Half Year 2026 Tongdao Liepin Group Earnings Call (Chinese, English) Transcript
Key Points
- Revenue grew 5.6% year-on-year to RMB 989 million in 1H 2026, with cash billings growth accelerating for four consecutive quarters.
- Gross margin improved to 79%, the highest in four years, driven by AI product mix and delivery efficiency gains.
- Non-GAAP operating profit rose 42.6% year-on-year excluding other income, indicating strong operational improvement.
- AI products saw cash billings nearly double year-on-year, with AI Pro account adoption reaching 40% of existing and 70% of new customers.
- Shareholder returns enhanced with a 63% dividend payout ratio, exceeding the 50% commitment, and a strong cash reserve of RMB 2.4 billion.
- Overall recruitment market recovery remains uneven, with entry-level white-collar positions facing significant pressure.
- Sales and marketing expenses increased 9.8% year-on-year due to higher online sales costs from subsidiary channel strategy changes.
- Other income declined due to lower interest income from shareholder return outflows and foreign exchange losses from USD depreciation.
- R&D expenses decreased 13.3% year-on-year, potentially limiting long-term innovation capacity despite efficiency gains.
- Full-year cash billings growth is expected to be only mid-single-digit, indicating a cautious outlook for the second half.
Good day, and welcome to the Tongdao Liepin Group 2026 1H Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to [ Liz Wang ]. Please go ahead, ma'am.
Thank you, operator. Hi, everyone. Thank you for joining us on today's earnings call to discuss our interim results. 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 a detailed financial review. After the prepared remarks, we will be available to answer your questions. Our 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
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