2025 Annual Financial Report
Guangdong Meilian New Material Co., Ltd.
In 2025, amidst increasingly fierce external competition, the company's employees, under the correct leadership of the Board of Directors and the unified guidance of the management, diligently implemented the annual operating plan. Externally, efforts were made to expand the market and overcome difficulties. Internally, management was tightened to reduce costs and increase efficiency, achieving certain operating results.
During the reporting period, the company achieved operating revenue of 166,373.78 million yuan, a decrease of 3.81% compared to the same period last year. Net profit attributable to shareholders of the listed company was -7,042.18 million yuan, a decrease of 296.65% compared to the same period last year. Due to intense market competition, the prices and gross profit margins of the company's main product, trichlorocyanuric acid, decreased significantly year-on-year, having a considerable adverse impact on the company's full-year performance.
The audited consolidated and parent company balance sheets as of December 31, 2025, the consolidated and parent company income statements for 2025, cash flow statements, statements of changes in owners' equity, and related financial statement notes have been audited by Huaxing Certified Public Accountants (Special General Partnership). The auditors' opinion is that the financial statements are prepared in all material respects in accordance with the provisions of the Accounting Standards for Business Enterprises, and they fairly reflect the consolidated and parent company's financial position as of December 31, 2025, as well as the consolidated and parent company's operating results and cash flows for 2025.
The 2025 Annual Financial Report is hereby prepared based on the audit results:
I. Asset Composition and Changes at the End of the Reporting Period
As of December 31, 2025, the company's total assets amounted to 375,285.85 million yuan, an increase of 11,763.49 million yuan from the beginning of the year, a growth of 3.24%. The asset composition and changes are as follows:
| Asset Item | Year-end Balance | Beginning of Year Balance | Change During the Period | Change Rate |
|---|---|---|---|---|
| Current Assets: | ||||
| Monetary Funds | 7,893.21 | 33,149.69 | -25,256.48 | -76.19% |
| Notes Receivable | 2,349.95 | - | -2,349.95 | - |
| Accounts Receivable | 26,555.93 | 26,921.79 | -365.86 | -1.36% |
| Financial Assets Held for Trading | 3,463.79 | 8,796.57 | -5,332.78 | -60.62% |
| Prepayments | 3,842.66 | 4,570.28 | -727.62 | -15.92% |
| Other Receivables | 273.44 | 427.39 | -153.95 | -36.02% |
| Inventory | 34,473.67 | 31,898.27 | 2,575.40 | 8.07% |
| Other Current Assets | 8,222.74 | 4,261.73 | 3,961.01 | 92.94% |
| Total Current Assets | 87,075.39 | 110,025.71 | -22,950.32 | -20.86% |
| Non-current Assets: | ||||
| Long-term Equity Investments | 23,897.37 | 23,595.75 | 301.62 | 1.28% |
| Other Non-current Financial Assets | 6,561.47 | 6,260.88 | 300.59 | 4.80% |
| Investment Properties | 99.71 | 110.75 | -11.04 | -9.97% |
| Property, Plant and Equipment | 114,345.00 | 115,635.57 | -1,290.57 | -1.12% |
| Construction in Progress | 68,594.50 | 53,264.96 | 15,329.54 | 28.78% |
| Right-of-Use Assets | 1,137.50 | 249.02 | 888.48 | 356.79% |
| Intangible Assets | 34,265.58 | 35,762.59 | -1,497.01 | -4.19% |
| Goodwill | 7,010.75 | 8,574.83 | -1,564.08 | -18.24% |
| Long-term Deferred Expenses | 1,218.54 | 1,888.97 | -670.43 | -35.49% |
| Deferred Tax Assets | 7,446.94 | 4,489.09 | 2,957.85 | 65.89% |
| Other Non-current Assets | 23,633.10 | 3,664.24 | 19,968.86 | 544.97% |
| Total Non-current Assets | 288,210.46 | 253,496.65 | 34,713.81 | 13.69% |
| Total Assets | 375,285.85 | 363,522.36 | 11,763.49 | 3.24% |