The Zhitong Finance App learned that on the morning of August 14, Maifushi (02556) held a 2026 interim results conference, and the management officially announced the 2026 performance data for the 2026 fiscal year ending June 30, 2026. During the reporting period, the total number of employees increased by 13.8% year on year to 1,893, total revenue increased by 111.2% year on year, and labor efficiency increased by 85.6% compared with the same period last year. Personnel expansion is significantly slower than revenue growth, and the organizational efficiency value brought by enterprise intelligence is beginning to be shown in business indicators. This increased by more than 15% from the opening of the stock market to HK$55. The stock price began to reflect the realisation of profits.
The fee structure also follows the same direction. In the first half of the year, the Group's sales rate was 11.4%, and the management rate was 4.6%, down 5.6 percentage points year-on-year; the R&D rate was 16.6%. In other words, the efficiency space freed up by sales and management is being further invested in smart platforms, knowledge governance, and key scenario products. It's not just “spend less.” Maifushi continues to apply self-developed agents to sales, service, R&D and management processes, while improving AI-AgentForce Agent 3.0, KnowForce AI enterprise-level knowledge center, and GenAI OS, so that agents can enter real workflows based on enterprise knowledge and authority.
In the same period, the Group's net operating cash flow was RMB50 billion. For enterprise AI companies that are still in the rapid iteration of technology, improving human efficiency indicates organizational efficiency, and the net inflow of cash flow tests whether the business model can form real repayments. Together, the two indicators form an “efficiency-cash” combination worth paying attention to in Maifushi's current results.