Seazen Group (1030) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB53,136 million, with commercial property management and rental income up 8.38% year-over-year to RMB13,042 million.

• Gross profit reached RMB12,401 million, with a gross margin of 23.3%, up 6.5 percentage points year-over-year.

• Net profit attributable to equity holders was RMB393 million, down 19.9% year-over-year.

• The company delivered over 38,000 residential units and opened five new Wuyue Plazas in 2025.

• ESG efforts were recognized with an MSCI rating upgrade from BBB to A.

Financial highlights

• Revenue declined from RMB89,227 million in 2024 to RMB53,136 million in 2025, mainly due to industry contraction.

• Gross profit margin improved to 23.3% from 16.8% last year.

• Net impairment losses on financial assets decreased 26% year-over-year to RMB672.4 million.

• Selling and marketing costs fell 53.4% to RMB1,880 million; administrative expenses dropped 15.4% to RMB2,701 million.

• Adjusted core earnings attributable to equity holders were RMB380.4 million, excluding non-recurring items.

Outlook and guidance

• The company aims to strengthen its commercial operation management, promote REITs, and optimize its asset-liability structure.

• Plans include revitalizing existing assets, improving cash flow, and leveraging supportive government policies.

• Management expects sufficient working capital and financing resources for the next 12 months.