Performance Express | Mobvista 2026 Interim Report: Net operating cash inflow reaches 500 million yuan, AI-native layout drives performance to double.

On August 13, MaxLeap released its 2026 interim performance report. During the reporting period, the company posted an operating revenue of 1.96 billion yuan in the first half of the year, a year-on-year increase of 111.2%; its net profit attributable to shareholders reached 206 million yuan, up 450.8% year on year.

Cash flow better reflects the quality of growth. In the first half of 2026, the net inflow of MaxLeap's operating cash flow hit 500 million yuan, and its free cash flow also reached 483 million yuan, which is far higher than its profit scale, fully proving the strong driving force of MaxLeap's business development.

The core driving the high performance growth is that the AI application business has entered the stage of large-scale commercial monetization.

In 2024, MaxLeap began to proactively explore the AI business. By 2025, AI Agent has become the company's core product, covering multiple scenarios such as AI marketing, AI sales, AI customer service and AI foreign trade.

Specifically, the operating revenue of MaxLeap's AI application business in the first half of 2026 reached 1.13 billion yuan, a year-on-year increase of 123.7%. Meanwhile, the precision marketing service business also rose 96.3% year on year to 832 million yuan.

From the perspective of growth structure, the AI application business shows a clear trend of "simultaneous increase in both volume and price". During the reporting period, the number of paying users of this business reached 27269, up 25.9% year on year; the average monthly revenue per user increased by 80.0% year on year. Compared with the growth in the number of customers, the increase in per-customer contribution is more significant, which means the company's relevant products have high customer stickiness and high customer recognition.

The AI application business is also the main source of the company's gross profit. In the first half of 2026, this business generated a gross profit of 864 million yuan, accounting for about 96.5% of the company's total gross profit, with a gross margin of 76.6%. Among them, the gross margin of the newly added intelligent agent all-in-one machine business is 54.9%; after excluding this business, the gross margin of the AI application business reaches 84.9%.

The rapid growth of the company's operating revenue has also brought obvious scale effect.

In terms of financial data, MaxLeap's sales expense ratio dropped by 5.6 percentage points year on year to 11.4%, and its management expense ratio decreased by 5.6 percentage points year on year to 4.6%. In terms of R&D, MaxLeap's R&D expenditure in the first half of 2026 was 325 million yuan, corresponding to an R&D expense ratio of 16.6%, which is also the key to the successful transformation of the company's business.

Overall, MaxLeap's overall expense ratio is on a downward trend, which is also the key reason why the company's profit growth rate outpaces its revenue growth rate.

However, against the backdrop of high performance growth, MaxLeap has not stopped at being a simple AI Agent supplier. Instead, relying on its full-stack layout at the computing power layer, model layer, AI native platform layer and application layer, it is shifting to the higher-value "full-stack Token factory".

As disclosed in the financial report, in terms of product form, the company will change from "providing software tools" to "delivering business results" in the future. Driven by the finishing capability of "scenario Token" and the case library of large-scale enterprise-level AI applications, the charging model will evolve from the subscription model to the result-based charging model.

This means that MaxLeap's future growth logic will no longer be limited to the number of customers and subscription revenue. Instead, it is expected to achieve new growth along with the in-depth application of customers' AI scenarios, scenario-based demands, continuous growth in Token consumption, and further deepening of the strategic partnership between both parties. As the full-stack layout of AI is gradually transformed into commercial results, the company is expected to open up a more flexible long-term growth space.