2025 Annual Results
Summary of Income Statement and Balance Sheet
| Year ended 31 December | |||
| (RMB million) | 2025 | 2024 | Better/(Worse) |
|---|---|---|---|
| Revenue | 29,598 | 28,676 | 3.2% |
| Gross Profit | 14,489 | 14,156 | 2.4% |
| Distribution costs | -9,190 | -9,199 | 0.1% |
| Administrative expenses | -1,630 | -1,428 | (14.2%) |
| Other income and other gains-net | 228 | 154 | 48.1% |
| Operating Profit | 3,898 | 3,678 | 6.0% |
| EBITDA | 6,161 | 6,379 | (3.4%) |
| Profit Attributable to Equity Holders | 2,936 | 3,013 | (2.6%) |
| Basic Earnings per share (RMB cents) | 113.9 | 117.0 | (2.6%) |
| Cash and Cash Equivalents | 16,717 | 7,499 | 122.9% |
| Time Deposits | 3,257 | 10,642 | (69.4%) |
| Borrowings | 0 | 0 | N/A |
| Net Cash* | 19,974 | 18,164 | 10.0% |
| Current Liabilities | 8,061 | 7,586 | (6.3%) |
| Current Ratio (times) | 2.85 | 2.71 | 0.14 |
| Total Liabilities to Total Asset Ratio | 26.7% | 26.9% | 0.2p.p. |
- *Net Cash = Cash and Cash Equivalents + Restricted Bank Deposits + Time Deposits – Borrowings
Profit Margins and Key Operating Indicators
| Year ended 31 December | |||
| 2025 | 2024 | Better/(Worse) | |
| Gross Profit Margin | 49.0% | 49.4% | (0.4p.p.) |
| Operating Profit Margin | 13.2% | 12.8% | 0.4p.p. |
| EBITDA Margin | 20.8% | 22.2% | (1.4p.p.) |
| Margin of Profit Attributable to Equity Holders | 9.9% | 10.5% | (0.6p.p.) |
| R&D Expenses (as % of revenue) | 2.4% | 2.4% | — |
| A&P Expenses (as % of revenue) | 10.7% | 9.5% | (1.2p.p.) |
| Staff Costs (as % of revenue) | 8.3% | 8.6% | 0.3p.p. |
| Inventory Turnover (Days) | 64 | 64 | — |
| Trade Receivables Turnover (Days) | 15 | 14 | (1) |
| Trade Payables Turnover (Days) | 42 | 43 | (1) |
| Cash Conversion Cycle (Days) | 37 | 35 | (2) |
| Return on Equity (ROE) | 10.9% | 11.9% | (1.0p.p.) |
| Return on Asset (ROA) | 8.0% | 8.6% | (0.6p.p.) |
| CAPEX (RMB million) | 1,293 | 3,359 | 61.5% |
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