YXT.COM (YXT) 2026年上半年財報電話會議：AI成長與獲利率擴張

隨著 AI 相關產品獲得市場青睞、毛利率擴大以及虧損大幅收窄，YXT.COM (YXT) 在 2026 年上半年重返營收成長。

重點速覽

• 總營收年增 6% 至 1.621 億人民幣，主要由企業學習解決方案營收 1.582 億人民幣所帶動。
• AI 產品相關營收成長近九倍。截至 2026 年 6 月 30 日，來自 AI 產品的月重複性營收達到 440 萬人民幣，而去年同期為 50 萬人民幣。
• 受益於更高品質的營收組合、AI 帶來的生產力提升以及成本最佳化，毛利率上升 5 個百分點至 70.1%。
• 淨虧損自 7,390 萬人民幣收窄至 1,440 萬人民幣，而調整後淨虧損則下降 80.9% 至 1,220 萬人民幣。
• 淨營收留存率自 100.3% 提升至 102.6%，且新簽約客戶數量年增近 50%。
• 管理層預計 2026 年下半年的毛利率將超越上半年水準，並相信隨著 AI 轉型的持續推進，毛利率有進一步擴大的可能。

關鍵財務數據

業務與營運表現

截至 2026 年 6 月 30 日，YXT.COM 擁有 2,391 家訂閱客戶，而去年同期為 2,358 家。淨營收留存率上升 2.3 個百分點至 102.6%，反映出訂閱客戶群的穩定性有所提升。

TalentNova 仍是公司的主要業務線。期內，YXT.COM 新簽署了 120 多家 TalentNova 客戶，年增超過 48%。管理層將此改善部分歸因於將 AI 產品整合至其企業學習平台中。

NeoLearning 產生的新簽合約金額為 3,270 萬人民幣，成長約 26.8%。大部分成長來自 AI 相關產品，包括 AI 增強的混合式學習、AI 編排的實作演練以及 AI 精選課程。

公司原生 AI 銷售賦能產品 SaleSmart 新增超過 20 家客戶，簽署合約金額超過 530 萬人民幣。管理層亦表示，SaleSmart 在上半年實現了超過 500 萬人民幣的銷售額。

YXT.COM 不再將 AI BOX 作為單獨業務線推廣。公司已將其整合至 TalentNova 和 NeoLearning 套件中，作為更廣泛客戶互動的一部分提供 AI 基礎設施。

管理層指引

管理層預計 2026 年下半年的毛利率將超過上半年的 70.1%。公司亦相信，隨著 AI 驅動的營運效率和工作流程改善持續發揮作用，未來幾年的毛利率仍有進一步擴大的空間。

YXT.COM 計劃優先服務大型企業客戶，擴大 SaleSmart 以及其他 AI 驅動的知識與生產力產品規模，並在持續投資 AI 能力與研發人才的同時，維持嚴格的成本控制。

分析師問答亮點

分析師關注 YXT.COM 四大產品線的進展，以及上半年毛利率擴大是否具有永續性。管理層提到了 TalentNova 新增客戶量與 NeoLearning 合約金額實現雙位數成長、SaleSmart 獲得早期採用，以及將 AI BOX 整合至既有產品套件中。

在獲利能力方面，管理層確認預計下半年的毛利率將高於上半年。管理層將此展望歸因於 AI 採用的持續推行、組織結構最佳化、員工成本下降以及營運效率提升。

法人說明會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.