LUYUAN GP HLDG (Luyuan) released its audited results for the year ended 31 December 2025.
Financial highlights • Revenue rose 16.50% year-on-year to RMB5.91 billion, powered mainly by higher sales of electric bicycles and related parts. • Net profit climbed 50.90% to RMB175.10 million; basic EPS reached RMB0.46. • Gross profit increased 22.30% to RMB813.58 million, lifting the gross margin to 13.8% (2024: 13.1%). • No final dividend was proposed (2024: HKD0.15 per share).
Segment performance • Electric bicycles generated RMB3.61 billion, 61.0% of total revenue, up 19.5% on product upgrades and greater channel efficiency. • Batteries contributed RMB1.14 billion, up 9.0%. • Electric scooters were broadly flat at RMB706.18 million. • Parts sales jumped 45.4% to RMB338.54 million; “other” categories, including tricycles, rose 192.2% to RMB81.82 million. • Total unit sales exceeded 3.5 million, up 13.8%.
Cost structure and expenses • Cost of sales grew 15.60% to RMB5.09 billion. • Selling & marketing costs increased 12.30% to RMB349.95 million. • Administrative expenses rose 18.40% to RMB122.91 million. • R&D spending was largely stable at RMB240.22 million, equal to 4.1% of revenue.
Balance-sheet snapshot • Total assets expanded 17.70% to RMB5.09 billion; total liabilities advanced 20.80% to RMB3.42 billion. • Cash and cash equivalents stood at RMB474.78 million, down 14.40% after higher investment in time deposits and certificates of deposit. • Interest-bearing borrowings increased to RMB1.29 billion, pushing the gearing ratio to 78.0%. Current ratio improved slightly to 1.10. • Capital expenditure fell 46.80% to RMB230.50 million. • Net current assets amounted to RMB310.42 million.
Use of IPO proceeds The full HKD706.40 million raised has been deployed, with HKD126.80 million redirected to the new Chongqing manufacturing base after the August 2024 allocation adjustment.
Strategic update Management reaffirmed the “One Body, Two Wings” roadmap: 1) fortify the domestic electric two-wheeler core; 2) scale overseas operations; and 3) cultivate embodied-robot component opportunities. Key priorities include continued investment in liquid-cooled motor technology, smart manufacturing upgrades and supply-chain collaboration under the “New Wave Plan.”
Corporate actions The Board proposes amendments to the articles of association to allow electronic participation at general meetings. Approval will be sought at the annual general meeting scheduled for 17 June 2026.