Agile Group Holdings Limited (Agile) reported a sharp deterioration in its 2025 financial performance, underscored by lower sales, a wider net loss and persistent liquidity strain.
Financial Performance • Revenue declined 35.7% year on year to RMB 27.86 billion, driven by weaker property sales and a lower recognised selling price. • Gross loss widened to RMB 4.91 billion from RMB 0.52 billion in 2024, translating into a negative gross margin of 17.6%. • Net loss attributable to shareholders expanded 31.1% to RMB 22.57 billion; basic loss per share increased to RMB 4.473 from RMB 3.412. • Other income and gains dropped 78.3% to RMB 0.26 billion, reflecting lower interest income and the absence of prior-year fair-value gains. • Net finance costs fell 26.4% to RMB 0.48 billion as average borrowings edged down, yet interest expenses remained significant at RMB 3.59 billion. • Income-tax expenses rose 27.4% to RMB 6.40 billion, mainly due to higher land appreciation tax.
Segment Breakdown • Property development revenue fell 52.1% to RMB 12.73 billion; recognised GFA sold dropped 44.5% to 1.26 million sq.m., and ASP declined 13.7% to RMB 10,073 per sq.m. • Property management revenue slipped 6.2% to RMB 12.83 billion; GFA under management contracted 8.7% to 502.8 million sq.m. • Revenue from construction, landscaping, environmental and other services decreased 26.1% to RMB 2.30 billion.
Balance Sheet and Liquidity • Total assets fell to RMB 171.46 billion (-12.3% year on year); equity shrank to RMB 17.95 billion from RMB 40.28 billion. • Cash and bank balances (including restricted cash) totalled RMB 5.58 billion, versus short-term borrowings of RMB 38.73 billion. • Total debt stood at RMB 46.81 billion, down RMB 2.11 billion from 2024. Net gearing surged to 229.6% (2024: 103.6%). • The group was in default on RMB 29.42 billion of borrowings and faced cross-defaults on an additional RMB 3.77 billion. A winding-up petition filed in Hong Kong has been adjourned to 29 June 2026.
Operational Metrics • Pre-sold value fell 44.7% to RMB 8.57 billion; pre-sold GFA declined 19.1% to 0.94 million sq.m.; ASP dropped 31.7% to RMB 9,129 per sq.m. • About 16,000 units, totalling 1.35 million sq.m., were delivered across 33 cities during the year. • Land bank totalled 25.48 million sq.m. across 69 cities, with an average land cost of RMB 2,463 per sq.m.
Capital Management and Going-Concern Considerations Agile’s auditor highlighted “material uncertainties” over the group’s ability to continue as a going concern given substantial debt defaults and a pending winding-up petition. Management is pursuing: 1) negotiation of an offshore debt restructuring plan, 2) refinancing and maturity extensions, 3) acceleration of property sales and cash collections, 4) cost containment measures, and 5) potential asset disposals.
Post-Balance-Sheet Event On 27 March 2026, a subsidiary agreed to sell land, buildings and related assets for RMB 1.15 billion to an independent third party, aiming to bolster liquidity.
Dividend No interim or final dividend was declared for 2025.
Outlook Management expects supportive national policies in 2026 but acknowledges continued headwinds. Strategic focus remains on boosting sales in core city clusters, ensuring project delivery and pressing ahead with offshore debt restructuring to restore financial stability.