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Express News | Guangxi subsidiary of Tao Li Bread increased its registered capital to RMB 280 million, a 40% increase.
Huachuang Securities: Performance in the food and beverage sector diverges during the off-season, with industry leaders actively seeking transformation.
The current sector's fundamental bottom has become clearer, with market expectations and positions gradually stabilizing; greater attention should be paid to those names whose fundamentals are the first to recover and move into the right side of the cycle.
Tao Li Bread (603866): Ongoing Adjustments, Awaiting Improvement
Event: Taoli Bread announced its 2025 annual report and the first quarter report of 2026. In 2025, the company achieved a total operating revenue of 5.448 billion yuan, representing a year-on-year decrease of 10.50%; net profit attributable to shareholders was 284 million yuan, marking a year-on-year decline of 45%.
Tao Li Bread's net profit attributable to shareholders in 2025 is 284 million yuan, down 45.63% year-on-year. The company plans to distribute dividends of 320 million yuan, exceeding its net profit.
Toly Bread's revenue and net profit both declined in 2025, with annual revenue reaching 5.448 billion yuan (-10.50%) and net profit attributable to shareholders at 284 million yuan (-45.63%). The company reported a loss in Q4 alone. Gross margin slightly decreased, while net margin dropped by 3.3 percentage points, and cash flow came under pressure. The regional structure shifted towards a dual-core driven model of 'Northeast-East China.' Increased investment in R&D and optimization of asset structure were observed, but liquidity tightened (current ratio at 0.71). The controlling shareholder changed, and dividend payouts exceeded net profit (112.71%).
Tao Li Bread (603866): Revenue decline narrowed in 26Q1; awaiting results of adjustments.
The company released its '2025 Annual Report' and 'First Quarter Report 2026.' In Q4 2025, revenue/net profit attributable to shareholders/non-GAAP net profit reached RMB 1.4 billion/RMB -0.1 billion/RMB -0.2 billion, representing a year-over-year decline of 2.8%.
Taoli Bread: Taoli Bread 2025 Annual Report