Tianjin Binhai Teda Logistics (Group) Corporation Limited (BINHAI TEDA, stock code: 08348) announced its 2025 annual results, highlighting a steep reduction in revenue and a turn to net loss. The Group’s governance framework and risk management measures were further strengthened amid operational adjustments.
Operating Performance In 2025, the Group’s revenue stood at RMB2.02 billion, a 45.53% drop from RMB3.71 billion in 2024. Overall loss for the year amounted to RMB52.61 million, compared to a profit of RMB6.06 million in the prior year. Of this, RMB34.64 million was attributable to owners of the Company (2024: profit of RMB5.90 million), leading to basic losses per share of RMB0.10 (2024: earnings per share of RMB0.02). Gross loss reached RMB2.43 million (2024: gross profit of RMB28.59 million), in part reflecting tighter market conditions and scaled-down higher-cost operations.
Segment Results and Cost Profiles Supply chain and logistics services for finished automobiles and components generated RMB820.01 million in revenue, declining due to reduced business scale and cost-cutting measures by core customers. Materials procurement recorded RMB1.17 billion in operating income, an over 50% year-on-year drop, though refined operations modestly improved segment results. Warehousing and multimodal transport posted RMB23.68 million, impacted by downsizing of less profitable endeavors. Other services contributed RMB11.58 million, with operating losses affected by lower income from joint ventures. Meanwhile, electronic component logistics, conducted via joint ventures, delivered RMB14.19 million in investment income, slightly bolstering overall earnings.
Capital Structure and Use of Funds As of 31 December 2025, total assets were RMB1.41 billion, including RMB837.30 million in non-current assets. Current assets of RMB571.03 million primarily comprised trade receivables and cash balances of RMB288.66 million. Total liabilities reached RMB464.13 million, of which RMB92.78 million were non-current obligations. Equity attributable to owners of the Company settled at RMB864.82 million, reflecting the year’s loss and movements in other reserves. Net cash from operating activities stood at RMB99.78 million, aided by effective cost controls and adjustments in working capital. Financing cash outflows included loan repayments, interest charges, and dividend distributions, resulting in net cash used in financing activities.
Industry Environment and Risk Factors The Group operates in a competitive logistics and supply-chain sector, encountering fluctuating demand and price pressures. Management addressed these challenges by scaling back lower-margin operations and enhancing lean processes in procurement. Emphasis remained on monitoring receivables, refining cost structures, and maintaining flexibility in service offerings, especially considering ongoing volatility for small to mid-sized companies in GEM-listed markets.
Corporate Governance and Board Oversight During the year, the Board continued to guide business strategies, investment reviews, and risk management. Nine Directors—two executive, three non-executive, and four independent non-executive—served on the Board. Specialized committees oversee audits, remuneration, and nominations, ensuring checks on internal controls and alignment with GEM Listing Rules. Internal audits and regular reviews supported compliance, while risk assessments helped safeguard shareholder interests and preserve corporate assets.
Shareholding and Group Structure Major shareholders include Tianjin TEDA Investment Holding Co., Ltd. with 42.45%, Chia Tai Pharmaceutical Investment (Beijing) Group Co., Ltd. with 21.82%, and Chia Tai Land Company Limited at 8.00%. Subsidiaries span multiple logistical and warehousing functions, ranging from wholly owned entities to joint ventures. This structure consolidates operational management across various segments under the Group’s strategic framework.
Strategic Focus and Operational Measures Alongside core warehouses and multimodal transport services, the Group continued optimizing supply chain and automobile logistics activities. Additional measures included cost reduction plans, efficiency enhancements, and adjustments to procurement services. Management reported improvements in oversight through special financial and operational audits, upgraded internal authorization procedures, and closer monitoring of day-to-day workflows.
Overall, BINHAI TEDA encountered notable pressures on revenue and profitability in 2025, prompting structural realignments and broader governance safeguards. Management’s response included refining its principal business lines and strengthening risk management to support sustainable operations within a challenging industry environment.