China Merchants Shekou: In 2025, operating revenue decreased by 13.53% year-on-year to 154.728 billion yuan. Two major businesses achieved growth against the trend.
On the evening of March 16th, China Merchants Shekou Industrial Zone Holdings Co., Ltd. released its annual report for 2025.
The annual report shows that in 2025, China Merchants Shekou achieved an operating revenue of 154.728 billion yuan, a year-on-year decline of 13.53%. The net profit attributable to shareholders of the listed company was 1.024 billion yuan, a year-on-year plunge of 74.65%. Both core data reached the lowest levels in the past five years. Moreover, the net profit after deducting non-recurring gains and losses dropped by 93.10% to 169 million yuan. Additionally, the weighted return on net assets also fell from 3.36% in 2024 to 0.73% in 2025, also hitting a new low in recent years.
Source: Company's annual report
In response to the significant changes in performance, China Merchants Shekou stated that it was mainly affected by the year-on-year decline in the project transfer scale of the company's development business and the year-on-year decrease in investment income.
Looking at the whole year, the performance in the fourth quarter was quite special. In that quarter, the company's operating revenue was 65 billion yuan, almost reaching half of the annual performance. However, at the same time, the net profit attributable to shareholders of the listed company was -1.473 billion yuan. This under - performance during the peak season is related to the concentrated provision for impairment of the company's inventory projects on the one hand. On the other hand, the settlement of income from some projects was postponed due to individual reasons, which also led to the company's low profit.
Judging from the performances of the three major main businesses, it is a mixed bag.
First, in the development business, in the past year, the company achieved a contracted sales amount of 196.009 billion yuan and a sales area of 7.1612 million square meters. Although the ranking of the full - caliber sales amount rose to the fourth place in the industry, which is a positive sign, the sales amount and area decreased by 23.59% and 10.62% respectively, and the company's downward trend has not changed.
The effect of in - depth cultivation in core cities is obvious. In 10 cities such as Shanghai, Shenzhen, Chengdu, Xi'an, and Changsha, the company ranked among the top three in terms of full - caliber sales amount. Among the top 30 key cities in the country, as many as 15 cities ranked among the top 5.
Source: Company's annual report
China Merchants Shekou also maintained a high degree of participation in the land markets of these core cities. The report shows that in 2025, it obtained a total of 43 land parcels with a total land price of about 93.8 billion yuan and a total floor area of about 4.4 million square meters. Among them, the investment in the "top 10 core cities" accounted for nearly 90%, and the investment in first - tier cities accounted for 63%. The company invested the most in Shanghai, acquiring 5 land parcels, followed by Shenzhen, Beijing, Chengdu, etc., with 3 land parcels each. According to the data statistics of China Index Academy, in 2025, China Merchants Shekou's equity land acquisition amount soared by 108% year - on - year to 59.4 billion yuan, ranking among the top three in the industry.
Benefiting from the development business, China Merchants Shekou firmly ranks in the first camp of real estate enterprises. According to the data of CRIC, in 2025, calculated by the full - caliber sales amount, China Merchants Shekou ranked fourth in the industry with 196.02 billion yuan. From the data of China Index Academy, its ranking in the industry was also among the top in 2025. Calculated by the equity sales amount, China Merchants Shekou also ranked fourth in the industry with 132.3 billion yuan. In Shanghai, China Merchants Shekou became the top - selling developer with 49 billion yuan.
Source: CRIC
Source: China Index Academy
In the asset operation business, in 2025, the full - caliber income of the properties held within its management scope (including commercial properties, industrial parks, apartments, etc.) reached 7.63 billion yuan, a year - on - year increase of 2.2%. Among them, there were 54 operating projects in the concentrated commercial area, with an operating income of 1.96 billion yuan. The occupancy rate of projects that had been open for more than three years reached 93% at the end of the reporting period, and 8 new projects such as Nanjing Xuanwu Garden City opened in 2025. In addition, the operating incomes of industrial parks and apartments also reached 1.3 billion yuan and 1.4 billion yuan respectively.
In the property service business, in 2025, China Merchants Property Operation & Service Co., Ltd. achieved an operating income of 19.273 billion yuan, a year - on - year increase of 12.23%. Among them, the newly signed annual contract amounts in the aviation sector and the market - oriented residential sector increased significantly, reaching a maximum of 85%.
Source: Company's annual report