China Shenmu (01432) announced its financial results for the year ended December 31, 2025. The group recorded revenue of 3.342 billion yuan, a decrease of 0.9% compared to the previous year. The loss attributable to owners of the parent company amounted to 373 million yuan, widening by 470.11% year-on-year. The loss per share was 0.045 yuan.
During 2025, the group continued to optimize its herd structure by selecting high-quality cattle, improving genetic enhancement, and refining its breeding system, thereby further enhancing the overall quality of the mature cow herd. At the same time, leveraging its continuously upgraded customized nutrition formula system and refined feeding management model, the group provided scientific and precise nutritional support and health management for its lactating cows.
In the reporting period, the average milk yield per mature cow reached 12.4 tons, a steady increase from 2024 and a record high, reinforcing the group's competitive advantage in breeding efficiency. Driven by both higher milk yield and optimized production capacity structure, the group's total sales volume of raw milk maintained steady growth, reaching 777,282 tons for the full year, an increase of 11.1% year-on-year. The growth in sales volume was primarily attributed to improved production efficiency and a higher proportion of high-yield cattle, rather than mere expansion in scale, reflecting the group's quality-first development strategy.
In terms of product mix, the group continued to increase the proportion of high-end raw milk, with premium raw milk accounting for 80.3% of total sales. Supported by a stable customer base and relatively strong pricing power, high-end products demonstrated greater profitability resilience amid industry-wide price pressures. Organic raw milk, as the core category within the group's premium product portfolio, sustained its growth momentum, contributing significantly to both sales volume and profitability during the year and playing a key role in overall operational performance.