HANGZHOU, China--(BUSINESS WIRE)--July 21, 2025-- 

MOGU Inc. $(MOGU)$ ("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, 2025 and fiscal year 2025.

Mr. Fan Yiming, Chief Executive Officer of MOGU, commented, "In the second half of fiscal year 2025, the platform continued to face challenges with the lifecycle of key opinion leaders (KOLs), which led to MOGU's gross merchandise value (GMV(1) ) declined year-on-year. During this period, we have implemented a series of strategic initiatives to support content creators and drive sales growth. These efforts have begun to demonstrate early signs of success, with the year-on-year decline in GMV narrowing in the second half of fiscal year 2025.

"Besides, MOGU has successfully signed dozens of fashion KOLs from other social e-commerce platforms. After a period of operation, MOGU has quickly become a high-performing live streaming service provider on these platforms. We believe this new segment presents growth potential and will contribute to MOGU's overall expansion beyond its core platform."

"During the second half of fiscal year of 2025, our total revenues increased by 3.0% to RMB79.4 million as compared with the same period of fiscal year 2024. The loss from operations was RMB59.7 million, compared to RMB27.1 million for the same period of fiscal year 2024. Over the past six months and into the foreseeable future, we remain focused on cost reduction and efficiency enhancements, while actively looking for new revenue growth opportunities," added Ms. Qi Feng, Financial Controller.

Highlights For the Six Months Ended March 31, 2025

   -- 
 Total revenues for the six months ended March 31, 2025 increase by 3.0% 
      to RMB79.4 million (US$10.9 million2) from RMB77.0 million during the 
      same period of fiscal year 2024. 
 
 
   -- 
 Live video broadcast ("LVB") associated GMV for the six months ended 
      March 31, 2025 decreased by 28.9% period-over-period to RMB2,096 million 
      (US$288.8 million). 
 
 
   -- 
 GMV for the six months ended March 31, 2025 was RMB2,154 million 
      (US$296.8 million), a decrease of 29.1% period-over-period. 
 

Financial Results For the Six Months Ended March 31, 2025

Total revenues for the six months ended March 31, 2025 increased by 3.0% to RMB79.4 million (US$10.9 million) from RMB77.0 million during the same period of fiscal year 2024.

   -- 
 Commission revenues for the six months ended March 31, 2025 decreased 
      by 27.2% to RMB39.4 million (US$5.4 million) from RMB54.1 million in the 
      same period of fiscal year 2024, primarily attributable to the lower GMV 
      due to the heightened competitive environment. 
 
 
   -- 
 Financing solutions revenues for the six months ended March 31, 2025 
      decreased by 16.8% to RMB4.0 million (US$0.6 million) from RMB4.9 million 
      in the same period of fiscal year 2024. 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 31,2025 
      increased by 104.7% to RMB30.5 million (US$4.2 million) from RMB14.9 
      million in the same period of fiscal year 2024, primarily attributable to 
      the increase of software development service revenue. 
 
 
   -- 
 Other revenues for the six months ended March 31, 2025 increased by 
      71.4% to RMB5.4 million (US$0.7 million) from RMB3.2 million in the same 
      period of fiscal year 2024, 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. 
 

Cost of revenues for the six months ended March 31, 2025 increased by 8.7% to RMB45.2 million (US$6.2 million) from RMB41.6 million in the same period of fiscal year 2024, which was primarily due to an increase in payroll cost of RMB2.6 million and an increase in depreciation expense of RMB1.0 million.

Sales and marketing expenses for the six months ended March 31, 2025 increased by 4.9% to RMB31.6 million (US$4.4 million) from RMB30.1 million in the same period of fiscal year 2024, primarily due to an increase in promotion expense of RMB4.3 million, partially offset by a decrease in user acquisition expense of RMB3.0 million.

Research and development expenses for the six months ended March 31, 2025 increased by 37.3% to RMB17.6 million (US$2.4 million) from RMB12.8 million in the same period of fiscal year 2024, primarily due to an increase in payroll cost of RMB4.8 million.

General and administrative expenses for the six months ended March 31, 2025 increased by 8.4% to RMB29.5 million (US$4.1 million) from RMB27.2 million in the same period of fiscal year 2024.

Amortization of intangible assets for the six months ended March 31, 2025 increased by 8.0% to RMB0.1 million (US$0.01 million) from RMB0.1 million in the same period of the fiscal year 2024.

Impairment of long-lived assets for the six months ended March 31, 2025 increased by 100.0% to RMB18.0 million (US$2.5 million) from nil in the same period of fiscal year 2024, primarily due to the cyclical fluctuations of the real estate market.

Loss from operations for the six months ended March 31, 2025 was RMB59.7 million (US$8.2 million), compared to the loss from operations of RMB27.1 million in the same period of fiscal year 2024.

Net loss attributable to MOGU Inc. for the six months ended March 31, 2025 was RMB38.4 million (US$5.3million), compared to the net loss attributable to MOGU Inc. of RMB23.9 million in the same period of fiscal year 2024.

Adjusted EBITDA(3) for the six months ended March 31, 2025 was negative RMB35.7 million (US$4.9 million), compared to negative RMB20.7 million in the same period of fiscal year 2024.

Adjusted net loss(4) for the six months ended March 31, 2025 was RMB41.5 million (US$5.7 million), compared to the adjusted net loss of RMB22.3 million in the same period of fiscal year 2024.

Basic and diluted loss per ADS for the six months ended March 31, 2025 were RMB4.37 (US$0.60) and RMB4.37 (US$0.60), respectively, compared with RMB2.74 and RMB2.74, respectively, in the same period of fiscal year 2024. One ADS represents 300 Class A ordinary shares.

Cash and cash equivalents, Restricted cash and Short-term investments were RMB380.1 million (US$52.4 million) as of March 31, 2025, compared with RMB420.6 million as of March 31, 2024.

Fiscal Year 2025 Financial Results

Total revenues decreased by 11.9% to RMB141.2 million (US$19.5 million) from RMB160.3 million in fiscal year 2024.

   -- 
 Commission revenues decreased by 31.9% to RMB74.7 million (US$10.3 
      million) from RMB109.7 million in fiscal year 2024, primarily 
      attributable to the lower GMV due to the heightened competitive 
      environment. 
 
 
   -- 
 Financing solutions revenues decreased by 23.3% to RMB7.9 million 
      (US$1.1 million) from RMB10.3 million in the same period of fiscal year 
      2024. The decrease was primarily due to the decrease in service fees of 
      loans to users in line with the lower GMV. 
 
 
   -- 
 Technology service revenues increased by 53.9% to RMB51.2 million 
      (US$7.1 million) from RMB33.3 million in the fiscal year 2024, primarily 
      attributable to an increase in software development service revenue. 
 
 
   -- 
 Other revenues increased by 5.3% to RMB7.4 million (US$1.0 million) 
      from RMB7.0 million in fiscal year 2024, 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. 
 

Cost of revenues decreased by 7.1% to RMB84.8 million (US$11.7 million) from RMB91.2 million in fiscal year 2024, which was primarily due to a decrease in IT-related expenses of RMB5.1 million and payment handling costs of RMB2.2 million, in relation to the overall reduction in revenue, partially offset by an increase in payroll cost of RMB1.0 million.

Sales and marketing expenses decreased by 14.0% to RMB58.0 million (US$8.0 million) from RMB67.4 million in fiscal year 2024, primarily due to a decrease in spending on branding and user acquisition activities of RMB7.6 million.

Research and development expenses increased by 12.1% to RMB30.0 million (US$4.1 million) from RMB26.7 million in fiscal year 2024, primarily due to an increase in payroll expense.

General and administrative expenses increased by 2.8% to RMB56.7 million (US$7.8 million) from RMB55.1 million in fiscal year 2024, primarily due to an increase of professional service fee, daily operation fees and expected credit loss expense of RMB7.1 million, partially offset by a decrease in payroll cost of RMB5.3 million.

Amortization of intangible assets decreased by 91.8% to RMB0.2 million (US$0.02 million) from RMB1.9 million in fiscal year 2024, primarily because the majority of the intangible assets recorded in connection with the acquisition of Hangzhou Ruisha Technology Co., Ltd had been fully impaired as of March 31, 2024.

Impairment of long-lived assets increased by 80.5% to RMB18.0 million (US$2.5 million) from RMB9.9 million in the same period of fiscal year 2024, primarily due to the cyclical fluctuations of the real estate market.

Loss from operations was RMB101.1 million (US$13.9 million), compared to the loss from operations of RMB79.2 million in fiscal year 2024.

Net loss attributable to MOGU Inc. was RMB62.6 million (US$8.6 million), compared to the net loss attributable to MOGU Inc. of RMB59.3 million in fiscal year 2024.

Adjusted EBITDA was negative RMB70.7 million (US$9.7 million), compared to negative RMB54.6 million in fiscal year 2024.

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July 21, 2025 08:00 ET (12:00 GMT)