Xiamen C&D (600153) Q3 2025 earnings summary

Executive summary

• Net profit attributable to shareholders for the first three quarters was RMB 1.15 billion, down 44.19% year-over-year, mainly due to declines in real estate and home furnishing mall operations, while supply chain operations saw growth.

• Supply chain operations achieved a net profit of RMB 2.34 billion in the first three quarters, up 4.21% year-over-year, with Q3 net profit up 11.68% year-over-year and 60.71% sequentially.

• Real estate segment posted a net loss of RMB 226 million, impacted by inventory write-downs and lower project delivery, despite increased contract sales.

• Home furnishing mall operations (Mei Kai Long) contributed a net loss of RMB 964 million due to property fair value losses and impairments, though operating cash flow improved significantly.

Financial highlights

• Q3 revenue was RMB 183.66 billion, up 0.30% year-over-year; year-to-date revenue was RMB 498.98 billion, down 0.63%.

• Q3 net profit attributable to shareholders was RMB 308 million, down 64.18% year-over-year; year-to-date net profit was RMB 1.15 billion, down 44.19%.

• Basic EPS for Q3 was RMB 0.06, down 75% year-over-year; year-to-date EPS was RMB 0.26, down 54.39%.

• Total assets at quarter-end were RMB 887.32 billion, up 15.56% from year-end 2024.

• Net cash flow from operating activities for the first three quarters was RMB 6.69 billion.

Outlook and guidance

• Supply chain operations remain the strategic focus, with continued international expansion and leading market share in core commodities.

• Real estate segment faces ongoing challenges from market volatility and inventory write-downs, but new project launches and contract sales show growth.