2025 Annual Results Announcement
M arch 2 0 2 6
Contents
Operational Review
Financial Highlights
Appendix
01 Operational Review
Investment continues to slow down
Industry Undergoing Bottoming-out Adjustment with Continuous Pressure for Stabilization
New home sales continues to shrink
-20%
6.9
5.4
4.3
New Commercial Properties Sales Constantly Decreases
Decline Expands in Accumulative Sales at the End of Each Quarter
Development Investment Declined for Four Consecutive Years
-9.6%
New Residential Construction Area Continued to Decline
-17.4%
11.7
9.7
8.4
-2.6%
-10.0%
-10.6%
-6.1%
-8.5%
-13.2%
Financing remains pressured
2023 2024 2025
(RMB tn)
Q1 Q2 Q3 Q4
2022 2023 2024 2025
2023 2024 2025
(tn sqm)
Prices continue to fall
70-City New Housing Prices (MoM) 70-City Second-hand Housing Prices (MoM)
Funds Available to Developers Continued to Shrink
Cumulative Amount of New Mid & Longterm Loans for Non-financial ENT. & Org.
-13%
12.7
10.8
9.3
13.6
-13%
10.1
8.8
-0.1% -0.2%
-0.2%
-0.3%
-0.4%
-0.5%
-0.3%
-0.5%
-0.7%
-0.6%
Jan
May Jun Oct Dec
Jan
Mar Jun Jul Dec
2023 2024 2025
(RMB tn)
2023 2024 2025
(RMB tn)
Note: The data sources are the National Bureau of Statistics, the People's Bank of China and Wind 3
Results Overview
Steady Progress with Improved QuaIity
Business Strategy
Meticulous cultivation for survival, Relentless efforts for success
Core Principles
Steadily Advanced Sales Position
Secure and Solid Financial Position
Total Sales:
RMB251.9 bn Top2 1 position1
Self-investment:
RMB153.4 bn Top5
1 position2Cash to ST-debt Ratio: 2.6x Record high Avg. Financing Cost: 3.3%
60 bpsStable operations, Enhanced capabilities, Risk prevention
High-Quality and Ample Investment
Consolidated Advantages in Quality
Newly added saleable value: RMB135.5 bn, Top4 (Flat2)
Core Tier-1&2 Cities: RMB116.8 bn/ 86%
Four Consecutive Years as Grand Slam Winner for Product Strength
Brand Value RMB117.6 bn Top31
Notes:
1. China Index Academy; 2. CRIC 4
Marketing: Steadily Advanced Position through Precise Strategy Implementation
Focused Structure
Total Sales
RMB 251.9 bn -9% VS Top10：-16%
Sales of Self-investment Projects
RMB 153.4 bn -11% VS Top10：-16%
Attr. Sales
RMB 104.3 bn -14% VS Top10：-17%
Notes: 1. China Index Academy; 2. CRIC
Tier 1&2 cities 84%, +5 pts YoY
Zhejiang, 50%
Yangtze River Delta (excl. Zhejiang), 21%
Pearl River Delta, 5% Mid. of Yangtze River, 3%
Hangzhou 35% Shanghai 10% Beijing 7%
Others, 8%
Bohai Rim, 13%
Consolidated Advantages
High cash collection rate Cash collection rate reached 101%,
remaining at benchmark level
Continuous increase in market share
Ranked among Top10 in local sales in 21 cities, an increase of 3 cities YoY
(Top5 in 14 cities including Hangzhou, Suzhou, Xi'an, and Changsha; Top10 in 7 cities including Shanghai, Nanjing, and Guangzhou)
5
Marketing: Steadily Advanced Position through Precise Strategy Implementation
Assessing Situation for Dynamic Adjustment
Strengthening Capabilities to Facilitate Sell-through
54 first-launch projects with an avg. sell-through rate of 69%
Achieving premium in window periods
25 first-launch projects achieved premium, realizing a total premium of RMB2.78 bn
Full-dimensional dynamic adjustment in down cycle
Focusing on 5 dimensions: "product, demonstration, customer acquisition, sales promotion, pricing"
Achieving balance between volume and pricing through precise management
Continuous improvement of core capabilities
Upgraded value enhancement initiatives with approx. RMB32.8 bn inventory from 2021 and prior years sold
Upgraded full-lifecycle management of carpark units with carpark-to-residential sales ratio increasing to 1.51x, +0.12 pts YoY
Continuous enhancement of distinctive capabilities
Digital marketing transaction acounting for 21.5%, +9.4 pts YoY
Fee rate of only 0.52%, saving approx. RMB270 mn in agency fees
Shanghai Chaoming Oriental
Dynamic saleable value +RMB657 mn Net profit margin +7.58 pts
as compared to established target
Hangzhou Yonghu Yunlu
Dynamic saleable value +RMB740 mn Net profit margin +8.65 pts
as compared to established target
Dalian Yanyu Chunfeng
Digital marketing accounting for 56% Sold out in 5 months after launch
6
Investment: Safeguarding the Bottom Line, with Quality and Sufficient Scale
Newly Added Quantity / Saleable Area
50 plots / 31.8 mn sqm
Attributable Land Cost
RMB 51.1 bn
On the premise of safeguarding the bottom line of safety
Seizing the early opportunities to ensure conversion
Achieve "More" by being "Early" and "Fast"
Newly Added Saleable Value
Attributable Ratio
RMB135.5 bn / Top4 (Flat1)
Maintained at a high level
Maintaining strategic focus while expanding moderately
Focus on core cities and actively capture high-quality structural opportunities
135.5
25%
108.8
135.5
69 %
Enhancing analytical capability, iterating research tools
108.8
Continuously solidify investment precision with post-investment realization rate maintained at a high level
Notes:
2024 2025
CRIC
(RMB bn)
7
Investment: Safeguarding the Bottom Line, with Quality and Sufficient Scale
Distribution by City Tier (Saleable value)
Hangzhou, 15 plots, 38%
Suzhou, 3 plots, 13%
Shanghai, 2 plots, 10%
Xi'an, 4 plots, 7%
Nanjing, Chengdu, Hefei, etc.
Tier-3&4, 14%
Tier-1, 15%
Tier-2, 71%
2025
2024
New Project Conversion
33%, contributing sales amount of RMB 45.3 bn
30%
Distribution by Region (Saleable value)
Zhejiang, 27 plots
Yangtze River Delta (excluding Zhejiang), 8 plots Pearl River Delta, 4 plots
Middle Reaches of the Yangtze River, 3 plots Others, 8 plots
Zhejiang, 53%
Yangtze River Delta (excl. Zhejiang), 28%
Pearl River Delta, 6%
Mid. of Yangtze River, 3%
Other, 9%
Full Clearance within the Year
Dalian Yuhaitang, Dalian Yanyu Chunfeng
Dalian Yuhaitang
Acquired on March 12 Parking/residential/commercial units sold out in 3 months after launch
Hangzhou Yuehaitang, Xi'an Lvting Fangfei,
Bohai Rim, 1%
8
Total Land Reserves: More Focused with Secure Structure
Total Saleable Value
Total / Attr. GFA
Total / Attr. Saleable Area
RMB382.7 bn
23.71 / 15.06 mn sqm
15.67 / 9.72 mn sqm
By Saleable Value
Proportion of High-Tier Cities Further Increased
4 Cities / 7%
Middle Reaches of the Yangtze River
Cities / 8%
Bohai Rim
18 Cities / 64%
Yangtze River Delta
> RMB 20 bn
First-tier Second-tier
Hangzhou: RMB 91.8 bn
Shanghai: RMB 33.3 bn
58%
Xi'an:
RMB 25.1 bn
Suzhou:
RMB 20.1 bn
65%
Cities / 3%
Southwest China
Cities / 6%
Pearl River Delta
Third- and fourth-tier 18%
24% 20%
15%
Others 12%
2024 2025
9
Note： 1.Land bank comprises all acquired but uncompleted projects or project phases
Saleable area excludes underground parking and storage
Product: Iterative Innovation to Reach New Heights
Iterating Good Houses through Integrated Upgrades
Focusing on R&D to Deliver Innovative Applications
Based on the original four core technical systems, Integrated customer needs and application feedback to upgrade and focus on Ten Technical Systems
Overall application rate in newly-added projects 91%
Hangzhou Xiaolan Yuhua
Full-dimensional implementation with prominent pricing premium and efficient sales turnover
Established Product Innovation Research Institute
Built an innovative R&D system, continuously researching and practicing innovation
Launched AI Drawing Cloud Platform which Enable Fully Automated Drawing Sorting
Embracing a "Digital Intelligence" Driven model, achieved a significant improvement in overall efficiency
Established Three Types of Good Houses Laboratories to upgrade product strength
Optimal Enclosure System
Adaptive Comfort System
Intelligent System
Industrial Interior Decoration System
① High-quality Window &
Door System
⑩
Composite
Landscape System
② Healthy Air System
Ten Technical Systems
Green-Core Quality Construction
⑨ Whole-house Storage System
③ Noise Reduction
System
④ Whole-house Water Purification System
⑤ Smart House Living System
⑧ Assembled Interior
System
⑦ Versatile Space System
⑥ Same-floor Drainage System
Xi'an Laurel Oriental "Guiyu Good House"
Six-Living Product Value Experience Hall
Beijing Heyue Yuming "Yuming Lab"
Interactive and Participatory "Health Lab"
Shanghai Chaoming Waitan "Sensory Archive" Humanistic Experience of Good Houses
10
Product: Iterative Innovation to Reach New Heights
Refining Quality Control to Uphold the Bottom Line
Strengthened technical standards,
Enhancing prevention and control measures
Top1 in Product Strength Assessment Lists by 3 Institutions for 4 Consecutive Years
Received 122 domestic and international design awards
against quality risk; Advanced construction management,
Architecture
44 awards
Landscape
42 awards
Interior Decoration
36 awards
Solidifying the bottom lines of both quality and safety
Shanghai Chaoming Oriental Won 2025 London Design Award for Residential Architecture - Gold Award
Lean Cost Reduction to Strengthen Competitive Edge
Strengthened Pre-investment Research
Updated the "Multiple Values per City" database across 31 cities, enhancing investment competitiveness
Multi-dimensional Cost Reduction Across the Entire Process
Avg. GFA construction cost
RMB 115 / sqm
Jiaxing Yunqi Rose Garden
Won World Design Award for Residential Architecture - Completed Category - Gold Award
Built 58 Full-Dimensional High-Quality Display Areas
Shanghai Chaoming Oriental Hangzhou Xijing Henglu Wuxi Yilu
11
Operations: Lean Management to Maintain Competitive Edges
Leveraged "general operation system" to enhance management precision, enabling orderly and efficient operational coordination
Leading Efficiency Strength Consolidation
5.4 months
From land acquisition to the opening of display area
months
From land acquisition to the first launch
26.2 months
From land acquisition to delivery
Dalian Guangzhou Suzhou
To first launch 4.5 months To first launch 4.6 months To delivery 24.5 months
All projects delivered on schedule with high quality with overall satisfaction score reaching 94 pts1 (+2 pts YoY)
Quality Delivery Brand Enhancement
210 projects / 22.69 mn sqm / 119,000 households
Delivered Projects / Area / Households
(Self Investment and Project Management)
Shanghai Qinlanyuan Tianjin Shuixi Yunlu Lishui Hujing Yunlu
Note:
1. China Index Academy 12
Organization: Streamlining and Optimizing to Enhance Efficiency
93 %
(2024:92%)
Organizational Engagement Score
Maintaining above the 80th percentile in the industry
12,400+ sqm/person
Construction Area per Capita (non-sales staff)
Efficiency per capita at industry leading level
Optimized Organizational Support Upgrading Team Talent Structure
Targeted optimization to organizational structure and fully integrated the responsibility and authority system, enabling more efficient, higher-quality and more flexibile in organizational support
Reinforced key capabilities and stimulate endogenous momentum, significantly enhancing talent reserves and achieving a rational distribution of talents
Headquarters
Subsidiary
Strengthening strategic leadership, enhancing risk control management
(optimizing the organization and increasing risk control centers, etc.)
Maintaining strategic depth, creating organizational flexibility
(establishing Chengdu City Company and adjusting categorization, etc.)
External
Internal
Targeted recruitment of core talents
202 talents
Strengthen internal talent rotations
705 times
13
Project Management Business: High-quality Development Leading the Industry
Stable & Higher Quality Operation Strengthened Service Capabilities
Market Share at Top1 for 10 Consecutive Years
35.35 mn sqm / 9.35 bn
Sound Financial Position
RMB 415 mn / +42.3 %
Delivered Area Exceeding 10 mn sqm for 5 Consecutive Years
14.51 mn sqm / 80,000+ units
Industry Leading Satisfaction Scores
98 pts / 92 pts
Area/ project management fee of newly contracted projects
Operating cash flow
Delivered area/ units
Client/ owner satisfaction score
Benchmark projects were rapidly launched and delivered nationwide
Rising Industry Influence
Ranked Top1 of "Leading Enterprises in Chinese Real Estate Project Management Operation" for 10 consecutive years
Received 30+ Top1 industry awards and 117 product awards
iFLYTEK AI Town Industry Park Management Project
Successfully Delivered
Jinhua Fengqi Chaoming Encourage "One district, One benchmark" product strategy
Wuhan Guihu Yuncui Setting benchmark for distressed-project delivery
Published "Evaluation Index of Comprehensive Capabilities for Project Management Enterprises" and "Compiled Classic Case Studies" Enhance Healthy Development of Project Management Industry
14
Greentown+: Empowering Core Business and Creating Value
Living Technology
Commercial Operations
Focused on its two core businesses, namely home renovation and construction
Quality delivered: 260+ projects
Hangzhou Xijing Henglu
Diversified Business Portfolio Strengthened integrated synergy management
capability for property types
EPC Business
Customized Home Renovation
Greentown Home Renovation Project
Strengthened full-cycle management capabilities Contract scale exceeds RMB1 bn for the first time
Attracted 1.17 million members for membership platform "Gui Yue Club" in the first year
Greentown Commercial Premium Membership Platform "Gui Yue Hui"
Health and Wellness Service Town Operations
Secured 6 consultation and entrusted operation management projects
(Hainan, Wuxi, Dandong, etc.)
Operational capabilities and brand influence continuously improving
Event at Qingdao Ideal City Wellness Center
Successfully signed 3 industrial service projects
(Qufu Liaohe Ancient Street, Hangzhou Shenhua City Complex, and Hangzhou Zhijiang Project)
Further strengthening the township IP with over 400 IP events held throughout the year
Repeatedly Awarded "Leading Brand for Characteristic Town Operation in China"
15
Branding: Continuous Consolidation with Leading Brand Value
25+ Awards
Comprehensive strength and steady operation
Top10 among 100 Chinese Real Estate Enterprises by Comprehensive Strength
(CIA)
Top10 among 100 Chinese Real Estate Enterprises by Stability
(CIA)
15+ Awards
Product strength and delivery capacity
Top1 Real Estate Enterprises by Product Strength
(CRIC)
Top1 Real Estate Developers by Super Delivery Capacity
(EH Consulting)
Satisfaction
Loyalty
93.9 pts, Top1 across 16 cities
Top10: 89.7 pts
89%, Top1 across 15 cities
Top10: 77.7%
15+ Awards
Brand value and customer satisfaction
Nearly 10 Awards
Corporate governance and other advantages
Brand value of RMB 117.6 bn, ranking Top3
(CIA)
Leading Brand in Real Estate Customer Satisfaction
(CIA)
Annual Real Estate Enterprises with Social Responsibility
(CIA)
Top10 Real Estate Enterprises by Digital Strength
(E-House, CRIC)
16
ESG: Focusing on Green Buildings and Demonstrating Commitment
Leading ESG Ratings: MSCI-AA1 and Wind-AA2
Continuously Deepening Green Building
Actively Fulfilling Social Responsibilities
11th Anniversary of
Improving Effectiveness of Corporate Governance
Constantly enhancing regulation
New Green Building Area
2.46
mn sqm / +8%
Flagship Public Welfare Initiatives
Deeply synergized and extended to include
and system construction
Total Green Building Projects
364 projects
educational charity
85%, +5 pts YoY
Creating diversified public welfare ecosystem of "desertification control,
Added & Optimized
3 ESG-related policies，
Application rate of prefabricated construction technology
community enrichment, and youth education"
Issued 381 Management Systems
"Go to Play Football"
1,200 teams / 18,000 players
Improving Risk Control Mechanisms
Beijing Heyue Yuming Assembly rate per unit: over 76% Green Building Three-Star Standard High Quality and Efficiency
"Spreading Spring Breeze"
160,000+ saxaul trees planted Converted 2,400 mu of desert into greenery
Held 100+
risk control and compliance training sessions
75
Anti-corruption workshops
Notes:
1. Upgraded from BBB to AA on 23 March 2026; 2. Upgraded from A to AA on 31 July 2025 17
Prospects
A Critical Phase of "Transitioning while Bottoming out"
Adhering to Strategies - "Strategy 2030"
Challenges Continue
Market Policy Competition
Rebalancing of supply and demand with an increased structural differentiation
Systematic institutional restructuring to establish a new model for real estate development
Seize the Opportunity
Shift from being "resource-driven" to "capability-driven"
1 Core Objective
2 Key Business Segments
2 Strategic pivot points
Comprehensive Quality Benchmark Among the Top10
Real estate development and project management
With supporting businesses working to strengthen core operations
"Best understanding of customers and best understanding of products"
The real estate sector's role as a pillar of the national
economy remains unchanged
Institutional restructuring will bring development opportunities for quality developers
6 Critical Capabilities
Transformative Power, Innovation, Organizational Capability,
Supply Chain, Digital Intelligence, Service Capability
18
2026 Operating Strategies and Measures
Maintaining cash flow safety as core focus Continuing to solidify foundation, improving quality and efficiency
Optimize existing base, pursue quality increments
Accelerating destocking
Multiple tailored plans for each project and timely tactics;
Accelerating improvement of cost efficiency
Prudent consideration before making investments
Ensure projects to be well-selected and newly-added value to be sufficient; Conduct meticulous volume-price analysis for investment
Strengthen risk control, refine management
Enhancing risk control
Ensure stable liquidity;
Reinforce the construction of risk control and compliance system
Uplifting management precision
Streamline operational coordination to boost management effectiveness; Refine cost matching
Encourage innovation for creating competitive edges
Launching product innovation
Strengthen capabilities of R&D, design and innovation, as well as product control across entire process
Increasing digital and intelligent applications
Accelerate breakthroughs in digital-intelligent applications to enhance management efficiency
Upgrade capabilities and strengthen empowerment
Broadening scope for project management
Continue to advance all-round capabilities;
Actively explore overseas opportunities
Focusing on business empowerment
Continue to enhance the core competencies of Greentown+ segment to generate business value
19