06 Mar 2026
UPC’s FY2025 revenue reached Rmb31.71bn, up 4.6% YoY, primarily driven by growth in the first half of the year. However, 2H revenue contracted by 1.7% YoY, reflecting broader market challenges including economic slowdowns and heightened competition in consumer staples. GPM improved by 0.7ppt YoY to 33.2% for the full year, benefiting from lower raw material costs, particularly in beverages (up 1.2 ppt to 37.8%) and foods (up 0.6 ppt to 27.1%). In 2H, GPM rose 0.5 ppt to 31.9%, with beverages gaining 0.4ppt YoY to 35.7% and foods up 0.7 ppt to 26.2%. However, NPM expanded only modestly by 0.4ppt YoY to 6.5% for the year, as selling expenses rose 1.2ppt YoY in 2H to 22.3% due to reduced scale effects from lower beverage sales. Overall, the company managed costs effectively, with no major spikes in administrative expenses. FY25 NP was Rmb2.05bn, a 10.9% YoY increase, but this included a one-time loss of approximately Rmb125 million from impairments on investments. Adjusting for non-recurring items, core NP surged 17.6% YoY to around Rmb2.19bn, underscoring underlying operational strength. Final dividend proposed at Rmb0.4747 per share, implying a 100% payout, same as FY24.