Greentown China reported 2025 revenue of 154.97 billion RMB, down 2.3% year-on-year. Gross profit fell 8.7% to 18.47 billion RMB, trimming the gross margin to 11.9% (2024: 12.8%).

Profit attributable to shareholders dropped 95.6% to 70.99 million RMB, mainly weighed by 4.94 billion RMB of asset impairments and credit-loss provisions, together with lower contribution from joint ventures and associates (combined loss: 1.13 billion RMB versus a 0.63 billion RMB loss in 2024). Basic earnings per share declined to 0.03 RMB. The board proposed no final dividend (2024: 0.30 RMB).

Contracted sales rose 3.5% to 251.90 billion RMB, ranking second industry-wide. Self-investment projects contributed 153.40 billion RMB of sales, with 104.30 billion RMB attributable. Newly added land bank reached 3.18 million sqm, representing saleable value of 135.50 billion RMB; 86% is located in tier-one and tier-two cities.

Operating cash and liquidity indicators remained solid. Cash and bank deposits (including pledged deposits) stood at 63.24 billion RMB, covering short-term debt 2.6 times and marking the group’s best ratio on record. Short-term borrowings accounted for 18.6% of total debt, while the weighted average borrowing cost dipped 60 bps to 3.3%. Net gearing rose to 66.4% (2024: 56.6%) amid lower cash balances.

Total assets decreased to 449.86 billion RMB (-11.4%), and net assets were 105.71 billion RMB (-6.8%). Contract liabilities, reflecting pre-sales yet to be booked, fell 25.8% to 109.02 billion RMB.

Looking ahead to 2026, management targets saleable resources of 163.10 billion RMB (85% in tier-one and tier-two cities) and expects completions of roughly 5.46 million sqm. The group reiterated its focus on cash-flow safety, disciplined land investment and cost control to navigate continued market adjustment.