Group 1 - The company achieved a turnaround in profitability for 2025, reporting a profit of approximately 4.477 billion yuan compared to a loss of about 43.686 billion yuan in the previous year [1] - The real estate industry is experiencing a contraction, making product quality and refined operations key drivers for development. The company focuses on enhancing product quality and creating customer value through precise market understanding and efficient execution [1] - In 2025, the company recorded a contract sales amount of 23.953 billion yuan, with a total contracted sales area of 1.9646 million square meters and an average selling price of 12,192 yuan per square meter [1] Group 2 - As of the end of 2025, the company had approximately 9.18 million square meters of construction in progress and completed about 2.46 million square meters during the year. The company owns around 341.6 million square meters of land reserves across 192 projects, providing necessary support for future saleable resources [2] - The company will not add new land reserves in 2025 and will maintain a prudent investment strategy focused on core resources to strengthen its operational foundation [2] Group 3 - The company reported total revenue of 28.418 billion yuan for the year ending December 31, 2025, a decrease of 52.62% year-on-year. The profit attributable to equity holders was 14.473 billion yuan, compared to a loss of 35.905 billion yuan in the previous year, with basic earnings per share of 2.61 yuan [3]

Group 1 - The core viewpoint of the article is that Shimao Group's subsidiary, Shanghai Shimao Co., Ltd., reported its financial performance for the year ending December 31, 2025, showing a significant revenue figure and a reduced net loss compared to the previous year [1] Group 2 - Shanghai Shimao achieved a revenue of 5.267 billion RMB [1] - The net loss attributable to the owners of Shanghai Shimao was 9.762 billion RMB, which represents a year-on-year reduction of 33.75% [1] - The earnings per share were reported at a loss of 2.71 RMB [1]

Group 1 - The core point of the article is that Shimao Group reported a turnaround in its financial performance for the year 2025, achieving a net profit after a significant loss in the previous year [2] - In 2025, Shimao Group's contracted sales amounted to 23.953 billion yuan, with a contracted sales area of 1.965 million square meters [2] - The company's revenue for 2025 was approximately 28.418 billion yuan, while it recorded a net profit of about 4.477 billion yuan, contrasting with a loss of approximately 43.686 billion yuan in 2024 [2] Group 2 - The improvement in net profit is attributed to the benefits gained from the completion of overseas debt restructuring [2] - The total borrowing of Shimao Group was approximately 182.266 billion yuan [2]

Core Viewpoint - Shimao Group reported a turnaround in its financial performance for the year 2025, achieving a profit after a significant loss in the previous year [1] Financial Performance - The total contract sales for 2025 amounted to RMB 23.953 billion, with a sales area of 1.965 million square meters [1] - The group's revenue for the period was approximately RMB 28.418 billion [1] - The company achieved a profit of about RMB 4.477 billion for 2025, compared to a loss of approximately RMB 43.686 billion in the previous year [1] Debt and Liabilities - The total borrowing of the group was approximately RMB 182.266 billion, a significant decrease of about RMB 69.785 billion from approximately RMB 252.051 billion at the end of the previous year [1] Land Reserves - The group's land reserves were approximately 34.16 million square meters (before equity) [1]

Core Viewpoint - Shimao Group (00813) reported that its subsidiary, Shanghai Shimao Co., Ltd., is expected to achieve a revenue of 5.267 billion RMB by the end of 2025, while also narrowing its net loss to 9.762 billion RMB, a year-on-year reduction of 33.75% [1] Financial Performance - Shanghai Shimao's projected revenue for 2025 is 5.267 billion RMB [1] - The net loss attributable to the owners of Shanghai Shimao is expected to be 9.762 billion RMB, which represents a 33.75% year-on-year improvement [1] - Earnings per share are projected to be a loss of 2.71 RMB [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全 部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | | 2025年 | 2024年 | | --- | --- | --- | --- | --- | | | | | 人民幣 | 人民幣 | | 1. | 營業收入 | | 5,267,068,418.08 | 6,676,131,460.83 | | | 減： | 營業成本 | 3,724,313,224.88 | 5,579,514,832.96 | | | | 營業稅金及附加 | 393,935,884.12 | 359,075,052.00 | | | | 銷售費用 | 160,914,300.15 | 188,842,671.98 | | | | 管理費用 | 529,734,863.79 | 516,054,042.76 | | | | 財務費用 | 752,357,840.99 | 784,031,180.32 | | | | 投資損失 | 1,675,806,262.97 | ...

Core Viewpoint - Shimao Group achieved a net profit of 4.477 billion yuan in 2025, marking a turnaround from a loss of 43.686 billion yuan in 2024 [1] Financial Performance - The company reported total revenue of 28.418 billion yuan in 2025 [1] - Revenue from hotel operations, commercial operations, property management, and other income accounted for 41.8% of total revenue, an increase of 21.7 percentage points compared to 2024 [1] Debt Management - As of December 31, 2025, Shimao Group's total debt decreased to 182.266 billion yuan, a reduction of 69.785 billion yuan from the previous year [1]

Core Viewpoint - Shimao Group reported a significant turnaround in its financial performance for the year ending December 31, 2025, achieving a profit of RMB 144.73 billion compared to a loss of RMB 359.05 billion in the previous year, primarily due to gains from overseas debt restructuring [1] Financial Performance - The company generated revenue of RMB 284.18 billion, a decrease of 52.62% year-on-year [1] - Basic earnings per share were RMB 2.61, with an annual profit of approximately RMB 44.77 billion, contrasting with a loss of about RMB 436.86 billion in the previous year [1] Sales and Operations - Shimao Group achieved contract sales of RMB 239.53 billion, with a total contracted sales area of 1.9646 million square meters and an average selling price of RMB 12,192 per square meter [1] - The company emphasized the importance of product quality and customer value creation, alongside refined operational management to maintain sales momentum [1] Service Segment - In 2025, Shimao Services reported revenue of RMB 7.88 billion, with a gross profit of RMB 1.4 billion and a net profit of RMB 134.6 million, while core net profit stood at RMB 572 million [1] - By December 31, 2025, Shimao Services operated in 145 cities, providing services for 1,428 projects, managing a total construction area of 221 million square meters and a contracted construction area of 334.6 million square meters [1] Land Reserves and Future Strategy - As of the end of 2025, the company had approximately 9.18 million square meters of construction area under development and completed about 2.46 million square meters during the year [2] - Shimao Group held around 341.6 million square meters of land reserves across approximately 192 projects, with no new land acquisitions planned for 2025, focusing instead on prudent investment standards and core resource consolidation [2]

Financial Performance - For the year ending December 31, 2025, the company achieved contract sales of RMB 23.953 billion, with a sales area of 1.965 million square meters[3]. - The company's total revenue for the year was approximately RMB 28.418 billion, with property sales contributing RMB 16.539 billion, accounting for 58.2% of total revenue[5]. - The company reported a net profit of approximately RMB 4.477 billion for 2025, a significant turnaround from a net loss of RMB 43.686 billion in the previous year[3]. - For the year ending December 31, 2025, the group's revenue was approximately RMB 28.42 billion, a decrease of 52.6% compared to RMB 59.98 billion in 2024[19]. - The gross loss for the year ending December 31, 2025, was RMB 28.776 billion, compared to a gross loss of RMB 5.869 billion in 2024[44]. - The annual profit for the year ending December 31, 2025, was RMB 4.477 billion, compared to a loss of RMB 43.686 billion in 2024[44]. - Total comprehensive income for 2025 reached RMB 4,450,745, compared to a loss of RMB (43,674,965) in 2024[46]. - Profit attributable to equity holders of the company for 2025 was RMB 14,473,362, a significant recovery from a loss of RMB (35,905,060) in 2024[46]. - Basic earnings per share for 2025 was RMB 2.61, compared to a loss per share of RMB (9.48) in 2024[46]. Debt and Liabilities - As of December 31, 2025, the company's total debt was approximately RMB 182.266 billion, a reduction of about RMB 69.785 billion from RMB 252.051 billion at the end of the previous year[3]. - The total liabilities decreased to RMB 344,575,203 in 2025 from RMB 433,083,061 in 2024, a decline of about 20.5%[50]. - The company reported a significant reduction in trade payables and other payables, totaling RMB 79,872,455 in 2025 compared to RMB 83,083,588 in 2024[50]. - The group has RMB 92.5 billion in borrowings that are not scheduled for repayment as planned by December 31, 2025[115]. - The group is currently negotiating with creditors to seek extensions on repayment deadlines, but most of these debts have not yet formalized extension agreements[118]. Operational Highlights - The company delivered approximately 281,000 housing units across 278 projects in 93 cities from 2022 to 2025, ensuring the protection of homeowner rights[7]. - The company maintained a land reserve of approximately 34.16 million square meters as of December 31, 2025, with no new land reserves added during the year[8]. - The company’s property management segment generated revenue of RMB 788 million, with a gross profit of RMB 140 million and a net profit of RMB 13.46 million for 2025[10]. - The average selling price for contracts in 2025 was RMB 12,192 per square meter, reflecting the company's focus on product quality and customer value creation[5]. - The company plans to continue its cautious investment strategy, focusing on core resources to strengthen its operational foundation[8]. Market Conditions - The overall contracted sales of the group continue to decline amid a shrinking real estate market in mainland China[58]. - Commercial operating revenue is projected to decline by about 10.4% from RMB 1.667 billion in 2024 to RMB 1.493 billion in 2025, primarily due to economic challenges and a slowdown in consumer market growth[22]. - The total income from hotel operations was RMB 2.19 billion, slightly down from RMB 2.23 billion in 2024[19]. - The overall occupancy rate for the hotel segment was 68%, with total revenue reaching RMB 2.18 billion for the year[12]. Cash Flow and Financing - As of December 31, 2025, the total cash and bank balances (including restricted cash) amounted to approximately RMB 12.070 billion, a decrease of approximately RMB 3.682 billion from RMB 15.752 billion as of December 31, 2024[38]. - The group has successfully implemented a debt restructuring plan, resulting in the elimination of approximately USD 6.8 billion in foreign debt and approximately HKD 21 billion in loans from various foreign banks and financial institutions[57]. - The group anticipates that its operating activities will generate sufficient cash inflows to meet its financial obligations due within the next 12 months[58]. - The company reported a net foreign exchange loss of RMB 2,844,126 thousand in 2025, compared to a gain of RMB 2,219,171 thousand in 2024[101]. Governance and Management - The board of directors includes three executive directors, two non-executive directors, and three independent non-executive directors, ensuring a balance of power and operational efficiency[129]. - The chairman and CEO, Mr. Xu Shitan, believes that holding both positions aids in the effective execution of the group's business strategy[128]. - The independent auditor's report indicated an inability to express an opinion on the consolidated financial statements due to insufficient audit evidence[114]. Future Outlook - The group plans to enhance operational efficiency and strengthen internal collaboration and resource integration in 2026[16]. - The group aims to focus on customer needs and solidify its operational foundation while exploring new areas for growth[17]. - The company is currently evaluating the impact of newly issued but not yet effective Hong Kong Financial Reporting Standards, but has not yet determined their significant effects on its business performance and financial position[62].

Core Viewpoint - Shimao Group has updated its announcement regarding the "no opinion" matter for the 2024 annual report, highlighting significant progress in its debt restructuring efforts and ongoing negotiations with creditors [1] Group 1: Debt Restructuring - The company's offshore debt restructuring plan became effective on July 21, 2025, with approximately $4.1 billion of mandatory convertible bonds converted into new shares, representing about 82% of the total amount issued [1] - In addition to offshore debt restructuring, the company has been negotiating loan extensions or restructurings with domestic lenders, successfully extending approximately 1.8 billion yuan of domestic loans since early 2026, with the longest extension lasting until 2029 [1] Group 2: Cash Flow Improvement - The company is implementing targeted incentive plans for the recovery and revitalization of various receivables and is actively responding to government support policies to improve cash flow [1] - Measures include revitalizing funds from government regulatory accounts, advance land payments, and various deposits, which are used to pay or offset project engineering costs, taxes, and other expenses [1] Group 3: Sales and Delivery - The company plans to accelerate the sale of existing properties and ensure delivery, setting reasonable sales prices and supply plans based on market conditions to achieve sales and collection targets [1] - In the first two months of this year, the total contracted sales amounted to 2.811 billion yuan [1] Group 4: Government Support - As of the announcement date, the company has secured loans totaling approximately 749 million yuan under the local government whitelist, alleviating financial pressure for housing delivery [2]