Stock Code: 000752 Stock Abbreviation: *ST Xifa Announcement No.: 2026-050
Tibet Development Co., Ltd.
Announcement Regarding the Response to the Shenzhen Stock Exchange's Inquiry Letter on the Company's 2025 Annual Report
Tibet Development Co., Ltd. (hereinafter referred to as "Tibet Development," "the listed company," or "the Company") received the "Inquiry Letter on the 2025 Annual Report of Tibet Development Co., Ltd." (Company Department Annual Report Inquiry Letter [2026] No. 147) (hereinafter referred to as the "Inquiry Letter") issued by the Shenzhen Stock Exchange on May 14, 2026. The Company has carefully reviewed and analyzed the questions raised in the "Inquiry Letter" and hereby provides the following responses:
- Regarding operating income and non-recurring profit and loss. The annual report shows that during the reporting period, the Company achieved an operating income of 433 million yuan, a year-on-year increase of 2.81%; net profit attributable to shareholders of the listed company (hereinafter referred to as "net profit") was 144 million yuan, a year-on-year increase of 449.70%; net profit attributable to shareholders of the listed company after deducting non-recurring profit and loss (hereinafter referred to as "net profit after deduction") was 23.9132 million yuan, a year-on-year decrease of 12.77%. By product, sales revenue of ordinary bottled beer was 217 million yuan, a year-on-year decrease of 5.95%, with a gross profit margin increase of 4.5%; sales revenue of small-bottle beer was 129 million yuan, a year-on-year increase of 41.9%, with a gross profit margin increase of 2.95%. During the reporting period, the Company reversed 183 million yuan in bad debt provisions for accounts receivable that were tested for impairment individually, which was recorded as non-recurring profit and loss.
Please explain:
(1) The reasons for and reasonableness of the significant growth in small-bottle beer sales revenue;
Company Response:
In 2025, sales revenue of small-bottle beer 3650 was 129 million yuan, a year-on-year increase of 41.9%, with a gross profit margin increase of 2.95%. The reason for the significant growth in revenue for this product specification this year is mainly due to the Company's optimization of its product series structure, deep cultivation of channels to actively expand the high-end market, and increased promotional efforts for the small-bottle beer 3650 product. This has preliminarily established the product's market brand advantage and steadily improved consumer acceptance, leading to a significant year-on-year increase in the product's production capacity and sales volume. At the same time, the sales proportion of the high-value-added small-bottle beer 3650 product continued to rise. Through continuous promotion of refined supply chain management, centralized procurement, and multi-party price comparison, the Company effectively reduced the unit procurement price of major raw and auxiliary materials such as malt and glass bottles, effectively reducing the unit variable cost of the product. The increase in sales volume led to a relative decrease in the unit fixed cost allocated to the product, resulting in a 2.95% increase in the gross profit margin of this product for the year. The growth in the product's revenue and gross profit margin is reasonable.
Although the sales revenue of ordinary bottled beer declined this year, the Company continued to promote refined supply chain management, effectively reducing the procurement price of glass bottles used for ordinary bottled beer and the procurement unit price of raw and auxiliary materials such as malt and rice through centralized procurement and multi-party price comparison, and improved the bottle return utilization rate, resulting in a slight increase in the gross profit margin of ordinary bottled beer.
(2) Combined with the situation of comparable companies in the same industry, explain the reasons for and reasonableness of the increase in the gross profit margin of the Company's main products;