Cheerwin Group Limited reported full-year 2025 revenue of RMB 1.99 billion, a 9.2% increase year-on-year, driven by robust online sales and rapid expansion of its pet business.
Gross profit rose 16.9% to RMB 1.05 billion, lifting the gross margin by 3.5 percentage points to 52.6%. Profit for the year advanced 10.3% to RMB 215.31 million; basic earnings per share reached 16.78 RMB cents, also up 10.0%.
Segment performance • Household care remained the core revenue contributor at RMB 1.71 billion, up 5.0%. • Pet business revenue jumped 74.3% to RMB 221.64 million, supported by online best-sellers and an expanded store network of 73 outlets. • Personal care revenue fell 13.9% to RMB 45.93 million.
Channel mix • Online revenue surged 30.2% to RMB 873.66 million, reflecting strong traction on platforms such as Douyin, Taobao, JD.com and Pinduoduo. • Offline revenue edged down 3.0% to RMB 1.11 billion amid network optimisation.
Cash flow and balance sheet Operating cash inflow reached RMB 268.06 million, versus RMB 9.38 million a year earlier. Cash, cash equivalents and deposits totalled RMB 2.84 billion at year-end, while the gearing ratio remained low at 2.0%.
Dividend The board declared a final dividend of RMB 0.0821 per share (about HK$0.0933). Including the interim dividend, total payout for 2025 is RMB 0.1342 per share, representing an 80.0% payout ratio. Payment is scheduled for 8 July 2026, subject to shareholder approval.
Post-period event On 23 January 2026, Cheerwin completed the acquisition of Hebei Kangda Co., Ltd. for up to RMB 450 million, adding 100% control of the target company.
2026 focus Management will target: 1) premiumisation and category expansion in household care; 2) further rollout of pet stores and development of signature pet food; 3) deeper penetration of major e-commerce platforms and optimisation of channel mix; 4) selective M&A in FMCG and pet sectors; and 5) continuation of a high dividend policy.
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