Shui On Land Ltd. · HKEX:272
Shui On Land — H1 2025 Earnings Presentation
43 slides from Shui On Land's earnings presentation, Aug 28, 2025
Slide 1: 2025 Interim Results
2025 Interim Results 28 August 2025 1
Slide 2: Agenda
Agenda Opening Remarks Vincent Lo Chairman Business Review and Stephanie Lo Outlook & Strategy Vice Chairman Key Financial Highlights Douglas Sung CFO & CIO, Shui On Land Property Sales & Development Jessica Wang CEO, Shui On Land Commercial Asset Management Allan Zhang CEO, Shui On Xintiandi 2
Slide 3: Opening Remarks
Opening Remarks _______ Vincent Lo Chairman 3
Slide 4: Persistent Economic Headwinds
Persistent Economic Headwinds Macro challenges 1H 2025 performance resilient Increased trade tension, tariff ✓ Profitability maintained hike and persistent geopolitical uncertainty ✓ Committed and strong capital Low consumer confidence and management capabilities uncertain economic outlook ✓ Fully m
Slide 5: Business Review and Outlook & Strategy
Business Review and Outlook & Strategy _______ Stephanie Lo Vice Chairman 5
Slide 6: 1H 2025 Highlights
1H 2025 Highlights Profitability under prolonged Resilient commercial market challenges property performance • Profit of RMB81 million • Total rental and related income increased to RMB1,781 million • Profit attributable to shareholders of RMB51 million • Retail portfolio showing strong shopper traf
Slide 7: Global Recognitions in Sustainability
Global Recognitions in Sustainability 1H 2025 Progress Global benchmark recognitions ✓ Named to CDP’s 2024 Climate Change “A List” in recognition of our transparency and progress toward our 1.5°C-aligned science-based emission targets, being the only real estate company in Mainland China on the list
Slide 8: Challenging China Property Market
Challenging China Property Market Residential Retail Office ▪ China’s residential market ▪ Leasing activity of retail in ▪ Volatile external and under pressure, but Shanghai Shanghai showed signs of domestic business continues to remain strong recovery in Q2 2025 conditions have made tenants more ca
Slide 9: Strategy Going Forward
Strategy Going Forward Short-term strategic priorities Long-term goal ▪ Liquidity management with financial safety as top priority Sustainable growth in profitability ▪ Leverage on our brands (community brand “Xintiandi” and luxury residential living brand Strive for leading position in “Lakeville”)
Slide 10: Refreshing Xintiandi Community Brand - Sep 2025
Refreshing Xintiandi Community Brand - 12 Sep 2025 10
Slide 11: Key Financial Highlights
Key Financial Highlights _______ Douglas Sung CFO & CIO 11
Slide 12: Financial Performance
Financial Performance Revenue Net profit Profit attributable (RMB) (RMB) to shareholders (RMB) 2,074m 81m 51m Property sales Total rental and (RMB) related income (RMB) 145m 1,781m ▪ Profitability under difficult market conditions ▪ Total rental and related income remained stable 12
Slide 13: Income Statement
Income Statement RMB’m 1H 2025 1H 2024 Change Revenue of the Group 2,074 2,073 - Property sales 145 143 1% Rental & related income 965 1,257 (23%)1 Property management income 281 303 (7%) Hotel, construction and others 683 370 85% Cost of sales (705) (718) (2%) Gross profit 1,369 1,355 1% Gross prof
Slide 14: Income Statement (Cont'd)
Income Statement (Cont’d) RMB’m 1H 2025 1H 2024 Change Profit before tax 13 282 (95%) Tax 68 (99) (169%) Profit for the period 81 183 (56%) Attributable to: Non-controlling shareholders 30 111 (73%) Profit attributable to shareholders 51 72 (29%) Earnings per share – Basic RMB0.64 cents RMB0.90 cent
Slide 15: Key Balance Sheet Metrics
Key Balance Sheet Metrics Total assets Total debt Shareholders' (RMB) (RMB) equity per share (RMB) 83,392m 25,761m 4.77 Total cash and bank Net debt Net gearing ratio deposits (RMB) (RMB) 5,500m 20,261m 51% • Valuation of investment property portfolio remained largely stable • Stable net gearing rat
Slide 16: Solid Asset Base
Solid Asset Base Net assets Breakdown of assets by nature (RMB’bn) 60.0 6% 1% 7% 49.2 50.0 46.7 4% 44.4 44.1 42.7 40.0 48% 40.0 18% 30.0 16% 20.0 Investment Properties 10.0 JV and Associate Investment & Loans - for IP JV and Associate Investment & Loans - for Sale and Mixed use Property Under Develo
Slide 17: Valuation of Investment Property Portfolio
Valuation of Investment Property Portfolio Increase Attributable Carrying Value Fair Value Leasable /(decrease) Carrying as of Gain/(loss) to Project GFA in fair value Value to the 30 June 2025 Carrying Value for 1H 2025 Group sq.m. RMB’m RMB’m % RMB’m Completed Investment Properties at valuation Sh
Slide 18: Maintaining Low Gearing and Reducing Net Debt
Maintaining Low Gearing and Reducing Net Debt Net Gearing (%) 81% Consistently 68% maintained a 51% 52% 52% 52% 51% relatively low 40% 45% 45% gearing ratio in the 30% past few years as compared against industry peers 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H 2025 Net Debt (RMB’m) 37,378
Slide 19: Maturity Wall has Peaked with Most of the Debt Due in 2025 Already Repaid/Refinanced
Maturity Wall has Peaked with Most of the Debt Due in 2025 Already Repaid/Refinanced Annual debt maturity from 2023 Debt maturity profile as of 30 Jun 2025 (RMB’m) (RMB’m) 15,129 14,359 4,173 12,480 6,349 7,239 6,349 45 10,956 1,908* 3,445 2,375 1,908* 2,375 6,349 20 60 1,908 2,375 2,859 2,315 1,888
Slide 20: Relentless Effort on Capital Management
Relentless Effort on Capital Management ▪ Strived to maintain a stable balance sheet ▪ Adopted various means of funding including the CMBS issuance, asset disposal, USD senior bonds repurchase, restructuring and other onshore financing channels to enhance our liquidity ▪ Strong discipline in cost co
Slide 21: Going Forward
Going Forward ▪ Ensuring sufficient liquidity will remain our utmost priority ▪ New revenue streams in 2H 2025 and beyond: ➢ Residential property launches in Shanghai and Wuhan increasing contracted sales ➢ New opening of commercial properties in Shanghai and Wuhan creating new sources of rental inc
Slide 22: Property Sales & Development
Property Sales & Development _______ Jessica Wang CEO, Shui On Land 22
Slide 23: Property Sales
Property Sales ▪ Contracted property sales for 1H 2025 increased by 457% year-on-year to RMB3,473 million, comprising residential property sales of RMB3,290 million, commercial property sales of RMB183 million ▪ Substantial increase was due to the pre-sale of townhouses with GFA of 6,124 sq.m. in Sh
Slide 24: Residential GFA Available for Sale and Pre-sale in 2H 2025
Residential GFA Available for Sale and Pre-sale in 2H 2025 GFA Group’s Attributable Project Product in sq.m. Interests GFA in sq.m. Shanghai Taipingqiao Lot 118 High-rises 2,100 99% 2,100 Shanghai Taipingqiao Lot 122 Townhouses 4,100 50% 2,100 Riverville Townhouses 13,200 60% 7,900 Wuhan Tiandi High
Slide 25: Residential Development Saleable Resources as of 30 June 2025
Residential Development Saleable Resources as of 30 June 2025 Approximate Saleable Estimated Gross Estimated Project Residential Saleable Group’s Attributable Sales GFA Resource Interests RMB’ bn sq.m. RMB’ bn Shanghai Taipingqiao Lot 118 2,100 0.4 99% 0.4 Shanghai Taipingqiao Lot 122 17,600 5.5 50%
Slide 26: Commercial Development
Commercial Development Commercial Properties Under Development and for Future Development as of 30 June 2025 Office Retail Total Group’s Attributable Project GFA sq.m. GFA sq.m. GFA sq.m. interests GFA sq.m. Shanghai Taipingqiao Lot 122 - 19,000 19,000 50% 9,500 Shanghai Sub-total - 19,000 19,000 9,
Slide 27: Our Development Strategy
Our Development Strategy Market Trends Our Strategic Focus 1 More focus on urban regeneration and high-quality property Continue to focus on top- ▪ Latest NPC Standing Committee meeting in July 2025 reiterated tier cities with priority in the focus on strengthening the cultural preservation and rege
Slide 28: Pipeline in 2025 - Residential
Pipeline in 2025 - Residential Lakeville Phase VI （Low-rise/Townhouse） Wuhan Tiandi (High-rise) 4,100 sq.m. available for sale in 2H 2025 21,100 sq.m. available for sale in 2H 2025 Targeted structure Targeted structure Q2 2027 Q3 2027 completion date completion date Targeted handover date Q4 2027 Ta
Slide 29: Asset Light Projects in Shanghai
Asset Light Projects in Shanghai Yong Xin Li (永新里) (temporary name) Yong Nian Li (永年里) (temporary name) Urban redevelopment project in Greater Xintiandi Area High-end mixed use development in Greater Xintiandi Area Xintiandi Plaza Xintiandi North Xintiandi Block Style Lakeville Phase 2 Lakeville Pha
Slide 30: Commercial Asset Management
Commercial Asset Management _______ Allan Zhang CEO, Shui On Xintiandi 30
Slide 31: Commercial Assets Located in Prime Locations in Shanghai
Commercial Assets Located in Prime Locations in Shanghai Asset-light projects Completed commercial assets totaling RMB79 billion under development KIC Shanghai Yong Nian Li Shanghai (temporary name) Xintiandi, Xintiandi Style II, Xintiandi Plaza, Shui On Plaza GFA: 140,000 sq.m. GFA: 253,000 sq.m. E
Slide 32: Resilient Commercial Property Performance
Resilient Commercial Property Performance Rental and related income Retail (RMB million) ▪ Average occupancy remained stable at 94%3 2,000 1,7811 ▪ Overall sales and shopper traffic both achieved 1,764 high y-o-y growth at 10.5% 1,500 ▪ More recently opened Panlong Tiandi and Hong 1,257 Shou Fang co
Slide 33: New Social Landmarks Consistently Outperform
New Social Landmarks Consistently Outperform Urban Retreat: Panlong Tiandi Neighourhood Destination: Hong Shou Fang New cultural landmark in the Yangtze River Delta area An extraordinary experience under the theme of an combining cultural heritage, modern lifestyle, and "ideal neighbourhood" with a
Slide 34: CXCC – Retail: Soft Opening in September 2025
CXCC – Retail: Soft Opening in September 2025 全时餐饮 运动 运动体验 文化 社交 喇格纳⼩学 E A 文化 CXCCB 4000㎡艺术中心 运动社 D 交 高化时尚 C 运动社交 文化 湖滨道（F） 国际时尚 章太炎故居 无限极荟 文化 碳中和中心 西 组 团 Retail GFA: 81,000 sq.m. 通过太平湖，运动文化社群活动，联动东西组团，形成大新天地互动 Wellness City Pulse Culture ▪ Open street-style all-weather Fulfillment F&B, al fresco di
Slide 35: Wuhan KIC Park: Grand Opening in September 2025
Wuhan KIC Park: Grand Opening in September 2025 Retail GFA: 50,000 sq.m. Office GFA: 69,000 sq.m. B8 Office B8 Retail B9 Green Retail space ▪ Social and entertainment destination offering lifestyle 40% in nature 1st store in Wuhan Tiandi Wuhan/ ▪ ~70% retail GFA leased as Optics Valley of 30.6.2025
Slide 36: Strategic Focus in 2H 2025
Strategic Focus in 2H 2025 Stabilise the healthy operations ▪ 1H 2025 seeing good results ▪ Continue on driving shopper traffic and boosting tenant sales through: ➢ Focus on tenant-centered operational synergy and refined operation management ➢ Innovative marketing events and own branded IP Retail ➢
Slide 37: Q&A
Q&A 37
Slide 38: Appendix
Appendix 38
Slide 39: Commercial Portfolio Performance by Project
Commercial Portfolio Performance by Project Leasable Rental & Related Income Change Occupancy Rate Change GFA RMB’ million Project Product sq.m. % 30 June 31 Dec ppt 1H 2025 1H 2024 2025 2024 Shanghai Taipingqiao Shanghai Xintiandi Office / Retail 54,000 244 235 4% 98% 96% 2 Xintiandi Style II Retai
Slide 40: Financial Position
Financial Position RMB’m 30 Jun 2025 31 Dec 2024 Change % Total cash and bank deposits 5,500 7,734 (29%) Total assets 83,392 91,938 (9%) Total debt 25,761 29,927 (14%) Bank and other borrowings 18,604 19,277 (3%) Senior notes 2,859 6,437 (56%) CMBS 4,298 4,213 2% Net debt 20,261 22,193 (9%) Total eq
Slide 41: Credit Profile
Credit Profile Rental and related income / total interest costs1 Total debt2 / Total equity3 140% 123.7% 124.2% 128.3% 100% 78.9% 75.5% 120% 106.1% 104.6% 80% 72.3% 70.1% 64.8% 64.4% 100% 85.8% 80% 60% 60% 40% 40% 20% 20% 0% 0% 2020 2021 2022 2023 2024 1H 2025 2020 2021 2022 2023 2024 1H 2025 Total
Slide 42: 2030 Sustainability Strategy
2030 Sustainability Strategy Our Vision: To be a pioneer of sustainable premium urban communities 42
Slide 43: Quality Resources in Top-tier and High-growth Cities
Quality Resources in Top-tier and High-growth Cities Total GFA Project Residential Commercial (sq.m.) Shanghai Taipingqiao 89,000 512,000 601,000 Ruihong Tiandi - 441,000 441,000 KIC Shanghai - 253,000 253,000 Inno KIC - 45,000 45,000 The Hub - 263,000 263,000 Panlong Tiandi - 42,000 42,000 Hong Sho