X.J. Electrics released its 2025 annual results, highlighting weaker sales, margin pressure and the first dividend declaration since its June 2025 Hong Kong listing. Key points follow.

Revenue and Profitability • 2025 revenue slid 14.10 % to RMB 1.29 billion, weighed down by softer demand in core export markets and lower sales of high-margin garden-hose products. • Gross profit declined 22.91 % to RMB 253.26 million; gross margin narrowed to 19.64 % from 21.88 % a year earlier. • Net profit attributable to shareholders fell 63.88 % to RMB 50.72 million. Basic EPS dropped to RMB 0.21 from RMB 0.69.

Cost Structure and Expenses • Selling expenses decreased 22.12 % to RMB 26.92 million, reflecting lower turnover. • Administrative expenses rose 14.26 % to RMB 127.04 million, driven by the ramp-up of new factories in Indonesia and Thailand. • Finance costs increased 32.78 % to RMB 15.92 million as borrowings expanded to RMB 442.39 million (2024: RMB 323.09 million).

Segment Performance • Electric home appliances generated RMB 1.10 billion, down 7.40 %, accounting for 85.32 % of total revenue. – Electro-thermic appliances remained stable at RMB 750.12 million. – Motor-driven appliances declined 21.62 % to RMB 247.21 million. – Electronic appliances fell 10.34 % to RMB 103.17 million. • Non-electric household goods revenue dropped 39.57 % to RMB 189.30 million, mainly due to a 38.37 % contraction in garden-hose sales.

Balance Sheet and Liquidity • Total assets reached RMB 1.95 billion; net assets rose to RMB 1.12 billion, supported by HK$195.11 million share issue proceeds at listing. • Cash and cash equivalents stood at RMB 491.0 million; pledged and restricted deposits totalled RMB 106.29 million. • Gearing ratio increased to 45.74 % from 42.56 %.

Capital Expenditure and Strategy • 2025 capex amounted to RMB 165.51 million, primarily for overseas production lines and automation upgrades. • Indonesian and Thai plants commenced operations, marking a shift from “product export” to “capacity export.” • Domestic sales rose 21.74 % to RMB 7.70 million, while overseas revenue fell 14.25 % to RMB 1.28 billion. • Management targets further growth in rice cookers, multi-cookers and kettles, the establishment of North American warehouses, and commercialisation of superconducting cables to create a dual-core business model.

Dividend • A final dividend of RMB 0.03483 per share (about RMB 9.50 million in total) is proposed, subject to shareholder approval at the AGM on 18 June 2026. The payout equates to roughly 18.73 % of 2025 earnings.

Outlook • The company anticipates continued capacity ramp-up overseas, product-mix optimisation and expansion in emerging segments to support long-term growth amid ongoing global trade uncertainties.