Anjoy Foods Group (603345) H2 2025 earnings summary

Executive summary

• Revenue reached ¥16.19 billion, up 7.05% year-over-year; net profit attributable to shareholders was ¥1.36 billion, down 8.46% year-over-year.

• Gross margin declined to 21.53%, mainly due to higher raw material costs and increased depreciation.

• Cash dividend payout for 2025 totals ¥951.55 million, representing 70.01% of audited net profit.

• Completed acquisition of Jiangsu Dingweitai and Dingyifeng, expanding into frozen bakery products.

• Listed 39.99 million H-shares on the Hong Kong Stock Exchange, becoming the first A+H listed company in the sector.

Financial highlights

• Operating income: ¥16.19 billion (+7.05% YoY); operating cost: ¥12.69 billion (+9.41% YoY).

• Net profit attributable to shareholders: ¥1.36 billion (-8.46% YoY); basic/diluted EPS: ¥4.40 (-13.39% YoY).

• Operating cash flow: ¥2.32 billion (+10.12% YoY); total assets: ¥20.77 billion (+19.52% YoY).

• Gross margin: 21.53% (down 1.70 percentage points YoY); net margin: 8.39%.

• Dividend payout ratio: 70.01% of net profit.

Outlook and guidance

• Plans to continue expanding production capacity, especially in key regions and frozen bakery.

• Focus on product innovation, digital transformation, and international market expansion.

• Strategic emphasis on high-quality growth, channel diversification, and brand building.