Beijing Zhidemai Technology

Zhidezhi released its 2026 interim report. In the first half of the year, it achieved operating revenue of 619 million yuan, up 6.43% year on year, but net profit attributable to the parent company was 9.02 million yuan, down 28.90% year on year, and net profit attributable to the parent company after deducting non-recurring items was 5.91 million yuan, down 44.56% year on year. Revenue growth was mainly driven by a surge in operating service fee income, which reached 377 million yuan, soaring 136.58% year on year and accounting for 60.9% of total revenue. However, operating costs rose 18.11% year on year, causing overall gross margin to fall from 49.20% in the same period last year to 43.62%. The former core business, information promotion revenue, was only 119 million yuan, halved by 50.92% year on year. Revenue from the internet performance marketing platform, which had the highest gross margin, also fell 26.70%, while the gross margin of the operating service fee business was only 27.08%, far lower than the 64.48% of the information promotion business. The company's net operating cash flow swung from a net inflow of 6.70 million yuan in the same period last year to a net outflow of 67.89 million yuan, a decline of as much as 1112.96%. The company explained that this was mainly due to increased upfront capital expenditure caused by the growth in the scale of the operating service business.