Zibuyu Group (2420) H2 2025 earnings summary

Executive summary

• FY25 revenue reached RMB4,660.2m, up 40.2% YoY, while net profit rose 78.6% to RMB269.2m; both were reported at historical highs.

• Brand investment, new-product performance and channel expansion supported growth; the 2026 agenda centers on structural adjustment, AI, localization and global supply-chain development.

Financial highlights

• Revenue was RMB4,660.2m, up 40.2% YoY; gross profit was RMB3,487.3m, up 41.1%.

• Operating profit rose to RMB272.6m from RMB150.6m; profit before tax increased to RMB274.9m from RMB154.7m.

• Net profit attributable to shareholders was RMB269.2m versus RMB150.8m; basic and diluted EPS were RMB0.55 versus RMB0.31.

• Adjusted to exclude RMB14.1m of share-based payment expense, FY25 attributable profit would have been RMB283.3m.

Outlook and guidance

• 2026 priorities: apply AI across business functions, advance digital transformation, expand international production capacity and deepen global brand localization.

• Plans also include expanding content e-commerce, self-operated online stores and offline channels, while strengthening organizational capability and international talent.

• No numeric FY26 revenue or profit targets were stated; strategy emphasizes consumer needs, product innovation, resource allocation and market-share growth.