Shanghai M&G Stationery (603899) H2 2025 earnings summary

Executive summary

• Revenue reached RMB25,064 million in 2025, up 3.45% year-over-year; net profit attributable to shareholders was RMB1,310 million, down 6.12% year-over-year.

• Core traditional business focused on product innovation, IP collaborations, and omni-channel retail, while new businesses (Colipu Group, Jiumu Store) drove growth.

• Jiumu Store expanded to over 860 locations, surpassing 10 million members; Colipu Group revenue exceeded RMB15,000 million, up 9%.

• Dividend payout ratio increased, with RMB10 per 10 shares proposed; share repurchase and retirement completed to enhance shareholder value.

Financial highlights

• Revenue: RMB25,063.9 million (+3.45% YoY); net profit: RMB1,310.4 million (-6.12% YoY); net profit after non-recurring items: RMB1,123.9 million (-8.92% YoY).

• Total assets: RMB18,075 million (+8.97% YoY); net assets: RMB9,288 million (+4.24% YoY).

• Basic EPS: RMB1.4306 (-5.65% YoY); weighted average ROE: 14.56%.

• Operating cash flow: RMB2,282 million (-0.32% YoY).

• Non-recurring gains: RMB186.5 million, mainly from government subsidies and financial asset gains.

Outlook and guidance

• 2026 revenue target set at RMB27.8 billion (+11%), focusing on product innovation, omni-channel expansion, and international growth.

• Continued investment in R&D, digital transformation, and talent development to support sustainable growth.

• Colipu Group plans a spin-off listing in Hong Kong to leverage capital markets.