YH Entertainment Group released its 2026 interim results, showing revenue of RMB 511.87 million for the six months ended 30 June 2026, up 23.6% year-on-year. The topline increase was driven by continued expansion in artist management (+9.9%), stronger music IP licensing (+24.1%), a 38.0% rise in IP commercialisation and the first-time consolidation of the pop-toys business (RMB 45.61 million).
Net profit declined 23.1% to RMB 46.98 million, weighed down by a RMB 3.21 million swing to net other losses and a 45.6% jump in selling and marketing expenses. Adjusted net profit, which excludes share-based payments and fair-value changes, edged up 3.2% to RMB 62.86 million.
Cost pressure compressed group gross margin by 2.7 percentage points to 23.7%. Artist management margin improved 3.0 points to 22.9% on higher utilisation, but music IP margin contracted sharply to 26.8% (-43.9 points) after elevated production spending. IP commercialisation margin halved to 29.2% as concerts—typically lower-margin—accounted for a larger revenue share. The new pop-toys segment recorded a 24.6% margin on its inaugural sales.
Operating profit fell 10.6% to RMB 58.92 million. Net finance income decreased to RMB 7.01 million (-25.4%), reflecting lower deposit yields. Government subsidies lifted other income to RMB 16.99 million (2025: RMB 2.94 million).
Total assets reached RMB 2.14 billion, supported by RMB 814.98 million in cash and term deposits. Financial assets at fair value through profit or loss rose 18.0% to RMB 467.19 million, mainly from additional investments in unlisted entities and funds. Bank borrowings declined to RMB 52.84 million, trimming the gearing ratio to 3.9% (31 December 2025: 4.4%).
Capital commitments stood at RMB 79.91 million, primarily for fund subscriptions. No interim dividend was declared. During the period the company granted 12.50 million restricted share units under its new 2026 Share Incentive Plan, bringing total outstanding RSUs to 12.50 million; related share-based payment expenses were RMB 10.02 million.
Management reiterated its strategy of evolving toward an integrated “AI + IP” entertainment ecosystem while continuing to expand artist, content and pop-toys operations.