E-House (China) Enterprise Holdings Limited reported FY2025 revenue of RMB 2.38 billion, down 37.5% year-on-year, as China’s property downturn cut sales across all operating segments—especially real-estate brokerage network services, which fell 82.6% to RMB 205.00 million.
Net loss narrowed 58.4% to RMB 596.06 million (FY2024: RMB 1.43 billion) on aggressive cost-cutting. Staff expenses dropped 36.8% to RMB 393.03 million, depreciation and amortisation halved to RMB 99.16 million, and distribution costs fell 82.8% to RMB 191.68 million. Operating loss improved to RMB 163.70 million (FY2024: RMB 530.30 million), while EBITDA loss shrank to RMB 15.70 million from RMB 814.00 million.
Liquidity remains strained. As of 31 December 2025, the group held cash and cash equivalents of RMB 186.65 million versus RMB 321.82 million a year earlier. Net current liabilities stood at RMB 9.23 billion and total net liabilities at RMB 8.57 billion. Gearing (total debt/total assets) rose to 364.8% from 265.5%.
Management is pursuing three key actions: 1) Offshore debt restructuring—creditors holding 72.58% of outstanding offshore debt had signed the restructuring support agreement by 27 February 2026; completion targeted for 2H 2026. 2) Potential disposal of Tangchao Grand Hotel to raise liquidity. 3) Continued cost reductions and tighter cash management.
Auditor Zhonghui Anda issued a disclaimer of opinion, citing material uncertainty over the group’s ability to continue as a going concern and insufficient evidence on the feasibility of the restructuring, asset sale and cost-reduction plans.
No dividend was proposed. The board expects operating conditions in 2026 to remain challenging and plans to leverage its proprietary CRIC data platform to build an AI-driven real-estate ecosystem as a future growth driver.
Comments