<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OHMNKjfvZq3NzBegrvLg0Iz5_A-ho26CG8K99b5Dmb_g0AA/1000?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OHMNKjfvZq3NzBegrvLg0Iz5_A-ho26CG8K99b5Dmb_g0AA/1000"/>
Recently, China Jinmao released its 2025 annual report, which is the first annual report after the leadership change.
Overall, sales revenue returned to over 100 billion, operations remained stable, with annual revenue of 59.3 billion yuan, a year-on-year increase of 0.5%, and net profit attributable to shareholders of 1.25 billion yuan, a year-on-year increase of 18%.
At the earnings release conference, China Jinmao Chairman Tao Tianhai stated that the company has achieved the phased task of &#34;surviving&#34; and is moving towards the goal of &#34;thriving.&#34;
We noted that in 2025, China Jinmao's land reserve layout has changed, with 21 new land parcels acquired throughout the year, all located in first- and second-tier cities, with Beijing and Shanghai accounting for nearly 70%.
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In 2025, China Jinmao achieved total sales of 113.5 billion yuan, a year-on-year increase of 15%, returning to the 100 billion level, and its industry ranking improved to 8th place. It is worth noting that despite the increase in sales, the net cash flow from operating activities for the year was -8.122 billion yuan, indicating significant pressure on cash collection.
The average contract price for residential properties reached 27,000 yuan per square meter, a year-on-year increase of 24%, continuing to upgrade the product structure.
Additionally, the sales regional structure continues to concentrate in core cities. In 2025, the sales contribution from first- and second-tier cities continued to rise, accounting for 96%, an increase of 6 percentage points compared to the same period last year, with first-tier cities contributing 43%.
East China remains Jinmao's strategic focus, with a sales contribution ratio of 35%, of which Shanghai contributed 21.82 billion yuan; North China's contribution rate increased by 10 percentage points to 38% compared to last year, with Beijing contributing 23.77 billion yuan, becoming the city with the largest sales contribution. Southwest, South China, and Central China contributed 17%, 4%, and 5% to sales, respectively, with the Xi'an market contributing 10.03 billion yuan, ranking among the top three cities for sales contribution.
According to management's disclosure at the earnings conference, Jinmao expects a total sales value of 220 billion yuan in 2026, estimating that the sales scale will generally maintain a steady upward trend based on an average turnover rate of around 55%.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OwiW_Jw_R6dZsMO6ErI05zXmRbEJxw2-mvyVEvF-ofCE8AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OwiW_Jw_R6dZsMO6ErI05zXmRbEJxw2-mvyVEvF-ofCE8AA/641"/><img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OWcxVOnlTncU1zaq7RIlTiDRgKayWaB_C32GXMsZA72OUAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OWcxVOnlTncU1zaq7RIlTiDRgKayWaB_C32GXMsZA72OUAA/641"/>
China Jinmao added 21 new land plots in 2025, all located in first- and second-tier cities, with a total planned construction area of 1.97 million square meters and a total land payment of 57.7 billion yuan. The land acquisition sales ratio reached 0.5, far exceeding the average level of top 100 real estate companies.
Among them, investments in Beijing and Shanghai amounted to 37.9 billion yuan, accounting for 66%, indicating the company's strategic focus on deepening its presence in these cities.
As of the end of 2025, China Jinmao had an unsold area of 2.476 million square meters. According to the earnings conference, the proportion of unsold value in first- and second-tier cities reached 89%, with the proportion in first-tier cities increasing by 8 percentage points to 29%, further optimizing the inventory structure.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OwIIYXObyO-kJPbTFfutAqMb6HJeqqd3c1wZObbisUd88AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OwIIYXObyO-kJPbTFfutAqMb6HJeqqd3c1wZObbisUd88AA/641"/><img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Ov0K6UO3jrP8o6SAW8l0AEgNhtJP6retBMbxYPNHpo29AAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Ov0K6UO3jrP8o6SAW8l0AEgNhtJP6retBMbxYPNHpo29AAA/641"/>
In 2025, China Jinmao achieved a revenue of 59.37 billion yuan, of which real estate development revenue was 49.48 billion yuan, remaining basically flat compared to the same period in 2024.
In the second growth curve, Jinmao Services achieved a revenue of 3.67 billion yuan, contributing only about 6% to the overall revenue. Property investment revenue was 1.672 billion yuan, a year-on-year decrease of 1%, accounting for 3% of total revenue; hotel revenue was 1.620 billion yuan, a year-on-year decrease of 5%, also accounting for 3% of total revenue.
In terms of profitability, in 2025, Jinmao achieved a total gross profit of 9.221 billion yuan, with an overall gross profit margin of 15.5%. The gross profit margin for the real estate development segment was 13%, an increase of 2 percentage points compared to the same period last year. The annual net profit was 2.2 billion yuan, with a net profit margin of 3.7%, remaining basically flat compared to the same period last year, maintaining positive earnings.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O5VXgRYJIisAEgJbBdpuY76Ik_AXFKv_MnN6C4qlQEOWgAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O5VXgRYJIisAEgJbBdpuY76Ik_AXFKv_MnN6C4qlQEOWgAA/641"/><img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OWJNFydfIUitr6E3a-BlInYo8OvSBuseikL2hfnAu9UM4AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OWJNFydfIUitr6E3a-BlInYo8OvSBuseikL2hfnAu9UM4AA/641"/>
At the earnings conference, the management of China Jinmao assessed that the market adjustment is at the bottom region, 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; As the market gradually stabilizes, the pent-up potential demand in core first- and second-tier 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
For China Jinmao, 2025 delivered a qualified answer sheet of &#34;survival,&#34; but the proposition of &#34;thriving&#34; has just begun. In 2026, it is necessary to accelerate the clearance of existing stock, promote positive operating cash flow, and truly establish the second curve.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Ooug82f3VmIeKWKaNk56EWDpw8l7_4VR7vaQS7f2ER8E4AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Ooug82f3VmIeKWKaNk56EWDpw8l7_4VR7vaQS7f2ER8E4AA/641"/>

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China Jinmao released its 2025 annual report, with sales returning to over 100 billion, total revenue of 59.3 billion yuan, a year-on-year increase of 0.5%, and net profit attributable to shareholders of 1.25 billion yuan, a year-on-year increase of 18%. Chairman Tao Tianhai stated that the phase of "survival" has been achieved and they are moving towards the goal of "thriving." In 2025, 21 new land parcels were added, with sales reaching 113.5 billion yuan, a year-on-year increase of 15%. Despite the sales growth, the net cash flow from operating activities was -8.122 billion yuan, indicating significant pressure on cash collection. It is expected that the sales scale will steadily increase in 2026

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Annual Report Observation | China Jinmao: The phased task of "survival" has been achieved