Ganglong China Property Group (6968) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB2,702 million, down 67% year-over-year due to lower contracted sales and property recognition.

• Net loss widened to RMB1,926 million from RMB982 million in 2024, with a gross loss margin of 45%.

• Contracted sales reached RMB5,403 million with 473,990 sq.m. GFA sold at an ASP of RMB11,399/sq.m.

• No dividend was declared for 2025.

Financial highlights

• Cost of sales was RMB3,930 million, including RMB1,104 million provision for impairment.

• Selling and marketing expenses fell 36% to RMB118 million; G&A expenses decreased 5% to RMB202 million.

• Net finance costs rose 69% to RMB150 million due to lower interest capitalization.

• Cash and equivalents at year-end were RMB512 million, down from RMB839 million.

• Bank and other borrowings totaled RMB4,067 million, with RMB3,321 million due within a year.

Outlook and guidance

• Management expects continued market challenges but aims to accelerate property sales and control costs.

• Plans include seeking new financing, negotiating debt extensions, and potential asset disposals.