China Resources Land (CR Land) reported consolidated revenue of RMB 281.44 billion for 2025, a year-on-year increase of 0.9%. Core profit attributable to shareholders, excluding investment-property revaluation effects, reached RMB 22.48 billion, down 11.4% from 2024. Statutory profit attributable to shareholders was RMB 25.42 billion.

The Board recommended a final dividend of RMB 0.966 per share, bringing full-year distribution to RMB 1.166 per share and reflecting a 37% payout on core profit. Earnings per share came in at RMB 3.56; core EPS was RMB 3.15.

Segment performance • Development property revenue totalled RMB 238.16 billion (+0.4% YoY) with a gross margin of 15.5%. • Investment-property rental revenue rose 9.2% to RMB 25.44 billion; segment gross margin improved 1.8 ppts to 71.8%. • Asset-light management fee-based revenue stood at RMB 17.83 billion (-3.4% YoY) while gross margin increased 2.5 ppts to 35.5%.

Recurring businesses generated RMB 43.28 billion in revenue (+3.7% YoY) and RMB 11.65 billion in core profit, accounting for 15.4% and 51.8% of the group totals respectively.

Operational metrics • Contracted sales amounted to RMB 233.60 billion with 9.22 million sqm sold, ranking third nationwide. • Unrecognised contracted sales reached RMB 164.58 billion, of which RMB 123.48 billion is scheduled for revenue recognition in 2026. • Land bank expanded by 3.39 million sqm to 46.73 million sqm.

Financial position Total borrowings were RMB 281.47 billion against cash of RMB 116.99 billion, resulting in a net gearing ratio of 39.2%. Weighted average borrowing cost slipped 39 bps to 2.72%, remaining at the lower end of the sector.

Gross profit for the year was RMB 59.74 billion, with a group gross margin of 21.2%. Selling, marketing, general and administrative expenses represented 3.3% and 1.8% of revenue respectively.

No significant acquisitions or disposals occurred during the period, and credit ratings were maintained at BBB+ (S&P and Fitch) and Baa1 (Moody’s).