Guangdong Land Holdings (124) H2 2025 earnings summary

Executive summary

• Revenue rose 26.8% year-over-year to HK$8,571 million, driven by higher GFA delivered, especially from the Guangzhou GDH Future City Project with improved gross margins.

• Loss attributable to owners narrowed by 57.3% to HK$590 million, reflecting improved project profitability and cost controls.

• No final dividend was proposed for 2025.

• The Group continued to focus on property development and investment in the Greater Bay Area, with several projects achieving top regional sales and occupancy rates.

Financial highlights

• Gross profit surged 257.2% year-over-year to HK$2,787 million.

• Fair value losses on investment properties increased to HK$521 million from HK$45 million.

• Inventory impairment provisions rose to HK$1,542 million (2024: HK$1,064 million).

• Selling and marketing expenses fell 20.4% to HK$226 million; administrative expenses dropped 42.2% to HK$118 million.

• Net assets decreased 13% to HK$3,779 million; net asset value per share declined 14.4% to HK$1.78.

Outlook and guidance

• The Group expects continued policy support for the real estate sector in 2026, with a focus on stabilizing the market and reducing inventory.

• Plans to accelerate inventory clearance, balance rents and occupancy, and pursue revenue growth and cost reduction.

• Will prudently replenish high-value land reserves and enhance customer satisfaction and brand reputation.