Poly Developments and Holdings Group (600048) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 8.39% YoY to RMB 52.10bn; total profit rose 314.10% to RMB 1.56bn as project handover mix shifted, while quarterly net profit turned positive.

• 9M revenue declined 10.80% YoY to RMB 154.96bn and net profit attributable to shareholders fell 16.03% to RMB 2.33bn.

Financial highlights

• 9M total profit was RMB 7.19bn, down 35.33% YoY; net profit excluding non-recurring items was RMB 2.15bn, down 17.06%.

• 9M operating cash flow was RMB 7.72bn, up 10.63% YoY; sales cash collections totaled RMB 160.9bn.

• Q3 net profit attributable to shareholders was RMB 373.8m and adjusted net profit was RMB 279.5m, versus losses in the prior-year quarter.

Segment performance

• 9M contracted sales totaled RMB 181.24bn, down 10.16% YoY; contracted area was 8.76m sqm, down 13.35%.

• 9M new starts were 3.80m sqm, down 25.78% YoY, and completions were 9.41m sqm, down 48.07%; 501 projects were under construction or planned at quarter-end.

• At quarter-end, projects under construction covered 43.77m sqm, with 46.64m sqm awaiting development.