Poly Developments and Holdings Group (600048) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 308.14 billion, down 1.13% year-over-year; net profit attributable to shareholders was RMB 1.03 billion, down 79.31% year-over-year.

• Operating cash flow remained positive at RMB 15.19 billion, up 142.74% year-over-year.

• The company maintained industry-leading sales, with contracted sales of RMB 253 billion and 12.35 million sqm, ranking first in the sector for the third consecutive year.

• Core city sales contribution reached 92%, with a high market share in key cities.

• The board proposed a cash dividend of RMB 0.35 per 10 shares, with a payout ratio of 40.14%.

Financial highlights

• Revenue: RMB 308.14 billion, -1.13% year-over-year.

• Net profit attributable to shareholders: RMB 1.03 billion, -79.31% year-over-year.

• Operating cash flow: RMB 15.19 billion, +142.74% year-over-year.

• Gross margin: 12.86%, down 0.99 percentage points year-over-year.

• Basic EPS: RMB 0.09, down 79.29% year-over-year.

• Net assets: RMB 191.89 billion, -2.89% year-over-year.

• Total assets: RMB 1.19 trillion, -11% year-over-year.

Outlook and guidance

• The company plans to invest RMB 166.4 billion in real estate and related industries in 2026, with new construction area of 6.76 million sqm and completion area of 15.42 million sqm.

• Management expects the real estate market to stabilize as national policies support the sector, with a focus on core cities and high-quality products.