5100 Xizang Glacier Company Limited reported a sharp turnaround for the year ended 31 December 2025, moving from a RMB 573.95 million loss in 2024 to a RMB 86.24 million profit as revenue rebounded 58.5% to RMB 357.94 million.
Revenue and margins • Group revenue rose to RMB 357.94 million, driven by a 115.3% increase in the water segment to RMB 188.46 million and a 23.2% rise in the beer segment to RMB 169.25 million. • Consolidated gross profit jumped to RMB 179.15 million, lifting the gross margin to 50.1% (2024: 27.1%). • Water segment margin expanded to 50.9%, aided by higher pricing and volumes; beer segment margin improved to 49.0%, supported by new licensing income.
Profitability and expenses • Operating profit reached RMB 99.65 million versus a RMB 97.61 million operating loss a year earlier. • Selling and distribution costs fell 42.6% to RMB 36.17 million following lower marketing spend, while administrative expenses slipped 3.5% to RMB 74.13 million. • Allowance for expected credit losses narrowed to RMB 5.04 million from RMB 47.73 million. • Net finance cost was trimmed to RMB 3.09 million (2024: RMB 3.81 million), reflecting higher interest income. • Income tax expense increased to RMB 7.76 million, in line with the return to profitability.
Balance-sheet highlights • Total assets rose 6.9% to RMB 3.75 billion; equity attributable to shareholders expanded 20.8% to RMB 2.87 billion. • Net current assets strengthened to RMB 1.09 billion (2024: RMB 0.60 billion). • Current liabilities fell 33% to RMB 723.15 million, aided by a RMB 376.06 million reduction in short-term borrowings. • The gearing ratio declined to 16.03% (2024: 21.59%).
Capital moves • Three convertible bond tranches were issued in 2025: HK$165 million (8% coupon, fully converted), HK$138 million (8% coupon, fully converted) and HK$297 million (5% coupon), the last of which had HK$60 million converted by year-end, leaving a RMB 215.29 million liability component outstanding. • Aggregate share conversions added approximately 1.01 billion new shares, lifting issued share capital to 5.59 billion shares.
Change in use of proceeds The HK$295 million net raised from the October 2025 5% convertible bond placement was initially earmarked 50% for refinancing earlier bonds and 50% for general working capital. Following the full conversion of the earlier bonds, the Board has re-allocated HK$150.7 million of unutilized proceeds—originally intended for refinancing and plant projects—primarily to repay bank and other borrowings by 30 June 2026.
Cash flow and liquidity • Cash and cash equivalents stood at RMB 96.75 million (2024: RMB 121.77 million). • Financial assets at fair value through profit or loss totaled RMB 142.90 million, including RMB 92.40 million in an unlisted PRC water-rights company and RMB 50.29 million in Hong Kong-listed equities.
Dividend No final dividend was declared for 2025.
Strategic developments Management highlighted ongoing expansion of premium water distribution channels, continued product and cost optimisation, and deeper market penetration in Tibet and nationwide. The company reiterated its commitment to responsible operations and brand development while maintaining a focus on strengthening the balance sheet.
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