China Sandi Holdings reported interim results for the six months ended 30 June 2025, highlighting a sharp rebound in top-line growth but persistent bottom-line pressure and acute liquidity challenges.

• Revenue rose 63.60% year on year to RMB 315.72 million, driven by a 83.79% increase in property sales to RMB 265.27 million. Property investment income (rentals plus related services) edged up 3.77% to RMB 50.46 million.

• Gross profit fell 20.90% to RMB 62.96 million as cost of sales more than doubled to RMB 252.76 million.

• Net loss narrowed slightly to RMB 263.47 million (1H 2024: loss of RMB 291.04 million). Loss per share stood at RMB 4.65 cents versus RMB 5.69 cents a year earlier.

• Key non-cash charges included a RMB 119.20 million fair-value loss on investment properties (1H 2024: loss of RMB 148.01 million) and a RMB 30.03 million write-down of property inventories (1H 2024: RMB 219.69 million). Finance costs soared to RMB 176.83 million from RMB 49.36 million as lower interest capitalisation offset reduced borrowings.

• Contracted sales slumped 73.06% to RMB 40.11 million, with contracted gross floor area halving to 6,225 sq m.

• Balance-sheet stress intensified: net current liabilities reached RMB 5.27 billion, while cash and cash equivalents fell to RMB 46.30 million. Bank and other borrowings due within one year totalled RMB 5.57 billion. Overdue borrowings stood at RMB 4.30 billion and cross-default borrowings at RMB 1.11 billion.

• Gearing ratio (net debt to equity) escalated to 2,047.30% (end-2024: 1,241.70%); current ratio dropped to 65.0%.

• No interim dividend was declared.

Management acknowledged “phase-by-phase liquidity pressure” amid China’s sluggish real-estate market and is negotiating loan extensions, pursuing asset revitalisation and maintaining construction progress to ensure timely project delivery.

The Board confirmed compliance with Hong Kong’s Corporate Governance Code and stated that public float remains above 25%.