Glory Health Industry Limited reported FY25 revenue of RMB1.04 billion, down 61.7% from RMB2.71 billion a year earlier, as weak property sales and a pressured rental market weighed on top-line performance.

The Group swung from a gross profit of RMB555.56 million in FY24 to a gross loss of RMB308.09 million. Finance costs were trimmed 26.2% to RMB783.78 million, yet net loss widened 25.0% to RMB1.77 billion.

Contracted sales fell 34.9% to RMB2.12 billion, with Beijing contributing 68.1%, followed by Xi’an (18.0%) and Haikou (7.7%). Delivered property revenue collapsed to RMB606.60 million versus RMB2.12 billion in FY24; rental income slipped 13.7% to RMB247.44 million.

Total borrowings stood at RMB23.82 billion, including RMB7.57 billion due within one year and RMB3.70 billion of senior notes already in default. Cash and restricted deposits totalled just RMB0.24 billion. Net current assets narrowed to RMB0.08 billion, and net gearing remained elevated.

Auditor WM CPA Limited issued a disclaimer of opinion, citing material uncertainties over the Group’s ability to continue as a going concern. Management is negotiating debt extensions, planning asset disposals (including investment properties and project stakes) and accelerating project sales to stabilise liquidity.

Land reserves reached 6.22 million sq.m. GFA, with 51% of certified saleable area in Beijing. The Group is downsizing traditional development, prioritising project completion, and pursuing a strategic pivot toward health-industry businesses such as wellness communities and medical services.

No dividend was declared for FY25.