China Foods (China Foods) released its audited results for the year ended 31 December 2025. Revenue rose 2.7 % to RMB 22.07 billion, driven by higher sales volumes (+2.8 %) across core beverage lines.

Gross profit improved slightly in absolute terms to RMB 8.18 billion, although gross margin slipped 0.7 percentage points to 37.1 % due to a larger revenue contribution from the lower-margin water category and elevated aluminium can costs.

Adjusted EBIT increased 6.1 % to RMB 1.98 billion, while adjusted EBITDA advanced 5.5 % to RMB 2.87 billion, reflecting disciplined cost control in distribution and administrative spending.

Profit attributable to equity holders was broadly flat at RMB 861.97 million; basic EPS edged up to 30.82 RMB cents (2024: 30.76 RMB cents).

By category, sparkling drinks generated revenue of RMB 16.68 billion (+1.9 %), juices RMB 3.03 billion (-3.4 %), water RMB 928.82 million (+4.3 %), functional drinks RMB 320.08 million (+28.1 %) and other beverages RMB 1.11 billion (+31.2 %). Sparkling beverages maintained an estimated 60 % share in the company’s territories, and sugar-free variants posted high single-digit growth.

Operating cash flow remained strong. Cash and cash equivalents stood at RMB 4.55 billion (2024: RMB 4.01 billion) with no interest-bearing debt, leaving the group in a net cash position. Net current assets improved to RMB 642.22 million (2024: RMB 236.27 million). Net assets attributable to shareholders totalled RMB 6.90 billion.

Capital expenditure focused on digital-intelligent factories and supply-chain upgrades, including the first digital-intelligent plant in Shaanxi.

The board proposed a final dividend of RMB 0.154 per share (2024: RMB 0.153), payable on or around 8 July 2026, subject to shareholder approval at the 9 June 2026 AGM. Enterprise income tax of 10 % will be withheld for non-resident enterprise shareholders in accordance with PRC regulations.

Looking ahead, management reiterated its “restructuring” strategy built on quality improvement, efficiency gains, innovation, system optimisation, openness and green development. Priorities include: • Strengthening premium and health-focused product offerings. • Deepening digital transformation across marketing, supply chain and governance. • Expanding smart retail (vending) and e-commerce businesses while enlarging non-Coca-Cola product mix. • Pursuing disciplined cost management amid raw-material price volatility.

China Foods enters the first year of the 15th Five-Year Plan with a focus on maintaining market leadership in beverages, scaling innovative platforms and sustaining a solid balance sheet to support future growth.