ChinaAMC Jinmao Shopping Center Closed REIT

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508017

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China Jinmao released its 2025 annual report, with sales returning to over 100 billion, total revenue of 59.3 billion yuan, a year-on-year increase of 0.5%, and net profit attributable to shareholders of 1.25 billion yuan, a year-on-year increase of 18%. Chairman Tao Tianhai stated that the phase of "survival" has been achieved and they are moving towards the goal of "thriving." In 2025, 21 new land parcels were added, with sales reaching 113.5 billion yuan, a year-on-year increase of 15%. Despite the sales growth, the net cash flow from operating activities was -8.122 billion yuan, indicating significant pressure on cash collection. It is expected that the sales scale will steadily increase in 2026

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China Southern CSI All Share Real Estate ETF

Yinhua CSI Interior Real Estate Theme ETF

Hwabao WP CSI 800 Real Estate ETF

ChinaAMC CSI All Share Real Estate ETF

CHINA JINMAO

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Annual Report Observation | China Jinmao: The phased task of "survival" has been achieved

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In the first quarter of this year, the real estate company "China Fortune Land Development" continued to lead the sales rankings, with Poly, China Overseas, and China Resources ranking first, second, and third respectively with total sales of 51.7 billion yuan, 51.5 billion yuan, and 44.1 billion yuan. Following in the TOP 10 are Greentown China and Cmsk. In March, sales figures for real estate companies generally increased month-on-month, especially for China Overseas and CHINA JINMAO, whose sales growth exceeded 100%. Policy benefits have driven a market rebound in first- and second-tier cities, with the total sales of the top 100 real estate companies reaching 620.87 billion yuan, with a reduced year-on-year decline

Cmsk

GREENTOWN CHINA

CHINA RES LAND

Real Estate Map | Real Estate Companies "Rush to Collect" as "Protect China" Leads Sales Rankings in the First Quarter

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

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

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China Jinmao achieved counter-cyclical growth in 2025, with contracted sales amounting to 113.5 billion yuan, a year-on-year increase of 16%, and its industry ranking rose to 8th place. Chairman Tao Tianhai believes the market has reached the bottom, and potential demand in first-tier and second-tier cities will be released in the future. The company's average sales price increased from 21,800 yuan/square meter to 27,000 yuan/square meter, mainly benefiting from the iteration of its product system. Tao Tianhai pointed out that the competitive landscape of the industry is shifting towards oligopoly competition, with opportunities for high-quality real estate companies outweighing challenges

CHI KINGSTONE

JINMAO SERVICES

CHINA JINMAO's performance is expected to grow against the trend in 2025, with management stating that high-quality real estate companies face "more opportunities than challenges."

JP Morgan released a report stating that CHINA JINMAO's core net profit fell by 10% to RMB 696 million last year, but it was above expectations. It is expected that the annual compound growth rate of profits from 2025 to 2028 could reach 22%. Jinmao will be one of the few developers to achieve positive growth in contract sales, aiming to handle RMB 160 billion in inventory, of which 36% was achieved last year. Despite the increase in net debt ratio, management does not intend to increase debt and maintains a "buy" rating, with a target price of HKD 1.75

AASTOCKS

"Big Banks" JP Morgan: CHINA JINMAO has a clear inventory clearance plan, valuation attractive, rating "Overweight"

Under the leadership of the new management team, China Jinmao is undergoing a critical transformation, with sales steadily rebounding. The contracted sales amount reached 113.5 billion yuan in 2025, a year-on-year increase of 15.52%, ranking eighth in the industry. Despite facing high leverage and market uncertainties, Jinmao demonstrates market resilience and competitiveness through its layout in core cities and enhancement of product strength. The company achieved profitability in 2024, with significant performance recovery in 2025, particularly in core first- and second-tier cities, enhancing its brand premium capability

A new approach from the old state-owned enterprise! After Tao Tianhai took over, the first major transformation of CHINA JINMAO

S&P Global has adjusted China Jinmao's rating outlook from "stable" to "negative," reflecting its high leverage and the potential for a slower deleveraging process in the future. Although it confirmed its long-term credit rating of "BBB-," the sluggish mainland real estate market may limit China Jinmao's sales and profitability, increasing deleveraging challenges. China Jinmao's shift towards high-tier cities helps consolidate its market position, and support from its parent company Sinochem Holdings can also alleviate high debt risks

S&P adjusts China Jinmao's rating outlook to "negative," facing more challenges in deleveraging

China Jinmao won a residential land plot in Kaifu District, Changsha for a base price of RMB 2.027 billion, with a transfer area of 61,365.55 square meters and a floor price of approximately RMB 11,010 per square meter. The land is planned for commercial and Category II residential use, with a plot ratio not exceeding 3.0. Development conditions include the use of a ground source heat pump system and holding at least 10,000 square meters of commercial office property for at least five years

According to reports, China Jinmao acquired residential land in Changsha for approximately 2 billion RMB at the base price

ChinaAMC Jinmao Shopping Center Closed REIT(508017.SH)

Annual Report Observation | China Jinmao: The phased task of "survival" has been achieved

Real Estate Map | Real Estate Companies "Rush to Collect" as "Protect China" Leads Sales Rankings in the First Quarter

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

CHINA JINMAO's performance is expected to grow against the trend in 2025, with management stating that high-quality real estate companies face "more opportunities than challenges."

"Big Banks" JP Morgan: CHINA JINMAO has a clear inventory clearance plan, valuation attractive, rating "Overweight"