Times China (1233) investor relations material

Executive summary

• Revenue for the six months ended 30 June 2025 was RMB2,267.9 million, down 62.8% year-over-year due to a sharp decline in property sales and area delivered.

• Net loss for the period increased to RMB3,417.9 million, with loss attributable to owners at RMB3,436.1 million, up year-over-year.

• Core net loss was RMB3,415.9 million, an increase of RMB588.0 million year-over-year.

• Contracted sales fell 33.1% to RMB2.87 billion, with average sales price stable at RMB12,643 per sq.m.

• No interim dividend was declared for the period.

Financial highlights

• Gross profit dropped 66.5% to RMB180.1 million; gross margin was 7.9%, nearly flat year-over-year.

• Property development revenue fell 66.0% to RMB1,958.8 million; property leasing revenue was RMB309.1 million, down 8.6%.

• Finance costs nearly doubled to RMB1,155.3 million due to less interest capitalized.

• Cash and bank balances were RMB1,733.1 million, with restricted deposits of RMB1,121.2 million.

• Basic and diluted loss per share was RMB163 cents, compared to RMB144 cents a year ago.

Outlook and guidance

• The property market is expected to remain in adjustment, with further declines in transaction volume and prices anticipated.

• Policy support is expected to continue, but market demand recovery will be slow and challenging.

• The group will focus on sales, receivables, debt management, and asset quality improvement.