Shoucheng (697) H2 2025 earnings summary

Executive summary

• Achieved 18% year-over-year revenue growth to HKD 1.437 billion for full year 2025, driven by both asset operation and industrial funds segments, with gross profit of HKD 565 million, up 11%.

• Net profit attributable to owners was HKD 310 million; adjusted EBITDA reached HKD 904 million, up 6% year-over-year.

• Declared total annual dividends of HKD 780 million, including a special dividend, with a dividend yield of 5.6%.

• Continued execution of dual-engine strategy focusing on asset operation and industrial funds, with investments in robotics and digital-intelligence upgrades.

• Strategic transformation into an intelligent infrastructure asset service provider, deepening focus on robotics and digital operations.

Financial highlights

• Revenue rose 18% year-over-year to HKD 1.437 billion; asset operation revenue increased 12% to HKD 1.035 billion, and industrial funds revenue surged 37% to HKD 402 million.

• Gross profit was HKD 565 million, up 11% year-over-year.

• Adjusted EBITDA was HKD 904 million, up 6% year-over-year.

• Net profit attributable to owners was HKD 310 million; adjusted net profit excluding non-recurring items was HKD 416 million, up ~1% year-over-year.

• Total assets reached HKD 15.567 billion at end-2025; net assets attributable to owners were HKD 11.074 billion.

Outlook and guidance

• Focus remains on expanding robotics and digital-intelligence platforms through industrial fund investments and scenario operations.

• Aims to further strengthen REITs and real estate fund management capabilities, targeting leadership in China's real estate fund sector.

• Plans to intensify investment in core regions, key industries, and assets, leveraging full industry-chain synergies.

• Will deepen the “Asset circulation + Digital-intelligent operation” model and expand robotics ecosystem.

• Focus on long-term returns for shareholders through intelligent asset management and technology-driven operations.