Shiyue Daotian Group (9676) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 18.5% to RMB6,810.0m; gross profit increased 32.8% to RMB1,353.3m, while profit for the year more than doubled to RMB428.3m.

• Growth reflected wider product offerings, channel expansion and stronger mid- to high-end product mix; gross margin expanded to 19.9% from 17.7%.

Financial highlights

• Revenue RMB6,810.0m, up 18.5% YoY; gross profit RMB1,353.3m, up 32.8%; gross margin 19.9% versus 17.7%.

• Operating profit rose to RMB601.1m from RMB393.4m; profit before tax increased 98.7% to RMB445.8m.

• Net profit was RMB428.3m versus RMB204.4m; basic and diluted EPS were RMB0.40 versus RMB0.19.

• Adjusted net profit, a non-IFRS measure excluding after-tax fair-value changes and dividend income from equity investments, rose 60.3% to RMB560.4m; margin expanded to 8.2% from 6.1%.

Outlook and guidance

• Priorities include deepening omni-channel coverage, improving channel control and marketing, refining product mix, and expanding selected sourcing-region capabilities.

• Planned operational focus includes digital systems, ERP and data analytics to improve end-to-end efficiency, resource allocation and decision-making.