Daodao Whole 2025 Non-GAAP Net Profit Increases 53% Channel Sinking Adds 150 New Distributors

Changjiang Business Daily News ● Changjiang Business Reporter Wang Jing

Da Dao Quan (002852.SZ) continues to recover and improve its performance.

On the evening of March 18, Da Dao Quan released its 2025 annual report. During the reporting period, the company achieved operating revenue of 6.195 billion yuan, a year-on-year increase of 4.24%; net profit attributable to shareholders of 234 million yuan, up 32.02%; and non-recurring net profit of 187 million yuan, a significant increase of 53.25%.

Changjiang Business Daily reviewed historical data and found that from 2020 to 2022, due to sharp fluctuations in raw material prices, non-recurring net profit was negative for two consecutive years. In 2023, the company turned losses into profits, and in 2024, it began to recover. By 2025, it reached a nearly seven-year high, indicating continuous performance recovery.

Profit of 234 million yuan, total dividends of 102 million yuan for the year

According to the annual report, in 2025, facing volatile raw material prices in the edible oil industry and intensified market competition, Da Dao Quan achieved operating revenue of 6.195 billion yuan, up 4.24%; net profit attributable to shareholders of 234 million yuan, up 32.02%; and non-recurring net profit of 187 million yuan, up 53.25%.

Looking back at historical performance, Da Dao Quan’s non-recurring net profit once peaked at 210 million yuan in 2016. Subsequently, due to rising raw material costs and other factors, it declined for three consecutive years, reaching 13.85 million yuan in 2019. In 2020, despite revenue increasing to 5.287 billion yuan, a misjudgment in hedging led to a closing loss of about 200 million yuan, and the company recorded its first net loss attributable to shareholders. In 2021 and 2022, affected by overseas conflicts and global inflation, the prices of raw materials like rapeseed and soybeans remained high, resulting in net losses of 192 million yuan and 418 million yuan, respectively. The trend of non-recurring net profit was generally similar.

Since 2023, Da Dao Quan’s performance has gradually recovered. In 2023, as raw material costs declined, non-recurring net profit reached 91.49 million yuan; in 2024, it increased to 122 million yuan; and in 2025, it further grew, reaching a near seven-year high.

Da Dao Quan stated that the main drivers of performance are the stable development of the company’s terminal market and enhanced brand premium. During the reporting period, the company focused on its core business, continuously developing markets and marketing products. Packaging oil sales increased modestly, and through refined management, the company continued to reduce costs and improve efficiency, with noticeable effects.

On the expense side, the company implemented comprehensive cost reduction and efficiency measures. In 2025, sales expenses were 101 million yuan, down 27.26% year-on-year, mainly due to refined management and channel efficiency improvements; financial expenses were 8.81 million yuan, a significant decrease of 98.28%, reflecting improved capital management efficiency.

In terms of shareholder returns, the company also demonstrated sincerity. It disclosed a profit distribution plan, proposing a cash dividend of 1.20 yuan per 10 shares (tax included). Combined with the interim dividend already paid this year, the total cash dividends for 2025 amount to 101.8 million yuan (tax included), accounting for 43.59% of the net profit attributable to shareholders for the year.

Channel expansion: distributors increased to 1,455

Da Dao Quan’s main products are packaged edible vegetable oils, primarily rapeseed oil. The “Da Dao Quan” brand is one of the major consumer brands of edible vegetable oil in China.

In terms of products, the packaged oil business remains the company’s core pillar. In 2025, this segment achieved revenue of 3.788 billion yuan, up 6.21%, accounting for 61.16% of total revenue; bulk oil became a new growth point, with revenue reaching 994 million yuan, a substantial increase of 55.42%.

The company continues to adhere to the business philosophy of “product marketing and market development as the primary task, refined management and cost reduction as the secondary.” In mature markets, it strengthens the radiation effect of provincial capital cities and promotes channel sinking to prefecture-level cities; in weaker and blank markets, it focuses on potential areas for expansion. In 2025, the company added 150 new distributors, reaching a total of 1,455; online direct sales revenue was 444 million yuan, up 9.69%.

Changjiang Business Daily notes that at the time of its listing in 2017, Da Dao Quan’s distributor network was less than 1,000. By the end of 2020, it reached 1,113, with 155 net additions that year. In the following years, the number of distributors fluctuated but generally increased: 1,163 in 2021, 1,316 in 2022, 1,202 in 2023, and 1,305 in 2024. From 2020 to 2025, the company added a net total of 342 distributors over five years.

It is worth mentioning that Da Dao Quan has participated in the derivatives market to stabilize the impact of raw material price fluctuations. The annual report disclosed that in 2025, investment income reached 28.97 million yuan, accounting for about 10.2% of total profit, mainly from futures hedging activities. During the reporting period, the combined gains and losses from hedging instruments and related projects amounted to approximately 304 million yuan.

Editor: ZB