Fujing Holdings (2497) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 4.8% to RMB191.0m and net profit increased to RMB63.4m from RMB51.8m, supported by higher sales volumes, stronger gross margin and an ECL reversal.

• Three cultivation facilities were under construction at year-end, with completion expected from September to October 2026.

Financial highlights

• Revenue was RMB191.0m versus RMB182.2m in FY2024; gross profit rose to RMB84.5m from RMB77.3m.

• Net profit was RMB63.4m versus RMB51.8m; total comprehensive income was RMB63.2m versus RMB52.3m.

• Operating profit was RMB67.5m versus RMB53.0m; FY2025 had no listing expenses, compared with RMB8.4m in FY2024.

• Finance costs increased to RMB4.1m from RMB1.2m, mainly reflecting higher bank borrowing interest.

• Basic and diluted EPS were RMB0.13 versus RMB0.11.

Outlook and guidance

• Growth plans prioritize cultivation capacity, entry into new geographical markets, a dedicated organic-substrates facility and IT-system upgrades.

• Replacement Xi’an and Phase II Beijing facilities are expected to complete in September 2026; Yaozhuang is expected to complete in October 2026.

• The planned organic-substrates facility and ERP-system upgrade have use-of-proceeds timelines extended to December 2026.