Xiamen C&D (600153) H2 2025 earnings summary

Executive summary

• Revenue reached ¥671.27 billion, down 4.28% year-over-year; net loss attributable to shareholders was ¥10.81 billion, reversing from a profit last year, mainly due to real estate and home furnishing segments' losses.

• Supply chain operations remained profitable but declined 6.95% in net profit; real estate and home furnishing segments posted significant losses due to inventory write-downs and property fair value losses.

• The board proposes a total cash dividend of ¥2.03 billion for 2025, or ¥0.7 per share, maintaining the shareholder return commitment.

Financial highlights

• Revenue: ¥671.27 billion, down 4.28% year-over-year.

• Net loss attributable to shareholders: ¥10.81 billion, compared to a profit of ¥2.95 billion last year.

• Operating cash flow: ¥11.59 billion, up 3.36% year-over-year.

• Total assets: ¥733.12 billion, down 4.52% from last year.

• Gross margin: 5.58%, down from 5.98% last year.

• Basic EPS: -3.91 yuan; ROE: -22.97%.

Outlook and guidance

• The company targets 2026 revenue of ¥620 billion, with a focus on efficiency and innovation-driven growth.

• Supply chain business to shift from scale-driven to efficiency and innovation-driven, aiming for top-three market position in core segments.

• Real estate to focus on high-quality product delivery, prudent land acquisition, and cash flow management.

• Home furnishing business to accelerate asset-light operations and digital transformation.