ADTIGER CORPORATIONS LIMITED (ADTIGER) reported a 16.2% year-on-year increase in revenue to RMB 179.31 million (USD ≈ 25.1 million) for the six months ended 30 June 2026. Growth was driven by higher service efficiency and an expanded advertiser base, which reached 1,684 clients versus 1,602 at end-2025.
Gross profit rose 15.3% to RMB 26.38 million, leaving the gross margin broadly stable at 14.7% (1H25: 14.8%). Nonetheless, net profit declined 15.4% to RMB 1.51 million, reflecting increased operating expenses and lower other income, notably a drop in foreign-exchange gains.
Key operating metrics • Pricing mix: CPA campaigns contributed 83.8% of revenue, while CPC/CPM models accounted for 16.2%. • Sector mix: Finance remained the largest vertical (36.2% of revenue), followed by utility & content apps (34.7%), e-commerce (25.1%) and other sectors (4.0%). • Customer concentration: The top five clients generated 63.2% of revenue; the largest single customer accounted for 24.8%.
Cost dynamics Total cost of sales increased 16.3% to RMB 152.94 million, mainly from higher traffic acquisition costs, which rose 12.6% to RMB 141.99 million. TikTok overtook Facebook and Google as the biggest traffic source, accounting for 36.8% of acquisition spend. Expenses for external optimisers and designers more than tripled to RMB 6.63 million, reflecting efforts to strengthen service capabilities.
Expense trends • Selling & distribution expenses climbed 25.5% to RMB 6.40 million amid headcount growth. • Administrative expenses were broadly flat at RMB 21.89 million. • Net impairment losses on financial assets inched up to RMB 1.00 million.
Cash flow and balance-sheet position • Operating activities consumed RMB 67.92 million (1H25: RMB 6.29 million outflow). • Cash and cash equivalents stood at RMB 403.04 million at period-end, down from RMB 476.40 million at end-2025. • The group remained debt-free, with a zero gearing ratio and lease liabilities of RMB 2.08 million. • Return on equity (annualised) slipped to 1.5%; net profit margin fell to 0.8%.
Capital management No interim dividend was declared. There were no interest-bearing bank borrowings, material acquisitions, disposals, or significant capital commitments during the period. Unused proceeds of approximately HKD 5.1 million from the January 2025 share placement remain earmarked for upgrading the AdTensor platform, targeted for deployment by 31 December 2026.
Strategic initiatives and outlook ADTIGER aims to reinforce its position as an “AI-native global growth partner” by: 1. Expanding its AI Agent-driven AdTensor platform to automate campaign workflows and budget allocation. 2. Enhancing sector-specific data models for cross-border e-commerce, gaming, finance, and content apps to improve ROI prediction and attribution. 3. Strengthening compliance with global data-privacy regulations and building regional delivery capabilities in Southeast Asia, Latin America, the Middle East and Europe. 4. Optimising its organisational structure with a higher proportion of AI specialists and exploring new revenue streams such as SaaS-based marketing solutions.
Corporate governance ADTIGER complied with all mandatory provisions of the Hong Kong CG Code during the reporting period, except for the dual role of Chairperson and CEO held by founder Ms. Chang Sufang until 26 July 2026. With the appointment of Mr. Yang Wei as non-executive Chairperson and Ms. Chang continuing as CEO from 27 July 2026, the separation of roles now meets code requirements.
No share repurchases, sales or redemptions occurred in 1H26. The audit committee has reviewed the unaudited interim results, and the auditor, Ernst & Young, has conducted a review in accordance with relevant standards.
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