Numans Health Food Holdings (2530) H1 2025 earnings summary

Executive summary

• H1 2025 revenue fell 36.2% YoY to RMB93.2m amid lower sales volume and average selling prices; profit attributable to owners fell 95.3% to RMB2.1m.

• Challenging PRC consumer demand and stronger competition from locally manufactured DHA products pressured sales and margins; marketing activity is set to intensify in 2025.

• Online channels generated 78.4% of revenue, while algal oil DHA products contributed 99.0%.

Financial highlights

• Revenue was RMB93.2m vs RMB146.1m; gross profit was RMB62.3m vs RMB105.0m, down 40.7% YoY; profit before tax was RMB12.4m vs RMB51.7m.

• Profit for the period was RMB2.1m vs RMB45.3m; basic and diluted EPS was RMB0.22 vs RMB6.04.

• Cost of sales declined 24.9% to RMB30.9m; selling and distribution expenses fell to RMB38.9m from RMB48.1m, while administrative and other operating expenses rose to RMB14.5m from RMB12.1m.

• Other income fell to RMB4.2m from RMB12.8m, mainly as government grants declined to RMB1.7m from RMB10.8m; listing expenses were RMB5.3m.

Outlook and guidance

• 2025 plans include increased online and offline marketing to build brand awareness, support sales and strengthen market presence.

• Health awareness and maternal-and-child nutrition demand are cited as growth drivers; a July 2025 nationwide policy provides an annual RMB3,600 subsidy per child under age three.