Fujing Holdings (2497) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 17.7% YoY to RMB88.3m and net profit increased to RMB31.607m from RMB14.877m, supported by higher sales, stronger gross profit and a RMB2.888m ECL reversal.

• Beijing facility expansion supported volume growth; borrowings rose to RMB143.9m to fund expansion, facility development and cash reserves.

Financial highlights

• Revenue was RMB88.252m versus RMB75.011m YoY; gross profit increased to RMB38.005m from RMB28.546m, and gross margin rose to 43.1% from 38.1%.

• Operating profit was RMB33.213m versus RMB15.194m; net profit was RMB31.607m versus RMB14.877m, and basic and diluted EPS was RMB6.32 cents versus RMB3.29 cents.

• H1 2024 included RMB8.401m of listing expenses, with none recorded in H1 2025; H1 2024 had an ECL allowance of RMB0.251m versus a RMB2.888m reversal in H1 2025.

• Operating cash flow was a net outflow of RMB18.867m versus an inflow of RMB28.907m; cash and cash equivalents were RMB285.062m at 30 June 2025.

• No interim dividend was declared or recommended.

Outlook and guidance

• Growth plans target expanded cultivation capacity, a facility in a new market, a dedicated organic-substrate facility and IT-system upgrades.

• Use of RMB6.2m for the substrate facility and RMB3.7m for IT upgrades was postponed to December 2025, pending overseas raw-material sourcing and selection of an ERP provider.

• Capital commitments for property, plant and equipment were RMB16.3m at 30 June 2025, up from RMB12.9m at year-end.