2025-10-30 12:07Financial Performance - Revenue for the first nine months of 2025 was RMB 161.39 billion, a decrease of 26.61% compared to RMB 219.89 billion in the same period of 2024[7] - The net loss attributable to shareholders for the first nine months of 2025 was RMB 28.02 billion, representing a 56.14% increase from RMB 17.94 billion in 2024[7] - Basic and diluted earnings per share for the first nine months of 2025 were both RMB (2.36), down 55.82% from RMB (1.51) in 2024[7] - Gross profit for the same period was RMB 1,156,502 thousand, down from RMB 18,961,794 thousand, indicating a significant decline in profitability[41] - Operating loss increased to RMB 11,207,140 thousand from RMB 1,919,187 thousand year-over-year[41] - Total comprehensive loss for the period was RMB 29,257,684 thousand, compared to RMB 15,556,237 thousand in 2024[43] Cash Flow and Assets - The net cash flow used in operating activities for the first nine months of 2025 was RMB (5.89) billion, a decline of 21.49% from RMB (4.85) billion in 2024[7] - Cash generated from operating activities was RMB 366,828 thousand, a sharp decline from RMB 4,367,798 thousand in the prior year[46] - Cash and cash equivalents as of September 30, 2025, were RMB 60,387,822 thousand, down from RMB 84,009,392 thousand at the beginning of the year[46] - Total assets as of September 30, 2025, were RMB 1,136.59 billion, a decrease of 11.64% from RMB 1,286.26 billion at the end of 2024[7] - Non-current assets decreased to RMB 353,608,977 thousand from RMB 368,747,782 thousand as of December 31, 2024[44] - Current liabilities decreased to RMB 599,690,825 thousand from RMB 719,061,817 thousand year-over-year[45] Shareholder Information - Equity attributable to shareholders was RMB 175.76 billion, down 13.28% from RMB 202.67 billion at the end of 2024[7] - The number of ordinary shareholders at the end of the reporting period was 493,176, with 493,108 from A-shares and 68 from H-shares[12] Business Operations - The real estate development business contributed CNY 114.25 billion in revenue from a settled area of 8.33 million square meters during the first nine months[26] - In Q3, the company reported a revenue of CNY 56.07 billion, with a net loss of CNY 16.07 billion, primarily due to a decline in settlement scale and low gross margins[26] - The overall pre-tax gross margin for the first nine months was 0.7%, while the after-tax gross margin was -3.6%[27] - The company completed the delivery of 74,000 units across 187 projects in the first nine months, focusing on enhancing delivery quality[28] - Contract sales in Q3 reached 2.36 million square meters, generating CNY 31.34 billion, reflecting a year-on-year decline of 39.7% and 41.8% respectively[28] - The company has 13.22 million square meters of sold but uncompleted resources, with a total contract value of approximately CNY 154.81 billion as of September 30[28] Financing and Capacity - The company secured financing and refinancing of CNY 26.5 billion in the first three quarters, with a domestic financing cost of 3.44%, down 6 basis points from the previous year[24] - The company’s total assets and liabilities ratio stood at 73.5%, a decrease of 0.1 percentage points compared to the end of the previous year[27] - The group activated and optimized new capacity of 8.33 billion yuan in the third quarter, with a total of 17.84 billion yuan in capacity optimization and new capacity achieved from January to September[30] Product and Service Development - The group completed the iteration and upgrade of its product system and standards, applying them comprehensively in new projects, enhancing user experience through core module presentations[30] - The property service segment generated an annualized revenue of 1.68 billion yuan from new projects, with 41 new projects contributing to this figure[32] - The leasing residential business achieved an operating income of 2.74 billion yuan in the first three quarters, representing a year-on-year growth of 4.4%[32] - The commercial development and operation segment reported an operating income of 6.21 billion yuan, with an overall occupancy rate of 92.1%[34] - The logistics and warehousing business generated an operating income of 3.18 billion yuan, with cold chain revenue increasing by 24.4% to 1.68 billion yuan[35] - The group expanded its rental apartment management to 280,000 units, with an occupancy rate of 94.3%[33] - The group introduced 59 new products related to renovation modules in the third quarter, enhancing product quality and cost-effectiveness[30]