Hong-Kong-listed BAMA TEA (06980) released its audited results for the year ended 31 December 2025.

Financial Highlights • Revenue rose 2.5% year-on-year to RMB2.20 billion, driven by steady offline sales and a 4.4% increase in online GMV to RMB875.50 million. • Gross profit increased 3.6% to RMB1.22 billion; gross margin improved to 55.6% (2024: 55.0%) as the share of self-manufactured products expanded to 58.9%. • Profit for the year edged down 0.8% to RMB222.34 million. Basic EPS was RMB2.86 (-3.1% YoY). • Adjusted net profit (non-IFRS) grew 2.8% to RMB241.31 million, reflecting the exclusion of RMB25.30 million listing expenses. • Cash and cash equivalents jumped to RMB889.11 million (2024: RMB347.20 million) after the October 2025 IPO; the group remains debt-free.

Operational Metrics • Offline network expanded by 269 outlets to 3,773 stores across 269 Chinese cities; franchised stores rose 283 to 3,538, while self-operated stores fell by 14 to 235 following closure of unprofitable sites. • Online channels contributed 32.2% of revenue, unchanged in mix, supported by live streaming and social-commerce initiatives. • Self-manufactured product sales grew 21.6% to RMB1.29 billion, while OEM sales fell 16.5% to RMB898.30 million. • Inventory climbed to RMB579.19 million (2024: RMB438.98 million) as the company built stock ahead of a later Spring Festival in 2026.

Brand & Product Performance • Core brand “Bama” generated RMB1.96 billion sales (+3.9% YoY). • Aged Pu’er brand “Xinjihao” declined to RMB189.60 million (-18.7%), while youth-oriented “Wanshanhong” doubled to RMB42.40 million. • Oolong and black teas were key growth drivers; tea combination sets also gained traction.

Capital Expenditure & IPO Proceeds • FY2025 capex fell to RMB64.70 million (2024: RMB101.80 million). • Net IPO proceeds of HK$389.90 million remain fully unutilised; management targets deployment by end-2027 across production upgrades, store expansion, digitalisation and potential M&A.

Dividends & Outlook • The board proposed no dividend for FY2025 (FY2024: RMB0.48 per share), citing reinvestment needs and forthcoming capital projects. • Management plans to densify store coverage, accelerate instant-retail channels, roll out additional intelligent factories and pursue a multi-brand strategy aimed at younger consumer segments.

Key Dates • Annual General Meeting: 21 April 2026; share register closes 16–21 April 2026.