Yidian Tianxia 2025 Annual Report Analysis: Revenue increased by 50.39% to 3.83 billion yuan, excluding non-recurring gains and losses net profit dropped by 63.97%

Operating Revenue: Rapid Scale Expansion, E-commerce Business Becomes the Core Growth Engine

In 2025, Yidian Tianxia achieved operating revenue of RMB 3.830 billion, a year-on-year increase of 50.39%. Revenue scale expanded in a step-change way. Judging by the business mix, revenue from integrated marketing services was RMB 1.954 billion, up 49.35% year on year; revenue from the advertising platform business was RMB 1.838 billion, up 48.92% year on year. Both of the two core businesses maintained high-speed growth.

From an industry perspective, the e-commerce industry contributed revenue of RMB 1.143 billion, surging 122.80% year on year, and its share of operating revenue increased from 20.14% in 2024 to 29.83%, becoming the core driver for operating revenue growth. Revenue from applications, agencies, and other businesses was RMB 2.649 billion, up 30.53% year on year, and it remains the company’s fundamental revenue base.

In terms of regional distribution, revenue from Mainland China was RMB 0.844 billion, more than doubling year on year with growth of 109.52%; its share increased from 15.82% to 22.04%, showing notable effectiveness in domestic market expansion. Revenue from other countries and regions was RMB 2.986 billion, up 39.28% year on year. Overseas business continues to maintain steady growth momentum.

Net Profit: Revenue Increases Without Profit, Non-recurring Gains Become a Key Support

In 2025, net profit attributable to shareholders of listed companies was RMB 0.158 billion, down 31.80% year on year; after excluding non-recurring items, net profit was only RMB 0.078 billion, down sharply 63.97% year on year, showing a clear trend of “revenue up but profit not up.”

Judging from quarterly performance, the company’s profitability fluctuated significantly. In the fourth quarter, net profit attributable to shareholders of listed companies was RMB -0.045 billion, and after excluding non-recurring items, net profit was RMB -0.034 billion. The company incurred large losses within a single quarter, directly dragging down full-year profitability. Meanwhile, total non-recurring items for the full year were RMB 0.080 billion, exceeding the scale of non-recurring-item-excluded net profit, becoming a key factor supporting the company’s net profit. Among them, changes in fair value of financial assets and disposal gains contributed RMB 0.081 billion, and government subsidies contributed RMB 0.020 billion.

Earnings per Share: Declines in Line With Profitability Downturn

In 2025, the company’s basic earnings per share were RMB 0.34 per share, down 30.61% year on year. Earnings per share after excluding non-recurring items were RMB 0.17 per share, down sharply 63.27% year on year. Changes in earnings per share are fully consistent with the downward trend in net profit and non-recurring-item-excluded net profit, reflecting that the decline in the company’s profitability directly translated into shareholder returns.

Expenses: Scale Rises Sharply, Share-based Payments Become an Important Driver

In 2025, the company’s total period expenses were RMB 0.389 billion, up 59.72% year on year. The growth rate of the expense scale was significantly higher than the revenue growth rate, resulting in a clear squeeze on profitability.

Selling Expenses: Up 48.60%, Driven by Both Personnel Costs and Share-based Payments

Selling expenses were RMB 0.065 billion, up 48.60% year on year, mainly due to increases in personnel costs and share-based payments. Among them, labor costs were RMB 0.040 billion, up 36.74%; share-based payment expenses were RMB 0.004 billion, compared with RMB -0.001 billion in the prior-year period. Share-based payments became one of the important factors behind the growth in selling expenses.

Administrative Expenses: Up 58.04%, Professional Service Fees and Share-based Payments Surge Significantly

Administrative expenses were RMB 0.189 billion, up 58.04% year on year. Of this, professional service fees were RMB 0.018 billion, up 249.12%; share-based payment expenses were RMB 0.035 billion, compared with RMB -0.003 billion in the prior-year period. These two factors together drove a sharp increase in administrative expenses.

Financial Expenses: Negative Amount Narrows, Exchange Rate Movements Have a Significant Impact

Financial expenses were RMB -0.024 billion, up 57.74% year on year. The narrowing of negative expense values was mainly due to exchange rate movements. Since the company has a high proportion of overseas business, exchange rate fluctuations directly affect foreign exchange gains and losses. In 2025, exchange rate changes caused financial expense pressure to become somewhat evident.

R&D Expenses: Up 74.28%, Continuing to Increase Technical Investment

R&D expenses were RMB 0.159 billion, up sharply 74.28% year on year, mainly due to increases in personnel costs and share-based payments. Among them, labor costs were RMB 0.102 billion, up 30.33%; server rental fees were RMB 0.021 billion, up 105.17%; share-based payment expenses were RMB 0.021 billion, compared with RMB -0.014 billion in the prior-year period. The company continues to increase investment in the field of technical R&D, especially R&D related to AI technologies.

R&D Personnel Profile: Team Scale Expands, Clearly Becoming Younger

In 2025, the number of the company’s R&D personnel reached 298, up 49.75% year on year. The proportion of R&D personnel increased from 22.64% to 26.75%, and the scale of the R&D team continued to expand. In terms of education structure, there were 276 R&D personnel with bachelor’s degree or above, accounting for 92.62%. Among them, there were 48 master’s degree holders, up 37.14% year on year, and the overall educational level of the R&D team is relatively high.

For age structure, there were 112 R&D personnel under 30 years old, up sharply 124.00% year on year. They accounted for 37.58% of total R&D personnel. The R&D team shows a clear trend toward younger talent, injecting fresh blood into the company’s technological innovation.

Cash Flow: Operating Cash Flow Drops Sharply, Investing and Financing Cash Flows Face Pressure

Net cash flow from operating activities: Drops 65.87%, net capital inflow sharply reduced

In 2025, net cash flow generated by operating activities was RMB 0.161 billion, down sharply 65.87% year on year. This mainly resulted from a decrease in net cash inflow from operating activities. Subtotal cash outflows from operating activities were RMB 13.515 billion, up 32.86% year on year, including cash paid for purchase of goods and receipt of services of RMB 3.231 billion, up 52.20% year on year. Cash payment pressure from operating activities increased significantly.

Net cash flow from investing activities: Turns from negative to positive, investment returns provide notable support

Net cash flow generated by investing activities was RMB 0.083 billion. In the prior-year period it was RMB -0.099 billion. On a year-on-year basis, it achieved a turnaround from negative to positive. This was mainly because this year received other cash related to investing activities, resulting in subtotal cash inflows from investing activities of RMB 1.908 billion. Among them, cash received from investment returns was RMB 0.112 billion, up 20.80% year on year. Investment returns became an important support for the company’s investing cash flow.

Net cash flow from financing activities: Turns negative and declines sharply, showing repayment pressure

Net cash flow generated by financing activities was RMB -0.010 billion, compared with RMB 0.292 billion in the prior-year period. Year on year, it declined sharply by 103.53%. This was mainly due to an increase in cash paid for debt repayment. Subtotal cash outflows from financing activities were RMB 1.030 billion, including cash paid for debt repayment of RMB 0.949 billion, up 20.79% year on year. The company’s debt repayment pressure became evident.

Risks the company may face: Multiple challenges intertwined, concerns about profitability stability

Innovation risk

The company actively lays out new technology areas such as AI, but innovation-related business and technology involve foresight and uncertainty. If the company fails to adapt to market demand or meet customer needs, it may incur losses, affecting long-term business development.

Market competition risk

Competition in the internet advertising industry continues to intensify. If the company cannot continuously maintain competitive advantages in service capability and technology level, it may lose advantages in customer resources, media resources, and service capability accumulated in the early stage, impacting profitability and long-term development potential.

Risk of changes in overseas market environment and policies

The company’s business covers many countries and regions worldwide. If the overseas countries’ market environment and policies change, and the company cannot adjust its products and business in a timely manner, it may have adverse effects on business operations.

Advertising compliance risk

As the company’s business scale expands, if errors occur in the review of advertising information, the company may face the risk of penalties due to publishing false advertising information or other violations of relevant laws and regulations.

Data security risk

The company’s business involves a large amount of data. If access to data resources is restricted, storage security issues arise, or employees and business partners improperly use information, it will adversely affect the company’s reputation and operating results.

Supplier concentration risk

The company’s user traffic purchasing concentration is relatively high. If major suppliers change their cooperation policies, it may result in an inability to continuously procure leading-media user traffic, affecting daily operations.

Technology iteration risk

If the company’s R&D direction does not align with industry development trends, or if its R&D pace lags behind competitors, it will not be able to maintain technological competitive advantages, impacting service capability and operating performance.

Risk of international trade friction

If, in the future, significant trade frictions or disputes arise between China and the countries or regions involved in the company’s business, it may have adverse effects on the company’s operating performance.

Compensation for Executives and Board Members: Substantial executive pay, linked to performance fluctuations

In 2025, the chairman, Zou Xiaowu, had total pre-tax compensation received from the company of RMB 1.8511 million; the general manager, Wu Ying, had total pre-tax compensation of RMB 1.8652 million; the deputy general manager, Yang Ya, had total pre-tax compensation of RMB 1.0574 million; the financial controller, Zheng Dong, had total pre-tax compensation of RMB 0.9590 million. The compensation level for core executives is relatively considerable, and the compensation structure includes long-term incentive components such as share-based payments, which has a certain linkage with fluctuations in the company’s performance.

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