ZIBUYU (02420) achieved a leap-forward breakthrough in its omni-channel strategy in the first half of the year, realizing a net profit of approximately 138 million yuan, a year-on-year increase of 30.0%.

ZIBUYU (02420) announced its interim results for 2026, reporting total revenue of approximately 2.827 billion yuan, a year-on-year increase of 44.2%; net profit attributable to shareholders of approximately 138 million yuan, a year-on-year increase of 30.0%. The basic and diluted earnings per share are approximately 0.28 yuan. The announcement stated that the revenue growth was mainly due to the continued release of brand momentum within the group, with robust high growth in the key channel of the Amazon platform and several-fold growth in other channels such as TikTok, driving a significant increase in revenue. In the first half of 2026, the all-channel strategy achieved a leap forward, with explosive growth in the TikTok business. Against the backdrop of a progressively brand system and TikTok entering a period of growth dividends, various brand divisions have comprehensively laid out content e-commerce, building talent teams and business processes from 0 to 1, and engaging in influencer and mall operations; simultaneously, supported by AIGC technology, the number of self-produced videos increased month by month, with a total output exceeding 50,000 in the first half of the year, successfully running the business model and establishing a healthy sales structure of "influencer + product cards + self-produced videos." During the reporting period, TikTok channel revenue soared by 662.1% year-on-year to approximately 289 million yuan, with revenue accounting for 10.2%, marking the formal transition of the business from the investment phase to the phase of scaled profitability, demonstrating the group's rapid cross-platform adaptability. In the first half of the year, the Amazon core business realized steady high growth despite a high base, with revenue significantly increasing by 29.6% year-on-year to approximately 2.353 billion yuan. In addition, the company coordinated the layout of other third-party platforms and its own website, strategically tracking and piloting new sales channels, aiming to quickly cut in and seize market advantages during appropriate windows. Overall, the group's channel dividends are gradually being released, and the diversified growth structure is becoming healthier, significantly enhancing operational risk resistance. In the first half of 2026, AI empowerment across the whole chain significantly boosted organizational efficiency. The company seized opportunities from industry changes, advancing the application of AI in key areas such as product design, marketing operations, merchandise management, and supply chain, transitioning from point tool assistance to a closed-loop upgrade across the entire process, vastly improving operational efficiency and management decision-making accuracy. In product design, AI covered core scenarios including creative generation, trend analysis, and style iteration, reducing labor input in hand-drawing and market research, while simultaneously increasing the precision of popular product development. On the marketing front, the company's self-developed AIGC video factory went into production in the second quarter, enabling scaled generation of short videos, enhancing capacity by several times, and significantly reducing content production costs like outdoor shooting; at the same time, AI-driven ad diagnosis and automated pricing tools were comprehensively applied, boosting ad deployment efficiency. On the merchandise and supply chain front, projects such as AI smart order auditing, smart task assignment, and intelligent order-following assistants were launched one after another, providing support for merchandise replenishment and production progress tracking. During the reporting period, the overall per capita efficiency of the group rose by 35% compared to the same period last year. In the first half of 2026, brand building progressed deeply, and refined management efficiency continued to be released. During the reporting period, core brands achieved rapid growth, with brand concentration significantly improving, the revenue share of the top ten core brands rising from 54% in 2025 to 65%. In terms of brand system construction, core brands completed the iteration of the 2.0 version of the brand book, clarifying user profiles and style tones, standardizing visual language and scenario application standards, forming a three-tier product structure of "brand image models genetic upgrade models business models," and implementing a series development model to make the inventory structure more rational; on the brand marketing side, the company established an integrated marketing system of "official media accounts + influencer networks + user communities," leveraging Instagram and TikTok official accounts to convey brand narratives, collaborating with overseas social media influencers for brand promotion and product endorsements, building overseas private domain communities to accumulate user assets, and boosting off-site traffic conversion. By the end of the first half, the follower count of the core brands overseas social media official accounts exceeded 600,000. At the same time, with the improvement of brand business units, the company deeply advanced vertical brand management, concentrating resource investments, and deploying a monthly dynamic assessment mechanism to continuously release management efficiency. In the first half of 2026, the global supply chain was iteratively upgraded, continuously optimizing product costs, quality, and delivery cycles. The company increased overseas production capacity, establishing a global production network centered in Vietnam and Myanmar, with Cambodia and Turkey as multiple supplemental points. Among these, the Myanmar base quickly ramped up production capabilities leveraging cost advantages, while the Vietnam base ensured stable delivery thanks to mature e-commerce support, successfully breaking through 10% of overseas production capacity in the first half; at the same time, the company conducted research in emerging regions like Indonesia and Bangladesh to improve the global supply chain network, lower procurement costs, and diversify risks. In addition, the company implemented a centralized procurement mechanism for planned fabrics, effectively reducing costs by increasing fabric reuse rates; it also carried out a special action for improving fabric patterns, systematically enhancing product competitiveness and steadily reducing return rates.