China State Construction International (3311) H2 2025 earnings summary

Executive summary

• Net profit grew to 8.59 billion RMB, up 0.3% year-over-year, despite a 4.6% revenue decline to RMB100,449 million.

• Dividend payout ratio reached a 15-year high at 35%, with total cash dividends of HK62.5 cents per share, up 1.6%.

• Maintained positive operating cash flow for four consecutive years, with a net inflow of RMB1,053 million and cash collection ratio exceeding 100% for the first time.

• Basic earnings per share was RMB1.64, down 3.5%; net asset value per share increased 7.9% to RMB15.22.

• Signed over RMB 10 billion in new contracts in the Northern Metropolis, with technology-driven contracts accounting for 50.1%.

Financial highlights

• Gross profit margin increased to 15.9% from 15.5% year-over-year.

• Net gearing ratio improved to 68.5%, down 5.1 percentage points.

• Cash position strengthened to 30.33 billion RMB, representing 10.8% of total assets.

• Dividend per share increased to 62.5 HK cents, up 1.6%.

• Unutilised banking credit facilities rose 33.6% to RMB168,416 million.

Outlook and guidance

• Focus on seizing opportunities in the Northern Metropolis and expanding investment-driven business in Hong Kong.

• Strive to maintain net operating cash flow positive and dividend payout ratio above 30%.

• Emphasis on smart construction, green low-carbon development, and strengthening core markets.

• Continue to pursue blue-chip status through sustainable and steady operations.

• The Group expects to maintain steady growth in 2026, focusing on high-potential regions in Chinese mainland and leveraging opportunities in Hong Kong and Macau.