Sunac 2025 Financial Report Analysis: Overcoming the Mountains of Debt Restructuring and Delivery Assurance, Moving Toward a New Phase

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In 2025, there’s no doubt that this is the year when the current real estate downturn reaches a breakthrough point.

This year, policy efforts have continued to ramp up. From the central government to local authorities, from the market to enterprises, the signals of “stabilizing the property market” have been transmitted step by step and implemented in full, helping the real estate market stop falling and rebound.

The resolution of industry risks has also achieved substantive breakthroughs. 21 distressed property developers resolved 1.2 trillion yuan in debt, and the delivery-guarantee (preserve home delivery) tasks were completed in full. At this point, the industry’s path has gradually become clearer—from “risk resolution” to “stable, sound development.”

Sinoft is one of the most noteworthy benchmarks under this development main line.

From 2021 to the present, after enduring liquidity risk, a difficult self-rescue, and crisis resolution, it has gradually stepped into a brand-new stage of operational recovery. During this period, it carried out the most comprehensive and thorough debt restructuring in the industry, and was the first to complete the delivery-guarantee closing, successfully overcoming the two major mountains that determine a company’s survival.

These achievements are concentrated in Sinoft’s 2025 annual report: interest-bearing liabilities are about 188.2 billion yuan, down 71.41 billion yuan year over year, effectively lowering leverage; attributable net losses are about 12.33 billion yuan, with losses narrowing significantly by about 13.37 billion yuan compared with the previous year. Against the backdrop that distressed developers are generally under mounting pressure, Sinoft’s contracted sales still ranks among the top in the industry. Its solid business foundation and overall strength should not be underestimated either.

From the financial side to the operating side, Sinoft’s hard-hitting set of results fully demonstrates the company’s operational resilience and releases signals that it is moving forward in a steady manner. After five years through wind and rain, it has not only injected valuable confidence into the industry, but also provided a reference and takeaway for peers to get out of their difficulties.

**　After successfully crossing two steep peaks, it builds an even more solid and stable foundation**

From 2021 to 2025—these are five years for the entire industry as it keeps solving problems. The dual challenges of preserving home delivery and resolving debt crises have run throughout it.

Among them, preserving home delivery is undoubtedly the bottom line that property developers must uphold. It is tied to public well-being, trust, and industry confidence, and it is also a key yardstick for measuring a developer’s sense of responsibility and operating capability.

Sinoft has always treated preserving home delivery as its top priority. From 2022 to 2025, it achieved deliveries of 186,000 units, 312,000 units, 170,000 units, and 54,000 units respectively, with cumulative deliveries exceeding 722,000 units—real delivery outcomes to fulfill corporate social responsibility.

Now, as the delivery peak has been smoothly passed and Sinoft’s preserving home delivery work is basically wrapped up, the company has moved from an “attack mode” focused on preserving delivery back to a normal operating model of “sales—delivery,” bringing enterprise operations back onto healthy rails.

Meanwhile, facing the heavy repayment pressure that property developers generally face during this round of adjustment, Sinoft has firmly promoted both domestic and overseas debt restructuring, and in 2025 completed the full closing. This has directly brought significant improvements to key indicators:

Sinoft’s interest-bearing liabilities decreased by 71.41 billion yuan in 2025 to 188.2 billion yuan, down 133.45 billion yuan in total compared with the end of 2021. With the implementation of debt restructuring, Sinoft has essentially zeroed out the debt at the listed-company level, building a more solid and safer capital structure.

Also drawing close attention in the industry is its innovative plan for resolving debt. In 2025, Sinoft, with flexible yet practical options for deleveraging and debt settlement, safeguarded the interests of creditors. With the stability plan for equity structure and the team stability plan ensuring the back end, it helped lay a solid foundation for confidence restoration for all parties, ultimately charting a path of mutual win-win outcomes.

After crossing those two steep peaks, if you look at this company’s “household assets,” you’ll find a set of solid backstops. In the ongoing trend of the industry shrinking its balance sheet, in 2025 Sinoft made provisions for impairment of 17.0 billion yuan, while attributable net assets still remained at 34.17 billion yuan. At the same time, the company’s total land reserve reaches 108 million square meters, with nearly 70% located in core and first-tier/second-tier cities. Net assets and ample high-quality land reserves are also the ballast that allows Sinoft to withstand storms and emerge from its predicament.

**　Multi-sector expansion in real estate, culture and tourism, and services—accelerating into a new stage**

After successfully crossing “two major mountains,” Sinoft moved forward with a lighter load. Years of deep cultivation and capability accumulation across three major areas—real estate, culture and tourism, and services—make Sinoft more resilient, and give its future development more possibilities.

In the real estate segment, Sinoft has been actively advancing in-depth cooperation with financial institutions and partners. Its asset revitalization work has made substantive progress. In 2025 alone, it revitalized 12 real estate projects, which are expected to generate about 11.2 billion yuan in funding to resolve existing debt issues of projects and kick off the development and construction of projects.

With leading product strength and execution/operating capability, the projects already revitalized and sold by Sinoft have all become demonstration samples in the market with both quality and sales being strong. In 2025, Shanghai Yiyi Garden’s cumulative sales exceeded 22.0 billion yuan, ranking first nationwide for single-project sales. Beijing Sinoft Yiyi Garden, Phase 2 of Tianjin Meijiang Yiyi Garden, and Wuhan Optics Valley Yiyi Garden all ranked among the top local high-end project sales lists. This year, Sinoft expects new products such as Chongqing Bay and the Tianjin Meijiang land to be launched. These high-quality revitalized projects will also become new carriers for showcasing Sinoft’s product strength.

At this stage, the culture and tourism industry is undergoing deep adjustment. The market’s competitive landscape is intensifying in its divergence. Sinoft Culture & Tourism’s operations in 2025 were relatively stable, but overall it still faced pressure. To adapt to changes in the market, the culture and tourism segment adheres to proactive adjustment and active optimization, comprehensively integrating internal and external resources, and seeking new breakthroughs and growth points.

The amusement park formats focus on outdoor amusement parks and performance tracks, upgrading immersive experiences through “performances + commerce + scenarios + technology,” and continuously refining benchmark-level integrated culture-and-tourism vacation products. The commercial format follows culture-and-tourism commerce as the basic logic, introducing brand-based culture-and-tourism business formats, innovating marketing activities, and achieving both traffic and sales growth. The ice-and-snow format continues to strengthen its industry-leading position. Two new snow parks in Shijiazhuang and Shenzhen have opened. The number of snow parks in operation increased to 11. New signed projects such as in Wenzhou and Hangzhou further expand the industry layout.

In the property management segment, Sinoft Services has continued to actively adjust and push for management upgrades and efficiency improvements. In 2025, it achieved revenue of 6.82 billion yuan, and attributable net profit turned from loss to profit, reaching 0.2 billion yuan. The area under management is 260 million square meters. Through selling non-core regional asset holdings and exiting part of non-core cities, it further optimizes the allocation of resources, focuses on core and first-tier/second-tier cities, and continues to make positive progress in expanding mid-to-high-end residential property and large commercial enterprise clients.

A market analyst commented that in an environment full of volatility and challenges, over the past five years, Sinoft has pushed forward through wind and rain with a proactive and hardworking attitude. It was the first to complete the milestones of debt restructuring and the closing of the delivery-guarantee campaign, which has played a very good demonstration role for property developers that are still trapped in difficulties. With the opening of a new development stage, Sinoft is placing even more focus on accelerating the revitalization of real estate projects and on operations gradually recovering. At the same time, it will continuously improve the competitiveness of low-asset management businesses such as culture and tourism and property management. With a multi-business layout and strong accumulation behind it, Sinoft is still worth watching and looking forward to.

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责任编辑：韦子蓉