BAMA TEA (6980) H2 2025 earnings summary

Executive summary

• FY2025 revenue grew 2.5% YoY to RMB2,196.3m and gross profit rose 3.6% to RMB1,220.8m; profit for the year slipped 0.8% to RMB222.3m.

• Offline network expanded by 269 net stores to 3,773; online-channel GMV rose 4.4% to RMB875.5m.

Financial highlights

• Revenue was RMB2,196.3m versus RMB2,143.3m in 2024; gross profit was RMB1,220.8m versus RMB1,178.6m.

• Profit before tax decreased 2.5% YoY to RMB300.7m; profit for the year decreased 0.8% to RMB222.3m.

• Basic and diluted EPS was RMB2.86, down from RMB2.95 in 2024.

• Adjusted net profit, excluding listing expenses and related tax effects, was RMB241.3m, up from RMB234.7m; adjusted margin was 11.0% versus 10.9%.

Outlook and guidance

• Plans include measured store expansion in underpenetrated markets, renovations, and development of immersive “Urban Living Room” tea spaces.

• Priorities include expanding content, community, key-account and instant-retail channels, with deeper online-offline integration.

• Product plans include differentiated sub-brands, star products, herbal and cold-brew tea, and tea-related derivatives.

• Over the next three to five years, plans call for intelligent factories in core tea regions and digital upgrades across tea gardens, production, warehousing and logistics.