China Tontine Wines Group Limited reported a marked turnaround for the year ended 31 December 2025.

Revenue rose 47.6% year-on-year to RMB 159.37 million, driven primarily by a rapid expansion in spirits and Japanese sake lines. Spirits revenue climbed 361% and Japanese sake surged 650%, while traditional wine sales fell 23%.

Gross profit expanded four-fold to RMB 28.07 million, lifting gross margin to 18.0% from 6.8% a year earlier. Higher-margin product mix and improved inventory utilisation underpinned the gain.

Total comprehensive income for the Group swung to a positive RMB 1.66 million (2024: loss of RMB 347.44 million). However, profit attributable to shareholders remained marginally negative at RMB 0.84 million, versus a loss of RMB 321.30 million in 2024. Basic and diluted loss per share narrowed sharply to RMB 0.28 cents from RMB 106.55 cents.

Operating expenses reflected the Group’s intensified marketing push. Selling and distribution costs increased 63% to RMB 12.95 million, while administrative expenses edged up 8% to RMB 13.33 million. Finance costs stayed low at RMB 0.07 million.

The balance sheet remains liquid: • Cash and bank balances rose to RMB 29.97 million (2024: RMB 0.76 million). • Net current assets stood at RMB 124.69 million, down slightly from RMB 128.66 million. • Inventory days fell to roughly 142 from 329 on successful destocking initiatives. • Trade receivables increased to RMB 93.21 million (turnover days: 195).

Net assets totalled RMB 153.02 million (2024: RMB 157.33 million). The Group remains in a net-cash position, and no final dividend was proposed.

Operationally, the Baiyanghe plant in Shandong lifted output 26% to 6,796 tonnes. Online channels accounted for 58.8% of annual sales, reflecting the Group’s focus on e-commerce and influencer partnerships. Regionally, the Eastern China market contributed 59.3% of revenue, followed by the Northern (20.6%), South-Central (15.6%) and South-West (3.6%) regions.

The external auditor issued an unqualified opinion for 2025, with a qualification limited to comparative 2024 figures due to last year’s deconsolidation of certain subsidiaries.

Looking ahead, management highlights ongoing industry challenges—muted overall wine demand and heightened competition—but sees opportunities in premiumisation, product diversification and further digital-channel expansion.