輛。
  • 截至 2026年 6 月 30 日,分揀中心之間的幹線路線數量為 3,600 餘條。
  • 截至2026年 6 月 30 日,分揀中心數量為 92個,其中 87 個由本公司運營,5 個由本公司的網絡合作夥伴運營。

 

[1] 隨附本盈利發佈之投資者關係簡報,請見 http://zto.investorroom.com 。

[2] 調整後淨利潤為非公認會計準則財務指標,其定義為不包括股權激勵費用及非經常性項目(如商譽減值、股權投資的投資減值、處置股權投資及子公司的收益/(損失))和相關稅務影響的淨利潤。管理層旨在通過該指標更好地反映實際業務運營。

[3] 調整後息稅折攤前收益為非公認會計準則財務指標,其定義為不包括折舊、攤銷、利息費用及所得稅費用的淨利潤,並經進一步調整以剔除股權激勵費用以及非經常性項目(如商譽減值、股權投資的投資減值、處置股權投資及子公司的收益/(損失))。管理層旨在通過該指標更好地反映實際業務運營。

[4] 每一股美國存託股代表一股 A 類普通股。

[5] 歸屬於普通股股東的調整後每股美國存託股基本及攤薄收益為非公認會計準則財務指標。其定義為歸屬於普通股股東的調整後淨利潤分別除以基本及攤薄美國存託股的加權平均數。

 

中通快遞創始人、董事長兼首席執行官賴梅松先生表示:「2026 年第二季度,中通繼續專注於提升服務品質和客戶體驗,持續優化運營效率,推動網絡政策的公平、透明。我們完成了業務量105億件,同比增長6.5%,高於行業平均增速2.3個百分點。調整後淨利潤達31億元人民幣。散件業務增速持續高於傳統電商件,這一結構性轉變在推動業務增長的同時,也有效提升了整體利潤水平。」

賴先生補充道:「中國快遞行業持續受益於監管的引導,行業利潤得到普遍改善,這標誌着行業發展重心從單純追求規模轉向價值驅動的『量質並舉』。中通『質量為先』的經營策略和穩定的業績表現,得益於我們領先行業的運營效率和公平導向的網絡治理。我們始終秉持着『同建共享』的理念,賦能並支持網絡合作夥伴和一線快遞小哥實現更好的經濟回報,同時為公司創造穩健的盈利能力。在監管政策的積極引導下,依托數字化能力的持續升級以及我們與網絡合作夥伴間深厚的信任與凝聚力,我們有充分的能力應對行業和經濟周期。」

中通快遞首席財務官顏惠萍女士表示:「今年第二季度,高價值大客戶業務佔比繼續提升,尤其是平台逆向業務快速增長帶來收入結構的持續優化。我們的核心快遞單票收入同比上升 15.5%。儘管油價波動,但通過數字化運營和精細化管理,單票分揀及運輸成本合計下降 2 分錢。銷售及管理費用(不含股權激勵費用)佔營業收入比重約為 3.8%,去年同期為 5.2%。本季度經營性現金流 46 億元人民幣,資本開支為 9.52 億元人民幣。」

顏女士補充道:「在當前市場增速有所放緩的環境下,中通長期秉持的可持續盈利增長的戰略依然行之有效。市場份額的穩步提升,得益於政府持續推動行業反內卷,同時也離不開公司對網絡穩定性的長期投入及其背後風險共擔、利益共享的分配機制。我們將繼續鞏固業務量的行業領先地位。同時,考慮到行業增長放緩,我們將全年業務量增速指引調整到 6%至 10%。」

 

2026年第二季度未經審計財務業績


截至630日止三個月,


截至630日止六個月,


2025


2026


2025


2026


人民幣


%


人民幣


美元


%


人民幣


%


人民幣


美元


%


(以千元計,百分比除外)

快遞服務

10,983,751


92.8


13,683,530


2,016,703


94.0


21,106,041


92.9


26,207,309


3,862,479


94.2

貨運代理服務

180,257


1.5


218,349


32,181


1.5


359,477


1.5


374,259


55,159


1.3

物料銷售

635,770


5.4


624,942


92,105


4.3


1,196,066


5.3


1,202,617


177,244


4.3

其他

32,029


0.3


23,071


3,400


0.2


61,688


0.3


48,071


7,085


0.2

收入總額

11,831,807


100.0


14,549,892


2,144,389


100.0


22,723,272


100.0


27,832,256


4,101,967


100.0

 

收入總額為人民幣 14,549.9百萬元(2,144.4百萬美元),較2025年同期的人民幣 11,831.8  百萬元增長  23.0%。核心快遞業務收入較 2025 年同期增長 23.0%,這是包裹量增長 6.5%與單票收入上升15.5%綜合作用的結果。在核心快遞收入中, 由直銷機構產生的直客業務收入增長63.6%,主要受電子商務退貨包裹增加所帶動。貨運代理服務收入較 2025年同期增加21.1%。物料銷售收入(主要由銷售用於電子面單的熱敏紙組成)減少 1.7%。其他收入主要來自金融服務。


截至630日止三個月,


截至630日止六個月,


2025


2026


2025


2026


人民幣


%


人民幣


美元


%


人民幣


%


人民幣


美元


%


(以千元計,百分比除外)


幹線運輸成本

3,290,945


27.8


3,375,579


497,499


23.2


6,774,009


29.8


6,905,747


1,017,781


24.8


分揀中心運營成本

2,414,839


20.4


2,505,815


369,311


17.2


4,729,435


20.8


4,960,086


731,026


17.8


貨運代理成本

170,235


1.4


179,844


26,506


1.2


343,028


1.5


334,109


49,242


1.2


物料銷售成本

151,204


1.3


145,751


21,481


1.0


284,463


1.3


273,340


40,285


1.0


其他成本

2,860,187


24.2


4,609,650


679,378


31.7


4,958,720


21.8


8,390,500


1,236,607


30.2


營業成本總額

8,887,410


75.1


10,816,639


1,594,175


74.3


17,089,655


75.2


20,863,782


3,074,941


75.0


 

營業成本總額為人民幣10,816.6 百萬元(1,594.2 百萬美元),較去年同期的人民幣8,887.4 百萬元增長21.7%。

幹線運輸成本為人民幣 3,375.6 百萬元(497.5百萬美元),較去年同期的人民幣3,290.9百萬元增長2.6%。單票運輸成本減少 3.0%或 1 分,主要得益於更有效的路線規劃帶來規模經濟改善及裝載率提升,抵銷了柴油價格上漲的影響。

分揀中心運營成本為人民幣 2,505.8 百萬元(369.3百萬美元),較去年同期的人民幣2,414.8 百萬元增長 3.8%。該增加主要包括(i)人工相關成本增加人民幣84.5百萬元(12.5 百萬美元),經自動化帶來的效率提升所部分抵銷;及(ii)與自動化設施及設備升級相關的折舊及攤銷成本增加人民幣 14.8百萬元(2.2 百萬美元)。截至2026年6月30日,共782套自動化分揀設備投入使用,而截至2025年6月30日則為690套。

物料銷售成本為人民幣 145.8百萬元(21.5百萬美元),較去年同期的人民幣 151.2百萬元減少 3.6%。

其他成本為人民幣4,609.7 百萬元(679.4  百萬美元),較去年同期的人民幣 2,860.2百萬元增長 61.2%,主要由於向合作網點支付的與服務直客客戶相關的取件及派送成本增加人民幣1,620.4百萬元(238.8百萬美元),該等成本主要用於處理電子商務退件包裹。

毛利為人民幣 3,733.3百萬元(550.2百萬美元),較去年同期的人民幣2,944.4百萬元增長26.8%。毛利率上升至 25.7%,而去年同期則為 24.9%。

總經營費用為人民幣 505.3 百萬元(74.5百萬美元),而去年同期則為人民幣469.3 百萬元。

銷售、一般及行政費用為人民幣 556.7百萬元(82.0百萬美元),較去年同期的人民幣623.6百萬元減少 10.7%,主要由於去年同期確認了與融資應收款項相關的信用損失準備人民幣40.8百萬元(6.0百萬美元)。

其他經營收入淨額為人民幣 51.3百萬元(7.6百萬美元),去年同期則為人民幣154.3百萬元。其他經營收入主要包括(i)政府補助及稅費返還人民幣23.7 百萬元(3.5 百萬美元),及(ii)租金及其他收入人民幣27.6 百萬元(4.1 百萬美元)。

經營利潤為人民幣 3,227.9百萬元(475.7百萬美元),較去年同期的人民幣 2,475.1百萬元增加30.4%。經營利潤率增至22.2%,而去年同期則為20.9%。

利息收入為人民幣155.7  百萬元(22.9  百萬美元),而去年同期則為人民幣208.7 百萬元。

利息費用為人民幣 70.6 百萬元(10.4 百萬美元),而去年同期則為人民幣98.1百萬元。

金融工具公允價值變動的收益為人民幣 45.4 百萬元(6.7百萬美元),而去年同期則為損失人民幣3.6 百萬元。該等金融工具公允價值變動收益或損失由商業銀行根據市場預期的未來贖回價格報價。

所得稅費用為人民幣258.6百萬元(38.1 百萬美元),而去年同期則為人民幣575.5百萬元。整體所得稅率為7.7%,同比下降15.2 個百分點,主要由於本公司全資子公司上海中通吉網絡技術有限公司於獲認定為「重點軟件企業」後,其 2025納稅年度符合 10%的優惠稅率條件,從而收到人民幣344.3百萬元(50.7 百萬美元)的所得稅退稅。

淨利潤為人民幣3,077.6百萬元(453.6百萬美元),較去年同期的人民幣 1,964.6百萬元增長56.7%。

歸屬於普通股股東的每股美國存託股基本及攤薄收益分別為人民幣 3.99元(0.59美元)及人民幣3.78 元(0.56美元),而去年同期每股美國存託股的基本及攤薄收益分別為人民幣 2.42元及人民幣2.37元。

歸屬於普通股股東的調整後每股美國存託股基本及攤薄收益分別為人民幣4.00元(0.59美元)及人民幣3.79 元(0.56美元),而去年同期則分別為人民幣2.53 元及人民幣2.48 元。

調整後淨利潤為人民幣 3,086.1百萬元(454.8百萬美元),而去年同期則為人民幣2,052.7  百萬元。

息稅折攤前收益[1]為人民幣4,231.3 百萬元(623.6百萬美元),而去年同期則為人民幣 3,446.8 百萬元。

調整後息稅折攤前收益為人民幣 4,241.4 百萬元(625.1百萬美元),而去年同期則為人民幣3,534.9  百萬元。

經營活動產生的現金流量淨額為人民幣4,563.6百萬元(672.6百萬美元),而去年同期則為人民幣2,168.2  百萬元。

[1] 息稅折攤前收益為非公認會計準則財務指標,其定義為不包括折舊、攤銷、利息費用及所得稅費用的淨利潤。管理層旨在通過該指標更好地反映實際業務運營。

委任新獨立董事

本公司董事會(「董事會」)宣佈,朱偉先生已獲委任為獨立董事,自2026年8月19日起生效。

朱先生擁有超過35年的管理諮詢、投資銀行、私募股權投資及大型企業管理經驗。2026年4月至今,朱先生擔任上海雲勵科技有限公司及其AI附屬公司董事及顧問。2024年6月至2026年2月,朱先生擔任安邁諮詢北亞區聯席主席。2018年至2021年,朱先生擔任埃森哲(Accenture)大中華區主席,並於2020年獲委任為埃森哲全球管理委員會成員。此前,朱先生於2009年至2017年擔任渣打銀行直接投資業務全球聯席總裁,2008年至2009年擔任CVC資本亞太高級董事總經理,2005年至2008年擔任高盛高華董事總經理,2004年至2005年擔任羅蘭貝格管理諮詢公司高級合夥人兼大中國區總裁,2001年至2003年擔任科爾尼管理咨詢公司大中華區總裁。朱先生自2021年9月起擔任上海外服控股集團股份有限公司獨立董事。朱先生於1986年獲得喬治城大學外交學學士學位,並於1992年獲得芝加哥大學工商管理碩士學位。

股東回報更新

誠如於2026年3月所披露,董事會已批准一項經完善的回報機制,據此,本公司致力於實現總年度股東回報比率不低於上一財政年度經調整淨收入的50%,當中包括現金股息及股份購回。

截至第二季度末,本公司於2026年已累計購回合共31,788,692股A類普通股,代價為740百萬美元(包括回購佣金),相當於其2025年經調整淨收入的52%。因此,董事會不建議派發2026年上半年的中期股息。

於2026年3月,董事會亦批准一項新股份購回計劃(「新計劃」),授權於2026年3月20日至2028年3月20日止為期24個月的期間內購回最多達15.0億美元的股份。截至2026年第二季度末,本公司已根據新計劃回購合共6,161,216美國存託股,代價為138百萬美元(包括回購佣金),授權項下尚餘13.60億美元的額度。

前景展望

基於當前市場及經營狀況,本公司修訂此前公佈的年度指引。2026年包裹量預計同比增長6.0%至10.0%,即包裹量介乎408億至424億件。該等估計為管理層當前及初步的看法,可能作出變動。

匯率

僅為方便讀者閱讀,本公告將若干人民幣金額按指定匯率轉換為美元。除非另有所指,所有人民幣兌換為美元的換算乃按人民幣6.7851元兌 1.00 美元的匯率作出(即美國聯邦儲備系統管理委員會 H.10 統計數據所載 2026年6月 30 日之中午買入匯率)。

採用非公認會計準則財務指標

本公司使用息稅折攤前收益、調整後息稅折攤前收益、調整後淨利潤、歸屬於普通股股東的調整後淨利潤及歸屬於普通股股東的調整後每股美國存託股基本及攤薄收益(均為非公認會計準則財務指標)來評估中通的經營業績,並用於財務及經營決策。

本公司的非公認會計準則財務指標與其美國公認會計準則財務指標之間的調節表列示於本盈利發佈末的表格,該表格提供有關非公認會計準則財務指標的更多詳情。

本公司認為,該等非公認會計準則指標有助於識別本公司業務的基本趨勢,避免其因本公司在經營利潤及淨利潤中計入的相關費用和利得而失真,並提供了關於其經營業績的有用資料,增強對其過往表現及未來前景的整體理解,並有助於更清晰地了解本公司管理層在財務和運營決策中所使用的核心指標。

息稅折攤前收益、調整後息稅折攤前收益、調整後淨利潤、歸屬於普通股股東的調整後淨利潤及歸屬於普通股股東的調整後每股美國存託股基本及攤薄收益不應獨立於淨利潤或其他業績指標考慮,亦不可詮釋為淨利潤或其他業績指標的替代項目,或詮釋為本公司經營表現的指標。中通鼓勵投資者將過往的非公認會計準則財務指標與最直接可比的公認會計準則指標進行比較。本文所列的息稅折攤前收益、調整後息稅折攤前收益、調整後淨利潤、歸屬於普通股股東的調整後淨利潤及歸屬於普通股股東的調整後每股美國存託股基本及攤薄收益可能無法與其他公司列示的名稱類似的指標相比較。其他公司可能會以不同的方式計算類似名稱的指標,從而限制了其作為中通數據的比較指標的有用性。中通鼓勵投資者及其他人士全面審閱本公司的財務資料,而非依賴單一的財務指標。

電話會議資料

中通的管理團隊將於美國東部時間 2026年 8 月 18 日(星期二)下午八時三十分(北京時間 2026年 8 月 19 日(星期三)上午八時三十分)舉行業績電話會議。

業績電話會議的撥號詳情如下:

美國:




 1-888-317-6003

香港:  




 800-963-976

中國內地:




 4001-206-115

國際:




 1-412-317-6061

密碼:  




1904847

請於通話預定開始前 15 分鐘撥號,並提供密碼以加入通話。

電話會議的回放將可於 2026年 8 月 24 日前通過致電以下號碼收聽:

美國:



1-855-669-9658

國際: 



1-412-317-0088

密碼:    



8514365

此外,電話會議的網上直播及錄音將可於 http://zto.investorroom.com 收聽。

關於中通快遞(開曼)有限公司

中通快遞(開曼)有限公司(紐交所代碼:ZTO 及香港聯交所代號:2057)(「中通」或「本公司」)是中國行業領先且快速成長的快遞公司。中通通過其在中國廣泛且可靠的全國性覆蓋網絡提供快遞服務以及其他增值物流服務。

中通運營高度可擴展的網絡合作夥伴模式,本公司認為,該模式最適於支持中國電子商務的高速增長。本公司利用其網絡合作夥伴提供攬件和末端派送服務,同時在快遞服務價值鏈內提供關鍵的幹線運輸服務和分揀網絡。

有關更多資料,請訪問 http://zto.investorroom.com

安全港聲明

本公告載有根據 1995 年《美國私人證券訴訟改革法》的「安全港」條文可能構成「前瞻性」聲明的陳述。該等前瞻性陳述可從詞彙如「將」、 「預期」、「預計」、「旨在」、「未來」、「擬」、「計劃」、「相信」、「估計」、「可能」或類似陳述加以識別。當中前景展望及管理層在本公告的引述均包含前瞻性陳述。中通亦可能在其向美國證券交易委員會(「美國證交會」)及香港聯合交易所有限公司(「香港聯交所」)提交的定期報告、向股東提交的中期及年度報告、於香港聯交所網站上發佈的公告、通函或其他刊物、新聞稿及其他書面材料以及其高級職員、董事或僱員向第三方作出的口頭陳述中作出書面或口頭前瞻性陳述。非歷史事實的陳述,包括但不限於有關中通的信念、計劃及期望的陳述,均屬於前瞻性陳述。前瞻性陳述涉及固有風險及不確定因素。許多因素可導致實際結果與任何前瞻性陳述中包含的結果有重大差異,包括但不限於以下各項:有關中國電子商務及快遞行業發展的風險;其對若干第三方電子商務平台的重大依賴;與其網絡合作夥伴及其僱員及人員相關的風險;可能對本公司經營業績及市場份額造成不利影響的激烈競爭;本公司分揀中心或其網絡合作夥伴運營的網點或其技術系統遭受任何服務中斷;中通建立品牌及承受負面報道的能力或其他有利的政府政策。有關此等及其他風險的進一步資料載於中通向美國證交會及香港聯交所提交的文件中。本公告中提供的所有資料均截至本公告日期,除適用法律要求外,中通不承擔更新任何前瞻性陳述的義務。

 

未經審計合併財務數據



未經審計合併綜合收益數據概要:







截至630日止三個月,


截至630日止六個月,


2025


2026


2025


2026


人民幣


人民幣


美元


人民幣


人民幣


美元


(以千元計,股份及每股數據除外)

收入

11,831,807


14,549,892


2,144,389


22,723,272


27,832,256


4,101,967

營業成本

(8,887,410)


(10,816,639)


(1,594,175)


(17,089,655)


(20,863,782)


(3,074,941)

毛利

2,944,397


3,733,253


550,214


5,633,617


6,968,474


1,027,026

經營(費用)/利潤:












銷售、一般及行政費用

(623,587)


(556,667)


(82,043)


(1,361,098)


(1,372,331)


(202,257)

其他經營利潤淨額

154,274


51,326


7,565


607,943


177,037


26,092

總經營費用

(469,313)


(505,341)


(74,478)


(753,155)


(1,195,294)


(176,165)

經營利潤

2,475,084


3,227,912


475,736


4,880,462


5,773,180


850,861

其他收入/(費用):












利息收入

208,732


155,709


22,949


407,124


321,654


47,406

利息費用

(98,112)


(70,627)


(10,409)


(166,988)


(120,899)


(17,818)

金融工具的公允價值變動(損失)/收益

(3,635)


45,410


6,693


32,978


100,354


14,790

出售股權投資、子公司和其他的損失

(714)


(8,829)


(1,301)


(567)


(8,351)


(1,231)

商譽減值

(84,431)


-


-


(84,431)


-


-

外幣匯兌收益/(虧損),稅前

16,419


6,936


1,022


12,375


(21,898)


(3,227)

扣除所得稅及權益法核算的投資收入前的利潤

2,513,343


3,356,511


494,690


5,080,953


6,044,040


890,781

所得稅費用

(575,531)


(258,640)


(38,119)


(1,107,105)


(810,820)


(119,500)

權益法核算的投資收入/(費用)

26,747


(20,299)


(2,992)


29,892


708


104

淨利潤

1,964,559


3,077,572


453,579


4,003,740


5,233,928


771,385

歸屬於非控制性權益的淨利潤

(26,227)


(26,681)


(3,932)


(72,161)


(64,704)


(9,536)

歸屬於中通快遞(開曼)有限公司的淨利潤

1,938,332


3,050,891


449,647


3,931,579


5,169,224


761,849

歸屬於普通股股東的淨利潤

1,938,332


3,050,891


449,647


3,931,579


5,169,224


761,849

歸屬於普通股股東的每股淨收益












基本

2.42


3.99


0.59


4.92


6.71


0.99

攤薄

2.37


3.78


0.56


4.81


6.44


0.95

用於計算每股普通股/美國存託股淨收益的加
    權平均股數












基本

799,752,637


765,053,979


765,053,979


799,123,030


770,575,485


770,575,485

攤薄

833,990,437


814,969,973


814,969,973


833,360,830


809,872,825


809,872,825

淨利潤

1,964,559


3,077,572


453,579


4,003,740


5,233,928


771,385

其他綜合收益/(費用),扣除稅項零:












外幣折算調整

41,831


22,572


3,327


50,532


12,650


1,864

綜合收益

2,006,390


3,100,144


456,906


4,054,272


5,246,578


773,249

歸屬於非控制性權益的綜合(收益)/損失

(26,227)


(26,681)


(3,932)


(72,161)


(64,704)


(9,536)

歸屬於中通快遞(開曼)有限公司的綜合收益

1,980,163


3,073,463


452,974


3,982,111


5,181,874


763,713

 

 

未經審計合併資產負債表數據:



2025


2026


1231


630


人民幣


人民幣


美元


(以千元計,股份數據除外)

資產


流動資產:






現金及現金等價物

10,011,533


9,906,896


1,460,096

受限制現金

29,129


44,638


6,579

應收賬款淨額

1,287,475


1,627,114


239,807

金融應收款項

674,880


488,569


72,006

短期投資

15,620,892


21,400,891


3,154,101

存貨

40,648


31,002


4,569

預付供應商款項

719,277


760,403


112,070

預付款項及其他流動資產

5,102,997


5,208,995


767,711

應收關聯方款項

477,865


606,988


89,459

總流動資產

33,964,696


40,075,496


5,906,398

股權投資

1,951,910


2,159,811


318,317

物業及設備淨額

35,433,509


35,956,197


5,299,288

土地使用權淨額

6,762,240


6,900,233


1,016,969

無形資產淨額

52,758


39,599


5,836

經營租賃使用權資產

398,082


231,129


34,064

商譽

4,157,111


4,157,111


612,682

遞延所得稅資產

1,103,655


1,234,137


181,889

長期投資

5,221,110


6,520,491


961,001

長期金融應收款項

1,039,946


969,868


142,941

其他非流動資產

938,980


499,473


73,613

總資產

91,023,997


98,743,545


14,552,998

負債及權益






流動負債






短期銀行借款

10,934,419


11,621,408


1,712,784

應付款項

2,577,229


2,605,564


384,013

客戶預付款項

1,833,131


1,872,809


276,018

應付所得稅

279,541


314,134


46,298

應付關聯方款項

796,660


626,792


92,378

經營租賃負債

139,787


89,207


13,147

應付股息

19,659


19,625


2,892

其他流動負債

6,288,714


6,816,229


1,004,587

總流動負債

22,869,140


23,965,768


3,532,117

長期銀行借款

18,000


17,000


2,505

非流動經營租賃負債

261,257


126,648


18,666

遞延所得稅負債

615,073


710,382


104,697

可換股優先票據

124,114


10,185,580


1,501,169

總負債

23,887,584


35,005,378


5,159,154

股東權益






普通股(每股面值 0.0001 美元;10,000,000,000 股股份已授權;於 2025 年 12 月
31日,795,528,169 股股份已發行而其中 790,812,316 股股份在外流通;於 2026 年
6月30 日,769,900,693 股股份已發行而其中 760,321,796股股份在外流通)

513


495


73

資本公積

24,000,698


22,188,334


3,270,156

庫存股,按成本計

(254,480)


(1,181,259)


(174,096)

未分配利潤

42,918,864


42,910,215


6,324,183

累計其他綜合損失

(281,266)


(268,616)


(39,589)

中通快遞(開曼)有限公司股東權益

66,384,329


63,649,169


9,380,727

非控制性權益

752,084


88,998


13,117

總權益

67,136,413


63,738,167


9,393,844

總負債及權益

91,023,997


98,743,545


14,552,998

 

 

未經審計合併現金流數據概要:





截至630日止三個月,


截至630日止六個月,


2025


2026


2025


2026


人民幣


人民幣


美元


人民幣


人民幣


美元


(千元)

經營活動產生的現金淨額

2,168,208


4,563,570


672,586


4,531,184


7,352,615


1,083,641

投資活動所用的現金淨額

(1,163,517)


(3,529,923)


(520,246)


(4,321,982)


(10,704,472)


(1,577,644)

融資活動(所用)/產生的現金淨額

(117,713)


(2,433,546)


(358,660)


(378,804)


3,397,527


500,734

匯率變動對現金、現金等價物及受限制現金的影響

(19,706)


(84,631)


(12,473)


(32,266)


(134,798)


(19,867)

現金、現金等價物及受限制現金的
增加/(減少)淨額

867,272


(1,484,530)


(218,793)


(201,868)


(89,128)


(13,136)

期初現金、現金等價物及受限制現金

12,461,807


11,442,119


1,686,360


13,530,947


10,046,717


1,480,703

期末現金、現金等價物及受限制現金

13,329,079


9,957,589


1,467,567


13,329,079


9,957,589


1,467,567














下表提供簡明合併資產負債表中所列報的現金、現金等價物及受限制現金與簡明合併現金流量表所示金額之總和的核對:



2025


2026


630


630


人民幣


人民幣


美元


(千元)

現金及現金等價物

13,291,796


9,906,896


1,460,096

流動性受限制現金

22,684


44,638


6,579

非流動性受限制現金

14,599


6,055


892

總現金、現金等價物及受限制現金

13,329,079


9,957,589


1,467,567

 

 

公認會計準則與非公認會計準則業績的調節表


截至630日止三個月,


截至630日止六個月,


2025


2026


2025


2026


人民幣


人民幣


美元


人民幣


人民幣


美元


(以千元計,股份及每股數據除外)

淨利潤

1,964,559


3,077,572


453,579


4,003,740


5,233,928


771,385

加:












股權激勵費用 [1]

2,994


1,197


176


223,263


222,316


32,765

商譽減值

84,431


-


-


84,431


-


-

出售股權投資和子公司的損失,扣除所得稅

714


7,294


1,075


593


6,899


1,017

調整後淨利潤

2,052,698


3,086,063


454,830


4,312,027


5,463,143


805,167













淨利潤

1,964,559


3,077,572


453,579


4,003,740


5,233,928


771,385

加:












折舊

770,270


777,399


114,574


1,559,378


1,690,048


249,082

攤銷

38,306


47,086


6,940


76,125


96,297


14,192

利息費用

98,112


70,627


10,409


166,988


120,899


17,818

所得稅費用

575,531


258,640


38,119


1,107,105


810,820


119,500

息稅折攤前收益

3,446,778


4,231,324


623,621


6,913,336


7,951,992


1,171,977













加:












股權激勵費用

2,994


1,197


176


223,263


222,316


32,765

商譽減值

84,431


-


-


84,431


-


-

出售股權投資和子公司的損失

714


8,829


1,301


567


8,351


1,231

調整後息稅折攤前收益

3,534,917


4,241,350


625,098


7,221,597


8,182,659


1,205,973

 

[1] 所得稅淨額為零

 

公認會計準則與非公認會計準則業績的調節表




截至630日止三個月,


截至630日止六個月,


2025


2026


2025


2026


人民幣


人民幣


美元


人民幣


人民幣


美元


(以千元計,股份及每股數據除外)

歸屬於普通股股東的淨利潤

1,938,332


3,050,891


449,647


3,931,579


5,169,224


761,849

加:












股權激勵費用 [1]

2,994


1,197


176


223,263


222,316


32,765

商譽減值

84,431


-


-


84,431


-


-

出售股權投資和子公司的

損失,扣除所得稅

714


7,294


1,075


593


6,899


1,017

歸屬於普通股股東的調整後淨利潤

2,026,471


3,059,382


450,898


4,239,866


5,398,439


795,631













用於計算每股普通股/美國存託股淨收益的
    加權平均股數












基本

799,752,637


765,053,979


765,053,979


799,123,030


770,575,485


770,575,485

攤薄

833,990,437


814,969,973


814,969,973


833,360,830


809,872,825


809,872,825













歸屬於普通股股東的每股/美國存託股淨

收益












基本

2.42


3.99


0.59


4.92


6.71


0.99

攤薄

2.37


3.78


0.56


4.81


6.44


0.95













歸屬於普通股股東的每股/美國存託股調整後
    淨收益












基本

2.53


4.00


0.59


5.31


7.01


1.03

攤薄

2.48


3.79


0.56


5.18


6.73


0.99

 

[1] 所得稅淨額為零

 

投資者及媒體諮詢請聯繫:

中通快遞(開曼)有限公司
投資者關係
電郵:[email protected]
電話:+86 21 5980 4508

 

Information Provided by PR Newswire [Disclaimer]
2026-08-18
22:15
GenScript Reports 27.3% First-Half 2026 Revenue Growth as AI Drug Discovery Business Doubles

Adjusted net profit surges 203.3% as Gene-to-Protein generates two-thirds of GenScript Life Science Group revenue

PISCATAWAY, N.J., Aug. 18, 2026 /PRNewswire/ -- GenScript Biotech Corporation (HKEX: 1548) reported first-half revenue of approximately US$404.2 million on a comparable basis, up 27.3% year over year, while adjusted net profit rose 203.3% to approximately US$62.5 million. The results reflect strong growth across its core businesses, improved operating efficiency, and accelerating demand for AI-enabled drug discovery services.

GenScript Biotech Corporation reports 27.3% revenue growth in the first half of 2026.
GenScript Biotech Corporation reports 27.3% revenue growth in the first half of 2026.

The AI-enabled drug discovery business doubled year over year and maintained rapid growth for a third consecutive half-year reporting period, driven by demand from AI-focused biotechnology companies and pharmaceutical innovators. Gene-to-Protein accounted for approximately 66% of GenScript Life Science Group revenue and remained the company's primary growth engine.

GenScript's Gene-to-Protein platform combines scientific expertise, automation, and global manufacturing capacity in an integrated workflow spanning discovery, experimental validation, early development, and production support. As AI increases the scale and complexity of drug discovery, these capabilities help customers validate candidates and advance programs with greater speed and reliability.

"Our first-half results reflect strong execution across the portfolio, with our core businesses driving both revenue growth and improved profitability," said Sherry Shao, Rotating CEO of GenScript. "We see significant long-term opportunity as AI reshapes life sciences and increases demand for experimental validation and development services. By expanding our global Gene-to-Protein platform, automation, digital manufacturing, and delivery network, we are strengthening GenScript's role as a critical infrastructure partner for AI-enabled drug discovery."

First-Half 2026 Highlights

GenScript Life Science Group

  • Revenue of approximately US$319.0 million, up 28.8%
  • Adjusted gross profit of approximately US$184.5 million, up 46.1%
  • Adjusted operating profit of approximately US$94.0 million, up 102.8%
  • Gene-to-Protein accounted for approximately 66% of segment revenue and remained the primary growth engine

AI-Enabled Drug Discovery

  • AI-enabled drug discovery business doubled year over year and maintained rapid growth for a third consecutive half-year reporting period
  • Growth reflects deeper engagement with AI drug discovery companies and increasing demand for protein engineering, biologics discovery, and development services, reinforcing GenScript's position as a validation and infrastructure partner within the AI drug discovery ecosystem

ProBio

  • Revenue increased 34.2% on a comparable basis to approximately US$61.1 million
  • New orders increased 54%
  • Adjusted operating loss narrowed 22.5% to US$24.3 million
  • Continued order growth and improving operating efficiency support ProBio's expectation of achieving positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 2027

Bestzyme

  • Revenue of approximately US$30.4 million, up 7.4%
  • Adjusted gross profit of approximately US$13.0 million, up 14.0%

Integrated Capabilities Support Growth Across the Portfolio

The recovery in global biopharmaceutical research activity and the expanding use of AI are increasing the number and complexity of programs moving from computational design into experimental validation, development, and production. This shift is creating demand for integrated scientific, automation, and manufacturing infrastructure that can support customers across the drug-development workflow.

GenScript connects gene synthesis, protein production, antibody discovery, biologics development, automation, and global manufacturing in a single workflow. This infrastructure enables AI-focused biotechnology companies and pharmaceutical innovators to validate more candidates, identify viable programs, and advance them through early development and production without coordinating multiple service providers.

To support rising demand, GenScript continues to invest across its global discovery and manufacturing network, expanding capacity, shortening turnaround times, and enhancing automation and digital workflows. These investments are improving consistency and scalability as AI-driven customer projects grow increasingly complex.

Across the portfolio, ProBio benefited from growing demand for biologics development and manufacturing services while improving operating performance and building an order base that supports future revenue growth. Bestzyme continues to invest in enzyme engineering and AI-enabled synthetic biology technologies designed to improve research efficiency, reduce production costs, and accelerate new product development.

Outlook

GenScript enters the second half of 2026 with continued momentum across GenScript Life Science Group, ProBio, and Bestzyme, supported by a growing order base across its core businesses.

The company expects higher demand, increased utilization across its global network, and further operating leverage to support continued revenue growth and profitability improvement. Ongoing investment in technology, automation, and capacity is expanding GenScript's ability to support larger and more complex AI-enabled drug discovery programs, while ProBio's growing order base and Bestzyme's enzyme engineering and AI-enabled synthetic biology capabilities provide additional platforms for long-term growth. As adoption expands across these businesses, GenScript expects to deepen customer relationships, strengthen global delivery, and build its position as a critical infrastructure partner supporting next-generation therapeutic and biotechnology innovation.

Additional financial information, including consolidated and segment results, is available in GenScript's First-Half 2026 Results Announcement published on The Stock Exchange of Hong Kong Limited on August 16, 2026, as well as on the GenScript website.

About GenScript Biotech Corporation

Founded in New Jersey in 2002, GenScript Biotech Corporation supports biotechnology and healthcare innovation through its integrated portfolio of research, development, and manufacturing services. Guided by its mission to Make People and Nature Healthier Through Biotechnology, GenScript has more than 6,100 employees and serves over 200,000 customers across more than 100 countries and regions, including the world's top 20 pharmaceutical companies. For more information, visit www.genscript.com.

Investor and Media Contacts

Investor Relations
Email: [email protected] 

Media Contact
Kate Grusich, Senior Corporate Communications Manager
[email protected]

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18:53
中國聯通上半年算力收入升13%

要點︰

  • 上半年收入表現穩健,在行業整體增長面臨挑戰情況下,營業收入為人民幣2,014億元,按年上升0.6%。服務收入為人民幣1,780億元,按年下跌0.2%
  • 受增值稅及人工成本投入節奏變化影響,純利按年下跌34.6%至人民幣95億元。公司預計全年純利跌幅將明顯收窄。
  • 現金流健康向好,經營現金流人民幣329億元,按年上升13.6%,創近年新高
  • 算力收入為人民幣419億元,按年增長13%,其中智算中心收入按年增长 11%,智能計算收入按年增長9%
  • 上半年資本開支為人民幣241億元。算力投資佔比提升至 37%,投資額按年提升超過 80%

財務摘要(人民幣: 億元)

1H 2025

1H 2026

按年變化

營業收入

2,002.02

2,013.64

0.6 %

服務收入

1,783.56

1,779.56

-0.2 %

純利[1]

144.84

94.68

-34.6 %

每股基本盈利(元人民幣)

0.473

0.309

-34.6 %

經營現金流

290.02

329.43

13.6 %

香港2026年8月18日 /美通社/ -- 中國聯合網絡通信(香港)股份有限公司及其子公司(「中國聯通」或「公司」)(香港聯交所編號:0762)今天公佈2026年中期業績。

上半年,中國聯通面對新的機遇和挑戰,堅持「守正創新、行穩致遠」,聚焦「連接」「算力」「服務」「安全」四大賽道,著力推動高質量發展,經營底盤更加穩固,增長動能提速成勢,改革活力加快釋放,發展質效持續提升。

上半年營業收入逆勢增0.6 %

上半年,在行業整體增長面臨挑戰情況下,公司營業收入為人民幣2,014億元,按年上升0.6%。服務收入為人民幣1,780億元,按年下跌0.2%。盈利短期承受壓力,純利為人民幣95億元,按年下跌34.6%。盈利階段性波動源於多重因素,除增值稅外,人工成本投入節奏變化是重要原因。預計全年人工成本保持平穩,利潤跌幅將明顯收窄[2]。現金流健康向好,經營現金流為人民幣329億元,按年上升13.6%,創近年新高,應收賬款增速較去年同期顯著放緩。

深化機構改革激發活力

中國聯通推進全集團機構改革,堅持「一個中國聯通」,圍繞「精管理 強運營」,突出產品創新和品牌建設,解決客戶全場景全鏈條問題,把算網發展作為科技創新的關鍵,加強創新成果轉化運用,注重生態合作和資本賦能,構建機構設置更加科學、職能配置更加優化、體制機制更加完善、運行管理更加高效的組織體系。經過這次改革,總部管理部門數量縮減近四成,有利於打通卡點、簡化層級、提高效率,進一步釋放發展活力。

算力收入升13%

算力動能加快釋放,收入[3]為人民幣419億元,按年增長13%,算力收入佔服務收入比達到 23.6%,按年上升2.7個百分點。其中智算中心收入按年增長11%,智能計算收入按年增長9%。

在人工智能浪潮下,中國聯通積極創新Token運營。構建兼容不同模型、納管數據要素、整合連接和安全能力的Token定價規則,完善Token創造、轉運、清洗、存放、應用的全流程運營模式。升級聯通元景MaaS平台,匯聚200多款主流大模型,累積超過500TB高質量數據集,建設規模化「Token超市」,提升Token價值密度。推出Token Plan個人版與企業版,聚焦工業、政務、醫療、教育等重點行業,落地一批應用價值可觀、商業模式成熟的智能體,拓展用戶價值增長新空間。

以產品創新打造差異化優勢

中國聯通始終把連接作為最大木本,做大規模、豐富種類、提升價值,總連接規模[4]已突破 13 億。公司全面推行「拖拉拽」產品新模式,突破傳統套餐,以「自助餐」、「點餐」等方式,把選擇權交給用戶,以差異化產品破解同質化競爭。聯通魔方產品上市三個多月以來,銷量突破150萬戶,為用戶帶來全新的消費體驗。連接價值回歸趨好,新增用戶價值高於存量用戶價值,融合滲透率超過78%,融合套餐ARPU保持人民幣百元以上。

以精準高效資源投入建強算力網和新一代通信網

中國聯通堅持精益管理,落實「六張網」部署,建強算力網和新一代通信網,持續提升投入產出效能,上半年資本開支為人民幣241億元。

公司把算力作為創新引擎,算力投資佔比上升至37%,投資額按年增長超過80%。加強「東數西算」佈局,深化算力與綠電融合,建設萬卡智算中心,融入全國一體化算力網,以技術新能力搶抓賽道新機遇。目前,全網部署標準機架[5]超115 萬架,資源利用率超過74%。「聯通星羅」先進算力調度平台已完成全棧升級,實現全網算力的全域感知、智能分配、高效協同,落地行業領先的跨域異構混訓、混推的大規模生產實踐。

移動網形成地空協同、天地一體的覆蓋體系,累計建成480萬座4G/5G基站,人口覆蓋率超99%,5G-A基站覆蓋330多座城市。全國範圍上線天通手機直連、北斗短報文等衛星通信服務。寬帶網10G-PON端口佔比達到87%,萬兆光網在百多個城市開展商用試點,在樞紐節點間建成400G全光智算網絡。

本新聞稿中所包含的某些陳述可能被視為「預測性陳述」。這些預測性陳述涉及已知和未知的風險、不確定性及其他因素,可能導致本公司的實際表現、財務狀況和經營業績與預測性陳述中所暗示的將來表現、財務狀況和經營業績有重大出入。此外,公司將不會更新這些預測性陳述。本公司及其董事、僱員和代理均不會承擔倘因任何預測性陳述不能實現或變得不正確而引致的任何責任。

[1] 本公司權益持有者應佔盈利

[2] 本預測是公司基於當前外部環境及經營實際作出,不構成公司對投資者的實質承諾。

[3] 算力收入 = 智能計算收入 + 智算中心收入 + 數智應用收入 + 雲智服務收入。

[4] 總連接規模 = 移動出賬用戶累計到達數 + 固網寬帶用戶累計到達數 + 固網本地電話用戶累計到達數 + 物聯網終端連接累計到達數 + 組網專線用戶累計到達數。

[5] 標準機架按單個機架2.5 kW 折合。

 

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