Xin Lang Cai Jing·2026-03-31 09:58Core Viewpoint - The company reported its 2025 performance, achieving revenue of 97.31 billion yuan, a net profit attributable to shareholders of 1.02 billion yuan, and a core net loss of 1.7 billion yuan. The interim dividend for 2025 is set at 0.07 yuan per share, with no final dividend for the year [1][15]. Group 1: Revenue and Profitability - The company's revenue in 2025 was 97.31 billion yuan, a year-on-year decrease of 23.66%. This decline was primarily due to pressure on the development business, with development revenue falling to 70.54 billion yuan, down 30% year-on-year [1][15]. - The overall gross margin for 2025 was 9.70%, a decrease of 6.32 percentage points compared to 2024. The negative performance of joint ventures contributed to the core net loss, with losses from joint ventures amounting to 198 million yuan and from associates at 1.04 billion yuan [1][15]. Group 2: Development Investment - The company sold 5.186 million square meters in 2025, a decrease of 27.20%, with sales amounting to 63.16 billion yuan, down 37.54%. The average selling price was 12,179 yuan per square meter, a decline of 14.19% [2][16]. - Approximately 90% of the sales revenue came from first- and second-tier cities. The company’s sales were concentrated in the western region, Yangtze River Delta, Bohai Rim, South China, and Central China, contributing 80.2% of total sales [2][16]. - As of the end of 2025, the company had unsold sales of 99.1 billion yuan, providing a buffer for future development. The company acquired 37.7 thousand square meters of new land, maintaining a high equity ratio of 70.29% [2][16]. Group 3: Commercial Investment - The company’s operational revenue from commercial activities reached 14.19 billion yuan in 2025, a year-on-year increase of 1.6%. Commercial investment and asset management accounted for 79.0% and 21.0% of this revenue, respectively [3][17]. - Commercial rental income was 11.21 billion yuan, up 4% year-on-year, with a total of 99 shopping malls operated by the end of 2025, maintaining a rental rate of 97% [3][17]. Group 4: Service Chain and Financial Management - The service business, including property management and smart construction, generated 11.23 billion yuan in revenue, with a managed area of 360 million square meters by the end of 2025 [4][18]. - The company reduced its interest-bearing debt to 152.8 billion yuan, a decrease of 23.5 billion yuan from the end of 2024. The net debt ratio stood at 52.2%, with an average financing cost of 3.51%, the lowest in history [4][18].