Zhongfu Straits reports revenue drop, subsidiary bankruptcy progress

Zhongfu Straits Pingtan Development (SZSE:000592) reported a significant 51.51% year-over-year decline in revenue for the first quarter of 2025, with revenue falling to CNY 292.32 million. Net profit attributable to shareholders, however, showed a substantial increase, reaching CNY 4.33 million compared to a loss of CNY 802,349.47 in the same period last year. Meanwhile, the company is progressing with its application for the bankruptcy and restructuring of its subsidiary, Fujian Zhongfu Straits Jiancai Cheng Co., Ltd., though the application remains under review by the court.