USAS Building System (2671) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 50.6% YoY to RMB2,294.1 million; profit before tax slipped 0.6% to RMB78.2 million and profit fell 7.0% to RMB65.8 million.

• Growth was driven by PS building subcontracting and general contracting, while lower gross margin and higher tax expense weighed on earnings.

Financial highlights

• Revenue was RMB2,294.1 million vs RMB1,523.0 million; gross profit rose to RMB230.1 million from RMB190.5 million, while gross margin declined to 10.0% from 12.5%.

• Profit before income tax was RMB78.2 million vs RMB78.7 million; net income was RMB65.8 million vs RMB70.8 million.

• Income tax expense increased to RMB12.4 million from RMB7.9 million; finance costs rose to RMB10.8 million from RMB8.8 million.

• R&D expense increased 22.8% YoY to RMB25.1 million, driven by development projects including polycarbonate sheet roofing and a V-Plate dust collector.

Outlook and guidance

• Strategy prioritizes expanding and upgrading domestic PS building component capacity and establishing overseas production facilities to support Southeast Asian projects.

• 2026 priorities include new-business synergies, flexible strategy adjustments, ERP and OA upgrades, and an integrated IIoT platform to improve efficiency and resource allocation.