Golden Throat Holdings (06896) released its audited results for the year ended 31 December 2025.

Financial Performance • Revenue declined 20.40% year on year to RMB 943.26 million, mainly due to lower distributor purchases following adjustments to the group’s product-marketing strategy. • Gross profit contracted 19.80% to RMB 717.01 million, yet gross margin edged up to 76.0% (2024: 75.5%). • EBITDA dropped 22.90% to RMB 377.10 million. • Profit attributable to shareholders fell 21.20% to RMB 251.20 million. • Basic and diluted EPS fell to RMB 0.3398 (2024: RMB 0.4310).

Segment Highlights • Golden Throat Lozenges (OTC) contributed 92.60% of total revenue, sliding 20.30% to RMB 873.04 million on a 29.26% volume decline to 102.94 million boxes. • Golden Throat Lozenge Series Products revenue fell 24.70% to RMB 65.27 million on sales of 11.17 million boxes. • Other products generated RMB 5.00 million (2024: RMB 3.00 million).

Cost Structure • Cost of sales decreased 22.20% to RMB 226.25 million, led by lower material costs (61.10% of total cost). • Selling and distribution expenses fell 11.90% to RMB 313.50 million, reflecting reduced promotion and advertising. • Administrative expenses dropped 17.30% to RMB 96.79 million, driven by lower R&D spending.

Cash Flow and Balance Sheet • Cash and cash equivalents stood at RMB 968.28 million (2024: RMB 1,130.63 million). • Net current assets totalled RMB 957.40 million; current ratio was 2.2 (2024: 2.5). • Interest-bearing borrowings increased to RMB 584.27 million, lifting the gearing ratio to 42.40% (2024: 29.10%). • Proposed final dividend: HK$0.34 per share, equating to approximately RMB 227.04 million and a payout date around 26 June 2026, subject to AGM approval.

Operational Developments • Phase II of the new medicine production and R&D base in Liuzhou has completed most above-ground structures and entered interior fitting-out; the remaining IPO proceeds of HK$129.76 million are earmarked for completion by 2028. • The group added four new export markets (South Korea, Peru, Ecuador, Uzbekistan), bringing coverage to over 60 countries and regions. • New product launches include the Propolis Soothing Spray Series and Compound Probiotic Lozenges.

Management Changes • Ms. Lee Angel Pui Shan resigned as company secretary, authorised representative and process agent with effect from 27 March 2026; Ms. Au Wing Han was appointed to all three roles on the same date.

Outlook Management targets continued portfolio expansion, digital-driven marketing, and completion of the Liuzhou Phase II facility to underpin future growth in both pharmaceutical and food segments during 2026.