Baige Online Digital Technology Co., Ltd. (BAIGE DIGITAL) reported interim results for the six months ended 30 June 2026, highlighting strong top-line expansion and a reduced net loss.

Revenue and Profitability • Group revenue reached RMB 788.85 million, up 39.2% year on year from RMB 566.76 million. • Gross profit rose 27.1% to RMB 64.66 million; overall gross margin slipped 0.8 percentage points to 8.2% as a higher mix of lower-margin precision-marketing contracts and competitive pricing offset scale benefits. • Loss from operations narrowed to RMB 9.74 million from RMB 16.13 million. • Net loss attributable to shareholders fell 43.6% to RMB 12.16 million. • Adjusted net loss (excluding listing expenses, interest on puttable-share liabilities and share-based payments) improved to RMB 2.48 million, versus RMB 4.98 million a year earlier.

Segment Performance • Insurance Transaction Services generated revenue of RMB 457.50 million, an 8.8% increase, contributing 58.0% of total revenue with an average commission rate of 20.4%. • Precision Marketing & Digitalisation Solutions surged 130.4% to RMB 329.43 million, now accounting for 41.8% of group revenue and identified as the key growth driver. • Third-Party Administrator (TPA) Services declined 41.3% to RMB 1.93 million, reflecting project-cycle fluctuations.

Expense and Cash Flow Highlights • Research & development spend grew 22.7% to RMB 23.80 million amid continued investment in AI and Mixture-of-Experts models. • Finance costs dropped 68.1% to RMB 1.82 million owing to lower interest on puttable-share liabilities. • Net cash used in operations totalled RMB 56.50 million versus an inflow of RMB 2.89 million in 1H25, driven by working-capital changes. • Financing activities generated net cash of RMB 436.71 million, primarily from the HK$465.8 million IPO completed on 29 June 2026. • Period-end cash and cash equivalents rose 349.2% to RMB 489.80 million; gearing stood at 2.6%.

Balance Sheet and Capital Management • Total assets expanded to RMB 646.77 million from RMB 249.48 million at end-2025, reflecting IPO proceeds and working-capital growth. • Total equity turned positive to RMB 475.63 million from a deficit of RMB 47.83 million after derecognition of puttable-share liabilities upon listing. • A new three-year syndicated loan of RMB 10.00 million was secured; outstanding borrowings totalled RMB 10.00 million at mid-year. • No interim dividend was declared; management emphasised cash retention to bolster liquidity amid macro uncertainty.

Strategic and Operational Developments • Active ecosystems increased to 84 service scenarios with 70 new projects added during the period. • Key technology milestones included the rollout of Baige e-Bao SaaS platform version 3.0 and deployment of six proprietary AI MaaS models, underpinning growth in precision-marketing solutions. • Recognition highlights included selection of Baige e-Bao for the PBOC Fintech Innovation Regulatory Sandbox and provincial listing of the Qingluan Mixture-of-Experts large model.

Looking Ahead Management plans to accelerate vertical AI model commercialisation, deepen core ecosystems in mobility, pan-HR, inclusive finance and healthcare, and strengthen the talent pipeline. Capital raised from the IPO is earmarked for technology R&D, market expansion and ecosystem development; no IPO proceeds had been utilised as of 30 June 2026.