EDA Group Holdings (EDA Group) reported FY2025 revenue of RMB1.99 billion, up 17.6% year-on-year, driven by a 26.8% jump in last-mile fulfilment services to RMB1.86 billion. First-mile international freight revenue fell 44.3% to RMB122.41 million following weaker container volumes and the termination of small-parcel air-freight operations.

Gross profit dropped 20.9% to RMB198.55 million as gross margin narrowed to 10.0% (2024: 14.9%). The contraction reflected (1) upfront costs from six newly leased overseas warehouses, (2) lower unit pricing under “semi-hosting” e-commerce models, and (3) higher overseas labour and logistics expenses.

Operating cost pressures intensified: • Logistics expenses rose 12.8% to RMB1.13 billion. • Warehouse operating costs surged 51.8% to RMB352.13 million. • Labour costs for warehouse staff climbed 50.7% to RMB302.10 million. • Finance costs nearly tripled to RMB63.29 million, mainly lease-related interest. • Expected credit-loss provisions on receivables increased RMB7.72 million to RMB22.23 million.

After tax, the Group swung to a net loss of RMB12.16 million (FY2024: RMB47.07 million profit). Adjusted net loss, excluding share-based payments, was RMB8.37 million versus a RMB113.90 million adjusted profit a year earlier. No final dividend was proposed; FY2024 paid HK$0.07 per share.

Balance-sheet leverage rose as the warehouse network expanded to 60 sites across three continents: • Total assets: RMB2.19 billion (-) • Borrowings: RMB238.45 million, double last year. • Lease liabilities: RMB1.17 billion, up 55.2%. • Cash and bank deposits: RMB295.34 million. • Gearing ratio: 76.4%; current ratio: 1.2 (2024: 1.5).

Capital expenditure totalled RMB587.61 million, including RMB523.85 million for new warehouse leases and RMB63.75 million for equipment.

Geographically, reliance on the United States eased to 73.3% of revenue (2024: 80.5%) as European contribution increased to 17.2%. Core-customer count rose to 117 (2024: 90), delivering RMB1.63 billion sales. SaaS fees grew 48% to RMB1.61 million.

Post-period developments include a RMB60 million shareholder loan to the Indonesian joint venture (March 2026) and a US$62.8 million, 130-month warehouse lease in New Jersey, adding 87,000 m² of capacity.

Management targets profitability recovery through tighter cost control, further AI-driven automation, continued warehouse rollout in Europe and Southeast Asia, and deeper partnerships with major e-commerce platforms.