Anchun International Holdings (BTX) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 4.7% YoY to RMB71.6m; gross profit increased 61% to RMB16.8m, and attributable net profit recovered to RMB4.7m from a RMB3.6m loss.

• Higher gross profit and lower research and administrative expenses supported the turnaround; operating cash flow was negative RMB25.5m amid working-capital outlays.

Financial highlights

• Revenue was RMB71.595m vs RMB66.700m in H1 2024; gross profit was RMB16.802m vs RMB10.431m.

• Profit before tax and total comprehensive income attributable to owners were RMB4.651m, versus a pretax and attributable loss of RMB3.560m in H1 2024.

• Finance and other income rose 21% to RMB3.2m, mainly on higher rental income; research expenses fell 49% to RMB2.2m.

Outlook and guidance

• Order book at 30 June 2025 was RMB179.3m, up from RMB130.0m at 31 December 2024; RMB58.6m is expected to be recognised in FY2025 and RMB120.8m in FY2026.

• Non-fertiliser sectors contributed RMB32m, or 45% of H1 revenue, versus RMB47.0m and 70.4% in H1 2024; non-fertiliser contracts represented RMB132.2m of the order book.

• R&D, patented technologies and integrated engineering, equipment and catalyst capabilities are intended to support growth; green ammonia, methanol and hydrogen demand is gaining momentum.