Tingyi Cayman Islands (322) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB79.07 billion, down 2.0% year-over-year, with gross margin rising 1.7ppt to 34.8%.

• EBITDA increased 10.2% to RMB10.61 billion, and profit attributable to owners rose 20.5% to RMB4.50 billion.

• Basic EPS grew by RMB13.58 cents to RMB79.86 cents; adjusted profit attributable to owners rose 14.1%.

• Cash at bank and on hand reached RMB19.49 billion, up RMB3.48 billion from the prior year.

• CEO transition completed in early 2026, with new management in place.

Financial highlights

• Gross profit increased to RMB27.53 billion, up 3.1% year-over-year.

• Distribution costs to revenue ratio increased by 0.5ppt to 22.9%.

• Net cash inflow from operating activities was RMB8.20 billion; net cash outflow from investing activities was RMB5.31 billion.

• Total assets stood at RMB54.94 billion and total liabilities at RMB36.44 billion as of year-end.

• Proposed final and special dividends of RMB39.92 cents per share each.

Outlook and guidance

• 2026 marks the start of the 15th Five-Year Plan, with expectations for a moderately accommodative policy environment.

• Focus on high-quality development, product innovation, digital transformation, and meeting emerging consumption trends.

• Organizational efficiency and leadership rejuvenation prioritized following CEO transition.