Beijing Zhidemai Technology

Zhidemai disclosed on the evening of September 30 that Liu Feng, a shareholder holding more than 5% of the company as well as a director and senior executive, sold a cumulative 1.5242 million shares over the two days of September 28 to September 29 through centralized bidding and block trades, accounting for 0.77% of the company's total share capital. After this equity change, Liu Feng's shareholding decreased from 15.3161 million shares to 13.7919 million shares, and his stake fell from 7.70% to 6.94%, touching a 1% integer multiple. According to the pre-disclosure announcement released by the company on August 27, 2026, Liu Feng planned to sell no more than 3.7782 million shares within the following three months, representing 1.90% of total share capital. This sale falls within the disclosed reduction plan, and as of the announcement date, the plan had not yet been fully implemented. This is not Liu Feng's first share sale to cash out. According to the 2025 annual report, he sold 2.8082 million shares during the reporting period, reducing his holdings from 18.1243 million shares at the beginning of the period to 15.3161 million shares at the end. His 2025 annual salary was 1.3448 million yuan, up about 49,800 yuan from 1.295 million yuan the previous year. In the first half of 2026, the company achieved operating revenue of 619 million yuan, up 6.43% year on year, but net profit attributable to the parent company was only 9.0241 million yuan, down 28.90% year on year. Non-GAAP net profit was 5.9093 million yuan, down 44.56% year on year, and net cash flow from operating activities was negative 67.8916 million yuan, swinging sharply from positive 6.7023 million yuan in the same period last year, a decline of as much as 1112.96%. As of September 30, Zhidemai closed at 36.22 yuan per share, with a cumulative decline of about 17% for the year and a total market value of about 7.2 billion yuan.

Zhidezhi released its 2026 interim report. In the first half of the year, it achieved operating revenue of 619 million yuan, up 6.43% year on year, but net profit attributable to the parent company was 9.02 million yuan, down 28.90% year on year, and net profit attributable to the parent company after deducting non-recurring items was 5.91 million yuan, down 44.56% year on year. Revenue growth was mainly driven by a surge in operating service fee income, which reached 377 million yuan, soaring 136.58% year on year and accounting for 60.9% of total revenue. However, operating costs rose 18.11% year on year, causing overall gross margin to fall from 49.20% in the same period last year to 43.62%. The former core business, information promotion revenue, was only 119 million yuan, halved by 50.92% year on year. Revenue from the internet performance marketing platform, which had the highest gross margin, also fell 26.70%, while the gross margin of the operating service fee business was only 27.08%, far lower than the 64.48% of the information promotion business. The company's net operating cash flow swung from a net inflow of 6.70 million yuan in the same period last year to a net outflow of 67.89 million yuan, a decline of as much as 1112.96%. The company explained that this was mainly due to increased upfront capital expenditure caused by the growth in the scale of the operating service business.