Glory Health Industry (2329) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB1,035.6 million, down from RMB2,705.3 million in 2024, with property development revenue at RMB606.6 million and property investment revenue at RMB247.4 million.

• Gross loss for 2025 was RMB308.1 million, compared to a gross profit of RMB555.6 million in 2024.

• Total comprehensive loss for 2025 was RMB1,769.4 million, widening from RMB1,415.5 million in 2024.

• Contracted sales for 2025 were RMB2,122.7 million, mainly from Beijing, Xi'an, and Haikou.

• The company is accelerating transformation from real estate to health industry, focusing on health living communities and online medical services.

Financial highlights

• Revenue decreased by 61.7% year-over-year; property development revenue fell sharply.

• Gross loss of RMB308.1 million in 2025 versus gross profit of RMB555.6 million in 2024.

• Net loss attributable to owners was RMB1,822.5 million; basic and diluted loss per share was RMB0.41.

• Cash, restricted bank deposits, and bank balances totaled RMB243.6 million at year-end.

• Outstanding borrowings were RMB23,815.4 million, with RMB3,700.4 million in senior notes.

Outlook and guidance

• Policy support for real estate is expected to increase in 2026, but market recovery will be slow due to weak buyer confidence and ongoing industry downturn.

• The company will continue to reduce real estate exposure and focus on health industry transformation.

• Plans to enhance service levels, product quality, and debt structure to ensure sustainable development.