olivlawolivlaw

olivLaw · US equity research

TDH Holdings, Inc. PETZ

Real Estate Agents & Managers (For Others) · SIC 6531 · Vertical: Real Estate Agents & Managers (For Others) (SIC 6531)

1.20USD−3.23% · 1 dayClose 05 Nov 2026

TDH Holdings, Inc. is a holding company whose operations are now focused on acquiring, leasing and managing commercial properties for small and medium-sized business tenants. After exiting pet food production and its restaurant segment, revenue now depends almost entirely on commercial rents, and the company reported an operating loss in 2025.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, TDH Holdings, Inc. (PETZ) stock was 1.20 USD (−3.23% on the day), with market capitalisation 12.4 m USD, P/E 7.1 on diluted EPS of 0.17 USD over the last 12 months, beta 0.18, 52-week range 0.81–1.70 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
12.4 m USD
shares as of 31 Dec 2025
P/E (TTM)
7.1
Diluted EPS TTM 0.17 · TTM to 31 Dec 2025
E/P (TTM)
14.17%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.18
Volatility (1y) 86%
52-week range
0.811.70

Price history

Loading chart…

Technical reading

RSI (14)
43.6
weak (30–45)
Bollinger (20, 2)
1.19 – 1.30
in the lower half of the band · %B 0.12 · band width 9.0%
SMA 50 / 200
1.30 / 1.20
mixed trend
MACD (12, 26, 9)
-0.02 / -0.02
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−7.7%−5.9%−1.7 pp—
3 months−21.6%−4.6%−16.9 pp—
6 months+23.7%+0.2%+23.5 pp—
Year to date+31.9%+7.4%+24.4 pp—
1 year+13.2%+8.2%+5.0 pp−36.0%
3 years−11.8%+68.4%−80.2 pp−18.1%
5 years−98.5%+56.5%−155.0 pp—
Max drawdown (1y)
−36.5%
11 Jun 2026 → 10 Jul 2026
Max drawdown (5y)
−99.4%
09 Nov 2021 → 19 May 2026
Compound annual growth (5y)
−56.6%
S&P 500 +9.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 50 percentile of its own 4-quarter history (min 4.8, median 10.4, max 11,280.0; quarters with earnings only).

Fiscal years

Fiscal year20182019⚠ 20202021⚠ 2022202320242025
Revenue23.7 m12.6 m622.8 k1.1 m24.7 k754563.7 k1.3 m
Revenue YoY−18.3%−46.6%—+73.6%—−97.0%+74,664.7%+122.0%
Net income-14.2 m-8.6 m-874.7 k-6.1 m803.7 k-23.6 m2.7 m1.8 m
Net income YoY−12,452.6%unavailable—unavailable—−3,039.7%unavailable−33.0%
Diluted EPS-1.49-0.41-0.38-1.170.10-2.290.260.17
Diluted EPS YoY−15,000.0%unavailable—unavailable—−2,390.0%unavailable−34.6%
net %-60.1%-68.2%-140.4%-566.1%3,250.4%-3,133,444.6%476.2%143.8%
Free cash flow-7.8 m-5.7 m-2.2 munavailableunavailable-572.1 k-2.1 m-2.0 m

The series breaks before 2020, 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
19.1 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
30.7 m USD
Total assets
40.3 m USD
Debt / equity
unavailable
Current ratio
5.08x
ROE
6.2%
ROA
4.9%
FCF margin
-161.8%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
754
2024
563.7 k
2025
1.3 m

SEC (XBRL)· 20 Apr 2026verified

Cost of revenue
2023
976
2024
325.3 k
2025
1.3 m

SEC (XBRL)· 20 Apr 2026verified

Gross profit
2023
-222
2024
238.4 k
2025
-11.7 k

SEC (XBRL)· 20 Apr 2026verified

Operating income
2023
-6.2 m
2024
-1.8 m
2025
-1.8 m

SEC (XBRL)· 20 Apr 2026verified

Depreciation & amortisation
2023
22.6 k
2024
111.6 k
2025
221.2 k

SEC (XBRL)· 20 Apr 2026verified

EBITDA
2023
-6.2 m ≈
2024
-1.7 m ≈
2025
-1.6 m ≈

SEC (XBRL)· 20 Apr 2026derived

Interest expense
2023
14.3 k
2024
—
2025
—

SEC (XBRL)· 29 Apr 2024verified

Pre-tax income
2023
-8.4 m
2024
1.9 m
2025
1.8 m

SEC (XBRL)· 20 Apr 2026verified

Income tax
2023
—
2024
182
2025
—

SEC (XBRL)· 28 Apr 2025verified

Net income
2023
-23.6 m
2024
2.7 m
2025
1.8 m

SEC (XBRL)· 20 Apr 2026verified

Diluted EPS
2023
-2.29
2024
0.26
2025
0.17

SEC (XBRL)· 20 Apr 2026verified

Weighted average diluted shares
2023
10.3 m
2024
10.3 m
2025
10.3 m

SEC (XBRL)· 20 Apr 2026verified

Balance sheet · USD

Cash
2023
13.1 m
2024
15.7 m
2025
19.1 m

SEC (XBRL)· 20 Apr 2026verified

Receivables
2023
5.0 k
2024
5.7 k
2025
75.3 k

SEC (XBRL)· 20 Apr 2026verified

Inventories
2023
—
2024
5.7 k
2025
75.3 k

SEC (XBRL)· 20 Apr 2026verified

Current assets
2023
27.2 m
2024
28.8 m
2025
34.1 m

SEC (XBRL)· 20 Apr 2026verified

Property, plant & equipment, net
2023
657.1 k
2024
2.4 m
2025
2.4 m

SEC (XBRL)· 20 Apr 2026verified

Intangibles (excl. goodwill)
2023
426.3 k
2024
—
2025
—

SEC (XBRL)· 29 Apr 2024verified

Total assets
2023
28.9 m
2024
33.3 m
2025
40.3 m

SEC (XBRL)· 20 Apr 2026verified

Accounts payable
2023
66.0 k
2024
122.3 k
2025
90.0 k

SEC (XBRL)· 20 Apr 2026verified

Current liabilities
2023
3.4 m
2024
4.2 m
2025
6.7 m

SEC (XBRL)· 20 Apr 2026verified

Total liabilities
2023
3.9 m
2024
5.9 m
2025
9.6 m

SEC (XBRL)· 20 Apr 2026verified

Equity
2023
25.0 m
2024
27.4 m
2025
30.7 m

SEC (XBRL)· 20 Apr 2026verified

Shares outstanding at year end
2023
10.3 m
2024
10.3 m
2025
10.3 m

SEC (XBRL)· 20 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
-564.4 k
2024
-234.0 k
2025
-1.8 m

SEC (XBRL)· 20 Apr 2026verified

Capex
2023
7.7 k
2024
1.9 m
2025
244.1 k

SEC (XBRL)· 20 Apr 2026verified

Free cash flow
2023
-572.1 k ≈
2024
-2.1 m ≈
2025
-2.0 m ≈

SEC (XBRL)· 20 Apr 2026derived

Investing cash flow
2023
-6.1 m
2024
2.8 m
2025
6.2 m

SEC (XBRL)· 20 Apr 2026verified

Financing cash flow
2023
-6.8 k
2024
—
2025
-1.0 m

SEC (XBRL)· 20 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
122.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
269.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
15.0%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
-33.0%
computed by olivLawFY 2025
Net income CAGR 3Y
30.8%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-34.6%
computed by olivLawFY 2025
EPS CAGR 3Y
19.3%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
-0.9%
computed by olivLawFY 2025
EBITDA margin
-128.6%
computed by olivLawFY 2025
EBIT margin
-146.3%
computed by olivLawFY 2025
Net margin
143.8%
computed by olivLawFY 2025
FCF margin
-161.8%
computed by olivLawFY 2025

Returns

ROE
6.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
4.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
-5.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
5.1x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
2.9x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-1.8 m USD
computed by olivLawFY 2025
Capital expenditure
244.1 k USD
computed by olivLawFY 2025
Free cash flow
-2.0 m USD
computed by olivLawFY 2025
Cash conversion
unavailable
insufficient data

Market and valuation

Market capitalisation
12.4 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
6.9x
computed by olivLawFY 2025
P/E (TTM)
7.1x
computed by olivLawFY 2025
Earnings yield
14.2%
computed by olivLawFY 2025
P/B
0.4x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
9.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

9 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 52.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.20 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 12.4 m USD

Key indicators

Market capitalisation
12.4 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
7.1x
computed by olivLawFY 2025
P/B
0.4x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
6.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
143.8%
computed by olivLawFY 2025
Revenue growth (YoY)
122.0%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 20 Apr 2026
verified 315

Score by group

52% · Insufficient data

Estimated value range

Low
3.19
USD per share
Mid
5.83
USD per share
High
6.88
USD per share
Price: 1.20 USD
The price is below the range
Potential to the central value: 385.6% (value / price − 1)
Margin of safety: 79.4% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.19 – 6.88 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Net asset value (NAV)unavailable · input data missing
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
  • Peers: P/B3.19 – 6.88 (Mid 5.83)
    10 companies used · median multiple 2.0x · quartiles 1.1x – 2.3x
    AGNT, COMP, DOUG, FTHM, JLL, LHAI, MMI, OPAD, OPEN, VAC
Multiple comparisons use the SIC vertical: Real Estate Agents & Managers (For Others) (SIC 6531)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 52.2% of at least 60%

FactorValueScoreWeight used
ROE · Quality6.2%77 (vs peers)13%
EBITDA margin · Quality-128.6%0 (on a fixed band)17%
Revenue CAGR 3Y · Growth269.9%100 (on a fixed band)17%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
P/B · Valuation0.4x91 (vs peers)38%
P/E (TTM) · Valuation7.1x83 (vs peers)17%
Dividend yield · Returnsunavailableunavailable—
Payout ratio (EPS) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/2 factors with a value
  • Growth100/100 · 1/1 factors with a value
  • Quality33/100 · 2/2 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation89/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

TDH Holdings, Inc. (PETZ). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 1.3 m USD in 2025; YoY growth 122.0%; net margin 143.8%; ROE 6.2%.

The estimated value range is 3.19–6.88 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 5.83 USD, the price of 1.20 USD leaves a potential of 385.6% (value / price − 1) and a margin of safety of 79.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 52.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROE: 6.2%
  • Revenue CAGR 3Y: 269.9%
  • P/B: 0.4x
  • P/E (TTM): 7.1x
  • The price is below the estimated value range

What contradicts it

  • EBITDA margin: -128.6%

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Interest coverage, Dividend yield, Payout ratio (EPS).

Versus the vertical median

Real Estate Agents & Managers (For Others) (SIC 6531) · same industry (4-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
7.1x
vertical median 46.9x
below median (−84.9%)
EV/EBITDA
—
vertical median —
P/S
9.9x
vertical median 0.6x
above median (+1,694.9%)
P/B
0.4x
vertical median 2.1x
below median (−80.3%)
ROE
6.2%
vertical median -5.6%
above median
Net margin
143.8%
vertical median -0.9%
above median
EBIT margin
-146.3%
vertical median -2.3%
below median
Revenue YoY
122.0%
vertical median 10.0%
above median (+1,123.4%)
Net debt/EBITDA
—
vertical median 1.3x
Dividend yield
—
vertical median 2.4%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
JLLJones Lang LaSalle Incorporated17.1 bn16.214.7%3.9%+11.4%+15% / +141%
COMPCompass, Inc.7.0 bn166.13.6%0.6%+23.7%−12% / +315%
VACMarriott Vacations Worldwide Corp3.7 bn—-10.9%-4.7%+1.3%+96% / +47%
OPENOpendoor Technologies Inc.1.7 bn—-235.1%-49.1%−15.2%−77% / −41%
MMIMarcus & Millichap, Inc.1.1 bn76.92.4%1.8%+8.5%−2% / −17%
AGNTAgnt, Inc.644.0 m—-9.9%-0.5%+4.5%−66% / −68%
OMHOhmyhome Limited297.2 m—-164.6%-75.2%+19.5%−69% / −85%
DOUGDouglas Elliman Inc.142.7 m5.316.3%2.5%+3.8%−41% / −19%
LHAILinkhome Holdings Inc.15.5 m—-5.6%-1.4%+175.7%−92% / unavailable
PETZTDH Holdings, Inc.12.4 m7.16.2%143.8%+122.0%+13% / −12%
OPADOfferpad Solutions Inc.11.7 m—-116.9%-11.3%−38.2%+18% / −78%
FTHMFathom Holdings Inc.5.2 m—-79.0%-6.3%+25.4%−88% / −94%
LRHCStratum Holdings Corp.1.4 m——-46.4%+16.7%−100% / unavailable
BEKEKE Holdings Inc.—156.84.4%3.2%+5.6%+9% / +18%
NMRKNewmark Group, Inc.—16.910.9%4.1%+20.3%−31% / +45%

1- and 3-year price returns: for PETZ from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
0.80
Total return -33% · Per year -33%
1.42
Total return 18% · Per year 18%
2.12
Total return 77% · Per year 77%
3 years
0.95
Total return -21% · Per year -7%
1.87
Total return 56% · Per year 16%
3.06
Total return 155% · Per year 37%
5 years
1.13
Total return -6% · Per year -1%
2.47
Total return 106% · Per year 16%
4.40
Total return 267% · Per year 30%
What moves the 3-year price the most
  • Exit P/E± 0.47
  • Net margin± 0.33
  • Annual revenue growth± 0.24
  • Annual dilution± 0.03

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 20 Apr 2026; since then the company filed 6-K (07 Oct 2026).

In brief

TDH Holdings, Inc. is a holding company whose operations are now focused on acquiring, leasing and managing commercial properties for small and medium-sized business tenants. After exiting pet food production and its restaurant segment, revenue now depends almost entirely on commercial rents, and the company reported an operating loss in 2025 1.

SWOT

Strengths

  • The company has focused on a single segment, commercial property leasing, and reported higher revenue from it than in the prior year 1.
  • The company has maintained stable relationships with commercial clients and benefited from property appreciation, generating relatively steady rental revenue 1.

Weaknesses

  • The main segment posted an operating loss in 2025, and the company has not yet shown recurring profit from its core activity 1.
  • Revenue is small relative to administrative costs, including costs allocated from British Virgin Islands affiliates 1.
  • The company depends on key executives and holds no key-man life insurance, so losing them could severely affect the business 1.

Opportunities

  • Demand from small and medium-sized enterprises for commercial space could open opportunities to acquire and lease additional properties 1.
  • If the company acquires and leases income-producing properties, it could expand its rental revenue base 1.
  • The company could benefit from long-term property appreciation if the Missouri and Beijing markets keep their momentum 1.

Threats

  • Intense competition from large property groups could push rents down or force costly concessions to keep tenants 1.
  • Tenant bankruptcy or insolvency could lead to lost revenue and difficulty recovering amounts owed 1.
  • PRC regulation and government control could restrict operations or access to US capital markets 1.

Risks

  • Recurring operating losseshigh

    The company has incurred losses in the past and it is uncertain whether it will avoid them, especially if it cannot expand its income-producing property portfolio 1.

  • Tenant dependence and bankruptcyhigh

    Most tenants are individuals or small businesses, and their insolvency could reduce rental collections and make recovery of amounts owed difficult 1.

  • Geographic concentrationmedium

    Properties are concentrated in Missouri and Beijing, so a local economic downturn could affect the company more than a diversified portfolio would 1.

  • PRC regulatory riskhigh

    PRC authorities may impose new rules, and missing approvals could lead to suspension of operations or restrictions on securities offerings 1.

  • Dividend and fund transfer restrictionsmedium

    The company relies on dividends from PRC subsidiaries, which are limited by statutory reserves and currency controls, potentially hindering fund transfers to the parent 1.

Investment thesis

What would need to be true (bull case)

  • If demand from small and medium-sized enterprises for commercial space stays strong, rental revenue could keep growing, as management expects 1.
  • With a single focused business model, the company could reduce costs and improve efficiency after exiting pet food production and restaurants 1.
  • If acquired properties hold their value and generate steady rent, the company could earn appreciation gains and recurring long-term revenue 1.

What would break the thesis

  • The company reported an operating loss in 2025, and if this persists the business could remain unprofitable 1.
  • Competition from large property groups could pressure rents downward, and the company may need costly incentives to retain tenants 1.
  • The company's history of exiting several business lines could suggest difficulty sustaining a stable long-term strategy 1.

What to watch

  • Trend in commercial leasing revenue and operating result of the segmentFiscal 2026
  • Ability to acquire and lease new income-producing properties2026
  • Changes in PRC regulation and any restrictions on listing or access to US marketsNext annual report
  • Occupancy and rent collection rates across the Missouri and Beijing portfolioQ1 2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 20 Apr 2026; since then the company filed 6-K (07 Oct 2026).

The business

TDH Holdings, Inc. was founded in 2002 in Qingdao as a pet food producer, an activity later halted after operational difficulties and court proceedings 1. Between 2021 and 2024 the company also ran a restaurant segment, which it discontinued in the second quarter of 2024 1. The company now concentrates on acquiring, leasing and managing commercial properties that generate rental income from commercial clients 1. It describes itself as a British Virgin Islands holding company with operations conducted through subsidiaries in Missouri, Nevada, the PRC, Belgium and Hong Kong 1.

Financially, revenue from continuing operations rose from 0.56 million USD in 2024 to 1.25 million USD in 2025, driven by commercial property leasing 1. The company expects revenue from its commercial leasing business to continue growing in the near term, but the segment posted an operating loss of approximately 1.82 million USD in 2025, partly due to administrative expenses allocated from British Virgin Islands affiliates 1. Net income for 2024 was approximately 2.68 million USD, though part of it came from investment income 1.

The legal structure is complex: the company has no operations of its own and relies on dividends and other distributions from subsidiaries, including PRC entities, where dividend payments and currency conversion are restricted 1. The company has not paid cash dividends and has no present plan to do so, intending to retain funds for business growth 1.

Segments

Commercial property leasing

This is the only active segment at the reporting date, generating rental revenue under lease agreements with commercial clients. Revenue was 1.25 million USD in 2025, compared with 0.56 million USD in 2024 1. Costs include lease and occupancy costs, depreciation and amortization, and agency service costs 1.

Restaurants (discontinued)

The restaurant segment, acquired in 2021, contributed food service revenue in 2022 to 2024, but was discontinued in the second quarter of 2024 because of high costs 1. It is no longer part of continuing operations.

Pet food (wound down)

Pet food manufacturing was discontinued in the first quarter of 2023, and related revenue fell from 0.47 million USD in 2021 to nil in 2023 1. The main operating entity went through bankruptcy proceedings that were completed in December 2023 1.

Market context

The company operates in the commercial property leasing market in Missouri, United States, and Beijing, China, where its portfolio is concentrated 1. The source notes growing demand for commercial space from small and medium-sized enterprises, alongside intense competition among developers, owners and operators of real estate 1.

Economic conditions and competitive pressure in commercial real estate can affect occupancy and rent levels, and the source names large companies such as Dobe Group and Shanghai Golden Union Business Management as owners of numerous properties in China 1.

Trends

  • Rising demand for commercial space from SMEstailwind

    The company argues that demand from small and medium-sized enterprises provides stable rental income and property appreciation, which could support segment growth if that demand holds 1.

  • Weak economic conditionsheadwind

    The company said a difficult economic climate and intense competition weighed on its leasing segment in 2025, and a further slowdown could reduce occupancy 1.

  • Shifting consumer behaviourmixed

    Changes in consumer preferences and discretionary spending can affect tenants and demand for commercial space, which the source flags explicitly 1.

  • PRC regulation and government controlheadwind

    PRC authorities may change rules or impose additional requirements, which could affect operations and the offering of securities to foreign investors 1.

Competitive position

The company competes with numerous developers, owners and operators of real estate, many owning similar properties in the same submarkets 1. The source names Dobe Group and Shanghai Golden Union Business Management as large competitors with numerous properties across China 1.

Competition is based on property choice, quality, affordability and location, and offering space at rents below the company's current levels could lead to loss of existing or prospective tenants 1.

  • Dobe Group

    Company owning numerous properties in China, identified in the source as a large competitor in commercial real estate 1.

  • Shanghai Golden Union Business Management

    Company owning numerous properties in China and named as an important competitor in commercial leasing 1.

  • Regional developers and operators

    Smaller regional competitors offering space in the same submarkets, which can influence rent levels 1.

  • Other commercial property owners in Beijing and Missouri

    Owners offering similar space in the markets where the company operates, which can affect occupancy 1.

News & filings

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / TDH Holdings, Inc. · 20 Apr 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.