Order Volume Plummets, Profit Turns to Loss: Chengdu Carrefour’s 2025 Performance “Plunges”

On April 22, Chengdu Kaluefu Polymer Materials Co., Ltd., a color masterbatch company listed on the New Third Board in Southwest China, released its 2025 annual performance report, which showed a significant decline in revenue and a transition from profit to loss in net profit, becoming a typical reflection of the weakening demand in the color masterbatch industry in 2025 and the growing pressure on small and medium-sized manufacturers.

I. Comprehensive Pressure on Performance: Revenue Halved, Net Profit Turned from Profit to Loss

In 2025, Kalofu's core operating metrics deteriorated across the board.

RevenueRMB 10.2221 million, year-on-yearDecreased by 43.58%；

Net profit: **-RMB 949,500**, year-on-yearTurning profit into loss, a profit of RMB 371,200 in the same period of 2024;

Basic earnings per share: -RMB 0.16, indicating a significant decline in profitability.

From the perspective of business structure, the companyMain Business Revenue: RMB 9.2658 million, a year-over-year decrease of 31.50%;Other operating income: RMB 956,300, down 79.18% year-on-year, highlighting the issue of a single revenue structure and weak risk resistance capability.

II. Products and Market: Structural Imbalance, High Concentration by Region and Customer

Product revenue is clearly divided, with some categories coming to a complete halt.

Kalefu's product revenue shows clear divergence, with core categories and peripheral categories performing markedly differently.

Data shows that Color Material A is the revenue pillar but has a low gross margin; high-margin Color Material B has insufficient revenue scale; and the Reinforcement Material has been completely discontinued, resulting in inadequate risk resilience of the product portfolio.

2. High concentration of regions and customers, highlighting operational risks

Market area: Highly dependentSichuan local marketSecondly, it is concentrated in the Beijing region, with insufficient nationwide layout.

Customer Structure:Top five customers' sales ratio 49.46%High customer concentration, where fluctuations in a single customer can significantly impact revenue.

Supply chain: Upstream procurement is relatively dispersed, with the top five suppliers collectively accounting for 46.73%, indicating limited bargaining power.

Third, the main cause of the loss: weak industry demand, continuous reduction in orders.

The report clearly states that by 2025The overall demand in the masterbatch industry is weak., the downstream packaging, plastic processing, and other fields have insufficient operations, the companySales orders decreased, directly leading to a significant decline in revenue and becoming the primary cause of the financial loss.

Although the industry is under pressure, leading companies maintain growth by leveraging their technological, scale, and channel advantages, while small and medium-sized manufacturers are facing difficulties.Insufficient orders, high costs, and slim profitsthe predicament, with industry divergence continuing to intensify.

Four. Uphold R&D: Focus on Functional Masterbatches, Explore a Path to Breakthroughs

Facing operational pressures, Careful still insists on R&D investment: R&D expenditure in 2025 will be nearly620,000 yuan, whereBlue high transparency LLDPE masterbatchR&D project investment of 390,000 yuan focuses on the specialized function color masterbatch field, aiming to build a differentiated competitiveness.

The company was established in 2013, focusing on mid-to-high-end plastic color masterbatches, functional color masterbatches, and blended color powders in polymer materials. It once had a certain advantage in the Southwest region and the specialized functional color masterbatch segment, and is currently responding to the industry downturn through product upgrades.

V. Industry Insights: How Can Small and Medium-Sized Masterbatch Enterprises Break Through the Impasse?

The performance challenges of Kallefu are a true reflection of the survival situation of small and medium-sized color masterbatch companies in 2025.

Demand SideDownstream consumption is weak, with slow growth in traditional sectors such as packaging and construction, and insufficient orders.

Supply sideFluctuations in raw material prices, with cost pressures difficult to pass on to downstream.

Competitive EndIndustry concentration is increasing, with leading enterprises squeezing the survival space of small and medium-sized manufacturers.

Personal weaknessesSingle product structure, concentrated regional and customer base, insufficient R&D investment, and weak risk-resistance capability.

For small and medium-sized color masterbatch enterprises, the key to breaking through lies in:

Optimize product structureReduce low-margin general products and focus on high-value-added functional masterbatches and specialized masterbatches.

Diversify market riskBreak through regional limitations, expand to the national and overseas markets, and reduce customer concentration.

Strengthen R&D innovationFocus on niche segments, develop differentiated products, and enhance pricing power.

Refined OperationsStrictly control costs, optimize the supply chain, and improve cash flow management capabilities.

In 2026, the masterbatch industry will still face a pattern of differentiated demand and intensified competition, and onlyProduct Upgrade, Market Diversification, R&D DrivenOnly then can small and medium-sized manufacturers stand firm during the industry consolidation.