GAPACK 2024 Net Profit Rises 11.1% to RMB 271 Million; Revenue Slips 12.9%, Trading Remains Suspended

GAPACK (Greatview Aseptic Packaging Company Limited) released its audited results for the year ended 31 December 2024, posting a mixed performance of stronger profitability against lower sales while confirming that its shares remain suspended from trading.

Financial highlights • Revenue fell 12.9% year-on-year to RMB 2.24 billion, with PRC sales down 19.2% to RMB 1.75 billion and international sales up 20.9% to RMB 0.49 billion. • Gross profit slipped 9.3% to RMB 422.60 million, yet gross margin improved to 18.9% from 18.1% a year earlier. • Net profit increased 11.1% to RMB 271.30 million, lifting net margin to 12.1% (2023: 9.5%). • Earnings per share rose to RMB 0.19 (2023: RMB 0.18). • Total assets stood at RMB 3.95 billion, with total equity of RMB 3.12 billion.

Dividend proposal The Board recommends a combined final and special dividend of HK$0.22 per share, up 120.0% from the prior-year distribution of HK$0.10 per share.

Operational metrics • Sales volume declined 10.9% to approximately 13.9 billion packs. • Dairy segment revenue contracted 14.7% to RMB 1.81 billion, while NCSD revenue edged up 1.4% to RMB 0.41 billion. • Key product “Greatview Brick 250 mL Base” remained the top seller. • New product launches included “Greatview Origin” eco-friendly packaging, “Greatview SharingCap” reclosable packs, and the aluminium-free GAO330SQU solution.

Strategic developments • The company completed a five-year digital transformation blueprint and relocated its equipment factory to enhance intelligent manufacturing capabilities. • In February 2025, Shandong NewJF Technology Packaging completed a strategic acquisition of GAPACK; the company will retain its listing status.

Trading status GAPACK shares have been suspended from trading on the Hong Kong Stock Exchange since 19 February 2025 after public float fell below the 25% threshold following the voluntary general cash offer by Jingfeng Holding Limited. Trading will remain suspended until the minimum public float is restored.

Board changes The company reported multiple changes in its board composition during 2024-2026, culminating in the appointment of Mr Yuan Xunjun as Chairman and CEO on 10 September 2025.

Auditor Rongcheng (Hong Kong) CPA Limited has been appointed as the new auditor following the removal of Grant Thornton in February 2026.

No further significant events affecting the 2024 results were reported after the balance sheet date.