New-type Urbanisation

In 2025, the new-type urbanisation segment recorded revenue of RMB37.578 billion and profit attributable to ordinary shareholders of RMB125 million, representing year-on-year decreases of 20.0% and 97.6%, respectively. The significant decline in the segment’s performance was primarily due to weak industry sentiment and the company’s decision for provisions to solidify asset quality and enhance risk resilience. Affected by the continuous downturn in the real estate industry, the gross profit of existing projects in the real estate development and operation business declined, with revenue decreasing by 15.8% year on year to RMB12.385 billion and operating profit decreasing by 57.6% year on year to RMB1.314 billion. The engineering construction and urban operation business was constrained by the tightening of PPP project policies, resulting in a 20.7% year-on-year decrease in revenue to RMB27.067 billion; however, continuous efforts to push for receivables collection yielded substantive results, with operating profit increasing by 6.1% year on year to RMB1.625 billion.