China Shengmu (01432) released its annual performance report, with a net loss attributable to shareholders of 373 million yuan, a year-on-year increase of 470.11%.

China Shengmu (01432) announced its annual performance for the year ending December 31, 2025. The group achieved operating income of 3.342 billion yuan, a decrease of 0.9% compared to the previous year; the net loss attributable to the owners of the parent company was 373 million yuan, an increase of 470.11% compared to the previous year; with a loss of 0.045 yuan per share. In 2025, the group continued to optimize its dairy herd structure by selecting high-quality dairy herds, improving genetic improvement levels, and optimizing breeding systems to further enhance the overall quality of the breeding herd. At the same time, relying on a customized nutrition formula system and refined feeding management model that undergo continuous upgrades, the group provides scientific and precise nutrition support and health management guarantee for the dairy cows. This year, the group's milk yield per dairy cow reached 12.4 tons, steadily increasing compared to 2024 and reaching a historical high, continuing to consolidate the group's competitive advantage in breeding efficiency. Under the joint effect of increasing milk yield and optimizing production capacity structure, the group's total sales volume of raw milk maintained steady growth, with a total sales volume of 777,282 tons for the year, an increase of 11.1% compared to the previous year. The growth in sales volume mainly came from the improvement in production efficiency and the increase in the proportion of high-efficiency dairy herds, rather than just expanding the scale, reflecting a development strategy that prioritizes quality. In terms of product structure, the group continues to promote an increase in the proportion of high-end raw milk, with high-end raw milk accounting for 80.3% of sales. High-end products demonstrate better profitability and resistance to price pressures in the industry due to their stable customer base and relatively strong bargaining power. Among them, organic raw milk, as the core category of high-end products for the group, continues to grow and provides important support for overall business performance in terms of sales volume and profitability throughout the year.