UNQ Holdings (UNQ) reported full-year 2025 revenue of RMB1.29 billion, a 4.10% decline from 2024, reflecting portfolio pruning and lower sales in certain personal-care lines.
Gross profit rose 7.52% to RMB435.11 million as the consolidated gross margin expanded 3.7 percentage points to 33.7%, driven by a higher mix of health products and a shift toward more profitable sales channels.
Net profit fell 33.8% year on year to RMB24.10 million after higher selling and marketing expenses and a RMB1.67 million swing to other losses. Earnings per share dropped to RMB0.15 from RMB0.23.
Operating cash flow reversed to an outflow of RMB93.80 million (2024: inflow of RMB172.19 million), mainly due to inventory build-up for new brands and slower reimbursement of promotional spending. Cash and cash equivalents stood at RMB306.41 million, down from RMB438.58 million a year earlier.
Total borrowings increased by RMB32.53 million to RMB232.93 million, pushing the gearing ratio to –10.1% (2024: –32.5%). The group had unused banking facilities of RMB143.20 million and reported no asset pledges.
Segment performance • Personal-care products for adults: revenue fell 14.0% to RMB764.66 million; gross margin improved 4.9 ppts to 30.7%. • Health products: revenue jumped 67.2% to RMB241.82 million; gross margin rose 3.7 ppts to 38.0%. • Beauty products: revenue grew 20.4% to RMB132.96 million; gross margin slipped 6.2 ppts to 29.8%. • Personal-care products for babies: revenue declined 30.6% to RMB87.51 million; gross margin climbed 2.6 ppts to 38.7%.
Dividend The board recommends a final dividend of HK$0.25 per share, down from HK$0.50 a year earlier, payable on 17 July 2026 subject to shareholder approval.
Balance sheet Total assets fell to RMB1.06 billion (2024: RMB1.19 billion), while equity decreased to RMB659.13 million. Inventories increased 9.6% to RMB290.29 million, and trade receivables fell 34.1% to RMB83.64 million after impairment provisions.
Strategic developments • The health segment’s revenue share rose to 18.7% (2024: 10.7%). • Emerging channels—Douyin, Pinduoduo and overseas platforms—contributed 12.3% of revenue (2024: 11.1%). • On 5 January 2026, UNQ completed the RMB135.05 million acquisition of a 90% stake in Japan’s Akahige Pharmacy operator One Two Co., which will be consolidated from 2026.
Outlook Management plans to increase investment in the health business, expand proprietary brands, integrate the newly acquired Japanese pharmacy chain and continue cost-control and cash-management initiatives in 2026.