Domestic real estate performance | Longfor Group's full-year profit drops by 90%

Longfor Group (00960) announced its full-year results for the year ending last year, with shareholders’ profit amounting to 1.022 billion yuan (RMB, same below), a year-on-year decline of 90.18%. The basic earnings per share were 15 cents, with no final dividend declared.

During the period, revenue was 97.309 billion yuan, a year-on-year decrease of 23.66%. The contracted sales amount was 63.16 billion yuan, down 37.54%; the total sales area was 5.186 million square meters, a decrease of 27.2%; the sales price per square meter was 12,179 yuan.

As of the end of last year, the group had contracted sales amounting to 99.1 billion yuan that were sold but not settled, covering an area of approximately 8.06 million square meters.

As of the end of last year, the company’s total consolidated borrowings were 152.81 billion yuan, a decrease of 23.51 billion yuan compared to the end of 2024; cash on hand was 29.2 billion yuan; the net debt ratio was 52.2%. The average financing cost was an annual interest rate of 3.51%, with an average contractual loan term of 12.12 years.

Looking to the future, the group stated that it will continue to focus on high-quality development as its core strategy, adhere to a prudent financial management strategy, orderly reduce the scale of debt, maintain positive operating cash flow, and continue to promote the transformation of its business model to drive growth through operations and services.