Mininglamp (MININGLAMP-W, 02718) released its first post-IPO annual results, highlighting a strategic pivot to “Agentic Services” and a return to adjusted profitability despite a sizeable headline loss tied to fair-value re-measurements.
Financial Performance • Revenue climbed 3.2% year on year to RMB1.43 billion, driven by steady expansion in Data Intelligence and the debut of Agentic Services. • Gross profit rose 10.8% to RMB789.62 million; gross margin improved to 55.4% from 51.6% on higher AI-driven delivery efficiency. • Statutory operating loss narrowed sharply to RMB15.72 million (2024: RMB132.35 million). • Non-HKFRS adjusted operating profit reached RMB24.98 million (2024: RMB0.58 million). • Adjusted net swung to a RMB42.04 million profit (2024: loss of RMB45.11 million). • A RMB6.41 billion non-cash fair-value loss on preferred shares, warrants and convertible notes, recorded upon IPO conversion, pushed the bottom line to a reported net loss of RMB6.41 billion (2024: profit of RMB7.95 million).
Segment Highlights • Data Intelligence remained core, contributing 88.4% of revenue at RMB1.26 billion (+0.5%). Operational Intelligence advanced 3.7% to RMB542.20 million on conversational and smart-store system upgrades, offsetting a 1.7% slip in Marketing Intelligence to RMB718.16 million. • Newly launched Agentic Services delivered RMB100.22 million, equivalent to 7.0% of total revenue, validating pay-for-performance AI offerings in marketing and content production. • “Others” (legacy industry solutions being wound down) declined 49.0% to RMB65.20 million.
Cost Structure & Expenses • Cost of sales fell 4.9% to RMB636.15 million as AI automation cut delivery costs. • R&D spending edged up 2.1% to RMB360.56 million, underscoring continued investment in proprietary models “Cito” and “Mano”. • Administrative expenses dropped 32.4% to RMB244.76 million, reflecting lower share-based payments and tighter overhead control. • Selling & marketing costs rose 37.5% to RMB175.09 million amid sales-force expansion and brand building.
Balance Sheet & Cash Flow • IPO proceeds (net HK$1.05 billion) lifted cash, deposits and equivalents to RMB1.54 billion (2024: RMB0.56 billion). • Interest-bearing bank borrowings stood at RMB219.19 million; conversion of preference shares at listing eliminated RMB7.82 billion of liabilities, reducing gearing to a net cash position. • Operating cash inflow reached RMB18.03 million versus an outflow of RMB27.92 million last year.
Strategic Developments • Formal launch of Agentic Services in 2025 marks transition from data insights to outcome-based AI delivery, with a 96% renewal rate among key accounts and 30% of new key clients sourced via the new model. • Proprietary DeepMiner platform (Cito reasoning model and Mano GUI agent) underpins 400% marketing delivery efficiency gains and 30% faster task resolution in operational intelligence. • Post-listing war chest earmarked for R&D (35% of proceeds), product expansion (40%), and go-to-market initiatives (15%), with utilisation planned by end-2027.
Outlook Management targets accelerated scaling of Agentic Services across marketing, content, and broader digital white-collar workflows in 2026, while pursuing edge-AI hardware, overseas expansion and continued model innovation.
Dividend No final dividend declared for FY2025.
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