China Overseas Grand Oceans Group (COGO) reported 2025 revenue of RMB36.87 billion, down 19.7% year-on-year, as contracted property sales slipped 19.8% to RMB32.19 billion on a 15.7% decline in sold area to 2.94 million sq.m.
Gross profit fell 16.8% to RMB3.20 billion, though margin edged up to 8.7% (2024: 8.4%) on tighter cost control. Profit attributable to owners dropped 68.1% to RMB0.31 billion, lowering basic EPS to RMB8.6 cents.
Operating cash flow stayed positive at RMB2.19 billion and sales receipts reached RMB33.56 billion, equivalent to a 104.3% cash collection rate. Year-end cash and bank balances totalled RMB26.87 billion, representing 22.6% of total assets. Net gearing improved to 31.7% (2024: 33.1%), with all three regulatory “red lines” comfortably met; the liabilities-to-assets ratio (ex-pre-sales) stood at 61.4% and cash-to-short-term debt at 1.8x.
Total borrowings declined to RMB38.91 billion, and the weighted-average financing cost fell to 3.4% (2024: 4.1%) after refinancing HK-dollar debt into lower-cost RMB facilities, issuing RMB2.80 billion of onshore bonds at 2.4%–2.7%, and early redeeming a USD512 million offshore note.
During 2025, the Group and its associates/joint ventures acquired 22 land parcels across 13 cities for RMB11.71 billion, adding 2.93 million sq.m. of gross floor area (GFA). Total land bank reached 11.99 million sq.m.; attributable GFA stood at 10.26 million sq.m.
The commercial property segment generated RMB0.54 billion in turnover, up 7.4%, with leased area increasing 13.4% to 549,600 sq.m. Newly reclassified investment properties lifted the portfolio’s carrying value to RMB8.07 billion.
The Board proposes a final dividend of HK2.5 cents per share, bringing full-year dividends to HK3.5 cents and implying a payout ratio of roughly 36%.
Looking to 2026, management plans to maintain prudent operations, target selective land replenishment in mid-tier cities, advance the “Good Housing” product strategy, and preserve robust liquidity amid an expected policy-supported sector stabilisation.