YXT.COM（YXT）2026年上半期決算説明会：AI成長と利益率の拡大

YXT.COM（YXT）は、AI関連製品の需要拡大、粗利益率の向上、および損失の大幅な縮小に伴い、2026年上半期に売上高が増加傾向へと転じました。

主要なポイント

• 総売上高は前年同期比6%増の1億6,210万人民元となり、企業向け学習ソリューション売上高の1億5,820万人民元が牽引しました。
• AI製品関連の売上高は前年同期比で約9倍に拡大しました。2026年6月30日時点におけるAI製品の月次定額収益（MRR）は、前年同期の50万人民元から440万人民元に達しました。
• 粗利益率は、売上構成の高品質化、AI活用による生産性向上、およびコスト最適化に支えられ、5ポイント上昇の70.1%となりました。
• 純損失は前年同期の7,390万人民元から1,440万人民元に縮小し、調整後純損失は80.9%減の1,220万人民元となりました。
• 売上継続率（NRR）は100.3%から102.6%に改善し、新規契約顧客数は前年同期比で約50%増加しました。
• 経営陣は、2026年下半期の粗利益率が上半期の水準を上回ると予想しており、AI変革（トランスフォーメーション）の推進に伴い、さらなる拡大が可能であると考えています。

主要財務データ

事業および業績の動向

YXT.COMの2026年6月30日時点のサブスクリプション顧客数は2,391社となり、前年同期の2,358社から増加しました。売上継続率は2.3ポイント上昇して102.6%となり、サブスクリプション顧客基盤の安定性が向上したことを示しています。

TalentNovaは引き続き同社の主力事業ラインであり続けました。当期間中、YXT.COMは120社を超えるTalentNovaの新規顧客を獲得し、前年同期比で48%超増加しました。経営陣はこの改善の理由の一部として、同社の企業向け学習プラットフォームへのAI製品の統合を挙げています。

NeoLearningの新規契約金額は前年同期比約26.8%増の3,270万人民元を記録しました。増収の大部分は、AIを組み込んだブレンド型学習、AI主導の実践型演習、AIセレクト講座などのAI関連サービスの成長によるものです。

同社のAIネイティブ営業イネーブルメント製品であるSaleSmartは、20社以上の新規顧客を獲得し、新規契約金額は530万人民元を超えました。また、経営陣によれば、SaleSmartは上半期に500万人民元を超える売上高を計上しました。

YXT.COMは、AI BOXを独立した事業ラインとして販売するのを終了しました。同社はこれをTalentNovaおよびNeoLearningスイートに統合し、顧客との広範な取引の一環としてAIインフラストラクチャを提供しています。

業績見通し（ガイダンス）

経営陣は、2026年下半期の粗利益率が上半期に記録した70.1%を上回ると予想しています。また、AIを活用したオペレーション効率の向上と業務フローの改善が今後も継続することで、来期以降もマージンのさらなる拡大が可能であると考えています。

YXT.COMは、大企業顧客の開拓を最優先課題とし、SaleSmartをはじめとするAI搭載ナレッジ・生産性製品のスケール化を図る方針です。同時に、AI機能および研究人材への投資を継続しつつ、規律あるコスト管理を維持する計画です。

アナリスト質疑応答の要点

アナリストは、YXT.COMの4つの製品ラインにおける進捗状況と、上半期の粗利益率拡大が持続可能であるかどうかに注目しました。経営陣は、TalentNovaの新規顧客獲得数およびNeoLearningの契約金額における2桁成長、SaleSmartの初期導入の進展、そしてAI BOXの既存製品スイートへの統合を強調しました。

収益性について、経営陣は下半期の粗利益率が上半期よりも高くなるとの見通しを改めて表明しました。この見通しの背景として、継続的なAI活用、組織の最適化、人件費の削減、および業務効率の改善を挙げています。

決算説明会（電話会議）全文文字起こし

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, and thank you for standing by. Welcome to the YXT.COM's First 6 Months of 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Peter Lu, Founder and Chairman of YXT.COM. Sir, please go ahead.

Xiaoyan Lu

Hello, everyone. This is Peter Lu, Founder and Chairman of YXT.COM. Thank you for joining our 2026 First Half Earnings Conference Call.

In the first half of 2026, we saw an important shift in enterprise AI adoption. Customers didn't ask whether a product has AI capabilities. They ask whether AI can improve their business outcomes, shorten capability building cycles, accumulate organizational knowledge more thoroughly and support actual execution. Having AI in the product suite was no longer an option for us. Not only that, having meaningful AI with productivity level value became the key differentiator. This was exactly the same direction YXT.COM took going into 2026.

We achieved a nearly ninefold growth in AI product-related revenue. Our monthly recurring revenue from AI-related products reached RMB 4.4 million as of June 30, 2026, compared with RMB 500,000 a year earlier. The driving force behind the ninefold growth of AI products is adding AI to our existing business and innovating AI-native new businesses. In terms of existing business, we integrated AI into our existing corporate learning business and improved our competitiveness in both acquiring new clients and expanding the existing engagements.

In the first half of 2026, the number of newly signed customers increased by nearly 50% compared with the same period last year. Our net dollar retention rate also improved by about 2.3 percentage points. And in terms of new business, SaleSmart, our AI-powered sales intelligence and enablement solution, achieved sales of over RMB 5 million during the same period. This marked the first successful step in expanding from corporate learning business to productivity enablement business in the same sales domain.

Through the first half of 2026, we proved our strategy of intelligent productivity to be effective, and we are even more confident about it now. We will strive to assist enterprises to turn knowledge into capabilities, experiences into assets and individual capacity into organizational intelligent productivity. As more and more companies embrace AI, as AI goes from a chatbot to productivity levers, we will see an even bigger addressable market with more and more definite needs.

One last piece of information I'd like to share with you before turning over is the transformation of our own operation. During the first half of 2026, we adopted AI more systematically and transformed how we build products, how we deliver customer value and how we market ourselves. The benefits of such AI adoption and transformation can be indicated by our gross margin, our operational efficiency and our cash flow.

And for those details, I will now turn the call over to Shen Cao, our Chief Financial Officer, to review our financial performance.

Shen Cao

Thank you, Peter, and hello, everyone. In the first half of 2026, our strategic transformation began to show clear financial results. After a period of business mix optimization and customer portfolio adjustment, we returned to revenue growth, expanded gross margin and significantly narrowed our losses. Total revenues increased by 6% year-over-year to RMB 162.1 million. Revenues from corporate learning solutions were RMB 158.2 million compared with RMB 152.4 million in the same period last year. Subscription-based corporate learning solutions reached RMB 151.8 million, supported by our focus on large enterprise customers and AI-enabled products.

Our customer structure continued to improve. As of June 30, 2026, we had 2,391 subscription customers compared with 2,358 as of June 30, 2025. More importantly, our net revenue retention rate improved to 102.6% compared with 100.3% in the same period last year, show the stability and the quality of our subscription customer base. Profitability improved meaningfully. Gross margin reached 70.1%, up 5 percentage points from 65.1% a year earlier. This improvement was driven by our higher-quality revenue mix, continued focus on large enterprise subscription customers, AI-enabled productivity gains and ongoing cost optimization.

Cost of revenues decreased by 9.1% year-over-year to RMB 48.5 million. Sales and marketing expenses decreased by 3% year-over-year, reflecting improved productivity in customer acquisition, conversion and retention. Research and development expenses increased by 9.8% as we continued to invest in AI product capabilities and R&D talent. We believe this is necessary to support our AI-native strategy and long-term product competitiveness. Our bottom line improved significantly. Net loss narrowed to RMB 14.4 million from RMB 73.9 million in the same period last year.

Adjusted net loss narrowed by 80.9% year-over-year to RMB 12.2 million. These results demonstrate the operating leverage created by our improved revenue mix, higher gross margin and disciplined expense management.

Looking ahead, we will continue to execute around 3 priorities. First, we will deepen our focus on large enterprise customers and improve customer lifetime value. Second, we will scale AI-related products, including SaleSmart and other AI-enabled knowledge and productivity solutions. Third, we will continue to balance investment in AI innovation with disciplined cost control and operational efficiency.

In summary, the first half of 2026 was a period in which our AI-native transformation began to translate into business momentum and financial improvements. We are encouraged by our progress and remain focused on driving sustainable high-quality growth. Thank you.

We are now happy to take your questions.

Operator

[Operator Instructions] Our first question is going to come from the line of Katherine Thompson with Edison.

質疑応答

Katherine Thompson

Just can you hear me okay?

Xiaoyan Lu

Yes, sounding clear.

Katherine Thompson

Great. A couple of questions for you. The first one, could you just talk me through the progress you've made with each of your 4 product lines? So TalentNova, NeoLearning, SaleSmart and AI BOX.

Haihua Huang

Thank you, Katherine, for the question. I will try to answer the questions and provide some of the updates in the 4 lines of business. This is Haihua Huang. I'm the Vice President of YXT.COM. And to answer your question, TalentNova is our main business line. As the market leader in corporate learning platform, in 2026, we continue to sign new customers. We signed more than 120 clients, a more than 48% increase compared to last year's same period. And the boost in competitiveness is our successful integration of AI products into our existing corporate learning solutions and platforms.

In terms of NeoLearning during the first half of 2026, we signed RMB 32.7 million engagement in terms of contract value. That's approximately 26.8% increase compared to last year's same period. And the majority of the increase came from AI-related products such as AI augmented blended learning or AI orchestrated practice or AI curated courses.

In terms of SaleSmart, our AI-native sales enablement and productivity boost business, we won over 20 new clients with a total signed contract value of more than RMB 5.3 million.

And lastly, in terms of AI BOX, adjusting to the market landscape, we decided not to market AI BOX as a separate business line, but integrated AI BOX into our TalentNova and NeoLearning product suite. In the first half of 2026, we saw clients needing AI infrastructure, and we provided AI BOX as part of our TalentNova service to the clients. So we have quite successfully pushed all 4 business lines to the market and saw significant growth in terms of revenue.

Katherine, I think that's the answer to your question.

Katherine Thompson

That's really helpful. And then just secondly, looking at the gross margin. So clearly, there was a big expansion year-over-year in H1. Are you able to give any sense of whether that margin can carry on increasing into H2 and then also into future years?

Shen Cao

Okay. Thank you. Thank you for your question. Gross margin, was 70.1% in the 6 months ended June 30, 2026, compared with 65.1% in the same period of last year, representing an increase of 5 percentage points to growth in revenue, gross margin and customer base. The significant decrease of net loss reflected the benefit of our AI transformation, AI-driven operational efficiencies and also helped optimize our organizational structure and workflows, leading to meaningful reductions in staff costs. Our improvements in revenue growth and cost efficiencies continue and strengthen our financial foundation, which means we expect we would achieve a higher gross margin in the second half of 2026.

Katherine Thompson

Sorry, I missed the last part of that. Do you expect to get a higher gross margin in H2 compared to H1?

Shen Cao

Yes.

Katherine Thompson

Okay. And in future years, do you think you can still expand it further?

Haihua Huang

Yes, we believe we'll continue to boost our gross margin because our AI transformation is a continuous progress, and we will continue to see benefits in both operational efficiency and business outcomes. So yes, we do expect to see that.

Operator

And this is going to conclude today's question-and-answer session. Ladies and gentlemen, this will also conclude today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.