Skyfame Realty (stock code 00059) released its consolidated results for the year ended 31 December 2025 while it remains in court-ordered liquidation and under prolonged trading suspension.
Revenue and Earnings Revenue from the remaining businesses—primarily property-management and commercial-operation services—declined 11.14 % year on year to RMB114.99 million. Gross profit fell to RMB62.77 million, translating to a gross margin of 54.6 % (2024: 55.3 %). After a one-off RMB146.61 million reversal of impairment losses on amounts due from deconsolidated subsidiaries and a RMB251.46 million foreign-exchange gain, the Group’s loss attributable to owners from continuing operations narrowed sharply to RMB201.03 million versus a RMB8.36 billion loss in 2024. The prior-year comparative had included a RMB7.63 billion operating loss and heavy impairment charges linked to property-development units that were subsequently deconsolidated.
Balance-Sheet Metrics • Current assets: RMB40.24 million • Current liabilities: RMB7.90 billion • Net current liabilities: RMB7.86 billion • Total bank and other borrowings: RMB5.24 billion, all overdue • Cash and cash equivalents: RMB18.33 million • Capital deficiency: RMB7.85 billion
Going-Concern and Audit Opinion Moore CPA Limited issued a disclaimer of opinion citing (1) inability to verify the deconsolidation of former property-development and investment subsidiaries and (2) material uncertainty over the Group’s ability to continue as a going concern. The auditors could not obtain sufficient evidence regarding the timing of loss of control over the deconsolidated entities or the viability of the restructuring plans.
Liquidation and Restructuring Progress The Bermuda Court ordered the Company’s winding-up on 14 November 2025 and empowered joint and several provisional liquidators (JPLs) to pursue either restructuring or orderly wind-down. An exclusivity agreement was signed with Lion Wealth Management in April 2026 to craft a revised debt-restructuring proposal, including a scheme of arrangement that would discharge most liabilities and transfer deconsolidated subsidiaries to a special-purpose vehicle. A formal resumption proposal was submitted to the Hong Kong Stock Exchange on 17 September 2026. Trading has been suspended since 1 April 2025; the 18-month resumption deadline falls on 30 September 2026.
Operational Footprint At year-end the Group managed 16 properties across eight Chinese cities, covering 3.17 million sq m of gross floor area. Contracted GFA totalled 4.52 million sq m. Headcount stood at 354 employees.
Dividends and Outlook No dividend was declared. Management intends to focus on property-management growth, expand third-party contracts, roll out smart-service platforms and pursue the debt-restructuring scheme to restore solvency and resume trading.
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