Southern Packaging Group $(SPG)$ reported FY2025 revenue of RMB 618.3 million, down 10.1%, with a net loss attributable to shareholders of RMB 5.7 million (FY2024: net loss of RMB 18.9 million). Gross profit was RMB 113.3 million, down 9.4%, while gross margin was 18.3% (up 0.8%). SPG posted a loss before income tax of RMB 6.3 million, improving 42.5%, and recorded an income tax credit of RMB 0.7 million (versus an expense in FY2024). Basic and diluted loss per share was RMB 8.03 cents. For 2H FY2025, SPG generated revenue of RMB 333.3 million, down 5.9%, and recorded profit attributable to shareholders of RMB 17.1 million (2H FY2024: loss of RMB 19.4 million). 2H gross profit rose to RMB 70.8 million, up 23.7%, with gross margin at 21.2%. SPG said FY2025 revenue declined due to soft domestic demand, tariff-related impacts on exports that intensified domestic competition, and lower sales from certain key customers in pharmaceuticals, health supplements, confectionery and condiments. The group also cited a review of useful lives for certain production equipment and factory buildings that reduced depreciation expense in FY2025 (decrease of RMB 19.7 million), supporting 2H profitability. SPG noted the packaging industry remains price-sensitive with raw material volatility and regulatory compliance pressures, and said it recorded a double-digit increase in order intake in the first two months of FY2026 versus the prior-year period, while remaining cautious on demand sustainability. No dividend was declared due to the FY2025 loss.

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