Guangzhou R&F Properties (2777) H2 2025 earnings summary

Executive summary

• 2025 saw continued sector volatility, with gradual stabilization amid global uncertainty and easing of property-specific austerity measures in China.

• Contracted sales reached RMB14.21 billion, with 1,873,600 sq.m. sold across 179 projects in 102 cities and 3 overseas countries.

• Revenue declined sharply across all segments, with significant net losses and ongoing liquidity challenges.

• Major restructuring of offshore and onshore debt advanced, with over 77% creditor support for offshore restructuring.

Financial highlights

• Revenue fell 38% year-over-year to RMB10.94 billion (2024: RMB17.70 billion).

• Net loss attributable to owners was RMB16.43 billion, improved from RMB17.71 billion in 2024.

• Gross loss widened to RMB1.63 billion, mainly due to a RMB3.12 billion inventory impairment provision.

• Finance costs net decreased 16% to RMB4.95 billion.

• No dividends declared for 2025.

Outlook and guidance

• Contracted sales volumes expected to remain under pressure in 2026, with price fluctuations narrowing.

• Management prioritizes completion of offshore and onshore restructuring and proactive engagement with creditors.

• Focus on stabilizing operations, resolving disputes, and preserving long-term value.