Longfor Group (960) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB97.31 billion, with property development contributing RMB70.54 billion, property operation RMB14.19 billion, and property service RMB12.58 billion.

• Profit attributable to owners was RMB1.02 billion; core net loss attributable to owners was RMB1.70 billion, excluding fair value changes.

• Property operation and service segments delivered stable profits, with core net profit of RMB7.92 billion.

• No final dividend declared for 2025; interim dividend of RMB0.07 per share was paid.

Financial highlights

• Gross profit for 2025 was RMB9.43 billion, down from RMB20.41 billion in 2024.

• Basic earnings per share was RMB0.15; core basic loss per share was RMB0.25.

• Net debt to equity ratio was 52.2%; average finance cost was 3.51% per annum.

• Cash in hand at year-end was RMB29.20 billion; total borrowings decreased by RMB23.51 billion year-over-year.

• Total assets were RMB595.86 billion; total liabilities RMB358.86 billion.

Outlook and guidance

• Focus remains on prudent financial management, debt reduction, and positive operating cash flow.

• In 2026, emphasis will be on inventory reduction, asset revitalization, and product competitiveness.

• Plans to open nine new shopping malls in 2026, maintaining a balanced asset-light and asset-heavy strategy.