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Shimao Group (813) investor relations material
Shimao Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for 2025 was RMB28.418 billion, down 52.6% year-over-year, mainly due to lower property sales and slower construction pace amid liquidity pressures.
The group returned to profitability with a net profit of RMB4.477 billion, compared to a net loss of RMB43.686 billion in 2024, primarily due to a RMB69.5 billion gain from offshore debt restructuring.
Total borrowings decreased significantly to RMB182.266 billion from RMB252.051 billion at year-end 2024, following the completion of the offshore debt restructuring.
No final dividend was recommended for 2025.
Financial highlights
Gross loss widened to RMB28.776 billion from RMB5.869 billion, mainly due to increased impairment losses on properties.
Other income and gains surged to RMB63.35 billion, driven by the debt restructuring gain.
Earnings per share (basic) was RMB2.61, compared to a loss per share of RMB9.48 in 2024.
Cash and bank balances stood at RMB12.07 billion, down from RMB15.75 billion.
Borrowings-to-assets ratio improved to 51.0% from 57.8% year-over-year.
Outlook and guidance
The group aims to focus on high-quality, sustainable development, balancing asset-heavy and asset-light businesses, and exploring new growth drivers.
Cautious optimism is maintained for the Hong Kong property market, with plans to seize market opportunities and drive steady sales growth.
- Net loss widened to RMB22.67 billion as gross profit and liquidity deteriorated sharply.813
H1 20242 Dec 2025 - Net loss widened to RMB35.91 billion amid negative margins and major debt restructuring.813
H2 20242 Dec 2025 - Revenue halved and net loss narrowed as major offshore debt restructuring was completed.813
H1 202526 Sep 2025
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