Southern Pkg BQP
Financials
Annual Report 2025
Explore the statements
16 tablesConsolidated Statement of Comprehensive Income (Group)
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| RevenueRMB | 618,330,273 | 687,916,660 | PDF p. 55 |
| Cost of salesRMB | (505,067,297) | (562,877,496) | PDF p. 55 |
| Gross profitRMB | 113,262,976 | 125,039,164 | PDF p. 55 |
| Other item of income | |||
| Other incomeRMB | 12,296,839 | 14,954,924 | PDF p. 55 |
| Other items of expense | |||
| Distribution expensesRMB | (41,834,048) | (45,678,067) | PDF p. 55 |
| Administrative expensesRMB | (71,490,014) | (84,575,245) | PDF p. 55 |
| Finance costsRMB | (18,582,905) | (20,777,850) | PDF p. 55 |
| Loss before income taxRMB | (6,347,152) | (11,037,074) | PDF p. 55 |
| Income statement | |||
| Income tax credit/(expense)RMB | 697,233 | (7,857,518) | PDF p. 55 |
| Loss for the financial year attributable to owners of the parentRMB | (5,649,919) | (18,894,592) | PDF p. 55 |
| Other comprehensive income: Item that may be reclassified subsequently to loss | |||
| Exchange differences on translation of foreign operationsRMB | (211,455) | 163,958 | PDF p. 55 |
| Other comprehensive income | |||
| Other comprehensive (expense)/income for the financial year, net of taxRMB | (211,455) | 163,958 | PDF p. 55 |
| Total comprehensive income | |||
| Total comprehensive expense for the financial year, representing total comprehensive expense attributable to owners of the parentRMB | (5,861,374) | (18,730,634) | PDF p. 55 |
| Loss per share | |||
| - Basic and diluted (RMB cents)RMB cents per share | (8.03) | (26.87) | PDF p. 55 |
Definitions & sources
Original report: PDF p. 55 ↗
For The Financial Year Ended 31 December 2025. Amounts in RMB. The accompanying notes form an integral part of these financial statements.
Statements of Financial Position (Group and Company) - Assets and Equity
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentRMB | 349,181,345 | 354,411,689 | – | – | PDF p. 56 |
| Investment propertiesRMB | 87,182,525 | 89,348,780 | – | – | PDF p. 56 |
| Investments in subsidiariesRMB | – | – | 465,932,925 | 465,932,925 | PDF p. 56 |
| Land use rightsRMB | 34,321,579 | 35,399,859 | – | – | PDF p. 56 |
| Right-of-use assetsRMB | 3,466,598 | 2,322,619 | – | – | PDF p. 56 |
| Deferred tax assetsRMB | 9,842,777 | 10,920,777 | – | – | PDF p. 56 |
| Total non-current assetsRMB | 483,994,824 | 492,403,724 | 465,932,925 | 465,932,925 | PDF p. 56 |
| Current assets | |||||
| InventoriesRMB | 354,320,878 | 355,493,147 | – | – | PDF p. 56 |
| Trade receivablesRMB | 161,155,280 | 152,851,593 | – | – | PDF p. 56 |
| Other receivables and prepaymentsRMB | 44,405,022 | 41,420,995 | 16,765 | 16,344 | PDF p. 56 |
| Cash and bank balancesRMB | 59,382,132 | 62,421,764 | 1,339,059 | 1,384,950 | PDF p. 56 |
| Fixed depositsRMB | – | 10,741,333 | – | – | PDF p. 56 |
| Total current assetsRMB | 619,263,312 | 622,928,832 | 1,355,824 | 1,401,294 | PDF p. 56 |
| Assets | |||||
| Total assetsRMB | 1,103,258,136 | 1,115,332,556 | 467,288,749 | 467,334,219 | PDF p. 56 |
| Equity | |||||
| Share capitalRMB | 230,592,765 | 230,592,765 | 230,592,765 | 230,592,765 | PDF p. 56 |
| Capital contributionRMB | 12,638,812 | 12,638,812 | – | – | PDF p. 56 |
| Statutory reserveRMB | 64,688,823 | 64,124,500 | – | – | PDF p. 56 |
| Retained earningsRMB | 191,695,932 | 197,910,174 | 188,521,668 | 197,151,120 | PDF p. 56 |
| Total equityRMB | 498,560,936 | 504,422,310 | 419,114,433 | 427,743,885 | PDF p. 56 |
Definitions & sources
Original report: PDF p. 56 ↗
As At 31 December 2025. Amounts in RMB. Foreign currency translation account row wraps across lines: Group (1,055,396) / (843,941); Company – / – (label 'Foreign currency translation account' on page 56). Notes form an integral part of these financial statements.
Statements of Financial Position (Group and Company) - Liabilities
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Deferred government subsidiesRMB | 6,017,577 | 7,156,535 | – | – | PDF p. 57 |
| Deferred tax liabilitiesRMB | 1,000,000 | 1,000,000 | – | – | PDF p. 57 |
| Lease liabilitiesRMB | 1,316,965 | – | – | – | PDF p. 57 |
| BorrowingsRMB | 88,530,413 | 46,999,050 | – | – | PDF p. 57 |
| Total non-current liabilitiesRMB | 96,864,955 | 55,155,585 | – | – | PDF p. 57 |
| Current liabilities | |||||
| Deferred government subsidiesRMB | 1,138,959 | 1,138,959 | – | – | PDF p. 57 |
| Lease liabilitiesRMB | 2,149,633 | 2,371,802 | – | – | PDF p. 57 |
| Current income tax payableRMB | 3,053,365 | 4,244,719 | – | – | PDF p. 57 |
| Trade payablesRMB | 145,110,675 | 166,171,683 | – | – | PDF p. 57 |
| Other payablesRMB | 31,379,389 | 32,556,712 | 48,174,316 | 39,590,334 | PDF p. 57 |
| BorrowingsRMB | 325,000,224 | 349,270,786 | – | – | PDF p. 57 |
| Total current liabilitiesRMB | 507,832,245 | 555,754,661 | 48,174,316 | 39,590,334 | PDF p. 57 |
| Liabilities | |||||
| Total liabilitiesRMB | 604,697,200 | 610,910,246 | 48,174,316 | 39,590,334 | PDF p. 57 |
| Liabilities and equity | |||||
| Total liabilities and equityRMB | 1,103,258,136 | 1,115,332,556 | 467,288,749 | 467,334,219 | PDF p. 57 |
Definitions & sources
Original report: PDF p. 57 ↗
As At 31 December 2025. Amounts in RMB. Notes form an integral part of these financial statements.
Consolidated Statement of Comprehensive Income (Group)
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, RMB | 2024Group, RMB | Source |
|---|---|---|---|
| Income statement | |||
| RevenueRMB | 618,330,273 | 687,916,660 | PDF p. 55 |
| Cost of salesRMB | (505,067,297) | (562,877,496) | PDF p. 55 |
| Gross profitRMB | 113,262,976 | 125,039,164 | PDF p. 55 |
| Other item of income | |||
| Other incomeRMB | 12,296,839 | 14,954,924 | PDF p. 55 |
| Other items of expense | |||
| Distribution expensesRMB | (41,834,048) | (45,678,067) | PDF p. 55 |
| Administrative expensesRMB | (71,490,014) | (84,575,245) | PDF p. 55 |
| Finance costsRMB | (18,582,905) | (20,777,850) | PDF p. 55 |
| Income statement | |||
| Loss before income taxRMB | (6,347,152) | (11,037,074) | PDF p. 55 |
| Income tax credit/(expense)RMB | 697,233 | (7,857,518) | PDF p. 55 |
| Loss for the financial year attributable to owners of the parentRMB | (5,649,919) | (18,894,592) | PDF p. 55 |
| Other comprehensive income: Item that may be reclassified subsequently to loss | |||
| Exchange differences on translation of foreign operationsRMB | (211,455) | 163,958 | PDF p. 55 |
| Other comprehensive income | |||
| Other comprehensive (expense)/income for the financial year, net of taxRMB | (211,455) | 163,958 | PDF p. 55 |
| Total comprehensive income | |||
| Total comprehensive expense for the financial year, representing total comprehensive expense attributable to owners of the parentRMB | (5,861,374) | (18,730,634) | PDF p. 55 |
| Loss per share | |||
| - Basic and diluted (RMB cents)RMB cents | (8.03) | (26.87) | PDF p. 55 |
Definitions & sources
Original report: PDF p. 55 ↗
All profit and comprehensive expense attributable to owners of the parent; no non-controlling interests shown.
Original row wraps: 'Other comprehensive (expense)/income for the financial year, net of / tax' and 'Total comprehensive expense ... representing / total comprehensive expense attributable to owners of the parent'.
Consolidated Statement of Changes in Equity - Group, financial year 2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital, RMB | 2025Group, Capital contribution, RMB | 2025Group, Statutory reserve, RMB | 2025Group, Foreign currency translation account, RMB | 2025Group, Retained earnings, RMB | 2025Group, Total equity, RMB | Source |
|---|---|---|---|---|---|---|---|
| Group 2025 | |||||||
| Balance as at 1 January 2025RMB | 230,592,765 | 12,638,812 | 64,124,500 | (843,941) | 197,910,174 | 504,422,310 | PDF p. 58 |
| Loss for the financial yearRMB | – | – | – | – | (5,649,919) | (5,649,919) | PDF p. 58 |
| Group 2025 - Other comprehensive income for the financial year | |||||||
| - Exchange differences on translation of foreign operationsRMB | – | – | – | (211,455) | – | (211,455) | PDF p. 58 |
| Group 2025 | |||||||
| Total comprehensive expense for the financial yearRMB | – | – | – | (211,455) | (5,649,919) | (5,861,374) | PDF p. 58 |
| Group 2025 - Other | |||||||
| Transfer to statutory reserveRMB | – | – | 564,323 | – | (564,323) | – | PDF p. 58 |
| Group 2025 | |||||||
| Balance as at 31 December 2025RMB | 230,592,765 | 12,638,812 | 64,688,823 | (1,055,396) | 191,695,932 | 498,560,936 | PDF p. 58 |
Definitions & sources
Original report: PDF p. 58 ↗
Total comprehensive expense row label wraps over two lines: 'Total comprehensive expense for the / financial year'.
Consolidated Statement of Changes in Equity - Group, financial year 2024
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital, RMB | 2024Group, Capital contribution, RMB | 2024Group, Statutory reserve, RMB | 2024Group, Foreign currency translation account, RMB | 2024Group, Retained earnings, RMB | 2024Group, Total equity, RMB | Source |
|---|---|---|---|---|---|---|---|
| Group 2024 | |||||||
| Balance as at 1 January 2024RMB | 230,592,765 | 12,638,812 | 64,124,500 | (1,007,899) | 216,804,766 | 523,152,944 | PDF p. 58 |
| Loss for the financial yearRMB | – | – | – | – | (18,894,592) | (18,894,592) | PDF p. 58 |
| Group 2024 - Other comprehensive income for the financial year | |||||||
| - Exchange differences on translation of foreign operationsRMB | – | – | – | 163,958 | – | 163,958 | PDF p. 58 |
| Group 2024 | |||||||
| Total comprehensive expense for the financial yearRMB | – | – | – | 163,958 | (18,894,592) | (18,730,634) | PDF p. 58 |
| Balance as at 31 December 2024RMB | 230,592,765 | 12,638,812 | 64,124,500 | (843,941) | 197,910,174 | 504,422,310 | PDF p. 58 |
Definitions & sources
Original report: PDF p. 58 ↗
Total comprehensive expense row label wraps over two lines.
Statement of Changes in Equity - Company, financial year 2025
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, Share capital, RMB | 2025Company, Retained earnings, RMB | 2025Company, Total equity, RMB | Source |
|---|---|---|---|---|
| Company 2025 | ||||
| Balance as at 1 January 2025RMB | 230,592,765 | 197,151,120 | 427,743,885 | PDF p. 59 |
| Loss for the financial year, representing total comprehensive expense for the financial yearRMB | – | (8,629,452) | (8,629,452) | PDF p. 59 |
| Balance as at 31 December 2025RMB | 230,592,765 | 188,521,668 | 419,114,433 | PDF p. 59 |
Definitions & sources
Original report: PDF p. 59 ↗
Label wraps: 'Loss for the financial year, representing total / comprehensive expense for the financial year'.
Statement of Changes in Equity - Company, financial year 2024
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Company, Share capital, RMB | 2024Company, Retained earnings, RMB | 2024Company, Total equity, RMB | Source |
|---|---|---|---|---|
| Company 2024 | ||||
| Balance as at 1 January 2024RMB | 230,592,765 | 208,734,817 | 439,327,582 | PDF p. 59 |
| Loss for the financial year, representing total comprehensive expense for the financial yearRMB | – | (11,583,697) | (11,583,697) | PDF p. 59 |
| Balance as at 31 December 2024RMB | 230,592,765 | 197,151,120 | 427,743,885 | PDF p. 59 |
Definitions & sources
Original report: PDF p. 59 ↗
Label wraps over two lines.
Consolidated Statement of Cash Flows (Group) - operating and investing activities
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, RMB | 2024Group, RMB | Source |
|---|---|---|---|
| Operating activities | |||
| Loss before income taxRMB | (6,347,152) | (11,037,074) | PDF p. 60 |
| Operating activities - Adjustments for | |||
| Loss allowance (reversal)/made on trade receivablesRMB | (398,900) | 166,455 | PDF p. 60 |
| Amortisation of deferred government subsidiesRMB | (1,138,959) | (1,138,959) | PDF p. 60 |
| Amortisation of land use rightsRMB | 1,078,280 | 1,078,278 | PDF p. 60 |
| Amortisation of right-of-use assetsRMB | 2,315,104 | 2,345,938 | PDF p. 60 |
| Depreciation of investment propertiesRMB | 2,166,255 | 2,166,254 | PDF p. 60 |
| Depreciation of property, plant and equipmentRMB | 25,832,565 | 50,748,404 | PDF p. 60 |
| Interest expenseRMB | 18,582,905 | 20,777,850 | PDF p. 60 |
| Interest incomeRMB | (155,195) | (319,491) | PDF p. 60 |
| Loss on disposal of property, plant and equipmentRMB | 44,661 | 374,493 | PDF p. 60 |
| Property, plant and equipment written offRMB | – | 384,461 | PDF p. 60 |
| Write-down of slow-moving and obsolete inventoriesRMB | 1,075,752 | 17,635 | PDF p. 60 |
| Unrealised foreign currency exchange lossRMB | (83,565) | 322,411 | PDF p. 60 |
| Operating activities | |||
| Operating cash flows before working capital changesRMB | 42,971,751 | 65,886,655 | PDF p. 60 |
| Operating activities - Working capital changes | |||
| InventoriesRMB | 94,941 | 7,331,274 | PDF p. 60 |
| Trade receivablesRMB | (8,957,560) | 765,181 | PDF p. 60 |
| Other receivables and prepaymentsRMB | (4,336,736) | 2,414,210 | PDF p. 60 |
| Trade payablesRMB | (18,945,529) | (37,328,548) | PDF p. 60 |
| Other payablesRMB | (1,090,991) | (2,046,724) | PDF p. 60 |
| Operating activities | |||
| Cash generated from operationsRMB | 9,735,876 | 37,022,048 | PDF p. 60 |
| Income tax refund/(paid)RMB | 582,269 | (1,084,921) | PDF p. 60 |
| Net cash generated from operating activitiesRMB | 10,318,145 | 35,937,127 | PDF p. 60 |
| Investing activities | |||
| Purchase of property, plant and equipmentRMB | (20,680,656) | (10,753,217) | PDF p. 60 |
| Proceeds from disposal of property, plant and equipmentRMB | 33,660 | 441,335 | PDF p. 60 |
| Interest receivedRMB | 155,195 | 319,491 | PDF p. 60 |
| Net cash used in investing activitiesRMB | (20,491,801) | (9,992,391) | PDF p. 60 |
Definitions & sources
Original report: PDF p. 60 ↗
Statement continues on next page (financing activities). No Company cash flow statement is presented.
Consolidated Statement of Cash Flows (Group) - financing activities and closing cash
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, RMB | 2024Group, RMB | Source |
|---|---|---|---|
| Financing activities | |||
| Interest paidRMB | (18,582,905) | (20,777,850) | PDF p. 61 |
| Proceeds from borrowingsRMB | 450,264,351 | 401,106,793 | PDF p. 61 |
| Repayment of borrowingsRMB | (432,660,063) | (422,640,231) | PDF p. 61 |
| Repayment of lease liabilitiesRMB | (2,363,814) | (2,352,974) | PDF p. 61 |
| Decrease/(Increase) in fixed deposits pledgedRMB | 10,741,333 | (9,300,333) | PDF p. 61 |
| Increase in pledged bank balancesRMB | (1,562,826) | – | PDF p. 61 |
| Net cash generated from/(used in) financing activitiesRMB | 5,836,076 | (53,964,595) | PDF p. 61 |
| Net change in cash | |||
| Net change in cash and cash equivalentsRMB | (4,337,580) | (28,019,859) | PDF p. 61 |
| Cash and cash equivalents as at the beginning of the financial yearRMB | 62,421,764 | 90,219,566 | PDF p. 61 |
| Effect of exchange rate changes on the balance of cash held in foreign currenciesRMB | (264,878) | 222,057 | PDF p. 61 |
| Cash and cash equivalents as at the end of the financial yearRMB | 57,819,306 | 62,421,764 | PDF p. 61 |
Definitions & sources
Original report: PDF p. 61 ↗
Note A: Reconciliations of liabilities arising from financing activities are as follows (see separate table).
Effect of exchange rate label wraps: 'Effect of exchange rate changes on the balance of cash held in / foreign currencies'.
Note A: Reconciliations of liabilities arising from financing activities (Group)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, 1 January, RMB | 2025Group, Net cash flows, RMB | 2025Group, Non-cash foreign exchange differences, RMB | 2025Group, 31 December, RMB | Source |
|---|---|---|---|---|---|
| 2025 | |||||
| Borrowings (Note 26)RMB | 396,269,836 | 17,604,288 | (343,487) | 413,530,637 | PDF p. 61 |
Definitions & sources
Original report: PDF p. 61 ↗
The 2024 row (1 January 2024 417,451,589; net cash flows (21,533,438); FX differences 351,685; 31 December 2024 396,269,836) is on the same page.
Financial Highlight (12 months ended 31 December, RMB million)
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Financial Highlight | |||
| RevenueRMB million | 618 | 688 | PDF p. 9 |
| Gross ProfitRMB million | 113 | 125 | PDF p. 9 |
| Net LossRMB million | (6) | (11) | PDF p. 9 |
| Total AssetsRMB million | 1,103 | 1,115 | PDF p. 9 |
| Total LiabilitiesRMB million | 605 | 611 | PDF p. 9 |
| Shareholders’ EquityRMB million | 499 | 504 | PDF p. 9 |
| Cash and cash equivalentsRMB million | 58 | 62 | PDF p. 9 |
| Loss per share (cents) after share consolidationcents | (8) | (27) | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
No five-year summary printed; two-year comparison only.
Revenue by Business Segments (RMB'000)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group RMB'000 | 2025Group % of total | 2024Group RMB'000 | 2024Group % of total | 2025Change (%), 2025 vs 2024 | Source |
|---|---|---|---|---|---|---|
| Operations and Financial Review | ||||||
| Rigid packagingRMB'000 / % | 417,422 | 67.5 | 473,453 | 68.8 | (11.8) | PDF p. 10 |
| Flexible packagingRMB'000 / % | 200,908 | 32.5 | 214,464 | 31.2 | (6.3) | PDF p. 10 |
| PropertyRMB'000 / % | - | - | - | - | - | PDF p. 10 |
| TotalRMB'000 / % | 618,330 | 100 | 687,917 | 100 | (10.1) | PDF p. 10 |
Definitions & sources
Original report: PDF p. 10 ↗
Gross Profit by Business Segments (RMB'000)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group RMB'000 | 2025Group % of total | 2024Group RMB'000 | 2024Group % of total | 2025Change (%), 2025 vs 2024 | Source |
|---|---|---|---|---|---|---|
| Operations and Financial Review | ||||||
| Rigid packagingRMB'000 / % | 93,191 | 82.3 | 95,293 | 76.2 | (2.2) | PDF p. 10 |
| Flexible packagingRMB'000 / % | 20,072 | 17.7 | 29,746 | 23.8 | (32.5) | PDF p. 10 |
| PropertyRMB'000 / % | - | - | - | - | - | PDF p. 10 |
| TotalRMB'000 / % | 113,263 | 100 | 125,039 | 100 | (9.4) | PDF p. 10 |
Definitions & sources
Original report: PDF p. 10 ↗
Revenue by Geographical Segment (RMB'000)
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group RMB'000 | 2025Group % of total | 2024Group RMB'000 | 2024Group % of total | 2025Change (%), 2025 vs 2024 | Source |
|---|---|---|---|---|---|---|
| Operations and Financial Review | ||||||
| PRCRMB'000 / % | 568,057 | 91.9 | 631,487 | 91.8 | (10.0) | PDF p. 10 |
| AustraliaRMB'000 / % | 21,925 | 3.5 | 19,635 | 2.9 | 11.7 | PDF p. 10 |
| PhillipinesRMB'000 / % | 7,907 | 1.3 | 10,351 | 1.5 | (23.6) | PDF p. 10 |
| ThailandRMB'000 / % | 12,335 | 2.0 | 13,825 | 2 | (10.8) | PDF p. 10 |
| Other regionsRMB'000 / % | 8,106 | 1.3 | 12,619 | 1.8 | (35.8) | PDF p. 10 |
| TotalRMB'000 / % | 618,330 | 100 | 687,917 | 100 | (10.1) | PDF p. 10 |
Definitions & sources
Original report: PDF p. 10 ↗
Note 10 Loss per share (Group)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Note 10 Loss per share | |||
| Loss for the financial year attributable to owners of the parent (RMB)RMB | (5,649,919) | (18,894,592) | PDF p. 81 |
| Number of actual ordinary sharesshares | 70,319,164 | 70,319,164 | PDF p. 81 |
| - basic earnings per shareRMB cents | (8.03) | (26.87) | PDF p. 81 |
Definitions & sources
Original report: PDF p. 81 ↗
As the Company has no dilutive potential ordinary shares, the diluted loss per share is equivalent to basic earnings per share.
The calculation for basic earnings per share is based on the loss for the financial year attributable to owners of the parent divided by the number of ordinary shares.
Where the money comes from
Segment information
By business
Group segment revenue, results, assets and liabilities by business segment (Note 31) 7 lines
| Item / unit | 2025Rigid packaging | 2024Rigid packaging | 2025Flexible packaging | 2024Flexible packaging | 2025Property development | 2024Property development | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||
| External salesRMB | 417,422,054 | 473,452,739 | 200,908,219 | 214,463,921 | – | – | 618,330,273 | 687,916,660 | PDF p. 104 |
| Results | |||||||||
| Segment gross profitsRMB | 93,191,326 | 95,292,742 | 20,071,650 | 29,746,422 | – | – | 113,262,976 | 125,039,164 | PDF p. 104 |
| Allocated expenseRMB | (69,247,249) | (83,813,754) | (31,823,358) | (35,319,035) | (3,578,625) | (3,190,507) | (104,649,232) | (122,323,296) | PDF p. 104 |
| Allocated incomeRMB | 4,004,329 | 4,397,851 | 1,719,638 | 1,992,215 | 448,771 | 187,682 | 6,172,738 | 6,577,748 | PDF p. 104 |
| Segment resultRMB | 27,948,406 | 15,876,839 | (10,032,070) | (3,580,398) | (3,129,854) | (3,002,825) | 14,786,482 | 9,293,616 | PDF p. 104 |
| Assets | |||||||||
| Segment assetsRMB | 457,068,290 | 472,436,095 | 209,101,205 | 187,770,342 | 362,937,444 | 365,103,699 | 1,029,106,939 | 1,025,310,136 | PDF p. 104 |
| Liabilities | |||||||||
| Segment liabilitiesRMB | 76,983,260 | 92,435,181 | 54,854,643 | 59,877,048 | 45,061,568 | 45,061,569 | 176,899,471 | 197,373,798 | PDF p. 104 |
Notes
Segment revenue represents revenue generated from external customers. Unallocated items mainly comprise corporate income and expenses.
Segment assets: other than cash and bank balances, fixed deposits, value added tax, deferred tax assets and other non-operating assets, all assets are allocated to reportable segments.
Segment liabilities: other than borrowings, current income tax payable, deferred government subsidies, deferred tax liabilities and other non-operating liabilities, all liabilities are allocated to reportable segments.
Group reconciliation of segment results, assets and liabilities to consolidated totals (Note 31) 10 lines
| Item / unit | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|
| Results | |||
| Unallocated expensesRMB | (8,674,830) | (7,930,016) | PDF p. 104 |
| Unallocated incomeRMB | 5,968,906 | 8,057,685 | PDF p. 104 |
| Interest incomeRMB | 155,195 | 319,491 | PDF p. 104 |
| Interest expenseRMB | (18,582,905) | (20,777,850) | PDF p. 104 |
| Loss before income taxRMB | (6,347,152) | (11,037,074) | PDF p. 104 |
| Income tax credits /(expense)RMB | 697,233 | (7,857,518) | PDF p. 104 |
| Assets | |||
| Unallocated corporate assetsRMB | 74,151,197 | 90,022,420 | PDF p. 104 |
| Consolidated total assetsRMB | 1,103,258,136 | 1,115,332,556 | PDF p. 104 |
| Liabilities | |||
| Unallocated corporate liabilitiesRMB | 427,797,729 | 413,536,448 | PDF p. 104 |
| Consolidated total liabilitiesRMB | 604,697,200 | 610,910,246 | PDF p. 104 |
Notes
The row 'Loss for the financial year attributable to owners of the parent' wraps across lines: (5,649,919) for 2025 and (18,894,592) for 2024.
Other segment information: additions to non-current assets and depreciation and amortisation by business segment (Note 31) 4 lines
| Item / unit | 2025Additions to non-current assets | 2024Additions to non-current assets | 2025Depreciation and amortisation | 2024Depreciation and amortisation | Source |
|---|---|---|---|---|---|
| Other segment information | |||||
| Rigid packagingRMB | 16,762,395 | 8,371,089 | 19,443,172 | 39,171,864 | PDF p. 105 |
| Flexible packagingRMB | 7,414,499 | 3,922,791 | 9,782,777 | 15,000,755 | PDF p. 105 |
| Property developmentRMB | – | – | 2,166,255 | 2,166,255 | PDF p. 105 |
| Total (unlabelled)RMB | 24,176,894 | 12,293,880 | 31,392,204 | 56,338,874 | PDF p. 105 |
Notes
Total row has no printed label.
By geography
Geographical information: revenue and non-current assets (Note 31) 6 lines
| Item / unit | 2025Revenue | 2024Revenue | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| The PRCRMB | 568,057,307 | 631,486,833 | 474,152,047 | 481,482,947 | PDF p. 105 |
| AustraliaRMB | 21,925,284 | 19,634,793 | – | – | PDF p. 105 |
| PhilippinesRMB | 7,907,057 | 10,351,595 | – | – | PDF p. 105 |
| ThailandRMB | 12,335,230 | 13,824,744 | – | – | PDF p. 105 |
| Other regionsRMB | 8,105,395 | 12,618,695 | – | – | PDF p. 105 |
| Total (unlabelled)RMB | 618,330,273 | 687,916,660 | 474,152,047 | 481,482,947 | PDF p. 105 |
Notes
Revenue by geographical location of customers; non-current assets (excluding deferred tax assets) by location of assets. Operations including manufacturing and property development are carried out in the PRC.
Major customers: revenues of RMB190,109,302 (2024: RMB215,342,896) in rigid packaging and RMB25,483,707 (2024: RMB28,017,683) in flexible packaging arose from 2 (2024: 2) customers.
Debt
Borrowings
Lease liabilities maturity analysis
| Item / unit | 2025RMB | 2024RMB | Source |
|---|---|---|---|
| Contractual undiscounted cash flows | |||
| - not later than one yearRMB | 2,266,250 | 2,426,244 | PDF p. 98 |
| - between one year and two yearsRMB | 1,389,483 | – | PDF p. 98 |
| Maturity analysis | |||
| Less: Future interest expenseRMB | (189,135) | (54,442) | PDF p. 98 |
| Present value of lease liabilitiesRMB | 3,466,598 | 2,371,802 | PDF p. 98 |
| Presented in statements of financial position | |||
| - CurrentRMB | 2,149,633 | 2,371,802 | PDF p. 98 |
| - Non-currentRMB | 1,316,965 | – | PDF p. 98 |
Notes
Undiscounted total 3,655,733 (2024: 2,426,244). Incremental borrowing rates 4.35% to 5.20% (2024: 4.35% to 5.20%) p.a. Lease liabilities are denominated in the functional currencies of the respective entities.
Borrowing notes 2 tables
Borrowings
| Item / unit | 2025RMB | 2024RMB | Source |
|---|---|---|---|
| Non-current bank borrowings - Secured | |||
| - Bank CRMB | 20,400,000 | – | PDF p. 99 |
| - Bank DRMB | 32,400,000 | 42,000,000 | PDF p. 99 |
| - Bank ERMB | 30,000,000 | – | PDF p. 99 |
| Non-current third parties borrowings - Secured | |||
| - Third partiesRMB | 5,730,413 | 4,999,050 | PDF p. 99 |
| Non-current | |||
| Total non-current borrowingsRMB | 88,530,413 | 46,999,050 | PDF p. 99 |
| Current bank borrowings – Secured | |||
| - Bank ARMB | 137,205,805 | 149,061,424 | PDF p. 99 |
| - Bank BRMB | 75,707,892 | 83,087,000 | PDF p. 99 |
| - Bank CRMB | 7,800,000 | – | PDF p. 99 |
| - Bank DRMB | 9,600,000 | 44,600,000 | PDF p. 99 |
| - Bank ERMB | 5,000,000 | 35,000,000 | PDF p. 99 |
| - Bank GRMB | 50,000,000 | 30,000,000 | PDF p. 99 |
| - Bank IRMB | 10,000,000 | – | PDF p. 99 |
| Current bank borrowings – Unsecured | |||
| - Bank FRMB | 6,217,770 | – | PDF p. 99 |
| - Bank HRMB | 10,000,000 | – | PDF p. 99 |
| Current third parties borrowings - Secured | |||
| - Third partiesRMB | 13,468,757 | 7,522,362 | PDF p. 99 |
| Current | |||
| Total current borrowingsRMB | 325,000,224 | 349,270,786 | PDF p. 99 |
| Total | |||
| Total borrowingsRMB | 413,530,637 | 396,269,836 | PDF p. 99 |
Notes
Subtotals printed: non-current secured bank 82,800,000 (2024: 42,000,000); current secured bank 295,313,697 (2024: 341,748,424); current unsecured bank 16,217,770 (2024: –).
Average effective interest rates 2.70% to 6.24% (2024: 3.05% to 5.90%) p.a., maturity dates 15 January 2026 to 21 May 2028 (2024: 10 January 2025 to 18 January 2028). Fixed-rate borrowings RMB271.9 million (2024: RMB321.4 million) at 2.80% to 5.90% (2024: 3.05% to 5.90%); floating-rate RMB141.6 million (2024: RMB74.9 million).
Borrowings not denominated in functional currency
| Item / unit | 2025RMB | 2024RMB | Source |
|---|---|---|---|
| Denominated in | |||
| United States dollarRMB | 35,531,467 | 34,061,424 | PDF p. 100 |
Notes
Borrowings that are not denominated in the functional currencies of the respective entities.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company currently does not have a fixed dividend policy. Nonetheless, the Management after reviewing the performance of the Company in the relevant financial period will make appropriate recommendation to the Board. | Company | PDF p. 43 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend in respect of FY2025 | The Board has not declared or recommended a dividend in respect of FY2025 as the Group has sustained losses in FY2025. | FY2025 | PDF p. 43 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | BDO LLP | Group | PDF p. 54 |
| Engagement partner | Lee Kuang Hon | Group | PDF p. 54 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.