HANGZHOU, China--(BUSINESS WIRE)--MOGU Inc. (NYSE: 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 EBITDA³ 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 loss⁴ 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 non­GAAP measures, such as Adjusted EBITDA and Adjusted net (loss)/income as supplemental measures to review and assess operating performance. The presentation of these non­GAAP 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 Non­GAAP Results” at the end of this press release.

The Company presents these non­GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non­GAAP 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 non­recurring in nature or may not be indicative of the Company’s core operating results and business outlook. The Company also believes that the non­GAAP 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 non­GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-­GAAP 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 non­GAAP 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 non­GAAP 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 non­GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non­GAAP 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 e­commerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s e­commerce 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.

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MOGU INC.

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MOGU INC.

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Unaudited Reconciliations of GAAP and Non-GAAP Results

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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

Source: MOGU Inc.