CROSBY Research – China Lesso (2128 HK/BUY): 1H25 demonstrated resilience amid challenging market

3 September 2025

In 1H25, the global economic recovery remained sluggish, weighed down by persistent geopolitical tensions and rising trade protectionism which continued to cloud the growth outlook. China’s economy on the other hand began to show renewed resilience following a challenging 2024. China Lesso’s 1H25 turnover was down by 8.0% YoY to Rmb12.5bn, while net profit increased slightly by 0.3% YoY to Rmb1.0bn.