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2026-08-20
17:28
J&T Express Adjusted Net Profit Up 124.3% YoY in 1H2026; Overall Profitability Continues to Strengthen

Southeast Asia Leading Position Sustained; Market Share in China and Other Markets Rises Steadily

HONG KONG, Aug. 20, 2026 /PRNewswire/ -- J&T Global Express Limited ("J&T Express" or "J&T" or the "Company", stock code: 01519.HK), a global logistics service provider, today announced its Interim Results 2026 ("1H2026"). In 1H2026, the Company sustained steady development across its global business, providing solid momentum for overall business growth. Revenue reached US$7.67 billion, up 39.5% YoY. Revenue from express delivery services reached US$7.46 billion, up 39.6% YoY.

In 1H2026, the Company's total parcel volume reached 17.50 billion, up 25.1% YoY. In the second quarter, the Company's global average daily parcel volume exceeded 100 million for the first time, marking a new stage in the Company's fulfillment scale. Alongside scale expansion, the Company's profitability improved significantly. Adjusted net profit reached US$350.6 million, up 124.3% YoY, while adjusted EBIT reached US$433.6 million, up 121.7% YoY. The Group's adjusted EBIT per parcel also achieved notable growth, reflecting the benefits of economies of scale, cost control and customer structure optimization. In June 2026, the Company was included as a constituent stock of the Hang Seng Index, officially becoming a Hong Kong blue-chip company.

Dylan Tey, Chief Financial Officer of J&T Express, said: "In 1H2026, the Company expanded its revenue base and significantly strengthened profitability. The Group's adjusted EBIT per parcel reached US$0.025, up 77% YoY. The improvement in both revenue and profitability was driven by parcel volume growth supported by the globalization of e-commerce and diversified customer expansion, as well as continued improvements in service quality and operational efficiency. In 1H2026, the Group's operating cash flow reached US$635.5 million, up 50.9% YoY. As of the end of the reporting period, the Group maintained ample cash resources, with cash and cash equivalents, restricted cash and bank wealth management products totaling US$2.91 billion. We have always placed great emphasis on shareholder returns. In 1H2026, the Company completed the repurchase of 99.318 million shares, and on June 25 announced an increase in the size of its new share repurchase plan to HK$2.0 billion."

Market Share in Southeast Asia Rises Further; Leadership Position Remains Solid

Southeast Asia was an important driver of J&T's business growth in the first half of the year. In 1H2026, parcel volume in Southeast Asia reached 5.52 billion, up 71.2% YoY, with average daily parcel volume reaching 30.50 million. According to Frost & Sullivan, by parcel volume, the Company has ranked first in the Southeast Asian market for six consecutive years since 2020, with its leading position further strengthened.

The Company continued to capture opportunities arising from regional e-commerce and social commerce development. Leveraging its extensive network coverage, stable fulfillment capabilities and localized operating experience, J&T strengthened its regional service capabilities. As of June 30, 2026, the Company operated 127 sorting centers in Southeast Asia, with the number of automated sorting lines increasing by 11 from the end of 2025 to 75, providing strong support for regional parcel volume growth and service quality improvement. At the same time, the Company advanced the development of last-mile automation capabilities in Southeast Asia by equipping outlets with automated equipment, improving frontline efficiency and reducing overall operating costs.

The Company also actively expanded its non-platform business, covering diversified customer groups such as social commerce merchants, online businesses of chain brands, enterprise customers and individual parcel customers. It also promoted time-definite products such as same-day and next-day delivery for non-platform customers, improved door-to-door pickup coverage, upgraded outlet appearances, and enhanced courier service evaluation mechanisms to support more diversified fulfillment scenarios.

China Market Grows Steadily amid High-Quality Industry Development

In China, the industry has entered a high-quality development cycle, while J&T has focused on service quality, network stability and end-to-end cost optimization, with market share extending its gains. In 1H2026, parcel volume in China reached 11.615 billion, up 9.6% YoY, with average daily parcel volume reaching 64.20 million. According to Frost & Sullivan data, by parcel volume, the Company's market share in China increased to 11.6%, up 0.5 percentage points YoY.

The Company continued to strengthen its network capabilities, helping network partners improve their market expansion, customer service and overall operating capabilities. Through enhanced value-added services such as door-to-door service, dedicated customer service, priority service channels and the "Tuyouda" service, the Company improved service adaptability and response efficiency. In terms of business structure, the Company actively expanded diversified customer groups, including brand customers, individual parcel customers and industrial belt customers, and deepened its presence in key industrial belts such as footwear, apparel and women's fashion, providing customized solutions for merchants' core needs such as packaging protection and pickup timeliness.

In smart logistics, the Company expanded the deployment of unmanned delivery vehicles in China. As of June 30, 2026, more than 1,900 unmanned delivery vehicles had been deployed across the network, up 87% from the end of 2025. The Company also deepened the application of AI to further improve service experience and operating efficiency.

Other Markets Maintain Rapid Growth; Localized Partnerships Continue to Deepen

In Other Markets, the Company maintained rapid business growth. In 1H2026, parcel volume in Other Markets reached 365 million, up 119.9% YoY. Frost & Sullivan data shows that, by parcel volume, the Company's market share in Other Markets increased from 6.2% in the first half of 2025 to 8.9%.

The Company seized e-commerce development and cross-border logistics opportunities in regions such as Latin America and the Middle East, deepening cooperation with global e-commerce platforms and short-video livestreaming platforms including TikTok, SHEIN, Temu, Kwai and AliExpress. It also strengthened its cooperation with local e-commerce platforms, deepening cooperation with Mercado Libre in Brazil and Mexico and continuing to reinforce partnerships with Noon and Salla in the Middle East, further expanding its local business opportunities.

As of June 30, 2026, the Company had 52 sorting centers and more than 2,700 outlets in Other Markets, and had deployed 14 automated sorting lines. The Company actively explored flexible last-mile fulfillment models tailored to the needs of different markets, working with market players possessing local resources and operational experience to address fulfillment challenges in complex market environments. At the same time, by leveraging mature experience accumulated in China and Southeast Asia, J&T improved local network coverage, operating efficiency and service quality to better capture opportunities arising from e-commerce development and growing express delivery demand in regions such as Latin America.

From the perspective of global network layout and transportation capabilities, in the first half of 2026, the Company operated 260 sorting centers globally, had approximately 19,800 outlets, 435 automated sorting lines and approximately 13,380 line-haul vehicles, including approximately 8,500 self-owned line-haul vehicles. To meet customer needs, the Company actively expanded service scenarios including cross-border e-commerce, brand customers, non-platform parcel business and fulfillment warehouses, extending its fulfillment service chain. The Company currently has a total of 272 warehouses worldwide, with a total area of over 1.01 million square meters.

Charles Hou, Group Vice President of J&T Express, said: "In 1H2026, J&T achieved strong growth in global parcel volume. The scale benefits and fulfillment capabilities of J&T's global network continued to strengthen, with profitability also improving. We are committed to strengthening operating quality and efficiency to drive steady business scale expansion. In the second quarter, the Company's global average daily parcel volume exceeded 100 million for the first time. Looking ahead, we will tailor our approach to the development stage of each market, stay guided by customer needs, continue to refine service quality, capture opportunities from global expansion, and drive steady, long-term growth across our global business."

Information Provided by PR Newswire [Disclaimer]
17:15
Youdao Reports Second Quarter 2026 Unaudited Financial Results

HANGZHOU, China, Aug. 20, 2026 /PRNewswire/ -- Youdao, Inc. ("Youdao" or the "Company") (NYSE: DAO), an AI solutions provider specializing in learning and advertising, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

  • Total net revenues were RMB1.5 billion (US$216.2 million), representing a 3.5% increase from the same period in 2025.
    - Net revenues from learning services were RMB795.6 million (US$117.3 million), representing a 20.9% increase from the same period in 2025.
    - Net revenues from smart devices were RMB86.8 million (US$12.8 million), representing a 31.5% decrease from the same period in 2025.
    - Net revenues from online marketing services were RMB584.4 million (US$86.1 million), representing a 7.7% decrease from the same period in 2025.
  • Gross margin was 48.9%, compared with 43.0% for the same period in 2025.
  • Income from operations was RMB111.5 million (US$16.4 million), increasing by nearly 2.9 times from the same period in 2025.
  • Basic and diluted net income per American depositary share ("ADS") attributable to ordinary shareholders were RMB0.62 (US$0.09) and RMB0.61 (US$0.09), respectively, compared with basic and diluted net loss per ADS attributable to ordinary shareholders of RMB0.15 for the same period of 2025. Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders were RMB0.76 (US$0.11) and RMB0.75 (US$0.11), respectively, compared with RMB0.11 and RMB0.10 for the same period of 2025.

"We delivered another strong quarter, with continued revenue growth, record operating profit and robust operating cash flow, marking our eighth consecutive quarter of operating profitability," said Dr. Feng Zhou, Chief Executive Officer and Director of Youdao. "These results reflect the progress we are making toward healthier and more sustainable growth."

"AI is increasingly translating into tangible business results across Youdao. Learning services maintained strong growth, supported by Youdao Lingshi and our expanding portfolio of AI-driven subscription products, while our disciplined focus on higher-quality opportunities further improved the profitability of online marketing services. With the continued advancement of Confucius 4 and our AI Agent portfolio, we will deepen the application of AI across learning and advertising to enhance user experience, improve operating efficiency and drive sustainable growth," Dr. Zhou concluded.

Second Quarter 2026 Financial Results

Net Revenues 

Net revenues for the second quarter of 2026 were RMB1.5 billion (US$216.2 million), representing a 3.5% increase from RMB1.4 billion for the same period of 2025.

Net revenues from learning services were RMB795.6 million (US$117.3 million) for the second quarter of 2026, representing a 20.9% increase from RMB657.8 million for the same period of 2025. The year-over-year increase was primarily driven by the strong momentum of tutoring services compared with the same period of 2025.

Net revenues from smart devices were RMB86.8 million (US$12.8 million) for the second quarter of 2026, representing a 31.5% decrease from RMB126.8 million for the same period of 2025, primarily due to a decline in demand for smart learning devices.

Net revenues from online marketing services were RMB584.4 million (US$86.1 million) for the second quarter of 2026, representing a 7.7% decrease from RMB632.9 million for the same period of 2025. The year-over-year decrease reflects Youdao's disciplined, strategic approach to engagement acceptance, which places greater emphasis on higher ROI (return on investment) engagements. Youdao believes this strategy has enhanced the overall operational efficiency of its business.

Gross Profit and Gross Margin

Gross profit for the second quarter of 2026 was RMB716.9 million (US$105.7 million), representing a 17.6% increase from RMB609.4 million for the same period of 2025. Gross margin was 48.9% for the second quarter of 2026, compared with 43.0% for the same period of 2025.

Gross margin for learning services was 65.5% for the second quarter of 2026, compared with 59.8% for the same period of 2025. The improvement was primarily attributable to improved economies of scale resulting from increased revenues from learning services.

Gross margin for smart devices was 32.8% for the second quarter of 2026, compared with 41.5% for the same period of 2025. The decrease was mainly attributable to increased bill-of-materials cost for smart devices.

Gross margin for online marketing services was 28.7% for the second quarter of 2026, compared with 25.8% for the same period of 2025.

Operating Expenses

Total operating expenses for the second quarter of 2026 were RMB605.3 million (US$89.2 million), compared with RMB580.6 million for the same period of last year.

Sales and marketing expenses for the second quarter of 2026 were RMB424.1 million (US$62.5 million), representing an increase of 5.5% from RMB401.8 million for the same period of 2025. This increase was primarily driven by increased sales and marketing efforts associated with learning services.

Research and development expenses for the second quarter of 2026 were RMB142.0 million (US$20.9 million), representing an increase of 10.7% from RMB128.3 million for the same period of 2025. The increase was primarily driven by Youdao's increased investments in cutting-edge AI technology to enhance product and service quality.

General and administrative expenses for the second quarter of 2026 were RMB39.2 million (US$5.8 million), representing a decrease of 22.3% from RMB50.4 million for the same period of 2025. The decrease was mainly attributable to a decrease in expected credit losses on the Company's accounts receivables.

Income from Operations

As a result of the foregoing, income from operations for the second quarter of 2026 was RMB111.5 million (US$16.4 million), increasing by nearly 2.9 times from RMB28.8 million for the same period in 2025. The margin of income from operations was 7.6%, compared with 2.0% for the same period of last year.

Net Income/(Loss) Attributable to Youdao's Ordinary Shareholders

Net income attributable to Youdao's ordinary shareholders for the second quarter of 2026 was RMB73.8 million (US$10.9 million), compared with net loss attributable to Youdao's ordinary shareholders of RMB17.8 million for the same period of last year. Non-GAAP net income attributable to Youdao's ordinary shareholders for the second quarter of 2026 was RMB90.6 million (US$13.4 million), surging over sevenfold from RMB12.5 million for the same period of last year.

Basic and diluted net income per ADS attributable to ordinary shareholders for the second quarter of 2026 were RMB0.62 (US$0.09) and RMB0.61 (US$0.09), respectively, compared with basic and diluted net loss per ADS attributable to ordinary shareholders of RMB0.15 for the same period of 2025. Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders were RMB0.76 (US$0.11) and RMB0.75 (US$0.11), respectively, compared with RMB0.11 and RMB0.10 for the same period of 2025.

Other Information

As of June 30, 2026, Youdao's cash, cash equivalents, current and non-current restricted cash, and short-term investments totaled RMB849.3 million (US$125.2 million), compared with RMB743.2 million as of December 31, 2025. For the second quarter of 2026, net cash provided by operating activities was RMB334.2 million (US$49.3 million). Youdao's ability to continue as a going concern is dependent on management's ability to implement an effective business plan amid a changing regulatory environment, generate operating cash flows, and secure external financing for future development. As of June 30, 2026, Youdao has received various forms of financial support from NetEase Group, including, among others, RMB878.0 million in a short-term loan, and US$118.9 million in long-term loans maturing on March 31, 2030, drawn from a US$300.0 million revolving loan facility.

As of June 30, 2026, the Company's contract liabilities, which mainly consisted of deferred revenues generated from Youdao's learning services, were RMB835.1 million (US$123.1 million), compared with RMB847.7 million as of December 31, 2025.

Share Repurchase Program

On November 17, 2022, the Company announced that its Board of Directors had authorized the Company to adopt a share repurchase program in accordance with applicable laws and regulations for up to US$20.0 million of its Class A ordinary shares (including in the form of ADSs) during a period of up to 36 months beginning on November 18, 2022. This amount was subsequently increased to US$40.0 million in August 2023. In November 2025 and August 2026, the Board approved amendments to this Program, each extending its expiration date by one year, ultimately to November 17, 2027. As of June 30, 2026, the Company had repurchased a total of approximately 7.5 million ADSs in the open market under the share repurchase program for a total consideration of approximately US$33.8 million.

Announcement on Change in Management

The Company also announced today that Mr. William Lei Ding has resigned from his position as a director of the Company's Board of Directors, effective August 18, 2026, for personal reasons. Mr. Jinhai Chen was appointed as a director of the Company's Board of Directors, effective August 18, 2026. 

Jinhai Chen currently serves as vice president of NetEase Cloud Music Inc. (HKEX: 9899). Prior to joining NetEase Cloud Music in 2020, Mr. Chen served as technical director at Tencent Holdings Limited from 2014 to 2020. Mr. Chen received his master's degree in information and communication engineering from Harbin Institute of Technology.

Conference Call

Youdao's management team will host a teleconference call with a simultaneous webcast at 6:00 a.m. Eastern Time on Thursday, August 20, 2026 (Beijing/Hong Kong Time: 6:00 p.m., Thursday, August 20, 2026). Youdao's management will be on the call to discuss the financial results and answer questions.

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

United States (toll free):

+1-888-346-8982

International:

+1-412-902-4272

Mainland China (toll free):

400-120-1203

Hong Kong (toll free):    

800-905-945

Conference ID:

2290552

A live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.youdao.com.

A replay of the conference call will be accessible by phone one hour after the conclusion of the live call at the following numbers, until August 27, 2026:

United States:              

+1-855-669-9658

International:

+1-412-317-0088

Replay Access Code:

2290552

About Youdao, Inc. 

Youdao, Inc. (NYSE: DAO) is strategically positioned as an AI solutions provider specializing in learning and advertising. Youdao mainly offers learning services, online marketing services and smart devices – all powered by advanced technologies. Youdao was founded in 2006 as part of NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), a leading internet technology company in China.

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

Non-GAAP Measures

Youdao considers and uses non-GAAP financial measures, such as non-GAAP net income attributable to the Company's ordinary shareholders and non-GAAP basic and diluted net income per ADS, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of 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 accounting principles generally accepted in the United States of America ("U.S. GAAP").

Youdao defines non-GAAP net income attributable to the Company's ordinary shareholders as net income attributable to the Company's ordinary shareholders excluding share-based compensation expenses, impairment of long-term investments, gain from fair value change of long-term investment and adjustment for GAAP to non-GAAP reconciling item for the loss/(income) attributable to noncontrolling interests. Non-GAAP net income attributable to the Company's ordinary shareholders enables Youdao's management to assess its operating results without considering the impact of these items, which are non-cash charges in nature. Youdao believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating the Company's current operating performance and prospects in the same manner as management does, if they so choose.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools, which possibly do not reflect all items of expense that affect our operations. In addition, the non-GAAP financial measures Youdao uses may differ from the non-GAAP measures uses by other companies, including peer companies, and therefore their comparability may be limited.

For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this release.

The accompanying table has more details on the reconciliation between our GAAP financial measures that are mostly directly comparable to non-GAAP financial measures. Youdao encourages you to review its financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.7851 to US$1.00, the exchange rate on June 30, 2026 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred to could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Further information regarding such risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
Jeffrey Wang
Youdao, Inc.
Tel: +86-10-8255-8163 ext. 89980
E-mail: [email protected]

Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

 

YOUDAO, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(RMB and USD in thousands)










As of December 31,


As of June 30,


As of June 30,



2025


2026


2026



RMB


RMB


USD (1)








Assets







Current assets:







 Cash and cash equivalents


439,731


568,568


83,797

 Restricted cash


1,990


1,540


227

 Short-term investments


298,290


275,904


40,663

 Accounts receivable, net


381,243


332,255


48,968

 Inventories


140,776


114,043


16,808

 Amounts due from NetEase Group


321,359


261,066


38,476

 Prepayment and other current assets


139,117


141,119


20,799

Total current assets


1,722,506


1,694,495


249,738








Non-current assets:







 Property, equipment and software, net


44,603


37,837


5,576

 Operating lease right-of-use assets, net


46,943


60,493


8,916

 Long-term investments


19,811


15,025


2,214

 Goodwill


109,944


109,944


16,204

 Other assets, net


31,238


38,791


5,717

Total non-current assets


252,539


262,090


38,627








Total assets


1,975,045


1,956,585


288,365








Liabilities and Shareholders' Deficit







Current liabilities:







 Accounts payables


110,003


65,844


9,704

 Payroll payable


294,824


235,696


34,737

 Amounts due to NetEase Group


22,818


18,712


2,758

 Contract liabilities


847,707


835,112


123,080

 Taxes payable


43,515


57,118


8,418

 Accrued liabilities and other payables


738,045


809,296


119,277

 Short-term loan from NetEase Group


878,000


878,000


129,401

Total current liabilities


2,934,912


2,899,778


427,375








Non-current liabilities:







 Long-term lease liabilities


18,840


27,447


4,045

 Long-term loans from NetEase Group


926,588


807,000


118,937

 Other non-current liabilities


28,802


29,150


4,296

Total non-current liabilities


974,230


863,597


127,278








Total liabilities


3,909,142


3,763,375


554,653








Shareholders' deficit:







 Youdao's shareholders' deficit


(1,974,058)


(1,844,677)


(271,871)

 Noncontrolling interests


39,961


37,887


5,583

Total shareholders' deficit


(1,934,097)


(1,806,790)


(266,288)








Total liabilities and shareholders' deficit


1,975,045


1,956,585


288,365








Note 1:

The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00=RMB6.7851 on
the last trading day of June (June 30, 2026) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.

 

 

 

YOUDAO, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(RMB and USD in thousands, except share and per ADS data)
















Three Months Ended


Six Months Ended



June 30,


March 31,


June 30,


June 30,


June 30,


June 30,



2025


2026


2026


2026


2025


2026



RMB


RMB


RMB


USD (1)


RMB


RMB














Net revenues:













 Learning services


657,838


627,477


795,607


117,258


1,260,252


1,423,084

 Smart devices


126,821


109,405


86,822


12,796


317,319


196,227

 Online marketing services


632,882


611,140


584,432


86,135


1,138,232


1,195,572

Total net revenues


1,417,541


1,348,022


1,466,861


216,189


2,715,803


2,814,883














Cost of revenues (2)


(808,181)


(745,729)


(749,986)


(110,534)


(1,492,216)


(1,495,715)

Gross profit


609,360


602,293


716,875


105,655


1,223,587


1,319,168














Operating expenses:













 Sales and marketing expenses (2)


(401,826)


(382,183)


(424,104)


(62,505)


(759,467)


(806,287)

 Research and development expenses (2)


(128,321)


(115,371)


(142,043)


(20,935)


(243,795)


(257,414)

 General and administrative expenses (2)


(50,414)


(47,238)


(39,182)


(5,775)


(87,485)


(86,420)

Total operating expenses


(580,561)


(544,792)


(605,329)


(89,215)


(1,090,747)


(1,150,121)

Income from operations


28,799


57,501


111,546


16,440


132,840


169,047














 Interest income


628


935


907


134


1,145


1,842

 Interest expense


(16,566)


(13,609)


(12,073)


(1,779)


(32,670)


(25,682)

 Others, net


(29,118)


3,483


(11,376)


(1,677)


(30,078)


(7,893)

(Loss)/Income before tax


(16,257)


48,310


89,004


13,118


71,237


137,314














 Income tax expenses


(4,279)


(4,497)


(11,601)


(1,710)


(14,174)


(16,098)

Net (loss)/income


(20,536)


43,813


77,403


11,408


57,063


121,216

 Net loss/(income) attributable to noncontrolling
     interests


2,773


(5,236)


(3,616)


(533)


1,917


(8,852)

Net (loss)/income attributable to ordinary shareholders
    of the Company


(17,763)


38,577


73,787


10,875


58,980


112,364














Basic net (loss)/income per ADS


(0.15)


0.33


0.62


0.09


0.50


0.95

Diluted net (loss)/income per ADS


(0.15)


0.32


0.61


0.09


0.49


0.93














Shares used in computing basic net (loss)/income per ADS


117,868,295


118,671,804


118,907,994


118,907,994


117,732,413


118,790,556

Shares used in computing diluted net (loss)/income per ADS


117,868,295


120,444,180


120,626,317


120,626,317


119,583,256


120,535,906














Note 1:

The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00=RMB6.7851 on the last trading day of June (June 30, 2026) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.














Note 2:













Share-based compensation in each category:

     Cost of revenues


152


300


317


47


764


617

     Sales and marketing expenses


840


1,300


1,415


209


1,568


2,715

     Research and development expenses


2,898


4,781


7,350


1,083


5,250


12,131

     General and administrative expenses


2,695


2,241


3,389


499


4,233


5,630

     

 

 

YOUDAO, INC.

UNAUDITED ADDITIONAL INFORMATION

(RMB and USD in thousands)
















Three Months Ended


Six Months Ended



June 30,


March 31,


June 30,


June 30,


June 30,


June 30,



2025


2026


2026


2026


2025


2026



RMB


RMB


RMB


USD


RMB


RMB














Net revenues













 Learning services


657,838


627,477


795,607


117,258


1,260,252


1,423,084

 Smart devices


126,821


109,405


86,822


12,796


317,319


196,227

 Online marketing services


632,882


611,140


584,432


86,135


1,138,232


1,195,572

Total net revenues


1,417,541


1,348,022


1,466,861


216,189


2,715,803


2,814,883














Cost of revenues













 Learning services


264,734


250,027


274,806


40,501


506,845


524,833

 Smart devices


74,135


65,713


58,346


8,599


164,986


124,059

 Online marketing services


469,312


429,989


416,834


61,434


820,385


846,823

Total cost of revenues


808,181


745,729


749,986


110,534


1,492,216


1,495,715














Gross margin













 Learning services


59.8 %


60.2 %


65.5 %


65.5 %


59.8 %


63.1 %

 Smart devices


41.5 %


39.9 %


32.8 %


32.8 %


48.0 %


36.8 %

 Online marketing services


25.8 %


29.6 %


28.7 %


28.7 %


27.9 %


29.2 %

Total gross margin


43.0 %


44.7 %


48.9 %


48.9 %


45.1 %


46.9 %

 

 

 

YOUDAO, INC.

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(RMB and USD in thousands, except share and per ADS data)
















Three Months Ended


Six Months Ended



June 30,


March 31,


June 30,


June 30,


June 30,


June 30,



2025


2026


2026


2026


2025


2026



RMB


RMB


RMB


USD


RMB


RMB














Net (loss)/income attributable to ordinary shareholders
    of the Company


(17,763)


38,577


73,787


10,875


58,980


112,364

Add: share-based compensation


6,585


8,622


12,471


1,838


11,815


21,093

         impairment of long-term investments


25,730


-


6,031


889


25,730


6,031

Less: gain from fair value change of long-term investment


(1,765)


(1,339)


-


-


(1,765)


(1,339)

Less: GAAP to non-GAAP reconciling item for the loss/(income)
    attributable to noncontrolling interests


(272)


(970)


(1,706)


(251)


(569)


(2,676)

Non-GAAP net income attributable to ordinary
    shareholders of the Company


12,515


44,890


90,583


13,351


94,191


135,473














Non-GAAP basic net income per ADS


0.11


0.38


0.76


0.11


0.80


1.14

Non-GAAP diluted net income per ADS


0.10


0.37


0.75


0.11


0.79


1.12














Shares used in computing non-GAAP basic net income per ADS


117,868,295


118,671,804


118,907,994


118,907,994


117,732,413


118,790,556

Shares used in computing non-GAAP diluted net income per ADS


119,660,859


120,444,180


120,626,317


120,626,317


119,583,256


120,535,906

 

Information Provided by PR Newswire [Disclaimer]
16:58
NetEase Announces Second Quarter and Interim 2026 Unaudited Financial Results

HONG KONG, Aug. 20, 2026 /PRNewswire/ -- NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase" or the "Company"), a leading internet and game services provider, today announced its unaudited financial results for the second quarter ended June 30, 2026.

In this results announcement, "we", "us", and "our" refer to the Company and where the context otherwise requires, the Group.

"Our robust performance in the first half of 2026 reflects players' growing enthusiasm for both our newly launched and established games, underscoring our ability to create distinctive and refreshing experiences with lasting appeal," said Mr. William Ding, Chief Executive Officer and Director of NetEase. "As we continue to strengthen both our live game operations and new title pipeline, we are sharpening our focus on original gameplay, cutting-edge technology and deeper global reach to support our enduring growth.

"Looking ahead, we will remain committed to creating original content that shapes industry trends, building evergreen franchises, and cultivating vibrant communities that sustain player engagement. Backed by disciplined execution and an expanding global presence, we aim to keep pushing creative boundaries, delivering exceptional gaming experiences and creating long-term value for our players, partners and shareholders," Mr. Ding concluded.

FINANCIAL HIGHLIGHTS

Second Quarter 2026 Financial Highlights

  • Net revenues were RMB30.1 billion (US$4.4 billion), an increase of 7.9% compared with the same quarter of 2025.
    • Games and related value-added services net revenues were RMB25.0 billion (US$3.7 billion), an increase of 9.7% compared with the same quarter of 2025.
    • Youdao net revenues were RMB1.5 billion (US$216.2 million), an increase of 3.5% compared with the same quarter of 2025.
    • NetEase Cloud Music net revenues were RMB2.0 billion (US$291.4 million), which was relatively stable compared with the same quarter of 2025.
    • Innovative businesses and others net revenues were RMB1.6 billion (US$241.6 million), a decrease of 3.5% compared with the same quarter of 2025.
  • Gross profit was RMB21.2 billion (US$3.1 billion), an increase of 17.5% compared with the same quarter of 2025.
  • Total operating expenses were RMB9.1 billion (US$1.3 billion), an increase of 1.5% compared with the same quarter of 2025.
  • Net income attributable to the Company's shareholders was RMB7.0 billion (US$1.0 billion). Non-GAAP net income attributable to the Company's shareholders was RMB7.7 billion (US$1.1 billion).[1]
  • Basic net income per share was US$0.32 (US$1.61 per ADS). Non-GAAP basic net income per share was US$0.36 (US$1.78 per ADS).[1]

[1] As used in this announcement, non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per share and per ADS are defined to exclude share-based compensation expenses. See the unaudited reconciliation of GAAP and non-GAAP results within this announcement.

Six Months Ended June 30, 2026 Financial Highlights

  • Net revenues were RMB60.7 billion (US$8.9 billion), an increase of 7.0% compared with the same period of 2025.
    • Games and related value-added services net revenues were RMB50.7 billion (US$7.5 billion), an increase of 8.3% compared with the same period of 2025.
    • Youdao net revenues were RMB2.8 billion (US$414.9 million), an increase of 3.6% compared with the same period of 2025.
    • NetEase Cloud Music net revenues were RMB4.0 billion (US$583.4 million), an increase of 3.4% compared with the same period of 2025.
    • Innovative businesses and others net revenues were RMB3.2 billion (US$469.9 million), a decrease of 4.0% compared with the same period of 2025.
  • Gross profit was RMB42.4 billion (US$6.3 billion), an increase of 16.2% compared with the same period of 2025.
  • Total operating expenses were RMB17.7 billion (US$2.6 billion), an increase of 3.9% compared with the same period of 2025.
  • Net income attributable to the Company's shareholders was RMB17.7 billion (US$2.6 billion). Non-GAAP net income attributable to the Company's shareholders was RMB19.0 billion (US$2.8 billion). [1]
  • Basic net income per share was US$0.81 (US$4.06 per ADS). Non-GAAP basic net income per share was US$0.88 (US$4.38 per ADS).[1]

[1] As used in this announcement, non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per share and per ADS are defined to exclude share-based compensation expenses. See the unaudited reconciliation of GAAP and non-GAAP results within this announcement.

BUSINESS OVERVIEW

We continue to drive innovation across both newly launched and established titles, while further advancing our pipeline of titles in development.

Below are some recent highlights from our key products and services:

Games and related value-added services

The Fantasy Westward Journey franchise, Identity V, Eggy Party, Sword of Justice and Where Winds Meet sustained solid momentum through ongoing content updates, gameplay innovation and vibrant community activities.

We also advanced our global strategy and enhanced player engagement through strong live operations. For example, Where Winds Meet and Marvel Rivals further broadened their international reach with a steady stream of fresh content and community-focused initiatives in various markets including North America and Europe.

With respect to our pipeline of new titles, Sea of Remnants launched in China in July 2026, while development of Ananta and Blood Message remained on track, strengthening our innovative pipeline across diverse genres, gameplay and markets.

Youdao

Youdao advanced its AI-native strategy and deepened AI-driven innovation across its ecosystem. In the second quarter, it launched the large language model, Confucius 4, which delivers leading mathematical reasoning capabilities at lower inference costs compared to its previous version. Youdao also advanced its AI agent capabilities toward the autonomous execution of complex work and learning tasks.

NetEase Cloud Music

NetEase Cloud Music further developed its music-centric ecosystem by nurturing its distinctive community and enriching its differentiated content offering with original music, thereby driving stronger community engagement. It also further improved music-oriented monetization through continued growth in subscription-based memberships.

Innovative businesses and others

Innovative businesses and others remained focused on sustainable development and efficient operations, with Yanxuan maintaining leading positions on major e-commerce platforms in China across its key categories, including pet food, home scents and home goods.

FINANCIAL REVIEW

Second Quarter 2026 Financial Results

Net Revenues

Net revenues for the second quarter of 2026 were RMB30.1 billion (US$4.4 billion), compared with RMB30.6 billion and RMB27.9 billion for the preceding quarter and the same quarter of 2025, respectively.

Net revenues from games and related value-added services were RMB25.0 billion (US$3.7 billion) for the second quarter of 2026, compared with RMB25.7 billion and RMB22.8 billion for the preceding quarter and the same quarter of 2025, respectively. Net revenues from the operation of online games accounted for approximately 97.7% of the segment's net revenues for the second quarter of 2026, compared with 97.5% and 97.1% for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter decrease was mainly due to a slight decline in net revenues from certain self-developed and licensed games. The year-over-year increase was attributable to higher net revenues from self-developed games, such as the Fantasy Westward Journey franchise and Where Winds Meet.

Net revenues from Youdao were RMB1.5 billion (US$216.2 million) for the second quarter of 2026, compared with RMB1.3 billion and RMB1.4 billion for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter and year-over-year increases were mainly attributable to higher net revenues from its learning services.

Net revenues from NetEase Cloud Music were RMB2.0 billion (US$291.4 million) for the second quarter of 2026, remaining stable compared with the preceding quarter and the same quarter of 2025.

Net revenues from innovative businesses and others were RMB1.6 billion (US$241.6 million) for the second quarter of 2026, compared with RMB1.5 billion and RMB1.7 billion for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter increase was mainly attributable to higher net revenues from e-commerce business and several other businesses included within the segment. The year-over-year decrease was mainly due to decreased net revenues from the e-commerce business.

Cost of Revenues

Cost of revenues for the second quarter of 2026 was RMB8.9 billion (US$1.3 billion), compared with RMB9.4 billion and RMB9.8 billion for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter decrease was mainly due to lower revenue-sharing costs. The year-over-year decrease was mainly due to lower revenue-sharing and product costs.

Gross Profit

Gross profit for the second quarter of 2026 was RMB21.2 billion (US$3.1 billion), compared with RMB21.2 billion and RMB18.1 billion for the preceding quarter and the same quarter of 2025, respectively.

Operating Expenses

Total operating expenses for the second quarter of 2026 were RMB9.1 billion (US$1.3 billion), compared with RMB8.6 billion and RMB9.0 billion for the preceding quarter and the same quarter of 2025, respectively. The quarter-over-quarter increase was primarily due to increased marketing expenditures, staff-related costs and research and development expenditures. The year-over-year increase was primarily due to increased research and development expenditures.

Other Income/(Expenses)

Other income/(expenses) consisted of net investment income/(loss), interest income, net exchange gains/(losses) and others. The quarter-over-quarter and year-over-year fluctuations in other income/(expenses) were mainly due to a decline in the fair value of equity security investments and impairment provisions made during the second quarter of 2026.

Income Tax

The Group recorded a net income tax charge of RMB2.5 billion (US$362.4 million) for the second quarter of 2026, compared with RMB2.5 billion and RMB1.6 billion for the preceding quarter and the same quarter of 2025, respectively. The effective tax rate for the second quarter of 2026 was 25.5%, compared with 18.9% and 14.7% for the preceding quarter and the same quarter of 2025, respectively. The effective tax rate represents certain estimates by the Group as to the tax obligations and benefits applicable to it in each quarter.

Net Income and Non-GAAP Net Income

Net income attributable to the Company's shareholders totaled RMB7.0 billion (US$1.0 billion) for the second quarter of 2026, compared with RMB10.7 billion and RMB8.6 billion for the preceding quarter and the same quarter of 2025, respectively.

Basic net income was US$0.32 per share (US$1.61 per ADS) for the second quarter of 2026, compared with US$0.49 per share (US$2.46 per ADS) and US$0.40 per share (US$1.99 per ADS) for the preceding quarter and the same quarter of 2025, respectively.

Non-GAAP net income attributable to the Company's shareholders totaled RMB7.7 billion (US$1.1 billion) for the second quarter of 2026, compared with RMB11.3 billion and RMB9.5 billion for the preceding quarter and the same quarter of 2025, respectively.

Non-GAAP basic net income was US$0.36 per share (US$1.78 per ADS) for the second quarter of 2026, compared with US$0.52 per share (US$2.60 per ADS) and US$0.44 per share (US$2.20 per ADS) for the preceding quarter and the same quarter of 2025, respectively.

Six Months Ended June 30, 2026 Financial Results

Net Revenues

Net revenues for the six months ended June 30, 2026 were RMB60.7 billion (US$8.9 billion), compared with RMB56.7 billion for the same period of 2025.

Net revenues from games and related value-added services were RMB50.7 billion (US$7.5 billion) for the six months ended June 30, 2026, compared with RMB46.9 billion for the same period of 2025. Net revenues from the operation of online games accounted for approximately 97.6% of the segment's net revenues for the six months ended June 30, 2026, compared with approximately 97.3% for the same period of 2025. The increase was attributable to higher net revenues from self-developed games, such as the Fantasy Westward Journey franchise, Where Winds Meet and Eggy Party.

Net revenues from Youdao were RMB2.8 billion (US$414.9 million) for the six months ended June 30, 2026, compared with RMB2.7 billion for the same period of 2025. The increase was mainly attributable to higher net revenues from its learning services and online marketing services, partially offset by a decrease in net revenues from smart devices.

Net revenues from NetEase Cloud Music were RMB4.0 billion (US$583.4 million) for the six months ended June 30, 2026, compared with RMB3.8 billion for the same period of 2025. The increase was mainly attributable to higher net revenues from online music services, driven by growth in sales of membership subscriptions.

Net revenues from innovative businesses and others were RMB3.2 billion (US$469.9 million) for the six months ended June 30, 2026, compared with RMB3.3 billion for the same period of 2025. The decrease was mainly due to a decline in net revenues from the e-commerce business.

Cost of Revenues

Cost of revenues for the six months ended June 30, 2026 was RMB18.3 billion (US$2.7 billion), compared with RMB20.2 billion for the same period of 2025. The decrease was mainly due to lower revenue-sharing and product costs.

Gross Profit

Gross profit for the six months ended June 30, 2026 was RMB42.4 billion (US$6.3 billion), compared with RMB36.5 billion for the same period of 2025.

Operating Expenses

Total operating expenses for the six months ended June 30, 2026 were RMB17.7 billion (US$2.6 billion), compared with RMB17.0 billion for the same period of 2025. The increase was primarily attributable to higher marketing and research and development expenditures for games and related value-added services.

Other Income/(Expenses)

Other income/(expenses) consisted of net investment income/(loss), interest income, net exchange gains/(losses) and others. The fluctuation in other income/(expenses) was mainly due to a decline in the fair value of equity security investments, increased net exchange losses, and impairment provisions made during the six months ended June 30, 2026.

Income Tax

The Group recorded a net income tax charge of RMB5.0 billion (US$734.3 million) for the six months ended June 30, 2026, compared with RMB3.5 billion for the same period of 2025. The effective tax rate for the six months ended June 30, 2026 was 21.7%, compared with 15.0% for the same period of 2025. The effective tax rate represents certain estimates by the Group as to the tax obligations and benefits applicable to it in each period.

Net Income and Non-GAAP Net Income

Net income attributable to the Company's shareholders totaled RMB17.7 billion (US$2.6 billion) for the six months ended June 30, 2026, compared with RMB18.9 billion for the same period of 2025.

Basic net income was US$0.81 per share (US$4.06 per ADS) for the six months ended June 30, 2026, compared with US$0.88 per share (US$4.38 per ADS) for the same period of 2025.

Non-GAAP net income attributable to the Company's shareholders totaled RMB19.0 billion (US$2.8 billion) for the six months ended June 30, 2026, compared with RMB20.8 billion for the same period of 2025.

Non-GAAP basic net income was US$0.88 per share (US$4.38 per ADS) for the six months ended June 30, 2026, compared with US$0.96 per share (US$4.81 per ADS) for the same period of 2025.

OTHER FINANCIAL INFORMATION

As of June 30, 2026, the Company's net cash (total cash and cash equivalents, current and non-current time deposits and restricted cash, as well as short-term investments balance, minus loans) totaled RMB167.5 billion (US$24.7 billion), compared with RMB163.5 billion as of December 31, 2025. Net cash provided by operating activities was RMB10.0 billion (US$1.5 billion) for the second quarter of 2026, compared with RMB13.7 billion and RMB10.9 billion for the preceding quarter and the second quarter of 2025, respectively.

EXCHANGE RATE INFORMATION

The United States dollar (US$) amounts disclosed in this announcement are presented solely for the convenience of the reader. The percentages stated are calculated based on RMB.

The conversion of Renminbi (RMB) into US$ is based on the noon buying rate of US$1.00 = RMB6.7851 on the last trading day of June 2026 (June 30, 2026) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on June 30, 2026, or at any other certain date.

CONFERENCE CALL

NetEase's management team will host a teleconference call with a simultaneous webcast at 8:00 a.m. Eastern Time on Thursday, August 20, 2026 (Beijing/Hong Kong Time: 8:00 p.m., Thursday, August 20, 2026). NetEase's management will be on the call to discuss the results and answer questions.

Interested parties may participate in the conference call by dialing 1-914-202-3258 and providing conference ID: 10056362, 15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-855-883-1031 and entering PIN: 10056362. The replay will be available through August 27, 2026.

This call will be webcast live, and the replay will be available for 12 months. Both will be available on NetEase's Investor Relations website at http://ir.netease.com/.

ABOUT NETEASE, INC.

NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase") is a leading internet and game services provider centered around premium content. With extensive offerings across its expanding gaming ecosystem, the Company develops and operates some of the most popular and longest-running mobile and PC games available in China and globally.

Powered by one of the largest in-house game R&D teams focused on mobile, PC and console, NetEase creates superior gaming experiences, inspires players, and passionately delivers value for its thriving community worldwide. By infusing play with culture, and education with technology, NetEase transforms gaming into a meaningful vehicle to build a more entertaining and enlightened world.

Beyond games, NetEase service offerings include its majority-controlled subsidiaries Youdao (NYSE: DAO), an intelligent learning and advertising solutions provider, and NetEase Cloud Music (HKEX: 9899), a well-known online music platform featuring a vibrant content community, as well as Yanxuan, NetEase's private-label consumer lifestyle brand.

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

Contact for Media and Investors:

Email: [email protected] 

FORWARD-LOOKING STATEMENTS

This announcement contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions. In addition, statements that are not historical facts, including statements about NetEase's strategies and business plans, its expectations regarding the growth of its business and its revenue and the quotations from management in this announcement are or contain forward-looking statements. NetEase may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that the online games market will not continue to grow or that NetEase will not be able to maintain its position in that market in China or globally; risks associated with NetEase's business and operating strategies and its ability to implement such strategies; NetEase's ability to develop and manage its operations and business; competition for, among other things, capital, technology and skilled personnel; potential changes in regulatory environment in the markets where NetEase operates, including policy or rule changes on taxation; the risk that NetEase may not be able to continuously develop new and creative online services or that NetEase will not be able to set, or follow in a timely manner, trends in the market; risks related to evolving economic cycles and geopolitical tensions, including the direct or indirect impacts of national trade, investment, protectionist, tax or other laws or policies as well as export controls and economic or trade sanctions; risks related to the expansion of NetEase's businesses and operations internationally; risks associated with cybersecurity threats or incidents; and fluctuations in foreign currency exchange rates that could adversely affect NetEase's business and financial results. Further information regarding these and other risks is included in NetEase's filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. NetEase does not undertake any obligation to update this forward-looking information, except as required under applicable law.

NON-GAAP FINANCIAL MEASURES

NetEase considers and uses non-GAAP financial measures, such as non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per ADS and per share, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of 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.

NetEase defines non-GAAP net income attributable to the Company's shareholders as net income attributable to the Company's shareholders excluding share-based compensation expenses. Non-GAAP net income attributable to the Company's shareholders enables NetEase's management to assess its operating results without considering the impact of share-based compensation expenses. NetEase believes that this non-GAAP financial measure provides useful information to investors in understanding and evaluating the Company's current operating performance and prospects in the same manner as management does, if they so choose. NetEase also believes that the use of this non-GAAP financial measure facilitates investors' assessment of its operating performance.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP net income attributable to the Company's shareholders is that it does not reflect all items of expense/income that affect the Company's operations. Share-based compensation expenses have been and may continue to be incurred in NetEase's business and are not reflected in the presentation of non-GAAP net income attributable to the Company's shareholders. In addition, the non-GAAP financial measures NetEase uses may differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited.

NetEase compensates for these limitations by reconciling non-GAAP net income attributable to the Company's shareholders to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. NetEase encourages you to review its financial information in its entirety and not rely on a single financial measure.

The unaudited reconciliation of GAAP and non-GAAP results is set out as follows in RMB and US$ (in thousands, except per share data or per ADS data):



Three Months Ended


Six Months Ended



June 30,


March 31,


June 30,


June 30,


June 30,


June 30,


June 30,



2025


2026


2026


2026


2025


2026


2026



RMB


RMB


RMB


US$


RMB


RMB


US$
















Net income attributable to the
  Company's shareholders


8,601,010


10,674,106


6,980,656


1,028,821


18,902,167


17,654,762


2,601,989

Add: Share-based compensation


930,921


600,718


766,058


112,903


1,866,491


1,366,776


201,438

Non-GAAP net income attributable
  to the Company's shareholders


9,531,931


11,274,824


7,746,714


1,141,724


20,768,658


19,021,538


2,803,427
















Non-GAAP net income per share















Basic


2.99


3.53


2.42


0.36


6.53


5.94


0.88

Diluted


2.96


3.49


2.40


0.35


6.46


5.90


0.87
















Non-GAAP net income per ADS















Basic


14.95


17.63


12.09


1.78


32.64


29.72


4.38

Diluted


14.81


17.46


12.02


1.77


32.32


29.49


4.35

 

NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)




December 31, 


June 30, 


June 30, 



2025


2026


2026



RMB


RMB


US$








Assets







Current assets:







Cash and cash equivalents


47,167,904


22,814,542


3,362,447

Time deposits


92,639,378


101,978,645


15,029,792

Restricted cash


4,319,344


4,447,483


655,478

Accounts receivable, net


5,337,819


5,746,080


846,867

Inventories


689,183


511,896


75,444

Prepayments and other current assets, net


7,658,346


5,965,371


879,188

Short-term investments


22,803,503


50,599,638


7,457,464

Total current assets


180,615,477


192,063,655


28,306,680








Non-current assets:







Property, equipment and software, net


8,425,327


8,180,276


1,205,623

Land use rights, net


4,047,355


3,982,017


586,877

Deferred tax assets


2,831,423


2,695,809


397,313

Time deposits


2,995,000


260,000


38,319

Restricted cash


3,893


3,775


556

Long-term investments


18,462,883


21,336,343


3,144,588

Other long-term assets


4,033,702


3,686,261


543,287

Total non-current assets


40,799,583


40,144,481


5,916,563








Total assets


221,415,060


232,208,136


34,223,243








Liabilities, Redeemable noncontrolling interests and
  Shareholders' equity







Current liabilities:







Accounts payable


643,164


702,263


103,501

Salary and welfare payables


4,889,708


3,764,789


554,861

Taxes payable


3,874,143


3,720,498


548,334

Short-term loans


6,384,417


12,604,170


1,857,625

Contract liabilities


20,514,540


19,297,191


2,844,054

Accrued liabilities and other payables


16,062,984


15,529,221


2,288,724

Total current liabilities


52,368,956


55,618,132


8,197,099








Non-current liabilities:







Deferred tax liabilities


2,637,258


3,727,316


549,338

Other long-term liabilities


1,304,837


1,300,994


191,742

Total non-current liabilities


3,942,095


5,028,310


741,080








Total liabilities


56,311,051


60,646,442


8,938,179








Redeemable noncontrolling interests


91,319


94,938


13,992








Shareholders' equity:







Ordinary shares


2,631


2,632


388

Additional paid-in capital


9,837,460


8,781,946


1,294,299

Treasury stock


(1,518,573)


(1,617,961)


(238,458)

Statutory reserves


2,457,371


2,457,371


362,172

Accumulated other comprehensive loss


(237,770)


(1,644,123)


(242,314)

Retained earnings


149,755,000


159,110,675


23,450,011

NetEase, Inc.'s shareholders' equity


160,296,119


167,090,540


24,626,098

Noncontrolling interests


4,716,571


4,376,216


644,974

Total equity


165,012,690


171,466,756


25,271,072








Total liabilities, redeemable noncontrolling interests and
  shareholders' equity


221,415,060


232,208,136


34,223,243

 

NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME

(in thousands except per share data or per ADS data)




Three Months Ended


Six Months Ended



June 30,


March 31,


June 30,


June 30,


June 30,


June 30,


June 30,



2025


2026


2026


2026


2025


2026


2026



RMB


RMB


RMB


US$


RMB


RMB


US$
















Net revenues


27,891,664


30,591,281


30,106,546


4,437,156


56,720,209


60,697,827


8,945,753

Cost of revenues


(9,839,182)


(9,374,209)


(8,889,221)


(1,310,109)


(20,188,321)


(18,263,430)


(2,691,697)

Gross profit


18,052,482


21,217,072


21,217,325


3,127,047


36,531,888


42,434,397


6,254,056

Operating expenses:















Selling and marketing expenses


(3,578,174)


(3,441,485)


(3,678,809)


(542,189)


(6,273,771)


(7,120,294)


(1,049,401)

General and administrative
  expenses


(1,056,578)


(636,597)


(805,268)


(118,682)


(2,012,915)


(1,441,865)


(212,505)

Research and development
  expenses


(4,356,646)


(4,482,157)


(4,643,910)


(684,428)


(8,742,959)


(9,126,067)


(1,345,016)

Total operating expenses


(8,991,398)


(8,560,239)


(9,127,987)


(1,345,299)


(17,029,645)


(17,688,226)


(2,606,922)

Operating profit


9,061,084


12,656,833


12,089,338


1,781,748


19,502,243


24,746,171


3,647,134

Other income/(expenses):















Investment income/(loss), net


328,444


5,472


(2,953,671)


(435,317)


1,021,195


(2,948,199)


(434,511)

Interest income, net


953,490


890,267


863,201


127,220


2,014,376


1,753,468


258,429

Exchange gains/(losses), net


114,037


(622,108)


(436,492)


(64,331)


115,840


(1,058,600)


(156,018)

Other, net


192,167


438,978


62,858


9,264


447,482


501,836


73,961

Income before tax


10,649,222


13,369,442


9,625,234


1,418,584


23,101,136


22,994,676


3,388,995

Income tax


(1,560,757)


(2,523,838)


(2,458,674)


(362,364)


(3,465,900)


(4,982,512)


(734,331)

Net income


9,088,465


10,845,604


7,166,560


1,056,220


19,635,236


18,012,164


2,654,664

Accretion of redeemable
  noncontrolling interests


(1,051)


(1,104)


(1,087)


(160)


(2,100)


(2,191)


(323)

Net income attributable to
  noncontrolling interests


(486,404)


(170,394)


(184,817)


(27,239)


(730,969)


(355,211)


(52,352)

Net income attributable to the
  Company's shareholders


8,601,010


10,674,106


6,980,656


1,028,821


18,902,167


17,654,762


2,601,989
















Net income


9,088,465


10,845,604


7,166,560


1,056,220


19,635,236


18,012,164


2,654,664

Other comprehensive income















Foreign currency translation
  adjustment


(389,857)


(728,683)


(770,419)


(113,546)


(628,819)


(1,499,102)


(220,940)

Total comprehensive income


8,698,608


10,116,921


6,396,141


942,674


19,006,417


16,513,062


2,433,724

Comprehensive income
  attributable to noncontrolling
  interests


(470,857)


(121,843)


(140,619)


(20,725)


(690,158)


(262,462)


(38,682)

Comprehensive income
  attributable to the
  Company's shareholders


8,227,751


9,995,078


6,255,522


921,949


18,316,259


16,250,600


2,395,042
















Net income per share















Basic


2.70


3.34


2.18


0.32


5.94


5.52


0.81

Diluted


2.67


3.31


2.17


0.32


5.88


5.47


0.81
















Net income per ADS















Basic


13.49


16.69


10.90


1.61


29.71


27.58


4.06

Diluted


13.36


16.53


10.83


1.60


29.41


27.37


4.03
















Weighted average number of
  ordinary shares used in
  calculating net income per
  share















Basic


3,188,634


3,198,123


3,203,046


3,203,046


3,181,307


3,200,598


3,200,598

Diluted


3,214,681


3,227,325


3,221,637


3,221,637


3,210,563


3,224,495


3,224,495

 

NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)




Three Months Ended


Six Months Ended



June 30,


March 31,


June 30,


June 30,


June 30,


June 30,


June 30,



2025


2026


2026


2026


2025


2026


2026



RMB


RMB


RMB


US$


RMB


RMB


US$
















Cash flows from operating activities:















Net income


9,088,465


10,845,604


7,166,560


1,056,220


19,635,236


18,012,164


2,654,664

Adjustments to reconcile net income to net cash
  provided by operating activities:















Depreciation and amortization


428,427


430,583


439,439


64,765


909,188


870,022


128,225

Fair value changes of equity security, other
  investments and financial instruments


55,715


1,117,717


2,023,477


298,224


(502,784)


3,141,194


462,955

Impairment losses on investments


161,463


344,871


1,281,917


188,931


250,534


1,626,788


239,759

Share-based compensation cost


946,395


616,180


781,656


115,202


1,898,267


1,397,836


206,015

Allowance for expected credit losses


153,179


6,719


1,309


193


169,950


8,028


1,183

Gains on disposal of property, equipment and
  software


(30,920)


(565)


(13,983)


(2,061)


(10,627)


(14,548)


(2,144)

Unrealized exchange (gains)/losses


(165,662)


643,942


487,982


71,920


(194,115)


1,131,924


166,825

(Gains)/losses on disposal of long-term investments


(141,078)


(1,071,442)


5,550


818


(129,403)


(1,065,892)


(157,093)

Deferred income taxes


(853,764)


532,257


693,742


102,245


(525,492)


1,225,999


180,690

Share of results on equity method investees


13,479


442,575


96,645


14,244


(5,189)


539,220


79,471

Fair value changes of short-term investments


(344,604)


(385,395)


(372,234)


(54,861)


(546,213)


(757,629)


(111,661)

Changes in operating assets and liabilities:















Accounts receivable


953,295


(1,188,837)


726,762


107,111


(135,665)


(462,075)


(68,101)

Inventories


(73,944)


143,099


34,048


5,018


(20,171)


177,147


26,108

Prepayments and other assets


583,484


116,152


(16,816)


(2,478)


288,306


99,336


14,640

Accounts payable


119,644


134,445


(105,340)


(15,525)


(28,432)


29,105


4,290

Salary and welfare payables


920,662


(2,253,559)


1,107,729


163,259


(1,164,449)


(1,145,830)


(168,874)

Taxes payable


(764,372)


1,895,324


(2,038,642)


(300,459)


1,031,751


(143,318)


(21,122)

Contract liabilities


(718,719)


1,384,445


(2,511,144)


(370,097)


1,807,479


(1,126,699)


(166,055)

Accrued liabilities and other payables


530,718


(21,044)


184,272


27,158


240,344


163,228


24,057

Net cash provided by operating activities


10,861,863


13,733,071


9,972,929


1,469,827


22,968,515


23,706,000


3,493,832
















Cash flows from investing activities:















Purchase of property, equipment and software


(189,842)


(312,148)


(18,785)


(2,769)


(643,913)


(330,933)


(48,774)

Proceeds from sale of property, equipment and
  software


21,499


1,673


14,539


2,143


22,835


16,212


2,389

Purchase of intangible assets, content and licensed
  copyrights


(313,349)


(290,019)


(61,554)


(9,072)


(612,120)


(351,573)


(51,815)

Net changes of short-term investments with terms of
  three months or less


776,428


(15,766,308)


(1,594,496)


(235,000)


(5,362,128)


(17,360,804)


(2,558,666)

Purchase of short-term investments with terms over
  three months and debt securities


(5,800,000)


(5,885,000)


(12,851,707)


(1,894,107)


(8,770,000)


(18,736,707)


(2,761,449)

Proceeds from maturities of short-term investments
  with terms over three months


5,745,454


4,861,483


3,515,814


518,167


8,454,055


8,377,297


1,234,661

Investment in equity method investees


(100,986)


(94,021)


(3,040,753)


(448,152)


(155,089)


(3,134,774)


(462,009)

Investment in other equity investments


(2,640,655)


(3,110,374)


(453,871)


(66,892)


(2,677,518)


(3,564,245)


(525,304)

Proceeds from disposal of long-term investments


784,855


1,353,947


50,733


7,477


862,283


1,404,680


207,024

Placement/rollover of matured time deposits


(27,980,605)


(30,608,133)


(50,216,128)


(7,400,941)


(77,582,412)


(80,824,261)


(11,912,022)

Proceeds from maturities of time deposits


33,617,510


42,018,869


30,056,765


4,429,819


77,543,992


72,075,634


10,622,634

Change in other long-term assets


(27,367)


65,909


(58,891)


(8,679)


(28,045)


7,018


1,034

Net cash provided by/(used in) investing activities


3,892,942


(7,764,122)


(34,658,334)


(5,108,006)


(8,948,060)


(42,422,456)


(6,252,297)
















Cash flows from financing activities:















Net changes from loans with terms of three months or
  less 


2,017,570


1,182,383


420,940


62,039


(236,845)


1,603,323


236,300

Proceeds of loans with terms over three months


1,231,000


6,134,520


1,326,090


195,441


3,978,550


7,460,610


1,099,558

Payment of loans with terms over three months


(1,804,730)


(2,620,900)




(4,740,407)


(2,620,900)


(386,273)

Dividends paid to shareholders


(3,082,122)


(5,156,320)


(3,138,873)


(462,613)


(8,666,654)


(8,295,193)


(1,222,560)

Net amounts received/(paid) related to capital
  contribution from or repurchase of noncontrolling
  interests shareholders


42,400


(23,418)


4,874


718


84,917


(18,544)


(2,733)

Net amounts paid related to repurchase of NetEase's
  ADSs/purchase of subsidiaries' shares 


(355,563)


(1,314,003)


(1,795,596)


(264,638)


(659,164)


(3,109,599)


(458,298)

Net cash used in financing activities


(1,951,445)


(1,797,738)


(3,182,565)


(469,053)


(10,239,603)


(4,980,303)


(734,006)
















Effect of exchange rate changes on cash, cash
  equivalents and restricted cash held in foreign
  currencies


(31,749)


(340,829)


(187,753)


(27,671)


(88,681)


(528,582)


(77,903)
















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


12,771,611


3,830,382


(28,055,723)


(4,134,903)


3,692,171


(24,225,341)


(3,570,374)

Cash, cash equivalents and restricted cash, at the
  beginning of the period


45,395,483


51,491,141


55,321,523


8,153,384


54,474,923


51,491,141


7,588,855

Cash, cash equivalents and restricted cash, at end of
  the period


58,167,094


55,321,523


27,265,800


4,018,481


58,167,094


27,265,800


4,018,481

Supplemental disclosures of cash flow information:















Cash paid for income taxes, net


2,184,556


1,464,650


2,487,225


366,572


3,391,111


3,951,875


582,434

Cash paid for interest expenses


64,366


78,326


25,374


3,740


161,790


103,700


15,283

Supplemental schedule of non-cash investing and
  financing activities:















Fixed asset purchases financed by accounts payable
  and accrued liabilities


744,596


463,033


522,371


76,988


744,596


522,371


76,988

 

NETEASE, INC.

UNAUDITED SEGMENT INFORMATION

(in thousands)




Three Months Ended


Six Months Ended



June 30,


March 31,


June 30,


June 30,


June 30,


June 30,


June 30,



2025


2026


2026


2026


2025


2026


2026



RMB


RMB


RMB


US$


RMB


RMB


US$

Net revenues:















Games and related value-added services


22,806,459


25,712,975


25,022,788


3,687,903


46,854,466


50,735,763


7,477,527

Youdao


1,417,541


1,348,022


1,466,861


216,189


2,715,803


2,814,883


414,862

NetEase Cloud Music


1,968,729


1,981,234


1,977,472


291,443


3,827,117


3,958,706


583,441

Innovative businesses and others


1,698,935


1,549,050


1,639,425


241,621


3,322,823


3,188,475


469,923

Total net revenues


27,891,664


30,591,281


30,106,546


4,437,156


56,720,209


60,697,827


8,945,753
















Cost of revenues:















Games and related value-added services


(6,792,240)


(6,482,431)


(5,973,965)


(880,453)


(14,287,502)


(12,456,396)


(1,835,846)

Youdao


(808,181)


(745,729)


(749,986)


(110,534)


(1,492,216)


(1,495,715)


(220,441)

NetEase Cloud Music


(1,258,855)


(1,247,066)


(1,237,231)


(182,345)


(2,434,632)


(2,484,297)


(366,140)

Innovative businesses and others


(979,906)


(898,983)


(928,039)


(136,777)


(1,973,971)


(1,827,022)


(269,270)

Total cost of revenues


(9,839,182)


(9,374,209)


(8,889,221)


(1,310,109)


(20,188,321)


(18,263,430)


(2,691,697)
















Gross profit:















Games and related value-added services


16,014,219


19,230,544


19,048,823


2,807,450


32,566,964


38,279,367


5,641,681

Youdao


609,360


602,293


716,875


105,655


1,223,587


1,319,168


194,421

NetEase Cloud Music


709,874


734,168


740,241


109,098


1,392,485


1,474,409


217,301

Innovative businesses and others


719,029


650,067


711,386


104,844


1,348,852


1,361,453


200,653

Total gross profit


18,052,482


21,217,072


21,217,325


3,127,047


36,531,888


42,434,397


6,254,056

 

Information Provided by PR Newswire [Disclaimer]
15:04
Google Cross-border E-commerce Acceleration Center Settles in Guangzhou IFC

Google Cross-border E-commerce Acceleration Center (Guangzhou) has settled in Guangzhou International Finance Center (IFC) in Zhujiang New Town, Guangzhou, with an opening ceremony held yesterday (19th).

Supported by the Guangzhou Municipal Commerce Bureau, the Tianhe District People's Government and Yuexiu Group, the center will leverage Guangzhou's strengths in overseas expansion across industries such as intelligent manufacturing, gaming, fast fashion apparel, beauty and personal care, providing cross-border e-commerce enterprises with full-chain services including precise overseas marketing, international brand building, digital technology empowerment and global traffic matching.
~

AASTOCKS Financial News
Website: www.aastocks.com

Information Provided by AAStocks Financial News [Disclaimer]
14:30
Baidu's Apollo Go Goes Live on Uber in Dubai, Offering a New Way for Users to Hail Fully Driverless Rides

  • Baidu's fully driverless Apollo Go vehicles are now available to riders on the Uber platform in Dubai, the first market where this partnership comes to reality.
  • Riders may be matched with an Apollo Go vehicle when booking Uber Comfort or UberX, or by selecting the "Autonomous" option in the Uber app.
  • Dubai marks the first city where Apollo Go has established a dual model, offering both self-operated and partner-based autonomous ride-hailing services internationally.

DUBAI, UAE, Aug. 20, 2026 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888) today announced that Apollo Go's autonomous vehicles are officially available to riders on the Uber Technologies, Inc. (NYSE: UBER) platform in Dubai, with New Horizon Luxury Transport serving as the fleet operator. Starting today, riders in Dubai can hail a fully driverless Apollo Go vehicle directly through the Uber app. The launch marks the first deployment built on the multi-year strategic partnership between the two parties to bring thousands of Apollo Go autonomous vehicles to the Uber platform across global markets.

At initial launch in Dubai, the fully autonomous service will be available in select locations in Umm Suqeim and Jumeirah, with plans to expand the operating territory in the future. For trips within the service area, riders will have the opportunity to be matched with a fully driverless Apollo Go vehicle when booking an Uber Comfort or UberX, or by selecting the "Autonomous" option in the Uber app.


"This launch marks a meaningful milestone in our partnership with Uber, with Dubai serving as the launchpad as the partnership grows its footprint," said Nan Yang, Vice President of Baidu and General Manager of Overseas Business Unit, Intelligent Driving Group. "Dubai is also the first city where we've successfully established a dual model, offering both self-operated and partner-based autonomous ride-hailing services internationally. With this launch, we are excited to offer another way for riders in Dubai to enjoy the benefits of autonomous mobility."

"Bringing our partnership with Baidu to life is a major step forward as we expand autonomous mobility globally," said Sarfraz Maredia, Global Head of Autonomous at Uber. "Launching in Dubai marks the first time our multi-partner vision comes to life on public roads, demonstrating how combining advanced autonomous technology with our global marketplace can accelerate an electric, shared, and autonomous future."

Dubai is Apollo Go's first market to operate through both self-operated app and third-party platform partnership. In March 2026, Apollo Go began offering commercial fully driverless rides through its own app, marking its first international app deployment. That launch built on Apollo Go's receipt of Dubai's first-ever driverless testing permit for fully autonomous vehicles without a safety driver in January 2026. Riders can now access Apollo Go's fully driverless service through either the Apollo Go app or the Uber app.

First announced in July 2025, the partnership combines Uber's extensive network with Apollo Go's autonomous driving technology stack, and aims to bring thousands of Apollo Go autonomous vehicles onto the Uber platform across multiple global markets, with the goal of increasing the supply of affordable and reliable ridesharing options.

Apollo Go brings deep experience in large-scale, real-world deployment and continues to rapidly expand its global footprint. To date, Apollo Go has spanned 28 cities globally, and its fleets have accumulated over 350 million autonomous kilometers, including over 240 million fully driverless autonomous kilometers, with an outstanding safety record. As of the end of June, its fully driverless vehicles recorded an average of approximately one airbag deployment every 14.4 million kilometers.

About Baidu

Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong internet foundation, trading on the NASDAQ under "BIDU" and HKEX under "9888." One Baidu ADS represents eight Class A ordinary shares.

About Uber

Uber's mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 79 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

Media Contacts

Baidu
[email protected]

Uber
[email protected]

Information Provided by PR Newswire [Disclaimer]
12:07
Tesla Embraces Doubao Large Model

Volcengine announced that Tesla, Inc. (TSLA.US) has tapped into the Doubao large model. The vehicle system is equipped with the Doubao real-time conversational model and an end-to-end voice interaction architecture, making the in-car system no longer a walkie-talkie style "Q&A" tool, but a more natural, continuous and proactive interface.
~

AASTOCKS Financial News
Website: www.aastocks.com

Information Provided by AAStocks Financial News [Disclaimer]
09:53
Shanghai Electric Contributes to World-record Biomethanol Bunkering Operation

SHANGHAI, Aug. 20, 2026 /PRNewswire/ -- On August 17, Shanghai Electric Company (SEHK: 02727, SSE: 601727) partnered with Shanghai International Port Group and CMA CGM Group to conduct a biomethanol bunkering operation with a total volume of 8,000 metric tons, the largest single biomethanol bunkering operation on record. The bunkering ceremony at Shanghai Yangshan Port was titled "Green Fueled Globe, Lead the Future".

The principal biomethanol supplier for this operation was Shanghai Electric's Taonan green methanol project. This operation not only marks a significant breakthrough in supply volume but also indicates that the Taonan project is fulfilling stable production and large-scale deliveries.

Behind this success lies a fully connected interprovincial green fuel supply chain that serves as the core support. At the Shanghai International Shipping Green Fuel Sustainable‑Development Conference held on June 30 this year, Shanghai, Jilin and Liaoning officially launched the joint‑built green‑fuel transportation corridor. It establishes the north‑to‑south methanol shipment route: production at the Taonan project in Jilin, transit and storage at Dalian Port and final bunkering at Shanghai Port.

As the core production capacity base of the transportation corridor, Shanghai Electric's Taonan green methanol project draws on Jilin's abundant local wind and solar resources as well as biomass feedstock. Deploying independently‑developed full‑set process systems and core equipment, the facility is the world's first large‑scale plant manufacturing biomethanol by combining green electricity and biomass. It meets the ship‑bunkering requirements of Shanghai's International Shipping Center and provides crucial support for the development of the three major green‑fuel centers for international shipping.

Shanghai Electric will continue to focus on the complete industrial chain covering the production, storage, transportation and application of diversified green fuels. The company will intensify research into pivotal core‑technologies and continuously upgrade its integrated green fuel solution chain. Driving industrial advancement through technology‑driven innovation, Shanghai Electric cooperates with partners to accelerate construction on the integrated green-hydrogen-coupled-biomass gasification Green-Methanol and Sustainable Aviation Fuel (SAF) project (Taonan Phase-II). The company will steadily improve its large‑scale green‑fuel supply capacity for the aviation and maritime sectors. Shanghai Electric shall further devote itself to fulfilling China's national dual‑carbon goals and galvanizing the worldwide shift to low‑carbon clean energy.

Information Provided by PR Newswire [Disclaimer]
09:49
Chip Crunch Hits CN Smartphone Brands in India Mkt, Giving Apple and Samsung an Edge

Rising memory chip prices are casting varying impacts on India's smartphone market. As costs soar, Chinese brands are finding it difficult to maintain low-price strategies, while mid- to high-end brands such as Samsung and Apple (AAPL.US) are benefiting from consumers shifting toward higher-priced smartphones and improved financing plans that enhance affordability, experts told CNBC.

Experts said the era of smartphones priced below USD150 is nearing an end. After existing inventories are depleted, new models with similar features will need to be priced significantly higher to reflect rising memory costs.

Neil Shah, Co-founder of Counterpoint Research, said prices of new Chinese smartphones in India may rise from below USD150 previously to between USD200 and USD250, while prices in the sub-USD150 category have already lifted by as much as 40%.

IDC reported last week that smartphone shipments in India dropped to 64.2 million units in 1H26, with the entry-level segment posting a plunge. Sales volume dropped 7.9% YoY, but sales value added 3.6% YoY as the average selling price rose 14.4% YoY to a record USD315.

IDC said Chinese smartphone brands are finding it difficult to persuade "price-sensitive consumers" to purchase devices at higher prices, leading to notable sales declines. During the same period, the iPhone 17 became the top-shipping smartphone model for two consecutive quarters.

As of the June quarter, Vivo's shipments sank 13.9% YoY, Oppo lost 8.5%, XIAOMI-W (01810.HK) declined 10%, and Realme fell 14.2%, IDC data showed. OnePlus, which focuses on the premium market, recorded the smallest downfall at 2.5% YoY.

Shah said when memory chip prices began rising last year, many Chinese smartphone brands shifted to using chips from UNISOC and CXMT (688825.SH) to temporarily maintain market share, but the arrangement is difficult to sustain.

He noted that CXMT has recently raised funds to expand production capacity to serve China's AI and data center markets, with resources shifting toward high-end products.
~

AASTOCKS Financial News
Website: www.aastocks.com

Information Provided by AAStocks Financial News [Disclaimer]
07:20
亞盛醫藥公佈2026年上半年業績,加速全球化進程

  • 2026年上半年總收入同比增長29%,達到人民幣3.02億元,這主要得益於產品銷售收入增加
  • 任命Faical Miyara博士為首席業務拓展官、Jim Ziegler為首席商務運營官,高管團隊進一步壯大
  • 九項註冊III期臨床研究正在全球範圍內進行,其中四項已獲美國FDA和歐洲EMA許可
  • 中文(普通話)投資者網絡直播會議將於北京時間2026820日上午9:00/美國東部時間2026819日晚上21:00舉行;英文投資者網絡直播會議將於美國東部時間2026820日上午8:00/北京時間晚上20:00舉行

中國蘇州2026年8月20日 /美通社/ -- 致力於在腫瘤等領域開發創新藥物的領先的生物醫藥企業——亞盛醫藥(納斯達克代碼:AAPG;香港聯交所代碼:6855)(以下簡稱亞盛醫藥本公司我們我們的)今日公佈了截至2026年6月30日止六個月的未經審計財務業績,並介紹了臨床開發和商業化方面的重要進展。 

亞盛醫藥董事長、CEO楊大俊博士表示:2026年上半年,在全球創新戰略引領下,公司商業化與全球臨床開發均取得突破性進展,全球化進程加速。

隨著耐立克®與利生妥®兩大商業化產品的雙引擎驅動,公司自我造血能力持續加強;在今年的ASCO、EHA年會上,多項管線產品積極數據披露;全球多個註冊 III 期臨床快速推進,進一步驗證公司產品的長期潛力;同期公司完成港股摘 B,國際化團隊與海外商業化佈局全面提速。秉持解決中國乃至全球患者尚未滿足的臨床需求這一長期願景,我們期待推進更多創新產品更快地惠及全球患者。

已上市產品和研發管線的主要進展

耐立克®(通用名:奧雷巴替尼,研發代號:HQP1351):中國首個獲批的第三代BCR-ABL抑制劑,已在中國獲批治療任何TKI耐藥、並伴有T315I突變的慢性髓細胞白血病(CML)慢性期(-CP)和加速期(-AP)的成年患者;以及治療對一代和二代TKI耐藥和/或不耐受的CML-CP成年患者。

商業化進展

  • 截至2026年6月30日,耐立克®在全國的准入醫院和DTP藥房共達到879家,較截至2025年6月30日的782家增長12%。期間准入醫院數量由295家增至394家,同比增長34%。

臨床進展

  • 公司正持續為POLARIS-1研究招募患者。POLARIS-1為一項獲美國FDA和歐洲EMA許可的、評估耐立克®聯合化療對比研究者選擇的TKI聯合化療治療新診斷費城染色體陽性(Ph+)急性淋巴細胞白血病(ALL)患者的全球註冊III期臨床研究。

  • 公司正持續為POLARIS-2研究招募患者。POLARIS-2為一項獲美國FDA和歐洲EMA許可的、評估耐立克®用於治療伴有或不伴有T315I突變的經治CML-CP成年患者的全球註冊III期臨床研究。

  • 公司正持續為POLARIS-3研究招募患者。POLARIS-3為一項評估耐立克®用於治療既往系統性治療失敗的琥珀酸脫氫酶(SDH)缺陷型胃腸間質瘤(GIST)患者的全球註冊III期臨床研究。

  • 公司正持續在早期臨床試驗中評估耐立克®聯合Bcl-2抑制劑利生妥®的療效。

預期進展

  • 持續推進POLARIS-1、POLARIS-2和POLARIS-3研究的患者入組工作。

利生妥®(通用名:利沙托克拉,研發代號:APG-2575:新型口服Bcl-2選擇性抑制劑,通過選擇性抑制Bcl-2蛋白,恢復癌細胞的正常凋亡過程,從而達到治療腫瘤的目的。該品種在多種血液腫瘤和實體瘤治療領域具備廣闊的單藥和聯合治療潛力。

商業化進展

  • 截至2026年6月30日,利生妥®在全國的准入醫院和DTP藥房共達到415家,其中准入醫院60家。

臨床進展

  • 公司正持續為GLORA-4研究招募患者。GLORA-4為一項獲美國FDA和歐洲EMA許可的、評估利生妥®聯合阿扎胞甘(AZA)治療新診斷中高危骨髓增生異常綜合征(MDS)患者的全球註冊III期臨床研究。

  • 公司正持續為GLORA-3研究招募患者。GLORA-3為一項評估利生妥®聯合阿扎胞甘(AZA)治療新診斷老年或不耐受化療的急性髓系白血病(AML)患者的全球註冊III期臨床研究。

  • 公司正持續為GLORA-2研究招募患者。GLORA-2為一項評估利生妥®聯合BTK抑制劑阿可替尼對比免疫化療治療初治CLL/SLL患者的註冊III期臨床研究,旨在探索該固定療程聯合方案作為一線治療的潛力。

  • 公司正持續為GLORA研究招募患者。GLORA為一項獲美國FDA和歐洲EMA許可的、評估利生妥®聯合BTK抑制劑治療BTK抑制劑經治效果欠佳的CLL/SLL患者的全球註冊III期臨床研究。

  • 公司正在美國持續推進利生妥®聯合其他療法治療多發性骨髓瘤(MM)患者的Ib/II期臨床研究的患者入組。

  • 公司正在中國持續推進利生妥®單藥或聯合其他療法治療AML/MDS患者(包括對維奈克拉耐藥的患者)的Ib/II期臨床研究的患者入組。

  • 公司正在美國持續推進利生妥®聯合其他療法治療AML/MDS患者的Ib/II期臨床研究的患者入組。

預期進展

  • 計劃啟動臨床研究,以驗證利生妥®在克服維奈克拉耐藥方面的潛力。

  • 持續推進GLORA、GLORA-2、GLORA-3和GLORA-4研究的患者入組工作。

  • 計劃於2026年積極推動將利生妥®納入中國國家醫保藥品目錄(NRDL)。

APG-3288亞盛醫藥基於其具有自主知識產權的蛋白靶向降解嵌合體(PROTAC)技術平台研發的首個新型高效和高選擇性BTK降解劑。

臨床進展

  • 於2026年1月獲得美國食品藥品監督管理局(FDA)的臨床試驗申請(IND)許可,並於2026年2月獲得中國國家藥品監督管理局藥品審評中心(CDE)的IND許可。

  • 持續推進一項全球I期臨床研究,旨在評估APG-3288在復發/難治性B細胞惡性腫瘤患者(包括美國和中國患者)中的藥代動力學特徵、安全性、耐受性及療效。

其他業務進展

  • 任命Faical Miyara博士為首席業務拓展官、Jim Ziegler為首席商務運營官

  • 香港聯交所股票代碼移除"B"標記

2026年上半年未經審計的財務業績

截至2026年6月30日止六個月,公司總收入為人民幣3.02億元,而截至2025年6月30日止六個月的收入為2.34億元,增長了人民幣0.69億元,增幅為29.3%。收入的增長主要歸因於產品銷售額的增加,該項銷售額從截至2025年6月30日止六個月的人民幣2.13億元增至2026年上半年人民幣2.82億元,增長了人民幣0.69億元,增幅為32.6%。

截至2026年6月30日止六個月,公司的銷售及分銷開支為人民幣 2.26億元,而截至2025年6月30日止六個月則為人民幣1.38億元,增長人民幣0.89億元,增幅達64.3%。該增長主要歸因於利生妥®的銷售與分銷費用增加。

截至2026年6月30日止六個月,公司研發開支為人民幣6.97億元,而截至2025年6月30日止六個月則為人民幣5.29億元,增長人民幣1.69億元,增幅為32.0%。該增長主要歸因於與本公司正在進行的全球臨床試驗相關的內部研發費用增加。

截至2026年6月30日止六個月,公司行政開支為人民幣1.19億元,而截至2025年6月30日止六個月則為人民幣1.00億元,增長人民幣0.19億元,增幅為19.3%。該增長主要歸因於股權激勵和限制性股份單位(RSU)開支的增加。

截至2026年6月30日止六個月,公司錄得其他開支人民幣0.69億元,而截至2025年6月30日止六個月則為人民幣0.40億元,增長人民幣0.29億元,增幅為71.9%。該增長主要歸因於匯兌損失和捐贈支出的增加。

截至2026年6月30日止六個月,公司虧損人民幣8.17億元,而截至2025年6月30日止六個月則虧損人民幣5.91億元。截至2026年6月30日止六個月,普通股股東應占每股虧損為人民幣1.73元,而截至2025年6月30日止六個月,每股虧損為人民幣2.19元。

截至2026年6月30日,現金及銀行存款餘額為人民幣18.96億元,而截至2025年12月31日為人民幣24.70億,減少了人民幣5.75億元,降幅為23.3%。該減少主要是由於全球臨床進展的加速,導致研發費用大幅增加。

投資者電話會議和網絡直播

亞盛醫藥將召開投資者網絡直播會議,討論2026年上半年未經審計的中期業績。

中文(普通話)投資者電話會議和網絡直播將於北京時間2026年8月20日上午9:00/美國東部時間2026年8月19日晚上21:00舉行。如需參加中文投資者活動或電話會議,請提前在[此處]註冊。

英文投資者電話會議和網絡直播將於美國東部時間2026年8月20日上午8:00/北京時間晚上20:00舉行。如需參加英文網絡直播,請提前在[此處]註冊。亞盛醫藥網站的公司活動頁面也將提供英文電話會議和演示的網絡重播。

貨幣匯率信息

除非另有說明,截至2026年6月30日、2025年6月30日止六個月及截至2025年12月31日的人民幣對美元的換算,分別按照2026年6月30日、2025年6月30日及2025年12月31日紐約聯邦儲備銀行核證的紐約市中午買入匯率進行,即1美元兌換6.7851元人民幣、1美元兌換7.1636元人民幣及1美元兌換6.9931元人民幣。亞盛醫藥並未作出任何陳述,表示本新聞稿中提及的人民幣或美元金額無論如何都能夠或本可以按任何特定匯率兌換成美元或人民幣(視情況而定)。

關於亞盛醫藥

亞盛醫藥(納斯達克代碼:AAPG;香港聯交所代碼:6855)是一家綜合性的全球生物醫藥企業,致力於研發、生產和商業化創新藥,以解決腫瘤領域全球患者尚未滿足的臨床需求。公司已建立豐富的創新藥產品管線,包括抑制Bcl-2和MDM2-p53 等細胞凋亡通路關鍵蛋白的抑制劑、新一代針對癌症治療中出現的激酶突變體的抑制劑以及蛋白降解劑。

公司核心品種耐立克®是中國首個獲批上市的第三代BCR-ABL抑制劑,已獲批用於治療伴有T315I突變的慢性髓細胞白血病慢性期(CML-CP)和加速期(CML-AP)患者,以及對一代和二代TKI耐藥和/或不耐受的CML-CP成年患者。該藥物所有獲批適應症均已被納入中國國家醫保藥品目錄(NRDL)。目前,亞盛醫藥正在開展耐立克®三項全球註冊III期臨床研究,分別為:獲美國FDA和歐洲EMA許可的評估耐立克®治療新診斷費城染色體陽性急性淋巴細胞白血病(Ph+ ALL)患者POLARIS-1研究;獲美國FDA和歐洲EMA許可的評估耐立克®治療經治CML-CP成年患者的POLARIS-2研究;評估耐立克®治療SDH-缺陷型GIST患者的POLARIS-3研究。

公司另一重磅品種利生妥®是一款用於治療多種血液系統惡性腫瘤的新型Bcl-2抑制劑。利生妥®已獲中國國家藥品監督管理局(NMPA)批准,用於治療既往至少接受過一種包括布魯頓酪氨酸激酶(BTK)抑制劑在內的系統治療的成人慢性淋巴細胞白血病/小淋巴細胞淋巴瘤(CLL/SLL)患者。目前,亞盛醫藥正在開展利生妥®四項全球註冊III期臨床研究,分別為:獲美國FDA和歐洲EMA許可的評估利生妥®聯合BTK抑制劑治療既往接受BTK抑制劑治療超過12個月且應答不佳的CLL/SLL患者的GLORA研究;評估利生妥®一線治療初治CLL/SLL患者的GLORA-2研究;評估利生妥®一線治療新診斷老年或不耐受的AML患者的GLORA-3研究;以及獲美國FDA和歐洲EMA許可的評估利生妥®一線治療新診斷中高危MDS患者的GLORA-4研究。

憑借強大的研發能力,亞盛醫藥已在全球範圍內進行知識產權佈局,並與武田、阿斯利康、默沙東、輝瑞、信達等眾多領先的生物製藥公司達成全球合作,同時與丹娜法伯癌症研究院、梅奧醫學中心、美國國家癌症研究所和密西根大學等學術機構建立研發合作關係。如需瞭解更多信息,請訪問 https://ascentage.com/

前瞻性聲明

本新聞稿包含根據美國《1995年私人證券訴訟改革法案》,以及經修訂的《1933年證券法》第27A條和《1934年證券交易法》第21E條所界定的前瞻性陳述。除歷史事實陳述外,本新聞稿中的所有內容均可能構成前瞻性陳述,包括亞盛醫藥對未來事件、經營成果或財務狀況所發表的意見、預期、信念、計劃、目標、假設或預測。

這些前瞻性陳述受到諸多風險和不確定性的影響,具體內容已在亞盛醫藥向美國證券交易委員會(SEC)提交的文件中詳細說明,包括2026年4月29日提交的20-F表格中截止2025年12月31日的年度報告中的風險因素關於前瞻性聲明的警示聲明章節,2019年10月16日提交的首次發行上市招股書中的前瞻性聲明風險因素章節,以及我們不時向SEC或HKEX提交的其他文件。這些因素可能導致實際業績、運營水平、經營成果或成就與前瞻性陳述中明示或暗示的信息存在重大差異。本前瞻性聲明中的陳述不構成公司管理層的利潤預測。

因此,該等前瞻性陳述不應被視為對未來事件的預測。本新聞稿中的前瞻性陳述僅基於亞盛醫藥當前對未來發展及其潛在影響的預期和判斷,且僅代表截至陳述發表之日的觀點。無論出現新信息、未來事件或其他情況,亞盛醫藥均無義務更新或修訂任何前瞻性陳述。

 

亞盛醫藥集團










綜合損益表

(單位:人民幣千元(RMB)和千美元(US$,除股份數量和每股數據外)





























截至2026630日止六個月



2024


2025


2026


2026



人民幣


人民幣


人民幣


美元$



(未經審計)


(未經審計)


(未經審計)


(未經審計)

收益









知識產權收入



678,416



-



-



-

產品銷售 



124,823



212,874



282,367



41,616

其他



20,507



20,825



19,847



2,925

總收益



823,746



233,699



302,214



44,541














銷售成本













產品銷售



(14,158)



(20,659)



(10,788)



(1,590)

其他



(901)



(991)



(935)



(138)

總銷售成本



(15,059)



(21,650)



(11,723)



(1,728)














毛利



808,687



212,049



290,491



42,813














其他收入及收益



17,346



36,661



44,827



6,607

銷售及分銷開支



(89,637)



(137,787)



(226,355)



(33,361)

行政開支



(86,988)



(99,685)



(118,930)



(17,528)

研發開支



(444,079)



(528,561)



(697,460)



(102,793)

其他開支



(7,106)



(40,192)



(69,110)



(10,186)

融資成本



(34,076)



(27,798)



(26,814)



(3,952)

應占合營公司之(虧損)/
溢利



(1,252)



1



(22)



(3)














除稅前溢利/(虧損)



162,895



(585,312)



(803,373)



(118,403)














所得稅開支



(69)



(5,512)



(13,625)



(2,008)














期內溢利/(虧損)



162,826



(590,824)



(816,998)



(120,411)














以下人士應占:













本公司普通股權益持有人



163,001



(590,768)



(816,694)



(120,366)

非控股權益



(175)



(56)



(304)



(45)

















162,826



(590,824)



(816,998)



(120,411)

本公司普通權益持有人應占每股盈利/(虧損)


基本



0.56



(1.73)



(2.19)



(0.32)

攤薄



0.55



(1.73)



(2.19)



(0.32)























 

亞盛醫藥集團







中期簡明綜合全面收益或虧損表

(單位:人民幣千元(RMB)和千美元(US$,除股份數量和每股數據外)


























截至2026630日止六個月


2024


2025


2026


2026


人民幣


人民幣


人民幣


美元$


(未經審計)


(未經審計)


(未經審計)


(未經審計)

期內溢利/(虧損)


162,826



(590,824)



(816,998)



(120,411)













其他全面收益/(虧損)












其後期間可能重新分類至損益的
其他全面收益:












換算海外業務的匯兌差額


40



1,095



29,078



4,285

其後期間不會重新分類至損益的
其他全面收益:












本公司的換算匯兌差額


2,229



(2,035)



(57,207)



(8,431)

期內其他全面收益/(虧損),扣
除稅項


2,269



(940)



(28,129)



(4,146)

期內全面收益/(虧損)總額


165,095



(591,764)



(845,127)



(124,557)













以下人士應占:












本公司普通權益持有人


165,270



(591,708)



(844,823)



(124,512)

非控制權益


(175)



(56)



(304)



(45)















165,095



(591,764)



(845,127)



(124,557)


















 

亞盛醫藥集團









中期簡明綜合財務狀況表

(單位:人民幣千元(RMB)和千美元(US$,除股份數量和每股數據外)























截至



2025/12/31


2026/6/30


2026/6/30



人民幣


人民幣


美元$





(未經審計)


(未經審計)

非流動資產







物業、廠房及設備



781,235



751,518



110,760

使用權資產



47,827



48,915



7,209

商譽



24,694



24,694



3,639

其他無形資產



65,936



37,566



5,537

於合營企業的投資



33,030



33,009



4,865

按公允價值計入損益(「按公允價值計入損益」)計量的金融資產

4,000



7,000



1,032

遞延所得稅資產



31,957



18,375



2,708

其他非流動資產



30,725



26,361



3,885











非流動資產總值



1,019,404



947,438



139,635











流動資產










存貨



28,618



64,300



9,477

貿易應收賬款淨額



252,938



156,396



23,050

預付款項、其他應收賬款及其他資產

192,532



176,985



26,084

現金及銀行結餘



2,470,085



1,895,583



279,374











流動資產總值



2,944,173



2,293,264



337,985











流動負債










貿易應付賬款



106,740



106,912



15,756

其他應付賬款及應計費用



276,666



231,932



34,183

合約負債



37,485



69,539



10,249

計息銀行及其他借款


1,222,481



1,475,122



217,406











流動負債總額



1,643,372



1,883,505



277,594











流動資產淨值



1,300,801



409,759



60,391











總資產減流動負債


2,320,205



1,357,197



200,026





























 

亞盛醫藥集團












中期簡明綜合財務狀況表





(單位:人民幣千元(RMB)和千美元(US$,除股份數量和每股數據外)
































截至






2025/12/31


2026/6/30


2026/6/30






人民幣


人民幣


美元$








(未經審計)


(未經審計)




非流動負債










合約負債



210,224



158,453



23,353



計息銀行及其他借款


757,238



619,449



91,295



遞延收入



6,500



6,300



929



其他流動負債



12,031



7,162



1,056















非流動負債總額



985,993



791,364



116,633















負債總額



2,629,365



2,674,869



394,227















權益












本公司普通權益持有人應占權益








普通股(截至 2025 年 12 月 31 日和 2026 年 6 月 30 日每股面值為
0.0001 美元,已授權、發行和流通的普通股分別為 373,321,692 股
和 373,555,768 股)

256



256



38



庫存股份



(2,961)



(16,362)



(2,411)



股份溢價



8,916,853



8,926,700



1,315,632



資本及儲備



(397,276)



(316,974)



(46,716)



匯兌波動儲備



(179,086)



(207,215)



(30,540)



累計虧損



(7,013,324)



(7,830,018)



(1,154,002)






1,324,462



556,387



82,001















非控制權益



9,750



9,446



1,392















權益總額



1,334,212



565,833



83,393






 

Information Provided by PR Newswire [Disclaimer]
2026-08-19
23:27
晶泰控股發布2026年中期業績報告

深圳2026年8月19日 /美通社/ --

財務亮點:

  • 2026年上半年,集團實現營業收入人民幣393.6百萬元,去年同期為人民幣517.1百萬元,變動主要由於去年同期確認大額管線授權項目首付款51.0百萬美元形成較高基數。報告期內該合作進展良好,集團已收到第二筆付款19.0百萬美元;剔除該影響後,營業收入同比增長73.8%。
  • AI4S智慧解決方案收入為人民幣193.5百萬元,同比增長136.4%,其中AI4S智能機器人實驗室(Physical AI)及AI4S智能服務均保持高速增長態勢。
  • 2026年上半年,集團淨虧損為人民幣224.9百萬元,經調整淨虧損為人民幣105.5百萬元,主要由於收入同比下降以及研發費用同比增長66.0%。研發費用同比增長主要由於集團持續加大自主實驗室、智能體系統、在研管線及多模態技術平台的相關投入。
  • 截至2026年6月30日,集團現金余額合計人民幣8,671.2百萬元。現金余額包括現金及現金等價物、銀行存款、按公允價值計入損益的金融資產的流動部分以及受限制現金。

近期業務亮點:

隨著技術平台在藥物發現及 AI4S 場景中的持續落地與商業化驗證,集團藥物管線發現與推進效率顯著提升,業務取得多項重要突破:

  • 引領AI4S基礎設施發展:業界唯一貫通機器人實驗室、科學智能體及自主合成的全棧AI4S基礎設施體系,並率先實現規模化商業落地,報告期內AI4S智慧解決方案業務快速放量,同比增長136.4%。
  • 最全面的AI藥物研發平台:構建小分子、大分子、多肽及小核酸四大核心技術平台,在各細分領域均已沉澱高質量、標准化的專有數據,並據此訓練形成行業領先的生成與預測模型。
  • 高效建立差異化、豐富管線:合作及自研管線中,已有3條進入臨床階段,10+條處於IND獲批及IND准備階段,近10條達到PCC階段;預計到2027年,10+條管線處於臨床階段,10+條管線處於IND獲批及IND准備階段,約20條達到PCC階段。
  • "實戰級"AI 突破傳統藥物研發瓶頸:AI已在多種藥物模態中持續驗證復雜研發問題解決能力,包括抗體項目實現機制創新、治療窗口優化、安全性與成藥性突破,部分分子膠管線在一個季度內實現皮摩爾級靶蛋白降解活性,口服環肽項目在靶點確定後兩個月內發現苗頭化合物,以及IgA腎病小核酸項目啟動約7個月即取得優異的非人靈長類藥效數據。
  • 頭部客戶的高度認可和全方位合作:持續深化與全球頭部客戶的合作,合作內容覆蓋平台服務、模型授權、管線交易及AI4S基礎設施部署等多個維度;達成一家國際知名生物制藥公司潛在總金額超4億美元的AI藥物發現戰略合作及多項國內創新藥企合作。
  • 推出自進化AI逆合成化學系統:將"化學幻覺"率降低至 4.6%,僅為業內前沿大模型的六分之一;首條推薦路線准確率高達74.3%,達到現有專業模型和通用模型的 2.2 至 3.5 倍,顯著提升AI輔助合成路線設計的可靠性與研發轉化效率。
  • 全球首個實現Physical AI閉環的綜合科研開放平台:正式發布XtalPi Science科學智能平台與Genius Agent科學智能體矩陣,推動內部科研能力標准化、平台化升級,構建可供全球產業伙伴及科研機構按需調用的AI4S底層基礎設施。
  • 布局領先的生物學模擬技術:通過投資、孵化等方式布局虛擬細胞、人源器官芯片及類器官等生物學模型與驗證能力,推動研發能力由分子設計延伸至細胞及組織層面的機制研究、轉化預測和藥效驗證。

業務總覽

隨著人工智能由數字世界加速延伸至科學研發及真實物理世界,AI4S正推動人工智能從輔助科研的單點工具邁向貫通推理與驗證的"科學自主發現"。集團率先提出將科學自主發現劃分為L1 Tools、L2 Co-Pilots、L3 Agents、L4 Domain-Specific Autonomous及L5 General Autonomous AI4S五個層級。依托長期真實項目實踐及能力積累,集團已在多個研發場景中實現端到端L4自主發現能力。

集團通過智能體統一調度科學模型與自動化實驗設施,形成涵蓋任務規劃、實驗驗證及反饋迭代的研發閉環。Agentic HTE可自主完成實驗條件匹配、方案生成、自動化調度、結果分析及後續實驗規劃;Agentic Synthesis則貫通原料核驗、項目創建、實驗條件生成及自動化執行全過程。依托十余年AI4S研發與產業實踐,集團已構建貫通數字研發與真實物理實驗的一體化科研基礎設施,並在真實項目中持續驗證、迭代及升級。

技術引擎:貫通數字世界和物理世界的產業級AI研發范式

圍繞復雜科研任務的全流程,集團依托長期內部研發項目及外部服務項目的持續實踐,逐步形成由Genius Agent、Scientific AI、Physical AI及Data Moat構成的四層核心技術架構。該架構是在真實產業研發流程中持續運行、驗證及迭代形成的工業級一體化科研基礎設施。

  • Genius Agent(智能中樞):作為核心調度中樞與研發矩陣,構建兼具全局規劃與特定場景執行能力的多智能體體系,統一編排科學模型、專業工具、研發流程及數據資源,並依托項目上下文持續推進長周期研發。
  • Scientific AI(科學智能):持續構建覆蓋小分子、大分子、多肽及小核酸藥物等不同分子模態和專業任務的AI能力體系。自進化AI逆合成系統SureRoute在350個真實工業分子評測中將"化學幻覺"率降至4.6%,僅為業內前沿大模型的六分之一;首條推薦路線准確率達74.3%。
  • Physical AI(物理智能):以自建的智能機器人實驗室為核心載體,將科學模型及智能體形成的實驗方案轉化為標准化、自動化及可追溯的實驗流程。集團已在全球部署逾300台自動化工站,覆蓋20余類研發場景。
  • Data Moat(高質量數據底座):融合公開科學數據、專有研發數據及Physical AI真實實驗數據,形成覆蓋實驗結果、過程參數及失敗樣本的可追溯數據資產。相關體系已服務逾100個新藥及新材料發現項目,每月產出5萬余條反應產率數據及30萬條過程數據,累計沉澱逾50萬條真實實驗記錄,其中約80%為公開文獻中較為稀缺的失敗負樣本。

商業模式:深度協同的業務布局

基於貫通數字與物理的研發體系,集團形成以藥物發現解決方案與AI4S智慧解決方案(AI4S基礎設施)為核心的雙輪業務體系, 實現了兼具持續現金流與資產價值釋放潛力的復合商業模式。

  • 藥物發現解決方案圍繞 AI 制藥能力展開,涵蓋平台合作服務項目及自研資產對外授權。其中,平台合作服務項目依托AI藥物發現能力提供研發服務;自有管線資產通過對外授權、合作開發等方式,有望獲得授權首付款、裡程碑付款及潛在銷售分成。
  • AI4S智慧解決方案為客戶提供AI4S基礎設施,包括AI4S智能機器人實驗室(Physical AI)及AI4S智能服務。智能機器人實驗室支持標准化、高通量實驗執行,系統性產出高質量、可追溯的實驗數據;智能服務依托創新分子砌塊、VAST虛擬化合物庫及高通量自主合成平台,提供化學空間拓展及從分子設計到實物合成的快速驗證能力。

兩大業務深度協同,實現自進化閉環:藥物發現解決方案持續產生高質量數據、實驗驗證需求及技術迭代動力,驅動AI4S智慧解決方案能力升級;AI4S智慧解決方案則為藥物發現提供高效、可復用的研發基礎設施。二者形成"場景牽引—實驗驗證—數據回流—能力進化"的自進化閉環。相關底層能力已延伸至新材料及消費健康等領域。

前景展望

AI4S 產業,尤其AIDD 領域,正處於高速增長階段。AI制藥的快速擴容帶動新分子合成與研發數據需求顯著增長,集團憑借AI原生實驗體系及領先的智能實驗室,承接頭部藥企增量訂單。中期來看,集團可通過平台技術服務獲取穩定收入,並依托資產管線交易輸出自研優質管線資產,形成"平台服務+資產變現"的雙增長動力;中長期來看,隨著自研管線逐步進入申報及臨床階段,集團將形成"研發服務+自研新藥"雙輪驅動格局。長期來看,全鏈條智能研發體系將持續提升研發效率、降低成本並改善成功率,持續沉澱專有數據與算法優勢。

業務進展

藥物發現解決方案:平台技術加速管線資產與商業化兌現

報告期內,藥物發現解決方案業務收入約人民幣200.1百萬元,去年同期為人民幣435.2百萬元,變動主要由於去年同期確認大額管線授權項目首付款51.0百萬美元形成較高基數。報告期內該合作進展良好,集團已收到第二筆付款19.0百萬美元。集團持續推進多模態藥物技術平台建設,布局具備高臨床價值與商業化潛力的自有創新藥物管線。

藥物研發平台及管線進展:多療法管線全面突破,臨床轉化加速兌現

集團已形成覆蓋小分子、大分子、小核酸及多肽等關鍵藥物形式的系統化技術布局,貫通靶點理解、分子設計、功能預測、候選物優化及實驗驗證等環節。AI已深度應用於高降解活性分子膠候選物發現、大分子蛋白質聚集問題修復與免疫原性優化,以及核酸藥物設計和個體化修飾方案推薦等研發場景。自研管線及賦能管線中,已有3條進入臨床階段,10+條處於IND獲批及IND准備階段,近10條達到PCC階段;預計到2027年,10+條管線處於臨床階段,10+條管線處於IND獲批及IND准備階段,約20條達到PCC階段。管線覆蓋腫瘤、自身免疫、代謝及慢性疾病、神經和消費健康等領域,潛在市場空間達數千億美元。

  • 小分子:

小分子研發平台覆蓋AI計算預測、物理約束建模、合成路線規劃及實驗閉環驗證。面向分子膠研發的XGlue™平台已構建數百萬級虛擬化合物庫及上萬級實體骨架庫,實驗端每周可完成數百至上千個化合物的合成與驗證。集團已在自身免疫疾病領域布局多條分子膠管線,在多個靶點獲得苗頭化合物,部分管線在約一個季度內將靶蛋白降解活性優化至皮摩爾濃度;計劃於2027年推動相關項目進入臨床前階段。若後續成藥性與差異化優勢獲得驗證,相關資產有望通過合作開發或對外授權實現價值釋放。

集團自主研發的TRK/RET雙靶點小分子候選藥物在蛋白水平對雙靶點均表現出低納摩爾級抑制活性,並具備強選擇性與腸道限制屬性,從而具備優異安全窗口。該候選藥物擬用於腸易激綜合征、炎性腸病等腸道疼痛相關適應症,為全球首個針對該雙靶點組合申報臨床的候選藥物(First-in-Class)。該管線已完成美國Pre-IND會議資料遞交,預計於2026年下半年提交中美IND申報。

  • 多條合作管線持續推進臨床轉化:

與希格生科合作發現的FAK/SRC雙靶點抑制劑SIGX1094已獲中美IND批件,並在北京大學腫瘤醫院開展I期臨床,初步顯示良好安全性及抗腫瘤信號,同時獲FDA孤兒藥資格及快速通道認定;SIGX1094聯合信達生物已上市的KRAS-G12C抑制劑氟澤雷塞片,擬用於KRAS-G12C突變非小細胞肺癌,其Ⅱ/Ⅲ期臨床試驗申請已獲CDE受理。與希格生科合作的pan-TEAD抑制劑SIGX2649已獲中美IND批件,計劃最早於2026年下半年啟動I期臨床。

賦能溪礫科技的eIF2B小分子激活劑RTX-117已獲得腓骨肌萎縮症(CMT)的中美臨床試驗批准及白質消融性白質腦病(VWM)的國內臨床批件,正在推進健康成人I期臨床,II期預計於2027年上半年啟動。

與默達生物合作的全球首個針對LDH(乳酸脫氫酶)的口服小分子抑制劑已進入IND申請階段,首發適應症聚焦IBD。

與智擎生技制藥合作的新一代PRMT5抑制劑PEP08已啟動實體瘤患者招募,雙方已啟動第二個針對全新合成致死靶點的AI藥物發現項目。

與DoveTree合作的一個泛癌種高價值資產已進入IND階段,初步生物學活性驗證顯示其具備明確的靶點干預效應和優異的選擇性窗口。雙方將進一步圍繞約定的難成藥靶點開展深度合作,推進包括分子膠在內的研發工作,加速候選藥物的臨床轉化。

  • 大分子:

集團的大分子平台Ailux是全球領先的AI原生抗體藥物開發平台,在模型、平台和資產層面均已與跨國藥企(MNC)達成合作。Ailux的核心優勢來自模型、數據與濕實驗的深度融合。

模型:Ailux基於XtalFold®結構建模平台、XenProT®生成式AI平台和Xentient®判別式AI平台三大引擎,覆蓋從結構預測、分子生成、功能判別到候選物優化的大分子研發全流程,已在100多個內外部項目中完成驗證。

數據:專有數據底座AtlaX™通過專有濕實驗體系、高通量數據生成及LuxSight™專利挖掘智能體構建數據資源,在抗體親和力、抗原—抗體復合物結構、抗原—抗體配對和天然重輕鏈序列等關鍵數據類型上,相較公開數據集達到數倍至數十倍的規模優勢。

濕實驗:平台通過專有實驗流程生成多反應性、穩定性、免疫原性等公開數據難以覆蓋的功能性標簽,為復雜抗體藥物開發應用提供差異化的數據壁壘。

集團任命Maria G. Belvisi博士為首席科學官(CSO)。Belvisi博士兼具跨國藥企與國際學術背景,擁有三十余年新藥研發與學術領導經驗,其中約十年任職於阿斯利康,曾擔任生物制藥研發部呼吸與免疫學高級副總裁。

管線方面,集團推進三條針對自身免疫疾病的大分子項目,均預計於2027年進入I期臨床試驗:ALX001為靶向TL1A及IL-23p19的雙特異性抗體,擬用於炎症性腸病;ALX002為靶向CD19及BCMA的T細胞銜接器,擬用於系統性紅斑狼瘡、類風濕關節炎等B細胞介導的自身免疫性疾病;ALX005為長效FcRn阻斷劑抗體,擬用於重症肌無力、免疫性血小板減少症等致病性IgG抗體驅動的自身免疫性疾病。

  • 多肽:

PepiX™整合精准AI設計、自動化合成及高通量濕實驗篩選三大核心能力,形成高效的干濕實驗閉環。平台已搭建包含超過5,000種私有非天然氨基酸的數據庫;核心模型HELM-DIFF用於復雜肽類分子的生成、篩選及優化。基於PepiX™開發的多肽Tensotide™已獲美國Self-affirmed GRAS認定,可在美國用於食品及膳食補充劑產品。管線方面,腦部遞送項目已進入動物體內測試和優化階段,預計2027年上半年達到PCC;針對自身免疫適應症的口服環肽項目已進入hit-to-lead階段,預計2027年中確認PCC。

  • 小核酸:

siRNA藥物開發平台Kodexia™融合第一性原理驅動的生物機理建模、生成式人工智能及高通量自動化實驗,已積累數萬條濕實驗數據,並形成siRNA化學修飾數據庫。公開可比口徑下,平台研發效率較傳統方法提升2倍以上,分子性質預測准確度提升約266%;多條管線中,首輪設計分子超過50%在體內實驗中活性優於陽性對照。平台已搭建6條覆蓋IgA腎病、代謝及中樞神經系統方向的siRNA管線,超半數完成體內藥效評價,最快項目進入PCC階段。IgA腎病首發項目啟動後約7個月獲得非人靈長類藥效數據,活性與長效性優於同靶點臨床階段參照分子。相關管線後續計劃通過聯合研發、資產共研及對外授權等模式實現商業化轉化。

  • 生物模擬平台:

集團通過投資、孵化等方式布局虛擬細胞、人源器官芯片及類器官。

虛擬細胞:孵化企業無界進化(INFevo)的人工智能虛擬細胞模型OCOO-T在化學藥物、基因和細胞因子三大擾動基准上均達到SOTA水平,並推出科學發現引擎The Popper Project(TPP);2026年上半年完成數千萬元天使輪融資,由順為資本、紅杉中國與松禾資本共同參與。

器官芯片:孵化企業耀速科技完成賽諾菲iDEA-TECH項目交付並全額收回尾款,與輝瑞聯合開發的AI毒性預測系統完成關鍵裡程碑交付;作為首批企業參與CDE新方法學(NAMs)多中心協同驗證並入選"先鋒計劃",同時推進FDA ISTAND模型資質認證;2026年上半年完成4億元A輪系列融資,B輪融資正在推進。

類器官:與希格生科合作的類器官+AI平台已構建超過15種基因編輯腫瘤類器官模型,並基於心臟、腎臟、肝臟等正常類器官結合AI建立藥物毒性預測評價模型;藥物心臟類器官毒性預測模型准確率為81.25%,傳統方法為43.75%。

重要商業化進展:重磅合作密集落地,多元化盈利模式持續深化

  • 集團與一家管線豐富且擁有多款商業化產品的國際知名生物制藥公司達成潛在總金額超4億美元的AI藥物發現戰略合作。雙方將針對一個GPCR靶點共同開發具備Best-in-Class潛力的創新口服小分子藥物。合作方將支付首付款並承擔所有早期研發費用,集團還將獲得臨床前、臨床及商業化裡程碑付款,以及未來的銷售分成,項目潛在總金額超4億美元。
  • 集團與維昇藥業達成關鍵合作,整合晶泰科技AI+機器人藥物研發平台與維昇藥業在內分泌領域的專業能力,聚焦內分泌代謝領域高臨床價值適應症及創新靶點,共同推進創新療法的早期發現與臨床轉化。
  • 集團與東陽光藥簽署戰略合作協議,雙方擬成立合資公司,共建AI+機器人聯合實驗室及非臨床藥物大模型,開展底層技術、新藥管線開發及商業化合作。本次合作中,東陽光藥預計將投入數億元,兩家公司將以打造行業領先的AI藥物研發引擎並實現技術出海為目標,構建"管線共創+技術共贏"的多元盈利模式。
  • 集團已收到DoveTree最終協議項下約定的第二筆付款19.0百萬美元,雙方將繼續在約定的難成藥靶點領域開展包括分子膠在內的研發工作。
  • 集團與甘李藥業於2025年11月達成AI多肽創新藥研發全球戰略合作及平台授權協議,目前項目正在推進。雙方聯合共建的"AI智肽遞送實驗室"(人工智能多肽藥物設計與遞送系統研發北京市重點實驗室)獲"北京市重點實驗室"認定並正式揭牌。

AI4S智慧解決方案:AI4S平台價值加速兌現,收入呈現跨越式增長態勢

報告期內,AI4S智慧解決方案實現收入人民幣193.5百萬元,同比增長136.4%,AI4S智能機器人實驗室(Physical AI)及AI4S智能服務均保持高速增長。

AI4S智能機器人實驗室(Physical AI):嵌入分子研發流程,實現規模化放量

報告期內,集團AI4S智能機器人實驗室業務在海外及國內市場均取得進展。海外市場方面,禮來化合物管理系統完成簽約及交付,首套HTE系統完成工廠驗收測試(FAT)及用戶培訓;與JW合作的智能自主藥物合成和工藝研發系統項目於4月完成全部交付。國內市場方面,集團布局多個千萬級項目;智能合成工作站作為准標准化產品,已復制推廣至13家客戶。相關能力亦拓展至鈣鈦礦、鋰電及分子篩等新材料領域。

報告期內,集團的AI4S智能機器人實驗室業務成功落地多個標桿項目:

  • 集團與禮來簽署千萬級化合物倉儲管理系統項目,並完成上海研發中心的交付。系統覆蓋化合物存儲、出庫、微量粉末分裝及DMSO溶液配制樣品輸出,將樣品管理與制備整合至統一自動化平台。
  • 集團與禮來簽署千萬級HTE(高通量實驗)平台合作項目。集團為客戶提供以條件篩選手套箱為核心的模塊化高通量實驗平台,支持無水無氧體系下的自動化投料、反應、稀釋及過濾,並與晶泰Agentic AI算法對接。
  • 集團為JW提供的高通量自動化合成工站、AI反應條件優化系統及智能分析平台已於4月完成全部交付。該平台可滿足JW在自動化藥物候選分子篩選、合成與工藝優化方向的研發需求。
  • 國內及新材料項目:
    集團與復旦大學吳淞材料實驗室簽署百萬級介孔材料智能化高通量制備項目;與某頂尖高校簽署百萬級鈣鈦礦電池全流程自動化項目;與北京大學、大連化物所等簽署百萬級電解液高通量自動化配制與檢測平台項目。

AI4S智能服務:全流程AI自主決策實現關鍵跨越,業務訂單高速增長

集團通過創新分子砌塊及VAST虛擬化合物庫支持化學空間拓展,並通過高通量自主合成平台形成"設計—合成—測試—分析"的DMTA高效閉環。2026年上半年新簽訂單金額高速增長,其中VAST虛擬化合物庫獲得超過2萬個分子的訂單。

報告期內,搭建Agentic Synthesis(智能自主分子合成)和Agentic HTE(智能自主高通量實驗)兩大解決方案並實現商業化,實現AI全流程自主決策

  • Agentic Synthesis:該自主合成平台以Agentic System為中樞,聯通Scientific AI與Physical AI,實現從目標分子到終產物交付的10步閉環。SureRXN™可合成性預測與條件推薦模塊實驗成功率超過90%,平均實驗次數降至1.19次;高壓分離算法自動化率為76%,首交付成功率由83%提升至94%;LCMS圖譜算法整體預測精度為95%,高置信區間為98%;NMR解譜算法在4個項目中實現超過70%譜圖的自動化解析。在Agentic System層面,7個專職Agent協同覆蓋從立項到發貨的全生命周期。
  • Agentic HTE:該端到端高通量實驗解決方案以Agentic System為中樞,聯通Scientific AI與Physical AI,通過意圖理解、技能編排、長任務治理及人機協作,將傳統HTE實驗所需的3至4周迭代周期壓縮至約6天。

在強化AI全流程自主決策能力的同時,集團也在拓展上游化學空間的設計與合成能力。集團於2025年6月完成對LCC的收購。其開發的PACE(Parallel Automated Chiral Engine,並行自動化手性引擎)平台結合AI軟件與自動化技術,可在上億個分子的手性化學庫中虛擬篩選目標分子並完成自動化合成及實體測試。該平台已通過內部藥物發現項目驗證。目前,LCC正與大型制藥公司、生物技術企業及頂尖研究機構進行後期階段洽談,計劃圍繞PACE平台開展合作,為合作方的高優先級靶點創造知識產權及資產。

新材料及消費健康:AI4S底層能力拓寬應用邊界,取得階段性突破

依托集團"科學智能(Scientific AI)、物理智能(Physical AI)、智能體系統(Agentic System)"AI自主研發閉環在藥物研發中的系統性驗證,集團核心能力正拓展至新材料及消費健康等場景。

新材料:智能研發平台賦能新材料,鈣鈦礦疊層電池研發實現跨越式進展

集團已組建新材料研發團隊。報告期內,集團與晶科能源子公司簽署AI+自動化高通量疊層太陽能電池研發戰略合作協議,雙方已成立合資公司,共建全球首個"AI決策—機器人執行—數據反饋"全閉環疊層電池智造線,項目正在推進。集團構建了AI及自動化實驗室驅動的鈣鈦礦配方研發平台。小面積組件實驗室效率為27.0%,第三方認證效率為26.51%;大面積組件實驗室效率為23.0%,第三方認證效率為22.74%。高通量疊層電池自動化線設計日通量不低於千片級。相較傳統人工研發,單輪優化周期由數月壓縮至數小時,整體研發周期由4至6年縮短至1至6個月。

消費健康: Groland品牌全域渠道建設,商業化進程有序推進

報告期內,晶泰自研兩款針對生發固發需求的創新外用分子的聯用配方產品Groland高嵐完成市場驗證及品牌搭建,初步構建覆蓋海內外、線上線下的營銷網絡。品牌運營天貓、京東及抖音自營店鋪,天貓綠瓶頭皮煥活精華位列"防脫頭皮精油新品榜"TOP1,618期間天貓店鋪入圍個護新商店鋪成交榜TOP3。品牌已形成覆蓋預洗、洗發、護發、免洗護理、生發精華及紅光生發梳的產品矩陣。兩款分子已通過中國化妝品新原料備案,大貿版本預計於2026年底前完成備案和上線。

戰略升級:以XtalPi Science向開放科學智能基礎設施平台演進

2026年7月,集團發布XtalPi Science科學智能平台及Genius Agent科學智能體矩陣。XtalPi Science是全球首個整合大語言模型(LLM)、科學智能體及大規模自動化機器人實驗的AI4S綜合平台,將集團經真實項目驗證的一體化科研基礎設施進一步標准化、平台化,轉化為可統一接入、按需編排及持續擴展的平台能力,逐步構建面向全球產業伙伴及科研機構的科學基礎設施(Global Scientific Utility),為跨機構研發協作及科學智能的規模化應用提供統一入口。

Genius Agent作為核心調度中樞與研發矩陣,可自主理解復雜科研目標、拆解並推進跨學科長程任務,並統一調度垂直領域模型、專業工具、研發流程及物理執行設施。平台在數字世界開展科學假設生成及專業預測,並通過Physical AI在真實物理世界進行實驗驗證,形成"數字假設—專業預測—物理驗證—數據反饋"完整閉環。

集團聯合26家合作伙伴發起成立"科學智能開放生態聯盟",成員覆蓋科學創新鏈條的多個環節。同時,XtalPi Science計劃以Science Token作為科研資源統一調用及計量機制,並結合客戶需求及不同研發場景,探索多元的平台服務及合作模式,持續向開放科學智能基礎設施平台演進。

關於晶泰科技

晶泰科技(「XtalPi Holdings Limited」,股份簡稱:晶泰控股,XTALPI,股票代碼:2228.HK)由三位麻省理工學院的物理學家於2015年創立,是一個基於量子物理、以人工智能賦能和機器人驅動的創新型研發平台。公司采用基於量子物理的第一性原理計算、人工智能、高性能雲計算以及可擴展及標准化的機器人自動化相結合的方式,為制藥及材料科學(包括農業技術、能源及新型化學品以及化妝品)等產業的全球和國內公司提供藥物及材料科學研發解決方案及服務。

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