Poly Developments and Holdings Group (600048) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB 45.73 billion, down 15.74% year-over-year; net profit attributable to shareholders was RMB 916 million, down 57.06% year-over-year.

• Contracted sales reached RMB 51.78 billion, a 17.84% decrease year-over-year; contracted area was 1.15 million sqm, down 24.79%.

• The company maintained a high sales collection rate of 91.07%, with cash and equivalents at RMB 127.56 billion at quarter-end.

Financial highlights

• Operating income: RMB 45.73 billion, down 15.74% year-over-year.

• Net profit attributable to shareholders: RMB 916 million, down 57.06% year-over-year.

• Basic and diluted EPS: RMB 0.08, down 57.06% year-over-year.

• Operating cash flow: RMB 8.67 billion, up 422.97% year-over-year due to reduced land and project payments.

• Total assets at quarter-end: RMB 1,176.04 billion, down 1.08% from year-end 2025.

• Shareholders’ equity: RMB 194.05 billion, up 0.57% from year-end 2025.

Outlook and guidance

• National real estate sales and investment continued to decline, but policy signals and core city market activity showed signs of stabilization.

• The company increased its equity ratio in new land acquisitions to 96%, up 9 percentage points from 2025.