Shui On Land Limited reported 2025 revenue of RMB4.09 billion, down 50.00% year-on-year, as recognised property sales fell sharply. A non-cash fair-value loss on investment properties and an impairment on assets held for sale pushed the company to a net loss attributable to shareholders of RMB1.78 billion, versus a RMB0.18 billion profit in 2024.

Core earnings—excluding valuation movements and impairments—remained positive at RMB0.40 billion, 12.00% below last year.

Operating performance • Total rental and related income, including joint ventures and associates, rose 2.00% to RMB3.63 billion, marking a third consecutive year of growth. • Retail momentum was solid: portfolio retail sales advanced 15.00%, while shopper traffic increased 12.00%. • Contracted sales declined 47.00% to RMB7.92 billion as fewer high-priced Shanghai units were launched; average selling price for residential contracted sales dropped to RMB64,600 per sq.m. from RMB134,900 per sq.m. in 2024. • Recognised property sales decreased 89.00% to RMB0.50 billion due to lower residential completions.

Balance sheet and liquidity • Cash and bank deposits stood at RMB6.45 billion; total indebtedness fell 12.00% to RMB26.29 billion. • Net debt was RMB19.84 billion; the net gearing ratio remained unchanged at 52 %. • Foreign-currency borrowings accounted for 19 % of total debt, down from 77 % in 2021. • Since 2021 the group has repaid RMB48.60 billion of offshore debt; after year-end it issued USD300 million of 9.75 % senior notes due 2029 and repurchased USD295 million of notes due 2026.

Asset-light expansion and landbank • Two new asset-light projects—Yong Xin Li and Shanghai Sanlin—were added, bringing the pipeline to four projects and expanding managed gross floor area by 0.29 million sq.m. • Total leasable and saleable landbank was 5.40 million sq.m., of which 3.40 million sq.m. is attributable to the group.

Valuations • The investment-property portfolio (2.67 million sq.m.) was valued at RMB97.70 billion. A fair-value decrease of RMB2.01 billion equated to 2.10 % of carrying value; Shanghai assets represented 80 % of the portfolio.

Dividends The board did not recommend a final dividend, citing covenant compliance and liquidity considerations (2024: HKD0.036 per share).

Sustainability The company retained MSCI ESG and GRESB “AA/5-Star” ratings and achieved a 57 % drop in Scope 1-2 emissions intensity versus the 2019 baseline.

Looking ahead, management will prioritise liquidity, continue to recycle capital via asset-light structures and focus new investment on urban-renewal opportunities in top-tier Yangtze River Delta and Greater Bay Area cities.