China Merchants Land Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	26,251	20,661	28,801	29,871	25,921
Revenue Growth (YoY)	27.05%	-28.26%	-3.58%	15.24%	36.74%
Cost of Revenue	24,591	19,676	24,930	25,868	21,130
Gross Profit	1,659	985.42	3,871	4,004	4,792
Selling, General & Admin	1,146	930.66	1,228	1,093	1,100
Operating Expenses	1,216	1,266	1,231	1,093	1,100
Operating Income	443.04	-280.39	2,640	2,911	3,691
Interest Expense	-470.49	-577.25	-740.39	-627.91	-691.66
Interest & Investment Income	-	334.59	430.77	359.74	285.73
Earnings From Equity Investments	-1,076	-246.31	368.08	263.94	414.49
Currency Exchange Gain (Loss)	7.08	-75.29	6.45	-100.32	53.62
Other Non Operating Income (Expenses)	218.68	23.01	22.97	35.82	28.47
EBT Excluding Unusual Items	-877.26	-821.63	2,727	2,842	3,782
Impairment of Goodwill	-	-160.21	-	-	-
Gain (Loss) on Sale of Investments	-26.75	-183.62	-36.42	10.61	10.94
Gain (Loss) on Sale of Assets	459.92	-	-	56.71	-
Other Unusual Items	-	-	-	71.46	-262.07
Pretax Income	-444.09	-1,165	2,691	2,981	3,531
Income Tax Expense	1,684	524.17	1,439	1,251	1,948
Earnings From Continuing Operations	-2,128	-1,690	1,252	1,730	1,583
Minority Interest in Earnings	-73.27	-161.13	-1,118	-1,400	-1,022
Net Income	-2,201	-1,851	133.41	329.66	560.57
Net Income to Common	-2,201	-1,851	133.41	329.66	560.57
Net Income Growth	-	-	-59.53%	-41.19%	-20.06%
Shares Outstanding (Basic)	4,905	4,905	4,905	4,905	4,905
Shares Outstanding (Diluted)	4,905	4,905	4,905	4,905	4,905
Shares Change (YoY)	0.00%	-	-	-	-
EPS (Basic)	-0.45	-0.38	0.03	0.07	0.11
EPS (Diluted)	-0.45	-0.38	0.03	0.07	0.11
EPS Growth	-	-	-59.53%	-41.19%	-20.06%
Free Cash Flow	-	6,546	-566.56	5,121	-6,126
Free Cash Flow Per Share	-	1.33	-0.12	1.04	-1.25
Dividend Per Share	-	-	0.011	0.027	0.049
Dividend Growth	-	-	-58.95%	-45.71%	-17.07%
Gross Margin	6.32%	4.77%	13.44%	13.40%	18.49%
Operating Margin	1.69%	-1.36%	9.16%	9.74%	14.24%
Profit Margin	-8.38%	-8.96%	0.46%	1.10%	2.16%
Free Cash Flow Margin	-	31.68%	-1.97%	17.14%	-23.63%
EBITDA	632.92	-90.51	2,840	3,096	3,875
EBITDA Margin	2.41%	-0.44%	9.86%	10.37%	14.95%
D&A For EBITDA	189.87	189.87	200.8	185.61	183.16
EBIT	443.04	-280.39	2,640	2,911	3,691
EBIT Margin	1.69%	-1.36%	9.16%	9.74%	14.24%
Effective Tax Rate	-	-	53.48%	41.96%	55.17%

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.