Country Garden Holdings Company (2007) H2 2025 earnings summary

Executive summary

• Revenue declined 38.7% year-over-year to RMB154.89 billion, mainly due to lower property deliveries and a sluggish real estate market.

• Net profit attributable to owners was RMB3.26 billion, reversing a loss of RMB32.84 billion in 2024, driven by significant gains from debt restructuring.

• Gross loss reached RMB43.12 billion, mainly due to a RMB44.51 billion net write-down of properties.

• Offshore and onshore debt restructuring completed, reducing total borrowings from RMB253.49 billion to RMB147.96 billion.

• Delivered approximately 170,000 housing units in 2025, maintaining industry leadership in delivery volume.

Financial highlights

• Contracted sales attributable to shareholders: RMB33.01 billion; contracted sales GFA: 4.02 million sq.m.

• Selling and marketing plus administrative expenses fell 15.7% to RMB9.09 billion.

• Net finance costs dropped to RMB2.92 billion from RMB6.45 billion year-over-year.

• Cash and cash equivalents plus restricted cash: RMB18.65 billion at year-end.

• Capital gearing ratio improved to 74.5% from 81.4% year-over-year.

Outlook and guidance

• Focus remains on high-quality delivery, risk mitigation, asset and debt restoration, and sustainable operations.

• Strategic emphasis on "One Core and Two Wings": property development, technology-enabled construction, and management/construction services.

• Plans to leverage new technologies and AI for operational efficiency and data-driven management.

• Management expects gradual market recovery as policy environment improves.