Zhongmin Baihui Retail Group (5SR) H2 2025 earnings summary

Executive summary

• FY2025 profit after tax rose 79.6% to RMB 42.8m; EPS increased to RMB 0.223. Outlet earnings and Fujian stores’ return to profitability supported results.

• The Board proposed a final dividend of SGD 0.01 per share.

Financial highlights

• Revenue was RMB 951.3m, down 3.3% YoY; gross profit declined 4.8% to RMB 220.8m.

• Profit before tax rose to RMB 50.6m from RMB 23.9m; profit for the year was RMB 42.8m versus RMB 23.8m.

• Gross sales proceeds were RMB 1,279.8m versus RMB 1,348.0m in FY2024.

• Net operating cash flow was RMB 46.0m, up from RMB 38.0m; cash and cash equivalents closed at RMB 83.5m.

Outlook and guidance

• Lvliang’s planned 52,000 sqm mall is expected to open in H1 2026; the project would take managed large-mall GFA above 700,000 sqm.

• Plans include selective mall projects across China, greater operating efficiency in Fujian stores, and a 1,000 sqm premium-supermarket trial to inform possible expansion.