Million Cities Holdings Limited released its audited results for the year ended 31 December 2025 (FY2025).

Financial performance • Revenue fell 35.9% year-on-year to RMB 63.89 million, driven by lower sales of remaining completed units. • Gross loss narrowed to RMB 6.02 million from RMB 17.13 million in FY2024, reflecting a markedly smaller inventory write-down. • Loss attributable to equity shareholders decreased 82.0% to RMB 20.53 million; basic and diluted loss per share was 2.74 RMB cents (FY2024: 15.18 RMB cents). • No final dividend was proposed.

Key drivers of earnings improvement • Impairment on inventories and associates’ assets declined sharply versus FY2024. • Administrative expenses were cut by 50.5% to RMB 20.75 million following staff cost and professional fee reductions. • A tax credit of RMB 25.81 million was recorded, mainly from reversal of prior-year over-provisions, compared with a RMB 20.64 million charge in FY2024. • Share of associates’ losses reduced to RMB 23.53 million (FY2024: RMB 64.95 million) due to lower inventory impairments and absence of new receivable provisions.

Segment and sales highlights • Property sales recognised: RMB 57.37 million (FY2024: RMB 94.37 million). Key contributors were Million Cities International and Million Cities Legend Phase 3 in Huizhou, plus Million Cities Tycoon Place in Tianjin. • Rental income grew to RMB 6.52 million (FY2024: RMB 5.34 million). • Group-level and associates’ contracted sales totalled RMB 116.00 million on 18,378 sq.m. of gross floor area.

Balance-sheet position • Total assets stood at RMB 1.30 billion; net assets were RMB 680.80 million. • Cash and cash equivalents declined to RMB 92.17 million (31 Dec 2024: RMB 268.45 million) after full repayment of subsidiary bank loans. • Interests in associates rose to RMB 440.79 million following additional investment. • Capital commitments totalled RMB 2.50 million; guarantees on buyers’ mortgages amounted to RMB 67.00 million. • No properties remained pledged at year-end; the group reported no outstanding bank borrowings.

Operational data • Land bank measured 1.19 million sq.m., comprising 0.34 million sq.m. of unsold completed stock, 0.02 million sq.m. under construction and 0.84 million sq.m. reserved for future development. • Headcount fell to 22 employees (31 Dec 2024: 41); staff costs were cut to RMB 6.46 million.

Post-balance-sheet event On 14 January 2026 a subsidiary pledged 37.7% of Fortune Radiant City Limited shares as security for a new bank facility; the pledge is subject to independent shareholder approval.

Outlook Management expects the Chinese property market to move toward “mild adjustment and partial stabilisation,” guided by policies that prioritise de-stocking and quality improvement. Focus remains on prudent cash-flow management, inventory digestion and exploration of light-asset opportunities such as industrial-park and property-management projects.