Phancy Group Co., Ltd. released its FY2025 audited results, highlighting a sharp turnaround to adjusted profitability on record-high sales driven by accelerating demand for artificial-intelligence solutions in China.
Revenue and Profitability • Full-year revenue reached RMB7.14 billion, up 35.6% year-on-year, outpacing industry averages and marking a re-acceleration from 2024. • Gross profit rose 10.6% to RMB2.48 billion; gross margin narrowed to 34.8% (2024: 42.7%) as hardware costs lifted cost of sales 54.2% to RMB4.65 billion. • Adjusted net profit reversed from a RMB0.29 billion loss in 2024 to a RMB6.33 million profit; adjusted net profit attributable to shareholders swung to RMB17.84 million (2024: loss of RMB0.26 billion). • Reported net loss shrank 87.2% to RMB37.78 million; loss attributable to owners narrowed 90.2% to RMB26.27 million. • Operating loss contracted 62.4% to RMB133.47 million as selling, marketing and administrative costs fell more than 20%, offsetting a 7.7% rise in R&D spending to RMB2.34 billion.
Segment Performance • AI Platform (PaaS) remained the core pillar, contributing RMB6.55 billion (+32.0%) and 91.8% of total revenue. • API (Token-based) business delivered RMB79.90 million, soaring 129.2%; management highlighted “explosive” traction with first-quarter 2026 Token sales already exceeding the FY2025 total. • Agentic AI (Result-as-a-Service) revenue nearly doubled to RMB503 million (+93.2%), supported by rapid uptake of electricity-trading solutions in the energy sector.
Balance Sheet and Cash • Liquid cash resources (cash, deposits and short-term investments) stood at RMB3.77 billion at year-end, up from RMB2.30 billion in 2024. • Net current assets improved to RMB5.38 billion (2024: RMB3.19 billion). • Gearing ratio remained low at 2.7%; borrowings totalled RMB201.9 million. • Capital commitments for equity investments: RMB4.0 million; no material contingent liabilities reported.
Operational Highlights • Customer base surpassed 1,000 across more than 20 industries; order backlog exceeded RMB8.9 billion. • IDC ranked Phancy No. 1 in China’s machine-learning platform market for the seventh consecutive year. • Key product launches included ModelHub XC (over 30,000 models adapted for domestic chips), HAMi vGPU enhancements, and the expanded PhanthyCloud service. • The company reiterated its “three-engine” growth model—AI Platform, API and Agentic AI—and expects continued momentum in 2026.
Capital Actions and Governance • Repurchased 308,900 H shares during 2025 for HK$11.71 million; 688,300 H shares held in treasury at year-end. • Changed corporate name to “Phancy Group Co., Ltd.” and amended stock short name to “PHANCY” effective January 2026. • No final dividend declared for FY2025.
Outlook Management targets further scaling of the API and Agentic AI segments in 2026, citing robust Token demand and expanding industry adoption of AI agents, while maintaining AI Platform as the revenue cornerstone.
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