R&F PROPERTIES

Guangzhou R&F Properties closed at HKD 0.225, up 2.3% from the previous close of HKD 0.220, but the day saw a spike-and-retreat pattern: it touched an intraday high of HKD 0.231 in the morning session before sliding to an afternoon low of HKD 0.223. The latest Q4 2025 earnings showed a net loss of HKD 6.88 billion (EPS -HKD 1.8344), yet the loss narrowed 15.86% YoY while operating revenue surged 55% to HKD 2.88 billion, pointing to marginal operational improvement. The company is targeting end-2026 completion for its offshore debt restructuring, disclosed overdue debt of approximately RMB 38.7 billion as of November 2025, and has been auctioning assets such as the Quanzhou R&F Wanda Hotel and Fengxian Wanda Plaza to raise cash. At HKD 0.225, the stock is 81.25% below its 52-week high of HKD 1.20, trades below both the 20-day MA (HKD 0.257) and 60-day MA (HKD 0.338), and has dropped 56.73% year-to-date, with a PB of -0.19 times still reflecting deep distress. However, May contracted sales of RMB 1.03 billion and a 32% YoY increase in cumulative 9-month sales to RMB 10.5 billion suggest some regional stabilization.