Press Release: MOGU Announces Unaudited Financial Results for the Six Months Ended March 31, 2026 and Fiscal Year 2026

Dow Jones
06/22
HANGZHOU, China--(BUSINESS WIRE)--June 22, 2026-- 

MOGU Inc. $(MOGU)$ ("MOGU" or the "Company"), a KOL-driven online fashion and lifestyle destination in China, today announced its unaudited financial results for the six months ended March 31, 2026 and fiscal year 2026.

Mr. Fan Yiming, Chief Executive Officer of MOGU, commented, "In the second half of the fiscal year 2026, we continued to implement tailored sales incentive strategies to drive promotional activity by our key opinion leaders (KOLs), resulting in a significant increase in live-streaming hours among our streamers. However, the heightened competitive environment among major e-commerce platforms, especially during the peak season in the third quarter, impacted our performance. Gross merchandise value (GMV) decreased by 16.0% year-over-year in the second half of fiscal year 2026 while full-year GMV recorded a modest increase of 0.3%. Total revenues in the second half dropped by 28.5% year-over-year, with a full-year decline of 11.2%. On a brighter note, our MCN business on external platforms, including RedNote, performed well throughout the year, consistently ranking among the top three live-streaming agencies, generating more than RMB350 million in transaction volume and attracting many celebrities and influencers to join with the agency. Looking ahead, we will remain focused on narrowing our losses while actively exploring growth opportunities in new businesses."

"During the second half of fiscal year 2026, our total revenues decreased by 28.5% to RMB56.7 million from the same period of fiscal year 2025, and loss from operations narrowed to RMB40.2 million from RMB59.7 million in the prior-year period. Beyond our continued focus on cost optimization and efficiency improvements over the past six months, we have identified new revenue growth opportunities through our MCN operations on external platforms. For the upcoming fiscal year, we plan to build upon this momentum while steadily narrowing our overall losses, " added Ms. Qi Feng, Financial Controller.

Highlights For the Six Months Ended March 31, 2026

   --  Total revenues for the six months ended March 31, 2026 decreased by 
      28.5% to RMB56.7 million (US$8.2 million1) from RMB79.4 million during 
      the same period of fiscal year 2025. 
   --  Live video broadcast ("LVB") associated GMV for the six months ended 
      March 31, 2026 decreased by 16.0% period-over-period to RMB1,760 million 
      (US$255.2 million). 
   --  GMV2 for the six months ended March 31, 2026 was RMB1,818 million 
      (US$263.6 million), a decrease of 15.6% period-over-period. 

Financial Results For the Six Months Ended March 31, 2026

Total revenues for the six months ended March 31, 2026 decreased by 28.5% to RMB56.7 million (US$8.2 million) from RMB79.4 million during the same period of fiscal year 2025.

   --  Commission revenues for the six months ended March 31, 2026 decreased 
      by 18.4% to RMB32.2 million (US$4.7 million) from RMB39.4 million in the 
      same period of fiscal year 2025, primarily attributable to the lower GMV 
      due to the heightened competitive environment. 
 
   --  Financing solutions revenues for the six months ended March 31, 2026 
      decreased by 18.8% to RMB3.3 million (US$0.5 million) from RMB4.0 million 
      in the same period of fiscal year 2025. The decrease was primarily due to 
      the decrease in the service fee of loans to users in line with the lower 
      GMV. 
 
   --  Technology service revenues for the six months ended March 31,2026 
      decreased by 88.5% to RMB3.5 million (US$0.5 million) from RMB30.5 
      million in the same period of fiscal year 2025, primarily attributable to 
      the deconsolidation of Hangzhou Ruisha Technology Co. Ltd. ("Ruisha 
      Technology"), as the Company's share interest in Ruisha Technology 
      decreased from 59.6% to 48.2% since August 31, 2025. 
 
   --  Other revenues for the six months ended March 31, 2026 increased by 
      228.9% to RMB17.8 million (US$2.6 million) from RMB5.4 million in the 
      same period of fiscal year 2025, primarily attributable to an increase of 
      service revenue through providing advertising and promotion services 
      through KOLs to brands, online retailers and other merchants on social 
      media platforms, as well as an increase of service revenue through 
      providing talent management services to online platform operator. 

Cost of revenues for the six months ended March 31, 2026 increased by 2.2% to RMB46.2 million (US$6.7 million) from RMB45.2 million in the same period of fiscal year 2025 primarily due to an increase of the costs related to talent management services of RMB4.0 million, partially offset by a decrease in costs related to technology services of RMB3.3 million due to the of deconsolidation of Ruisha Technology.

Sales and marketing expenses for the six months ended March 31, 2026 decreased by 44.8% to RMB17.4 million (US$2.5 million) from RMB31.6 million in the same period of fiscal year 2025, primarily due to a decrease in promotion expenses of RMB5.6 million, payroll cost of RMB3.0 million and administrative expenses of RMB2.3 million, attributable to the Company's ongoing expense optimization efforts.

Research and development expenses for the six months ended March 31, 2026 decreased by 34.5% to RMB11.6 million (US$1.7 million) from RMB17.6 million in the same period of fiscal year 2025, primarily due to a decrease in payroll cost of RMB6.0 million, as a result of the deconsolidation of Ruisha Technology and the Company's efforts to better allocate its human resources.

General and administrative expenses for the six months ended March 31, 2026 decreased by 15.0% to RMB25.1 million (US$3.6 million) from RMB29.5 million in the same period of fiscal year 2025, primarily due to a decrease in other operating expenses of RMB4.3 million, attributable to the Company's ongoing expense optimization efforts.

Amortization of intangible assets for the six months ended March 31, 2026 remained relatively stable as compared with the same period of the fiscal year 2025.

Impairment of long-lived assets for the six months ended March 31, 2026 decreased by 100.0% to nil from RMB18.0 million in the same period of fiscal year 2025, primarily due to the cyclical fluctuations of the real estate market.

Loss from operations for the six months ended March 31, 2026 was RMB40.2 million (US$5.8 million), compared to the loss from operations of RMB59.7 million in the same period of fiscal year 2025.

Net loss attributable to MOGU Inc. for the six months ended March 31, 2026 was RMB48.6 million (US$7.0 million), compared to the net loss attributable to MOGU Inc. of RMB38.4 million in the same period of fiscal year 2025.

Adjusted EBITDA(3) for the six months ended March 31, 2026 was negative RMB34.1 million (US$4.9 million), compared to negative RMB35.7 million in the same period of fiscal year 2025.

Adjusted net loss(4) for the six months ended March 31, 2026 was RMB39.1 million (US$5.7 million), compared to the adjusted net loss of RMB41.5 million in the same period of fiscal year 2025.

Basic and diluted loss per ADS for the six months ended March 31, 2026 were RMB5.94 (US$0.86) and RMB5.94 (US$0.86), respectively, compared with RMB4.37 and RMB4.37, respectively, in the same period of fiscal year 2025. One ADS represents 300 Class A ordinary shares.

Cash and cash equivalents, Restricted cash and Short-term investments were RMB295.6 million (US$42.9 million) as of March 31, 2026, compared with RMB380.1 million as of March 31, 2025.

Fiscal Year 2026 Financial Results

Total revenues decreased by 11.2% to RMB125.4 million (US$18.2 million) from RMB141.2 million in fiscal year 2025.

   --  Commission revenues decreased by 11.8% to RMB65.8 million (US$9.5 
      million) from RMB74.7 million in fiscal year 2025, primarily attributable 
      to the lower GMV due to the heightened competitive environment. 
 
   --  Financing solutions revenues decreased by 13.5% to RMB6.8 million 
      (US$1.0 million) from RMB7.9 million in fiscal year 2025. The decrease 
      was primarily due to the decrease in service fees of loans to users in 
      line with the lower GMV. 
 
   --  Technology service revenues decreased by 47.4% to RMB26.9 million 
      (US$3.9 million) from RMB51.2 million in the fiscal year 2025, primarily 
      attributable to the deconsolidation of Ruisha Technology, as the 
      Company's share interest in Ruisha Technology decreased from 59.6% to 
      48.2%, and the Company deconsolidated Ruisha Technology since August 31, 
      2025. 
   --  Other revenues increased by 248.0% to RMB25.8 million (US$3.7 million) 
      from RMB7.4 million in fiscal year 2025, primarily attributable to the 
      increase of service revenue through providing advertising and promotion 
      services through KOLs to brands, online retailers and other merchants on 
      social media platforms, as well as an increase of service revenue through 
      providing talent management services to online platform operator. 

Cost of revenues increased by 5.7% to RMB89.6 million (US$13.0 million) from RMB84.8 million in fiscal year 2025, which was primarily due to an increase in costs of talent management services of RMB4.2 million.

Sales and marketing expenses decreased by 35.2% to RMB37.6 million (US$5.4 million) from RMB58.0 million in fiscal year 2025, primarily due to a decrease in spending on branding and user acquisition and incentives activities of RMB7.6 million, a decrease in other promotion expense of RMB6.6 million and payroll cost of RMB3.7 million, attributable to the Company's ongoing expense optimization efforts.

Research and development expenses decreased by 4.0% to RMB28.8 million (US$4.2 million) from RMB30.0 million in fiscal year 2025, primarily due to a decrease in payroll expense of RMB1.5 million as a result of the Company's efforts to better allocate its human resources.

General and administrative expenses decreased by 12.9% to RMB49.4 million (US$7.2 million) from RMB56.7 million in fiscal year 2025, primarily due to a decrease in other operating expenses of RMB6.7 million, attributable to the Company's ongoing expense optimization efforts.

Amortization of intangible assets in fiscal year 2026 remained relatively stable as compared with fiscal year 2025.

Impairment of long-lived assets decreased by 100% to nil from RMB18.0 million in the same period of fiscal year 2025, primarily due to the cyclical fluctuations of the real estate market.

Loss from operations was RMB72.2 million (US$10.5 million), compared to the loss from operations of RMB101.1 million in fiscal year 2025.

Net income attributable to MOGU Inc. was RMB1.8 million (US$0.3 million), compared to the net loss attributable to MOGU Inc. of RMB62.6 million in fiscal year 2025.

Adjusted EBITDA was negative RMB60.7 million (US$8.8 million), compared to negative RMB70.7 million in fiscal year 2025.

Adjusted net loss was RMB72.1 million (US$10.5 million), compared to the adjusted net loss of RMB79.8 million in fiscal year 2025.

Basic and diluted income per ADS were RMB0.23 (US$0.03) and RMB0.21 (US$0.03) respectively, compared with loss per ADS of RMB7.14 and RMB7.14, respectively, in fiscal year 2025. One ADS represents 300 Class A ordinary shares.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses nonSHYGAAP measures, such as Adjusted EBITDA and Adjusted net (loss)/income as supplemental measures to review and assess operating performance. The presentation of these nonSHYGAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Company defines Adjusted EBITDA as net (loss)/income before interest income, interest expense, fair value changes of crypto assets, gain/(loss) from investments, net, gain on deconsolidation of a subsidiary, income tax expenses, share of results of equity investees, impairment of long-lived assets, share-based compensation expenses, amortization of intangible assets, and depreciation of property and equipment. The Company defines Adjusted net (loss)/income as net loss excluding fair value changes of crypto assets, gain/(loss) from investments, net, gain on deconsolidation of a subsidiary, impairment of long-lived assets, share-based compensation expenses, and adjustments for tax effects. See "Unaudited Reconciliations of GAAP and NonSHYGAAP Results" at the end of this press release.

The Company presents these nonSHYGAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the nonSHYGAAP financial measures help identify underlying trends in its business by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are nonSHYrecurring in nature or may not be indicative of the Company's core operating results and business outlook. The Company also believes that the nonSHYGAAP financial measures could provide further information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects.

The nonSHYGAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-SHYGAAP financial measures have limitations as analytical tools. The Company's non-GAAP financial measures do not reflect all items of income and expense that affect the Company's operations and do not represent the residual cash flow available for discretionary expenditures. Further, these nonSHYGAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the nonSHYGAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company's financial information in its entirety and not rely on a single financial measure.

For more information on the nonSHYGAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and NonSHYGAAP Results" set forth at the end of this press release.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue" or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as MOGU's strategic and operational plans, contain forward-looking statements. MOGU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about MOGU's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MOGU's growth strategies; the risk that natural disasters or other health epidemics and other outbreaks in China or globally could adversely affect its operations or financial results; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China's eSHYcommerce market; changes in its revenues and certain cost or expense items; the expected growth of China's eSHYcommerce market; PRC governmental policies and regulations relating to MOGU's industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in MOGU's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and MOGU undertakes no obligation to update any forward-looking statement, except as required under applicable law.

About MOGU Inc.

MOGU Inc. (NYSE: MOGU) is a KOL-driven online fashion and lifestyle destination in China. MOGU provides people with a more accessible and enjoyable shopping experience for everyday fashion, particularly as they increasingly live their lives online. By connecting merchants, KOLs and users together, MOGU's platform serves as a valuable marketing channel for merchants, a powerful incubator for KOLs, and a vibrant and dynamic community for people to discover and share the latest fashion trends with others, where users can enjoy a truly comprehensive online shopping experience.

MOGU INC.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except for share and per share data)

 
                     As of March 
                         31,            As of March 31, 
                    -------------   ----------------------- 
                          2025                 2026 
                    -------------   ----------------------- 
                         RMB           RMB          US$ 
ASSETS 
Current assets: 
   Cash and cash 
    equivalents            82,021      133,627       19,372 
   Restricted cash            511          511           74 
   Short-term 
    investments           297,571      161,507       23,414 
   Inventories                 11           46            7 
   Loan 
    receivables, 
    net                    31,108       19,913        2,887 
   Prepayments, 
    receivables 
    and other 
    current 
    assets                 59,208       11,602        1,682 
   Amounts due 
    from related 
    parties                15,131       14,916        2,162 
                    -------------   ----------   ---------- 
Total current 
 assets                   485,561      342,122       49,598 
                    -------------   ----------   ---------- 
Non-current 
assets: 
   Property and 
    equipment, 
    net                   281,277      273,980       39,719 
   Intangible 
    assets, net               718          536           78 
   Crypto assets               --        4,691          680 
   Right-of-use 
    assets                    941        1,054          153 
   Investments             49,971      165,008       23,921 
   Other 
    non-current 
    assets                 39,759       39,520        5,729 
                    -------------   ----------   ---------- 
Total non-current 
 assets                   372,666      484,789       70,280 
                    -------------   ----------   ---------- 
Total assets              858,227      826,911      119,878 
                    =============   ==========   ========== 
LIABILITIES AND 
SHAREHOLDERS' 
EQUITY 
Current 
liabilities: 
   Accounts 
    payable                 4,500        3,549          514 
   Salaries and 
    welfare 
    payable                 7,873        7,909        1,147 
   Advances from 
    customers                  57           57            8 
   Taxes payable            3,144        9,105        1,320 
   Amounts due to 
    related 
    parties                 3,477        5,407          784 
   Current portion 
    of lease 
    liabilities               620          529           77 
   Accruals and 
    other current 
    liabilities           301,204      291,992       42,331 
                    -------------   ----------   ---------- 
Total current 
 liabilities              320,875      318,548       46,181 
                    -------------   ----------   ---------- 
Non-current 
liabilities: 
   Non-current 
    lease 
    liabilities               352          239           35 
                    -------------   ----------   ---------- 
Total non-current 
 liabilities                  352          239           35 
                    -------------   ----------   ---------- 
Total liabilities         321,227      318,787       46,216 
                    -------------   ----------   ---------- 
Shareholders' 
equity 
   Ordinary shares            181          181           26 
   Treasury stock        (138,269)    (138,262)     (20,044) 
   Statutory 
    reserves                6,705        9,462        1,372 
   Additional 
    paid-in 
    capital             9,490,093    9,490,109    1,375,777 
   Accumulated 
    other 
    comprehensive 
    income                 72,670       69,975       10,144 
   Accumulated 
    deficit            (8,922,425)  (8,923,341)  (1,293,613) 
                    -------------   ----------   ---------- 
Total MOGU Inc. 
 shareholders' 
 equity                   508,955      508,124       73,662 
                    -------------   ----------   ---------- 
Non-controlling 
interests                  28,045           --           -- 
                    -------------   ----------   ---------- 
Total 
 shareholders' 
 equity                   537,000      508,124       73,662 
                    -------------   ----------   ---------- 
Total liabilities 
 and shareholders' 
 equity                   858,227      826,911      119,878 
                    =============   ==========   ========== 
 

MOGU INC.

Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income

(All amounts in thousands, except for share and per share data)

 
                                 For the six months ended                           For the years ended 
                                        March 31,                                        March 31, 
                      ----------------------------------------------   --------------------------------------------- 
                           2025                    2026                    2025                    2026 
                      --------------   -----------------------------   -------------   ----------------------------- 
                           RMB              RMB             US$             RMB             RMB             US$ 
Net revenues 
   Commission 
    revenues                  39,422          32,178           4,665          74,697          65,847           9,546 
   Financing 
    solutions 
    revenues                   4,049           3,289             477           7,876           6,809             987 
   Technology 
    services 
    revenues                  30,503           3,497             507          51,236          26,941           3,906 
   Other revenues              5,407          17,783           2,578           7,424          25,835           3,745 
                       -------------   -------------   -------------   -------------   -------------   ------------- 
Total revenues                79,381          56,747           8,227         141,233         125,432          18,184 
   Cost of revenues 
    (exclusive of 
    amortization of 
    intangible assets 
    shown separately 
    below)                   (45,202)        (46,181)         (6,695)        (84,762)        (89,578)        (12,986) 
   Sales and 
    marketing 
    expenses                 (31,591)        (17,442)         (2,529)        (57,953)        (37,556)         (5,444) 
   Research and 
    development 
    expenses                 (17,635)        (11,550)         (1,674)        (29,967)        (28,776)         (4,172) 
   General and 
    administrative 
    expenses                 (29,532)        (25,096)         (3,638)        (56,675)        (49,390)         (7,160) 
   Amortization of 
    intangible 
    assets                       (81)            (88)            (13)           (156)           (176)            (26) 
   Impairment of 
    long-lived 
    assets                   (17,953)             --              --         (17,953)             --              -- 
   Other income, net           2,921           3,386             491           5,093           7,832           1,135 
                       -------------   -------------   -------------   -------------   -------------   ------------- 
Loss from operations         (59,692)        (40,224)         (5,831)       (101,140)        (72,212)        (10,469) 
   Interest income             2,784             591              86           5,905           2,282             331 
   Interest expense               (1)             --              --              (1)            (11)             (2) 
   Fair value changes 
    of crypto assets              --          (3,789)           (549)             --          (3,789)           (549) 
   Gain/(loss) from 
    investments, net          21,582          (5,738)           (832)         38,050          42,264           6,127 
   Gain on 
    deconsolidation 
    of a subsidiary               --              --              --              --          36,909           5,351 
                       -------------   -------------   -------------   -------------   -------------   ------------- 
(Loss)/income before 
 income tax and share 
 of results of equity 
 investees                   (35,327)        (49,160)         (7,126)        (57,186)          5,443             789 
   Income tax 
    expenses                    (832)         (2,000)           (290)           (839)         (6,129)           (889) 
   Share of results 
    of equity method 
    investees                 (1,848)          2,550             370          (2,548)          3,906             566 
                       -------------   -------------   -------------   -------------   -------------   ------------- 
Net (loss)/income            (38,007)        (48,610)         (7,046)        (60,573)          3,220             466 
   Net income 
    attributable to 
    non-controlling 
    interests                    421              --              --           1,984           1,379             200 
                       -------------   -------------   -------------   -------------   -------------   ------------- 
Net (loss)/income 
 attributable to MOGU 
 Inc.                        (38,428)        (48,610)         (7,046)        (62,557)          1,841             266 
                       =============   =============   =============   =============   =============   ============= 
Net (loss)/income            (38,007)        (48,610)         (7,046)        (60,573)          3,220             466 
Other comprehensive 
(loss)/income: 
   Foreign currency 
    translation 
    adjustments, net 
    of nil tax                 1,757          (1,930)           (280)            526          (2,695)           (391) 
   Unrealized 
    securities 
    holding losses, 
    net of tax                (1,171)             --              --         (17,423)             --              -- 
                       -------------   -------------   -------------   -------------   -------------   ------------- 
Total comprehensive 
 (loss)/income               (37,421)        (50,540)         (7,326)        (77,470)            525              75 
Total comprehensive 
 income attributable 
 to non-controlling 
 interests                       421              --              --           1,984           1,379             200 
                       -------------   -------------   -------------   -------------   -------------   ------------- 
Total comprehensive 
 loss attributable to 
 MOGU Inc.                   (37,842)        (50,540)         (7,326)        (79,454)           (854)           (125) 
                       =============   =============   =============   =============   =============   ============= 
Net (loss)/income 
per share 
attributable to 
ordinary 
shareholders 
   Basic                       (0.01)          (0.02)          (0.00)          (0.02)           0.00            0.00 
   Diluted                     (0.01)          (0.02)          (0.00)          (0.02)           0.00            0.00 
Net (loss)/income 
per ADS 
   Basic                       (4.37)          (5.94)          (0.86)          (7.14)           0.23            0.03 
   Diluted                     (4.37)          (5.94)          (0.86)          (7.14)           0.21            0.03 
Weighted average 
number of shares 
used in computing 
net (loss)/income 
per share 
   Basic               2,636,960,610   2,453,953,099   2,453,953,099   2,628,575,500   2,453,174,723   2,453,174,723 
   Diluted             2,636,960,610   2,453,953,099   2,453,953,099   2,628,575,500   2,637,344,662   2,637,344,662 
Share-based 
compensation 
expenses included 
in: 
   Cost of revenues               34              --              --              68               1              -- 
   General and 
    administrative 
    expenses                      23               6               1             627               9               1 
   Sales and 
    marketing 
    expenses                      13              --              --              27               1              -- 
   Research and 
    development 
    expenses                      29              --              --             117               5               1 
 

MOGU INC.

Unaudited Condensed Consolidated Statements of Cash Flows

(All amounts in thousands, except for share and per share data)

 
                        For the six months ended         For the years ended 
                                March 31,                     March 31, 
                       ---------------------------   --------------------------- 
                         2025           2026           2025           2026 
                       --------   ----------------   --------   ---------------- 
                         RMB        RMB      US$       RMB        RMB      US$ 
Net cash used in 
 operating activities   (38,963)   (8,648)  (1,254)   (67,916)  (47,417)  (6,874) 
Net cash provided 
 by/(used in) 
 investing activities    36,082     8,809    1,277   (207,930)   99,334   14,400 
Net cash provided 
 by/(used in) 
 financing activities        --         1       --       (822)        8        1 
Effect of foreign 
 exchange rate changes 
 on cash and cash 
 equivalents and 
 restricted cash            546      (237)     (34)       (98)     (319)     (46) 
Net 
 (decrease)/increase 
 in cash and cash 
 equivalents and 
 restricted cash         (2,335)      (75)     (11)  (276,766)   51,606    7,481 
Cash and cash 
 equivalents and 
 restricted cash at 
 beginning of period     84,867   134,213   19,457    359,298    82,532   11,965 
Cash and cash 
 equivalents and 
 restricted cash at 
 end of period           82,532   134,138   19,446     82,532   134,138   19,446 
 

MOGU INC.

Unaudited Reconciliations of GAAP and Non-GAAP Results

(All amounts in thousands, except for share and per share data)

 
                        For the six months ended                     For the years ended 
                                March 31,                                 March 31, 
                   -----------------------------------       ----------------------------------- 
                     2025                 2026                2025                 2026 
                   --------       --------------------       -------       --------------------- 
                     RMB            RMB          US$           RMB           RMB           US$ 
Net (loss)/income   (38,007)      (48,610)      (7,046)      (60,573)        3,220           466 
Interest expense          1            --           --             1            11             2 
Income tax 
 expenses               832         2,000          290           839         6,129           889 
Interest income      (2,784)         (591)         (86)       (5,905)       (2,282)         (331) 
Amortization of 
 intangible 
 assets                  81            88           13           156           176            26 
Depreciation of 
 property and 
 equipment            5,814         6,030          874        11,450        11,289         1,637 
                    -------       -------       ------       -------       -------       ------- 
EBITDA              (34,063)      (41,083)      (5,955)      (54,032)       18,543         2,689 
Impairment of 
 long-lived 
 assets              17,953            --           --        17,953            --            -- 
Share-based 
 compensation 
 expenses                99             6            1           839            16             2 
Share of result of 
 equity investees     1,848        (2,550)        (370)        2,548        (3,906)         (566) 
Fair value changes 
 of crypto assets        --   --    3,789   --     549            --   --    3,789   --      549 
(Gain)/loss from 
 investments, net   (21,582)        5,738   --     832       (38,050)      (42,264)  --   (6,127) 
Gain on 
 deconsolidation 
 of a subsidiary         --            --           --            --       (36,909)       (5,351) 
                    -------       -------       ------       -------       -------       ------- 
Adjusted EBITDA     (35,745)      (34,100)      (4,943)      (70,742)      (60,731)       (8,804) 
                    =======       =======       ======       =======       =======       ======= 
Net (loss)/income   (38,007)      (48,610)      (7,046)      (60,573)        3,220           466 
Fair value changes 
 of crypto assets        --   --    3,789   --     549   --       --   --    3,789   --      549 
(Gain)/loss from 
 investments, net   (21,582)        5,738          832       (38,050)      (42,264)       (6,127) 
Gain on 
 deconsolidation 
 of a subsidiary         --            --           --            --       (36,909)       (5,351) 
Share-based 
 compensation 
 expenses                99             6            1           839            16             2 
Impairment of 
 long-lived 
 assets              17,953            --           --        17,953            --            -- 
Adjustments for 
tax effects              --            --           --            --            --            -- 
                    -------       -------       ------       -------       -------       ------- 
Adjusted net loss   (41,537)      (39,077)      (5,664)      (79,831)      (72,148)      (10,461) 
                    =======       =======       ======       =======       =======       ======= 
 
 
 
 
(1) The U.S. dollar (US$) amounts disclosed in this press release, except for 
those transaction amounts that were actually settled in U.S. dollars, are 
presented solely for the convenience of the readers. The conversion of 
Renminbi (RMB) into US$ in this press release is based on the exchange rate 
set forth in the H.10 statistical release of the Board of Governors of the 
Federal Reserve System as of March 31, 2026, which was RMB6.8980 to US$1.00. 
The percentages stated in this press release are calculated based on the RMB 
amounts. 
(2) GMV are to gross merchandise volume, refers to the total value of orders 
placed on the MOGU platform regardless of whether the products are sold, 
delivered or returned, calculated based on the listed prices of the ordered 
products without taking into consideration any discounts on the listed prices. 
Buyers on the MOGU platform are not charged for separate shipping fees over 
the listed price of a product. If merchants include certain shipping fees in 
the listed price of a product, such shipping fees will be included in GMV. As 
a prudent matter aiming at eliminating any influence on MOGU's GMV of 
irregular transactions, the Company excludes from its calculation of GMV 
transactions over a certain amount (RMB100,000) and transactions by users over 
a certain amount (RMB1,000,000) per day. 
(3) Adjusted EBITDA represents as net (loss)/income before (i) interest 
income, interest expense, fair value changes of crypto assets, gain/(loss) 
from investments, net, gain on deconsolidation of a subsidiary, income tax 
expenses and share of results of equity investees, impairment of long-lived 
assets and (ii) certain non-cash expenses, consisting of share-based 
compensation expenses, amortization of intangible assets, and depreciation of 
property and equipment. See "Unaudited Reconciliations of GAAP and NonSHYGAAP 
Results" at the end of this press release. 
(4) Adjusted net loss represents net (loss)/income excluding (i) fair value 
changes of crypto assets, gain/(loss) from investments, net, gain on 
deconsolidation of a subsidiary, (ii) share-based compensation expenses, (iii) 
impairment of long-lived assets, (iv) adjustments for tax effects. See 
"Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this 
press release. 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260622086516/en/

 
    CONTACT: 

For investor and media inquiries, please contact:

MOGU Inc.

Ms. Qi Feng

Phone: +86-571-8530-8201

E-mail: ir@mogu.com

Christensen

Mr. Christian Arnell

Phone: +852-2117-0861

Email: christian.arnell@christensencomms.com

 
 

(END) Dow Jones Newswires

June 22, 2026 06:34 ET (10:34 GMT)

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