Shiyue Daotian Group (9676) H1 2025 earnings summary

Executive summary

• H1 revenue rose 16.9% YoY to RMB3,063.5m and gross margin expanded to 21.8%; IFRS profit fell 7.6% to RMB116.2m.

• Adjusted net profit increased 97.7% to RMB294.3m, while a RMB182.1m listed-equity fair-value loss weighed on reported earnings.

Financial highlights

• Gross profit increased 50.1% to RMB666.9m; gross margin rose from 17.0%, supported by product and channel mix, greater mid-to-high-end sales, and lower paddy prices.

• Operating profit rose to RMB310.2m from RMB164.0m; profit before tax declined to RMB121.9m from RMB132.9m, mainly reflecting the RMB182.1m FVPL loss.

• Net profit was RMB116.2m versus RMB125.8m; basic and diluted EPS was RMB0.11 versus RMB0.12.

• Adjusted net profit was RMB294.3m versus RMB148.9m; adjusted net profit margin rose to 9.6% from 5.7%.

• Selling and distribution expenses increased 27.4% to RMB305.2m; administrative expenses declined to RMB70.4m from RMB73.2m.

Outlook and guidance

• Priorities include expanding omni-channel reach, strengthening channel management and brand recognition, developing healthy flagship products, and broadening product ranges.

• Sourcing, production, inspection and storage in key origins, alongside digitalization, ERP and data-analysis systems, are priorities to improve efficiency and decision support.

• The Nanning fruit-corn production base was under construction at 30 June 2025, with completion and production expected in H2 2025.