Gemdale Group's 2025 revenue approaches 36 billion yuan, with a multi-line development pattern gradually taking shape

Source: Shanghai Securities News · China Securities Network

Securities News China Securities Network Information: On the evening of April 3, Gemdale Group released its 2025 annual report. During the reporting period, the company achieved operating revenue of 35.86B yuan, with the proportion of non-residential business income continuing to rise steadily, and its business structure being continuously optimized. The company orderly reduced the scale of interest-bearing liabilities; the liability structure was further optimized. The weighted average cost of debt financing was 3.92%, down 13 basis points from the end of 2024.

After experiencing deep industry adjustment, Gemdale Group, with its strategy of “focusing on core business and pursuing both light and heavy development,” has built a sustainable development model adapted to the new cycle, making its development path increasingly clear.

Gemdale Group adopts cash flow as the core operating strategy, using “do better on increments and revitalize existing stock” as its approach, fully driving sales and de-stocking; it achieved operating revenue of 35.86B yuan for the full year.

In 2025, Gemdale launched an “overall strategy with one plan per situation” breakthrough campaign. Through multiple paths including land swaps, converting commercial to residential, acquiring and storing inventory properties, and converting held-for-rent assets to saleable assets, the company completed the asset revitalization of 22 inventory projects during the year. This effectively improved asset operation efficiency and operating upside. Among them, after the Wuhan inventory apartment project was acquired, stored, and swapped into high-quality residential land, the Dàchéng Lefu project built on it—leveraging its outstanding product quality—achieved four openings and four pre-sales clearances annually, winning both quality and performance to become a double benchmark for the city.

In the first half of 2025, Gemdale successfully obtained two low-density villa-type premium land parcels in Songjiang, Shanghai, and Linping, Hangzhou. Among them, the Cuiyu Yuanshu project developed from the Songjiang land parcel was selling hot immediately upon opening that year, further confirming the company’s capability for precise investment and product development.

As of the end of the reporting period, Gemdale Group’s total land reserve was approximately 24.72 million square meters, with equity land reserves of approximately 10.59 million square meters. The share of first- and second-tier cities reached 79%. Its high-quality land reserve structure helps support the company’s long-term stable and sound operations.

In recent years, Gemdale Group has proactively broken away from path dependence, and established a development strategy of “pursuing both light and heavy development.” While strengthening its development core business, it has vigorously expanded light-asset businesses such as contract development, property services, and operations of held-type assets, with multiple lines working in parallel gradually taking shape. In 2025, Gemdale Group’s contract development, property, and held-type property operation businesses made steady progress, and their revenue mix proportion increased significantly.

Among them, contract development business has become the core engine of Gemdale’s light-asset businesses. In 2025, Gemdale added 15.31 million square meters of newly contracted service area, a year-on-year increase of 59%; cumulatively, the contracted managed area reached 53.62 million square meters. The company has laid out operations across more than 70 cities nationwide, maintaining its position in the top tier of the industry. In terms of business mix, residential contract development remains solid, while a range of diversified formats—including commercial and office, industrial parks, resettlement housing, and apartments—advance side by side. Its partners cover state-owned enterprises and central-government-backed firms, urban investment platforms, and high-quality private enterprises; the customer structure continues to improve.

Property services also delivered steady growth. In 2025, Gemdale’s smart services revenue continued to rise. Its residential business base remains solid, while commercial services and city services have expanded rapidly. Strategic clients cover sectors such as new energy, financial technology, and healthcare. Held-type property operations have also demonstrated strong resilience amid market pressure. In 2025, Gemdale held-type property operations generated gross rent revenue of 3.14B yuan, with ongoing improvement in operating quality. Among them, for mature commercial projects such as Shanghai Jiuting Gemdale Plaza, Xi’an Gemdale Plaza, and Wuhan Gemdale Plaza, occupancy rates reached 95%. Office property segments saw their occupancy rate rise against the trend throughout the year; the occupancy rate of Shenzhen Gemdale Weixin Center surpassed 90%. It has attracted a number of high-quality enterprises in areas such as technology, software, and financial insurance. In the Weixin industrial operations segment, the occupancy rate of mature parks exceeded 90%. (Huang Jianhua)

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