Zhejiang Longsheng Group (600352) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was RMB 3.17 billion, down 13.39% year-over-year; year-to-date revenue was RMB 9.67 billion, down 8.85% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 469 million, up 6.16% year-over-year; year-to-date net profit was RMB 1.97 billion, up 6.09% year-over-year.

• Net profit excluding non-recurring items for Q3 was RMB 340 million, down 32.47% year-over-year; year-to-date was RMB 923 million, down 19.60% year-over-year.

Financial highlights

• Operating cash flow for the first nine months was RMB 5.56 billion, up 46.71% year-over-year, mainly due to increased pre-sale proceeds from the property subsidiary.

• Basic and diluted EPS for Q3 was RMB 0.1442, up 3.97% year-over-year; year-to-date EPS was RMB 0.4294, up 1.49% year-over-year.

• Total assets at Q3-end were RMB 76.50 billion, up 6.23% from year-end 2024.

• Shareholders’ equity attributable to listed company shareholders was RMB 34.15 billion, down 0.38% from year-end 2024.

Outlook and guidance

• Management notes the significant impact of property subsidiary pre-sale proceeds on cash flow and the effect of last year’s property delivery on profit comparability.