Sichuan Baicha Baidao Industrial (2555) H1 2025 earnings summary

Executive summary

• H1 revenue rose 4.3% YoY to RMB2,499.6m and reported profit increased 39.5% to RMB332.9m; gross margin rose 0.9 percentage points to 32.6%.

• Adjusted net profit fell to RMB340.3m from RMB394.9m; prior-period reported results included a RMB145.2m fair-value loss on redeemable shares. H1 2025 interim statements were unaudited and reviewed.

Financial highlights

• Gross profit rose 7.2% to RMB814.8m; profit before tax increased to RMB413.6m from RMB309.4m, and basic and diluted EPS were both RMB0.221.

• Distribution and selling expenses rose 42.7% to RMB150.1m on product launches, marketing and higher sales-team remuneration; administrative expenses increased 17.9% to RMB257.4m.

• Operating cash flow was RMB280.3m; cash and cash equivalents were RMB3,243.9m at 30 June 2025, down from RMB3,559.9m at year-end, mainly after payment of prior-year profit distribution.

Outlook and guidance

• H2 priorities include improving store operations and domestic reach, measured overseas expansion, product R&D, supply-chain coordination, brand building, cost control and risk management.

• Proposed interim dividend of RMB0.18 per share, totaling RMB266.0m, subject to shareholder approval; payment anticipated on or around 28 October 2025 and to be funded from own funds.