Greatview Aseptic Packaging Company Limited (GAPACK) reported revenue of RMB 1.01 billion for the six months ended 30 June 2025, a year-on-year decline of 1.6%. Net profit attributable to shareholders fell 32.4% to RMB 82.81 million, driving basic earnings per share down to RMB 0.06.
Gross profit contracted 11.8% to RMB 162.10 million as average selling prices softened and the sales mix shifted. Gross margin slipped to 16.1% from 18.0%, while net margin narrowed to 8.2% from 12.0%.
Sales volume rose 1.5% to approximately 6.29 billion packs, but market dynamics diverged. Mainland China revenue decreased 5.5% to RMB 753.65 million, reflecting softer dairy demand, whereas international revenue grew 11.8% to RMB 253.03 million on higher volumes despite lower pricing. By category, dairy packaging sales retreated 4.4% to RMB 785.16 million; non-carbonated soft drinks (NCSD) advanced 5.2% to RMB 197.67 million. Filling-machine and digital-service income reached RMB 21.69 million and RMB 2.16 million, respectively.
Operating expenses were mixed: selling and distribution costs rose 11.2% to RMB 32.71 million on higher marketing spend; administrative expenses declined 11.0% to RMB 78.89 million following lower agency fees. Other income slipped 4.9% to RMB 27.30 million, while net foreign-exchange losses cut other gains to RMB 1.55 million.
Cash and cash equivalents stood at RMB 568.59 million (31 December 2024: RMB 748.26 million). Inventories tightened to RMB 491.51 million, reducing inventory days to 119.9 from 150.0. Trade receivables days extended slightly to 103.0, while trade payables days shortened to 48.0. Borrowings were fully repaid, leaving the gearing ratio at zero and working capital at RMB 1.28 billion.
Capital expenditure totalled RMB 17.00 million, mainly for machinery upgrades. No interim dividend was declared.
Strategic initiatives in H1 included enhancements to the Greatview SharingCap re-closable solution, expansion of plant-based and aluminium-free formats, and continued rollout of digital platforms for supply-chain integration and anti-diversion monitoring. The Shandong production site was named an “Advanced Provincial Intelligent Factory,” and carbon-footprint certification was obtained for over ten products.
Corporate structure saw extensive changes after a voluntary general cash offer by Jingfeng Holding Limited, an indirect subsidiary of Shandong NewJF Technology Packaging, which lifted its stake to 97.76%. Public float fell to 2.24%, prompting suspension of GAPACK shares on 19 February 2025. The Hong Kong Stock Exchange issued resumption guidance on 12 May 2025.
Governance reforms followed: multiple board and committee reshuffles culminated in the appointment of Mr Yuan Xunjun as Chairman and CEO on 10 September 2025. An independent investigation into the 2024 restructuring that reduced GAPACK’s stake in its international arm led to deconsolidation of those operations and the initiation of legal proceedings and arbitration to unwind contested transactions. A special investigation committee has engaged a global forensic firm for a second-stage review.
On 27 February 2026, shareholders approved the removal of Grant Thornton as auditor and the appointment of Rongcheng (Hong Kong) CPA Limited.
Management cites ongoing focus on digital transformation, international growth, product diversification, and sustainability to rebuild margins and meet regulatory requirements for trading resumption.
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