POLY PROPERTY Group (00119) released its full-year results for the period ending December 31, 2025. During the period, the company continued to optimize its asset structure and achieved a higher sales ranking, breaking into the top 15.

Investment expansion focused on new and high-quality opportunities. The company comprehensively targeted premium land resources, strategically concentrating on core areas in first-tier and key second-tier cities to solidify its foundation. It also keenly captured structural opportunities in second and third-tier cities, actively utilizing policy windows to revitalize historical inventory. Throughout the year, the Group, together with its joint ventures and associates, acquired 15 real estate development projects with a total land cost of approximately RMB 27 billion. Of this, 84% of resources were allocated to Guangzhou, Shanghai, and Hangzhou, while historical land reserves in Yuyao were revitalized through planning adjustments. The project management project, Guiyang Yulu Lake, received high market recognition. Six new project management contracts were signed during the year, located in Guiyang, Suzhou, Jinan, and Kunming. As of the end of 2025, the Group's total land reserve stood at 11.88 million square meters, comprising 4.80 million square meters under construction and 7.07 million square meters held for future development. Based on land cost, the Yangtze River Delta and Pearl River Delta regions accounted for 78% of the reserve, while first and second-tier cities represented 94%, indicating continued improvement in the land reserve structure.

Sales ranking reached a new high. In 2025, the Group achieved contracted sales of RMB 50.2 billion, securing the 15th position on the CRIC full-scale sales ranking for real estate enterprises, an improvement of two places from the end of 2024. Sales collection amounted to RMB 51.3 billion, resulting in a collection rate of 102%. The average contracted selling price increased by 21% year-on-year, surpassing the RMB 30,000 per square meter threshold for the first time. The effectiveness of the company's strategy to focus on high-tier cities and develop high-quality projects continued to be evident. Sales from the Yangtze River Delta and Greater Bay Area collectively contributed 75% of the total, an increase of 2 percentage points from 2024. Sales from first-tier cities, second-tier cities, and Hong Kong together contributed 93%, up 4 percentage points from 2024.

Financial metrics showed steady progress. In 2025, the Group recorded revenue of RMB 48.382 billion, an increase of 20.3% year-on-year, with a gross profit margin of 17.0%. Impacted by industry conditions, impairment provisions of approximately RMB 1.019 billion were made for properties under development and held for sale. Net profit attributable to owners of the parent increased by 23.2% year-on-year to RMB 225 million. The Board of Directors has recommended the payment of a final dividend of 2.6 HK cents per share to reward shareholder support. Regarding financing, the Group issued a total of RMB 5.0 billion in corporate bonds and RMB 1.5 billion in medium-term notes during the year, with a weighted average cost of 2.63%. Furthermore, maturing US dollar notes were successfully replaced with a sustainability-linked syndicated loan, significantly reducing offshore financing costs. Total borrowing decreased slightly by 0.4%, with the proportion of short-term debt notably declining by 4 percentage points to 24%, indicating further optimization of the debt structure. Through strengthened cash flow management and proactive debt management, the Group's financial stability improved further. The Group has achieved positive operating cash flow for three consecutive years, with the total cash to total assets ratio at 17.1%. The asset-liability ratio excluding advance receipts decreased by 1.9 percentage points year-on-year to 68.6%, and all three red-line metrics officially moved into the green zone. By the end of 2025, the average financing cost decreased by 0.53 percentage points to 2.86%.