Anjoy Foods Group (603345) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached RMB 3.77 billion, up 6.61% year-over-year; net profit attributable to shareholders was RMB 273 million, up 11.80% year-over-year.

• For the first nine months, revenue was RMB 11.37 billion, up 2.66% year-over-year, while net profit attributable to shareholders declined 9.35% to RMB 949 million.

• H shares successfully listed on the Hong Kong Stock Exchange in July 2025, making the company the first A+H listed frozen food enterprise in China.

Financial highlights

• Gross margin for the first nine months was 20.3%, down from 22.6% in the prior year.

• Operating profit for the first nine months was RMB 1.21 billion, down from RMB 1.38 billion year-over-year.

• Basic and diluted EPS for the first nine months were RMB 3.15, down 12.01% year-over-year.

• Net cash from operating activities for the first nine months was RMB 1.07 billion, down 32.58% year-over-year due to increased cash outflows for goods and services.

Outlook and guidance

• The company aims to leverage its Hong Kong listing to enhance international brand influence and drive high-quality growth.

• Plans to expand bakery business capacity and create new growth drivers by reallocating RMB 361 million of unused fundraising to a new bakery project.