Poly Developments and Holdings Group (600048) H1 2025 earnings summary

Financial highlights

• Revenue for H1 2025 was RMB 116.86 billion, down 16.08% year-over-year; net profit attributable to shareholders was RMB 2.71 billion, down 63.47% year-over-year.

• Operating cash flow turned positive to RMB 16.02 billion from a negative RMB 17.15 billion in H1 2024.

• Gross margin was 14.6%, slightly higher than full-year 2024.

• Basic and diluted EPS were RMB 0.23, down over 63% year-over-year.

• Net assets attributable to shareholders at period end: RMB 198.26 billion; total assets: RMB 1.31 trillion.

Outlook and guidance

• The company expects continued market differentiation and pressure on destocking, with policy support needed for stabilization.

• Focus remains on cash flow safety, risk control, and high-quality development, with ongoing product and service upgrades.

Segment performance

• Contracted sales reached RMB 145.17 billion, down 16.25% year-over-year; contracted area was 7.14 million sqm, with average price rising to RMB 20,300/sqm.

• Asset operation revenue was RMB 2.54 billion, up 13% year-over-year; property management revenue was RMB 8.39 billion, up 6.6% year-over-year.

• Property management net profit was RMB 891 million, up 5.3% year-over-year.