Guangdong Yueyun Transportation Company Limited (“Yueyun Trans”, 03399 HK) reported FY2025 operating income of RMB7.46 billion, a 4.0% year-on-year rise driven mainly by expansion in its core energy and retail trade operations.
Net profit attributable to shareholders edged down 0.47% to RMB235.40 million, keeping pace with the prior year. Basic and diluted EPS both slipped by RMB0.01 to RMB0.29. The Board proposes a final dividend of RMB0.09 per share (total payout: RMB71.99 million), representing a payout ratio of 30.58%, pending approval at the 2025 AGM.
Segment highlights: • Energy business revenue grew 14.0% to RMB4.93 billion, contributing 66% of group turnover. • Retail trade revenue advanced 15.5% to RMB613.42 million, reflecting network optimisation and store reopenings. • Commercial development revenue, covering merchant solicitation and advertising, increased 9.0% to RMB399.15 million. • Road passenger transportation and auxiliary services fell 23.7% to RMB1.40 billion amid the group’s structured exit from the domestic bus segment.
Gross profit improved 5.5% to RMB685.59 million; gross margin stayed at 9%. Operating profit reached RMB340.23 million, up 10.0%. Administrative and R&D expenses dropped 18.5% to RMB388.27 million due to the transport-business exit, while finance costs declined 23.3% to RMB153.45 million as interest-bearing debt fell sharply.
Balance-sheet metrics strengthened. Total assets contracted to RMB6.92 billion (-20.7%) after divesting several transport subsidiaries, while total liabilities decreased 30.8% to RMB4.23 billion. Interest-bearing borrowings fell to RMB124.63 million from RMB1.18 billion, switching the group to a net cash position of RMB1.01 billion and pushing the gearing ratio to –59.88% (2024: –10.22%). The asset-to-liability ratio improved to 61.16% (2024: 70.13%).
Cash flow from operations slipped 25.5% to RMB858.91 million, mainly on higher working-capital outflows; free cash was deployed to repay debt, resulting in a RMB1.07 billion net financing outflow.
Strategic updates: the group completed disposal of six passenger-transport entities in 2025 and accelerated its focus on energy (233 petrol stations, 5,421 EV charging bays, 10 battery-swap sites) and retail/advertising at 522 convenience stores and 394 service-zone commercial spaces. Management plans further expansion of integrated energy services, digital retail platforms and service-zone commercial models in 2026.
No post-balance-sheet events, contingent liabilities or change of auditors were reported. The company remains net-cash with undrawn banking facilities of RMB3.20 billion.