Meiyan Jixiang's revenue in 2025 slightly increased by 3.4% to 369 million yuan, with a net loss of 97.09 million yuan.

Blue Whale News, April 2: On April 2, Meiyuan Jixiang released its 2025 performance report. The data shows that in 2025, the company achieved operating revenue of RMB 369 million, up 3.40% year over year; net profit attributable to shareholders was RMB -97.09 million, down 17.24% year over year; and net profit after deducting non-recurring items was RMB -94.20 million, down 16.79% year over year.

The gross margin fell from 25.62% in 2024 to 17.22%, a decline of 8.4 percentage points; the net profit margin deteriorated in parallel to -26.28%, down 3.1 percentage points from -23.18% last year.

The total amount of non-recurring gains and losses for the full year was RMB -2.8901 million, accounting for 2.98% of the absolute value of net profit attributable to shareholders. Among them, debt restructuring gains and losses were RMB -5.8146 million, and fair value changes and disposal gains of trading financial assets were RMB +4.1816 million.

Hydropower generation and geographic information businesses together contributed 68.57% of主营业务收入 (main business revenue). This forms the company’s current core revenue structure. Of this, hydropower revenue accounted for 44.23%, slightly down from its dominant position in the prior year; geographic information revenue was RMB 87.4082 million, with its share rising to 24.34%, becoming the second-largest source of revenue; the BPO business, as a new segment completed as part of an acquisition on August 15, 2025 and included in the consolidated financial statements, achieved revenue of RMB 84.9990 million, representing 23.01% of total operating revenue. It ranked among the top three revenue sources for the first time, driving the company’s revenue structure to shift from a single power-driven model to a “power + professional services” dual-core support. In the Meizhou area of Guangdong, revenue from the power business accounted for 42.99% of total operating revenue, shrinking compared with the previous year; while outside Meizhou, geographic information and BPO businesses together generated revenue of RMB 168 million, accounting for 45.49% of total operating revenue, with the market expansion focus clearly extending to off-province, specialized services.

From an operating perspective, the gross margin of the hydropower generation business was 35.95%, down 4.95 percentage points from the previous year; the gross margin of the geographic information business increased by 20.68 percentage points to 26.09%; and the gross margin of the BPO business was only 11.79%, while the gross margin for biogas and titanium-salt coating businesses was negative.

In the fourth quarter of 2025, the company reported single-quarter operating revenue of RMB 162 million, net profit attributable to shareholders of RMB -66.2414 million, and net profit after deducting non-recurring items of RMB -61.8095 million. All three indicators showed a clear quarterly concentration of losses, reflecting that operating pressure accelerated into view toward the end of the year.

R&D investment decreased 22.45% year over year to RMB 5.55M. R&D expenses as a percentage of revenue narrowed to 1.50%. The number of R&D personnel remained unchanged at 21. The weakening of investment intensity and the resource reallocation tendency formed correspondingly after the inclusion of newly added low-gross-margin businesses into the consolidated statements.