Zhuguang Holdings Group Company Limited reported a HK$6.19 billion loss attributable to shareholders for the year ended 31 December 2025, widening from the HK$3.41 billion deficit in FY2024. A sharp rise in impairment losses on financial assets (HK$4.96 billion versus HK$2.25 billion a year earlier) and a HK$0.45 billion fair-value drop in investment properties drove the deterioration.

Revenue slid 12.3 % year on year to HK$1.39 billion. • Project-management services contributed HK$1.03 billion (-10.3 %). • Property development revenue fell 5.2 % to HK$230.26 million amid an 85.22 % plunge in contracted sales to HK$56.65 million. • Property investment and hotel operations generated HK$133.58 million (-32.6 %) as leased GFA and hotel occupancy weakened.

Gross profit eased 0.8 % to HK$1.20 billion, while finance costs declined 11.5 % to HK$936.43 million due to higher capitalised interest. Other expenses remained high at HK$914.63 million, including a HK$140.33 million impairment on the stake in Silver Grant International, which was sold post-year-end on 31 March 2026 for HK$81.59 million.

Balance-sheet pressure increased: • Total assets: HK$29.35 billion (-10.5 %). • Total liabilities: HK$32.28 billion (+9.4 %). • Equity turned negative at HK$2.94 billion from a positive HK$3.26 billion in 2024. • Net gearing ratio rose to 124 % from 81 %. • Cash and bank balances fell to HK$12.58 million; short-term borrowings accounted for 99.8 % of the HK$15.26 billion total debt.

Zhuguang is negotiating with holders of its US$207.90 million senior notes due 21 September 2025 for maturity extension. The auditor, BDO Limited, issued a disclaimer of opinion, citing significant doubt over the group’s ability to continue as a going concern and insufficient audit evidence related to the associate investment in Silver Grant.

Operationally, the group’s land bank stood at 787,903 sqm GFA at end-2025, with multiple Guangzhou-based urban-renewal projects slated for 2026 sales or leasing. Contracted sales volumes fell 70.52 % to 3,500 sqm during the year.

Trading in Zhuguang’s shares (01176.HK) will resume on 18 May 2026 following publication of the audited results, after being suspended on 1 April 2026.