2025 Revenue Down 6.6%, Net Profit Plunges 25.9%; Facing Nasdaq Delisting Risk
Consolidated 2025 revenue of RMB 971.7M (down 6.6% YoY), operating profit of RMB 75.5M (-29.9%), net profit of RMB 56.0M (-25.9%) — weak performance
From Nov 7 to Dec 19, 2025, NASDAQ ADS closing price below $1 for 30 consecutive days, triggering delisting risk (minimum bid price violation); 180-day grace period granted until June 22, 2026
Board resolution on March 30, 2026 and shareholder approval on April 22, 2026 for a 4:1 reverse stock split (to boost share price)
No dividends paid (none in last 3 or 5 years); no director/audit committee training conducted
Debt-to-equity ratio at 25.75% (healthy), current ratio at 467% (high liquidity), but non-current liabilities surged 155.8%
Subsidiary Guangdong Wingyip's High-Tech Enterprise Certificate (15% CIT rate) under renewal review (as of April 2026)
R&D expenses of RMB 29.7M (3.05% of revenue), down 17.1% from prior year
Customer concentration low (top 5 account for 5.93%); raw material (pork) prices stable
No material litigation or contingencies; related party guarantees increased (9 items, up to RMB 120M)
Issued 307,500 new shares during the year (NASDAQ over-allotment exercise); stock price declined, ranging KRW 789–1,323