Greentown Management Holdings Company (9979) H2 2025 earnings summary

Executive summary

• Maintained industry leadership with a market share above 20% for ten consecutive years, despite a challenging real estate environment and industry consolidation.

• Revenue for 2025 was RMB 3,120.1 million, down 9.3% YoY, with gross profit at RMB 1,238.7 million, down 27.4% YoY.

• Attributable net profit dropped 47.7% YoY to RMB 419 million; net profit margin decreased by 9.9 pts to 13.4%.

• Focused on value creation, business model innovation, and operational efficiency to support long-term recovery.

• Proposed final and special dividends total RMB0.1335 per share, subject to shareholder approval.

Financial highlights

• Project management services contributed 98.3% of total revenue, decreasing 9.3% YoY.

• Net cash inflow from operating activities rose 42.3% YoY to RMB 415 million, reflecting improved cash flow quality.

• Cost of services increased 8.4% to RMB1,881.5 million.

• Other income dropped 45.6% to RMB60.7 million, mainly due to lower interest income.

• Completed first share repurchase, cancelling 10 million shares in October 2025 for HK$30.7 million.

Outlook and guidance

• Operating cash flow expected to steadily improve in 2026, with a dividend payout ratio not less than 80% of attributable net profit.

• Strategic focus on expanding core project management, innovative business segments, and overseas markets.

• Plans to focus on digital transformation, AI adoption, and model innovation to drive future growth.

• Opportunities identified in urban renewal, capital project management, and urban investment land.