China Tontine Wines Group Limited (TONTINE WINES) reported a marked turnaround for the year ended 31 December 2025, reversing last year’s deep loss on the back of stronger sales and an improved product mix.

Revenue and Profitability • Revenue climbed 47.6% year on year to RMB 159.37 million, supported by a shift toward higher-margin spirits and Japanese sake. • Gross profit surged to RMB 28.07 million from RMB 7.36 million, lifting gross margin to 17.6% (2024: 6.8%). • Total comprehensive income attributable to shareholders and non-controlling interests reached RMB 1.66 million, versus a comprehensive loss of RMB 347.44 million a year earlier. • Basic and diluted loss per share narrowed sharply to RMB 0.28 cents (2024: loss of RMB 106.55 cents).

Product & Regional Mix • Spirits revenue rose 360.9% to RMB 68.44 million, accounting for 43% of total sales. • Wine sales (sweet and dry combined) contributed 44%, while Japanese sake added 10%. • The Eastern Region remained the largest market, generating RMB 94.47 million, or 59.3% of group revenue. • Online channels delivered 58.79% of annual sales, reflecting the group’s expanded digital marketing initiatives.

Operating Metrics • Inventory turnover days fell to 142 (2024: 329), aided by promotional use of existing stock. • Trade receivables turnover stood at 195 days; trade receivables were RMB 93.21 million with an impairment allowance of RMB 11.32 million. • Production at the Baiyanghe (Shandong) plant increased 26% to 6,796 tonnes.

Financial Position • Cash and bank balances reached RMB 29.97 million; the group remained in a net-cash position. • Net current assets were RMB 124.69 million; net assets totalled RMB 153.02 million. • Capital commitments contracted but not yet provided amounted to RMB 1.97 million. • The group has joint guarantees of RMB 25.79 million for loans of a deconsolidated subsidiary; related bank balances of RMB 24.48 million were frozen post-year-end.

Audit Opinion Prism Hong Kong Limited issued an unqualified opinion for 2025 but maintained a qualification on 2024 comparative figures due to the prior deconsolidation of certain subsidiaries. No further revisions are expected.

Dividend The Board proposed no final dividend for 2025.

Outlook Management highlighted ongoing challenges in China’s wine market, including subdued consumer demand and industry destocking, but expects product diversification and omnichannel expansion to support future growth.