Zall Smart-Living releases 2025 annual report: net profit increased by 8.86% year-on-year, with core business demonstrating operational resilience

On the evening of March 31, Zall Zhixing (2098.HK) officially released its 2025 performance report. The report shows that for the full year, the company achieved operating revenue of RMB 155.029 billion, a slight year-on-year decrease of 4.51%; net profit was RMB 1.02 billion, up 8.86% year on year. Faced with the dual challenges of increasing external uncertainty and intensified in-industry competition, the company adopted a series of measures, including proactively adjusting its business structure and accelerating digital transformation, to further reduce selling, administrative, and management expenses. This effectively solidified its business fundamentals and demonstrated strong operating resilience.

**　　Continued deep cultivation of core businesses, China Nong Net and CIC as performance “stabilizers”**

In 2025, the bulk commodities market faced dual challenges of market volatility with divergence and soft demand. Zall Zhixing proactively scaled back high-risk businesses and actively expanded overseas markets. The performance of its agricultural products and international trade segments grew. Among them, China Nong Net achieved revenue of approximately RMB 43.9 billion, up 8.40%; CIC (World Commodity Smart Trading Center) and the company’s other Singapore subsidiaries combined achieved revenue of approximately RMB 54.1 billion, up 33.07%, becoming a “stabilizer” supporting performance growth.

During the reporting period, the agricultural products market as a whole showed a trend of “supply strong but demand weak.” Against an environment in which the industry generally faced pressure, China Nong Net actively improved its business digital and intelligence level, extending the breadth and depth of its services. It achieved new breakthroughs in core areas such as white sugar, spices, and silk and textile spinning. During this period, the platform advanced the official commissioning of the Aksu Spice Deep Processing Center in Xinjiang, helping the spice business achieve both scale and performance growth. The “cloud factory” model rolled out a cumulative total of 4 shared silk-reeling factories, effectively promoting improvements in capacity and efficiency. Based on AI and blockchain technologies, it launched a digital sugarcane planting platform covering the full lifecycle of “planting, seeding, field management, harvesting, transportation, and sales,” which has already been applied on more than 7,000 mu of land. As emerging businesses for the platform, the coffee and rubber segments achieved substantial revenue growth by establishing direct procurement from sources, expanding large-customer coverage, and enabling online trading.

As a second growth curve built by the company in recent years, CIC once again delivered a growth performance during the reporting period. In 2025, the platform further deepened cross-border cooperation with Mitsui & Co., Ltd. of Japan, a Fortune 500 company, driving Zall Hong Jin Financial Services to kick off full commercial rollout and providing financial support for the steady development of its global supply chain business. Its core data technology product TradeData.Pro also saw functional upgrades and marketing optimization, continuing to provide scientific decision-making references for global traders. Currently, CIC’s cumulative number of registered members has grown to 17,229.

**　　Deeply adjust structure to drive transformation, accelerating the development of intelligent digital supply chains**

Under the dual impact of sustained weakness in real-estate and infrastructure demand and structural excess capacity in chemical plastics, in 2025 the performance of Zall Zhixing’s Zall Steel Chain and Huasu Hui came under clear pressure and trended downward. Against this backdrop, optimizing the business structure, shifting toward high-end manufacturing, and accelerating the construction of intelligent digital supply chains have become the platform’s core consensus.

Focusing on areas such as high-end manufacturing, intelligent manufacturing, and green manufacturing, Zall Steel Chain actively develops supply chain integration solutions tailored to large terminal enterprises. By integrating supply chain systems such as SaaS, ERP, and MES, it has built a multidimensional intelligent service system. Its customers now include industry-leading enterprises such as China Power Construction Group and Shaanxi Construction Engineering Group. Huasu Hui concentrates on three major categories: olefins, aromatics, and polyester. It enriches supply chain services through models including centralized procurement and distribution, matching services, and spot-and-futures trading. Meanwhile, it has extended its layout of “recycled plastics cloud factories” to places such as Shandong, Jiangxi, and Guizhou, establishing an end-to-end plastic closed-loop recycling system, with products exported to regions such as North Korea and Vietnam.

Based on experience with online digital supply chains, the company also actively promotes the transformation of offline trading entities into supply chain management centers, building a digital and intelligent supply chain system covering fresh flowers, seafood, textiles and apparel, automobiles, condiment products, and coffee. Among them, the seafood chain innovated the “Fast Chain” model by enabling direct procurement from core producing areas, achieving rapid direct delivery of overseas high-quality fresh products. The apparel chain deeply links with industrial clusters such as Tianmen and Xiantao, successfully guiding upstream supply-chain enterprises to set up operations locally. Of note, during the reporting period, the Flower Lake Airport Hankou North Cargo Station jointly built by Hankou North and SF Group was officially put into operation, realizing the strategic linkage between the two national logistics hub initiatives—Wuhan–Ezhou air-transport hub-type and Hankou North commerce-and-trade service-type—further improving the efficiency of supply chain operations.

This year, the “14th and 15th Five-Year Plan” clearly states the goal of “promoting productive services to extend toward specialization and high-end value chains.” Through the deep integration of digital technologies and vertical industries, Zall Zhixing has been pursuing this path for many years, producing results in supply chain fields such as agricultural products, ferrous metals, and chemical plastics. Looking ahead, as the deep advancement of the integration of productive services with advanced manufacturing and modern agriculture continues, the company’s layout in emerging areas such as cross-border trade, green supply chains, and intelligent digital services is expected to accelerate the release of growth potential, contributing greater value to building a modern industrial system.

(Responsible editor: Wang Lei)

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