Yanlord Land Group (Z25) H2 2025 earnings summary

Executive summary

• FY 2025 revenue fell 60.5% year-over-year to RMB14.369 billion, mainly due to a sharp decline in property development revenue.

• Gross profit rose 16.7% to RMB4.004 billion, with gross margin improving by 18.5 percentage points to 27.9%.

• Net profit reached RMB435 million, reversing a net loss of RMB3.763 billion in FY 2024.

• Contracted pre-sales dropped 37.1% to RMB13.972 billion, with contracted GFA down 33.0% year-over-year.

Financial highlights

• Property development revenue decreased 68.7% to RMB9.765 billion; property investment and hotel operations revenue declined 4.1% to RMB1.757 billion.

• Property management revenue increased 1.5% to RMB1.454 billion; other segment revenue fell 26.3% to RMB1.394 billion.

• Net impairment losses on financial assets dropped 87.3% to RMB267 million.

• Finance costs decreased 27.0% to RMB730 million.

• Share of profit from associates surged to RMB374 million, while joint ventures' contribution fell sharply.

Outlook and guidance

• Accumulated contracted pre-sales pending revenue recognition stood at RMB17.493 billion as of year-end 2025.

• New project launches are planned for the first half of 2026 in key Chinese cities including Nantong, Suzhou, Taicang, Wuxi, Haikou, and Jinan.