China Tianbao Group Development Company Limited (CH TIANBAO GP, 01427) reported FY-2025 revenue of RMB 1.70 billion, down 16.7% year-on-year, as softer construction activity and a sluggish property market outweighed the first-time contribution from its healthcare segment.

Gross profit slipped 12.9% to RMB 47.66 million, but the gross margin edged up to 2.8% (2024: 2.7%). The group trimmed its underlying loss to RMB 122.04 million from RMB 161.54 million a year earlier; reported loss narrowed to RMB 123.88 million (2024: RMB 165.55 million). Loss per share improved to RMB 0.14 cents (2024: RMB 0.20 cents).

Segment performance • Construction contracting – Revenue fell 18.3% to RMB 1.53 billion, representing 90.0% of group turnover; gross margin improved to 6.5%. • Property development & others – Revenue was stable at RMB 169.26 million, but impairments on inventories and receivables pushed the segment to a gross loss. • Healthcare – The newly launched Tianbao Jingbei Health City contributed RMB 1.09 million in its first eight months of operation, posting an initial gross loss due to start-up costs.

Balance-sheet highlights • Cash and cash equivalents (including RMB 163.47 million pledged deposits) stood at RMB 393.54 million (2024: RMB 419.90 million). • Interest-bearing bank and other borrowings increased to RMB 1.44 billion (2024: RMB 1.36 billion); net debt rose to RMB 1.05 billion. • Net current liabilities narrowed to RMB 203.45 million (2024: RMB 324.45 million). • Gearing ratio climbed to 188.2%, while net gearing reached 136.8%.

Operational metrics • New construction contracts signed during 2025 totaled RMB 1.81 billion; year-end backlog stood at RMB 8.49 billion. • Property land bank measured 593,381 sq.m., of which 58% is in Zhuozhou and 42% in Zhangjiakou. • The healthcare arm now operates 350 hospital beds and 1,500 elderly-care beds; further phases aim to lift capacity to 8,800 beds.

Dividend & outlook The board proposed no final dividend for FY-2025. Management plans to tighten cost control, pursue cash-generating construction projects, and engage lenders for debt extensions to address going-concern uncertainties highlighted by auditors.