China Overseas Land & Investment (0688) investor relations material

Executive summary

• Achieved industry-leading attributable sales of RMB251.23b in 2025, ranking No.1 for two consecutive years and holding top market share in 15 cities.

• Revenue for 2025 was RMB168.09b, with profit attributable to shareholders at RMB12.69b and core profit at RMB13.01b.

• Maintained strong presence in first-tier cities, with 73.9% of attributable land premium and robust sales in Beijing, Shenzhen, Hong Kong, Shanghai, and Guangzhou.

• Successfully listed China Overseas Commercial REIT on the Shenzhen Stock Exchange, enhancing asset management capabilities.

• The Group expanded its land reserve by acquiring 35 land parcels, adding 4.99m sq m GFA.

Financial highlights

• Net operating cash inflow was RMB16.73b, with cash on hand at RMB103.63b, representing 11.3% of total assets.

• Liability-to-asset ratio stood at 54.1%, among the lowest in the industry; net gearing ratio was 34.2%.

• Average borrowing cost was 2.8%, and SG&A expenses as a percentage of revenue remained low at 4.0%.

• FY dividend per share was HK50 cents, with a payout ratio of 38.6%.

• Revenue decreased to RMB168.09b from RMB185.15b year-over-year.

Outlook and guidance

• Will prioritize development in first-tier and major second-tier cities, leveraging ample saleable resources and optimal product mix to maintain leadership in sales and profitability.

• Key projects planned for launch in 2026 across Shanghai, Shenzhen, Hangzhou, Beijing, Guangzhou, and Chengdu.

• The Group expects macroeconomic growth, policy support, and internal resilience to drive market stabilization and sustainable, high-quality development.

• Plans to enhance commercial operations and expand REIT platforms to unlock asset value.

• Confident in achieving record-high sales in the Hong Kong market as it stabilizes.