Adicon Holdings (9860) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 9.5% YoY to RMB2.64bn amid pricing pressure and industry headwinds; profit for the year declined 63.6% to RMB22.7m.

• Management reported sequentially narrowing declines through 2025, improving operations, and optimism that industry recovery will continue in 2026.

Financial highlights

• Revenue was RMB2,638.5m, down 9.5% YoY; gross profit fell 13.3% to RMB952.5m.

• Profit before tax declined to RMB51.8m from RMB92.0m; profit for the year was RMB22.7m versus RMB62.6m.

• Parent-attributable profit was RMB18.4m versus RMB47.0m; basic and diluted EPS were RMB0.03, down from RMB0.07.

• Other expenses fell 51.8% to RMB79.3m, mainly reflecting lower expected-credit-loss allowances; net FX losses were RMB19.5m versus RMB7.6m gains in 2024.

Outlook and guidance

• Management sees continued improvement entering 2026 and expects the ICL industry to recover to growth; focus remains on sustaining momentum and preparing for recovery.

• No concrete committed plans for material investments in 2026; available cash and anticipated operating inflows are expected to cover working capital, operations and financial commitments.