Grand Field Group Holdings Limited released its audited results for the year ended 31 December 2025, showing a markedly lower net loss but continued balance-sheet pressure.

Revenue and Profitability • Revenue edged up 2.6% year on year to HK$242.61 million, driven chiefly by property sales (HK$209.57 million, 86% of total) and rental income (HK$20.08 million, 9%). • Gross profit improved 23.1% to HK$20.16 million as cost controls helped lift the gross margin to 8.3% (2024: 6.9%). • Group net loss narrowed 50.9% to HK$189.95 million; loss attributable to shareholders fell to HK$82.07 million from HK$251.34 million. • Key loss-mitigating factors included a HK$60 million disposal gain from selling Ka Fong Industrial and a 21.7% reduction in administrative expenses to HK$36.82 million. • Fair-value changes on investment properties swung to a HK$185.11 million loss (2024: HK$158.81 million gain), partly offset by a HK$5.80 million mark-to-market gain on convertible bonds.

Liquidity and Capital Structure • Cash and cash equivalents declined to HK$25.09 million (31 December 2024: HK$43.97 million). • Net current liabilities widened to HK$478.02 million, underscoring near-term funding pressure. • Total interest-bearing borrowings stood at HK$480.89 million, all denominated in RMB and carrying fixed coupons of 4.35%–12.0%. • The gearing ratio (debt/equity) rose to 275% from 242%. • Convertible debt restructuring: in May 2024 the company issued HK$100.97 million of 6% three-year convertible bonds, replacing the matured 2022 notes. In September 2025, HK$22.00 million was converted into 8.46 million new shares.

Assets and Valuations • Total assets fell 20.6% to HK$1.70 billion, reflecting a HK$128.96 million drop in investment property values to HK$1.31 billion. • Property, plant and equipment stood at HK$140.59 million, down 12.0% year on year. • Pledged assets supporting borrowings totalled HK$1.29 billion, primarily Shenzhen investment properties.

Cash-flow and Going-Concern Considerations • Recurrent losses and net current liabilities prompted auditors to flag a material uncertainty over going concern. Management’s mitigation plan focuses on refinancing bank loans and accelerating pre-sales at key projects.

Operational Highlights • The Shenzhen MIX PARK project led sales, buoyed by differentiated pricing and omnichannel marketing strategies. • Hotel operations achieved an 85% occupancy rate, supported by a digital booking platform. • Six new anchor tenants, including supermarket chain Chao Aijia, were secured to enhance shopping-mall traffic.

Dividend • No final or interim dividend was declared for FY2025.

Outlook Management intends to maintain a “prudent and steady” development strategy, concentrate resources on core Shenzhen and Xuzhou projects, and monitor liquidity closely amid a challenging Mainland China property market.