The net profit of Poly Property Shanghai Company in the first three quarters increased year-on-year.

On October 28th, Poly Property Group announced the performance of Poly Property Shanghai Company in the first nine months of 2025.

During the reporting period, Poly Property Shanghai Company achieved an operating income of approximately 22.759 billion yuan, a year-on-year increase of 82.13%; the net profit was approximately 334 million yuan, turning around from a loss of -150 million yuan in the same period last year; the net profit attributable to the owners of the parent company was approximately 63.311 million yuan, a year-on-year increase of 208.8%.

In terms of assets and liabilities, as of September 30th, the total assets of Poly Property Shanghai Company were 170.51 billion yuan, the total liabilities were 140.87 billion yuan, the owners' equity was 29.64 billion yuan, and the ending monetary funds were 25.527 billion yuan. Except for the ending monetary funds, the other indicators all increased to varying degrees compared with the same period last year.

According to the previously announced performance of Poly Property in the first three quarters, as of September 2025, Poly Property Group had cumulatively achieved a contract sales amount of approximately 39.5 billion yuan, a cumulative contract sales area of approximately 1.295 million square meters, and the average contract sales price was approximately 30,504 yuan per square meter.

Judging from the overall performance, Shanghai remains an important area supporting Poly Property's performance this year. According to the first-half performance, Shanghai region ranked first in sales amount with 6.082 billion yuan.

The sales volume in Shanghai region in the first half of the year was mainly due to the Poly Haishangyin project. The land for this project was won by Poly Property in the seventh batch of land auctions in Shanghai in November 2024, with a total price of 2.59 billion yuan, a floor price of 48,662 yuan per square meter, and a premium rate of 18.49%.

It is understood that Haishangyin is Poly Property's first "Yin Series" product. It was sold out within one hour of its first opening in April, becoming the first "sold-out-in-one-day" property in Minhang in 2025. In the fourth batch of units launched in September, Haishangyin launched a total of 52 final units of four - bedroom apartments with a construction area of approximately 131 square meters and 152 square meters, with an average price of 84,143 yuan per square meter, achieving "sold out in all four launches" and clearing the entire project.

However, looking at Poly Property's overall performance in the first half of the year, the net profit was under obvious pressure.

In the first half of the year, Poly Property achieved an income of 18.444 billion yuan, a year-on-year increase of 48.1%; the net profit attributable to the parent company was 208 million yuan, a year-on-year decrease of 44.3%; the gross profit margin was 17.5%, a year-on-year increase of 3.3 percentage points; the net profit margin was 1.3%, a year-on-year decrease of 0.7 percentage points.

In terms of sales, in the first half of the year, Poly Property achieved a contracted sales area of approximately 961,000 square meters, a year-on-year decrease of 13.7%; the contracted sales amount was approximately 26.7 billion yuan, a year-on-year decrease of 6%.

In terms of assets and liabilities, as of the end of June 2025, Poly Property's total assets were 193.5 billion yuan, and the proportion of inventory in total assets increased by 1.3 percentage points; the total current liabilities were 94.64 billion yuan, and the current liability ratio was 48.9%, a decrease of 1.2% compared with the same period last year; the monetary funds decreased by 17.89% compared with the end of the previous period, mainly due to land acquisition investment and project development.

In addition, in the first half of the year, Poly Property accelerated its land acquisition pace, adding approximately 1.183 million square meters of land reserves, nearly 90% of which were located in Shanghai, Hangzhou, and Guangzhou; it added 9 real estate development projects, among which 2 were in Shanghai region.

In previous years, Poly Property did not have many actions in Shanghai. In 2024, Poly Property won a residential land in the diplomatic ring of Minhang District, which is the Haishangyin project; in 2023, it acquired three plots of land, namely the Pingliang Community plot in Yangpu District jointly acquired with Huali Family, the Lanzhou Road plot in Yangpu District, and the Poly Impression Qingcheng project in Qingpu District jointly developed with Xiamen C&D; in 2021 and 2022, it obtained two plots of land in Dinghai Community in Yangpu District and Fengxian New City in Fengxian District respectively.

This year, Poly Property has significantly increased its investment in Shanghai. Specifically, the two plots of land acquired in the first half of the year are both located in the core area of Shanghai.

On May 9th, after 72 rounds of bidding, Poly Property won the Yangpu Riverside plot with 4.241 billion yuan, a floor price of 80,199 yuan per square meter, and a premium rate of 26.3%, setting a new record for the floor price in Yangpu Riverside.

In addition to the regular land auctions, Poly Property also acquired land through equity transactions and entered Jing'an District for the first time. On June 25th, Poly Property obtained 51% of the equity of Shanghai Suhewan North Real Estate Development Co., Ltd. with 850 million yuan.

In the eighth batch of land auctions in Shanghai eight days ago, Poly Property made another move and won the D1 - 7 plot in Unit N090602 of Yangpu District with 2.616 billion yuan, a floor price of 69,958 yuan per square meter, and a premium rate of 14.69%.

This article is from the WeChat official account "Viewpoint", author: Viewpoint New Media. It is published by 36Kr with authorization.