Zall Smart Commerce Group (2098) H2 2025 earnings summary

Executive summary

• Revenue declined 4.5% year-over-year to RMB155.0 billion, mainly due to lower supply chain management and trading business revenue.

• Net profit increased 8.8% year-over-year to RMB101.6 million, with profit attributable to equity shareholders at RMB147.4 million.

• Gross profit margin decreased to 0.38% from 0.43% year-over-year, reflecting a shift in revenue mix and lower-margin business.

• The Group continues to focus on digital transformation, supply chain integration, and expanding its B2B trading platforms.

Financial highlights

• Revenue: RMB155.0 billion (down from RMB162.4 billion year-over-year).

• Gross profit: RMB585.7 million (down 16.2% year-over-year).

• Net profit: RMB101.6 million (up from RMB93.4 million year-over-year).

• Basic and diluted EPS: RMB1.19 cents (up from RMB1.04 cents year-over-year).

• Net assets: RMB14.4 billion (up slightly from RMB14.3 billion year-over-year).

Outlook and guidance

• The Group aims to drive growth through technological innovation, digital trade, and industrial upgrading.

• Plans to enhance operational efficiency, expand vertical sectors, and strengthen its digital industrial ecosystem.

• Focus on improving cash flow, reducing costs, and optimizing capital structure to address liquidity challenges.