Chi Silver GP reported a sharp turnaround for FY 2025, posting profit attributable to owners of RMB586.33 million, up from RMB9.97 million a year earlier, despite a 26.30% drop in revenue to RMB3.06 billion.
Revenue and Margin • Manufacturing revenue (100% silver ingots) fell to RMB3.06 billion, reflecting softer demand, yet gross profit rose 15.11% to RMB72.17 million as average selling prices benefited from higher silver quotations. • Group gross margin improved to 2.35% (2024: 1.51%).
Major Profit Drivers • Gain on deemed disposal of Everest Gold Group (de-consolidated 31 Dec 2025): RMB537.22 million. • Gain on disposal of the Fresh Food Retail segment (completed 13 Jan 2025): RMB11.47 million. • Manufacturing segment profit increased 32.38% to RMB65.12 million, aided by stronger silver prices. • These positives offset share-based payment expenses totaling RMB51.19 million (Company: RMB28.39 million; Everest Gold options: RMB22.80 million).
Discontinued Operations • New Jewellery Retail (Everest Gold Group) booked revenue of RMB486.97 million and profit of RMB102.73 million in 2025 prior to de-consolidation. • Fresh Food Retail recorded no operating loss in 2025 and contributed a disposal gain of RMB11.47 million; the unit incurred a RMB44.61 million loss in 2024.
Earnings Per Share Basic and diluted EPS jumped to RMB0.245, with EPS from continuing operations at RMB0.005.
Balance Sheet Highlights (31 Dec 2025) • Investments in associates rose to RMB1.11 billion, mainly representing the retained 39.70% stake in Everest Gold Group. • Net cash position maintained; cash and bank deposits totaled RMB471.82 million against borrowings of RMB110.00 million, producing a net gearing ratio of –9.2%. • Inventory fell to RMB184.77 million (2024: RMB1.11 billion) after exiting jewellery retail. • Net current assets stood at RMB128.71 million.
Capital Actions • January 2025: loan capitalisation issued 388.04 million shares, extinguishing HK$97.80 million of debt. • July 2025: subscription agreements for 460 million shares raised net proceeds of HK$206.50 million; HK$113.81 million deployed by year-end, mainly for raw-material purchases. • Post-year-end (13 Feb 2026): announced placement of 910 million shares to raise gross proceeds of HK$464.10 million, subject to shareholder approval.
Capital Expenditure and Dividend Capex totaled RMB7.80 million; no dividend was declared for 2025.
Management Outlook The board expects continued support for silver demand amid tight supply, will focus on core manufacturing, and will progress upstream resource projects, including the 50.81 km² Shigatse exploration licence in Tibet, held through a 20% associate stake obtained in July 2025.
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