Shenyang Public Utility Holdings reported FY2025 revenue of RMB9.65 million, up 54.54% year on year, driven mainly by the first-time consolidation of property management income (RMB8.09 million). Lease income contributed RMB1.55 million, broadly flat on 2024.

\n\nCost of sales surged to RMB39.17 million, producing a gross loss of RMB29.53 million. The bottom-line loss after tax expanded 60.9% to RMB167.73 million (FY2024: RMB104.27 million) as the Group booked sizeable non-cash charges: • RMB117.61 million fair-value loss on investment properties; • RMB28.91 million impairment against the Shennongjia Hotel project, which remains under construction; • RMB9.07 million write-off of property, plant and equipment.

\n\nOther income fell to RMB3.72 million (FY2024: RMB8.88 million) after the absence of one-off gains recorded a year earlier. Finance costs increased to RMB1.42 million, reflecting higher borrowings.

\n\nLiquidity remained tight. At 31 December 2025 the Group held RMB7.52 million in cash against RMB27.57 million of bank and other loans and net current liabilities of RMB161.79 million. Capital commitments stood at RMB87.46 million. The auditor drew attention to material uncertainty over going-concern, citing negative working capital and continuing losses.

\n\nTotal assets fell 31.4% to RMB373.72 million, while the gearing ratio (total liabilities/total assets) climbed to 0.60 from 0.41 a year earlier. Net assets dropped to RMB148.59 million (31 December 2024: RMB320.14 million).

\n\nBusiness Developments • Property Management: completion of a 51% acquisition of Guangzhou Zhudao in July 2025 added 542,865 sq m under management. • Edge Computing: in January 2026 the Group signed a RMB24.00 million service contract (term to January 2027, extendable) and is negotiating further mandates; estimated capex for the initial rollout is about RMB12.00 million, to be funded by a recent RMB10.00 million loan and internal resources. • Property Investment: rental income from investment properties in Sanhe, Guangzhou, Beijing and Shennongjia was steady at RMB1.55 million. • Construction of Infrastructure: the Chaozhou Jing Nan Industrial Park project has reached settlement phase with local authorities.

\n\nNo final dividend was proposed. The Board is reassessing strategic options for the high-end Shennongjia Hotel amid softer domestic spending and may seek new investors or operators.

\n\nPending Litigations & Asset Freezes Court actions involving subcontractors and suppliers resulted in temporary freezes over RMB12.00 million in bank balances and 0.71% of Chaozhou Rural Commercial Bank shares; outstanding liabilities linked to these cases total approximately RMB11.50 million.

\n\nOutlook Management will prioritise cash preservation, pursue selective infrastructure and digital-infrastructure opportunities, and continue to evaluate asset sales and financing alternatives to stabilise the balance sheet.