China Resources Land (1109) H2 2025 earnings summary

Executive summary

• Achieved record revenue of RMB281.44bn in 2025, up 0.9% YoY, with a five-year CAGR of 7.3%.

• Attributable net profit reached RMB25.42bn; core net profit RMB22.48bn.

• Maintained third place in industry ranking for contracted sales at RMB233.6bn.

• Full-year dividend per share was RMB1.166, with a 37% payout ratio and a dividend yield of 4.7%.

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

Financial highlights

• Recurring income was RMB43.3bn, up 3.7% YoY; recurring core net profit RMB11.6bn, down 11.4% YoY.

• Gross profit for 2025 was RMB59.74bn, with a GPM of 21.2%, down 0.4pp YoY.

• Weighted average funding cost reduced to 2.72%.

• AUM increased 13.1% YoY to RMB502.2bn.

• Cash and cash equivalents at RMB117.0bn; net gearing ratio 39.2%.

Outlook and guidance

• Strategic focus shifts from incremental expansion to quality-driven renewal, aiming to become a world-class urban investor, developer, and operator.

• Emphasis on integrated “Invest-Develop-Operate” model and three synergistic growth curves.

• Plans to increase shopping malls in operation to 127 by 2030, focusing on tier 1 and 2 cities.

• High-quality saleable resources for 2026, with 92% in tier 1 and 2 cities.

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