Recently, CHINA JINMAO released its 2025 annual report, which is also the first annual report since Tao Tianhai took over as chairman. In 2025, CHINA JINMAO's contracted sales amounted to 113.5 billion yuan, a year-on-year increase of 16%, ranking 8th in the industry, a historical high; the profit attributable to shareholders (including fair value gains and losses on investment properties) was 1.253 billion yuan, a year-on-year increase of 18%.
At the performance release conference, Tao Tianhai stated that the company has achieved the phased task of &#34;surviving&#34; and is moving towards the goal of &#34;living well.&#34; However, facing issues such as not distributing dividends, a heavy burden of existing assets, and slow development of the second curve, whether CHINA JINMAO can truly &#34;live well&#34; still requires time and market testing.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OU_qFTgwG76cnWvgCNMYWYC9COjrEjQx6MM0k_0DhTKboAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OU_qFTgwG76cnWvgCNMYWYC9COjrEjQx6MM0k_0DhTKboAA/641"/>
Data source: CHINA JINMAO 2021-2025 Annual Report. New Beijing News Beike Finance reporter Yuan Xiuli mapping
&#34;Surviving&#34; relies on &#34;three feasible approaches&#34;
On March 11 last year, after the retirement of former chairman Zhang Zengen, Tao Tianhai took over as chairman and has been in office for a year. According to the 2025 annual report, CHINA JINMAO's contracted sales amounted to 113.5 billion yuan, a year-on-year increase of 16%; its industry ranking rose to 8th, a historical high; in addition, the company achieved revenue of 59.371 billion yuan, a year-on-year increase of 1%, and the profit attributable to shareholders (including fair value gains and losses on investment properties) was 1.253 billion yuan, a year-on-year increase of 18%.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O3G7Vq2dsuoqPOBApM_H8K47ln9ZvFCMOZVcHifMpa0psAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O3G7Vq2dsuoqPOBApM_H8K47ln9ZvFCMOZVcHifMpa0psAA/641"/>
Image/CHINA JINMAO Annual Report Screenshot
At the performance briefing, Tao Tianhai stated that the phased goal of &#34;surviving&#34; has been achieved, and the company has validated &#34;three feasible approaches&#34;: leading the market with products to create an independent market trend, successfully managing projects to promote organizational capability iteration and upgrading, and optimizing incremental growth and revitalizing existing assets for renewal.
Tao Tianhai further mentioned that against the backdrop of a deep adjustment in the industry in 2025, CHINA JINMAO was the first in the industry to stop the decline and stabilize. &#34;Behind this is our insistence on investment in creating benchmarks, product benchmarks, and operational benchmarks. New projects achieved a one-to-one ratio, with a total of 34 projects launched throughout the year, all achieving benchmark project effects.&#34;
The growth of CHINA JINMAO in 2025 is primarily attributed to its product strength and strategy of focusing on high-energy cities. The four major product lines launched in 2024, &#34;Jin Yu Man Tang,&#34; were fully implemented in 2025, including 6 Jinmao Fu, 7 Pu (Yu) series, 5 Man series, and 8 Tang series projects, becoming important drivers of sales performance. Among them, Xi'an Jinmao Pu Yi Dongfang won the annual sales champion in the local area
With the release of demand for improvement-type products, China Jinmao's sales structure is concentrating on high-tier cities and quality projects. By 2025, the company's contracted sales in first- and second-tier cities will account for 96%, with the proportion in the North China and East China regions rising to 73%. Jinmao's contracted sales in Beijing and Shanghai both exceeded 20 billion yuan, with sales in Xi'an surpassing 10 billion yuan, and leading the market in several core cities such as Zhengzhou, Tianjin, and Xiong'an. Due to the product layout in core cities, the company's residential contracted sales price per square meter will rise to approximately 27,000 yuan in 2025, a significant year-on-year increase of 24%.
At the same time, China Jinmao is accelerating project liquidation, with the average initial opening cycle for new projects shortened to 5.2 months. Under the operational strategy of &#34;fast opening, fast return, and fast clearance,&#34; the speed of positive operating cash flow has been reduced to 10.4 months, achieving rapid capital return and reinvestment.
Management stated that during the reporting period, the company insisted on optimizing incremental growth, having acquired a total of 43 projects since 2024, all focused on core cities and core sectors, with an average net profit margin exceeding 10%. At the same time, it actively promotes the revitalization of existing stock, completing the liquidation of 47 projects in 2025, with upgraded strategies and multiple measures, achieving the revitalization of a total of 15 pieces of land and 26 major assets.
On the financial side, the financing advantages brought by the central enterprise background have further emerged. In 2025, the average cost of new financing for China Jinmao dropped to 2.75%, with the annual public market financing cost as low as 2.3%, and unused bank credit lines exceeding 70 billion yuan.
&#34;Second Curve&#34; Quality and Inventory Concerns
However, potential issues cannot be ignored. Although China Jinmao's attributable profit to shareholders increased by 18% year-on-year in 2025, the net profit after deducting fair value losses on investment properties was 1.363 billion yuan, only a 2% increase from the previous year, leading the company to announce no final dividend distribution. Moreover, the basic earnings per share decreased by 16% year-on-year to 4.38 cents, raising questions about the quality of earnings.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Oek5FZ7w9zWGOGBtFjK-0iNh9hI3VN6iNAIWoshKfDbNUAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Oek5FZ7w9zWGOGBtFjK-0iNh9hI3VN6iNAIWoshKfDbNUAA/641"/>
Data source: China Jinmao 2021-2025 Annual Report. New Beijing News Beike Finance Reporter Yuan Xiuli Mapping
Although the overall gross profit margin for property development increased from 11% to 13%, this improvement is based on contributions from newly acquired quality projects with net profit margins exceeding 10%. The profitability of the company's existing inventory projects remains weak. This is also a &#34;legacy&#34; left by past aggressive expansion. Those high-priced land projects located in third- and fourth-tier cities and weaker second-tier cities remain a concern.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ODklkHpeDOlh5gh3LXMHDAggd6FbtFO8x8YaLZtnYAJpkAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ODklkHpeDOlh5gh3LXMHDAggd6FbtFO8x8YaLZtnYAJpkAA/641"/>
Image / Screenshot of CHINA JINMAO Annual Report
In fact, the market has been paying attention to CHINA JINMAO's ability to clear old inventory. Although management emphasizes actively revitalizing existing stock through storage and replacement, the scale of inventory remains considerable. This means that if the market continues to be sluggish in the future, this inventory will face further impairment pressure.
Currently, property development remains the &#34;ballast&#34; of JINMAO's performance, with this business expected to generate revenue of 49.476 billion yuan in 2025, accounting for 80% of total revenue. The &#34;second growth curve&#34; that CHINA JINMAO has high hopes for has yet to form a supporting force that can match the property development business.
Among them, JINMAO Services is expected to achieve total revenue of 3.668 billion yuan in 2025, a year-on-year increase of 24%, but only accounts for 6% of total revenue; property investment revenue is 1.672 billion yuan, a year-on-year decrease of 1%, accounting for 3% of total revenue; hotel revenue is 1.620 billion yuan, a year-on-year decrease of 5%, also accounting for 3% of total revenue. Not only is the overall scale contributing limitedly to total revenue, but the growth momentum of CHINA JINMAO's &#34;second curve&#34; currently appears weak.
In 2026, &#34;the overall actions in the land market will be more proactive, under a tone of being active but not aggressive, closely following industry rhythms, optimizing investment strategies in a timely manner, deeply cultivating core cities, capturing some quality window opportunities, and continuously creating benchmark products in the industry,&#34; management stated. It is expected that CHINA JINMAO's industry ranking and sales scale will generally maintain a steady upward trend in 2026. &#34;Although the market is still bottoming out, structural opportunities still exist, especially for companies with excellent product capabilities, where opportunities outweigh challenges.&#34;
Undoubtedly, JINMAO's performance in 2025 has its commendable aspects, with sales scale increasing, industry ranking improving, and financing costs decreasing. However, from another perspective, this financial report also exposes weaknesses such as poor profit quality, heavy existing burdens, and lack of momentum in the second curve. Only when these concerns gradually dissipate can JINMAO's growth truly be considered high-quality growth, making it possible to achieve the goal of &#34;living well.&#34;
Beijing News Shell Finance Reporter Yuan Xiuli
Editor Yang Juanjuan
Proofreader Liu Baoqing

512200

00817

159768

159707

515060

159940

508017

CHINA JINMAO released its 2025 annual report, with contracted sales amounting to 113.5 billion yuan, a year-on-year increase of 16%, and its industry ranking rising to 8th place. Shareholders' profit attributable to the parent company was 1.253 billion yuan, a year-on-year increase of 18%. Chairman Tao Tianhai stated that the company has achieved the phased goal of "surviving" and is moving towards "thriving," but faces issues such as not distributing dividends and existing burdens. The growth in 2025 is attributed to product strength and a high-level city strategy, with the launch of four major product lines supporting sales performance

腾讯新闻 - 财经

China Southern CSI All Share Real Estate ETF

CHINA JINMAO

Yinhua CSI Interior Real Estate Theme ETF

Hwabao WP CSI 800 Real Estate ETF

ChinaAMC CSI All Share Real Estate ETF

GF CSI All Share Financials ETF

ChinaAMC Jinmao Shopping Center Closed REIT

Annual Report Insight | After surviving, can Tao Tianhai make CHINA JINMAO "live well"?