Migao Group Holdings (9879) H2 24/25 earnings summary

Executive summary

• FY2025 revenue rose 31.7% YoY to RMB4,966.0 million and profit rose 22.9% to RMB339.5 million, driven mainly by higher sales volume.

• Overall product and production-service volume increased 35.2% to 2.345 million tonnes; gross margin declined to 12.9% from 14.2%.

• Basic EPS decreased 8.1% to RMB0.34; a final dividend of RMB0.075 per share was proposed.

Financial highlights

• Revenue increased 31.7% YoY to RMB4,965.954 million; gross profit rose 19.7% to RMB642.047 million.

• Profit for the year increased 22.9% to RMB339.484 million; profit attributable to owners reached RMB307.471 million.

• Basic and diluted EPS were RMB0.34, down from RMB0.37 in FY2024.

• Excluding FY2024 listing expenses of RMB40.287 million, FY2025 had no listing expenses; higher G&A and JV losses partially offset earnings growth.

Outlook and guidance

• Priorities include expanding product offerings, exploring new markets, improving operating efficiency, and investing in production capacity and technology.

• Vietnam facility plans target emerging Asian markets; a site sublease MOU was signed, with local approvals and authority feedback still being addressed.

• Strategic business development opportunities in the Middle East are under evaluation; expansion ambitions also include Asia and Europe.