PDH(SH:600048)2025-10-21 14:50Key Financial Data Key Accounting Data and Financial Indicators Poly Developments' Q3 2025 and year-to-date financial performance shows a 30.65% revenue increase but significant declines in total profit and net profit attributable to shareholders Key Accounting Data and Financial Indicators for Q3 2025 and Year-to-Date (Unit: billion yuan, unless otherwise specified) | Item | Current Reporting Period | YoY Change in Current Period (%) | Year-to-Date | YoY Change Year-to-Date (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 56.86 | 30.65 | 173.72 | -4.95 | | Total Profit | -0.06 | -102.37 | 9.85 | -40.80 | | Net Profit Attributable to Shareholders | -0.78 | -299.19 | 1.93 | -75.31 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -0.84 | -329.03 | 1.74 | -76.76 | | Net Cash Flow from Operating Activities | N/A | N/A | 6.98 | / | | Basic Earnings Per Share (yuan/share) | -0.07 | -296.78 | 0.16 | -75.28 | | Diluted Earnings Per Share (yuan/share) | -0.07 | -296.78 | 0.16 | -75.28 | | Weighted Average Return on Net Assets (%) | Decreased -0.39 percentage points | 0.60 percentage points | 0.98 | Decreased 2.93 percentage points | | Total Assets (End of Current Period) | 1,287.39 | -3.57 | 1,335.11 (End of Previous Year) | -3.57 | | Owners' Equity Attributable to Listed Company Shareholders (End of Current Period) | 197.42 | -0.09 | 197.60 (End of Previous Year) | -0.09 | Non-Recurring Gains and Losses Items and Amounts This chapter details the company's non-recurring gains and losses for Q3 2025 and year-to-date, totaling 57.55 million yuan and 189.01 million yuan respectively, primarily from non-current asset disposals, government grants, and other non-operating income/expenses Non-Recurring Gains and Losses Items for Q3 2025 and Year-to-Date (Unit: million yuan) | Non-Recurring Gains and Losses Item | Current Period Amount | Year-to-Date Amount | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 14.50 | 60.23 | | Government Grants Included in Current Profit/Loss | 6.41 | 21.89 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets | 0.00 | 5.97 | | Other Non-Operating Income and Expenses | 39.47 | 150.98 | | Other Gains/Losses Meeting Non-Recurring Definition | 12.21 | 21.81 | | Less: Income Tax Impact | 14.89 | 40.08 | | Minority Interest Impact (After Tax) | 0.16 | 31.79 | | Total | 57.55 | 189.01 | Changes and Reasons for Key Accounting Data and Financial Indicators This chapter explains the changes in key accounting data and financial indicators, attributing a 30.65% revenue increase to project settlement, while significant profit declines are due to reduced profitability from settled projects amid market volatility - Operating revenue for the current period increased by 30.65% year-on-year, primarily due to increased project settlement revenue6 - Total profit, net profit attributable to shareholders, net profit excluding non-recurring items, and basic/diluted earnings per share for both the current period and year-to-date significantly declined, mainly due to reduced profitability from settled projects impacted by industry and market fluctuations6 Shareholder Information Total Number of Common Shareholders, Voting Rights Restored Preferred Shareholders, and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 247,737 common shareholders, with Poly Southern Group Co., Ltd. being the largest shareholder at 37.69% - The total number of common shareholders at the end of the reporting period was 247,7378 Top 10 Shareholders' Holdings (As of the End of the Reporting Period) | Shareholder Name | Shareholder Nature | Number of Shares Held | Shareholding Ratio (%) | Pledged, Marked, or Frozen Status (Number of Shares) | | :--- | :--- | :--- | :--- | :--- | | Poly Southern Group Co., Ltd. | State-owned Legal Person | 4,511,874,673 | 37.69 | 0 | | China Poly Group Co., Ltd. | State-owned Legal Person | 363,067,789 | 3.03 | 0 | | China Securities Finance Corporation Limited | State-owned Legal Person | 357,138,810 | 2.98 | 0 | | Huamei International Investment Group Co., Ltd. | Domestic Non-State-owned Legal Person | 202,472,515 | 1.69 | 62,820,000 (Pledged) | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 180,938,334 | 1.51 | 0 | | Central Huijin Asset Management Co., Ltd. | State-owned Legal Person | 175,821,300 | 1.47 | 0 | | Industrial and Commercial Bank of China - SSE 50 ETF | Other | 137,187,900 | 1.15 | 0 | | National Social Security Fund 413 Portfolio | Other | 123,947,712 | 1.04 | 0 | | Industrial and Commercial Bank of China - Huatai-PineBridge CSI 300 ETF | Other | 122,657,405 | 1.02 | 0 | | China Construction Bank - E Fund CSI 300 ETF | Other | 88,389,978 | 0.74 | 0 | Explanation of Top 10 Shareholders and Top 10 Unrestricted Shareholders' Participation in Margin Trading, Securities Lending, and Refinancing Businesses This chapter provides additional details on shareholder holdings, including the fourth largest shareholder's credit account holdings and the ongoing transfer of controlling shares to China Poly Group Co., Ltd - The company's fourth largest shareholder, Huamei International Investment Group Co., Ltd., holds 81.76 million shares through a credit securities account9 - As of September 30, 2025, the company's special repurchase securities account held 105.03 million shares, accounting for 0.88% of the company's total share capital9 - The controlling shareholder, Poly Southern Group Co., Ltd., plans to gratuitously transfer all its shares in the company to the actual controller, China Poly Group Co., Ltd., which will then directly hold 40.72% of the company's shares and become the controlling shareholder9 Other Reminders Other Important Information Regarding the Company's Operating Performance During the Reporting Period That Requires Investor Attention This chapter provides an overview of the national real estate market and Poly Developments' operations for the first three quarters of 2025, highlighting market declines, policy support, and the company's strategic focus on core cities despite revenue and profit drops - In the first three quarters of 2025, national commercial housing sales area decreased by 5.5% year-on-year, sales value decreased by 7.9%; real estate development investment decreased by 13.9%; new housing starts decreased by 18.9%; and completed housing area decreased by 15.3%10 - Policy continues to promote stable and healthy development of the real estate market and industry transformation, with core cities optimizing purchase restrictions and credit policies to support reasonable housing demand10 2025 First Three Quarters Poly Developments Key Operating Data | Indicator | Amount/Quantity | YoY Change (%) | | :--- | :--- | :--- | | Contracted Sales Value | 201.73 billion yuan | -16.53 | | Contracted Sales Area | 10.10 million square meters | -25.13 | | Newly Acquired GFA | 2.90 million square meters | - | | Total Acquisition Cost | 60.30 billion yuan | - | | New Starts Area | 5.12 million square meters | -40.19 | | Completed Area | 18.12 million square meters | -12.12 | - The company's newly acquired gross floor area was 2.90 million square meters, with a total acquisition cost of 60.30 billion yuan, all located in 38 core cities, and 51% of the investment amount was in core areas of tier-one cities like Beijing, Shanghai, and Guangzhou11 - As of the end of Q3, the company had 549 ongoing and planned projects, with 44.83 million square meters under construction and 45.16 million square meters awaiting development11 2025 First Three Quarters Poly Developments Key Financial Data | Indicator | Amount | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 173.72 billion yuan | -4.95 | | Net Profit Attributable to Shareholders | 1.93 billion yuan | -75.31 | | Sales Collection | 194.10 billion yuan | 96% (Collection Rate) | | Cash and Cash Equivalents at Period End | 122.65 billion yuan | - | | Total Assets | 1,287.39 billion yuan | -3.57 (vs. End of Previous Year) | | Net Assets Attributable to Shareholders | 197.42 billion yuan | -0.09 (vs. End of Previous Year) | | Asset-Liability Ratio | 73.27% | Decreased 1.08 percentage points (vs. End of Previous Year) | - Net profit attributable to shareholders significantly decreased by 75.31%, primarily due to reduced profitability from settled projects impacted by industry and market fluctuations12 Quarterly Financial Statements Type of Audit Opinion This chapter states that the company's Q3 2025 financial statements are unaudited - This quarter's financial statements are unaudited13 Financial Statements This chapter presents Poly Developments Holding Group Co., Ltd.'s unaudited Q3 2025 financial statements, including consolidated and parent company balance sheets, income statements, and cash flow statements Consolidated Balance Sheet As of September 30, 2025, the company's consolidated total assets were 1,287.39 billion yuan, a 3.57% decrease from year-end 2024, with total liabilities at 943.22 billion yuan and owners' equity attributable to the parent company at 197.42 billion yuan Consolidated Balance Sheet Key Data (Unit: yuan) | Item | September 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 122,646,272,448.93 | 134,167,475,994.87 | | Inventories | 746,209,511,137.92 | 798,559,419,241.70 | | Total Current Assets | 1,109,504,666,354.17 | 1,167,068,456,414.63 | | Total Non-Current Assets | 177,888,082,985.07 | 168,039,559,185.06 | | Total Assets | 1,287,392,749,339.24 | 1,335,108,015,599.69 | | Total Current Liabilities | 665,944,114,616.76 | 722,598,651,221.27 | | Total Non-Current Liabilities | 277,277,365,934.81 | 269,979,537,226.11 | | Total Liabilities | 943,221,480,551.57 | 992,578,188,447.38 | | Total Owners' Equity Attributable to Parent Company | 197,419,391,138.51 | 197,596,494,142.03 | | Total Owners' Equity | 344,171,268,787.67 | 342,529,827,152.31 | Consolidated Income Statement For the first three quarters of 2025, the company's total operating revenue was 173.72 billion yuan, a 4.95% year-on-year decrease, with net profit attributable to parent company shareholders significantly declining by 75.31% to 1.93 billion yuan Consolidated Income Statement Key Data (2025 First Three Quarters, Unit: yuan) | Item | 2025 First Three Quarters (Jan-Sep) | 2024 First Three Quarters (Jan-Sep) | | :--- | :--- | :--- | | Total Operating Revenue | 173,721,678,722.00 | 182,774,387,215.01 | | Total Operating Costs | 163,862,503,709.72 | 168,088,929,922.96 | | Operating Profit | 9,698,174,341.44 | 16,314,125,445.88 | | Total Profit | 9,848,751,008.75 | 16,635,751,459.10 | | Net Profit | 6,515,402,984.28 | 12,241,783,720.33 | | Net Profit Attributable to Parent Company Shareholders | 1,928,577,901.87 | 7,812,547,489.31 | | Minority Interest Income | 4,586,825,082.41 | 4,429,236,231.02 | | Basic Earnings Per Share (yuan/share) | 0.16 | 0.66 | | Diluted Earnings Per Share (yuan/share) | 0.16 | 0.66 | Consolidated Cash Flow Statement In the first three quarters of 2025, net cash flow from operating activities significantly improved to 6.98 billion yuan, while net cash outflow from investing and financing activities increased, resulting in a period-end cash and cash equivalents balance of 120.21 billion yuan Consolidated Cash Flow Statement Key Data (2025 First Three Quarters, Unit: yuan) | Item | 2025 First Three Quarters (Jan-Sep) | 2024 First Three Quarters (Jan-Sep) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 6,977,471,172.67 | -15,981,776,834.23 | | Net Cash Flow from Investing Activities | -4,034,746,520.63 | -479,817,001.68 | | Net Cash Flow from Financing Activities | -15,228,137,289.77 | -3,836,352,465.70 | | Net Increase in Cash and Cash Equivalents | -12,292,806,488.01 | -20,335,409,730.81 | | Cash and Cash Equivalents at Period End | 120,205,206,037.40 | 126,280,472,948.67 | Parent Company Balance Sheet As of September 30, 2025, the parent company's total assets were 331.63 billion yuan, a 5.20% decrease from year-end 2024, with total liabilities at 279.64 billion yuan and owners' equity at 51.99 billion yuan Parent Company Balance Sheet Key Data (Unit: yuan) | Item | September 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 8,905,571,959.05 | 11,226,028,043.70 | | Other Receivables | 287,097,178,648.49 | 303,477,771,639.45 | | Total Assets | 331,630,261,975.86 | 349,833,383,601.05 | | Total Liabilities | 279,636,326,603.70 | 298,591,690,485.37 | | Total Owners' Equity | 51,993,935,372.16 | 51,241,693,115.68 | Parent Company Income Statement For the first three quarters of 2025, the parent company's operating revenue was 171.15 million yuan, a 26.68% year-on-year decrease, with total profit at 3.20 billion yuan and net profit at 3.50 billion yuan, primarily driven by investment income Parent Company Income Statement Key Data (2025 First Three Quarters, Unit: yuan) | Item | 2025 First Three Quarters (Jan-Sep) | 2024 First Three Quarters (Jan-Sep) | | :--- | :--- | :--- | | Operating Revenue | 171,154,471.97 | 233,410,792.87 | | Financial Expenses | 1,728,965,084.97 | 1,511,760,558.48 | | Investment Income | 5,056,054,301.68 | 5,535,040,308.14 | | Total Profit | 3,203,887,279.33 | 3,863,196,122.07 | | Net Profit | 3,502,174,926.06 | 3,966,425,388.42 | | Total Comprehensive Income | 3,544,292,052.30 | 3,965,984,584.06 | Parent Company Cash Flow Statement In the first three quarters of 2025, the parent company's net cash outflow from operating activities improved to -2.95 billion yuan, while net cash inflow from investing activities was 4.57 billion yuan, and net cash outflow from financing activities increased, with a period-end cash and cash equivalents balance of 8.91 billion yuan Parent Company Cash Flow Statement Key Data (2025 First Three Quarters, Unit: yuan) | Item | 2025 First Three Quarters (Jan-Sep) | 2024 First Three Quarters (Jan-Sep) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -2,951,337,396.16 | -11,858,935,339.19 | | Net Cash Flow from Investing Activities | 4,571,746,584.91 | 5,706,985,486.39 | | Net Cash Flow from Financing Activities | -3,940,865,273.40 | 3,894,931,142.73 | | Net Increase in Cash and Cash Equivalents | -2,320,456,084.65 | -2,257,018,710.07 | | Cash and Cash Equivalents at Period End | 8,905,571,959.05 | 9,313,930,331.67 |