Huaibei GreenGold Industry Investment Co. (HUAIBEI GD CO, 02450) reported FY2025 revenue of RMB219.00 million, down 7.3% year on year, as aggregate prices weakened and concrete business stalled.

Net loss attributable to equity shareholders expanded 31.2% to RMB28.82 million, while total comprehensive loss for the Group reached RMB47.91 million. Basic loss per share increased to RMB0.11 from RMB0.08.

Gross profit fell 30.1% to RMB58.56 million; gross margin compressed by 8.8 percentage points to 26.7%, primarily due to an 8.0% decline in average selling price of aggregate products (RMB42.8/tonne vs. RMB46.5/tonne in 2024). Sales volume of aggregates rose 10.4% to 5.12 million tonnes, partly offsetting price pressure.

Cost of sales rose 5.3% to RMB160.42 million, reflecting higher depreciation following Phase II commissioning at Gaoloushan Mine. Administrative expenses increased 20.1% to RMB27.20 million as wages and depreciation from the suspended concrete line were reclassified.

Finance costs decreased 27.6% to RMB62.22 million owing to lower non-recurring interest expenses and discounting charges on long-term payables. Impairment losses on property, plant and equipment totalled RMB19.54 million, up from RMB13.35 million a year earlier.

Balance-sheet liquidity tightened: cash at bank and on hand declined to RMB7.90 million from RMB321.43 million after a RMB294.17 million prepayment for steel products (recorded as trade deposits). The amount was fully refunded on 29 January 2026. Current liabilities exceeded current assets by RMB36.30 million, while total borrowings stood at RMB1.23 billion (RMB162.82 million current, RMB1.07 billion non-current).

Total assets slipped to RMB2.13 billion (-13.8%), and net assets fell to RMB655.88 million. Management is negotiating new financing, tightening cost controls and exploring new cash-generating projects to support going-concern status.

Operationally, more than 0.90 million tonnes of aggregates were supplied to regional expressway projects, and rail-based sales were initiated via agreements covering at least 0.75 million tonnes. Gaoloushan Mine Phase II forest-land use approval was completed, underpinning its 8 million-tonne annual capacity plan through 2031.

The Board proposed no final dividend for FY2025. The annual general meeting is scheduled for 28 May 2026; the register of members will be closed from 28 April to 28 May 2026.