Nam Tai Property Q3 2025 loss narrows, cash up
Nam Tai Property Inc. reported Q3 2025 revenue of $9.7 million, slightly above $9.5 million a year earlier, but gross profit fell to $2.9 million from $5.6 million as costs increased.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Nam Tai Property Inc. reported Q3 2025 revenue of $9.7 million, slightly above $9.5 million a year earlier, but gross profit fell to $2.9 million from $5.6 million as costs increased. The Q3 consolidated net loss narrowed significantly to $1.9 million from $7.5 million, reflecting lower general and administrative expenses.
For the first nine months of 2025, the company generated net income of $6.6 million versus a $24.4 million loss in the prior-year period. Cash and cash equivalents rose to $68.6 million as of September 30, 2025 from $26.9 million at year-end 2024, mainly due to net financing inflows and investing cash receipts, while long-term bank loans increased to $162.3 million.
Operationally, Nam Tai had 302,607 square meters of leasable area in Shenzhen with a 72% occupancy rate, including 74% at Nam Tai Inno Park. The company details multiple disputes around the Nam Tai • Longxi project, including a contractor claim with 54 units frozen by court order that remains under review, and a property services dispute that was effectively settled in early 2026 with related litigation and preservation measures being withdrawn.
Positive
- Return to profitability and stronger cash position: For the nine months ended September 30, 2025, Nam Tai generated consolidated net income of $6.6 million versus a $24.4 million loss a year earlier, while cash and cash equivalents increased to $68.6 million from $26.9 million at December 31, 2024.
Negative
- None.
Insights
Results show a sharp earnings rebound, stronger liquidity and ongoing legal overhangs.
Nam Tai Property delivered modest Q3 2025 revenue growth to $9.7M, but gross profit dropped as cost of revenue rose. Operating performance improved year over year, with the consolidated Q3 net loss narrowing to $1.9M from $7.5M on reduced general and administrative expenses.
For the nine months ended September 30, 2025, the company swung to net income of $6.6M from a $24.4M loss, helped by other income and lower operating costs. Liquidity strengthened, with cash and cash equivalents up to $68.6M, funded largely by net new bank and third-party borrowings, while long-term bank loans increased to $162.3M.
Leasing fundamentals in Shenzhen show a 72% occupancy rate over 302,607 square meters, with Nam Tai Inno Park at 74%. Legal issues around the Nam Tai • Longxi project continue, including a general contractor dispute and court-ordered freezing of 54 units, though a separate property services dispute with a Kaisa-affiliated entity has been addressed through a supplemental settlement agreement dated January 21, 2026.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Nam Tai Property (NTPIF) perform in Q3 2025?
Did Nam Tai Property (NTPIF) return to profitability in 2025 year-to-date?
What is Nam Tai Property’s cash and debt position as of September 30, 2025?
What are Nam Tai Property’s occupancy levels and leasable area in Shenzhen?
What legal disputes affect Nam Tai • Longxi and how have they progressed?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the Month of February 2026
Commission File Number 001-31583
NAM TAI PROPERTY INC.
(Translation of registrant’s name into English)
Nam Tai Property Inc.
No. 2 Namtai Road, Gushu Community, Xixiang Township
Baoan District, Shenzhen City, Guangdong Province
People’s Republic of China
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NAM TAI PROPERTY INC. | ||||||
| Date: February 11, 2026 | By: | /s/ Bo Hu | ||||
| Name: Bo Hu | ||||||
| Title: Chief Executive Officer | ||||||
|
THIRD QUARTER NEWS RELEASE |
NAM TAI PROPERTY INC.
Reports Q3 2025 Results
Shenzhen, China – February 11, 2026 – Nam Tai Property Inc. (“Nam Tai” or the “Company”) (OTC Expert Market Symbol: NTPIF) today announced its unaudited results for the third quarter ended September 30, 2025.
The following tables set forth key highlights of the financial information for the periods indicated:
(In thousands of US dollars, except per share data, percentages and as otherwise stated)
| Quarterly Results | Nine Months results | |||||||||||||||||||||||
| Q3 2025 | Q3 2024 | YoY(%)(a) | 9M 2025 | 9M 2024 | YoY(%)(a) | |||||||||||||||||||
| Revenue |
$ | 9,670 | $ | 9,482 | 2.0 | % | $ | 31,628 | $ | 21,228 | 49.0 | % | ||||||||||||
| Gross profit |
$ | 2,948 | $ | 5,568 | (47.1 | %) | $ | 10,426 | $ | 11,450 | (8.9 | %) | ||||||||||||
| Net loss from operation |
$ | (1,251 | ) | $ | (1,858 | ) | — | $ | (1,830 | ) | $ | (9,343 | ) | — | ||||||||||
| % of revenue |
(12.9 | %) | (19.6 | %) | (5.8 | %) | (44.0 | %) | ||||||||||||||||
| per share (diluted) |
$ | (0.02 | ) | $ | (0.03 | ) | — | $ | (0.03 | ) | $ | (0.16 | ) | — | ||||||||||
| Consolidated net income (loss) |
$ | (1,871 | ) | $ | (7,509 | ) | — | $ | 6,597 | $ | (24,423 | ) | — | |||||||||||
| % of revenue |
(19.4 | %) | (79.2 | %) | 20.9 | % | (115.1 | %) | ||||||||||||||||
| Basic earnings (loss) per share |
$ | (0.03 | ) | $ | (0.13 | ) | — | $ | 0.11 | $ | (0.42 | ) | — | |||||||||||
| Diluted earnings (loss) per share |
$ | (0.03 | ) | $ | (0.13 | ) | — | $ | 0.11 | $ | (0.42 | ) | — | |||||||||||
| Weighted average number of shares (’000) |
||||||||||||||||||||||||
| Basic |
58,644 | 58,372 | 58,644 | 58,384 | ||||||||||||||||||||
| Diluted |
58,644 | 58,372 | 58,644 | 58,384 | ||||||||||||||||||||
Notes:
| (a) | Percentage change is not applicable if either of the two periods contains a loss or no amount. |
| Financial Position | ||||||||||||
| As of September 30, 2025 |
As of December 31, 2024 |
As of September 30, 2024 |
||||||||||
| Cash and cash equivalents(a) |
$ | 68,564 | $ | 26,861 | $ | 4,086 | ||||||
| Restricted cash |
$ | 4,313 | $ | 6,414 | $ | 129,780 | ||||||
| Real estate properties under development, net |
$ | 208,023 | $ | 191,549 | $ | 197,198 | ||||||
| Real estate properties held for sale |
$ | 36,632 | $ | 52,552 | $ | 58,868 | ||||||
| Real estate properties held for lease, net |
$ | 133,746 | $ | 135,428 | $ | 140,004 | ||||||
| Property, plant and equipment, net(b) |
$ | 7,379 | $ | 16,256 | $ | 20,490 | ||||||
| Total assets |
$ | 487,630 | $ | 453,609 | $ | 579,783 | ||||||
| Current portion of amount due to shareholders |
$ | 19,204 | $ | — | $ | — | ||||||
| Short term bank and third party loans |
$ | 4,360 | $ | 7,649 | $ | 22,317 | ||||||
| Current portion of long term bank loans |
$ | 3,375 | $ | 27,860 | $ | 15,722 | ||||||
| Accounts payable |
$ | 35,153 | $ | 31,629 | $ | 33,006 | ||||||
| Advance from customers(b) |
$ | 556 | $ | 16,026 | $ | 3,336 | ||||||
| Long term bank loans |
$ | 162,274 | $ | 106,803 | $ | 117,834 | ||||||
| Amount due to shareholders |
— | 17,836 | 17,399 | |||||||||
| Total shareholders’ equity |
$ | 184,435 | $ | 172,332 | $ | 120,663 | ||||||
| Total number of common shares issued (’000) |
60,203 | 60,203 | 59,267 | |||||||||
Notes:
| (a) | Cash and cash equivalents include all cash balances and certificates of deposit having a maturity date of three months or less when purchased. |
1
| (b) | Property, plant and equipment, net decreased by $8.9 million, from $16.3 million as of December 31, 2024 to $7.4 million as of September 30, 2025. Advances from customers decreased by $15.4 million, from $16.0 million as of December 31, 2024 to $0.6 million as of September 30, 2025. These decreases were mainly attributable to the closing of the sale of the Wuxi Property. |
SUPPLEMENTARY INFORMATION (UNAUDITED) IN THE THIRD QUARTER OF 2025
Key Highlights of Financial Position
| As of September 30, 2025 |
As of December 31, 2024 |
As of September 30, 2024 |
||||||||||
| Current ratio(a) |
1.34 | 0.92 | 0.77 | |||||||||
| Debt ratio(b) |
62.2 | % | 62.0 | % | 79.2 | % | ||||||
| Return on equity(c) |
3.7 | % | 19.7 | % | (20.0 | %) | ||||||
| Ratio of total liabilities to total equity |
1.64 | 1.63 | 3.80 | |||||||||
Notes:
| (a) | Current ratio is calculated as current assets divided by all current liabilities. |
| (b) | Debt ratio is calculated as total liabilities divided by total assets. |
| (c) | Return on equity is calculated as consolidated net income (loss) divided by the average of total shareholders’ equity at the beginning and end of the period. |
FINANCIAL RESULTS
Revenue
Revenue for the third quarter of 2025 was $9.7 million compared to $9.5 million in the third quarter of 2024. Revenue for the third quarter of 2025 mainly consisted of sales of property of $5.6 million from Nam Tai • Longxi, operating lease income of $2.6 million from Nam Tai Inno Park and Nam Tai Inno Valley, property service income of $0.8 million from Nam Tai Inno Park, and other revenue of $0.7 million. Revenue for the third quarter of 2024 mainly consisted of sales-type lease income of $4.7 million from Nam Tai Inno Park, operating lease income of $3.2 million from Nam Tai Inno Park, Nam Tai Inno Valley, and Wuxi, property service income of $0.9 million from Nam Tai Inno Park, and other revenue of $0.7 million.
Gross Profit
Gross profit for the third quarter of 2025 was $2.9 million compared to $5.6 million in the third quarter of 2024. Gross profit for the third quarter of 2025 was mainly derived from revenue of $9.7 million, offset by costs of $6.7 million. Gross profit for the third quarter of 2024 was mainly derived from revenue of $9.5 million, offset by costs of $3.9 million.
General and administrative expenses
General and administrative expenses for the third quarter of 2025 were $3.3 million compared to $7.1 million in the third quarter of 2024. General and administrative expenses for the third quarter of 2025 mainly consisted of staff costs of $1.9 million, PRC taxes and surcharges of $0.7 million, office expenses of $0.5 million, and professional service fees of $0.2 million. General and administrative expenses for the third quarter of 2024 mainly consisted of professional service fees of $3.8 million, staff costs of $2.2 million, PRC taxes and surcharges of $0.6 million, and office expenses of $0.4 million.
Selling and marketing expenses
Selling and marketing expenses for the third quarter of 2025 were $0.9 million compared to $0.4 million in the third quarter of 2024. Selling and marketing expenses for the third quarter of 2025 mainly consisted of staff costs of $0.4 million, marketing and commission fees of $0.3 million, and property management fees of $0.1 million. Selling and marketing expenses for the third quarter of 2024 mainly consisted of staff costs of $0.3 million, and marketing and commission fees of $0.1 million.
Net Loss from Operations
Net loss from operations for the third quarter of 2025 was $1.3 million compared to net loss from operations of $1.9 million for the third quarter of 2024. Net loss from operations for the third quarter of 2025 mainly consisted of gross profit of $2.9 million, offset by general and administrative expenses of $3.3 million, and selling and marketing expenses of $0.9 million. Net loss from operations for the third quarter of 2024 mainly consisted of gross profit of $5.6 million, offset by general and administrative expenses of $7.1 million, and selling and marketing expenses of $0.4 million.
2
Consolidated Net Income (Loss)
Consolidated net loss for the third quarter of 2025 was $1.9 million compared to consolidated net loss of $7.5 million for the third quarter of 2024. Consolidated net loss for the third quarter of 2025 mainly consisted of net loss from operations of $1.3 million and other net expenses of $1.1 million, offset in part by interest income of $0.02 million, and income tax benefits of $0.4 million. Consolidated net loss for the third quarter of 2024 mainly consisted of net loss from operations of $1.9 million and other net expenses of $2.1 million, and income tax expenses of $3.6 million, offset in part by interest income of $0.02 million.
Cash and Cash Equivalents
Cash and cash equivalents increased by $41.7 million from $26.9 million as of December 31, 2024 to $68.6 million as of September 30, 2025. The increase was primarily attributable to net cash provided by financing activities of $25.9 million, and net cash provided by investing activities of $15.7million.
Restricted Cash
Restricted cash decreased by $2.1 million from $6.4 million as of December 31, 2024 to $4.3 million as of September 30, 2025. The decrease was primarily due to the release of $1.9 million previously frozen under other restrictions.
Real estate properties held for sale
Real estate properties held for sale are stated at the lower of carrying amounts or fair value less selling costs. Real estate properties held for sale decreased by $16.0 million from $52.6 million as of December 31, 2024 to $36.6 million as of September 30, 2025. The decrease was mainly due to the handover of sold units at Nam Tai • Longxi during the first nine months of 2025.
Real Estate Properties under Development, Net
Real estate properties under development, net increased by $16.5 million from $191.5 million as of December 31, 2024 to $208.0 million as of September 30, 2025, which is primarily attributable to the construction of Nam Tai Technology Center.
Real estate properties held for lease, net
Real estate properties held for lease, net are recorded at cost less accumulated depreciation. Real estate properties held for lease, net decreased by $1.7 million from $135.4 million as of December 31, 2024 to $133.7 million as of September 30, 2025, which was mainly due to depreciation for the first nine months of 2025.
Accounts Payable
Accounts payable increased by $3.6 million from $31.6 million as of December 31, 2024 to $35.2 million as of September 30, 2025. The increase was mainly due to the increase of $3.3 million arising from the construction of the Nam Tai Technology Center.
Current Portion of Long Term Bank Loans
The current portion of long term bank loans decreased by $24.5 million from $27.9 million as of December 31, 2024 to $3.4 million as of September 30, 2025. The decrease was mainly due to loan repayments during the first nine months of 2025.
Liquidity and Capital Resources
As of September 30, 2025, the Company had a total cash and cash equivalents of $68.6 million. As of December 31, 2024, the Company had a total cash and cash equivalents of $26.9 million.
BUSINESS OVERVIEW
Leasing and sales Progress
As of September 30, 2025, we had a leasable area of approximately 302,607 square meters, which was located in Shenzhen. As of September 30, 2025, the occupancy rate of our Shenzhen projects, including pre-leasing areas, was approximately 72%. The occupancy rate of Nam Tai Inno Park was 74%, a decrease of 1 percentage point from the quarter ended June 30, 2025.
In the third quarter of 2025, a total of 57 residential units of Nam Tai • Longxi were newly subscribed, compared with 66 residential units in the quarter ended June 30, 2025.
3
| Projects |
Leasable Area as of September 30, 2025 |
Leased Area as of September 30, 2025 |
Occupancy Rate | |||||||||
| Nam Tai Inno Park |
264,337 | 196,851 | 74 | % | ||||||||
| Nam Tai Inno Valley |
38,270 | 21,887 | 57 | % | ||||||||
| Total |
302,607 | 218,738 | 72 | % | ||||||||
Project Construction and Development Progress
| • | Nam Tai Technology Center is the Company’s second factory-turned-industrial-park redevelopment project, located in Baoan District, Shenzhen. Currently under construction, the project has a site area of 22,364 square meters and a total GFA of 194,595 square meters. It consists of three R&D office buildings and a combined dormitory and retail podium. |
| • | The construction of the project started in December 2019, but has been suspended for approximately two and a half years due to the shareholders’ dispute and related financial challenges. Under the current management, the construction of the project resumed in February 2025, and is expected to be completed in the first half of 2026. |
Real Estate Market Update
| • | During the third quarter of 2025, the residential property market in Dongguan remained under adjustment. Industry research and official statistics indicate that overall transaction activity stayed relatively depressed, with buyers maintaining a cautious stance. While seasonal factors supported stable market activity during certain periods, overall residential demand remained weak. Developers continued to prioritize inventory reduction, and residential prices continued to adjust in line with prevailing market conditions. |
RECENT DEVELOPMENTS
Nam Tai • Longxi General Contractor Dispute
In July 2025, the Company received a notice from Shenzhen Guangshengda Construction Co., Ltd. (“Guangshengda”) regarding the assignment of claims for Nam Tai • Longxi project under its general construction contract to Shenzhen Weiyueda Mechanical & Electrical Installation Engineering Co., Ltd. (“Weiyueda”). The Company responded in August 2025, disputing and refusing to acknowledge the validity of such assignment. The Company believes the assignment is invalid due to, among other reasons, Guangshengda’s failure to fully perform its post-warranty maintenance obligations, which has led to customer complaints and potential group disputes; the ongoing and unresolved final project settlement process, which includes potential claims for liquidated damages against Guangshengda for project delays; and Guangshengda’s failure to issue the full amount of required invoices for the project.
In late August 2025, 54 residential units of the project were frozen by a court order following a pre-litigation asset preservation application filed by Weiyueda.
In September 2025, the Company filed a jurisdictional challenge, arguing that the case should be heard by a court in Shenzhen, which is currently under review by the court. The Company has also applied to substitute the frozen assets, specifically the pre-sold properties, with other unencumbered assets. Such an application has not been approved as the plaintiff, Weiyueda, objected.
In October 2025, Weiyueda’s legal counsel proposed a potential settlement involving the transfer of properties in lieu of cash payment. This proposal was reviewed by the Company but no agreement was reached.
In January 2026, the case held its initial hearing and remains under court review.
Nam Tai • Longxi Property Services Dispute
The Company is involved in litigation with Dongguan Kaisa Property Management Co., Ltd. (“Dongguan Kaisa Property”), the initial property management service provider for Nam Tai • Longxi project, the construction of which was substantially completed in 2022.
In October 2024, as part of the abovementioned Settlement with Greater Sail Ltd. (“GSL”), the Company entered into a settlement agreement with Dongguan Kaisa Property to terminate the property management contract for Nam Tai • Longxi project and change the property management company with the assistance of Dongguan Kaisa Property. However, Dongguan Kaisa Property render such assistance or vacate the property management premises. However, Dongguan Kaisa Property did not vacate, and filed a lawsuit against the Company later in 2025.
4
In August 2025, Dongguan Kaisa Property obtained a pre-litigation preservation order from the court, freezing two residential units of the Nam Tai • Longxi project and approximately RMB 0.16 million in the Company’s bank accounts. In October 2025, the Company obtained Dongguan Kaisa Property’s statement of claim, which seeks payment of approximately RMB 1.09 million in property management fees for vacant residential units and parking units from November 2024 to May 2025, plus fees of approximately RMB 2.2 million for vacant commercial units from September 2023 to May 2025, totaling approximately RMB 3.43 million, inclusive of late payment interest.
In November 2025, in response to Dongguan Kaisa Property’s actions, the Company initiated arbitration with the International Chamber of Commerce (“ICC”) against GSL and Kaisa.
On January 21, 2026, the Company and the Kaisa-affiliated parties executed a supplemental agreement to the Settlement. Pursuant to this supplemental agreement, the parties have submitted applications to withdraw the Dongguan litigation, to lift all related preservation measures, and to withdraw the ICC arbitration. Dongguan Kaisa Property has also undertaken that it will not pursue any claims for property management service fees incurred on or before December 31, 2025.
Dispute with IsZo
Since late 2024, IsZo Capital LP (“IsZo”) has made several demands against the Company related to, among other things, IsZo’s allegation that the Company owes it reimbursements for certain litigation and activism campaign costs. The Company has been engaged in discussions with IsZo regarding IsZo’s allegations. To date, IsZo has not filed any formal litigation action against the Company.
Shareholder loans with IsZo and IAT
On December 23, 2025, the Company and IAT Insurance Group, Inc. (“IAT”) entered into an amendment to the amended Original Promissory Note, which had a principal amount of $12 million and a maturity date of January 11, 2026. Based on the new amendment, beginning January 12, 2026, the maturity date will automatically extend for successive 90-day rollover periods unless IAT delivers at least 60 days’ prior written notice requiring repayment before the end of any such period. As of the amendment date, the outstanding principal balance of the IAT note was approximately $15.75 million, with accrued interest of approximately $47 thousand.
On January 9, 2026, the Company fully repaid the outstanding principal of $3 million and accrued interest of approximately $0.95 million under the IsZo note. IsZo has also claimed additional expenses of $0.95 million. The Company has requested supporting evidence for this claim but has not yet received a response as of the date of this filing.
5
OPERATING RESULTS
Project Portfolio – As of September 30, 2025
The following two stages are the principal stages for our properties:
| • | Properties Completed, comprising the properties held for sale and leasing for which the completion acceptance has been filed and the construction has been completed and the internal acceptance criteria are met. |
| • | Properties Under Development, comprising properties for which the foundation work construction permits have been obtained and property that is under construction and has not yet completed acceptance. |
| Nam Tai | Nam Tai Technology | Nam Tai | Nam Tai • | |||||||||||||
| Inno Park | Center | Inno Valley | Longxi | |||||||||||||
| Guangming District, | Baoan District, | Baoan District, | Machong Town, | |||||||||||||
| Shenzhen | Shenzhen | Shenzhen | Dongguan | |||||||||||||
| Type |
Industrial buildings and supporting dormitory buildings | Residential and Commercial Property |
||||||||||||||
| Site Area (sq. m.) |
103,739 | 22,364 | 26,313 | 33,763 | ||||||||||||
| Capacity GFA (sq.m.) |
265,139 | 139,746 | N/A | 84,408 | ||||||||||||
| Total GFA (sq. m.) |
331,701 | 194,595 | 41,927 | 114,520 | ||||||||||||
| Under Development (sq. m.) |
— | 194,595 | — | — | ||||||||||||
| Total GFA Completed (sq. m.) |
331,701 | — | 41,927 | 114,520 | ||||||||||||
| Interest attributable to us |
100 | % | 100 | % | 100 | % | 100 | % | ||||||||
6
FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements about future expectations and plans, as well as other statements regarding matters that are not historical facts. These forward-looking statements include but are not limited to statements regarding the management’s belief that the Company would be able to meet its cash requirements for at least the 12 months following the issuance date of these consolidated financial information; the expected completion timeline of Nam Tai Technology Center; the Company’s ability to implement its lease-up program for Nam Tai Technology Center and secure relevant target tenants; the Company’s belief on the invalidity of Guangshengda’s assignment of claims for Nam Tai • Longxi project under its general construction contract, statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company’s control. These factors include risks related to its currently contemplated strategy, competition, timing, increases in costs of materials, capital and financing needs, access to funding under the Company’s debt instruments and the timing thereof, the Company’s ability to refinance certain debt, its ability to sell certain assets, construction/development challenges or setbacks, its ability to hire and retain construction contractors and subcontractors, the Company’s ability to obtain materials and supplies necessary for construction of various projects, any unforeseen issues relating to construction, including environmental, weather, catastrophes, or other issues, the Company’s ability to add additional guaranteed power to certain of its projects, projected regional development, composition of potential tenants of development projects, development of asset light capabilities for internal or external use and monetization, judicial and regulatory challenges and/or delays, changes in economic policy, including in relation to trade and/or tariffs, anticipated savings or uses of funding from refinancings, changes in general economic conditions and other factors detailed from time to time in the Company’s filings with the SEC. The words “may”, “could”, “should”, “would”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, and similar expressions are intended to identify forward-looking statements. All forward-looking statements are based on information currently available to the Company and the Company does not undertake to update any forward-looking statement, whether written or oral, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulations.
ABOUT NAM TAI PROPERTY INC.
Nam Tai Property Inc., a Company incorporated in the British Virgin Islands (the “BVI”) and governed by BVI law, owns certain subsidiaries, which own and operate commercial real estate projects across the People’s Republic of China. Those subsidiaries currently maintain two industrial complex projects, with one in Guangming, Shenzhen and one in Bao’an, Shenzhen. Learn more about the Company, and the portfolio of properties held by certain of its subsidiaries by emailing our investor relations team or visiting Weibo: https://weibo.com/u/7755634761.
7
NAM TAI PROPERTY INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED SEPTEMBER 30, 2025 AND 2024
(In Thousands of US dollars except share and per share data)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Revenue |
$ | 9,670 | $ | 9,482 | $ | 31,628 | $ | 21,228 | ||||||||
| Cost of revenue |
(6,722 | ) | (3,914 | ) | (21,202 | ) | (9,778 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gross profit |
2,948 | 5,568 | 10,426 | 11,450 | ||||||||||||
| Expenses |
||||||||||||||||
| General and administrative expenses |
(3,325 | ) | (7,073 | ) | (9,234 | ) | (19,656 | ) | ||||||||
| Selling and marketing expenses |
(874 | ) | (353 | ) | (3,022 | ) | (1,137 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
(4,199 | ) | (7,426 | ) | (12,256 | ) | (20,793 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss from operations |
(1,251 | ) | (1,858 | ) | (1,830 | ) | (9,343 | ) | ||||||||
| Other income (expenses), net |
(1,069 | ) | (2,109 | ) | 11,636 | (3,855 | ) | |||||||||
| Interest income |
21 | 15 | 78 | 41 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) before income tax |
(2,299 | ) | (3,952 | ) | 9,884 | (13,157 | ) | |||||||||
| Income tax (expense) benefit |
428 | (3,557 | ) | (3,287 | ) | (11,266 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Consolidated net income (loss) |
(1,871 | ) | (7,509 | ) | 6,597 | (24,423 | ) | |||||||||
| Functional currency translation adjustment |
1,075 | 2,045 | 3,228 | 17,626 | ||||||||||||
| Other comprehensive income (loss)(1) |
1,075 | 2,045 | 3,228 | 17,626 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Consolidated comprehensive income (loss) |
$ | (796 | ) | $ | (5,464 | ) | $ | 9,825 | $ | (6,797 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings (loss) Per Share |
||||||||||||||||
| Basic |
$ | (0.03 | ) | $ | (0.13 | ) | $ | 0.11 | $ | (0.42 | ) | |||||
| Diluted |
$ | (0.03 | ) | $ | (0.13 | ) | $ | 0.11 | $ | (0.42 | ) | |||||
| Weighted average number of shares (’000) |
||||||||||||||||
| Basic |
58,644 | 58,372 | 58,644 | 58,384 | ||||||||||||
| Diluted |
58,644 | 58,372 | 58,644 | 58,384 | ||||||||||||
Notes:
| (1) | Other comprehensive income (loss) was due to foreign exchange translation. |
8
NAM TAI PROPERTY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS AT SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
(In Thousands of US dollars)
| September 30, | December31, | |||||||
| 2025 | 2024 | |||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 68,564 | $ | 26,861 | ||||
| Restricted cash |
4,313 | 6,414 | ||||||
| Accounts receivable |
7,004 | 6,058 | ||||||
| Real estate properties held for sale |
36,632 | 52,552 | ||||||
| Prepaid expenses and other receivables |
17,248 | 14,492 | ||||||
|
|
|
|
|
|||||
| Total current assets |
$ | 133,761 | $ | 106,377 | ||||
|
|
|
|
|
|||||
| Real estate properties under development, net |
208,023 | 191,549 | ||||||
| Property, plant and equipment, net |
7,379 | 16,256 | ||||||
| Real estate properties held for lease, net |
133,746 | 135,428 | ||||||
| Deferred income tax assets |
2,813 | 2,114 | ||||||
| Other assets |
1,908 | 1,885 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 487,630 | $ | 453,609 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Current liabilities: |
||||||||
| Short term bank and third party loans |
4,360 | 7,649 | ||||||
| Current portion of long term bank loans |
3,375 | 27,860 | ||||||
| Accounts payable |
35,153 | 31,629 | ||||||
| Rental deposits from customers |
1,881 | 2,465 | ||||||
| Accrued expenses and other payables |
23,810 | 22,152 | ||||||
| Advance from customers |
556 | 16,026 | ||||||
| Contract liabilities |
11,396 | 7,556 | ||||||
| Current portion of amount due to shareholders |
19,204 | |||||||
| Total current liabilities |
$ | 99,735 | $ | 115,337 | ||||
|
|
|
|
|
|||||
| Long term bank loans |
162,274 | 106,803 | ||||||
| Long term rental deposits |
1,996 | 1,825 | ||||||
| Financing lease payable |
— | 4 | ||||||
| Other payable |
23,137 | 23,130 | ||||||
| Deferred income tax liabilities |
16,053 | 16,342 | ||||||
| Amount due to shareholders |
— | 17,836 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
$ | 303,195 | $ | 281,277 | ||||
|
|
|
|
|
|||||
| EQUITY |
||||||||
| Shareholders’ equity: |
||||||||
| Common shares |
$ | 602 | $ | 602 | ||||
| Additional paid-in capital |
321,289 | 320,389 | ||||||
| Accumulated deficit |
-130,449 | -138,424 | ||||||
| Accumulated other comprehensive loss (1) |
-7,007 | -10,235 | ||||||
|
|
|
|
|
|||||
| Total shareholders’ equity |
$ | 184,435 | $ | 172,332 | ||||
|
|
|
|
|
|||||
| Total liabilities and shareholders’ equity |
$ | 487,630 | $ | 453,609 | ||||
|
|
|
|
|
|||||
Notes:
| (1) | Accumulated other comprehensive loss was due to foreign exchange translation. |
9
NAM TAI PROPERTY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED SEPTEMBER 30, 2025 AND 2024
(In Thousands of US dollars)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||||||||||
| Consolidated net income (loss) |
$ | (1,871 | ) | $ | (7,509 | ) | $ | 6,597 | $ | (24,423 | ) | |||||
| Adjustments to reconcile consolidated net income (loss) to net cash (used in) provided by operating activities: |
||||||||||||||||
| Depreciation and amortization |
1,193 | 1,259 | 3,710 | 3,821 | ||||||||||||
| Amortization of right-of-use asset |
— | 66 | — | 198 | ||||||||||||
| Gain on disposal of property, plant and equipment |
— | — | (17,593 | ) | — | |||||||||||
| Share-based compensation expenses |
96 | 1,560 | 899 | 4,680 | ||||||||||||
| Unrealized exchange (gain) loss |
(188 | ) | (78 | ) | 122 | (150 | ) | |||||||||
| Deferred income taxes |
(391 | ) | 3,648 | (988 | ) | (5,106 | ) | |||||||||
| Loss on lease termination |
— | (1,180 | ) | — | (2,360 | ) | ||||||||||
| Interest paid |
(929 | ) | (1,315 | ) | (4,784 | ) | (3,404 | ) | ||||||||
| Changes in assets and liabilities: |
||||||||||||||||
| Accounts receivable |
(402 | ) | (98 | ) | (946 | ) | (75 | ) | ||||||||
| Prepaid expenses and other receivables |
(1,138 | ) | (313 | ) | (2,779 | ) | (356 | ) | ||||||||
| Rental deposits paid out as leasee |
— | 86 | — | 87 | ||||||||||||
| Real estate properties under development |
(690 | ) | (16,337 | ) | (2,300 | ) | (16,579 | ) | ||||||||
| Accrued expenses and other payables |
800 | 205 | 7,828 | 12,830 | ||||||||||||
| Accounts payable |
200 | 3,489 | 3,524 | 31 | ||||||||||||
| Lease liabilities |
— | 1,180 | — | (194 | ) | |||||||||||
| Advance from customers |
(1,064 | ) | (1,223 | ) | 232 | (2,262 | ) | |||||||||
| Rental deposits from customers |
(342 | ) | (13 | ) | (413 | ) | 82 | |||||||||
| Amount due to shareholders |
472 | 427 | 1,368 | 1,240 | ||||||||||||
| Contract liabilities |
1,843 | 397 | 3,840 | 114 | ||||||||||||
| Total adjustments |
$ | (540 | ) | $ | (8,240 | ) | $ | (8,280 | ) | $ | (7,403 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash used in operating activities |
$ | (2,411 | ) | $ | (15,749 | ) | $ | (1,683 | ) | $ | (31,826 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||||||||||
| Proceeds from disposal of property, plant and equipment |
— | — | 15,702 | — | ||||||||||||
| Decrease in short term investments |
— | 30,853 | 0 | 30,796 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash provided by investing activities |
$ | — | $ | 30,853 | $ | 15,702 | $ | 30,796 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||||||||||
| Repayment of bank and third party loans |
(56,752 | ) | (8,285 | ) | (134,629 | ) | (13,486 | ) | ||||||||
| Proceeds from bank and third party loans |
84,223 | 9,076 | 160,545 | 16,821 | ||||||||||||
| Decrease in finance lease payable |
— | — | (4 | ) | (6 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash provided by financing activities |
$ | 27,471 | $ | 791 | $ | 25,912 | $ | 3,329 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase in cash and cash equivalents and restricted cash |
$ | 25,060 | $ | 15,895 | $ | 39,931 | $ | 2,299 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cash and cash equivalents and restricted cash at beginning of period |
45,421 | 106,551 | 33,275 | 113,791 | ||||||||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash |
2,396 | 11,420 | (329 | ) | 17,776 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cash and cash equivalents and restricted cash at end of period |
$ | 72,877 | $ | 133,866 | $ | 72,877 | $ | 133,866 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| SUPPLEMENTARY INFORMATION ON CASH FLOWS |
||||||||||||||||
| Cash and cash equivalents |
$ | 68,564 | $ | 4,086 | $ | 68,564 | $ | 4,086 | ||||||||
| Restricted cash |
$ | 4,313 | $ | 129,780 | $ | 4,313 | $ | 129,780 | ||||||||
10
NAM TAI PROPERTY INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIODS ENDED SEPTEMBER 30, 2025 AND 2024
(In Thousands of US dollars)
| 1. | These financial statements, including the consolidated balance sheet as of December 31, 2024, which was derived from audited financial statements, do not include all of the information and notes required by U.S. Generally Accepted Accounting Principles for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024. |
| 2. | In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025. |
| 3. | Accumulated other comprehensive loss represents foreign currency translation adjustments. The consolidated comprehensive loss was $0.8 million for the three months ended September 30, 2025 and the consolidated comprehensive income was $9.8 million for the nine months ended September 30, 2025. |
| 4. | A summary of the operations income, net income (loss) and long-lived assets by geographical areas is as follows: |
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operations income within: |
||||||||||||||||
| - PRC, excluding Hong Kong: |
$ | 9,670 | $ | 9,482 | $ | 31,628 | $ | 21,228 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (loss) within: |
||||||||||||||||
| - PRC, excluding Hong Kong: |
$ | (1,597 | ) | $ | (2,710 | ) | $ | 10,219 | $ | (9,244 | ) | |||||
| - Hong Kong: |
(274 | ) | (4,799 | ) | (3,622 | ) | (15,179 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net income (loss) |
$ | (1,871 | ) | $ | (7,509 | ) | $ | 6,597 | $ | (24,423 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| Long-lived assets by geographical area: |
||||||||
| - Real estate properties under development in PRC, excluding Hong Kong |
$ | 208,023 | $ | 191,549 | ||||
| - Property, plant and equipment in PRC, excluding Hong Kong |
7,379 | 16,250 | ||||||
| - Hong Kong |
— | 6 | ||||||
| - Real estate properties held for lease in PRC, excluding Hong Kong |
133,746 | 135,428 | ||||||
| Total long-lived assets |
$ | 349,148 | $ | 343,233 | ||||
|
|
|
|
|
|||||
11