Anjoy Foods Group Co., Ltd. released its annual results for the year ended 31 December 2025, posting RMB 16.19 billion in operating income, a 7.05% increase over 2024. The growth was driven chiefly by double-digit expansion in quick-frozen prepared dishes (+10.8%) and solid 7.8% growth in its core quick-frozen flavoured and processed products, which together contributed more than 80% of total sales.
Net profit attributable to shareholders fell 8.46% year on year to RMB 1.36 billion as gross margin narrowed 1.7 percentage points to 21.6% amid higher raw-material and depreciation costs and RMB 213.80 million in asset-impairment charges, including RMB 181.64 million in goodwill writedowns.
The Board has recommended a final dividend of RMB 1.44 per share (tax inclusive). Adding the interim dividend of RMB 1.425 already paid, full-year distributions will reach RMB 2.865 per share, equating to a payout ratio of 70.01% and total cash outlay of about RMB 951.55 million, subject to shareholder approval.
Segment mix continued to shift toward growth categories: • Quick-frozen flavoured & processed products: RMB 8.45 billion, 52.2% of revenue. • Quick-frozen prepared dishes: RMB 4.82 billion, 29.8% of revenue. • Quick-frozen flour & rice products: RMB 2.40 billion, 14.8% of revenue. • Newly consolidated bakery business (Ding Wei Tai/Ding Yifeng): RMB 67.96 million.
Channel diversification advanced; new retail & e-commerce sales jumped 31.8% to RMB 1.18 billion, lifting their contribution to 7.3% of group revenue, while sales to targeted enterprise customers rose 18.5% to RMB 1.19 billion. Distributor reliance eased slightly but still accounted for 79.9% of sales.
Cost pressures persisted. Operating costs grew 9.5% to RMB 12.69 billion, outpacing revenue growth. Raw materials remained the largest component (64.2% of total costs), climbing 9.6% to RMB 8.15 billion. Manufacturing overheads rose 9.0% to RMB 1.67 billion, reflecting capacity expansion and higher energy expenses.
Cash flow from operations improved 10.12% to RMB 2.32 billion. Net cash from financing reached RMB 1.49 billion, boosted by the July 2025 Hong Kong IPO that raised net proceeds of HKD 2.30 billion (about RMB 2.19 billion). These funds remain unutilised, earmarked mainly for network expansion, supply-chain upgrades and digitalisation.
Total assets climbed 19.52% to RMB 20.77 billion, while net assets attributable to shareholders rose 19.61% to RMB 15.49 billion. The gearing ratio increased to 7.05% (2024: 1.2%) following higher short-term borrowings, which stood at RMB 890.60 million.
Looking ahead, Anjoy Foods plans to deepen its “three-category, multi-channel” strategy, continue capacity build-out in key regions, expand international operations following its A+H listing, and maintain a focus on product innovation and digital transformation. The Company targets completion of its planned capital-expenditure projects and deployment of IPO proceeds by 2030.
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