CIFI Holdings (Group) Co. Ltd. released its audited results for the year ended 31 December 2025, posting a net profit attributable to shareholders of RMB17.67 billion after a loss in 2024. The turnaround was driven by a one-off gain of RMB41.43 billion from the completion of offshore and onshore debt restructurings. Excluding these exceptional items, the company recorded a core net loss of RMB23.77 billion.

Revenue fell 46.7% year on year to RMB25.45 billion as property completions slowed. Property sales and related services contributed 66.8% of revenue at RMB17.00 billion, while property management and other services supplied 26.7% (RMB6.80 billion). Lease and other investment-property services generated RMB1.64 billion, down 6.5%. Deliveries totaled more than 22,000 units, representing 1.94 million sq m of GFA and pushing cumulative handovers since 2022 to nearly 300,000 units.

Margin pressure persisted: gross profit plunged 76.3% to RMB1.74 billion, cutting the gross margin to 6.9% (2024: 15.4%). Key charges included RMB12.98 billion of inventory impairments, a RMB3.51 billion expected credit-loss allowance and a RMB1.40 billion fair-value loss on investment properties.

Balance-sheet repair progressed. Total indebtedness declined to RMB50.40 billion, more than RMB60 billion lower than the 2021 peak. Net debt-to-equity dropped to 73.9% (2024: 145.6%), and the weighted average funding cost fell to 2.9%. Cash and bank balances stood at RMB6.63 billion, while current interest-bearing debt due within one year totaled RMB14.29 billion. The auditor highlighted a material uncertainty related to going concern, citing the mismatch between near-term obligations and available cash, though management is negotiating refinancing, cost control and asset disposals.

Operating cash flow remained positive for a fourth consecutive year. The company reported no new land acquisitions in 2025, leaving its land bank at 25.0 million sq m (attributable 14.6 million sq m). Property management subsidiary Ever Sunshine produced RMB6.87 billion in revenue and managed 252.2 million sq m of GFA, but ceased to be consolidated after CIFI transferred its 23.54% stake as part of the December 2025 prepaid call option transaction.

Given ongoing industry headwinds, CIFI’s management plans to prioritise liquidity preservation, pursue a “light-asset, low-debt” model and focus on property leasing, self-operated development and real-estate asset management.

The Board will not declare a dividend for 2025.