Buyang International Holding Inc. released its audited results for the year ended 31 December 2025, revealing a modest top-line expansion contrasted by a sharp profit contraction, driven chiefly by margin pressure and foreign-exchange losses.
Revenue and Profitability • Revenue rose 3.28% year on year to RMB404.83 million, supported by higher wheel shipments to Japan and Canada. • Gross profit fell 10.38% to RMB44.55 million as the gross margin narrowed to 11.0% (2024: 12.7%), reflecting higher aluminium costs and intensified market competition. • Profit before tax was down 49.99% to RMB12.21 million; net profit declined 42.31% to RMB11.06 million, cutting the net margin to 2.7% (2024: 4.9%). • Basic/diluted EPS dropped to RMB0.01 from RMB0.02. The board proposed no final dividend.
Operational Highlights • Total wheel sales exceeded 1.12 million units. Medium-size wheels (17–20 inches) remained the core contributor, generating RMB274.30 million, or 69.8% of wheel revenue. Small (12–16 inches) and large (21–26 inches) wheels accounted for 22.8% and 7.4%, respectively. • Overseas markets delivered 71.0% of group turnover. Sales to America climbed 12.3% to RMB135.34 million, while Europe fell 12.1% to RMB54.50 million amid weaker demand. Asia was stable at RMB197.32 million, and Africa almost doubled to RMB11.07 million. • The company developed 352 new wheel models during the year; R&D spend increased 4.1% to RMB15.15 million.
Cost and Expenses • Cost of sales increased 5.26% to RMB360.27 million, reflecting higher raw-material costs and volume growth. • Selling and distribution expenses were largely flat at RMB10.11 million, while administrative and other operating expenses eased 2.3% to RMB12.05 million. • Net finance income slipped 12.8% to RMB4.15 million as interest income declined with lower deposit rates. • A RMB0.67 million foreign-exchange loss, versus a RMB4.26 million gain in 2024, weighed on the bottom line.
Balance Sheet and Liquidity • Total assets rose 2.7% to RMB506.83 million; net assets stood at RMB411.11 million. • Cash and cash equivalents fell to RMB106.06 million (2024: RMB172.90 million) as surplus funds were shifted into time deposits, which expanded to RMB120.97 million. • The group remained debt-light with no bank borrowings; gearing edged down to 1.5% (2024: 1.7%). • Net current assets increased to RMB341.82 million (2024: RMB313.38 million), while inventories grew 9.4% to RMB94.04 million to support order intake. • Capital expenditure reached RMB21.80 million, primarily for plant and equipment upgrades; outstanding capital commitments totalled RMB2.70 million.
IPO Proceeds and Capital Allocation Of the HK$75.10 million net proceeds from the December 2022 listing, HK$65.20 million had been deployed by year-end 2025, leaving HK$9.90 million unutilised. Funds have chiefly supported capacity expansion and new wheel development.
Outlook Management plans to deepen penetration in existing overseas markets, cultivate new customers and continue product innovation through R&D and capacity investments, targeting improved scale and margin recovery in 2026.
Dividend The board recommends no final dividend for FY 2025.