Huisheng International Holdings Limited released its audited results for the year ended 31 December 2025, posting a sharp top-line recovery and a significantly reduced bottom-line deficit.

Revenue surged 373.4% year on year to RMB209.57 million, entirely generated by the slaughtering and trading of pork products. The pipe-system segment recorded no sales during the period.

Gross profit improved to RMB2.57 million (2024: RMB0.54 million), yielding a gross margin of 1.2%, up 30 basis points. Operating performance benefited from a RMB4.80 million reduction in administrative expenses to RMB7.69 million, but was offset by a higher expected-credit-loss allowance of RMB12.48 million and an unrealised fair-value loss of RMB0.78 million on listed equity investments.

Loss attributable to shareholders narrowed 36.5% to RMB15.56 million, translating into a basic and diluted loss per share of RMB1.69 cents (2024: RMB2.71 cents). No dividend was declared.

On the balance-sheet front, total assets stood at RMB453.21 million, while net assets amounted to RMB378.82 million. Cash and bank balances fell to RMB24.60 million from RMB397.77 million a year earlier, contributing to a lower but still comfortable current ratio of 5.5x (2024: 5.7x). The Group remained debt-free, leaving the gearing ratio at zero.

Management cited industry-wide overcapacity, weak consumption and volatile hog prices as key external pressures during the year. To mitigate margin compression, the company increased trading of frozen pork when market prices were low and leveraged capacity from its joint-venture slaughterhouse.

Looking ahead, the Group plans to pursue a differentiated strategy focused on niche markets and to deepen collaborations to navigate prolonged industry consolidation. No material capital commitments, borrowings or asset pledges were reported, and no significant events occurred after the reporting date.