Redco Group reports widening loss, rising debt in H1 2025

Redco Group reported a net loss attributable to owners of the company of RMB589,962,000 for the six months ended June 30, 2025, an increase from RMB519,804,000 in the same period of 2024. Revenue for the period decreased by 73.8% to RMB988,488,000, down from RMB3,773,471,000. The company’s net current liabilities rose to RMB4,664,472,000 as of June 30, 2025, compared to RMB3,872,823,000 at the end of 2024.

Total borrowings for Redco Group stood at RMB16,251,787,000 as of June 30, 2025. A significant portion, RMB16,248,087,000, is due within one year, with RMB15,783,094,000 of bank and other borrowings already in default due to overdue payments. Cash and cash equivalents were RMB315,608,000, down from RMB332,872,000.

The Group continues to prioritize project delivery and optimize its business structure while actively negotiating debt restructuring and new funding. It also aims to control operational and administrative costs.