China State Construction International (3311) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB100,449 million, down 4.6% year-over-year; profit attributable to owners rose 0.3% to RMB8,588 million.

• Basic earnings per share was RMB1.64, a 3.5% decrease; net asset value per share increased 7.9% to RMB15.22.

• Total cash dividends for the year were HK62.5 cents per share, up 1.6% from the prior year.

• Operating cash flow remained positive for the fourth consecutive year, with a net inflow of RMB1,053 million.

Financial highlights

• Gross profit margin improved to 15.9% from 15.5% year-over-year.

• Net gearing ratio decreased by 5.1 percentage points to 68.5%.

• Cash on hand at year-end was RMB30,329 million, representing 10.8% of total assets.

• Unutilised banking credit facilities rose 33.6% to RMB168,416 million.

• Comprehensive financing costs declined by 0.6 percentage points.

Outlook and guidance

• The Group expects to maintain steady growth in 2026, focusing on high-potential regions in Chinese mainland and leveraging opportunities in Hong Kong and Macau.

• Emphasis will be on smart construction, green low-carbon development, and strengthening core markets.