Anjoy Foods Group (603345) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached ¥7.60 billion, up 0.8% year-over-year, while net profit attributable to shareholders fell 15.8% to ¥675.94 million.

• Cash flow from operating activities was negative ¥162.92 million, a significant decline from the previous year, mainly due to increased cash outflows for goods and services.

• The company completed the acquisition of 70% of Jiangsu Dingweitai and 100% of Dingyifeng, expanding into the frozen bakery sector.

• Listed H-shares on the Hong Kong Stock Exchange in July 2025, becoming the first domestic A+H listed frozen food company.

Financial highlights

• Operating income: ¥7,604,440,456.71 (+0.8% YoY).

• Net profit attributable to shareholders: ¥675,939,959.13 (-15.8% YoY).

• Operating cash flow: -¥162,921,190.81 (down 132% YoY).

• Basic and diluted EPS: ¥2.31 (-16% YoY).

• Gross margin: 20.5% (calculated from revenue and cost figures).

• Dividend payout ratio: 70.02% of net profit, with a proposed cash dividend of ¥1.425 per share.

Outlook and guidance

• The company expects continued growth in the frozen food sector, driven by rising demand for convenience and quality, and ongoing industry consolidation.

• Plans to leverage Hong Kong listing proceeds for overseas expansion, especially in Southeast Asia, Europe, and North America.

• Focus on product innovation, digitalization, and supply chain efficiency to maintain competitiveness.