Ronshine China (3301) H2 2025 earnings summary

Executive summary

• Revenue fell 76.13% year-over-year to RMB7,107.58 million, with contracted sales down 50.96% to RMB3,777.44 million.

• Gross loss reached RMB4,717.99 million, reversing from a gross profit of RMB334.37 million last year.

• Net loss increased 8% to RMB12,483.02 million; loss attributable to owners narrowed 17.03% to RMB9,958.49 million.

• The auditor issued a disclaimer of opinion due to significant going concern uncertainties.

Financial highlights

• Revenue from property sales dropped 77.18% to RMB6,691.47 million; delivered GFA fell 68.41%.

• Gross loss margin was 66.38% versus a 1.12% gross profit margin last year.

• Net loss margin deteriorated to 175.63% from 38.81% year-over-year.

• Total assets declined 18.49% to RMB81,176.96 million; total equity turned negative at RMB-6,745.15 million.

• Cash and bank balances were RMB2,591.78 million; total borrowings RMB37,594.05 million.

Outlook and guidance

• Management expects continued market adjustment and slow recovery, with stabilization dependent on policy support and improved confidence.

• The group will focus on core regions, prudent cash management, and debt restructuring.