Seazen posts mixed H1 2025 results amid real estate downturn

Seazen Group Limited reported total revenue of RMB22,173.5 million for the first half of 2025, a decrease from RMB34,003.3 million in the same period of 2024, primarily due to reduced property sales. Despite this, commercial operating income grew by 11.8% year-on-year to RMB6.944 billion, with 174 Wuyue Plazas in operation nationwide by June 30, 2025. Gross profit for the period was RMB5,400.6 million, down from RMB6,826.9 million in H1 2024, though the gross profit margin improved to 24.4% from 20.1%.

The property development business delivered over 16,000 high-quality properties across China. Contracted sales reached RMB10,330 million for 1.3350 million sq.m. of GFA, with an average contracted selling price of RMB10,072 per sq.m. The company successfully issued $300 million in unsecured senior notes in June 2025 and maintained its "zero default" record on maturing debts. Net profit attributable to equity holders was RMB691.6 million, a 27.9% decrease from RMB959.2 million in H1 2024.

As of June 30, 2025, total borrowings stood at RMB57.24 billion, with cash on hand at RMB10.34 billion. The net debt-to-equity ratio was 54.6%, and the debt-to-asset ratio (excluding advances received) was 64.9%. The weighted average borrowing cost was 5.84% per annum.