SOHO China (410) H2 2025 earnings summary

Executive summary

• Average occupancy rate of investment properties reached 82.8% by year-end, up from 77.7% year-over-year.

• Revenue declined 10.9% year-over-year to RMB1,372 million amid a weak macroeconomic environment.

• Underlying profit from operating activities (excluding valuation changes and one-off tax fees) was RMB134 million; net loss attributable to owners was RMB291 million.

• No final dividend declared for the year.

Financial highlights

• Gross profit margin from property leasing remained stable at 82%.

• Gross profit was RMB1,122 million, down 12.3% from the previous year.

• Finance expenses decreased to RMB653 million from RMB722 million year-over-year.

• Income tax expense increased to RMB192 million from RMB180 million.

• Net gearing ratio stood at 39.7% as of year-end.

Outlook and guidance

• Management remains committed to maintaining service quality, client relationships, and operational stability.

• Focus on cost control, cash flow improvement, and proactive engagement with lenders and tax authorities.

• Continued emphasis on ESG initiatives, with a five-star GRESB rating and SBTi approval.