Jiujiuwang Food International Limited reported FY2025 revenue of RMB308.14 million, down 2.2% year on year, reflecting softer sales of own-branded products.

Gross profit slipped 6.3% to RMB81.87 million, narrowing the gross margin to 26.6% from 27.7% in FY2024. A RMB8.25 million inventory write-down—up markedly from RMB2.38 million a year earlier—pushed other income and gains to a net loss of RMB6.35 million.

Administrative expenses rose 16.8% to RMB35.60 million, driven mainly by higher research and development spending, while selling expenses remained flat at roughly RMB31 million. Finance costs declined 11.2% to RMB12.28 million on lower interest expenses.

As a result, the company recorded a net loss attributable to owners of RMB7.63 million (FY2024: RMB3.62 million loss). Basic and diluted loss per share widened to RMB0.01, and the board proposed no final dividend.

Balance-sheet highlights: • Cash and cash equivalents improved 14.1% to RMB33.14 million. • Net current assets stood at RMB244.56 million, up 34.8%. • Total borrowings increased to RMB264.53 million, lifting the gearing ratio to 73.0% (FY2024: 70.2%). • Inventories declined 5.0% to RMB149.04 million, while trade receivables rose 7.0% to RMB71.91 million.

Operational metrics: • Mainland China accounted for 90.5% of revenue; Europe, 3.4%; other Asia, 3.1%; and other regions, 3.0%. • A single OEM customer contributed RMB75.86 million—24.6% of total revenue—and represented 25.3% of trade receivables at year-end.

The board reaffirmed its strategic focus on enhancing production efficiency, expanding own-brand presence and strengthening distribution, while acknowledging risks tied to customer concentration, distributor performance and raw-material volatility.