Glory Health Industry (2329) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2025 was RMB324.2 million, down 67.2% year-over-year, mainly due to lower property development completions and sales.

• Gross profit dropped to RMB4.4 million from RMB432.3 million a year earlier, reflecting a sharp decline in property development income.

• Net loss widened to RMB170.0 million, with net loss attributable to owners at RMB225.2 million, up from RMB64.4 million and RMB58.7 million respectively.

• Contracted sales fell 45.0% year-over-year to RMB651.1 million, with Beijing accounting for 87.7% of total contracted sales.

• The company is transitioning from real estate to the health industry, focusing on wellness communities, online health services, and regenerative medicine.

Financial highlights

• Revenue: RMB324.2 million (down 67.2% year-over-year).

• Gross profit: RMB4.4 million (down from RMB432.3 million year-over-year).

• Net loss: RMB170.0 million; loss attributable to owners: RMB225.2 million.

• Basic and diluted loss per share: RMB5.07 cents (vs. RMB1.32 cents year-over-year).

• Cash and bank balances: RMB333.9 million as of June 30, 2025.

Outlook and guidance

• Real estate market expected to remain in a bottom adjustment phase with weak demand and declining prices despite policy support.

• The company will continue to shrink real estate operations, reduce debt, and accelerate its health industry transformation.

• Further policy adjustments are anticipated, shifting from demand stimulation to enterprise stabilization.