China Economic Reporter Wu Jing and Lu Zhikun reported from Beijing.
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In the deeply adjusted real estate industry of 2025, China Jinmao (00817.HK) delivered a counter-cyclical growth report.
On March 24, the company's performance report showed that the contracted sales amount reached 113.5 billion yuan in 2025, a year-on-year increase of 16%, with the industry ranking rising to 8th place, setting a new historical high. Against the backdrop of declining sales for most leading real estate companies, this performance has attracted market attention.
At the performance release conference held on the same day, China Jinmao Chairman Tao Tianhai made a judgment on the industry outlook. He believes that the current market adjustment is at the bottom area, and the industry will still be in a bottoming and repairing process in 2026, characterized by &#34;industry bottoming, structural differentiation, and corporate breakthroughs.&#34; He also pointed out that as the market gradually stabilizes, the pent-up potential demand in first- and second-tier core cities is expected to be released, while in third- and fourth-tier cities, projects that meet the conditions of &#34;good location, good product&#34; still have opportunities.
Product Strength Drives Sales Structure Optimization
The financial report shows that China Jinmao's growth in 2025 did not rely on price-for-volume strategies. Against the backdrop of a 16% year-on-year decline in contracted sales amount for the top 10 real estate companies, the company's average sales price continued to rise last year. The contracted unit price for residential properties increased by 24% from approximately 21,800 yuan/square meter in the same period last year to 27,000 yuan/square meter.
This performance is directly related to the iteration of the company's product system. Reporters learned that the &#34;Golden Jade Full House&#34; product system launched by the company in 2024 continued to be implemented during the reporting period, with 6 Jinmao Fu, 7 Pu (Yu) series, 5 Man series, and 8 Tang series projects launched, achieving hot sales in multiple cities. In terms of regional distribution, the proportion of contracted sales in first- and second-tier cities reached 96%, with the proportion in the North China and East China regions increasing to 73%. The contracted sales amount in the two first-tier cities of Beijing and Shanghai both exceeded 20 billion yuan, and the sales amount in the Xi'an market exceeded 10 billion yuan.
At the performance conference, Tao Tianhai described the current industry competition pattern as &#34;shifting from perfect competition to oligopoly competition.&#34; He believes that after the industry reshuffle, mainly leading enterprises will remain, and competition will focus more on product strength and operational efficiency. For high-quality real estate companies that survive, &#34;the future presents more opportunities than challenges.&#34;
While sales scale grew, China Jinmao's profitability in 2025 showed signs of recovery. The annual gross profit was 9.221 billion yuan, a year-on-year increase of 7%, with the overall gross profit margin rising to 16%; the profit attributable to the company's owners was 1.253 billion yuan, a year-on-year increase of 18%.
Behind the profit improvement is the adjustment of project acquisition and operational strategies. Management disclosed at the performance conference that since 2024, the company has acquired a total of 43 projects, all focused on core cities and core sectors, with an average net profit margin exceeding 10%. Meanwhile, revitalizing existing stock has become another main line, with 47 projects completed for liquidation in 2025, and a total of 15 pieces of land and 26 major assets revitalized
The improvement in operational efficiency is reflected in the project cycle. Last year, the average initial opening cycle for new projects was shortened to 5.2 months, reinforcing the operational strategy of &#34;fast opening, fast return, and fast clearance,&#34; with the speed of positive operating cash flow reduced to 10.4 months. In terms of cost control, selling expenses, management expenses, and financial expenses decreased by 4%, 13%, and 9% respectively, allowing for more room for profit.
In terms of financial structure, during the reporting period, the average financing cost for China Jinmao decreased to 2.75%, maintaining a relatively low level in the industry. The debt structure continued to optimize, with the proportion of development loans and operating loans increasing to about 50%, while the proportion of foreign currency debt has been declining for several consecutive years to 20%. As of the end of the reporting period, the company had over 70 billion yuan in unused bank credit, providing a financial reserve for future investments.
Investment Focus and Second Growth Curve
On the investment side, China Jinmao continued its strategy of &#34;converging and focusing.&#34; All 21 new projects acquired in 2025 are located in first- and second-tier cities, with investments in the strategically deepened cities of Beijing and Shanghai accounting for as much as 66%. At the end of the reporting period, 89% of the company's unsold value was located in first- and second-tier cities, with the proportion of unsold value in first-tier cities increasing by 8 percentage points from the previous year to nearly 30%, continuing to concentrate the value structure in high-tier cities.
Management stated at the earnings conference that in 2026, the company will implement the philosophy of &#34;product leadership, customer first,&#34; creating more value for customers through product strength. In terms of investment strategy, it will continue the &#34;active but not aggressive&#34; style, focusing on high-tier cities, &#34;investing well and investing adequately.&#34;
Beyond its main development business, China Jinmao's second growth curve made progress in 2025. Its subsidiary Jinmao Services (00816.HK) saw a year-on-year increase of 5% in managed area and an 18.5% year-on-year increase in operating revenue, with core property management revenue increasing by 23% year-on-year. In terms of held properties, commercial operating revenue increased by 9% year-on-year, and hotel EBITDA increased by 31% year-on-year. Projects such as Hangzhou Qinwang Water Street and North Bund Jinmao Center opened last year, and the light asset business continued to expand.
As an attempt at asset securitization, the first batch of publicly offered REITs for consumer infrastructure in China—ChinaAMC Jinmao Shopping Center Closed REIT—has completed 7 dividend distributions, with a distribution rate stable at over 5%.
Regarding future strategies, management stated at the earnings conference that China Jinmao has achieved the phased task of &#34;surviving&#34; during the industry adjustment period, and the next phase will aim for &#34;thriving,&#34; further revitalizing existing assets and optimizing new ones, striving to &#34;live brilliantly.&#34;
(Edited by Lu Zhikun, Reviewed by Tong Haihua, Proofread by Yan Jingning)

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China Jinmao achieved counter-cyclical growth in 2025, with contracted sales amounting to 113.5 billion yuan, a year-on-year increase of 16%, and its industry ranking rose to 8th place. Chairman Tao Tianhai believes the market has reached the bottom, and potential demand in first-tier and second-tier cities will be released in the future. The company's average sales price increased from 21,800 yuan/square meter to 27,000 yuan/square meter, mainly benefiting from the iteration of its product system. Tao Tianhai pointed out that the competitive landscape of the industry is shifting towards oligopoly competition, with opportunities for high-quality real estate companies outweighing challenges

腾讯新闻 - 财经

CHI KINGSTONE

ChinaAMC CSI All Share Real Estate ETF

JINMAO SERVICES

ChinaAMC Jinmao Shopping Center Closed REIT

Hwabao WP CSI 800 Real Estate ETF

Yinhua CSI Interior Real Estate Theme ETF

GF CSI All Share Financials ETF

CHINA JINMAO

China Southern CSI All Share Real Estate ETF

CHINA JINMAO's performance is expected to grow against the trend in 2025, with management stating that high-quality real estate companies face "more opportunities than challenges."