FEIYANG GROUP (01901) released its audited results for the year ended 31 December 2025.
Revenue and Profitability • Revenue advanced 9.4% year-on-year to RMB783.09 million, driven chiefly by the domestic tourism rebound and higher sales of travel-related products and services. • Gross profit increased 4.3% to RMB50.57 million, although the gross margin eased to 6.5% (2024: 6.8%) amid product-mix changes and higher ticket refund costs. • The Group recorded a net loss of RMB30.55 million, a 44.3% improvement from the RMB54.83 million loss in 2024. Basic loss per share narrowed to RMB4.40 cents (2024: RMB5.05 cents).
Segment Performance • Package tour sales surged 32.3% to RMB382.52 million, buoyed by stronger demand for traditional group tours, which contributed 94.2% of segment revenue. • Gross revenue from FIT products slipped 2.9% to RMB386.21 million; the associated margin income remained stable at RMB7.09 million, reflecting a 91.9% margin. • Ancillary travel-related services generated RMB5.05 million, while sales of health products declined sharply to RMB1.36 million as focus shifted back to core travel operations. • Information system development services contributed RMB0.87 million. No finance-lease income was recorded (2024: RMB0.13 million).
Cost and Expense Dynamics • Cost of sales rose 9.8% to RMB732.52 million, broadly in line with revenue growth. • Selling and distribution expenses increased 13.4% to RMB32.09 million, mainly on higher staff costs tied to network expansion. • Administrative expenses fell 32.2% to RMB27.03 million, aided by lower depreciation following asset disposals. • Net impairment losses on financial assets declined to RMB32.57 million (2024: RMB50.42 million). • Finance costs edged down 11.9% to RMB8.77 million due to lower effective borrowing rates.
Balance Sheet and Liquidity • Total assets stood at RMB457.19 million; net assets were RMB46.31 million. • The Group reported net current liabilities of RMB0.70 million and a gearing ratio of 88% (2024: 84%). • Cash and cash equivalents were RMB37.39 million, supplemented by RMB33.24 million in pledged deposits. • Interest-bearing bank borrowings totalled RMB218.92 million, all maturing within one year and denominated in RMB.
Capital Movements • In August 2025 the Company issued 166.40 million new shares to six subscribers, raising net proceeds of approximately HKD32.80 million. About 50% was allocated to developing digital asset businesses (HKD12.91 million utilised; HKD3.49 million unspent as at year-end) and 50% to general working capital (fully utilised). • In April 2025 the Group disposed of its 60% stake in Zhejiang Feijiada for RMB22.68 million, recognising a disposal loss of RMB4.24 million and ceasing consolidation of the subsidiary.
Going-Concern Considerations Auditors drew attention to net current liabilities and continued losses, noting “material uncertainty” over going concern. Management is negotiating loan renewals and implementing cost-control and network optimisation to support liquidity.
Outlook and Strategy Management highlights China’s tourism recovery, policy support for domestic holiday expansion, and forthcoming collaborations in digital cultural-tourism assets as key growth drivers. The Group plans to deepen technological integration, refine its travel offerings, and pursue digital initiatives while monitoring working-capital needs.
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