Full Year 2025 Tongdao Liepin Group Earnings Call (Chinese, English) Transcript
Key Points
- Gross margin improved to 76.6%, marking the second consecutive year of increase.
- Cash billings turned from decline to growth in the second half of 2025, indicating positive signs of recovery.
- Verified enterprise customers reached 1.474 million, up 3.2% year on year, and paying enterprise customers grew to 72,000, up 5.3% year on year.
- AI products generated significant revenue growth, with cash billings from AI products increasing nearly tenfold from RMB10 million in 2024 to over RMB100 million in 2025.
- Registered individual users surpassed 116 million, up 10% year on year, and the average MAU grew 15.3% year on year.
- Total revenue for 2025 was RMB1.986 billion, down 4.6% year on year.
- Non-GAAP operating profit was RMB206 million, down 10.2% year on year, and non-GAAP net profit attributable to shareholders was RMB142 million, down 16.6% year on year.
- Revenue decline was mainly attributable to talent recruitment and other human resource services to business users, which generated revenue of RMB1.65 billion, down 6.2% year on year.
- Operating profit and net profit declined by 13.5% and 23.1% year on year, respectively, mainly due to a significant drop in interest income and foreign exchange gains or losses.
- Overall operating expenses are expected to rise in 2026, mainly due to higher marketing costs and increased manpower expenses at subsidiaries.
Good day, and welcome to the Tongdao Liepin Group 2025 annual results conference call. Today's call is being recorded.
At this time, I'd like to turn the conference over to [Catherine Zhang]. Please go ahead.
Okay. Thank you, operator. Hi, everyone. Thank you for joining us on today's conference call to discuss our results for the full year 2025. The company's financial and operating results were published and were posted on the company's IR website at ir.liepin.com.
On today's call, Mr. Rick Dai, company's Chairman and CEO, will kick off with our business operations and highlights. After that, Mr. Tim Tian, our CFO, will continue with detailed financial review. After prepared remarks, we will be able to answer your questions. All remarks will be in Chinese followed by English translation. Before we continue, I would like to remind you that this call may contain forward-looking statements made under the Safe Harbor provisions.
Such statements are based on management's current expectations and current
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