PETZ

BEIJING, April 20, 2026 /PRNewswire/ -- TDH Holdings, Inc. (NASDAQ: PETZ) ("TDH" or the "Company"), a PRC-based company that is an operator and manager of commercial real estate properties, announced today its financial results for the fiscal year ended December 31, 2025. Full Year 2025 Financial Highlights: Revenues from continuing operations increased by approximately 121.96% from $0.56 million in fiscal year 2024 to $1.25 million in fiscal year 2025. We have strengthened our brand image and enhanced our market competitiveness by upgrading service quality and optimizing the leasing process, among other measures. Meanwhile, we are committed to establishing long-term and stable cooperative relationships with our clients, laying a solid foundation for the sustained growth of our business. We expect revenue from our commercial real estate leasing business to maintain a growth trend in the near term. Gross loss from continuing operations was $0.01 million in fiscal year 2025 as compared to gross profit from continuing operations of $0.24 million in fiscal year 2024. The decrease in gross margin in 2025 was mainly due to the reclassification of agency service costs and maintenance costs directly related to the leasing business from administrative expenses to cost of revenues. Operating loss from continuing operations was $1.83 million for the fiscal year ended December 31, 2025, compared with $1.83 million for the same period in 2024. As a percentage of total revenues, the operating loss ratio improved significantly to approximately negative 146.31% in 2025 from negative 325.10% in 2024. The improvement in operating loss performance was primarily driven by the substantial increase in total revenues during the year. Net income attributable to common stockholders was $1.80 million, or an income per share of $0.17, for the fiscal year 2025 as compared to net loss of $1.80 million, or a loss per share of $0.26, for fiscal year 2024. The decrease in our net income and diluted earnings per share was primarily due to non-recurring losses recognized in connection with the disposal and liquidation of certain non-core legacy subsidiaries, partially offset by higher revenue generated from our commercial real estate management business and improved investment income during 2025. Full Year 2025 Financial Results Revenues The Company's revenues are generated from commercial property leasing and related management services. Revenues from continuing operations increased by approximately 121.96% from $0.56 million in fiscal year 2024 to $1.25 million in fiscal year 2025, driven by the expansion of our property portfolio and improved leasing performance. For the year ended December 31, 2025, the Company generated all of its revenues from commercial property leasing and related property management services. We completed the discontinuation of our legacy pet food and restaurant business segments in prior periods and have since fully focused on commercial real estate leasing and property management operations. As we continue to scale our commercial real estate portfolio and enhance leasing execution, revenues from continuing operations increased by $0.69 million, or 121.96%, to $1.25 million for the year ended December 31, 2025 from $0.56 million in 2024. We expect our revenue from the commercial real estate management business will continue to grow in the near future. Cost of revenues Our cost of revenues from continuing operations is primarily comprised of lease and occupancy costs, depreciation and amortization costs, and agency service costs. Our cost of revenues from continuing operations increased by $937,696, or 288.25%, for the year ended December 31, 2025, as compared to the year ended December 31, 2024. This increase was in line with the growth in revenues from our continuing operations. Our cost of revenues as a percentage of revenues was 100.94% and 57.71% for the years ended December 31, 2025 and 2024, respectively. Gross profit (loss) and gross profit (loss) margin Our gross margin from continuing operations was -0.94% for the year ended December 31, 2025, compared with a gross margin of 42.29% for the year ended December 31, 2024. The decrease in gross margin in 2025 was mainly due to the reclassification of agency service costs and maintenance costs directly related to the leasing business from administrative expenses to cost of revenues. Operating expense Operating expense consists of selling expenses and general and administrative expenses. Operating expenses from our continuing operations were $1,818,978 and $2,071,079, for the years ended December 31, 2025 and 2024, respectively, a decrease of $252,101, or -12.17% in fiscal year 2025 as compared to fiscal year 2024. The ratio of operating expenses as a percentage of revenue decrease from 367.39% for the year ended December 31, 2024 to 145.37% for the year ended December 31, 2025. Selling expense from our continuing operations was $49,583 and $0 for the years ended December 31, 2025, and 2024, respectively, an increase of $49,583 or 100%. Our selling expenses was $49,583 in 2025 as compared to $0 in 2024, mainly due to expenses incurred to expand its sales activities. General and administrative expenses from our continuing operations were $1,769,395 and $1,745,247 for the years ended December 31, 2025 and 2024 respectively, representing an increase of $24,148, or 1.38%, in fiscal year 2025 as compared to fiscal year 2024. The main reason for the increase was mainly due to property management fees and depreciation expenses relating to additional properties. Impairment of goodwill charge was $0 million in fiscal year 2025, as compared to $0.32 million in fiscal year 2024. Operating loss and operating loss margin Operating loss from our continuing operations was $1.83 million for fiscal year 2025, as compared to an operating loss of $1.83 million for fiscal year 2024. Our operating loss as a percentage of total revenues was approximately negative 146.31% and negative 325.10% for the years ended December 31, 2025 and 2024, respectively. The significant improvement in the operating loss margin was primarily driven by the substantial increase in revenue from our commercial real estate leasing and property management business. Net income (loss) and earnings (loss) per share Net income was $1.78 million for fiscal year 2025, compared to net income of $2.50 million for fiscal year 2024. Net income attributable to common shareholders was $1.78 million, or earnings per share of $0.17, for fiscal year 2025. This compares to net income attributable to common shareholders of $2.68 million, or earnings per share of $0.26 for fiscal year 2024. The decrease in our net income was primarily due to non-recurring losses from the liquidation of legacy non-core subsidiaries, partially offset by higher revenue from our commercial real estate property business segment and increased investment income for the year ended December 31, 2025. Financial Conditions As of December 31, 2025, the Company had cash and cash equivalents of $19.16 million, compared to $15.70 million as of December 31, 2024. Accounts receivable, net was $0.07 million as of December 31, 2025, compared to $0.01 million as of December 31, 2024. As of December 31, 2025, the Company had working capital of approximately $27.40 million, compared to $24.60 million as of December 31, 2024. Net cash used in operating activities was $1.78 million for the fiscal year ended December 31, 2025, compared to net cash used in operating activities of $0.23 million for fiscal year 2024. Net cash provided by investing activities was $6.24 million for fiscal year 2025, compared to $2.78 million for fiscal year 2024. Net cash used in financing activities was $1.05 million for fiscal year 2025, compared to no net cash provided by or used in financing activities in fiscal year 2024. Liquidity Our consolidated financial statements have been prepared assuming we will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. Following our discontinuation of the restaurant business in June 2024, we have fully shifted our operating focus to the ownership, operation and management of commercial real estate properties. During fiscal year 2025, revenue from our commercial real estate business increased significantly to $1.25 million, representing substantial growth as compared to prior periods. Currently, substantially all of our revenue is derived from our commercial real estate property business. Our future business growth and operational stability depend, in part, on our ability to successfully onboard, lease and manage additional commercial properties. If we are not able to effectively manage, lease and acquire new properties that generate stable rental revenue, we may not be able to grow and maintain our business as anticipated, and our revenue may decline. As a result, our future business, financial condition and results of operations may be materially adversely affected. There can be no assurances that future revenue growth or potential capital infusion will be sufficient to enable us to achieve sustained profitability or continuous positive cash flows. In assessing our liquidity, management monitors and analyzes our cash and cash equivalents, our ability to generate recurring revenue, and our operating and capital expenditure commitments. As of December 31, 2025, we had cash and cash equivalents of approximately $19.16 million. We also had short-term investments of approximately $14.53 million, which are highly liquid and can be readily converted into cash to support our operations as needed. As of December 31, 2025, our major liabilities included accounts payable of $0.09 million, advances from customers of $0.26 million, due to related parties of $0.30 million, current portion of operating lease liabilities of $0.92 million, and non-current portion of operating lease liabilities of $2.86 million. Our working capital amounted to approximately $27.40 million as of December 31, 2025. Based on the current operating plan, management believes that the Company's cash position, highly liquid short-term investments and improved operating cash flows collectively will provide sufficient liquidity to meet its anticipated liquidity and capital requirements for at least 12 months from the date the audited financial statements are issued. 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. Forward-Looking Statements 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 management 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 View original content:https://www.prnewswire.com/news-releases/tdh-holdings-inc-reports-full-year-2025-audited-financial-results-302747521.html

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

BEIJING, April 28, 2025 /PRNewswire/ -- TDH Holdings, Inc. (NASDAQ: PETZ) ("TDH" or the "Company"), a PRC-based company that is an operator and manager of commercial real estate properties, announced today its financial results for the fiscal year ended December 31, 2024. Full Year 2024 Financial Highlights: Revenues from continuing operations increased by approximately 74,665% from $0 million in fiscal year 2023 to $0.56 million in fiscal year 2024. We discontinued our restaurant business segment during the second quarter of 2024 and started to focus on operating and managing commercial real estate properties going forward. Since the commercial real estate management business is a newly added business line, revenue from our continuing business only amounted to $0.56 million for the year ended December 31, 2024. We expect our revenue from the commercial real estate management business will continue to grow in the near future. Gross profit from continuing operations was $0.24 million in fiscal year 2024 as compared to gross loss from continuing operations of $0 million in fiscal year 2023. The increase in gross margin from continuing operations was mainly attributable to gross profit generated from our commercial real estate property management services beginning in the second quarter of 2024 when we began to focus on this business line when we discontinued our restaurant business segment during the second quarter of 2024. Operating loss from continuing operations was $1.83 million in fiscal year 2024 as compared to an operating loss of $6.19 million in fiscal year 2023. Our operating loss as a percentage of total revenues was approximately negative 325% and approximately negative 820,361% for the years ended December 31, 2024 and 2023, respectively. Although total operating loss from continuing operations decreased in fiscal year 2024 as compared to fiscal year 2023, we still reported loss from continuing operations in fiscal year 2024 mainly due to limited revenue generated from commercial real estate property management business offset by higher amount of operating expenses during fiscal year 2024. Net income attributable to common stockholders was $2.68 million, or an income per share of $0.26, for the fiscal year 2024 as compared to net loss of $23.63 million, or a loss per share of $2.29, for fiscal year 2023. The increase in our net income was due to increased revenue from our commercial real estate management business segment, increased investment income and decreased operating expenses for the year ended December 31, 2024. Full Year 2024 Financial Results Revenues Due to the discontinuation of our restaurant business segment in the second quarter of 2024, the Company's revenue streams are now primarily from its commercial real estate property management business. Revenues from continuing operations increased by approximately 74,665% from $0 million in fiscal year 2023 to $0.56 million in fiscal year 2024. For the year ended December 31, 2024, revenue generated from continuing operations increased by $0.56 million or 100% from our commercial real estate property management business. We discontinued our pet food business in 2023 and also discontinued our restaurant business segment during the second quarter of 2024 and started to focus on operating and managing commercial real estate properties going forward. Since the commercial real estate management business is a newly added a business line, revenue from our continuing business only amounted to $0.56 million for the year ended December 31, 2024. We expect our revenue from the commercial real estate management business will continue to grow in the near future. For the year ended December 31, 2024, in terms of continuing operations, our revenue generated from the commercial real estate business increased by $0.56 million or 100% as compared to fiscal year 2023, and there was no sales of petfood products in fiscal year 2024 due to its discontinuation during the 2023 fiscal year, and we discontinued our restaurant business segment during the second quarter of 2024. Cost of revenues Our cost of revenues from our continuing operations is primarily comprised of the cost of our payroll and employee benefit costs, lease and occupancy costs, depreciation and amortization costs and agency service costs. Our cost of revenues from continuing operations increased by $0.32 million or approximately 33,230% for the year ended December 31, 2024 as compared to the fiscal year ended December 31, 2023, primarily due to our focus on the commercial real estate business beginning in the second quarter of 2024. Our cost of revenues as a percentage of revenue was 58% and 129% for the years ended December 31, 2024, and 2023, respectively. Gross profit (loss) and gross profit (loss) margin Gross profit from continuing operations was $0.24 million for fiscal year 2024, compared to gross loss of $0 million for fiscal year 2023. Our gross margin from continuing operations was 42.29% for the year ended December 31, 2024, compared with a negative gross margin of -29.44% for the year ended December 31, 2023. The negative gross margin in fiscal year 2023 was primarily associated with limited petfood sales. The increase in gross margin in 2024 was mainly due to our focus on the commercial real estate property management service business line in the second quarter of 2024. The commercial real estate property management business line has higher gross margins than the gross margins associated with petfood sales. Operating expense Operating expense consists of selling expenses and general and administrative expenses. Operating expenses from our continuing operations were $2.07 million and $6.19 million for the years ended December 31, 2024 and 2023, respectively, a decrease of $4.11 million, or 66.52% in fiscal year 2024 as compared to fiscal year 2023. The ratio of operating expenses as a percentage of revenue decreased from approximately 820,332% for the year ended December 31, 2023 to approximately 367% for the year ended December 31, 2024. Selling expense from our continuing operations was $0 million for both years ended December 31, 2024, and 2023. General and administrative expenses from our continuing operations were $1.75 million and $3.15 million for the years ended December 31, 2024 and 2023 respectively, representing a decrease of $1.40 million, or $44.51% in fiscal year 2024 as compared to fiscal year 2023. The main reason for the decrease was mainly due to decreased payroll expenses as a result of the decrease in the number of employees and the company's cost control efforts. Impairment of goodwill charge was $0.32 million in fiscal year 2024, as compared to $0 million in fiscal year 2023. Operating loss and operating loss margin Operating loss from our continuing operations was $1.83 million for fiscal year 2024, as compared to operating loss of $6.19 million for fiscal year 2023. Our operating loss as a percentage of total revenues was negative 325.10%, and 820,361.14% for the years ended December 31, 2024 and 2023, respectively. The decrease in loss from continuing operations was mainly due to decreased operating expenses in 2024. Net income (loss) and earnings (loss) per share Net income was $2.50 million for fiscal year 2024, compared to net loss of $23.63 million for fiscal year 2023. Net income attributable to common shareholders was $2.68 million, or earnings per share of $0.26, for the fiscal year 2024. This is compared to net loss attributable to common shareholders of $23.63 million, or loss per share of $2.29 for fiscal year 2023. The increase in our net income was due to increased revenue from our commercial real estate property business segment, decreased operating expenses and increased investment income for the year ended December 31, 2024. Financial Conditions As of December 31, 2024, the Company had cash and cash equivalents of $15.70 million, compared to $13.13 million as of December 31, 2023. Accounts receivable and inventories were $0.01 million and $0 million, respectively, as of December 31, 2024, compared to $0 million and $0 million, respectively, as of December 31, 2023. As of December 31, 2024, we had working capital of approximately $24.60 million, as compared to working capital of $23.83 million as of December 31, 2023. Net cash used in operating activities was $0.23 million for the fiscal year 2024, compared to net cash used in operating activities of $2.49 million for fiscal year 2023. Net cash provided by investing activities was $2.78 million for fiscal year 2024, compared to net cash of $6.07 million used investing activities in fiscal 2023. Net cash provided by financing activities was $0 million for the fiscal year 2024, compared to $1.92 million net cash provided by financing activities in fiscal year 2023. Liquidity Our consolidated financial statements have been prepared assuming we will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. For the year ended December 31, 2024, in June 2024, we discontinued our restaurant business and started to focus on owing, operating and managing commercial real estate properties going forward. Because the commercial real estate property management business is a newly added business line, our revenue generated from it only slightly increased by approximately $0.56 million as compared to 2023. In addition, we reported continued negative cash flows from operating activities of approximately $0.23 million in fiscal year 2024. Currently our revenue is substantially generated from the commercial real estate property business. Our business turnaround depends, in part, on our ability to successfully obtain and lease new properties. If we are not able to effectively manage, lease and acquire new properties that successfully generate revenue, we may not be able to grow and maintain our business as anticipated, and our revenue may decline and our future business, financial condition and results of operations may be materially adversely affected. There can be no assurances that future revenue or capital infusion will be sufficient to enable us to develop our business to a level where we will be profitable or continuously to generate positive cash flows. In assessing our liquidity, management monitors and analyzes our cash and cash equivalents, our ability to generate sufficient revenue sources in the future, and our operating and capital expenditure commitments. As of December 31, 2024, we had cash and cash equivalents of approximately $15.70 million. We also had short-term investments of approximately $12.95 million, which are highly liquid and can be converted into cash and used in our operations if needed. As of December 31, 2024 our major liabilities included accounts payable of $0.12 million, advance from customers of $0.18 million, short-term loans-related parties of $0.26 million, due to related parties of $0.20 million, and operating lease liabilities -current portion of $0.49 million and non-current portion of operating lease liabilities of $1.74 million. Our working capital amounted to approximately $24.6 million as of December 31, 2024. Based on the current operating plan, management believes that the above-mentioned measures collectively will provide sufficient liquidity for the Company to meet its future liquidity and capital requirement for at least 12 months from the date the audited financial statements were issued. Recent Developments Discontinued operations We discontinued our restaurant business segment during the second quarter of 2024. The Company now focuses on the management of commercial real estate. We believe this pivot to the commercial real estate management business is in the best interests of our shareholders due to high costs we were experiencing in the restaurant segment business line, and the Company believes it can obtain stable revenue from rental income and property appreciation income from the increasing demand in the commercial real estate market from small and medium sized enterprises. 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. Forward-Looking Statements 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 management 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 View original content:https://www.prnewswire.com/news-releases/tdh-holdings-inc-reports-full-year-2024-audited-financial-results-302439473.html SOURCE TDH Holdings, Inc.