Sichuan Swellfun Co Ltd Class A

600779: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	LOCK\|.$s	LOCK\|X&	LOCK\|fnB

Swellfun Earnings: Demand Headwinds Persist, but Inventory Level Improves

Jennifer Song

May 1, 2026

Swellfun's earnings deteriorated sharply in 2025, with revenue and net profit tumbling 42% and 70% year on year, respectively. The weakness extended into the first quarter of 2026, as revenue and net profit fell a further 15% and 10%.

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Sichuan Swellfun Co Ltd Class A

Swellfun Earnings: Demand Headwinds Persist, but Inventory Level Improves

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