- Huabao published an announcement of annual results for the year ended 31 December 2025.
- Revenue rose 3.3% to RMB3.48 billion, while gross profit fell 1.3% to RMB1.42 billion.
- Gross profit margin was 40.8%, down 1.9 percentage points, and management said the decline reflected a relatively significant fall in revenue from domestic tobacco customers alongside steady overall growth driven mainly by internationalisation.
- Operating loss narrowed 10.2% to RMB360.88 million, which management attributed mainly to RMB488.39 million of goodwill impairment and RMB95.75 million of share-based compensation expenses.
- Loss attributable to equity holders was RMB388.8 million and net cash generated from operating activities increased 21.5% to RMB825.95 million.
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