China International Holdings (BEH) Q2 2025 earnings summary

Executive summary

• 1H 2025 revenue was RMB46.671m, down 5.7% YoY; net profit was RMB3.237m versus a net loss of RMB108.202m in 1H 2024.

• The prior-period loss included a RMB96.357m share of joint-venture losses; Huike was liquidated on 19 May 2025.

Financial highlights

• Gross profit rose to RMB20.595m from RMB17.572m YoY; 1H 2025 profit before tax was RMB5.440m versus a loss of RMB106.305m.

• Cash and cash equivalents were RMB34.032m at 30 June 2025, down from RMB40.430m at 31 December 2024.

• Investment properties fell to RMB46.356m from RMB54.543m, mainly following disposals in Baoding and Tianjin.

Outlook and guidance

• Management remained cautiously optimistic on PRC economic conditions over the next 12 months, noting the broader economy had not fully recovered.

• Priorities are cash generation from investment properties and further development of the water treatment business in China; no current investment plans.

• Tianjin Lingang Water’s completed expansion is expected to support improved wastewater treatment and purification capacity in its service areas.