China Aoyuan Group (3883) investor relations material

Executive summary

• Revenue declined 4.3% year-over-year to RMB9,256 million, with property development accounting for 89.8% of total revenue.

• Net loss attributable to owners was RMB17,764 million, compared to a profit of RMB35 million in 2024, mainly due to the absence of prior year offshore debt restructuring gains.

• Gross loss improved by 55.7% to RMB7,165 million, with gross loss margin at 77.4%.

• The Group faces significant liquidity and solvency challenges, with current liabilities exceeding current assets by RMB40,014 million.

• The auditor issued a disclaimer of opinion due to multiple uncertainties regarding going concern.

Financial highlights

• Property development revenue rose 1.8% to RMB8,313 million; delivered GFA increased 36.6% but average selling price fell 25.5%.

• Total assets at year-end were RMB128,223 million, down from RMB159,505 million; total liabilities were RMB173,868 million.

• Cash and bank deposits fell to RMB184 million, with restricted deposits at RMB1,410 million.

• Bank and other borrowings stood at RMB47,353 million; senior notes and bonds at RMB24,174 million.

• Contingent liabilities for guarantees totaled RMB62,459 million.

Outlook and guidance

• The Group will focus on ensuring project delivery and payment settlement, deepening organizational reform, and advancing onshore debt restructuring.

• Plans to capitalize on urban renewal and smart, green housing trends in core regions.