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China Resources Land (1109) investor relations material
China Resources Land H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record revenue of RMB281.44bn in 2025, up 0.9% YoY, with a five-year CAGR of 7.3%.
Attributable net profit reached RMB25.42bn; core net profit RMB22.48bn.
Maintained third place in industry ranking for contracted sales at RMB233.6bn.
Full-year dividend per share was RMB1.166, with a 37% payout ratio and a dividend yield of 4.7%.
Earnings per share was RMB3.56; core net profit per share was RMB3.15.
Financial highlights
Recurring income was RMB43.3bn, up 3.7% YoY; recurring core net profit RMB11.6bn, down 11.4% YoY.
Gross profit for 2025 was RMB59.74bn, with a GPM of 21.2%, down 0.4pp YoY.
Weighted average funding cost reduced to 2.72%.
AUM increased 13.1% YoY to RMB502.2bn.
Cash and cash equivalents at RMB117.0bn; net gearing ratio 39.2%.
Outlook and guidance
Strategic focus shifts from incremental expansion to quality-driven renewal, aiming to become a world-class urban investor, developer, and operator.
Emphasis on integrated “Invest-Develop-Operate” model and three synergistic growth curves.
Plans to increase shopping malls in operation to 127 by 2030, focusing on tier 1 and 2 cities.
High-quality saleable resources for 2026, with 92% in tier 1 and 2 cities.
Plans to leverage REITs, digitalization, and organizational reform to drive future growth.
- Revenue up 19.9% YoY to RMB94.92bn, gross margin 24.0%, and top 3 sales ranking maintained.1109
H1 20259 Dec 2025 - Revenue up 8.4% YoY, core net profit RMB10.74bn, recurring profit up 14.4%.1109
H1 20249 Dec 2025 - Revenue up 11%, core profit down 8.5%, recurring income now 40.7% of total.1109
H2 20245 Jun 2025
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