Logan Group Company (3380) H2 2025 earnings summary

Executive summary

• Revenue declined 72.9% year-over-year to RMB6.31 billion, mainly due to a sharp drop in property development sales amid a continued real estate downturn.

• Net loss narrowed to RMB4.88 billion from RMB6.62 billion in 2024, driven by lower revenue and significant inventory impairment provisions.

• Offshore and onshore debt restructuring made progress, with over 80% of offshore creditors supporting the holistic restructuring plan and over 62% of onshore public bonds cancelled.

• The company completed 21 batches of project deliveries in 2025, maintaining operational stability despite industry headwinds.

Financial highlights

• Attributable contracted sales reached RMB4.78 billion, with the Greater Bay Area contributing 51.6%.

• Gross loss was RMB7.00 billion, up 38% year-over-year, reflecting low gross margins and large inventory impairments.

• Cash and bank balances stood at RMB7.97 billion, down 7.8% from 2024.

• Total assets decreased 11.5% to RMB188.04 billion; total equity fell 17% to RMB20.60 billion.

• No dividend was declared for 2025.

Outlook and guidance

• The company will focus on stabilizing operations, ensuring project delivery, and completing debt restructurings to restore a sustainable capital structure.

• Plans include accelerating property sales, asset disposals, and cost controls to improve liquidity.