Country Garden Holdings Company (2007) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 was RMB72.57 billion, down 28.9% year-over-year, mainly due to lower GFA delivered and a sluggish real estate market.

• Net loss attributable to owners widened to RMB19.08 billion from RMB12.84 billion in the prior year period.

• The company delivered approximately 74,000 housing units, maintaining industry leadership in delivery volume.

• Selling and marketing plus administrative expenses fell 18.9% to RMB3.94 billion, reflecting strict cost controls.

• Contracted sales attributable to shareholders were RMB16.75 billion, with 2.05 million sq.m. GFA.

Financial highlights

• Gross loss: RMB6.46 billion (vs. RMB1.70 billion loss in 2024).

• Net finance costs: RMB1.65 billion (down from RMB2.31 billion in 2024), aided by RMB760 million in net foreign exchange gains.

• Total cash: RMB24.06 billion as of 30 June 2025 (down from RMB29.90 billion at end-2024).

• Total debt: RMB254.58 billion (up from RMB253.49 billion at end-2024); capital gearing ratio increased to 90.6% from 81.4%.

• No interim dividend declared for the period.

Outlook and guidance

• The company will focus on guaranteeing delivery, stabilizing capital and debt, and maintaining operations.

• Management expects continued policy support and industry stabilization in the second half of 2025.

• Ongoing efforts to optimize the balance sheet, improve operational efficiency, and adapt to evolving industry competition.

• Plans to complete holistic offshore debt restructuring by end-2025.