Business Operations - The company discontinued its restaurant business segment in Q2 2024 and now focuses on commercial real estate management, generating $0.56 million in revenue from this segment in 2024[315]. - The company expects continued growth in its commercial real estate management business in the near future[333]. - The company faced significant competition in the commercial real estate market, impacting its ability to lease space and rental rates[319]. - The Company discontinued its restaurant business in June 2024 and transitioned to commercial real estate management, impacting revenue streams[410]. Financial Performance - Revenue from continuing operations for the year ended December 31, 2024, was $563,726, a 74,630% increase compared to $754 in 2023, while petfood revenue dropped to $0 from $0.02 million in 2022[330][331]. - The gross profit for 2024 was $238,422, with a gross margin of 42.29%, compared to a gross loss of $222 in 2023[330]. - The company reported a loss from operations of $1,832,657 in 2024, a 70% improvement from a loss of $6,185,523 in 2023[330]. - Net income for the year ended December 31, 2024, was $2,500,561, a significant recovery from a net loss of $23,631,516 in 2023[358]. - Revenue from the commercial real estate management business increased by approximately $0.56 million in 2024 compared to 2023, with total revenue of $563,726 in 2024[340][361]. - Gross margin improved to 42.29% in 2024 from a negative 29.39% in 2023, attributed to the shift towards commercial real estate management[344]. Revenue and Expenses - The total revenues from continuing operations decreased by $23,971 or 96.95% when comparing 2023 to 2022, primarily due to the discontinuation of the petfood manufacturing segment[334]. - The company’s general and administrative expenses decreased by 45% from $3,145,280 in 2023 to $1,745,247 in 2024[330]. - Operating expenses decreased by $4,114,223 or 66.52% in 2024 compared to 2023, with the ratio of operating expenses as a percentage of revenue dropping from 819,951.18% to 367.39%[346]. - The ratio of cost of revenues as a percentage of revenue was 57.71% in 2024, down from 129.39% in 2023[342]. Cash Flow and Assets - Cash used in operating activities for 2024 was $233,987, a decrease from $2,492,725 in 2023[366]. - As of December 31, 2024, the company had cash and cash equivalents of approximately $15.70 million and short-term investments of approximately $12.95 million[362]. - Total assets increased by 15% from $28,901,397 in 2023 to $33,338,661 in 2024, with cash and cash equivalents rising by 20% to $15,699,562[382]. - Accounts receivable as of December 31, 2024 were $5,748, reflecting a 100% increase from $0 in 2023[388]. - Net property, plant and equipment increased to $2,363,989 as of December 31, 2024, up from $657,124 as of December 31, 2023, representing a growth of 261%[390]. Liabilities and Obligations - The balance of due to related parties decreased by 90% from $1,963,794 in 2023 to $200,318 in 2024[389]. - The Company has total contractual obligations of $2,224,492, with $584,825 due within one year and $1,347,541 due in 1-3 years[394]. - Accounts payable rose by $56,269 to $122,251 as of December 31, 2024, compared to $65,982 as of December 31, 2023, primarily due to commercial real estate accounts payables[391]. - Taxes payable increased by $5,391, or 58%, to $14,681 as of December 31, 2024, from $9,290 as of December 31, 2023[392]. Impairments and Gains - The company recognized a goodwill impairment of $325,832 in 2024 related to the discontinued restaurant business[352]. - The Company recorded an impairment loss of $325,832 for goodwill for the year ended December 31, 2024, compared to $0 in 2023[403]. - The company reported a realized gain of approximately $3.37 million and an unrealized income of approximately $0.44 million from marketable securities for the year ended December 31, 2024[387]. Compliance and Regulatory Matters - The company expects to incur additional costs associated with compliance with the Sarbanes-Oxley Act, which may require seeking other sources of financing[375]. - The company has no off-balance sheet arrangements that require disclosure under SEC regulations[396]. - The company is evaluating the impact of new accounting standards issued by FASB, including ASU 2023-07 and ASU 2023-09, which will require additional disclosures[429][430]. Currency and Economic Factors - The exchange rate for translating RMB to USD for the year ended December 31, 2024, was 7.1884, and for 2023, it was 7.0827, indicating a depreciation of RMB against USD[420]. - The RMB depreciated against the USD by 1.49% in 2024 and by 1.69% in 2023, which may impact the financial results reported in USD terms[529]. - The company does not expect the impact of inflation to be material, with inflation rates in China being 0.8% in 2024, 2.6% in 2023, and 3.7% in 2022[433]. - The company has not engaged in foreign currency hedging and manages price risks through productivity improvements and cost-containment measures[434]. - The company has generally been able to pass on cost increases through price adjustments, depending on market conditions influenced by the overall economic conditions in China[433].

BEIJING, April 28, 2025 /PRNewswire/ -- TDH Holdings, Inc. (NASDAQ: PETZ) ("TDH" or the "Company"), a PRC-based company that is an operator and manager of commercial real estate properties, announced today its financial results for the fiscal year ended December 31, 2024. Full Year 2024 Financial Highlights: | | | For the Twelve Months Ended December 31, | | | --- | --- | --- | --- | | ($ millions, except per share data) | 2024 | 2023 | % Change | | Revenues from continuing operations | $0.56 | - | 74,664.7 ...

BEIJING, Dec. 17, 2024 /PRNewswire/ -- TDH Holdings, Inc. (NASDAQ: PETZ) ("TDH" or the "Company"), a PRC-based company that is an owner, operator and manager of commercial real estate properties, announced today its financial results for the six months ended June 30, 2024. First Half 2024 Unaudited Financial Highlights: For the Six Months Ended June 30 ($ millions, except per share data) 2024 2023 % Change Revenues from continuing operations $ 0.10 $ - 13,399.98 % Gross ...

Group 1 - TDH Holdings, Inc. will hold its Annual General Meeting (AGM) on October 29, 2024, at 9:30 a.m. Beijing time [1] - Stockholders of record as of September 19, 2024, will be entitled to vote at the AGM [1] Group 2 - TDH Holdings, Inc. was founded in April 2002 and is a commercial property manager based in the People's Republic of China [2]

Financial Performance - The company reported a net loss of approximately $23.63 million in fiscal year 2023, compared to a net income of $0.86 million in 2022 and a net loss of $6.7 million in 2021[215]. - Revenue from continuing operations for 2023 was $3,175,809, representing a 2.49% increase from $3,098,733 in 2022, and a significant increase of 186.63% from $1,081,095 in 2021[235]. - Gross profit for 2023 was $1,029,594, a decrease of 2.18% from $1,052,533 in 2022, with a gross margin of 32.42%[235]. - Total revenue from continuing operations for 2023 was $3,175,809, an increase of $77,076 or 2% compared to 2022[237]. - Loss from operations for the year ended December 31, 2023, was $6,370,157, representing an increase from a loss of $3,048,016 in 2022, with operating loss as a percentage of total revenues at negative 200.58%[258]. - Total net loss for the year ended December 31, 2023, was $23,631,516, a significant decline from a net income of $855,013 in 2022[262]. Revenue Sources - The company generated revenue from two sources: sales of pet food products and restaurant operations, with revenue recognized upon transfer of control of goods or services rendered[318][319]. - Revenue from the restaurant business segment increased by $101,048 or 3% in 2023 compared to 2022, contributing to overall revenue growth[239]. - The acquisition of 51% equity interests in Far Ling's Inc. and 100% equity interests in Bo Ling's Chinese Restaurant, Inc. resulted in an increase of $3.2 million in food service revenue for 2023[215]. Cost and Expenses - The cost of revenues from continuing operations increased to $2,146,215 in 2023, up 4.89% from $2,046,200 in 2022, and a 165.75% increase from $769,967 in 2021[235]. - General and administrative expenses rose to $4,269,092 in 2023, a 6.66% increase from $4,002,346 in 2022[235]. - Operating expenses for 2023 were $7,399,751, an increase of $3,299,202 or 80.46% compared to 2022, with the operating expenses ratio rising to 233%[253]. - The company reported a significant increase in stock-based compensation expense to $3,040,000 in 2023, reflecting a 100% increase from previous periods[235]. - General and administrative expenses rose by $3,306,746 or 82.62% in 2023, mainly due to increased payroll and stock-based compensation[254]. Discontinued Operations - The company discontinued its petfood manufacturing segment in Q1 2023 due to increased raw material costs and decreased demand, redirecting focus to the restaurant segment[214]. - Domestic pet food sales decreased by $25,095 or 97% in 2023, with no e-commerce or overseas sales recorded[238]. - The company discontinued its pet food manufacturing business segment in Q1 2023, leading to significant declines in pet food sales[240]. - Net loss from discontinued operations amounted to $15,095,547 for the year ended December 31, 2023, compared to $339,054 in 2022[260]. Cash Flow and Assets - Cash used in operating activities for the year ended December 31, 2023, totaled $2,492,725, compared to $2,072,715 in 2022[270]. - Cash used in investing activities for the year ended December 31, 2023, was $6,067,051, primarily from the purchase of short-term investments[274]. - Cash provided by financing activities for the year ended December 31, 2023, was $1,921,554, with borrowing from related parties amounting to $1,928,329[275]. - As of December 31, 2023, the company had cash and cash equivalents of approximately $13.66 million and short-term investments of approximately $13.32 million[265]. - The total current assets decreased to $27,221,277 as of December 31, 2023, down from $33,781,754, representing a decline of $6,560,477 or 19%[286]. - Total assets decreased to $28,901,397 as of December 31, 2023, down from $36,513,397, a reduction of $7,612,000 or 21%[286]. Liabilities and Obligations - Total liabilities decreased to $3,852,240 as of December 31, 2023, down from $15,359,494, a decline of $11,507,254 or 75%[286]. - Due to related parties increased to $1,983,430 as of December 31, 2023, an increase of $1,927,683 or 3457% compared to $55,747 on December 31, 2022[295]. - The Company has total contractual obligations of $683,113, with $240,000 due in less than one year and $443,113 due in 1-3 years[301]. Accounting and Regulatory Matters - The Company has adopted ASC Topic 842 for lease accounting, recognizing lease expenses on a straight-line basis over the lease term[313][314]. - The Company is evaluating the impact of ASU 2020-04 on its consolidated financial statements, which provides optional expedients for reference rate reform[330]. - The updated guidance on Disclosures for Income Taxes will require additional disclosure and is effective January 1, 2025, with early adoption permitted[335]. - The Company does not have any off-balance sheet arrangements that require disclosure under SEC regulations[304]. Market Conditions - The RMB depreciated against the U.S. dollar by 1.69% in 2023 and by 9.23% in 2022, which may affect the Company's financial results reported in U.S. dollar terms[433]. - The inflation rates in China were 2.6% in 2023, 3.7% in 2022, and 1.1% in 2021, with the Company not believing the impact of inflation is material[336]. - The Company has generally been able to pass on cost increases through price adjustments, depending on market conditions influenced by the overall economic conditions in China[337].

Exhibit 99.1 TDH Holdings, Inc. Reports First Half 2023 Financial Results QINGDAO, China, October 31, 2023 /PRNewswire/ -- TDH Holdings, Inc. (NASDAQ: PETZ) ("TDH" or the "Company"), a PRCbased company that is an operator of a restaurant in the U.S., announced today its financial results for the six months ended June 30, 2023. First Half 2023 Unaudited Financial Highlights: | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|-- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark one) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

Financial Performance - The company experienced a significant revenue decline of 93.6%, amounting to $11.8 million in 2020 compared to 2019 due to COVID-19 and operational challenges [225]. - Revenue in fiscal year 2020 decreased by approximately 93.6%, or $11.8 million, compared to fiscal year 2019, primarily due to COVID-19 impacts [250]. - Total revenue for the year ended December 31, 2020, was $815,225, a decrease of $11,833,030 or 93.55% compared to 2019 [267]. - The company's revenue decreased by approximately $11.83 million from approximately $12.65 million in 2019 to approximately $0.82 million in 2020, representing a decline of 93.55% [290]. - Domestic sales in 2020 were $574,921, a decline of 79% from $2,711,445 in 2019 [268]. - Sales to China in 2020 were $713,257, down 73% from $2,662,247 in 2019 [275]. - E-commerce sales in 2020 were $16,708, accounting for 2% of total revenue, a significant drop from 16% in 2018, indicating a need for market expansion [254]. Operational Challenges - Total production capacity decreased by 32.5%, from 8.0 tons per day in 2019 to 5.4 tons per day as of December 31, 2020 [226]. - The COVID-19 pandemic significantly disrupted supply chains and sales activities, contributing to decreased revenue [269]. - The company is facing 57 pending lawsuits related to non-payment of invoices, with total claims amounting to RMB13.86 million (approximately $2.12 million) [231]. - The company faced 57 lawsuits from suppliers and vendors since November 2019, impacting its credit and operational costs [261]. - The company has not made loan repayments totaling RMB20 million (approximately $3.18 million) to Qingdao Lingang Real Estate Co., Ltd. and anticipates potential bankruptcy proceedings if obligations are not settled [232]. - A court ruling mandated the company to repay RMB19.93 million (approximately $3.08 million) to China Construction Bank, with property auctioned for $5,098,461 (RMB33.14 million) to partially settle this debt [233]. - The company has not repaid RMB4.85 million (approximately $0.75 million) to Shanghai Pudong Development Bank, with potential bankruptcy risks if obligations remain unsettled [235]. - Labor arbitration claims from former employees total RMB 3.68 million ($0.56 million), with 98 cases initiated, of which 6 have been settled [239]. Financial Position - The company reported a working capital deficit of approximately $8.55 million as of December 31, 2020, compared to $7.3 million as of December 31, 2019 [290]. - Cash used in operating activities for the year ended December 31, 2020, totaled $2,628,255, primarily due to a net loss and changes in working capital [296]. - The company recorded a net cash inflow of $244,486 for the year ended December 31, 2020, compared to a net cash inflow of $3,804,073 in 2019 [8]. - The company was in default on substantially all outstanding loans, with total contractual obligations of $9,917,382 due by the end of 2025 [9]. - The company anticipates incurring additional costs related to compliance with the Sarbanes-Oxley Act, which may require seeking additional financing [307]. - As of December 31, 2020, total current liabilities increased by 32% to $19,070,896 from $14,461,900 as of December 31, 2019 [1]. Investment and Financing - The company raised approximately $2.73 million from the sale of 9,100,000 common shares at $0.30 per share to accredited investors [241]. - The company entered into subscription agreements for the sale of 9,100,000 common shares at $0.30 per share, raising approximately $2.73 million [294]. - Net cash provided by investing activities for the year ended December 31, 2020 was $3,355,189, including proceeds from the sale of short-term investments of $42,146,183 [297]. - Net cash used in financing activities for the year ended December 31, 2020 was $589,358, with repayments of short-term loans totaling $746,437 [300]. Future Outlook - The company is committed to developing new products and expanding its customer base to recover from operational challenges and improve financial performance [227]. - Future growth will require significant capital investments and effective management of operational challenges to ensure sustainability [230]. - The company plans to improve profitability and generate sufficient cash flow while exploring strategic acquisition opportunities to enhance operations [294]. - The company is closely monitoring COVID-19 developments and expects the negative impact to gradually mitigate as the outbreak is controlled in China [225]. - There is substantial doubt about the company's ability to continue as a going concern for the next 12 months due to ongoing financial challenges [295]. Cost and Expenses - Cost of revenues for 2020 was $857,060, down 93.87% from $13,992,499 in 2019 [266]. - General and administrative expenses were $1,766,109 in 2020, a reduction of 52.29% from $3,702,035 in 2019 [266]. - Operating expenses decreased by $3,551,514 or 65.34% from $5,435,616 in 2019 to $1,884,102 in 2020, but the ratio of operating expenses as a percentage of revenue increased to 231.11% [280]. - Research and Development expenses were $0 in 2020, compared to $1,062,582 in 2018, indicating a shift in strategy [265]. Assets and Liabilities - Total current assets increased by 46% from $7,192,890 in 2019 to $10,516,955 in 2020 [314]. - Cash and cash equivalents rose by 28% from $5,114,175 in 2019 to $6,566,549 in 2020 [314]. - Accounts receivable, net increased significantly by 678% from $21,657 in 2019 to $168,499 in 2020 [314]. - Total assets increased by 22% from $15,087,210 in 2019 to $18,452,910 in 2020 [314]. - Short-term loans outstanding increased from $7,624,061 as of December 31, 2019 to $8,391,323 as of December 31, 2020 [306]. - Inventory decreased by 47.75% to $247,245 from $473,216 as of December 31, 2019 due to reduced sales orders and rising raw material prices [4]. - Accounts payable decreased by $227,176 to $3,209,763 as of December 31, 2020, reflecting a reduction in material purchases due to a shortage of sales orders [7].