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China Resources Land (1109) investor relations material
China Resources Land H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for 1H2025 rose 19.9% YoY to RMB94.92bn, with gross profit margin at 24.0%, among the highest in the industry.
Attributable net profit reached RMB11.88bn, up 16.2% YoY; core net profit was RMB10.00bn, down 6.6% YoY.
Recurring income business contributed over 60% of core net profit, with recurring revenue up 2.5% YoY to RMB20.56bn.
Contracted sales totaled RMB110.3bn, maintaining a top 3 industry ranking, though down 11.6% YoY.
Interim dividend declared at RMB0.20 per share, unchanged YoY.
Financial highlights
Gross profit reached RMB22.78bn, with a gross margin of 24.0%, up 1.8ppt YoY.
Debt-to-asset ratio at 55.3%, net gearing ratio at 39.2%, up from 31.9% at end-2024.
Weighted average funding cost decreased 32bps to 2.79%, the lowest in the industry.
Cash and cash equivalents stood at RMB120.24bn, down from FY24.
Selling expenses were RMB2.74bn (2.9% of revenue), and administrative expenses RMB2.04bn (2.1% of revenue), both down as a percentage of revenue.
Outlook and guidance
Strategic focus on cash flow security, high-tier city penetration, and quality asset growth.
Expects continued market recovery, with policy support for urban renewal and affordable housing.
Plan to increase operating shopping malls to 114 by 2028, focusing on tier 1 and 2 cities.
Saleable resources for 2H25 set at RMB389.4bn, with 88% in tier 1 and 2 cities.
Asset management business seen as a key growth driver with broad development space.
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