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MOGU Announces Unaudited Financial Results for the Six Months Ended March 31, 2025 and Fiscal Year 2025

HANGZHOU, China--(BUSINESS WIRE)-- MOGU Inc. (NYSE: MOGU) (鈥淢OGU鈥� or the 鈥淐ompany鈥�), 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, 鈥淚n 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鈥檚 gross merchandise value (GMV¹) 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.

鈥淏esides, 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鈥檚 overall expansion beyond its core platform.鈥�

鈥淒uring 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,鈥� 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 (鈥淟VB鈥�) 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 EBITDA³ 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 loss⁴ 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.

Adjusted net loss was RMB79.8 million (US$11.0 million), compared to the adjusted net loss of RMB55.1 million in fiscal year 2024.

Basic and diluted loss per ADS were RMB7.14 (US$0.98) and RMB7.14 (US$0.98) respectively, compared with RMB6.85 and RMB6.85, respectively, in fiscal year 2024. One ADS represents 300 Class A ordinary shares.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP measures, such as Adjusted EBITDA and Adjusted net income/loss as supplemental measures to review and assess operating performance. The presentation of these non-GAAP 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 (鈥淯.S. GAAP鈥�). The Company defines Adjusted EBITDA as net loss before interest income, interest expense, loss/(gain) from investments, net, income tax expenses/(benefits), 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 as net loss excluding loss/(gain) from investments, net, impairment of long-lived assets, share-based compensation expenses, and adjustments for tax effects. See 鈥淯naudited Reconciliations of GAAP and Non-GAAP Results鈥� at the end of this press release.

The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP 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 non颅recurring in nature or may not be indicative of the Company鈥檚 core operating results and business outlook. The Company also believes that the non-GAAP financial measures could provide further information about the Company鈥檚 results of operations, enhance the overall understanding of the Company鈥檚 past performance and future prospects.

The non-GAAP 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鈥檚 non-GAAP financial measures do not reflect all items of income and expense that affect the Company鈥檚 operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP 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 non-GAAP 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鈥檚 financial information in its entirety and not rely on a single financial measure.

For more information on the non-GAAP financial measures, please see the table captioned 鈥淯naudited Reconciliations of GAAP and Non-GAAP Results鈥� set forth at the end of this press release.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the 鈥渟afe harbor鈥� provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 鈥渨ill,鈥� 鈥渆xpects,鈥� 鈥渁nticipates,鈥� 鈥渁ims,鈥� 鈥渇uture,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥渃onfident,鈥� 鈥減otential,鈥� 鈥渃ontinue鈥� or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as MOGU鈥檚 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 鈥淪EC鈥�), 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鈥檚 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鈥檚 growth strategies; the risk that COVID-19 or other health risks 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鈥檚 e颅commerce market; changes in its revenues and certain cost or expense items; the expected growth of China鈥檚 e颅commerce market; PRC governmental policies and regulations relating to MOGU鈥檚 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鈥檚 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鈥檚 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.

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For investor and media inquiries, please contact:

MOGU Inc.

Ms. Qi Feng

Phone: +86-571-8530-8201

E-mail: [email protected]

Christensen

In China

Ms. Rachel Xia

Phone: +852-2232-3980

E-mail: [email protected]

In the United States

Ms. Linda Bergkamp

Phone: +1-480-614-3004

Email: [email protected]

Source: MOGU Inc.