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TDH Holdings, Inc. Reports First Half 2025 Financial Results

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November 13, 2025 4:05 PM EST

BEIJING, Nov. 13, 2025 /PRNewswire/ -- TDH Holdings, Inc. (NASDAQ: 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: [email protected]
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
Six Months
Ended
June 30,
202 5



For The
Six Months
Ended
June 30,
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
Six Months
Ended



For The
Six Months
Ended




June 30,
2025



June 30,
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


 

 

 

Cision View original content:https://www.prnewswire.com/news-releases/tdh-holdings-inc-reports-first-half-2025-financial-results-302614530.html

SOURCE TDH Holdings, Inc.


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