Guangzhou R&F Properties 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	10,942	17,701	36,239	35,193	76,230
Revenue Growth (YoY)	-38.19%	-51.15%	2.97%	-53.83%	-11.25%
Cost of Revenue	12,415	18,282	34,094	31,153	77,648
Gross Profit	-1,473	-580.9	2,145	4,040	-1,418
Selling, General & Admin	4,143	4,490	5,952	5,732	9,652
Other Operating Expenses	2,467	1,234	1,440	-212.28	-353.34
Operating Expenses	6,609	5,725	7,386	5,520	9,234
Operating Income	-8,082	-6,306	-5,241	-1,480	-10,651
Interest Expense	-5,593	-5,587	-5,600	-5,833	-4,289
Interest & Investment Income	117.78	48.28	165.35	139.97	1,052
Earnings From Equity Investments	-156.65	-104.46	-26.39	618.51	532.25
Currency Exchange Gain (Loss)	640.84	-321.87	-640.21	-3,894	132.66
Other Non Operating Income (Expenses)	-	-	-	-	-108.29
EBT Excluding Unusual Items	-13,073	-12,271	-11,342	-10,448	-13,332
Impairment of Goodwill	-	-11.7	-468.53	-	-
Gain (Loss) on Sale of Investments	-752.58	-2,594	-314.47	-1,970	-2,027
Gain (Loss) on Sale of Assets	-286.57	867.05	179.14	-43.83	808.52
Asset Writedown	-1,297	-1,266	-2,170	-1,950	688.49
Other Unusual Items	1,428	-	-	276.64	500.24
Pretax Income	-13,981	-15,275	-14,116	-14,135	-13,362
Income Tax Expense	2,620	2,514	5,832	1,644	2,992
Earnings From Continuing Operations	-16,601	-17,789	-19,947	-15,779	-16,353
Minority Interest in Earnings	176.02	79.45	-217.25	42.62	-115.91
Net Income	-16,425	-17,710	-20,164	-15,737	-16,469
Net Income to Common	-16,425	-17,710	-20,164	-15,737	-16,469
Shares Outstanding (Basic)	3,752	3,752	3,752	3,752	3,752
Shares Outstanding (Diluted)	3,752	3,752	3,752	3,752	3,752
Shares Change (YoY)	-	-	-	-	5.48%
EPS (Basic)	-4.38	-4.72	-5.37	-4.19	-4.39
EPS (Diluted)	-4.38	-4.72	-5.37	-4.19	-4.39
Free Cash Flow	-	-1,606	-2,091	-2,124	11,430
Free Cash Flow Per Share	-	-0.43	-0.56	-0.57	3.05
Dividend Per Share	-	-	-	-	0.100
Dividend Growth	-	-	-	-	-90.00%
Gross Margin	-13.46%	-3.28%	5.92%	11.48%	-1.86%
Operating Margin	-73.86%	-35.62%	-14.46%	-4.21%	-13.97%
Profit Margin	-150.11%	-100.05%	-55.64%	-44.72%	-21.61%
Free Cash Flow Margin	-	-9.07%	-5.77%	-6.04%	14.99%
EBITDA	-6,720	-4,944	-3,471	166.36	-9,148
EBITDA Margin	-61.42%	-27.93%	-9.58%	0.47%	-12.00%
D&A For EBITDA	1,362	1,362	1,770	1,646	1,504
EBIT	-8,082	-6,306	-5,241	-1,480	-10,651
EBIT Margin	-73.86%	-35.62%	-14.46%	-4.21%	-13.97%
Advertising Expenses	15.62	26.02	75.8	219.14	306.54

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.