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MOGU

MOGU Inc.

MOGU

MOGU Inc. • NYSE
$2.67 ▲ 1.62% (+0.04)
Market Cap $19.72 M
52w High $8.10
52w Low $1.83
Dividend Yield 0%
P/E -3.14
Volume 310
Outstanding Shares 7.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $39.69M $46.935M $-19.214M -48.41% $-2.19 $-17.951M
Q3-2025 $39.69M ▲ $46.935M ▲ $-19.214M ▼ -48.41% ▼ $-2.19 ▼ $-17.951M ▼
Q2-2025 $30.927M $31.87M $-12.065M -39.01% $-1.5 $-17.868M
Q1-2025 $30.927M ▼ $31.87M ▲ $-12.065M ▼ -39.01% ▼ $-1.5 $-17.868M ▼
Q4-2024 $38.521M $31.273M $-11.939M -30.993% $-1.5 $-7.503M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $379.592M ▼ $858.227M $321.227M $508.955M
Q3-2025 $380.578M ▲ $858.227M ▼ $321.227M ▲ $508.955M ▼
Q2-2025 $355.881M $887.097M $312.775M $546.698M
Q1-2025 $355.881M ▼ $887.097M ▼ $312.775M ▼ $546.698M ▼
Q4-2024 $420.099M $938.362M $323.908M $588.393M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-19.214M $-19.482M $18.041M $0 $0 $-24.521M
Q3-2025 $-19.214M ▼ $-19.482M ▼ $18.041M ▲ $0 ▲ $0 $-24.521M ▼
Q2-2025 $-12.065M $-14.476M $-122.006M $-411K $0 $-14.476M
Q1-2025 $-12.065M ▼ $-14.476M ▼ $-122.006M ▼ $-411K ▼ $0 ▲ $-14.476M ▲
Q4-2024 $-11.939M $-3.777M $506.499K $0 $-3.682M $-50.855M

Revenue by Products

Product Q1-2021Q4-2021
Commissions
Commissions
 $440.00M ▲$0 ▼
Marketing Services
Marketing Services
 $240.00M ▲$0 ▼
Other Revenues
Other Revenues
 $150.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement MOGU’s revenue has been shrinking steadily over the past several years, showing a business that has not yet found a path back to growth. Gross profit has also trended down, suggesting weaker scale and possibly less pricing power. Operating and net results remain firmly in loss-making territory, although the size of the losses has eased compared with the worst year in the period. That improvement appears to come more from cost-cutting and downsizing than from topline momentum. Overall, the income statement reflects a company still in turnaround mode, with pressure on both growth and profitability.

Balance Sheet

Balance Sheet The balance sheet shows a smaller company than a few years ago, with total assets and shareholders’ equity gradually shrinking. Cash reserves have come down sharply from earlier levels, indicating that the business has been drawing on its cushion over time. On the positive side, the company carries essentially no financial debt, so it is not heavily burdened by interest payments. However, the combination of a thinner cash buffer and ongoing losses means financial flexibility is more limited than before. MOGU still has positive equity, but its margin for error is narrower than in the past.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, which confirms that the core business has not yet been able to fund itself. Free cash flow has also been negative every year, meaning the company has been consuming cash rather than generating it. Management appears to have responded by trimming investment spending, which reduces the cash burn but may also constrain future growth if cut too far. The trend shows some improvement versus the most difficult years, but the business still relies on existing cash and potential external funding to keep operating while it searches for a more sustainable model.

Competitive Edge

Competitive Edge MOGU carved out an early niche in China’s live-streaming fashion e‑commerce, but that niche is now under heavy pressure from much larger platforms. Giants like Taobao, Pinduoduo, and others have adopted similar live-stream formats with far deeper pockets, stronger traffic, and broader ecosystems. MOGU’s community and fashion focus, along with its relationships with key opinion leaders, are its main differentiators, but those same influencers can be tempted away by bigger audiences and higher earnings elsewhere. The result is a competitive position that is specialized but fragile, with limited bargaining power against both merchants and KOLs. The financials mirror this: scale has not kept up with rivals, and the company is struggling to convert its early mover advantage into a durable moat.

Innovation and R&D

Innovation and R&D Historically, MOGU has been innovative, especially in blending social media, live streaming, and fashion into a single shopping experience. It has built tools and data systems to help influencers engage users and personalize recommendations, and it continues to invest in technology despite financial strain. More recently, the company appears to be pivoting part of its strategy toward acting like a multi‑channel network, helping KOLs operate across other large platforms instead of relying only on its own app. At the same time, it has signaled interest in digital assets and “next‑generation AI” as potential enablers of future products, though the link to core e‑commerce is still unclear. Overall, MOGU remains inventive, but many of its bets are early-stage and carry execution risk given its constrained resources.

Summary

MOGU is a former live-streaming pioneer now facing the realities of a tough and rapidly evolving Chinese e‑commerce market. Revenue has declined for several years, and while losses have narrowed, the business is still not profitable and continues to use cash. The balance sheet has weakened as cash and equity have been drawn down over time, though the absence of meaningful debt is a relative strength. Competitively, the company sits in a narrow fashion niche overshadowed by much larger, faster-growing rivals, and its dependence on mobile influencers makes its position inherently unstable. Its strategy leans heavily on innovation—KOL tools, AI-driven personalization, platform partnerships, and experiments with digital assets—but the payoff remains uncertain. Overall, the story is one of a once-innovative player trying to reinvent itself under financial and competitive pressure, with considerable execution risk along the way.

NEWS

November 13, 2025 · 6:00 AM UTC

MOGU Announces Change of Auditor

Read more