EASOU TECH (Easou Technology Holdings Limited) reported a robust turnaround for the year ended 31 December 2025, posting a profit of RMB 32.49 million after a loss of RMB 2.05 million in 2024.
Revenue rose 29.4% to RMB 781.63 million (USD ≈ $110 million). Gross profit increased 26.6% to RMB 323.74 million, with the gross margin holding broadly steady at 41.4% (2024: 42.3%).
Segment performance • Digital marketing services remained the largest contributor, up 33.8% to RMB 451.02 million, supported by a full-link AI marketing system for ad creative generation, placement optimisation and intelligent customer service. • Online reading platform revenue grew 20.1% to RMB 290.46 million as registered users reached 49 million and monthly active users hit 25 million. • Online games publishing surged 314.4% to RMB 25.48 million, driven by AI-powered user profiling and nine new overseas titles in testing. • Other digital content services generated RMB 14.67 million (-23.6% YoY).
Cost dynamics and margins Cost of sales advanced 31.4% to RMB 457.89 million, in line with revenue expansion. Digital marketing maintained a slim but improving margin of 7.7% (2024: 7.4%). Online reading stayed highly profitable at an 89.7% margin, while game publishing margin widened sharply to 81.5% as earlier copyright amortisation tapered off.
Expense profile • Selling & distribution: RMB 235.37 million (+27.3%), reflecting heavier promotion of overseas reading, short-form dramas and games. • R&D: RMB 50.30 million (+39.3%), equal to 6.4% of revenue, as the group invested in AI-generated content and recommendation algorithms. • Administrative: RMB 23.33 million (-46.2%) following the absence of prior-year listing costs.
Balance sheet highlights Total assets climbed 67.9% to RMB 1.14 billion, driven by cash and investments. Cash and cash equivalents jumped 182.8% to RMB 454.93 million, aided by two 2025 share placements that raised a combined HKD 518.7 million (about RMB 519 million). Interest-bearing borrowings fell 26.2% to RMB 142.40 million, trimming the gearing ratio to 14.9% (2024: 43.3%). Net current assets more than doubled to RMB 816.58 million.
Capital allocation Capital expenditure doubled to RMB 29.20 million, while net proceeds from the IPO and subsequent placings are earmarked for AI R&D, overseas expansion of games and short-drama businesses, ad-tech upgrades, and Web 3.0/RWA investments. As of 31 December 2025, RMB-equivalent HKD 3.60 million from the IPO and HKD 408.90 million from the two placings remained unutilised, with deployment targeted through 2027.
Outlook and strategy Management plans to deepen AI integration—shifting toward large-model platformisation, agent architectures and multimodal content generation—while accelerating overseas growth via short dramas and casual games. Parallel initiatives include Real-World Asset tokenisation and Web 3.0 ecosystem investments to diversify revenue.
EASOU TECH did not recommend a final dividend for 2025.
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