Sling Group reported consolidated revenue of RMB65.60 million for the year ended 31 December 2025, down 1.5% from RMB66.59 million in 2024. The decline was mainly attributable to softer online retail sales, which fell 6.5% to RMB57.44 million and represented 87.5% of total revenue.

Gross profit increased 7.5% to RMB37.32 million, driven by a 4.7-percentage-point expansion in gross margin to 56.9%. Lower cost of sales, tighter marketing spending and reduced logistics costs underpinned the margin improvement.

Selling and distribution costs fell 4.9% year on year to RMB33.09 million, while administrative and other operating expenses dropped 18.9% to RMB10.30 million. Finance costs declined 7.1% to RMB1.28 million.

Loss from continuing operations narrowed sharply to RMB0.35 million from RMB9.82 million a year earlier. Including a RMB0.40 million gain on the August 2025 disposal of a 51% stake in Sencai Maoyi, the Group recorded a net profit of RMB0.04 million versus a RMB10.69 million loss in 2024. Basic earnings per share turned positive to RMB0.01 cent.

The disposal of Sencai Maoyi marked the exit from the ELLE-branded luggage and accessories line and generated deferred sales proceeds of RMB2.46 million booked under other receivables.

Total assets stood at RMB33.27 million, little changed from 2024, while total liabilities fell 7.0% to RMB42.28 million, trimming the Group’s capital deficiency to RMB9.02 million (2024: RMB11.59 million). Net current liabilities improved to RMB3.51 million.

Cash and bank balances were RMB8.26 million, with unutilised banking facilities of RMB34.32 million. Bank borrowings declined to RMB15.60 million from RMB16.77 million; 83% are repayable within one year or on demand. Shareholder loans of RMB10.04 million were extended to December 2027.

The Board does not recommend a final dividend for 2025.

Management highlighted continued focus on live-streaming, collaboration with e-commerce service providers and AI-driven supply-chain optimisation to capture China’s projected handbag market growth, while maintaining strict cost control and capital discipline.