Ziyuanyuan Holdings Group Limited (abbrev. “ZYY”) released its audited results for the year ended 31 December 2025.

Financial Highlights • Revenue fell 7.00% to RMB513.76 million (2024: RMB552.27 million), reflecting softness across most operating lines. • Gross profit declined 17.58% to RMB71.34 million; gross margin eased to 13.9% from 15.7%. • Loss attributable to owners narrowed sharply to RMB10.70 million, an improvement from the RMB52.97 million loss in 2024. • Basic and diluted loss per share improved to RMB2.49 cents (2024: RMB12.34 cents). • Finance costs rose 60.80% to RMB18.48 million, driven by interest on newly-issued convertible bonds. • Net cash rose to RMB20.54 million (2024: RMB12.96 million); gearing increased to 43.3% (2024: 37.7%) on higher borrowings and RMB54.52 million in short-term convertible bonds.

Segment Performance (Revenue / Segment Result) • Trading of medical equipment & consumables: RMB499.66 million (+1.31%); profit RMB12.36 million (2024: RMB31.42 million). • Finance leasing: RMB6.09 million (-33.6%); profit RMB15.33 million (2024: loss RMB38.81 million) after lower ECL reversals. • Postpartum care services: RMB6.23 million (-74.3%); loss RMB1.55 million (2024: loss RMB28.60 million). • Other (mainly IT services): RMB1.78 million (-93.1%); loss RMB3.69 million (2024: loss RMB1.02 million).

Key Cost & Expense Movements • Cost of sales decreased 5.00% to RMB442.42 million, largely tracking softer revenues. • Staff costs halved to RMB12.12 million following a reduction in headcount to 32 (2024: 125). • Impairment losses under the ECL model fell to RMB17.95 million (2024: RMB43.74 million), reflecting tighter credit controls. • Other operating expenses contracted 28.40% to RMB26.76 million, aided by lower depreciation and reduced postpartum-service outlays.

Balance Sheet & Liquidity • Net current assets stood at RMB242.61 million (2024: RMB237.07 million). • Total assets were RMB811.58 million; net assets marginally eased to RMB300.27 million. • Bank and other borrowings totalled RMB174.50 million; short-term portion rose to RMB129.59 million. • Convertible bonds of HK$62 million issued in 1H 2025 translated into a RMB54.52 million current liability and a RMB6.26 million equity component.

Post-Balance-Sheet Event On 9 March 2026, ZYY signed subscription agreements to issue 86 million new shares at HK$0.50 each, targeting gross proceeds of HK$43.00 million to bolster working capital and fund medical-equipment trading inventory. Completion remains subject to customary conditions.

Outlook Management remains optimistic on China’s healthcare demand and intends to deepen participation in medical-equipment trading, strengthen risk controls in finance leasing, and streamline postpartum-care operations. No dividend was proposed for 2025.