Times China (1233) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB3,350.4 million, down 74.4% year-over-year due to a sharp decline in property sales volume.

• Loss for the year narrowed significantly to RMB224.8 million from RMB16,870.9 million in 2024.

• Core net profit attributable to owners was RMB100.4 million, a turnaround from a core net loss of RMB15,969.4 million in 2024.

• Offshore debt restructuring was completed, resulting in a substantial gain and improved balance sheet.

• No final dividend was declared for 2025.

Financial highlights

• Contracted sales for 2025 were RMB5.337 billion, down 43.3% year-over-year; average sales price remained stable at RMB12,157/sq.m.

• Gross loss for 2025 was RMB663.4 million, with a gross loss margin of 19.8%.

• Other income and gains surged to RMB21,303.3 million, mainly due to a RMB20.9 billion gain from debt restructuring.

• Impairment and write-off losses on financial assets rose to RMB2,039.8 million.

• Basic loss per share improved to RMB0.08 from RMB7.90 in 2024.

Outlook and guidance

• The company expects subdued home purchase sentiment and high inventory levels to persist in 2026.

• Policy direction will focus on city-specific measures to control supply and reduce inventory.

• The company will prioritize proactive sales, cash collection, cost reduction, and prudent debt management.