TDH Holdings, Inc. (PETZ): History, Ownership, Mission, How It Works & Makes Money

When you look at TDH Holdings, Inc. (PETZ), are you seeing a tiny micro-cap stock or a company that just delivered a massive operational pivot? The numbers for the first half of 2025 are defintely striking, showing a revenue jump of over 466% to $0.59 million, driven by its new focus as a commercial real estate property manager, a significant shift from its pet food roots. With a current market capitalization of just over $10.12 million, this is a complex story of reinvention and high liquidity-boasting $16.07 million in cash and equivalents-that demands a closer look at its history, mission, and how it's actually making money today.

TDH Holdings, Inc. (PETZ) History

You're looking for the bedrock of TDH Holdings, Inc. (PETZ), the history that explains its current, somewhat complex business model. The direct takeaway is this: the company started as a pet food manufacturer in China but has fundamentally pivoted to commercial real estate management in the U.S. in recent years, a shift that is still playing out in its 2025 financials.

Honestly, understanding this company means accepting its dual nature-a legacy pet food business that is now a real estate entity. That's a big change, and it's why the company's revenue streams look so different today compared to five years ago.

Given Company's Founding Timeline

Year established

TDH Holdings, Inc. was founded in April 2002.

Original location

The company was originally headquartered in Beijing, People's Republic of China. While its manufacturing base was often associated with Qingdao, the corporate base remains Beijing.

Founding team members

The company was founded by Rong Feng Cui. The current CEO, as of November 2025, is Dan Dan Liu.

Initial capital/funding

While initial seed capital details are not public, a major funding milestone was the Initial Public Offering (IPO) on the NASDAQ on September 20, 2017, with an offer price of $4.25 per share.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The most critical shift for TDH Holdings, Inc. was the pivot away from its original business model. The company was known for developing, manufacturing, and selling pet food, including pet chews and dried snacks, across Asia, Europe, and North America.

• The Commercial Real Estate Pivot: The company's primary business is now commercial real estate management in the United States. This is a dramatic change from its origins in the pet food industry, and it defintely re-rates the stock.
• Navigating Financial Volatility: The stock reached an all-time low of $0.65 on May 8, 2025, highlighting the market's reaction to the strategic uncertainty and operational challenges during the transition.
• 2025 Revenue Surge: The First Half 2025 financial results, reported on November 13, 2025, showed a massive revenue increase of 466.38% to $0.59 million, driven by the new core leasing business. Here's the quick math: the prior period's revenue was tiny, so even a small absolute increase looks huge percentage-wise.
• Positive Net Income: Despite a narrowed operating loss of $0.57 million, the company reported a net income of $1.38 million for the first half of 2025, largely due to other income, not just core operations. What this estimate hides is that the gross margin declined to 26.73% due to cost reclassification.
• Governance in Transition: The Annual General Meeting on October 29, 2025, confirmed the election of new directors and ratified the independent accounting firm for the fiscal year ending December 31, 2025, providing a clear path for governance under the new business focus.

To understand the strategic direction behind these changes, you should review the company's stated goals: Mission Statement, Vision, & Core Values of TDH Holdings, Inc. (PETZ).

TDH Holdings, Inc. (PETZ) Ownership Structure

TDH Holdings, Inc. (PETZ) is a publicly-traded company, and its ownership structure is heavily concentrated among insiders and retail investors, with institutional holdings representing a very small fraction of the total shares outstanding. This dynamic means that strategic decisions are predominantly influenced by the management team and individual shareholders, a structure that often leads to higher stock volatility.

TDH Holdings, Inc.'s Current Status

TDH Holdings, Inc. is a PRC-based company that operates and manages commercial real estate properties, trading on the NASDAQ Stock Exchange under the ticker PETZ. As of November 2025, the company's market capitalization is approximately $9.98 million to $10.12 million.

The company has shown some recent financial improvement in its core leasing business. For the first half of the 2025 fiscal year, ending June 30, 2025, the company reported revenues of $0.59 million, a significant increase of 466.38% year-over-year, and a net income of $1.38 million, resulting in earnings per share (EPS) of $0.13. You can dig deeper into the company's performance by reading Breaking Down TDH Holdings, Inc. (PETZ) Financial Health: Key Insights for Investors.

TDH Holdings, Inc.'s Ownership Breakdown

The ownership structure of TDH Holdings, Inc. reflects a tight grip by insiders, while the public float carries the majority of the risk and reward. Here's the quick math on the breakdown as of late 2025, based on public filings:

To be fair, the institutional ownership of 0.22% is extremely low for a NASDAQ-listed company, which is a key factor in its low average trading volume. This means institutional due diligence is minimal, so you need to do your own defintely.

TDH Holdings, Inc.'s Leadership

The company is steered by a small, experienced leadership team, with the CEO also serving as the Chairman, which is a common structure in smaller-cap companies but one that concentrates power. The average tenure for the board of directors is approximately 6.8 years.

• Dandan Liu: Chairman and Chief Executive Officer (CEO). Ms. Liu has served as CEO since August 2019 and Chairman since September 2020. Her total compensation for 2024 was $120,000.
• Feng Zhang: Chief Financial Officer (CFO), Corporate Secretary, and Director.
• Owens Meng: Independent Director.
• Qiu Li: Independent Director.
• Caifen Zou: Independent Director.

The CEO's compensation is below the market average for similar-sized US companies, but it has been consistent with the company's performance over the past year.

TDH Holdings, Inc. (PETZ) Mission and Values

TDH Holdings, Inc.'s core purpose has pivoted from pet nutrition to commercial real estate management, so its cultural DNA now centers on client retention and service quality to drive revenue growth, not just product safety. The company's mission, extracted from its 2025 business focus, is to establish long-term, stable client relationships and enhance market competitiveness through superior property leasing services.

TDH Holdings, Inc.'s Core Purpose

For a company with the ticker PETZ (a legacy from its former pet food business), the current mission is defintely about real estate. The shift is clear: the focus is on maximizing commercial property value and attracting high-quality tenants, a far cry from manufacturing dry kibble.

Official Mission Statement (Inferred from 2025 Operations)

Because TDH Holdings, Inc. is actively transitioning, a new, formal mission statement for the commercial real estate business isn't publicly available. However, based on their actions and stated goals in the first half of 2025, their operational mission is:

• Establish long-term and stable cooperative relationships with clients.
• Strengthen brand image and enhance market competitiveness by improving service quality.
• Optimize the leasing process to attract high-quality tenants.

Here's the quick math: the focus on this new mission helped drive revenues from continuing operations up by 466.38% to $0.59 million in the first half of 2025, compared to the same period in the prior year.

Vision Statement (Inferred)

The company's vision is less about a grand industry transformation and more about financial stability and growth in a challenging market. They are seeking to lay a solid foundation for continuous growth in the commercial real estate leasing business, which is a pragmatic, near-term vision.

• Achieve continuous revenue growth in the commercial real estate leasing business.
• Provide personalized leasing solutions that meet the diverse needs of enterprises of different scales.
• Maintain a profitable operation, evidenced by the $1.38 million net income attributable to common stockholders in H1 2025.

To be fair, the old pet food vision was about industry leadership and innovation in pet nutrition, but the new reality is about being a stable, profitable real estate manager.

TDH Holdings, Inc. Slogan/Tagline

TDH Holdings, Inc. does not currently use a widely publicized corporate slogan or tagline for its commercial real estate business. Their public communications focus on concrete financial results and operational improvements, such as the successful attraction of many high-quality tenants through accurate market positioning. If you want to dive deeper into how they are managing this pivot, you should read Breaking Down TDH Holdings, Inc. (PETZ) Financial Health: Key Insights for Investors.

TDH Holdings, Inc. (PETZ) How It Works

TDH Holdings, Inc. (PETZ) operates primarily as an owner, operator, and manager of commercial real estate properties, generating revenue through property leasing and customized real estate services. The company's strategic pivot to commercial real estate management drives its current financial performance, reporting a 466.38% increase in revenues to $0.59 million for the first half of 2025.

TDH Holdings, Inc.'s Product/Service Portfolio

TDH Holdings, Inc.'s Operational Framework

The company's operational framework centers on maximizing occupancy and tenant value within its commercial real estate portfolio, which is the core driver of its H1 2025 gross profit of $0.16 million. Here's the quick math: The operating loss narrowed to $0.57 million from $1.08 million year-over-year, largely due to revenue growth and cost control. This is a defintely positive trend.

• Optimize the leasing process to reduce friction and accelerate tenant acquisition.
• Implement rigorous cost control measures, which helped narrow the operating loss in H1 2025.
• Improve service quality to enhance the brand image and tenant loyalty.
• Focus on providing personalized solutions, considering the specific characteristics of different-sized and industry-diverse tenants.

TDH Holdings, Inc.'s Strategic Advantages

TDH Holdings' market success is currently underpinned by a substantial liquidity position and a clear focus on a growing segment of the commercial real estate market, particularly in the US. The company's net income for the first half of 2025 was $1.38 million, demonstrating a profitable period despite an operating loss.

• Significant Liquidity: The company holds a strong cash position, with cash and cash equivalents of $16.07 million and short-term investments of approximately $15.45 million as of June 30, 2025, providing a capital buffer for operations and potential acquisitions.
• Enhanced Market Competitiveness: The strategic shift to commercial real estate, coupled with improving service quality and brand image, has enhanced its position in the market.
• Value-Added Leasing: Providing customized leasing solutions meets diverse client needs, which is a key factor in attracting and retaining 'high-quality tenants.'

You can get a deeper look at the company's foundational principles here: Mission Statement, Vision, & Core Values of TDH Holdings, Inc. (PETZ).

TDH Holdings, Inc. (PETZ) How It Makes Money

TDH Holdings, Inc. primarily makes money by acting as an owner, operator, and manager of commercial real estate properties in the People's Republic of China, generating revenue through property leasing. Its financial health, however, is significantly bolstered by substantial non-operating income from investments, which currently outweighs its core business revenue.

TDH Holdings, Inc.'s Revenue Breakdown

The company has strategically shifted its focus from its original pet food business, which is now largely a discontinued operation, to commercial real estate. For the first half of 2025 (H1 2025), total revenue from continuing operations was $0.59 million, a massive 466.38% increase over the prior year's period, driven by stronger tenant demand and effective leasing strategies.

Note: The table reflects revenue from continuing operations only, which is the commercial real estate business. The former pet food operations are now minimal or discontinued from the continuing business segment.

Business Economics

The core economics of TDH Holdings, Inc. are centered on the spread between leasing income and property operating costs, but the overall profitability picture is complex due to its investment activities. The company's strategy involves providing personalized leasing solutions to attract and retain high-quality tenants, which helps drive revenue growth.

• Gross Margin: The gross profit margin for H1 2025 stood at 26.73%, down from 35.26% in the prior period. This drop was a result of reclassifying certain agency service and maintenance costs directly related to leasing from administrative expenses into the cost of revenues.
• Cost Structure: Cost of revenues primarily includes lease and occupancy costs, depreciation, amortization, and agency service costs. The cost of revenues rose by 541.07% to $0.43 million in H1 2025, in line with the significant revenue increase.
• Pricing Strategy: The company uses 'accurate market positioning' and customized service to meet the diverse needs of small and medium-sized enterprises (SMEs) renting office space. This customized approach allows for differentiated pricing and improved tenant satisfaction, which is key to sustaining the revenue growth trend.

Here's the quick math: The gross profit of $0.16 million on $0.59 million in revenue shows the core leasing business is profitable at the gross level, but operating expenses still lead to a loss.

TDH Holdings, Inc.'s Financial Performance

While the operating business is still in a turnaround phase, the company's balance sheet is relatively strong, largely due to its cash position and investment returns. The net income figure is a crucial indicator of the company's current financial engine.

• Net Income Driver: Net income for H1 2025 was $1.38 million, which is significantly higher than the $0.59 million in revenue. This is because non-operating income, primarily from investments, totaled $1.97 million.
• Operating Loss: The loss from operations narrowed to $0.57 million in H1 2025, a 47.21% improvement from the $1.08 million loss in the same period last year. This is a defintely positive trend, showing better cost control and revenue growth in the core business.
• Liquidity and Assets: As of June 30, 2025, the company held $16.07 million in cash and cash equivalents and $15.45 million in short-term investments. Total assets were reported at $37.80 million, providing a strong liquidity buffer for a company with a market capitalization of around $10.32 million.
• Per Share Metrics: Earnings per share (EPS) for H1 2025 was $0.13, remaining stable compared to the prior year.

What this estimate hides is that the business is currently an investment vehicle with a nascent real estate operation, not a self-sustaining operating business yet. For a deeper dive into the risks and opportunities, you should be Breaking Down TDH Holdings, Inc. (PETZ) Financial Health: Key Insights for Investors. Finance: Track the gross margin trend quarterly to see if cost reclassification stabilizes the margin above 30% by the end of the fiscal year.

TDH Holdings, Inc. (PETZ) Market Position & Future Outlook

TDH Holdings, Inc. has fundamentally pivoted its business model, moving from pet food to becoming an owner, operator, and manager of commercial real estate properties in the People's Republic of China (PRC). While its H1 2025 revenue from this new segment surged by 466.38% to $0.59 million, the company remains a micro-cap entity with a current market capitalization of just $10.94 million as of late 2025, operating with an H1 2025 operating loss of $0.57 million.

Competitive Landscape

In the vast Chinese commercial real estate market, which was valued at approximately $0.86 trillion in 2025, TDH Holdings, Inc. holds a negligible market share. Its strategy is to compete through localized, customized service rather than scale, a necessary approach given the dominance of state-backed and massive private conglomerates. You can't fight a giant head-on; you have to find a niche.

Opportunities & Challenges

The company's future trajectory hinges on its ability to convert its impressive revenue growth rate into sustained operating profitability. Here's the quick math: H1 2025 revenue was $0.59 million, but the operating loss was $0.57 million. The net income of $1.38 million was largely driven by other non-operating income, not the core leasing business.

Industry Position

TDH Holdings, Inc. is positioned as a small, specialized operator within the massive, yet volatile, PRC commercial real estate market. Its focus is on the leasing and management aspect, which is forecast to grow at a 6.98% Compound Annual Growth Rate (CAGR) through 2030, a faster pace than the sales segment.

• Niche Focus: The company targets small and medium-sized enterprises (SMEs), a segment often overlooked by the major players who focus on Grade-A towers and large-scale complexes.
• Financial Health Concern: Despite the revenue surge, the company's financial health is a primary concern, with valuation heavily impacted by negative earnings and a 'Strong Sell' technical sentiment from analysts.
• Strategic Asset-Light Approach: By prioritizing property management and leasing solutions over large-scale green-field development, the company aligns with the market's shift toward 'asset-light operators' who can combine patient capital with technology-enabled property management.

To be fair, the company has the cash reserves to execute its strategy, but the path to sustainable operating profit is defintely still a climb. You can dive deeper into the ownership structure and investment rationale by Exploring TDH Holdings, Inc. (PETZ) Investor Profile: Who's Buying and Why?