Greatview Aseptic Packaging Company Limited (GAPACK) reported interim results for the six months ended 30 June 2025, showing weaker profitability against a modest revenue decline and lower margins. Trading in the company’s shares has been suspended since 19 February 2025 due to insufficient public float and remains halted.
Financial Highlights • Revenue slipped 1.6% year-on-year to RMB 1.01 billion, driven by a 5.5% fall in mainland sales to RMB 753.65 million, partly offset by an 11.8% rise in international revenue to RMB 253.03 million. • Gross profit decreased 11.8% to RMB 162.10 million; gross margin narrowed to 16.1% from 18.0%, mainly reflecting lower average selling prices and an unfavourable sales mix. • Net profit attributable to shareholders dropped 32.4% to RMB 82.81 million; basic and diluted EPS fell to RMB 0.06 from RMB 0.09. The comparison period included RMB 31.34 million profit from discontinued operations, which was absent this year. • Cost of sales edged up 0.6% to RMB 844.58 million, while administrative expenses fell 11.0% to RMB 78.89 million and selling & distribution costs rose 11.2% to RMB 32.71 million. • Other income slipped 4.9% to RMB 27.30 million; net other gains declined to RMB 1.55 million from RMB 5.75 million, reflecting higher foreign-exchange losses. • Finance costs were cut to RMB 0.51 million (-73.1%) after repayment of bank borrowings; the gearing ratio fell to zero from 0.03 at year-end 2024. • Cash and cash equivalents stood at RMB 568.59 million, down 23.9% from end-2024, while working capital improved slightly to RMB 1.28 billion. Inventory days shortened to 119.9 from 150.0, whereas trade-receivable days inched up to 103.0.
Operational Metrics • Sales volume rose 1.5% to 6.29 billion packs, with “Greatview Brick 250 mL Base” remaining the top seller. • Dairy-segment revenue fell 4.4% to RMB 785.16 million, representing 78.0% of group revenue. Non-carbonated soft-drink revenue grew 5.2% to RMB 197.67 million.
Strategic & Corporate Developments • The company continued to expand its digital service offerings and pursued R&D into environmentally friendly packaging such as Greatview Planet Pack and aluminum-free aseptic cartons. • Digital transformation efforts included energy-data visualisation, predictive maintenance pilots and upgrades to ERP, CRM and PLM systems. • GAPACK’s Shandong facility received recognition as a provincial “Advanced Intelligent Factory,” and the Inner Mongolia plant won Mengniu’s “Excellence Quality Award.” • Ongoing green initiatives include carbon-footprint certification for over ten products and participation in community recycling research projects.
Capital Structure & Suspension Status • On 18 February 2025, Shandong NewJF Technology Packaging Co., Ltd. and its affiliate Jingfeng Holding Limited completed a voluntary general cash offer, raising their combined stake to approximately 97.76% of GAPACK’s issued shares, reducing public float to about 2.24%. • The Stock Exchange suspended trading in GAPACK shares from 19 February 2025; resumption is contingent on restoring at least 25% public float and satisfying all resumption guidance issued on 12 May 2025.
Contingencies & Post-Balance-Sheet Events • The group has provided guarantees of RMB 226.45 million for banking facilities of former overseas associates. • Subsequent events include board changes, continued forensic investigations into prior restructuring transactions, initiation of legal actions to unwind those transactions, and a proposed change of auditor approved on 27 February 2026.
Outlook Management plans to deepen domestic and international market penetration, advance digitalisation, broaden its product range with sustainable solutions, and pursue operational efficiencies while addressing resumption requirements and ongoing legal matters.
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