On August 11, 2026, Goldmye Inc. (301052.SZ) released its semi-annual report for 2026, delivering a set of results that surprised the market. During the reporting period, the company posted total revenue of RMB 201 million, down 32.51% year-on-year, marking the first half-year revenue decline since its listing in 2021. Net profit attributable to shareholders swung to a loss of RMB 40.69 million, compared to a profit of RMB 5.66 million in the same period last year.
From its first loss since listing to its first revenue decline, Goldmye Inc. has taken just 18 months to drag its "publishing + internet" transformation story from "volume growth without profit growth" to the opposite extreme—this time, even the volume growth itself has disappeared. In full-year 2025, the company was still able to grow revenue by 10.11% amid an industry-wide 2.24% year-on-year decline in total book retail market code, demonstrating some resilience. However, that trend dramatically reversed in 2026.
Looking at the revenue breakdown, the book planning and distribution segment was the biggest drag. In the first half of 2026, this business generated revenue of RMB 172 million, down 37.16% year-on-year, accounting for 85.73% of total revenue. Although the overall book retail market code only fell 1.63% year-on-year, Goldmye Inc.'s book business decline far exceeded the industry average. The company explained in the semi-annual report that "the overall book retail market code decreased slightly by 1.63% year-on-year, and by 3.91% in the first quarter alone," but this explanation is insufficient to cover its own 32.51% revenue decline—the company's market performance is significantly worse than the industry average. Digital content revenue was RMB 7.96 million, accounting for 3.97% of revenue; film revenue was RMB 3.43 million, accounting for 1.71%; IP derivatives and operations revenue was only RMB 324,900, accounting for 0.16%. The IP derivatives business, once highly anticipated, contributed only RMB 320,000 in revenue in the first half—almost negligible.
On a quarterly basis, second-quarter revenue was RMB 117 million, down 32.49% year-on-year but up 40.55% quarter-on-quarter. While the quarter-on-quarter improvement offers some relief, the year-on-year decline is roughly in line with the first quarter, suggesting that the contraction trend is still ongoing, with no clear signs of a bottom yet.
Deconstructing the profit structure reveals a more complex picture. The company's net profit excluding non-recurring items was a loss of RMB 17.09 million, compared to a profit of RMB 4.54 million in the same period last year. This means the core business loss was approximately RMB 17.09 million. Non-recurring gains and losses amounted to a loss of RMB 23.60 million, further amplifying the reported loss. Of this, the change in fair value of financial assets and liabilities held by non-financial companies, along with gains and losses from disposing of financial assets and liabilities, was a loss of RMB 28.47 million—fair value volatility of financial assets was a major driver of the expanded loss. In other words, Goldmye Inc.'s first-half 2026 loss is composed of two parts: a core business loss of about RMB 17.09 million, plus a fair value loss on financial assets of about RMB 28.47 million. The core business loss is the fundamental issue, while the financial asset volatility has only added insult to injury.
More alarming than the loss is the signal from cash flow. In the first half of 2026, the company's net cash flow from operating activities was negative RMB 77.63 million, compared to a negative RMB 27.06 million in the same period last year, representing a 186.89% year-on-year expansion in net cash outflow. Against the backdrop of declining revenue, the persistent "bleeding" of operating cash flow indicates that the company's core business's ability to generate cash is rapidly weakening.
Facing the contraction of its traditional book business, Goldmye Inc. has been actively promoting its "publishing + internet" new business model in recent years and has invested heavily in AI technology applications. The company's "AI Proofreading King" product has obtained a patent certification and is gradually being introduced to the market. However, there is a significant time lag between R&D investment in AI technology and its commercial deployment. In the "gap period" where the traditional book business is accelerating its decline and new businesses like IP derivatives have not yet achieved scale revenue, the company is experiencing the most difficult phase of transitioning between old and new growth drivers.
From a secondary market perspective, as of the close on August 11, Goldmye Inc.'s stock price has fallen more than 34% year-to-date. Based on the closing price on August 11, the company's P/E ratio (TTM) is approximately -51.08 times, its P/B ratio is about 3.79 times, and its P/S ratio is about 4.55 times. When a company reports its first-ever revenue decline, a swing from profit to loss, and persistent negative operating cash flow, the narrative of "transition pains" must be subjected to harsher scrutiny. Whether the "AI Proofreading King" can achieve scale revenue in the second half of 2026, and whether the IP derivatives business can truly take off from its extremely low base of RMB 320,000, will be the key variables determining whether Goldmye Inc. can navigate through this cycle. Until then, what the market needs is not just a story of transformation, but a tangible repair of the profit and loss statement.