Anchun International Holdings (BTX) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 15% YoY to RMB150.0m, while profit before tax rose 51% to RMB17.3m and net profit increased to RMB14.5m from RMB10.9m.

• Gross profit was RMB39.3m in the audited statements; management cited improved gross margin of 27%, up from 23%, supported by cost optimisation and project controls.

• Green methanol EPC entry, major ammonia and isothermal shift project milestones, and a higher order book support diversification and future growth plans.

Financial highlights

• Revenue was RMB150.0m, down RMB27.4m or 15% YoY, mainly reflecting lower CSC and Catalyst contributions; CET Engineering Services was stable.

• Gross profit was RMB39.3m versus RMB41.2m; profit before tax rose to RMB17.3m from RMB11.5m, and profit attributable to owners reached RMB14.5m from RMB10.9m.

• Income tax expense increased to RMB2.8m from RMB0.5m, including a RMB2.3m deferred tax liability for withholding tax on undistributed PRC subsidiary earnings.

Outlook and guidance

• Order book stood at RMB144.7m at 31 December 2025 versus RMB130.0m a year earlier; RMB132.1m is expected to be recognised in FY2026 and RMB12.6m in FY2027.

• FY2026 priorities include developing green ammonia and green methanol technologies, optimising isothermal conversion technology, expanding international project development and pursuing customer growth.

• Proposed FY2025 final dividend is RMB0.12 per ordinary share, subject to shareholder approval; the same per-share dividend was paid for FY2024.