Jingrui Holdings (1862) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 was RMB586.8 million, down 76.2% year-over-year, with a net loss of RMB2,112.1 million, deepening from RMB1,571.9 million in 2024.

• Contracted sales value dropped 48.5% to RMB472 million, with contracted sales area at 32,775 sq.m. and average price at RMB14,401/sq.m.

• No interim dividend was declared for the period.

• The real estate market in China remained under pressure, with policy support unable to offset weak demand and ongoing liquidity challenges.

Financial highlights

• Gross loss was RMB70.2 million, with a gross loss margin of 12.0%, compared to a gross profit last year.

• Administrative expenses surged 188.6% to RMB907.4 million, mainly due to increased bad debt provisions.

• Net finance costs remained flat at RMB390.1 million.

• Basic and diluted loss per share was RMB1.30, compared to RMB0.96 last year.

• Income tax expense increased to RMB315.8 million, mainly due to reversal of deferred tax assets.

Outlook and guidance

• The company will continue to focus on debt restructuring, asset revitalization, and cost control to address liquidity pressures.

• Directors believe sufficient funds will be available to meet obligations over the next 12 months, based on planned negotiations with creditors, cost controls, and sales acceleration.

• The auditor issued a disclaimer of conclusion due to material uncertainties about going concern, particularly regarding debt restructuring.

• No interim dividend will be declared for the period.