2026-03-29 22:55Financial Performance - For the fiscal year ending December 31, 2025, the total revenue was RMB 281.44 billion, representing a year-on-year growth of 0.9%[2] - The revenue from development and sales business amounted to RMB 238.16 billion, while the rental income from operating real estate was RMB 25.44 billion[2] - The gross profit margin for the fiscal year was 21.2%, with the development and sales business gross margin at 15.5% and the operating real estate rental gross margin at 71.8%, an increase of 1.8 percentage points year-on-year[2] - The net profit attributable to shareholders was RMB 25.42 billion, with the core net profit (after adjustments) at RMB 22.48 billion, reflecting an increase in the contribution of core net profit to 51.8%[2] - The earnings per share attributable to shareholders was RMB 3.56, while the core net profit per share was RMB 3.15[2] - The company reported a net debt ratio of 39.2%, with total liabilities amounting to RMB 1,645.8 billion[3] - The financing cost of debt decreased by 39 basis points to 2.72%, maintaining the lowest level in the industry[3] - The company achieved a regular business revenue of RMB 43.28 billion, which accounted for 15.4% of total revenue, showing a year-on-year growth of 3.7%[2] - The company's revenue for the year ended December 31, 2025, was CNY 281,437,885,000, compared to CNY 278,905,492,000 for the previous year, representing a growth of approximately 0.5%[5] - Gross profit for the year was CNY 59,744,383,000, a slight decrease from CNY 60,356,025,000, indicating a decline of about 1.0%[5] - Net profit for the year was CNY 32,819,375,000, down from CNY 33,633,836,000, reflecting a decrease of approximately 2.4%[6] - Total comprehensive income for the year was CNY 32,194,783,000, compared to CNY 33,824,432,000, representing a decrease of approximately 4.8%[6] Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.966 per share, with a total annual dividend of RMB 1.166 per share for 2025[2] - The proposed final dividend for the year ending December 31, 2025, is RMB 0.966 per share, totaling approximately RMB 6,888,488,000 based on 7,130,939,579 shares issued[32] - Shareholders must submit their currency preference for the dividend by July 16, 2026, to receive the final dividend in RMB[112] - If shareholders do not submit their currency preference, they will automatically receive the final dividend in HKD[114] - Shareholders are advised to seek professional tax advice regarding potential tax implications of the dividend payment[115] Assets and Liabilities - The company reported a total assets increase from CNY 645,783,667 thousand in 2024 to CNY 710,687,002 thousand in 2025, representing a growth of approximately 10.1%[9] - Non-current assets decreased from CNY 432,916,883 thousand in 2024 to CNY 418,814,285 thousand in 2025, a decline of about 3.2%[8] - Current liabilities rose from CNY 388,693,554 thousand in 2024 to CNY 503,917,528 thousand in 2025, indicating an increase of approximately 29.6%[10] - Total equity increased from CNY 419,315,681 thousand in 2024 to CNY 396,952,306 thousand in 2025, reflecting a decrease of about 5.3%[10] - Cash and cash equivalents decreased from CNY 131,380,988 thousand in 2024 to CNY 115,449,212 thousand in 2025, a reduction of approximately 12.1%[8] - The company's total liabilities increased from CNY 690,006,996 thousand in 2024 to CNY 625,583,759 thousand in 2025, a decrease of approximately 9.3%[10] Operational Highlights - The company achieved an annual operating revenue of RMB 18.02 billion, representing a year-on-year growth of 5.1%, and a core net profit of RMB 3.95 billion, up 13.7% year-on-year[48] - The average occupancy rate improved to 77.7%, with new leasing area reaching a record high during the same period, and the tenant mix continued to optimize[46] - The company managed 135 shopping centers by the end of 2025, adding 15 new centers during the year, with retail sales in these centers reaching RMB 266 billion, accounting for 0.53% of the national total retail sales[48] - The company opened 7 new shopping centers during the year, expanding its portfolio to 98 centers, with 82 projects ranking among the top three in their local markets[45] - The company acquired 33 projects during the year, with equity investments totaling RMB 67.37 billion, maintaining a strong investment intensity within the industry[42] Strategic Initiatives - The company is focused on transforming its business model from scale expansion to quality improvement, aiming for high-quality and sustainable development in the real estate sector[39] - The group aims to enhance its strategic positioning to become a world-class urban investment and development operator, focusing on three business strategies: quality improvement, reasonable growth, and profitable revenue[61] - The group plans to drive sustainable growth through three growth lines: development and sales business, operational real estate rental business, and light asset management revenue business[61] - The group will accelerate the implementation of "AI+" initiatives to drive digital transformation across the entire industry chain[62] - The group aims to enhance its ESG performance, maintaining its position in the Hang Seng Sustainable Development Index and achieving an MSCI rating of AA[57] Financial Management - The company has a total of 59,077 employees in mainland China and Hong Kong as of December 31, 2025[101] - The company actively manages foreign exchange risk, with an exposure ratio of 3.9% as of December 31, 2025[99] - The company has implemented dynamic monitoring of foreign exchange risk exposure and will make necessary adjustments based on market conditions[99] - The company maintains a credit rating of BBB+ from S&P, Baa1 from Moody's, and BBB+ from Fitch as of 2025[97] - The average financing cost as of December 31, 2025, was approximately 2.72%, a decrease of 39 basis points from 3.11% at the end of 2024[94] Compliance and Governance - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[12] - The company has established good corporate governance practices and has complied with all applicable corporate governance codes during the reporting period[102] - The annual performance for the year ending December 31, 2025, has been reviewed by the audit committee, which consists of five independent non-executive directors and one non-executive director[108] - The company's auditor, PwC, confirmed that the financial data disclosed in the preliminary announcement is consistent with the consolidated financial statements for the year ending December 31, 2025[109]