Kaisa Group (1638) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2025 was RMB3,701.0 million, down 31.8% year-over-year, with gross profit falling 37.8% to RMB462.7 million and gross margin at 12.5%.

• Net loss attributable to owners increased to RMB10,096.7 million, with basic loss per share at RMB1.430.

• No interim dividend was declared for the period.

• Contracted sales, including joint ventures and associates, dropped 43.7% to RMB2,003 million, with 171,315 sq.m. GFA sold.

• The group delivered 12 projects totaling 5,076 units and maintained a land bank of 20.75 million sq.m., 61% in the Greater Bay Area.

Financial highlights

• Revenue dropped to RMB3,701.0 million from RMB5,428.6 million year-over-year.

• Gross profit margin decreased to 12.5% from 13.7% year-over-year.

• Net loss for the period was RMB10,096.7 million, up from RMB8,993.9 million in the prior year.

• Net finance costs increased 28% to RMB1,201.8 million.

• Cash and bank deposits (including restricted) stood at RMB2,169.5 million, down 9.2% from year-end 2024.

Outlook and guidance

• Management expects further policy support for consumption and real estate market stabilization in the second half of 2025, with a focus on risk mitigation, model innovation, and high-quality, asset-light development.

• Emphasis remains on cash flow, cost control, and project delivery.