Fulu Holdings released its audited results for the year ended 31 December 2025. Revenue fell 8.00% year-on-year to RMB 330.96 million, but a 31.63% drop in cost of sales lifted the gross margin to 78.2% (2024: 70.7%), pushing gross profit up 1.80% to RMB 258.79 million.

Profit before tax jumped 63.00% to RMB 42.43 million, while net profit inched up 2.40% to RMB 19.88 million. Profit attributable to owners of the parent rose 35.40% to RMB 27.30 million, driving basic EPS to RMB 0.07 (up 40.0%).

GMV contracted 8.70% to RMB 8.44 billion. Segment movements were highly divergent: • Lifestyle GMV surged 50.40% to RMB 4.98 billion, lifting segment revenue 55.00% to RMB 136.46 million (41.2% of group total) and gross profit 65.50% to RMB 104.81 million. • Leisure & Entertainment GMV dropped 48.30% to RMB 1.61 billion; revenue slipped 9.80% to RMB 104.86 million, yet gross profit grew 5.70% to RMB 81.93 million as margin expanded. • Games GMV decreased 30.10% to RMB 1.27 billion; revenue fell 25.30% to RMB 48.33 million with gross profit down 3.30% to RMB 35.22 million. • Telecommunications GMV plunged 82.20% to RMB 55.97 million; revenue slid 68.00% to RMB 1.66 million. • Corporate Welfare GMV dropped 23.60% to RMB 520.45 million; revenue halved to RMB 39.66 million.

Operating expenses were tightly managed: • Selling & distribution expenses decreased 24.80% to RMB 70.28 million. • Administrative expenses declined 8.40% to RMB 88.86 million. • R&D spending was cut 24.10% to RMB 33.57 million. However, impairment losses on financial and contract assets widened to RMB 29.39 million (2024: RMB 3.27 million).

Cash flow and balance sheet remained solid. Net cash generated from operating activities reached RMB 241.24 million, and cash & cash equivalents stood at RMB 324.30 million. Total assets were RMB 1.60 billion against total liabilities of RMB 398.80 million. The group had RMB 10.00 million in interest-bearing bank loans and no net debt.

A special dividend of HK$0.269 per share (RMB 99.25 million) was paid in December 2025; no final dividend was proposed. During the year, 2.62 million shares were repurchased for approximately HK$ 4.80 million and are held as treasury shares.

Looking to 2026, management plans to pursue “steady operation, value creation and AI-driven efficiency” while deepening cost control and prioritising segments with higher return on investment, notably the expanding lifestyle vertical.