Fulu Holdings reported interim results for the six months ended 30 June 2026. Revenue fell 28.4% year on year to RMB 112.66 million, reflecting business rationalisation and lower digital-goods volumes. Gross profit contracted less sharply, down 21.3% to RMB 90.96 million, as the gross margin widened to 80.7% from 73.4% a year earlier.
Profit before tax rose 11.5% to RMB 35.72 million, and net profit eased only 1.7% to RMB 27.99 million. Profit attributable to shareholders dropped 23.5% to RMB 23.06 million, primarily because a larger earnings share was allocated to non-controlling interests following the de-consolidation of the live-streaming unit. Adjusted profit attributable to shareholders declined 18.5% to RMB 25.46 million.
By segment, lifestyle services remained the largest revenue contributor at RMB 54.19 million (-6.6% YoY) on GMV of RMB 2.21 billion (+7.1%). Leisure & entertainment revenue fell 41.7% to RMB 29.78 million, while games slipped 23.8% to RMB 16.37 million. Corporate welfare revenue more than halved to RMB 11.75 million after the unit shifted to a prepaid model and trimmed lower-quality clients. Telecommunications revenue remained immaterial at RMB 0.57 million.
Total assets grew 5.5% from end-2025 to RMB 1.68 billion, driven by higher working-capital balances. Net assets increased 2.3% to RMB 1.23 billion. The balance sheet stayed ungeared; cash and cash equivalents stood at RMB 325.14 million. Operating cash inflow reached RMB 54.73 million, aided by tighter receivables management.
Management prioritised “value concentration, efficiency enhancement and technology empowerment,” divesting low-return operations and rolling out subsidiary-level cloud platforms supported by AI-driven risk control. Gross-margin gains across lifestyle, leisure & entertainment and games segments underscore progress.
Subsequent to the period end, the board declared a special dividend of HK$ 0.342 per share, paid on 18 August 2026.
Looking to H2 2026, the company will continue to streamline its portfolio, deepen subsidiary governance and scale AI applications to strengthen profitability amid ongoing industry consolidation and macro uncertainties.