Zhejiang Longsheng Group (600352) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 13.31 billion, down 16.18% year-over-year; net profit attributable to shareholders was RMB 1.83 billion, down 9.91% year-over-year.

• Operating cash flow was RMB 5.84 billion, a 37% decrease year-over-year.

• The company maintained its global leadership in textile chemicals and intermediates, with dye sales volume reaching a record high.

• The acquisition of the remaining minority stake in DyStar made it a wholly-owned subsidiary, further consolidating global market position.

Financial highlights

• Gross margin for specialty chemicals increased by 1.22 percentage points to 32.02%.

• Net assets attributable to shareholders at year-end were RMB 32.66 billion, down 4.71% from the previous year.

• Total assets reached RMB 75.15 billion, up 4.36% year-over-year.

• Basic EPS was RMB 0.5622, down 11.04% year-over-year.

• Cash dividend of RMB 1.00 per 10 shares proposed, with a payout ratio of 17.79%.

Outlook and guidance

• 2026 revenue target set at RMB 20 billion, with a profit target of RMB 2.78 billion and net profit target of RMB 2.31 billion.

• The company will focus on green, intelligent manufacturing and further strengthen its position in specialty chemicals.