Sichuan Baicha Baidao Industrial (2555) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 9.7% YoY to RMB5,395.1m; gross profit increased 14.3% to RMB1,753.8m.

• Profit for the year grew 71.2% to RMB821.4m; profit attributable to owners was RMB804.9m, with basic EPS of RMB0.547.

• Adjusted net profit was RMB833.3m versus RMB645.0m, and adjusted EBITDA margin expanded to 20.0% from 17.0%.

Financial highlights

• Gross profit margin rose 1.3 percentage points to 32.5%, attributed to stronger cost control and improved warehouse logistics management.

• Profit before tax increased to RMB997.3m from RMB621.8m; income tax expense rose 23.9% to RMB176.0m as taxable income increased.

• Distribution and selling expenses fell 7.5% to RMB365.4m; administrative expenses decreased 5.5% to RMB482.1m, reflecting expense controls.

• Other income declined 20.0% to RMB97.1m, while gains on FVTPL assets rose 98.6% to RMB69.3m, primarily from wealth management products.

Outlook and guidance

• 2026 priorities include product R&D and category expansion, improving store performance, domestic penetration and prudent overseas expansion.

• Planned operating focus includes supply-chain coordination, procurement and logistics efficiency, digital and store-support systems, cost control and risk management amid competitive changes and market uncertainty.