Gudou Holdings Limited released its final results for the year ended 31 December 2025, posting a net loss attributable to shareholders of RMB 61.93 million, widening 21.9% from RMB 50.81 million in 2024.

Revenue was broadly flat at RMB 53.15 million (2024: RMB 53.38 million). Segment trends diverged:

• Hot-spring resort and hotel operations fell 43.3% to RMB 25.56 million, reflecting lower room, admission and catering income. • Tourism property development revenue surged 231.7% to RMB 27.59 million, driven by higher unit sales and deliveries of Guanshanyue Apartments.

Cost of sales declined 11.7% to RMB 52.64 million, enabling the Group to swing to a marginal gross profit of RMB 0.51 million versus a gross loss of RMB 6.21 million a year earlier. Operating performance, however, was weighed down by:

• Fair-value losses on investment properties of RMB 18.90 million (2024: RMB 7.90 million). • Net impairment losses under the expected-credit-loss model of RMB 7.71 million (2024: reversal of RMB 2.03 million).

As a result, loss from operations expanded to RMB 50.83 million and, after finance costs of RMB 15.19 million, loss before tax totalled RMB 66.02 million.

Financial position at 31 December 2025:

• Total assets: RMB 940.92 million • Total equity: RMB 163.85 million • Cash and bank balances: RMB 12.54 million • Total borrowings (current and non-current): RMB 214.17 million • Net current liabilities: RMB 241.48 million

The auditor issued a qualified opinion, citing unresolved impairment assessment for amounts due from the former joint operator and highlighting material uncertainty over the Group’s ability to continue as a going concern, given overdue borrowings of RMB 24.94 million and tight liquidity.

No dividend was declared for the year. The board noted that recovery of its tourism property business and extension of bank facilities remain key priorities for FY 2026. The annual general meeting is scheduled for 5 June 2026.