---
title: "In the \"Foreign Capital Highlights,\" the core net profit for the overseas fiscal year meets expectations, with a target price of 13.8 yuan"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/281294972.md"
description: "UBS released a report stating that CHINA OVERSEAS's core net profit for the fiscal year 2025 is expected to decline by 17% year-on-year, in line with expectations. The gross profit margin is expected to decrease from 17.7% in 2024 to 15.5% in 2025, with the ratio of selling and general administrative expenses to revenue increasing. Revenue is expected to decline by 14% in the first half of 2025, with further declines in gross profit margin. The net leverage ratio is projected to rise to 34%. UBS set the target price at HKD 13.8, with a rating of \"Neutral.\""
datetime: "2026-04-01T03:19:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281294972.md)
  - [en](https://longbridge.com/en/news/281294972.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281294972.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/281294972.md) | [English](https://longbridge.com/en/news/281294972.md)


# In the "Foreign Capital Highlights," the core net profit for the overseas fiscal year meets expectations, with a target price of 13.8 yuan

According to a report released by UBS on the 1st, China Overseas Development (00688) is expected to see a 17% year-on-year decline in core net profit for the fiscal year 2025, in line with the bank's and market expectations. The decline in performance is mainly due to a drop in gross profit margin from 17.7% in 2024 to 15.5% in 2025, as well as an increase in the ratio of selling and general administrative expenses to revenue from 2.2% in 2024 to 2.7% in 2025.

The report mentions that China Overseas' revenue in the first half of 2025 is expected to decline by 14% year-on-year. At the same time, the gross profit margin further decreased from 17.4% in the first half of 2024 to 13.7% in the first half of 2025, and from 13.8% in the second half of 2024. By the end of 2025, the revenue that has been sold but not yet recognized is expected to reach RMB 182.55 billion.

Additionally, China Overseas' net leverage ratio is expected to rise by 5 percentage points to 34% by the end of December 2025, compared to 28% at the end of June 2025 and 29% at the end of December 2024; net debt is expected to increase by 22% year-on-year due to accelerated land acquisitions in 2025. UBS has set a target price of HKD 13.8 for China Overseas, with a "Neutral" rating. (jl)

\\\* Editor's Note: This article is for reference only and does not constitute an offer, solicitation, invitation, inducement, or any representation or establishment of any proposal and recommendation of any kind or form. Readers are advised to exercise their independent judgment in making investment decisions. The Economic Information Agency, the editor, and the author shall not be liable for any losses incurred as a result of related recommendations

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- [CHINA OCEAN GP (08047.HK)](https://longbridge.com/zh-HK/quote/08047.HK.md)
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