Link: https://links.sgx.com/1.0.0/corporate-announcements/K39OLJXJFTMG7CIR/ec72dbc68f19a07f1edbf77096a87e70da5e29615e59df5c3da093b0bab697f6

Summary:

• Group revenue rose 13% year-on-year to RMB 60.3 million for the nine months ended 30 September 2025, primarily on stronger property sales (+13.2 million RMB).

• Gross profit improved 20% to RMB 35.4 million (margin 59%), but high finance costs (RMB 86.8 million) drove losses.

• Net loss attributable to owners reduced 18% to RMB 58.0 million (from RMB 70.7 million last year), basic/diluted loss per share at RMB 0.15, and group total loss at RMB 62.2 million.

• Total comprehensive loss for the period was RMB 45.6 million, net assets per share declined to RMB 0.91 (from RMB 1.52 at FY2024 close).

• Balance sheet highlights: RMB 5.4 million cash, RMB 1.83 billion in secured debt, net current liabilities, and shareholders’ equity of RMB 68.4 million.

• Bank and other loans (RMB 1.83 billion) all due within 12-18 months, with key lender rollovers in progress; operating cash inflow for the period was only RMB 10.0 million.

• Development properties rose to RMB 1.0 billion, driven by Bay ONE project costs and handover.

• Group continues to rely on property sales, support from controlling shareholder, negotiations with lenders, and ongoing cost management for survival.

• Financials remain unaudited; going concern rests on continued loan rollover, successful property sales, and shareholder support. No dividend declared.