China Resources Land (1109) investor relations material

Executive summary

• Consolidated revenue for 2025 rose 0.9% YoY to RMB281.44 billion, with recurring business revenue up 3.7% YoY to RMB43.28 billion, representing 15.4% of total revenue.

• Profit attributable to owners was RMB25.42 billion; core net profit (excluding revaluation gains) was RMB22.48 billion, with recurring income contributing 51.8% of core net profit, up 11.2 percentage points YoY.

• Earnings per share was RMB3.56; core net profit per share was RMB3.15.

• Final dividend proposed at RMB0.966 per share, total annual dividend RMB1.166 per share, with a payout ratio of 37% on core net profit and a dividend yield of 4.70%.

Financial highlights

• Gross profit for 2025 was RMB59.74 billion, with a gross profit margin (GPM) of 21.2%, down 0.4 percentage points YoY.

• GPM for development property business was 15.5% (down 1.3pp YoY); investment property rental GPM rose 1.8pp YoY to 71.8%; asset-light management GPM up 2.5pp YoY to 35.5%.

• Core net profit declined 11.4% YoY; recurring business profit rose 13.1% YoY.

• Income tax expenses fell 16.4% YoY to RMB20.53 billion.

Outlook and guidance

• Strategic focus on three growth curves: development property, investment property rental, and asset-light management fee-based business.

• Emphasis on quality, efficiency, and stable cash flow; continued leadership in contracted sales and recurring income.

• Plans to leverage REITs, digitalization, and organizational reform to drive future growth.