Numans Health Food Holdings (2530) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 31.8% to RMB189.3 million; profit before tax fell 76.8% to RMB23.1 million and profit after tax fell 92.7% to RMB5.5 million.

• Weaker demand, intensified DHA competition, price compression and higher inventory write-offs weighed on results; Customer B ordering recovered in H2.

Financial highlights

• Revenue was RMB189.336 million versus RMB277.495 million in FY2024; gross profit was RMB130.674 million versus RMB211.060 million.

• Profit before tax was RMB23.097 million versus RMB99.467 million; profit for the year was RMB5.503 million versus RMB74.900 million.

• Basic and diluted EPS was RMB0.55 cents versus RMB9.99 cents; a final dividend of HK$2.50 cents per ordinary share was recommended.

• Gross margin contracted to 69.0% from 76.1%; selling and distribution expenses fell 20.7% to RMB71.8 million, while administrative and other operating expenses rose 24.8% to RMB29.7 million.

Outlook and guidance

• Long-term PRC nutritional-products prospects remain supported by consumer health awareness, brand equity and established online and offline distribution as market conditions stabilise.

• Product development is expanding beyond maternal and infant nutrition to children aged 6–16; lower-tier markets are targeted with competitively priced algal oil DHA using imported French raw materials.

• Continued investment in online and offline channels and broader product offerings is intended to support medium-term revenue growth.