Poly Developments and Holdings Group (600048) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached RMB 54.27 billion, up 9.09% year-over-year; net profit attributable to shareholders was RMB 1.95 billion, down 12.27% year-over-year.

• Contracted sales amounted to RMB 63.03 billion, nearly flat year-over-year, with contracted area down 16.03%.

• New project expansion included 11 real estate projects in 38 core cities, with a total cost of RMB 18 billion.

• Cash collection from sales was RMB 70.38 billion, with a high contract collection rate of 111.67%.

Financial highlights

• Operating income: RMB 54.27 billion, up 9.09% year-over-year.

• Net profit attributable to shareholders: RMB 1.95 billion, down 12.27% year-over-year; basic EPS: RMB 0.16, down 11.88%.

• Operating cash flow turned positive at RMB 1.66 billion, compared to negative RMB 33.31 billion in Q1 2024.

• Total assets at period end: RMB 1,330.67 billion, down 0.33% from year-end 2024.

• Asset-liability ratio: 74.06%, down 0.29 percentage points from year-end 2024.

Outlook and guidance

• The government is emphasizing stabilization of the real estate market, with policies to support demand and promote quality housing.

• The company continues to focus on core city projects and prudent expansion amid a challenging market.