Zall Smart Commerce Group Ltd. reported FY2025 results to 31 December showing lower top-line momentum but a modest improvement in bottom-line profitability, buoyed by property revaluation gains.
Key financials • Revenue fell 4.5% year on year to RMB 155.03 billion, driven by softer supply-chain trading volumes in Mainland China. • Gross profit declined 16.2% to RMB 585.65 million; gross margin narrowed to 0.38% from 0.43%. • Net profit attributable to shareholders increased 8.9% to RMB 147.45 million, aided by a RMB 1.06 billion fair-value gain on investment properties that offset a RMB 251.50 million goodwill impairment and RMB 146.31 million in expected credit losses. • Basic earnings per share improved to RMB 1.19 cents (2024: RMB 1.04 cents). • No dividend was declared.
Segment performance Supply Chain Management & Trading – Revenue: RMB 154.70 billion, down 4.4%. – Segment result: loss widened to RMB 513.71 million (2024: loss of RMB 280.15 million), reflecting margin pressure and higher operating expenses. Property Development & Related Services – Revenue: RMB 318.16 million, down 33.6%. – Segment profit eased to RMB 51.89 million (2024: RMB 56.85 million).
Balance sheet and liquidity • Total assets: RMB 61.73 billion (-11.2% YoY). • Net assets: RMB 14.41 billion, broadly stable. • Interest-bearing borrowings: RMB 14.40 billion (-2.9% YoY); net gearing rose to 42.1% from 23.7%. • Cash and cash equivalents stood at RMB 1.51 billion; pledged bank deposits were RMB 6.99 billion. • Net current liabilities expanded to RMB 6.09 billion, and operating cash outflow totaled RMB 2.36 billion. Auditors drew attention to a material uncertainty over going-concern status, though management cited refinancing plans, cost controls and potential asset disposals to address liquidity.
Expense and other items • Selling & distribution costs fell 23.2% to RMB 205.05 million amid lower staff and logistics spending. • Administrative and other expenses rose 4.3% to RMB 449.99 million. • Finance costs eased 3.5% to RMB 599.49 million; finance income declined 16.7% to RMB 238.87 million. • Impairment losses under ECL dropped 37.1% to RMB 146.31 million.
Operational highlights North Hankou International Trade Center continued to upgrade its market clusters and logistics networks, while digital platforms such as Sinoagri, HSH and Zall Steel advanced supply-chain services across agricultural, chemical and steel sectors. Singapore-based Commodities Intelligence Centre accumulated USD 43.50 billion in cumulative trade value since launch.
Outlook Management plans to deepen digital trade capabilities, expand vertical supply-chain services and enhance liquidity through asset optimisation and financing initiatives. No dividend payout was proposed for FY2025; the AGM is scheduled for 28 May 2026.