MOGU: Fashion, Figures, and Future

In the first half of 2026, MOGU, a major player in China's online fashion scene, showed some impressive growth. The company's focus on live-streaming and working with key opinion leaders (KOLs) paid off, with a 24% increase in gross merchandise value (GMV). Total revenue also saw an 11% boost, reaching RMB68. 7 million. However, the company is still facing challenges, with an operating loss of RMB32. 0 million, though this is an improvement from the previous year. MOGU's live-streaming hours and product conversion rates improved significantly, thanks to better planning and incentives for KOLs. The company's MCN operations on external platforms also stabilized, with over 60 fashion KOLs signed across various social e-commerce platforms. This has helped MOGU's core platform business and MCN operations work together more effectively.Looking at the numbers, commission revenues decreased by 4. 6%, while technology service revenues increased by 13. 1%. Other revenues saw a massive increase of 299. 2%, driven by advertising and promotion services through KOLs. However, the company is still focusing on cost reduction and efficiency enhancements, while looking for new revenue growth opportunities. Despite the progress, MOGU is not out of the woods yet. The company's financial controller emphasized the need for continued focus on cost control and efficiency improvements. The company's adjusted EBITDA was still negative, at RMB26. 6 million, and the adjusted net loss was RMB33. 1 million. However, the company's cash position improved, with RMB425. 5 million in cash and cash equivalents as of September 30, 2025. MOGU's future plans involve further enhancing its live-streaming programs, refining product planning, and implementing tailored sales incentive strategies. The company is also looking to expand its KOL network and improve its supply chain synergies. However, the company's forward-looking statements come with risks and uncertainties, and actual results may differ from expectations.