Tianju Dihe (Suzhou) Technology Co., Ltd. reported a RMB 19.31 million net loss for the year ended 31 December 2025, reversing the prior year’s RMB 18.72 million profit as revenue fell and margins tightened.
Revenue declined 15.00% year on year to RMB 508.66 million, driven by a 55.8% slide in data-management-solutions sales to RMB 47.86 million. The core API marketplace held up better, edging 2.2% lower to RMB 460.80 million, as an 10.6% rise in query-service income partly offset a 95.2% collapse in SMS-notice revenue and a 41.8% drop in top-up sales.
Gross profit contracted 25.9% to RMB 95.93 million, compressing the gross margin to 18.9% from 21.6% a year earlier. Selling and distribution expenses increased 25.5% to RMB 22.84 million, while administrative and other expenses rose 8.0% to RMB 48.29 million. Research and development outlays were cut 26.1% to RMB 20.14 million.
Cash and cash equivalents fell 26.5% to RMB 187.80 million, largely reflecting operating outflows. Trade receivables increased 18.3% to RMB 405.26 million due to extended billing terms for key customers, while inventories more than doubled to RMB 29.83 million as undelivered data-management projects accumulated. Net assets slipped 0.9% to RMB 1.00 billion. No dividend was proposed.
The company’s auditor HLB Hodgson Impey Cheng issued a disclaimer of opinion, citing insufficient evidence on two 2024 transactions: a US$10.00 million subscription for portfolio-linked notes and HK$63.13 million in prepayments for Nvidia chips and related equipment. Questions over the commercial rationale, valuation and supplier relationships led to the disclaimer.
Trading in Tianju Dihe’s shares has been suspended since 1 April 2025. The Hong Kong Stock Exchange has set 30 September 2026 as the final deadline for resumption; failure to meet six specified conditions—including completion of forensic and internal-control reviews, resolution of audit issues, and publication of all outstanding results—may trigger delisting.
Management upheaval followed the suspension: founder and controlling shareholder Zuo Lei resigned as chairman, CEO and executive director on 30 August 2026, with Wang Haojin taking over both posts. The company has engaged Grant Thornton Advisory Services for a forensic probe and GRC Chamber Limited for an internal-control review; both reports were completed in September 2026.
Subsequent events include a RMB 101.87 million EPC contract for a new production headquarters and a proposed US$10.00 million transfer of the disputed notes to former chairman Zuo Lei, pending shareholder approval at a 30 September 2026 EGM.
Tianju Dihe attributes 2025’s revenue downturn to trading suspension–related customer concerns and delayed data-solution deliveries. The group remains focused on upgrading its API platform, advancing AI agent products, and pursuing government-data projects, but acknowledges challenges in demand volatility, talent retention and regulatory compliance.