MeiHua Holdings Group (600873) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 24.21 billion in 2025, down 3.43% year-over-year due to lower product prices despite higher sales volumes in key products like lysine and isoleucine.

• Net profit attributable to shareholders rose 19.72% year-over-year to RMB 3.28 billion, driven by non-recurring gains from cross-border asset acquisitions (notably the Kyowa Hakko acquisition).

• Completed integration of Kyowa Hakko, expanding into high-end pharmaceutical amino acids and enhancing global product matrix.

• Maintained industry leadership in amino acids, with global #1 capacity in lysine and threonine, and #2 in MSG.

Financial highlights

• Revenue: RMB 24.21 billion, down 3.43% year-over-year.

• Net profit attributable to shareholders: RMB 3.28 billion, up 19.72% year-over-year.

• Operating cash flow: RMB 4.01 billion, down 13.35% year-over-year.

• Gross margin decreased by 1.08 percentage points year-over-year.

• Basic and diluted EPS: RMB 1.17, up 24.47% year-over-year.

Outlook and guidance

• 2026 strategy focuses on digital R&D, AI-driven innovation, and global expansion, especially in Southeast Asia, Africa, and North America.

• Plans to further optimize production capacity, launch new projects, and strengthen talent and organizational culture.

• Industry faces ongoing supply-demand imbalance, price pressure, and intensified competition; company aims to maintain leadership through cost control and innovation.