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SOHO China (410) investor relations material
SOHO China H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for the first half of 2025 was RMB690 million, down 13.6% year-over-year due to weak office and retail leasing demand and challenging market conditions.
Gross profit was RMB549 million, with a stable gross margin of 80%, representing a 15.3% decrease from the prior year.
Net loss attributable to owners was RMB92 million, an improvement from the prior year's loss, while underlying profit from operating activities (excluding fair value changes and one-off tax fees) was RMB173 million.
Average occupancy rate stabilized at 80% as of June 30, 2025, and recovered to 81% by September 2025, with high-quality tenants including international and domestic brands.
No interim dividend was declared for the period.
Financial highlights
Revenue: RMB690 million (down from RMB799 million in 2024H1, a 13.6% decrease year-over-year).
Gross profit: RMB549 million (down from RMB648 million year-over-year), with a gross margin of 80%.
Net loss attributable to owners: RMB92 million (vs. RMB108 million loss prior year); basic and diluted loss per share: RMB0.02.
Net cash inflow from operating activities: RMB385 million.
Investment properties valued at RMB62,935 million as of June 30, 2025; total borrowings at RMB15,310 million, with RMB5,720 million due within one year.
Outlook and guidance
The office market is expected to face continued pressure on rents and competition, but government support and emerging industries may offer new opportunities.
Management is focused on improving property management, customer service, and adapting to new economic and technological trends.
Occupancy rates have stabilized and are showing signs of recovery, indicating resilience in a downward market.
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