Huaibei GreenGold Industry Investment (2450) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 7.3% YoY to RMB219.0m; attributable loss widened 31.2% to RMB28.8m, while gross margin contracted to 26.7%.

• Aggregate volumes grew and Phase II of Gaoloushan Mine advanced, but lower selling prices, market weakness and higher costs weighed on results.

Financial highlights

• Revenue was RMB218.979m versus RMB236.168m in 2024; gross profit was RMB58.557m versus RMB83.756m.

• Loss before tax was RMB47.617m versus RMB30.384m; net loss was RMB47.914m versus RMB33.870m, including RMB19.537m PPE impairment.

• Attributable loss was RMB28.823m versus RMB21.972m; basic and diluted loss per share was RMB0.11 versus RMB0.08.

Outlook and guidance

• FY2026 aggregate production target: 5.5m tonnes; priorities include improving profitability, expanding customer reach and pursuing road-rail distribution.

• Planned sales development includes key infrastructure projects and rail-served markets such as Bengbu, Huainan and Fuyang; efforts will continue to secure exclusive supply opportunities.