HEBEI YANGYUAN ZHIHUI BEVERAGE (603156) Q2 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 was RMB 2.47 billion, down 16.19% year-over-year due to lower walnut beverage sales volume.

• Net profit attributable to shareholders was RMB 743.88 million, a 27.76% decrease year-over-year.

• The company maintained its leading position in the walnut protein beverage market, with a diversified product matrix and expanded channel strategies.

• A cash dividend of RMB 5.00 per 10 shares (pre-tax) was proposed, totaling RMB 630.14 million.

Financial highlights

• Operating income: RMB 2,465,464,189, down 16.19% year-over-year.

• Net profit: RMB 743,882,447, down 27.76% year-over-year.

• Operating cash flow: RMB 376,731,301, up 1,358.23% year-over-year due to matured time deposits.

• Gross margin: 36.7% (calculated from revenue and cost figures).

• Basic EPS: RMB 0.5903, down 27.51% year-over-year.

Outlook and guidance

• The company expects continued growth opportunities in the plant protein beverage sector, driven by health and quality consumption trends.

• Plans to further optimize product structure, expand new channels, and enhance BC integrated operations.