Gemdale Group will not distribute profits in 2025, with a net loss of 13.28B yuan.

China Visit Network data.
Gemdfield (Group) Co., Ltd. issued an announcement on April 4, 2026, disclosing its 2025 profit distribution plan. Pursuant to the plan, the company will not distribute any cash dividends for fiscal year 2025, will not issue bonus shares, and will not convert capital reserve into share capital. The plan was approved at the 15th meeting of the 10th session of the board of directors of the company on April 2, 2026, and is still subject to approval by the shareholders’ meeting.

With respect to the key decisions and rationale, the board of directors stated that the distribution plan complies with the provisions of the Company’s Articles of Association. According to the Articles of Association, for the company to implement cash dividends, three conditions must be met at the same time: the distributable profit realized for the year must be positive, the cumulative distributable profits available for distribution must be positive, and an audit report issued by the auditing institution must have a standard unqualified opinion without reservations. Although, as of the end of 2025, the parent company’s cumulative distributable profits available for distribution were RMB 14.15B (i.e., 14.15B元), and the audit report carried a standard unqualified opinion without reservations, the distributable profit realized for fiscal year 2025 was negative; therefore, it does not satisfy the dividend distribution conditions.

Key financial data show that the company’s performance in 2025 recorded a significant loss. After audit, the net profit attributable to shareholders of listed companies for 2025 was -RMB 13.28B (i.e., -13.28B元), with the loss widening from -RMB 6.12B (i.e., -6.12B元) in the same period of the previous year. The company explained that the retained undistributed profits will mainly be used to replenish working capital, repay debts, and increase project reserves.

The announcement also states that, over the most recent three accounting years (2023–2025), the cumulative total cash dividends were approximately RMB 88.9373 million. The average net profit was -RMB 6.17B (i.e., -6.17B元). The company confirmed that the circumstances in which profits are not distributed this time do not fall within the relevant provisions in the Shanghai Stock Exchange’s Stock Listing Rules regarding potential other risk warnings.

This profit distribution plan reflects the operating pressure faced by Gemdfield Group during the industry adjustment period. The company has chosen to keep funds on hand to meet future operational and financial needs. Investors should pay attention to how this plan will be voted on at the shareholders’ meeting going forward and the related operating risks.

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