MOGU

MOGU Inc. (NYSE:MOGU) recently released a strong earnings report, and the market responded by raising the share price. While the headline numbers were strong, we found some underlying problems once we started looking at what drove earnings. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'. That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth. Over the twelve months to September 2025, MOGU recorded an accrual ratio of 0.57. As a general rule, that bodes poorly for future profitability. And indeed, during the period the company didn't produce any free cash flow whatsoever. Over the last year it actually had negative free cash flow of CNﾥ88m, in contrast to the aforementioned profit of CNﾥ12.0m. We also note that MOGU's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CNﾥ88m. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio. View our latest analysis for MOGU Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of MOGU. On top of the noteworthy accrual ratio and the spike in non-operating revenue, we can also see that MOGU benefitted from unusual items worth CN¥19m in the last twelve months. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And that's as you'd expect, given these boosts are described as 'unusual'. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is). Summing up, MOGU received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. Considering all this we'd argue MOGU's profits probably give an overly generous impression of its sustainable level of profitability. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. For example, MOGU has 2 warning signs (and 1 which doesn't sit too well with us) we think you should know about. Our examination of MOGU has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

HANGZHOU, China, January 29, 2026--(BUSINESS WIRE)--MOGU Inc. (NYSE: MOGU) ("MOGU" or the "Company"), a KOL-driven online fashion and lifestyle destination in China, today announced its unaudited financial results for the six months ended September 30, 2025. Mr. Fan Yiming, Chief Executive Officer of MOGU, commented, "In the first half of the fiscal year 2026, we enhanced our live-streaming programs, refined product planning, and implemented tailored sales incentive strategies for the promotion by our key opinion leaders (KOLs). These initiatives drove significant year-over-year improvements in both live-streaming hours and product conversion rates among our KOLs, resulting in a strong sales performance. During this period, our gross merchandise value (GMV) increased by 24% year-over-year, while total revenue grew by 11%. At the same time, our MCN operations on external platforms continued to stabilize. We have signed over 60 fashion KOLs across various social e-commerce platforms, with sales consistently ranking among the top three for live-streaming agencies on various platforms. Additionally, our core platform business and the MCN operations are now demonstrating clear supply chain synergies." "During the first half of fiscal year of 2026, our total revenues increased by 11.0% year-over-year to RMB68.7 million for the same period of the 2025 fiscal year. The loss from operations was RMB32.0 million, compared to RMB41.4 million for the same period of the 2025 fiscal year. Over the past six months and into the foreseeable future, we will remain focused on cost reduction and efficiency enhancements, while actively looking for new revenue growth opportunities." added Ms. Qi Feng, the Financial Controller. Highlights For the Six Months Ended September 30, 2025 Total revenues for the six months ended September 30, 2025 increase by 11.0% to RMB68.7 million (US$9.6 million1) from RMB61.9 million during the same period of the 2025 fiscal year. Live video broadcast ("LVB") associated GMV for the six months ended September 30, 2025 increased by 24.3% period-over-period to RMB1,734 million (US$243.6 million). GMV for the six months ended September 30, 2025 was RMB1,790 million (US$251.4 million), an increase of 24.1% period-over-period. Financial Results For the Six Months Ended September 30, 2025 Total revenues for the six months ended September 30, 2025 increased by 11.0% to RMB68.7 million (US$9.6 million) from RMB61.9 million during the same period of the 2025 fiscal year. Commission revenues for the six months ended September 30, 2025 decreased by 4.6% to RMB33.7 million (US$4.7 million) from RMB35.3 million in the same period of the 2025 fiscal year, primarily attributable to the heightened competitive environment. Financing solutions revenues for the six months ended September 30, 2025 decreased by 8.0% to RMB3.5 million (US$0.5 million) from RMB3.8 million in the same period of the 2025 fiscal year. The decrease was primarily due to the decrease in the service fee of loans to users along with the decrease in loan receivables balance. Technology service revenues for the six months ended September 30,2025 increased by 13.1% to RMB23.4 million (US$3.3 million) from RMB20.7 million in the same period of the 2025 fiscal year, primarily attributable to an increase in software development service revenue. Other revenues for the six months ended September 30, 2025 increased by 299.2% to RMB8.1 million (US$1.1 million) from RMB2.0 million in the same period of the 2025 fiscal year, primarily attributable to an increase in service revenue from providing advertising and promotion services through KOLs to brands, online retailers and other merchants on the social media platforms. Cost of revenues for the six months ended September 30, 2025 increased by 9.7% to RMB43.4 million (US$6.1 million) from RMB39.6 million in the same period of the 2025 fiscal year, primarily due to an increase in payroll cost of RMB1.7 million and an increase in other operating expense of RMB1.1 million, in line with the increase in revenue. Sales and marketing expenses for the six months ended September 30, 2025 decreased by 23.7% to RMB20.1 million (US$2.8 million) from RMB26.4 million in the same period of the 2025 fiscal year, primarily due to a decrease in user acquisition expense of RMB3.4 million and user incentives expenses of RMB1.9 million. Research and development expenses for the six months ended September 30, 2025 increased by 39.7% to RMB17.2 million (US$2.4 million) from RMB12.3 million in the same period of the 2025 fiscal year, primarily due to an increase in payroll cost of RMB4.5 million, for research and development effort in innovation areas. General and administrative expenses for the six months ended September 30, 2025 decreased by 10.5% to RMB24.3 million (US$3.4 million) from RMB27.1 million in the same period of the 2025 fiscal year, primarily due to a decrease in other expenses of RMB2.4 million. Loss from operations for the six months ended September 30, 2025 was RMB32.0 million (US$4.5 million), compared to the loss from operations of RMB41.4 million in the same period of the 2025 fiscal year. Gain on deconsolidation of a subsidiary for the six months ended September 30, 2025 was RMB36.9 million (US$5.2 million). In August, 2025, Hangzhou Ruisha Technology Co. Ltd. ("Ruisha Technology") repurchased its shares from the Company, resulting the Company’s share interest in Ruisha Technology decreased from 59.6% to 48.2%. The Company deconsolidated Ruisha Technology since August 31, 2025 and recorded gain on deconsolidation of a subsidiary on the deconsolidation date. Net income attributable to MOGU Inc. for the six months ended September 30, 2025 was RMB50.5 million (US$7.1million), compared to the net loss attributable to MOGU Inc. of RMB24.1 million in the same period of the 2025 fiscal year. Adjusted EBITDA2 for the six months ended September 30, 2025 was negative RMB26.6 million (US$3.7 million), compared to negative RMB35.0 million in the same period of the 2025 fiscal year. Adjusted net loss3 for the six months ended September 30, 2025 was RMB33.1 million (US$4.6 million), compared to the adjusted net loss of RMB38.3 million in the same period of the 2025 fiscal year. Basic and diluted income per ADS for the six months ended September 30, 2025 were RMB6.17 (US$0.87) and RMB5.46 (US$0.77), respectively, compared with loss per ADS of RMB2.76 and RMB2.76, respectively, in the same period of the 2025 fiscal year. One ADS represents 300 Class A ordinary shares. Cash and cash equivalents, Restricted cash and Short-term investments were RMB425.5 million (US$59.8 million) as of September 30, 2025, compared with RMB380.1 million as of March 31, 2025. Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses non-GAAP measures, such as Adjusted EBITDA and Adjusted net loss as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Company defines Adjusted EBITDA as net (loss)/income before interest income, interest expense, gain from investments, net, gains on deconsolidation of a subsidiary, income tax expenses, share of results of equity method investees, share-based compensation expenses, amortization of intangible assets, and depreciation of property and equipment. The Company defines Adjusted net loss as net (loss)/income excluding gain from investments, net, gains on deconsolidation of a subsidiary, and share-based compensation expenses. See "Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook. The Company also believes that the non-GAAP financial measures could provide further information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. The Company’s non-GAAP financial measures do not reflect all items of income and expense that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure. For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue" or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as MOGU’s strategic and operational plans, contain forward-looking statements. MOGU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about MOGU’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MOGU’s growth strategies; the risk that COVID-19 or other health risks in China or globally could adversely affect its operations or financial results; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s ecommerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s ecommerce market; PRC governmental policies and regulations relating to MOGU’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in MOGU’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and MOGU undertakes no obligation to update any forward-looking statement, except as required under applicable law. About MOGU Inc. MOGU Inc. (NYSE: MOGU) is a KOL-driven online fashion and lifestyle destination in China. MOGU provides people with a more accessible and enjoyable shopping experience for everyday fashion, particularly as they increasingly live their lives online. By connecting merchants, KOLs and users together, MOGU’s platform serves as a valuable marketing channel for merchants, a powerful incubator for KOLs, and a vibrant and dynamic community for people to discover and share the latest fashion trends with others, where users can enjoy a truly comprehensive online shopping experience. View source version on businesswire.com: https://www.businesswire.com/news/home/20260129438364/en/ Contacts For investor and media inquiries, please contact: MOGU Inc. Ms. Qi Feng Phone: +86-571-8530-8201 E-mail: [email protected] Christensen Mr. Christian Arnell Phone: +852-2117-0861 Email: [email protected]

HANGZHOU, China, July 21, 2025--(BUSINESS WIRE)--MOGU Inc. (NYSE: MOGU) ("MOGU" or the "Company"), a KOL-driven online fashion and lifestyle destination in China, today announced its unaudited financial results for the six months ended March 31, 2025 and fiscal year 2025. Mr. Fan Yiming, Chief Executive Officer of MOGU, commented, "In the second half of fiscal year 2025, the platform continued to face challenges with the lifecycle of key opinion leaders (KOLs), which led to MOGU’s gross merchandise value (GMV1) declined year-on-year. During this period, we have implemented a series of strategic initiatives to support content creators and drive sales growth. These efforts have begun to demonstrate early signs of success, with the year-on-year decline in GMV narrowing in the second half of fiscal year 2025. "Besides, MOGU has successfully signed dozens of fashion KOLs from other social e-commerce platforms. After a period of operation, MOGU has quickly become a high-performing live streaming service provider on these platforms. We believe this new segment presents growth potential and will contribute to MOGU’s overall expansion beyond its core platform." "During the second half of fiscal year of 2025, our total revenues increased by 3.0% to RMB79.4 million as compared with the same period of fiscal year 2024. The loss from operations was RMB59.7 million, compared to RMB27.1 million for the same period of fiscal year 2024. Over the past six months and into the foreseeable future, we remain focused on cost reduction and efficiency enhancements, while actively looking for new revenue growth opportunities," added Ms. Qi Feng, Financial Controller. Highlights For the Six Months Ended March 31, 2025 Total revenues for the six months ended March 31, 2025 increase by 3.0% to RMB79.4 million (US$10.9 million2) from RMB77.0 million during the same period of fiscal year 2024. Live video broadcast ("LVB") associated GMV for the six months ended March 31, 2025 decreased by 28.9% period-over-period to RMB2,096 million (US$288.8 million). GMV for the six months ended March 31, 2025 was RMB2,154 million (US$296.8 million), a decrease of 29.1% period-over-period. Financial Results For the Six Months Ended March 31, 2025 Total revenues for the six months ended March 31, 2025 increased by 3.0% to RMB79.4 million (US$10.9 million) from RMB77.0 million during the same period of fiscal year 2024. Commission revenues for the six months ended March 31, 2025 decreased by 27.2% to RMB39.4 million (US$5.4 million) from RMB54.1 million in the same period of fiscal year 2024, primarily attributable to the lower GMV due to the heightened competitive environment. Financing solutions revenues for the six months ended March 31, 2025 decreased by 16.8% to RMB4.0 million (US$0.6 million) from RMB4.9 million in the same period of fiscal year 2024. The decrease was primarily due to the decrease in the service fee of loans to users in line with the lower GMV. Technology service revenues for the six months ended March 31,2025 increased by 104.7% to RMB30.5 million (US$4.2 million) from RMB14.9 million in the same period of fiscal year 2024, primarily attributable to the increase of software development service revenue. Other revenues for the six months ended March 31, 2025 increased by 71.4% to RMB5.4 million (US$0.7 million) from RMB3.2 million in the same period of fiscal year 2024, primarily attributable to the increase of service revenue through providing advertising and promotion services through KOLs to brands, online retailers and other merchants on social media platforms. Cost of revenues for the six months ended March 31, 2025 increased by 8.7% to RMB45.2 million (US$6.2 million) from RMB41.6 million in the same period of fiscal year 2024, which was primarily due to an increase in payroll cost of RMB2.6 million and an increase in depreciation expense of RMB1.0 million. Sales and marketing expenses for the six months ended March 31, 2025 increased by 4.9% to RMB31.6 million (US$4.4 million) from RMB30.1 million in the same period of fiscal year 2024, primarily due to an increase in promotion expense of RMB4.3 million, partially offset by a decrease in user acquisition expense of RMB3.0 million. Research and development expenses for the six months ended March 31, 2025 increased by 37.3% to RMB17.6 million (US$2.4 million) from RMB12.8 million in the same period of fiscal year 2024, primarily due to an increase in payroll cost of RMB4.8 million. General and administrative expenses for the six months ended March 31, 2025 increased by 8.4% to RMB29.5 million (US$4.1 million) from RMB27.2 million in the same period of fiscal year 2024. Amortization of intangible assets for the six months ended March 31, 2025 increased by 8.0% to RMB0.1 million (US$0.01 million) from RMB0.1 million in the same period of the fiscal year 2024. Impairment of long-lived assets for the six months ended March 31, 2025 increased by 100.0% to RMB18.0 million (US$2.5 million) from nil in the same period of fiscal year 2024, primarily due to the cyclical fluctuations of the real estate market. Loss from operations for the six months ended March 31, 2025 was RMB59.7 million (US$8.2 million), compared to the loss from operations of RMB27.1 million in the same period of fiscal year 2024. Net loss attributable to MOGU Inc. for the six months ended March 31, 2025 was RMB38.4 million (US$5.3million), compared to the net loss attributable to MOGU Inc. of RMB23.9 million in the same period of fiscal year 2024. Adjusted EBITDA3 for the six months ended March 31, 2025 was negative RMB35.7 million (US$4.9 million), compared to negative RMB20.7 million in the same period of fiscal year 2024. Adjusted net loss4 for the six months ended March 31, 2025 was RMB41.5 million (US$5.7 million), compared to the adjusted net loss of RMB22.3 million in the same period of fiscal year 2024. Basic and diluted loss per ADS for the six months ended March 31, 2025 were RMB4.37 (US$0.60) and RMB4.37 (US$0.60), respectively, compared with RMB2.74 and RMB2.74, respectively, in the same period of fiscal year 2024. One ADS represents 300 Class A ordinary shares. Cash and cash equivalents, Restricted cash and Short-term investments were RMB380.1 million (US$52.4 million) as of March 31, 2025, compared with RMB420.6 million as of March 31, 2024. Fiscal Year 2025 Financial Results Total revenues decreased by 11.9% to RMB141.2 million (US$19.5 million) from RMB160.3 million in fiscal year 2024. Commission revenues decreased by 31.9% to RMB74.7 million (US$10.3 million) from RMB109.7 million in fiscal year 2024, primarily attributable to the lower GMV due to the heightened competitive environment. Financing solutions revenues decreased by 23.3% to RMB7.9 million (US$1.1 million) from RMB10.3 million in the same period of fiscal year 2024. The decrease was primarily due to the decrease in service fees of loans to users in line with the lower GMV. Technology service revenues increased by 53.9% to RMB51.2 million (US$7.1 million) from RMB33.3 million in the fiscal year 2024, primarily attributable to an increase in software development service revenue. Other revenues increased by 5.3% to RMB7.4 million (US$1.0 million) from RMB7.0 million in fiscal year 2024, primarily attributable to the increase of service revenue through providing advertising and promotion services through KOLs to brands, online retailers and other merchants on social media platforms. Cost of revenues decreased by 7.1% to RMB84.8 million (US$11.7 million) from RMB91.2 million in fiscal year 2024, which was primarily due to a decrease in IT-related expenses of RMB5.1 million and payment handling costs of RMB2.2 million, in relation to the overall reduction in revenue, partially offset by an increase in payroll cost of RMB1.0 million. Sales and marketing expenses decreased by 14.0% to RMB58.0 million (US$8.0 million) from RMB67.4 million in fiscal year 2024, primarily due to a decrease in spending on branding and user acquisition activities of RMB7.6 million. Research and development expenses increased by 12.1% to RMB30.0 million (US$4.1 million) from RMB26.7 million in fiscal year 2024, primarily due to an increase in payroll expense. General and administrative expenses increased by 2.8% to RMB56.7 million (US$7.8 million) from RMB55.1 million in fiscal year 2024, primarily due to an increase of professional service fee, daily operation fees and expected credit loss expense of RMB7.1 million, partially offset by a decrease in payroll cost of RMB5.3 million. Amortization of intangible assets decreased by 91.8% to RMB0.2 million (US$0.02 million) from RMB1.9 million in fiscal year 2024, primarily because the majority of the intangible assets recorded in connection with the acquisition of Hangzhou Ruisha Technology Co., Ltd had been fully impaired as of March 31, 2024. Impairment of long-lived assets increased by 80.5% to RMB18.0 million (US$2.5 million) from RMB9.9 million in the same period of fiscal year 2024, primarily due to the cyclical fluctuations of the real estate market. Loss from operations was RMB101.1 million (US$13.9 million), compared to the loss from operations of RMB79.2 million in fiscal year 2024. Net loss attributable to MOGU Inc. was RMB62.6 million (US$8.6 million), compared to the net loss attributable to MOGU Inc. of RMB59.3 million in fiscal year 2024. Adjusted EBITDA was negative RMB70.7 million (US$9.7 million), compared to negative RMB54.6 million in fiscal year 2024. Adjusted net loss was RMB79.8 million (US$11.0 million), compared to the adjusted net loss of RMB55.1 million in fiscal year 2024. Basic and diluted loss per ADS were RMB7.14 (US$0.98) and RMB7.14 (US$0.98) respectively, compared with RMB6.85 and RMB6.85, respectively, in fiscal year 2024. One ADS represents 300 Class A ordinary shares. Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses non-GAAP measures, such as Adjusted EBITDA and Adjusted net income/loss as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Company defines Adjusted EBITDA as net loss before interest income, interest expense, loss/(gain) from investments, net, income tax expenses/(benefits), share of results of equity investees, impairment of long-lived assets, share-based compensation expenses, amortization of intangible assets, and depreciation of property and equipment. The Company defines Adjusted net loss as net loss excluding loss/(gain) from investments, net, impairment of long-lived assets, share-based compensation expenses, and adjustments for tax effects. See "Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are nonrecurring in nature or may not be indicative of the Company’s core operating results and business outlook. The Company also believes that the non-GAAP financial measures could provide further information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. The Company’s non-GAAP financial measures do not reflect all items of income and expense that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure. For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue" or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as MOGU’s strategic and operational plans, contain forward-looking statements. MOGU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about MOGU’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MOGU’s growth strategies; the risk that COVID-19 or other health risks in China or globally could adversely affect its operations or financial results; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s ecommerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s ecommerce market; PRC governmental policies and regulations relating to MOGU’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in MOGU’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and MOGU undertakes no obligation to update any forward-looking statement, except as required under applicable law. About MOGU Inc. MOGU Inc. (NYSE: MOGU) is a KOL-driven online fashion and lifestyle destination in China. MOGU provides people with a more accessible and enjoyable shopping experience for everyday fashion, particularly as they increasingly live their lives online. By connecting merchants, KOLs and users together, MOGU’s platform serves as a valuable marketing channel for merchants, a powerful incubator for KOLs, and a vibrant and dynamic community for people to discover and share the latest fashion trends with others, where users can enjoy a truly comprehensive online shopping experience. View source version on businesswire.com: https://www.businesswire.com/news/home/20250721251083/en/ Contacts For investor and media inquiries, please contact: MOGU Inc. Ms. Qi Feng Phone: +86-571-8530-8201 E-mail: [email protected] Christensen In China Ms. Rachel Xia Phone: +852-2232-3980 E-mail: [email protected] In the United States Ms. Linda Bergkamp Phone: +1-480-614-3004 Email: [email protected]