Link: https://links.sgx.com/1.0.0/corporate-announcements/QSBSB5NQ98BNM90O/6d24c19b07db05c7bd3b21b2d24792df824ba6459adbea76e562b2d792a72332

Summary:

• 3Q revenue fell 38% year-on-year due to scope changes, but gross profit was flat and margin climbed significantly.

• 9M 2025 revenue dropped 35% while gross profit held steady, pushing gross margin up to 73% from 48% in prior year.

• Net profit for 3Q up 57% year-on-year to RMB 223.1 million; 9M net profit soared to RMB 2,146.2 million from RMB 793.1 million in prior year.

• Big jump in other gains (RMB 1,626.4 million) mostly owes to disposal of last 12% stake in Sino-American Tianjin, plus subsidiary bankruptcy settlement.

• Profit attributable to equity holders rose 168% year-on-year for 9M 2025.

• Group’s total assets reached RMB 11.6 billion; net asset value per share up to RMB 11.70.

• Directors propose interim dividend of RMB 24.50 per 10 shares, subject to shareholder approval at December EGM.

• Industry outlook: TCM sector remains resilient despite short-term contraction, supported by policy reforms, brand focus, and digital-technology investment.