BEIJING, Nov. 13, 2025 /PRNewswire/ -- TDH Holdings, Inc. $(PETZ)$ ("TDH" or the "Company"), a PRC-based company that is an owner, operator and manager of commercial real estate properties, announced today its financial results for the six months ended June 30, 2025.
First Half 202 5 Unaudited Financial Highlights:
For the Six Months Ended June 30
------------------------------------------
($ millions, except
per share data) 2025 2024 % Change
------------------- ----------- ---------- ---------
Revenues from
continuing
operations $ 0.59 $ 0.10 466.38%
Gross profit $ 0.16 $ 0.04 329.26%
Gross profit margin 26.73% 35.26% -8.54 pp *
Loss from operations $ (0.57) $ (1.08) 47.21%
Operating loss
margin -97.60% -1,047.13% 949.53 pp*
Net income
attributable to
common
stockholders $ 1.38 $ 1.32 4.60%
Earnings per share -
basic and diluted $ 0.13 $ 0.13 4.60%
* pp: percentage points
-- Revenues increased by 466.38% to $0.59 million for the first half of
2025. This significant growth is mainly attributed to the following two
factors: (1) With the gradual economic recovery, business activities have
become more active, and the market demand for commercial real estate has
increased significantly. Relying on accurate market positioning and
effective marketing strategies, the Company has successfully attracted
many high - quality tenants, increasing the growth of its commercial real
estate property leasing business; (2) the Company fully considers the
characteristics of enterprises in different industries and of different
scales in providing personalized leasing solutions. This customized
service meets the diverse needs of customers and effectively improves the
satisfaction and loyalty of tenants.
-- Gross profit was $0.16 million for the first half of 2025, compared to
gross profit of $0.04 million for the same period of the prior year.
-- Operating loss was $0.57 million for the first half of 2025, compared to
operating loss of $1.08 million for the same period of the prior year.
The reduction in operating losses was mainly due to the increase in the
Company's revenue in the first half of 2025 and the control of operating
costs.
-- Net income was $1.38 million, or earnings per share of $0.13, for the
first half of 2025, compared to net income of $1.32 million, or earnings
per share of $0.13, for the same period of the prior year.
First Half 2025 Financial Results
Revenues from continuing operations
In 2025, we believe we strengthened our brand and customer relationships . We believe we have increased our brand image and enhanced our market competitiveness by among other means, improving service quality, and optimizing the leasing process. At the same time, we are seeking to establish long-term and stable cooperative relationships with our clients, laying a solid foundation for the continuous growth of our business. We expect the revenue of the commercial real estate leasing business to continue to grow in the near future.
Cost of revenues from continuing operations
Cost of revenues consists primarily of lease and occupancy costs, depreciation and amortization costs, as well as agency service costs. Cost of revenues increased by $0.36 million, or 541.07%, to $0.43 million for the first half of 2025 from $0.07 million for the same period of the prior year. The increase in cost of revenues was in line with the increase in revenue.
Gross profit and gross profit margin from continuing operations
Gross profit from continuing operations was $0.16 million for the first half of 2025, compared to gross profit of $0.04 for the same period of the prior year. The increase in gross profit was due to increased revenues from our commercial real estate leasing business. Gross profit margin was 26.73% for the six months ended June 30, 2025, as compared to 35.26% for the six months ended June 30, 2024, which was due to the fact that we changed the agency service costs and maintenance costs directly related to the leasing business from administrative expenses to costs.
Operating expense from continuing operations
Operating expense consists of selling expense and general and administrative expense.
General and administrative expense decreased by $0.03 million, or 4.39%, to $0.73 million for the first half of 2025 from $0.76 million for the same period of the prior year.
Goodwill impairment loss decreased by $0.36 million or 100% when comparing the first half or 2025 to the same period of 2024.
As a result, total operating expenses decreased by $0.39 million, or 34.95%, to $0.73 million for the first half of 2025 from $1.12 million for the same period of the prior year.
Operating loss from continuing operations
Loss from operations was $0.57 million for the first half of 2025, compared to $1.08 million for the same period of the prior year. The decrease in continuing operating loss was mainly due to the increase in the company's revenue in the first half of 2025 and the control of operating costs.
Other income, net
Total net other income decreased by approximately $0.76 million or 27.92%, from $2.74 million in the six months ended June 30, 2024, to $1.97 million in the six months ended June 30, 2025. The main reason for this decrease was primarily attributable to a decrease in investment income. We invested our available cash on hand in equity securities of certain publicly listed companies through various open market transactions. Our investments in marketable securities are accounted for pursuant to ASC 321 and reported at their readily determinable fair value as quoted by market exchanges in the consolidated balance sheets with change in fair value recognized in earnings.
Net income attributable to the Company and earnings per share
As a result of the above, net income attributable to the Company was $1.38 million, or earnings per share of $0.13, for the first half of 2025, compared to net income of $1.32 million, or earnings per share of $0.13, for the same period of the prior year.
Financial Conditions
As of June 30, 2025, based on the results of the operations, the Company had cash and cash equivalents of $16.07 million, compared to $15.70 million at December 31, 2024. Accounts receivable were $0.07 million as of June 30, 2025, compared to $0 million at December 31, 2024. We also had short-term investments of approximately $15.45 million and $12.95 million as of June 30, 2025, and December 31, 2024, respectively, which are highly liquid and can be converted into cash and used in our operations if needed.
Net cash provided by operating activities was $0.29 million for the first half of 2025, compared to net cash used in operating activities of $2.34 million for the same period of the prior year.
Net cash provided by investing activities was $0.07 million for the first half of 2025, compared to net cash provided by investing activities of $1.38 million for the same period of the prior year.
There was no cash provided by or used in our financing activities during the six months ended June 30, 2025, and 2024, respectively.
Notice
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
About TDH Holdings, Inc.
Founded in April 2002, TDH Holdings, Inc. (the "Company") (NASDAQ: PETZ), a PRC-based company that is an owner, operator and manager of commercial real estate properties. More information about the Company can be found at www.tiandihui.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may", "will", "intend", "should", "believe", "expect", "anticipate", "project", "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company's statements regarding, among others, its growth and business outlook, the excepted revenue growth from the Company's commercial real estate leasing business and the Company's ability to execute on its business plan, are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; general risks affecting the commercial real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, changes in client preferences and space utilization, dependence on clients' financial condition, and competition from other developers, owners and operators of real estate); changes in
technology; economic conditions;, reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the United States and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Feng Zhang, CFO
Email: zhangfeng@tdhpet.com
Phone: +86 183-1102-1983
TDH HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2025 2024
------------- -------------
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 16,072,613 $ 15,699,562
Short-term investments 15,454,430 12,952,597
Accounts receivable, net 74,319 5,748
Advances to suppliers, net 147,721 37,790
Prepayments and other current
assets, net 247,744 103,519
------------ ------------
Total current assets 31,996,827 28,799,216
------------ ------------
NON-CURRENT ASSETS:
Property, plant and equipment, net 2,282,383 2,363,989
Operating lease right-of-use assets 3,516,156 2,175,456
------------ ------------
Total non-current assets 5,798,539 4,539,445
------------ ------------
Total assets $ 37,795,366 $ 33,338,661
============ ============
LIABILITIES AND SHAREHOLDERS'S
EQUITY
CURRENT LIABILITIES:
Accounts payable $ 60,452 $ 122,251
Advances from customers 204,007 183,173
Bank overdrafts - 73,105
Short-term loans - related parties - 261,725
Taxes payable 6,655 14,681
Due to related parties 200,000 200,318
Operating lease liabilities, current 787,811 486,121
Other current liabilities 3,868,713 2,859,061
------------ ------------
Total current liabilities 5,127,638 4,200,435
------------ ------------
NON-CURRENT LIABILITIES:
Operating lease liabilities,
non-current 2,665,368 1,738,371
------------ ------------
Total liabilities 7,793,006 5,938,806
------------ ------------
SHAREHOLDERS' EQUITY:
Common stock ($0.02 par value;
50,000,000 shares authorized;
10,323,268 shares issued and
outstanding at June 30, 2025 and
December 31, 2024) 206,465 206,465
Additional paid-in capital 51,129,439 51,129,439
Accumulated deficit (21,040,348) (23,937,478)
------------ ------------
Accumulated other comprehensive loss (113,203) (95,784)
------------ ------------
Total TDH Holdings, Inc.
shareholders' equity 30,182,353 27,302,642
------------ ------------
Non-controlling interest (179,993) 97,213
------------ ------------
Total shareholders' equity $ 30,002,360 $ 27,399,855
Total liabilities and
shareholders' equity 37,795,366 33,338,661
============ ============
TDH HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
(Unaudited)
For The For The
Six Months Six Months
Ended Ended
June 30, June 30,
202 5 202 4
----------- ------------
Net revenue $ 585,690 $ 103,410
Cost of revenue 429,157 66,944
---------- -----------
Gross profit (loss) 156,533 36,466
Operating expenses:
Selling expense 2,725 -
General and administrative expense 725,428 758,763
Impairment of goodwill - 360,541
---------- -----------
Total operating expenses 728,153 1,119,304
Loss from operations (571,620) (1,082,839)
Interest income (expense) 125,757 (22,421)
Other income (loss) (437,048) 2,957
Gain (loss) on disposal of subsidiaries (294,016) -
Other expenses 2,578,029 2,756,268
---------- -----------
Total other income 1,972,722 2,736,804
---------- -----------
Income before income tax provision 1,401,102 1,653,965
Net income from continuing operations 1,401,102 1,653,965
Net loss from discontinued operations
of Bo Lings and Far Lings - (444,750)
---------- -----------
Net income (loss) 1,401,102 1,209,215
Less: Net income (loss) attributable to
non-controlling interest 21,886 (109,347)
---------- -----------
Net Income attributable to TDH
Holdings, Inc. 1,379,216 1,318,562
========== ===========
Comprehensive income (loss)
Net income $ 1,401,102 $ 1,209,215
Other comprehensive income
Foreign currency translation adjustment (17,419) 11,494
---------- -----------
Total comprehensive income $ 1,383,683 $ 1,220,709
Less: Comprehensive loss attributable
to non-controlling interest (277,206) (282,745)
---------- -----------
Comprehensive income attributable to
TDH Holdings, Inc. $ 1,660,889 $ 1,503,454
========== ===========
Earnings per common share attributable
to TDH Holdings, Inc.
Basic $ 0.13 $ 0.13
Diluted $ 0.13 $ 0.13
Weighted average common shares
outstanding*
Basic 10,323,268 10,323,268
Diluted 10,323,268 10,323,268
TDH HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For The For The
Six Months Six Months
Ended Ended
June 30, June 30,
2025 2024
------------- -------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 1,379,216 $ 1,318,562
Less: net loss from discontinued
operations - (444,750)
Net income from continuing
operations 1,379,216 1,763,312
Adjustments to reconcile net income
(loss) to net cash provided by
(used in) operating activities:
Depreciation and amortization
expense 91,313 50,370
Fair value change of short-term
investments -(2,578,029) (2,756,268)
Loss on disposal of subsidiaries 294,016 (441,600)
Impairment of goodwill - 360,541
Inventory write-down - -
Allowance for doubtful accounts - 106,258
Loss (gain) on disposal of
property, plant and equipment - 59,009
Amortization of operating lease
right-of-use assets 358,024 (343,425)
Changes in operating assets and
liabilities: -
Accounts receivable, net -(161,477) (113,883)
Dividends receivable -(124,085) -
Inventories, net - 8,370
Operating lease liabilities (451,639) 2,772,202
Advances to suppliers, net (109,387) (34,035)
Prepayments and other current
assets, net - (2,346,929)
Accounts payable 62,551 139,762
Interest payable - 14,284
Taxes payable 1,350 -
Advances from customers 20,292 153,312
Advances from customer - related
party - -
Other current liabilities 1,504,191 (1,539,428)
------------ ------------
Net cash provided by operating
activities from continuing
operations 286,336 (2,148,149)
------------ ------------
Net cash used in operating
activities from discontinued
operations - (192,351)
------------ ------------
NET CASH PROVIDED BY ( USED IN
) OPERATING ACTIVITIES $ 286,336 $ (2,340,500)
------------ ------------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Payments to acquire property,
plant and equipment (8,115) (1,760,454)
Disposal of subsidiaries - 578,400
Purchase of short-term
investments (28,212,885) (21,403,449)
Proceeds from sale of short-term
investments 28,291,888 23,966,975
------------ ------------
Net cash provided by investing
activities from continuing
operations 70,888 1,381,473
------------ ------------
Net cash provided by investing
activities from discontinued
operations - -
------------ ------------
NET CASH PROVIDED BY INVESTING
ACTIVITIES $ 70,888 $ 1,381,473
------------ ------------
Effects on changes in foreign
exchange rate 15,827 206,710
Net change in cash, cash
equivalents, and restricted cash 373,051 (752,317)
Cash, cash equivalents, and
restricted cash - beginning of the
period 15,699,562 13,661,382
------------ ------------
Cash, cash equivalents, and
restricted cash - end of the
period $ 16,072,613 $ 12,909,065
============ ============
Less: cash and restricted cash of
discontinued operations at the end
of the period - -
============ ============
Cash and restricted cash of
continued operations at the end of
the period 16,072,613 12,909,065
============ ============
Supplemental cash flow information
Interest paid $ - $ -
------------ ------------
Non-cash investing and financing
activities
Right of use assets obtained in
exchange for operating lease
obligations $ 1,691,292 $ -
Supplemental non-cash investing and
financing activities
Cashless exercise of warrants - -
Reconciliation of cash, cash
equivalents, and restricted cash to
the consolidated balance sheets
Cash and cash equivalents $ 16,072,613 $ 12,909,065
Restricted cash $ - $ -
------------ ------------
Total cash, cash equivalents, and
restricted cash $ 16,072,613 $ 12,909,065
============ ============
View original content:https://www.prnewswire.com/news-releases/tdh-holdings-inc-reports-first-half-2025-financial-results-302614530.html
SOURCE TDH Holdings, Inc.
(END) Dow Jones Newswires
November 13, 2025 16:05 ET (21:05 GMT)