China Healthwise Holdings Limited reported FY25 revenue of HK$99.56 million, down 12.3% year on year, driven mainly by weaker sales in its Chinese health products division. Gross profit slipped 10.4% to HK$33.46 million, yet gross margin edged up to 33.6% (FY24: 32.9%) on a more favourable product mix.
The Group booked an audited net loss attributable to shareholders of HK$2.61 million, a sharp improvement from the HK$40.28 million loss recorded in FY24. The turnaround was primarily due to: 1) a HK$24.61 million fair-value gain on financial assets at fair value through profit or loss (FY24: HK$4.19 million loss); and 2) a HK$3.73 million net reversal of expected-credit-loss provisions (FY24: HK$2.35 million charge).
Segment performance: • Chinese health products generated HK$99.20 million in sales (−12.1% YoY) and posted a HK$7.48 million pre-tax loss. • Money lending contributed HK$0.61 million in interest income and recorded a HK$1.43 million pre-tax loss. • Investment in financial instruments delivered a HK$22.80 million pre-tax profit, swinging from a HK$6.41 million loss a year earlier.
Operating expenses remained under control: selling and distribution costs fell 2.8% to HK$28.23 million, while general and administrative expenses dropped 18.1% to HK$21.63 million. Finance costs, however, rose 66.7% to HK$13.83 million, reflecting higher interest on bonds and convertible notes.
Balance-sheet highlights show persistent liquidity pressure. Cash and cash equivalents stood at HK$9.19 million against total borrowings, bonds and convertible notes of HK$98.90 million. Net liabilities widened to HK$20.99 million (FY24: HK$18.38 million), and the current ratio deteriorated to 0.83. Gearing, measured as total interest-bearing debt to total assets, remained high at 79%.
Auditors drew attention to a material uncertainty related to going concern. Management plans to improve liquidity via loan recoveries, potential disposal of financial assets, cost controls and refinancing negotiations.
The Board declared no dividend for FY25.
Subsequent events: • In early January 2026, a forced sale of 2.65 million shares in Yunfeng Financial raised HK$9.20 million, clearing related margin obligations. • On 20 March 2026, an HK$9 million revolving loan to Eternity Investment was extended to March 2027 at a revised 10% fixed rate.
No further material updates were disclosed.