Shenzhen Pagoda Industrial (Group) (2411) H2 2025 earnings summary

Executive summary

• Full-year loss narrowed, with a positive turnaround in operating and financial performance in H2 2025; retail network optimization was substantially completed and store expansion resumed in H2.

• FY revenue fell 20.4% to RMB8,174.4m, mainly reflecting lower franchised-store sales amid product-mix changes and store rationalization.

Financial highlights

• Revenue was RMB8,174.4m, down 20.4% YoY; gross profit was RMB597.2m, down 21.9%.

• Operating loss narrowed to RMB287.4m from RMB341.5m; loss before tax narrowed to RMB329.0m from RMB391.5m.

• Net loss was RMB342.9m versus RMB399.8m; loss attributable to owners was RMB317.5m versus RMB386.0m.

• Adjusted net loss, excluding specified impairments, share-based payments, redundancy, dilution and disposal items, was RMB266.0m versus RMB327.2m.

Outlook and guidance

• 2026 priorities include resumed large-scale retail expansion, improved store efficiency, omnichannel reach, stronger quality controls and deeper franchisee training.

• Plans include scaling the trial “fruit + snacks” format, developing domestic and overseas 2B channels, and expanding customized supply-chain services.

• Category strategy targets differentiated fruit brands, upstream supplier support and expansion into fruit and vegetable derivatives.