Hainan Jingliang Holdings Co., Ltd. 2025 Annual Report Summary
Stock Code: 000505, 200505 Stock Name: JLKG, JL-B Announcement No. 2026-005
HAINAN JINGLIANG HOLDINGS CO., LTD.
Part I Important Notes
This Summary is based on the full Annual Report of Hainan Jingliang Holdings Co., Ltd. (together with its
consolidated subsidiaries, the "Company", except where the context otherwise requires). To gain a comprehensive
understanding of the Company's operating results, financial position, and future development plans, investors are
advised to carefully review the full Annual Report on the designated media specified by the China Securities
Regulatory Commission (the "CSRC").
This Summary has been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the Chinese and English versions, the Chinese version shall prevail.
All the Company's directors have attended the board meeting for the review of this report and its summary.
Independent auditor's modified opinion
Applicable Not applicable
Board-approved profit distribution plan or proposal on capitalizing capital reserve into share capital for the
reporting period
Applicable Not applicable
The Company proposes not to distribute any cash dividends, issue any bonus shares, or convert any capital
reserve into share capital.
Board-approved profit distribution plan for preferred shares for the reporting period
Applicable Not applicable
Part II Key Corporate Information
Stock name JLKG, JL-B Stock code 000505, 200505
Stock exchange for stock listing Shenzhen Stock Exchange
Contact information Board Secretary Securities Representative
Name Guan Ying Gao Deqiu
and Innovation Mansion, Building No.1, Innovation Mansion, Building No.1,
Office address
Community No.8, Xinning Street, Daxing Community No.8, Xinning Street, Daxing
District, Beijing District, Beijing
Fax 010-81219987 010-81219987
Hainan Jingliang Holdings Co., Ltd. 2025 Annual Report Summary
Tel. 010-81219989 010-81219989
E-mail address guanying@bjjlkg.cn gaodeqiu@bjjlkg.cn
(1) Principal business operations
Our Company's principal business operations comprise oil and oilseeds processing and food processing.
Oil and oilseeds processing: This primarily involves the refining, packaging, and marketing of crude oils, as well
as the pressing, refining, packaging, and marketing of oilseeds such as sesame, soybeans, and peanuts.
Food Processing: This primarily focuses on R&D, production, and sales of snack foods and bakery products.
(2) Company's major products
The Company's oils and oilseeds processing business features brands such as "Lv Bao" "Gu Bi" and "HuoNiao",
with principal products including soybean oil, corn oil, sunflower seed oil, peanut oil, rapeseed oil, flaxseed oil,
olive oil, sesame oil, and sesame paste etc.
The Company's food processing business features brands such as "Xiao Wangzi", "Dong Xiaojie", "Jianqiang de
Tudouzai", and "Gu Chuan", offering products like potato chips, pastries, and bread.
(3) Industry developments and trends
According to the Industry Classification Guidelines for Listed Companies, the Company falls under the major
category of Manufacturing - Processing of Farm and Sideline Food Products (Code: C13). Specifically, its
primary industry segment is vegetable oil processing, with the food processing business also contributing a
significant portion of the gross profit.
①Status and Future Trends in the Vegetable Oil Processing Industry
During the reporting period, the vegetable oil processing industry maintained stable overall operation. The
industry structure continued to evolve towards greater consolidation, environmental sustainability, functional
diversification, and smart manufacturing. Domestic consumption of edible vegetable oils approached saturation,
while international price volatility and evolving environmental policies persistently tested the industry's cost
control and supply chain resilience. Consumer demand accelerated its shift towards healthier and premium
products, with high-value-added categories showing significant growth. Industry competition intensified, shifting
from pure capacity expansion to a focus on efficiency and quality. Leading enterprises accelerated capacity
consolidation and integrated supply chain layouts, enhancing their core competitiveness through technologies like
low-temperature physical refining, smart factories, full-chain traceability, and high-value utilization of by-
products. Looking ahead, the industry will continue to focus on securing supply chains, adopting green and low-
carbon production, driving product differentiation, and implementing refined omnichannel operations, aiming to
build long-term advantages in raw material security, technological advancement, brand premium, and sustainable
Hainan Jingliang Holdings Co., Ltd. 2025 Annual Report Summary
development.
②Status and Future Trends in the Food Processing Industry
During the reporting period, the food processing industry (centered on snack foods) demonstrated characteristics
of steady growth, structural optimization, channel restructuring, and innovation-driven development. The market
size continued to expand, accompanied by further upgrades in consumer demand, where functional products
became a key growth driver. Deep integration emerged across discount snack channels, specialty snack stores,
instant retail, and live-streaming e-commerce, solidifying an integrated online-to-offline channel landscape.
Competition increasingly shifted from channel advantages to product strength and supply chain efficiency. Faced
with intensifying homogenized competition, rising cost pressures, and rapidly changing consumer preferences,
companies must prioritize product innovation, quality control, omnichannel management, and brand
differentiation. Investing in R&D, flavor innovation, packaging upgrades, and supply chain digitalization will be
crucial for reducing costs and improving efficiency. In the future, the food processing industry will continue
evolving towards health and functionality, precise scenario targeting, intelligent production, and channel
integration. Snack food enterprises must closely follow market dynamics and build competitive advantages
through innovation, operational efficiency, and brand power to capitalize on consumption upgrading and market
expansion opportunities, thereby achieving high-quality development.
(4) Industry position of the Company
The Company owns a number of brands with significant market influence. "Gu Bi" sesame oil has been awarded
honors such as the "National Famous Sesame Oil Brand" the Silver Award at the Beijing International Catering
and Food Expo, and the "International Famous Brand Product Gold Award", granting it a competitive edge within
the industry. Both "Lv Bao" and "Gu Bi" are recognized as Beijing Time-honored Brands. The "Xiao Wangzi"
trademark and its products have been consistently certified as Zhejiang Famous Trademarks and Zhejiang
Famous-brand Products for many consecutive years. They hold strong competitiveness in the specific market
segment of individually packaged bulk potato chips and rank among the top in the puffed food industry. Gu
Chuan Bread is one of the major suppliers for KFC in North China, maintaining a solid industry position in the
northern bakery market.
(1) Key accounting data and financial indicators of the past three years
Whether the Company needs to retrospectively adjust or restate the accounting data of previous years:
Yes No
Reason for retrospective adjustment or restatement:
Hainan Jingliang Holdings Co., Ltd. 2025 Annual Report Summary
Correction of accounting errors
Unit: RMB
Change of
December
Before After Before
After Adjustment After Adjustment
Adjustment Adjustment Adjustment
Total assets 6,118,282,221.45 6,700,959,305.96 6,700,959,305.96 -8.70% 6,496,782,984.90 6,496,782,984.90
Equity
attributable
to the listed 2,863,413,043.74 3,143,289,575.69 3,143,289,575.69 -8.90% 3,167,503,541.44 3,167,503,541.44
company's
shareholders
Before After Before
After Adjustment After Adjustment
Adjustment Adjustment Adjustment
Operating
revenue
Net profit
attributable
to
-266,087,957.92 26,130,520.86 26,130,520.86 -1,118.30% 102,348,088.85 101,358,157.59
shareholders
of the listed
Company
Net profit
attributable
to
shareholders
of the listed
Company, -279,148,762.48 11,095,858.98 11,095,858.98 -2,615.79% 82,678,972.04 81,689,040.78
excluding
non-
recurring
gains and
losses
Net cash
flows from
operating
activities
Basic EPS
-0.37 0.04 0.04 -1,025.00% 0.14 0.14
(RMB/share)
Diluted EPS
-0.37 0.04 0.04 -1,025.00% 0.14 0.14
(RMB/share)
Weighted
average -8.86% 0.83% 0.83% -9.69% 3.29% 3.25%
ROE (%)
Reasons for Accounting Policy Changes and Details of Accounting Error Corrections
Hainan Jingliang Holdings Co., Ltd. 2025 Annual Report Summary
On October 17, 2025, the Company held the 23rd meeting of the 10th Board of Directors and the 18th meeting of
the 10th Board of Supervisors, at which the Proposal on Correction of Prior Period Accounting Errors was
reviewed and approved. The Company has retrospectively restated the relevant financial statements due to prior-
period accounting errors identified in the semi-annual financial report for 2023 and the annual financial report for
in capital reserve and a corresponding decrease of RMB 989,931.26 in retained earnings.
(2) Key accounting data by quarter
Unit: RMB
Q1 Q2 Q3 Q4
Operating revenue 2,134,668,845.32 2,073,477,410.54 2,003,377,195.62 1,647,012,395.63
Net profit attributable to shareholders of
the listed Company
Net profit attributable to shareholders of
the listed Company, excluding non- 13,605,726.96 3,140,820.24 -76,213,401.62 -219,681,908.06
recurring gains and losses
Net cash flows from operating activities -293,409,962.28 515,846,255.35 -73,348,385.11 497,688,793.54
Whether there is any material difference between the above financial indicators and their aggregates and the
relevant financial indicators disclosed in the Company's quarterly reports and semi-annual reports
□Yes No
(1) Numbers of ordinary shareholders and preferred shareholders with resumed voting rights as well as
holdings of top 10 shareholders
Unit: share
Number of Number of
Number of
ordinary preferred
preferred
shareholders shareholders with
shareholders
Number of ordinary as of the end restored voting
with restored
shareholders at the end of the 57,724 of the month 56,364 0 rights at the 0
voting rights
reporting period prior to the month-end prior
at the end of
disclosure to the disclosure
the reporting
date of the date of the annual
period
annual report report
Shareholdings of the top 10 shareholders (excluding shares lent through securities lending and borrowing)
Shares in pledge,
Type of Shareholding Restricted marked or frozen
Name of shareholder Number of shares held
shareholder percentage shares held
Status Number
BEIJING GRAIN GROUP State-owned Not
CO., LTD. legal person applicable
BEIJING STATE-OWNED State-owned Not
CAPITAL OPERATION AND legal person applicable
Hainan Jingliang Holdings Co., Ltd. 2025 Annual Report Summary
MANAGEMENT CO., LTD.
Domestic
Not
WANG YUECHENG natural 4.74% 34,459,887 29,594,915 0
applicable
person
GOLDMAN SACHS & CO. Overseas Not
LLC Legal Person applicable
Overseas Not
UBS AG 0.46% 3,320,887 0 0
Legal Person applicable
MORGAN STANLEY & CO. Overseas Not
INTERNATIONAL PLC. Legal Person applicable
Overseas Not
BARCLAYS BANK PLC 0.32% 2,352,267 0 0
Legal Person applicable
Domestic
Not
ZHANG XIAOXIA natural 0.27% 1,949,250 0 0
applicable
person
CHINA INTERNATIONAL
State-owned Not
CAPITAL CORPORATION 0.25% 1,849,800 0 0
legal person applicable
LIMITED
Domestic
Not
HE CAIXIONG natural 0.21% 1,526,100 0 0
applicable
person
① Beijing State-Owned Capital Operation and Management Company Ltd. owns
an indirect 100% share of Beijing Grain Group Co., Ltd., and Beijing Grain
Group Co., Ltd. is the controlling shareholder of the Company (a 39.68%
Disclosure of affiliations or concerted action holding). ② Mr. Wang Yucheng resigned as the deputy general manager of the
among the above shareholders Company on July 26, 2024, and 75% of the shares he holds in the Company are
locked up. Except for the shareholder relationships described above, the
Company is not aware of any related-party relationships or acting in concert
among the top ten shareholders.
Shareholder He Caixiong holds 1,526,100 shares of the Company through a
Disclosure on shareholders involved in
customer credit transaction guarantee securities account with Guotai Haitong
securities margin trading (if any)
Securities Co., Ltd.
Shareholders holding more than 5%, the top 10 shareholders and the top 10 unrestricted public shareholders
participated in the securities lending and borrowing business.
□Applicable Not applicable
The top 10 shareholders and the top 10 unrestricted public shareholders experienced changes from the previous
period due to securities lending and borrowing business.
□Applicable Not applicable
(2) Total preferred shareholders and shareholdings of Top 10
□Applicable Not applicable
No preferred shareholders in the reporting period.
(3) Ownership and control relations between the actual controller and the Company disclosed as box chart
Hainan Jingliang Holdings Co., Ltd. 2025 Annual Report Summary
Applicable Not applicable
(1) Bond Information
Abbreviation Bond Issue Maturity Bond Balance (in ten
Name of Bond Interest
of Bonds code Date Date thousands Yuan)
Hainan Jingliang Holdings
Co., Ltd. 2023 public issuance 21-22 22 Aug
of corporate bonds for Aug 2023 2026
qualified investors (1st issue)
Payment of interest and redemption of corporate
Interest payments on bonds totaled RMB 8.64 million.
bonds in the reporting period
(2) Updated follow-up rating and changes of rating on corporate bonds
Through tracking analysis and assessment of the credit status of the Company and its related bonds, China Lianhe
Credit Rating Co., Ltd. has determined to maintain the Company's long-term credit rating at AA+ and maintain
the credit rating of "23 Jingliang 01" at AAA, with a stable outlook.
(3) Major accounting data and financial indicators of the Company for the recent two years up to the end
of the reporting period
Unit: RMB 10,000
Item 2025 2024 Increase/Decrease in 2025 vs. 2024 (%)
Asset-liability ratio 47.51% 47.61% -0.10%
Net profit attributable to shareholders of the
listed Company, excluding non-recurring -31,091.02 -1,072.27 -2,799.55%
gains and losses
EBITDA's total debt ratio -4.56% 8.91% -13.47%
Interest coverage ratio -3.69 0.87 -524.14%
Part Ⅲ Significant Events
The Company adjusted the positioning of its trading business and pursued a strategy of volume reduction,
Hainan Jingliang Holdings Co., Ltd. 2025 Annual Report Summary
resulting in a year-on-year decrease in revenue from the oils trading business.
(1) Oils Segment: The oils industry heavily relies on imported raw materials, the prices of which are susceptible
to policies in the originating countries and exchange rate fluctuations, posing challenges for cost control. In 2025,
the Company primarily sourced its soybean crushing raw materials from South America. The variable quality of
South American soybeans adversely affected crushing yield, energy consumption, and processing cycle times,
leading to increased production costs. Furthermore, prolonged port stays impacted factory operational hours,
increasing the fixed cost per tonne for oil processing. Consequently, profits decreased compared to the previous
year.
(2) Food Segment: The traditional sales channels for the snack food industry faced significant pressure from the
low-price strategies of snack chain stores and intense competition for customers on online platforms. The market
is experiencing severe channel disruption and heightened competition. While the Company actively integrated its
marketing system, deepened cooperation with leading platforms, and promoted new product development and
launch, the decline in traditional channels outweighed the growth from new channels, which fell short of
expectations. This led to a decrease in product sales volume and a reduction in gross profit margin, resulting in a
year-on-year decrease in profit.
(3) Other Factors: To fairly present the Company's financial position, asset values, and operating results, in
accordance with the Accounting Standards for Business Enterprises and the Company's accounting policies, and
the relevant provisions of the Company's accounting policies, the Company conducted a comprehensive review
and analysis of various types of assets as of the end of 2025. Based on the principle of prudence, impairment tests
were performed on assets showing indications of potential impairment. Provisions for impairment losses were
recognized based on the outcomes of these tests.
Hainan Jingliang Holdings Co., Ltd.
