USAS Building System (Shanghai) Co., Ltd. released audited results for the year ended 31 December 2025.

Revenue rose 50.6% year on year to RMB 2.29 billion, driven mainly by PS building subcontracting services, which contributed 82.9% of total turnover (RMB 1.90 billion, +53.3%). General contracting services generated RMB 299.23 million (+63.9%) and accounted for 13.0% of revenue, while industrial environmental equipment sales fell 6.6% to RMB 93.40 million, representing 4.1%.

Cost of sales expanded 54.9% to RMB 2.06 billion, outpacing revenue growth and compressing the gross profit margin to 10.0% from 12.5% in 2024. Gross profit nonetheless increased 20.8% to RMB 230.14 million.

Operating expenses remained largely stable: • Selling and distribution expenses: RMB 25.83 million (+3.7%) • Administrative expenses: RMB 69.13 million (+3.3%) • R&D expenses: RMB 25.13 million (+22.8%)

Finance costs climbed 22.9% to RMB 10.82 million, reflecting higher borrowings to fund working-capital needs.

Profit before tax edged down 0.6% to RMB 78.19 million, while net profit attributable to shareholders fell 12.0% to RMB 65.65 million. Basic earnings per share stood at RMB 0.68, compared with RMB 0.78 a year earlier.

Balance-sheet highlights include: • Cash and cash equivalents: RMB 419.50 million • Net cash position: RMB 8.90 million (vs. net debt in 2024) • Gearing ratio improved to 62.0% from 66.4% • Contract assets more than doubled to RMB 740.64 million, reflecting growth in project pipeline • Trade and bills receivable declined 37.3% to RMB 327.12 million, aided by stronger collections • Trade and bills payable increased 38.3% to RMB 692.41 million, in line with higher procurement volumes

The board declared a final dividend of RMB 0.37 per share, following an interim dividend of RMB 0.29 per share already paid. The proposed final payout is subject to shareholder approval at the 15 May 2026 AGM and, if approved, is expected to be distributed by end-July 2026.

USAS Building debuted on the Hong Kong Stock Exchange on 30 December 2025, raising net proceeds of HK$ 139.90 million for capacity expansion, project funding, sales and marketing, R&D, and working capital. All proceeds remained unutilised as at year-end.

The company highlighted continued domestic demand and plans to establish overseas production facilities in Southeast Asia to capture regional growth, while advancing digital operations through upgraded ERP, OA and IIoT platforms.