Fujing Holdings (Fujing Agriculture Development) reported FY2025 revenue of RMB 191.03 million, up 4.8% from FY2024 on a 4.1% increase in sales volume to 12.6 million pots of potted vegetables.

Gross profit advanced 9.3% year-on-year to RMB 84.52 million, lifting the gross margin from 42.4% to 44.2% as higher volumes offset modest cost inflation. Administrative and other expenses rose to RMB 21.90 million, mainly from higher professional and testing fees, while a RMB 2.12 million reversal of expected-credit-loss provisions contrasted with a RMB 4.44 million charge the year before.

Net profit grew 22.5% to RMB 63.39 million, translating into a net margin of 33.2% (FY2024: 28.4%) and basic EPS of RMB 0.13. The board maintained its no-dividend stance.

Total assets climbed to RMB 745.98 million, driven by a jump in property, plant and equipment to RMB 337.20 million following construction of new greenhouses in Beijing and ongoing projects in Hebei, Shaanxi and Shandong. Bank and cash balances rose to RMB 247.62 million.

Bank borrowings increased to RMB 139.47 million, lifting the gearing ratio to 26.8% (FY2024: 9.2%) and trimming the current ratio to 2.0 (FY2024: 3.5). Interest coverage remained healthy at 16.5 times. Net cash stood at RMB 108.15 million, resulting in a negative net-debt-to-equity ratio of 19.0%.

Capital commitments amounted to RMB 8.54 million, earmarked mainly for ongoing cultivation-facility expansion. Management reiterated plans to complete the replacement Xi’an facility, Phase II Beijing facility and the large Yaozhuang facility between September and October 2026, and to establish a dedicated organic-substrate plant and an upgraded ERP system by end-2026.

Fujing’s principal PRC operating subsidiary continues to enjoy enterprise-income-tax exemption for agricultural income through 2050.

No subsequent events requiring disclosure were noted up to the results announcement date.