Anhui Yingjia Distillery Co (603198) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 6.02 billion, down 18.04% year-over-year; net profit attributable to shareholders was RMB 1.99 billion, down 23.31% year-over-year.

• Cash dividend of RMB 1.5 per share (total RMB 1.2 billion) proposed, representing 60.43% payout of net profit.

• The company maintained a strong net asset position, with net assets up 8.04% year-over-year to RMB 10.64 billion.

• Audit opinion was standard unqualified; no major legal, compliance, or governance issues reported.

Financial highlights

• Operating income: RMB 6.02 billion, down 18.04% year-over-year.

• Net profit attributable to shareholders: RMB 1.99 billion, down 23.31% year-over-year.

• Gross margin for liquor business: 76.25%, down 0.56 percentage points year-over-year.

• Basic and diluted EPS: RMB 2.48, down 23.46% year-over-year.

• Operating cash flow: RMB 1.23 billion, down 35.27% year-over-year.

• Net assets: RMB 10.64 billion, up 8.04% year-over-year.

Outlook and guidance

• The company expects the liquor industry to remain in a period of adjustment in 2026, with competition still intense but signs of marginal improvement as consumer confidence recovers.

• Strategic focus remains on ecological brewing, brand building, and digital transformation, with continued investment in core markets and product upgrades.