Yuexiu Property Company (123) H2 2025 earnings summary

Executive summary

• Contracted sales reached RMB106.21 bn in 2025, ranking 9th nationwide, with 85.6% from six core cities; sales declined 7.3% year-over-year.

• Revenue was RMB86.46 bn, up 0.1% year-over-year, while gross profit margin fell to 7.8%.

• After-tax profit rose 21.4% to RMB1.78 bn, but profit attributable to equity holders dropped 94.7% to RMB0.06 bn; core net profit declined 83.5% to RMB0.26 bn.

• Maintained prudent financial position with stable cash, investment grade ratings from S&P and Fitch, and top ESG recognitions.

• Focused on high-quality land acquisitions, with 96.3% of equity investment and 94.4% of landbank in core cities.

Financial highlights

• Revenue: RMB86.46 bn, up 0.1% year-over-year; gross profit margin declined to 7.8%.

• After-tax profit: RMB1.78 bn, up 21.4%; profit attributable to equity holders fell 94.7% to RMB0.06 bn; core net profit dropped 83.5% to RMB0.26 bn.

• Gross profit was RMB6.75 bn, down 25.5% year-over-year.

• Net cash inflows from operating activities: RMB13.94 bn.

• Dividend payout ratio at 44%; total dividend per share: RMB0.151.

Outlook and guidance

• 2026 sales target set to maintain RMB100 bn level, with RMB221.3 bn in saleable resources and RMB30.0 bn equity investment premium.

• Strategies include reducing inventory, precise investments in six key cities, and maintaining low financing costs.

• Plans to deepen urban renewal, expand property services, and leverage digital tools for management.