HEBEI YANGYUAN ZHIHUI BEVERAGE (603156) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 5.34 billion, down 11.91% year-over-year, with net profit attributable to shareholders at RMB 1.26 billion, down 26.84%.

• Gross margin improved to 42.52%, up 4 percentage points, despite revenue decline.

• Cash flow from operations increased 36.55% year-over-year to RMB 1.95 billion.

• The company maintained a leading position in the walnut protein beverage segment and expanded functional beverage sales.

Financial highlights

• Operating income: RMB 5.34 billion, down 11.91% year-over-year.

• Net profit attributable to shareholders: RMB 1.26 billion, down 26.84% year-over-year.

• Gross margin: 42.52%, up 4 percentage points year-over-year.

• Basic and diluted EPS: RMB 0.9997, down 26.69% year-over-year.

• Cash dividend payout ratio: 150.05% of net profit, with total cash dividends of RMB 1.89 billion.

Outlook and guidance

• The company will focus on product innovation, channel expansion, and digital transformation in 2026.

• Plans to further develop plant-based beverages and deepen market penetration in both traditional and emerging channels.

• Emphasis on talent development and organizational efficiency to support long-term growth.