China New Town Development Company Limited (abbrev. CHINANEWTOWN) released its audited FY 2025 results, revealing a solid rebound in earnings and an expanded balance sheet.
Revenue rose 15.3% year on year to RMB388.92 million, led by a 25.0% increase in urbanisation investment income to RMB231.41 million. Building-construction revenue more than tripled to RMB57.18 million on accelerated progress at two Luodian New Town school projects, while property leasing revenue fell 24.8% to RMB100.34 million amid lower occupancy.
Operating profit improved 17.6% to RMB118.11 million, aided by a sharp reduction in other expenses and a RMB9.45 million reversal of impairment losses. Contribution from joint ventures and associates narrowed the loss to RMB8.08 million (FY 2024: RMB31.77 million loss).
Net profit attributable to equity holders jumped 65.3% to RMB73.30 million, lifting basic EPS to RMB0.0075 (FY 2024: RMB0.0046). The board proposes a final dividend of HKD0.0025 per share (FY 2024: HKD0.0039), subject to approval at the AGM on 25 June 2026; the record date is 6 July 2026, with payment expected by 27 July 2026.
Total assets expanded 17.4% to RMB9.27 billion, driven by a RMB1.46 billion increase in cash to RMB2.20 billion and higher short-term debt investments. Interest-bearing loans and borrowings climbed to RMB3.76 billion (FY 2024: RMB2.30 billion) after Success, a wholly owned subsidiary, issued RMB1.50 billion of three-year bonds at a 2.95% coupon in November 2025. The gearing ratio rose to 25% from 21% a year earlier.
Operating cash flow swung to an outflow of RMB177.22 million (FY 2024 inflow: RMB29.88 million), while net cash from financing activities surged to RMB1.30 billion, reflecting bond issuance proceeds. Net current assets increased to RMB4.82 billion (FY 2024: RMB3.57 billion).
Management attributes the earnings recovery to expanded fixed-income investments and tighter cost control. Looking ahead, the Group plans to deepen its focus on strategic emerging industries—such as integrated circuits, new energy, and high-end manufacturing—while continuing to monetise existing urbanisation and property assets.