Mingfa Group (International) Company Limited reported audited results for the year ended 31 December 2025 and confirmed that share trading, suspended since 1 April 2026, will resume on 27 April 2026 at 09:00 HKT.

Revenue fell 37.6% year-on-year to RMB4.39 billion as delivered gross floor area declined 39.3% to 642,641 sq m. Property development remained the core contributor, accounting for 79.7% of turnover (RMB3.49 billion). Rental and property management income contributed RMB582.63 million, while hotel operations generated RMB277.61 million.

Gross profit decreased 53.6% to RMB704.04 million; gross margin contracted to 16.1% from 21.6%. A RMB971.97 million fair-value loss on investment properties and RMB166.42 million in impairment provisions weighed on results. Net loss narrowed to RMB1.20 billion (2024: RMB1.81 billion). Basic and diluted loss per share improved to RMB0.201. The Board recommended no final dividend.

The Group’s cash and cash equivalents stood at RMB570.25 million, while total borrowings were RMB2.79 billion. Net debt reached RMB2.21 billion, giving a 12.4% gearing ratio. Current ratio improved slightly to 1.15.

Contracted sales for 2025 totalled RMB2.41 billion on 381,440 sq m, down from RMB5.27 billion a year earlier. Pre-sold but undelivered GFA was 611,461 sq m, and attributable land bank edged up 3.1% to about 16.8 million sq m across 129 projects.

Capital commitments contracted to RMB18.45 billion, while contingent liabilities related to mortgage guarantees fell to RMB4.49 billion.

No material acquisitions or disposals were recorded during the year. The auditor, BDO Limited, issued an unqualified opinion on the 2025 accounts.

With policy easing and project completions scheduled, Mingfa Group plans to focus on liquidity, reduce leverage through selective asset disposals and prioritise sales in the Yangtze River Delta, where 63.3% of its pipeline is located.