Y. T. Realty Group Limited Overview
Y. T. Realty Group is a Hong Kong-listed, Bermuda-incorporated micro-cap that has transformed, within six years, from a sleepy Hong Kong/London landlord inside Cheung Chung Kiu's Yugang/Cross-Harbour group into a pure-play residential developer concentrated in Sichuan Province. Since control passed to Sichuan entrepreneur Wong Hy Sky in November 2021, 100% of revenue has come from property sales in Meishan and Chengdu, with a portfolio of five actively pre-selling projects spanning mass-market suburban townships (Binjiang Wisdom City, The City of Islands) and premium inner-Chengdu product selling above RMB 54,000–61,000 per sqm (Luhu and Jiaozi Mansion of Value). The business is large relative to its equity: HK$23.8bn of assets sit on just HK$107.8m of total equity (30 June 2026), supported by HK$14.0bn of customer deposits. The investment case is a leveraged, highly binary bet on Chengdu-area housing margins, execution and delivery, offset by deep balance-sheet fragility and persistent losses.
Company's own description
In its AR2025 ESG report, the company describes itself as principally engaged in property development and trading, property investment, provision of property management and related services, treasury management and investment holding. Its segment note (FY25 Results, note 2) defines three reportable segments: (a) property development and trading — development and trading of properties; (b) property investment — investing in properties for rental income and potential capital appreciation; and (c) treasury management — investing in debt securities and time deposits for interest income. A fourth segment (property management and related services) appeared in older descriptions but is no longer reported.
Independent characterisation
In economic substance, Y. T. Realty is today a single-province PRC homebuilder. Every Hong Kong dollar of FY2025 and 1H2026 revenue came from the recognition of residential/commercial unit sales in Sichuan (FY25 Results; 1H26 Results). The legacy property-investment platform has been fully liquidated: Hong Kong investment properties (Prestige Tower and Century Square) were sold in a 2015/16 connected disposal, 1 Chapel Place in London was sold in 2H2021, and 1 Harrow Place in London was disposed of in July 2024. What remains of the "property investment" segment is a set of investment properties under construction in Sichuan (carrying value HK$569.0m at 30 June 2026, IR2026), which generate no rent. Treasury management has generated zero income since 2025.
Business model and revenue model
| Revenue type | FY2024 (HKD Mn) | FY2025 (HKD Mn) | 1H2026 (HKD Mn) | Model |
|---|---|---|---|---|
| Sales of properties (point-in-time recognition on delivery) | 4,224.5 | 4,724.1 | 3,208.5 | Product sale (build-to-sell) |
| Rental income | 15.7 | 0.0 | 0.0 | Recurring lease (now nil) |
| Interest income (treasury) | 1.1 | 0.0 | 0.0 | Financial income (now nil) |
| Total | 4,241.3 | 4,724.1 | 3,208.5 | — |
Source: FY25 Results note 3; 1H26 Results note 3.
The model is classic Chinese pre-sale development: the group acquires land use rights (via public auction or by acquiring project companies), outsources construction entirely to third-party contractors (AR2025 ESG states all real estate development projects are outsourced), pre-sells units off-plan, places a portion of pre-sale proceeds in regulator-controlled escrow accounts (restricted cash HK$2,701.2m at 30 June 2026, IR2026 note 12), and recognises revenue only when units are delivered. Customer deposits sit on balance sheet as contract liabilities (HK$13,971.5m at 30 June 2026). The group also provides mortgage guarantees to purchasers' banks until title certificates are issued (HK$9,631.4m outstanding at 30 June 2026).
The product mix is 100% product (property sales); there is no subscription, licensing or services revenue.
Value chain position
Y. T. Realty sits in the middle of the residential value chain as a developer/integrator: upstream it buys land from local governments (e.g., Meishan Pengshan District Natural Resources and Planning Bureau) and procures EPC construction contracts; downstream it markets to retail homebuyers. It retains brand/marketing planning in-house (Executive Director Liu Jie is Chief Planning Officer responsible for brand and marketing, AR2025) and outsources construction, which is consistent with the very low capex (HK$136.6m in FY2025) and high trade/retention payables (HK$4,634.3m at 30 June 2026).
Customer types and end-markets
Customers: Individual retail homebuyers in Sichuan; no single customer accounted for 10% or more of revenue in FY2024, FY2025 or 1H2026 (FY25 Results; 1H26 Results).
End-markets: (i) mass-market/upgrader residential in Meishan's Tianfu New District/Pengshan corridor (ASP RMB 5,499–7,630/sqm); (ii) mid-market Chengdu residential (Joyous Time, ASP ≈ RMB 15,700/sqm); (iii) premium Chengdu residential (Luhu and Jiaozi Mansion of Value, ASP ≈ RMB 54,900–61,600/sqm). Data: AR2025, IR2026 contract-sales tables.
Strategy
Stated strategy (themes from AR2025 "Prospects and Strategies" and IR2026 "Prospects")
-
Prudent and proactive stance — management repeatedly frames its approach as "prudent and proactive" in a volatile macro environment (AR2025; IR2026).
-
Mainland China property as core — continue efforts in the Mainland property business, which management expects to recover under central and local government support measures (AR2025).
-
Opportunistic geographic optionality — look for property opportunities in markets with stable economic prospects; continue to monitor the UK (and, in AR2025, Hong Kong) for viable investment opportunities, contingent on interest-rate declines (AR2025; IR2026).
-
Shareholder returns over the long run — enhance long-term returns to shareholders through sustainable growth (AR2025).
Management's tone hardened between AR2025 and IR2026: the latter emphasises persistent US inflation, the Fed pause at 3.50–3.75%, and states no concrete plans for material investments or capital assets in 2H2026 (IR2026).
Initiatives in the last 24 months (Oct 2024 – Oct 2026)
| Initiative | Timing | Detail | Status | Source |
|---|---|---|---|---|
| Launch of premium Chengdu "Mansion of Value" products | FY2025 | Luhu and Jiaozi Mansion of Value delivered RMB4,548.7m of FY2025 contract sales (66% of total) at ASP ≈RMB 60,000/sqm | Ongoing; 1H2026 RMB1,813.3m | AR2025; IR2026 |
| Land replenishment | FY2024–1H2025 | HK$1,272.2m land-use-rights balance at end-2024; HK$1,284.6m additions in 1H2025 | Converted into PUD | AR2024; IR2025 |
| Balance-sheet repair / deleveraging | FY2025–1H2026 | Borrowings cut from HK$4,940.9m to HK$2,630.1m; non-bank borrowings cut by 61% in 1H2026; net cash achieved | Achieved (30 Jun 2026) | IR2026 |
| UK exit | Jul 2024 | Sale of last London asset | Completed | AR2025 comparatives |
| ESG targets | Set 2021; deadline 2026 | 3% intensity reductions (GHG, waste, energy, water) vs 2021 baseline | "In progress"; GHG intensity rose 40% in FY2025 | AR2025 ESG |
| Board diversity | Dec 2024 | Appointment of first female director | Completed | AR2025 |
| Climate disclosure | FY2025 | First IFRS S2-aligned qualitative climate risk analysis using IPCC SSP1-1.9 and SSP5-8.5 scenarios | Completed (qualitative) | AR2025 ESG |
Cost programmes / transformation
No formal cost-reduction programme or quantified target has been announced. Administrative expenses were flat (HK$82.3m 1H2025 vs HK$82.2m 1H2026) despite revenue doubling, but selling costs scaled up materially.
Medium-term targets / guidance
Not publicly disclosed. The company provides no revenue, contract-sales, margin, leverage or dividend targets. Capital commitments of HK$5,096.3m (30 Jun 2026) indicate continued heavy construction spend on existing projects.
Products & Services
All products sit within the Property Development and Trading segment unless stated.
Binjiang Wisdom City — Meishan, Sichuan
| Attribute | Detail |
|---|---|
| Description | Large-scale residential township project in Meishan, Sichuan |
| Target customer | Mass-market first-time and upgrader buyers in the Meishan/Tianfu New District corridor south of Chengdu |
| Pre-sale history | Pre-selling since at least 1H2022 |
| Pricing (ASP) | 1H2022 RMB 11,022/sqm → FY2023 RMB 10,146 → FY2025 RMB 7,630 → 1H2026 RMB 5,499 |
| Latest contract sales | FY2025 RMB502.6m on 65,871 sqm; 1H2026 RMB150.6m on 27,387 sqm |
| Observation | ASP has fallen ≈50% since 1H2022, a stark indicator of pricing pressure and possibly a mix shift to lower-value units/parking (AR2023, AR2025, IR2022, IR2026) |
The City of Islands — Meishan, Sichuan
| Attribute | Detail |
|---|---|
| Description | The group's largest-volume project by GFA; residential community in Meishan (likely the Pengshan sites acquired via Honour Global in Jan 2022, 53.6% interest — linkage inferred, not confirmed in filings retrieved) |
| Target customer | Mass-market buyers |
| Pricing (ASP) | 1H2022 RMB 9,202/sqm → FY2023 RMB 8,502 → FY2025 RMB 6,801 → 1H2026 RMB 7,337 |
| Contract sales | FY2023 RMB3,174.5m on 373,387 sqm (largest single-year contributor); FY2025 RMB1,578.6m on 232,099 sqm; 1H2026 RMB527.6m on 71,914 sqm |
| Observation | Volume engine of FY2023 revenue; ASP stabilised in 1H2026 |
Joyous Time — Chengdu, Sichuan
| Attribute | Detail |
|---|---|
| Description | Mid-market residential project in Chengdu |
| First appearance | Not in FY2023 pre-sales list (three projects); appears in later lists — launched FY2024 or FY2025 |
| Pricing (ASP) | FY2025 RMB 15,677/sqm; 1H2026 RMB 15,703/sqm |
| Contract sales | FY2025 RMB292.8m on 18,676 sqm; 1H2026 RMB134.1m on 8,537 sqm |
Luhu Mansion of Value — Chengdu, Sichuan
| Attribute | Detail |
|---|---|
| Description | Premium residential project in Chengdu (the "Mansion of Value" sub-brand) |
| Pricing (ASP) | FY2025 RMB 59,640/sqm; 1H2026 RMB 61,644/sqm — the group's highest-priced product |
| Contract sales | FY2025 RMB1,612.4m on 27,036 sqm; 1H2026 RMB811.5m on 13,164 sqm |
| Observation | Rising ASP suggests resilient demand in prime Chengdu, consistent with the company's own commentary that prime areas of tier-1/2 cities showed upward momentum (AR2025) |
Jiaozi Mansion of Value — Chengdu, Sichuan
| Attribute | Detail |
|---|---|
| Description | Premium residential project in Chengdu, second "Mansion of Value" product (name references the Jiaozi area, Chengdu's high-tech/financial district — location inference not confirmed in filings) |
| Pricing (ASP) | FY2025 RMB 59,940/sqm; 1H2026 RMB 54,913/sqm |
| Contract sales | FY2025 RMB2,936.3m on 48,987 sqm — the single largest project in FY2025 (42% of RMB contract sales); 1H2026 RMB1,001.8m on 18,244 sqm |
| Observation | Likely corresponds to the HK$1,272.2m "interests in land use rights for property development" at end-2024 and HK$1,284.6m of land-use-right additions in 1H2025 (inference; AR2024/IR2025 balance sheet) |
Discontinued / disposed products
| Asset | Type | Location | Exit | Source |
|---|---|---|---|---|
| Rare Land | Residential development (ASP ≈RMB 22,855–24,727/sqm) | Chengdu | Subsidiaries disposed, announced 22 Nov 2023 | AR2023; IR2023 |
| 1 Harrow Place | Office investment property (100% occupied through 2023) | London, UK | Disposed, completed 26 Jul 2024 | AR2023; ROIC.ai |
| 1 Chapel Place | Investment property | London, UK | Disposed 2H2021 | IR2022 |
| Prestige Tower Property; Century Square Property | Investment properties | Hong Kong | Connected disposal to Access Power (announced Dec 2015) | HKEX Dec 2015 |
| Dazhou land parcels | Development land | Dazhou, Sichuan | Acquisition terminated Aug 2022 | HKEX Aug 2022 |
Property Investment segment holdings
| Asset | Detail |
|---|---|
| Investment properties under construction | Sichuan, PRC; carrying value HK$344.6m (FY2024) → HK$488.3m (FY2025) → HK$569.0m (30 Jun 2026); revaluation gain HK$1.9m FY2025, loss HK$5.5m 1H2026; pledged against HK$44.4m borrowings |
Sources: FY25 Results; IR2026.
Contract sales by project — multi-period
| Contract sales (CNY Mn) | FY2023 | FY2025 | 1H2026 |
|---|---|---|---|
| Binjiang Wisdom City | 363.9 | 502.6 | 150.6 |
| The City of Islands | 3,174.5 | 1,578.6 | 527.6 |
| Rare Land | 150.2 | 0 | 0 |
| Joyous Time | 0 | 292.8 | 134.1 |
| Luhu Mansion of Value | 0 | 1,612.4 | 811.5 |
| Jiaozi Mansion of Value | 0 | 2,936.3 | 1,001.8 |
| Total (RMB m) | 3,688.6 | 6,922.7 | 2,625.6 |
Sources: AR2023, AR2025, IR2026. Totals are sums of disclosed project figures.
Average selling price by project (RMB/sqm)
| ASP (MYR Bn per sqm) | FY2023 | FY2025 | 1H2026 |
|---|---|---|---|
| Binjiang Wisdom City | 10,146 | 7,630 | 5,499 |
| The City of Islands | 8,502 | 6,801 | 7,337 |
| Joyous Time | 0 | 15,677 | 15,703 |
| Luhu Mansion of Value | 0 | 59,640 | 61,644 |
| Jiaozi Mansion of Value | 0 | 59,940 | 54,913 |
Zero denotes no pre-sales in that period. Sources as above.
Pricing model
Units are sold under standard PRC pre-sale contracts at list prices per sqm; buyers typically pay a down-payment with mortgage financing for which the group provides interim guarantees (IR2026 note 16). No discounting policy or incentive data is disclosed.
Financial Narrative
Data provenance: FY2024–FY2025 from FY25 Results (audited, EY). FY2021–FY2023 from S&P Global Market Intelligence via StockAnalysis (standardised; may differ marginally from statutory presentation), cross-checked against AR2021/AR2023 narrative where available. All figures HK$ millions unless stated.
Income statement
Note on EBITDA: TipRanks reports FY2021 EBITDA of HK$12.5m and FY2022 of -HK$375.8m — minor discrepancies arising from definitional differences; the S&P-derived figures above are used consistently. TipRanks' FY2021 gross profit of HK$1.22bn equals revenue and is evidently erroneous.
FY2024–FY2025 detailed P&L (filing basis)
Source: FY25 Results.
Margins and growth
Revenue CAGR FY2021–FY2025: (4,724.1 / 1,224)^(1/4) − 1 ≈ 40.2% per annum.
Interest burden — the hidden cost line
Source: FY25 Results note 4; 1H26 Results note 4.
Commentary: Only ≈11–12% of interest incurred hits the P&L directly; the balance is capitalised into properties under development and flows through cost of sales on delivery. This is a key driver of the low reported gross margins — capitalised financing costs are embedded in cost of sales — and means the HK$99.5m "finance costs" line materially understates the true carrying cost of the balance sheet.
Balance sheet
Sources: FY2024–FY2025 FY25 Results; FY2021–FY2023 S&P/StockAnalysis (borrowings exclude lease liabilities).
Working capital and property inventory (filing basis)
Critical observation: At 31 December 2024 the group had only HK$44.0m of freely usable cash against HK$434.8m of current borrowings — an acute liquidity position that was resolved during FY2025 through very strong pre-sales (contract sales HK$7.5bn) and large-scale refinancing (FY2025 debt issued HK$12.1bn / repaid HK$13.1bn per S&P).
1H2026 balance sheet snapshot (latest)
Source: IR2026.
Cash flow
Source: S&P/StockAnalysis (FY2021–FY2025). Note: S&P classifies interest paid within financing; operating cash flow therefore excludes interest.
Source: IR2026.
Ratios
Sources: Derived from tables above. FY2024 and FY2025 net gearing match company-reported figures (AR2025: 394.6% and 122.7%).
Ratios not computed / not meaningful:
ROIC: Not meaningful given negative NOPAT in three of five years and the distortion of invested capital by customer deposits; S&P-based operating income on (equity + net debt) would be ≈ -2% (FY2025).
Net debt / EBITDA: FY2023 ≈ 3.1x; FY2024 ≈ 13.5x; not meaningful in negative-EBITDA years (FY2021, FY2022, FY2025); net cash at 30 June 2026.
Cash conversion cycle: Not meaningful for a pre-sale developer (inventory cycle of several years funded by customer deposits).
Commentary on trends, inflections and drivers
Revenue: Revenue has grown roughly four-fold from FY2021 as Sichuan projects acquired in 2020–2022 reached delivery. Recognition is lumpy: FY2023 (HK$7.27bn) reflected bulk handovers at The City of Islands, followed by a 41.7% decline in FY2024 and a partial recovery in FY2025. The 1H2026 surge (+116%) reflects deliveries of earlier pre-sales; TTM revenue to June 2026 is ≈HK$6.45bn (FY2025 4,724.1 − 1H2025 1,486.4 + 1H2026 3,208.5).
Gross margin: The FY2021 margin of 35.2% has not recurred; margins collapsed to 4.7% in FY2022 amid the PRC developer credit crisis and inventory provisions, recovered to 19.8% in FY2024, then fell to 12.3% in FY2025 and 8.9% in 1H2026. Drivers are (i) falling ASPs on Meishan mass-market product (Binjiang ASP down ~50% since 1H2022), (ii) capitalised interest flowing into cost of sales, and (iii) inventory write-downs (HK$14.2m FY2024, HK$30.9m FY2025, HK$83.9m 1H2026).
Operating costs: Selling and marketing expenses jumped 39.5% to HK$541.0m in FY2025 and ran at HK$402.0m in 1H2026 (12.5% of revenue, 13.4% of contract sales) as the group pushed pre-sales of the premium Chengdu projects. Administrative expenses are tightly controlled (HK$160.7m FY2025; HK$82.2m 1H2026).
Taxation: Tax is structurally high and asymmetric: PRC CIT and land appreciation tax are levied project-by-project, so profitable projects pay tax while losses elsewhere (and at the Hong Kong holding level) generate no relief. FY2025 tax of HK$187.7m on a pre-tax loss of HK$206.5m illustrates this.
Equity erosion: Attributable equity has fallen from HK$1,675m (FY2021) to HK$414.2m (June 2026), a 75% decline, while total equity is just HK$107.8m. Combined with HK$23.6bn of liabilities, the equity cushion is ≈0.5% of total assets.
Leverage inflection: The most positive inflection is the deleveraging since end-2024 — net debt fell from HK$3,990.0m to net cash of HK$692.3m in 18 months, and expensive non-bank "other borrowings" (10–12.5% coupon) were cut from HK$2,144.7m (FY2025) to HK$828.8m (June 2026) (IR2026 note 14).
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Segment Overview
| Segment | Contents | Status |
|---|---|---|
Property development and trading | Development and sale of residential and commercial units in Meishan and Chengdu, Sichuan | Sole revenue generator |
Property investment | Investment properties held for rent/appreciation; now only investment properties under construction in Sichuan (HK$569.0m, 30 Jun 2026) | No rental income since FY2025 |
Treasury management | Debt securities and time deposits | Dormant (nil income) |
Corporate and others (unallocated) | Head office, general finance costs | Not a reportable segment |
Segment revenue (HKD Mn)
| Segment revenue (HKD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Property development and trading | 7,246 | 4,224.5 | 4,724.1 |
Property investment | 27 | 15.7 | 0 |
Treasury management | 1 | 1.1 | 0 |
Total revenue | 7,274 | 4,241.3 | 4,724.1 |
Contribution to revenue (%)
| Contribution to revenue (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Property development and trading | 99.6 | 99.6 | 100 |
Property investment | 0.4 | 0.4 | 0 |
Treasury management | 0 | 0 | 0 |
Results by Segment
| Segment result (HKD Mn) | FY2024 | FY2025 | 1H2025 | 1H2026 |
|---|---|---|---|---|
Property development and trading — segment result | 308.8 | -64.6 | 30.2 | -195.5 |
Property development and trading — specific finance costs | -119.0 | -99.2 | -41.2 | -35.3 |
Property investment — segment result | 37.7 | 0.5 | -5.6 | -6.2 |
Property investment — specific finance costs | -9.7 | 0 | 0 | 0 |
Treasury management — segment result | 1.1 | 0 | 0 | 0 |
Corporate and unallocated (net) | -33.9 | -43.3 | -22.8 | -30.0 |
Group profit (loss) before tax | 185.0 | -206.5 | -39.4 | -267.1 |
Segment Margins & Growth (%)
| Segment metric | FY2024 | FY2025 | 1H2026 |
|---|---|---|---|
PD&T segment result margin (%) | 7.3 | -1.4 | -6.1 |
PD&T revenue growth YoY (%) | 168.7 | 11.8 | 115.9 |
Group gross margin (%) | 19.8 | 12.3 | 8.9 |
PD&T revenue growth YoY (%) — corrected
| PD&T revenue growth YoY (%) — corrected | FY2024 | FY2025 | 1H2026 |
|---|---|---|---|
Property development and trading | -41.7 | 11.8 | 115.9 |
Segment Assets & Liabilities
| Segment balance sheet (HKD Mn) | FY2024 | FY2025 | 1H2026 |
|---|---|---|---|
PD&T total assets | 18,515.0 | 23,191.5 | 23,144.3 |
PD&T total liabilities | 17,893.3 | 23,130.8 | 23,593.7 |
Property investment total assets | 345.8 | 490.6 | 571.5 |
Property investment total liabilities | 202.1 | 124.1 | 44.0 |
Corporate and others total assets | 76.8 | 31.4 | 34.9 |
Income statement (HKD Mn)
| Income statement (HKD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue | 1,224 | 2,707 | 7,274 | 4,241.3 | 4,724.1 |
Cost of sales | 792.6 | 2,581 | 6,200 | 3,401.4 | 4,143.3 |
Gross profit | 431.4 | 126.0 | 1,074.0 | 840.0 | 580.7 |
SG&A (selling + admin) | 482.2 | 521.8 | 758.0 | 559.2 | 701.7 |
Operating income (S&P basis) | -50.6 | -395.9 | 316.0 | 280.7 | -121.0 |
Depreciation and amortisation | 35.1 | 16.5 | 13.6 | 15.9 | 11.9 |
EBITDA (operating income + D&A) | -15.5 | -379.4 | 329.6 | 296.6 | -109.1 |
Finance costs expensed | 177.9 | 406.9 | 261.2 | 131.8 | 99.5 |
Pre-tax income (loss) | -200.6 | -789.6 | -24.2 | 185.0 | -206.5 |
Income tax expense (credit shown negative) | -29.7 | -105.0 | 49.6 | 163.8 | 187.7 |
Profit (loss) after tax | -171.0 | -684.6 | -73.8 | 21.3 | -394.3 |
Attributable to non-controlling interests | -50.0 | -208.6 | -43.7 | 25.2 | -50.5 |
Net income attributable to shareholders | -121.0 | -476.0 | -30.1 | -4.0 | -343.8 |
Basic and diluted EPS (HK cents) | -15.1 | -59.5 | -3.8 | -0.5 | -43.0 |
Dividend per share (HK cents) | 0 | 0 | 0 | 0 | 0 |
Income Statement
| Line item (HKD Mn) | FY2024 | FY2025 |
|---|---|---|
Sales of properties | 4,224.5 | 4,724.1 |
Rental income | 15.7 | 0 |
Interest income | 1.1 | 0 |
Cost of sales | -3,401.4 | -4,143.3 |
Gross profit | 840.0 | 580.7 |
Other income and gains | 33.6 | 22.8 |
Other expenses and losses | -1.2 | -10.7 |
Selling and marketing expenses | -387.9 | -541.0 |
Administrative expenses | -171.3 | -160.7 |
Finance costs | -131.8 | -99.5 |
Change in fair value of investment properties | 3.7 | 1.9 |
Profit (loss) before tax | 185.0 | -206.5 |
Income tax (incl. LAT) | -163.8 | -187.7 |
of which PRC land appreciation tax | 70.0 | 81.7 |
Profit (loss) for the year | 21.3 | -394.3 |
Attributable to shareholders | -4.0 | -343.8 |
Margin / growth (%)
| Margin / growth (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin | 35.2 | 4.7 | 14.8 | 19.8 | 12.3 |
Operating margin | -4.1 | -14.6 | 4.3 | 6.6 | -2.6 |
EBITDA margin | -1.3 | -14.0 | 4.5 | 7.0 | -2.3 |
Pre-tax margin | -16.4 | -29.2 | -0.3 | 4.4 | -4.4 |
Net margin (attributable) | -9.9 | -17.6 | -0.4 | -0.1 | -7.3 |
Revenue growth YoY | 328.0 | 121.2 | 168.7 | -41.7 | 11.4 |
Effective tax rate on pre-tax result | 14.8 | 13.3 | -205.0 | 88.5 | -90.9 |
Balance Sheet
| Interest (HKD Mn) | FY2024 | FY2025 | 1H2025 | 1H2026 |
|---|---|---|---|---|
Interest on bank and other borrowings | 325.8 | 406.1 | 271.0 | 157.3 |
Interest arising from revenue contracts (financing component of pre-sales) | 863.7 | 392.6 | 423.9 | 321.1 |
Imputed interest on retention payables | 57.0 | 65.7 | 29.6 | 26.6 |
Lease interest | 1.0 | 0.9 | 0.5 | 0.4 |
Total interest incurred | 1,247.5 | 865.3 | 725.0 | 505.3 |
Less: capitalised into properties | -1,115.7 | -765.8 | -683.6 | -470.0 |
Expensed finance costs | 131.8 | 99.5 | 41.4 | 35.3 |
Balance Sheet and Per-Share Data
| Balance sheet (HKD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets | 15,951 | 18,331 | 15,965 | 18,937.7 | 23,713.6 |
Cash and bank balances (incl. restricted) | 1,675 | 1,126 | 997.6 | 950.9 | 3,247.7 |
Short-term borrowings | 97.5 | 899.7 | 219.5 | 434.8 | 728.3 |
Long-term borrowings | 2,767 | 2,155 | 1,790 | 4,506.2 | 3,370.2 |
Total borrowings | 2,864.5 | 3,054.7 | 2,009.5 | 4,940.9 | 4,098.5 |
Net debt | 1,189.5 | 1,928.7 | 1,011.9 | 3,990.0 | 850.9 |
Contract liabilities (customer deposits) | 9,847 | 11,975 | 10,176 | 8,309.7 | 12,908.0 |
Goodwill and intangibles | 296.8 | 274.5 | 268.6 | 259.7 | 260.8 |
Equity attributable to shareholders | 1,675 | 1,053 | 1,029 | 1,011.2 | 693.6 |
Non-controlling interests | -39.2 | -174.4 | -213.5 | -181.6 | -239.4 |
Total equity | 1,636 | 878.7 | 815.6 | 829.6 | 454.2 |
Total liabilities | 14,315 | 17,453 | 15,150 | 18,108.1 | 23,259.4 |
NAV per share attributable (HKD) | 2.09 | 1.32 | 1.29 | 1.26 | 0.87 |
Liquidity & Coverage Ratios
| Working capital (HKD Mn) | FY2024 | FY2025 | 1H2026 |
|---|---|---|---|
Properties under development | 12,003.6 | 15,175.4 | 14,855.4 |
Interests in land use rights for development | 1,272.2 | 0 | 0 |
Completed properties held for sale | 1,646.0 | 1,657.1 | 1,572.7 |
Total current assets | 17,915.8 | 22,516.4 | 22,460.2 |
Total current liabilities | 13,563.4 | 19,839.0 | 21,554.1 |
Net current assets (working capital) | 4,352.4 | 2,677.4 | 906.1 |
Restricted (escrow) cash | 0 | 2,660.7 | 2,701.2 |
Unrestricted cash and equivalents | 44.0 | 587.0 | 621.2 |
Balance Sheet (31 Dec 2025–30 Jun 2026)
| Item (HKD Mn) | 31 Dec 2025 | 30 Jun 2026 |
|---|---|---|
Total assets | 23,713.6 | 23,750.6 |
Cash and bank balances | 3,247.7 | 3,322.4 |
Total borrowings | 4,098.5 | 2,630.1 |
Net debt (net cash negative) | 850.8 | -692.3 |
Contract liabilities | 12,908.0 | 13,971.5 |
Trade and retention payables | 3,711.9 | 4,634.3 |
Equity attributable to shareholders | 693.6 | 414.2 |
Total equity | 454.2 | 107.8 |
Mortgage guarantees (off-balance sheet) | 10,225.7 | 9,631.4 |
Capital commitments | 3,572.3 | 5,096.3 |
Cash flow (HKD Mn)
| Cash flow (HKD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow | 1,408 | 1,638 | 630.0 | -2,022 | 1,880 |
Capex (investment properties and PP&E) | -191.2 | -53.0 | -74.2 | -71.1 | -136.9 |
Free cash flow (OCF − capex) | 1,216.8 | 1,585.0 | 555.8 | -2,093.1 | 1,743.1 |
Net debt issued (repaid) | -563.8 | -1,373 | -892.4 | 2,335 | -1,077 |
Cash interest paid | 430.1 | 434.4 | 241.8 | 290.8 | 209.1 |
Cash income tax paid | 166.8 | 102.3 | 95.5 | 35.8 | 96.5 |
Dividends paid | 0 | 0 | 0 | 0 | 0 |
Share buybacks | 0 | 0 | 0 | 0 | 0 |
1H cash flow (HKD Mn)
| 1H cash flow (HKD Mn) | 1H2025 | 1H2026 |
|---|---|---|
Net operating cash flow | 306.0 | 1,824.7 |
Net investing cash flow | -66.4 | -61.8 |
New borrowings | 9,291.1 | 1,931.9 |
Repayment of borrowings | -8,815.0 | -3,546.3 |
Interest paid | -169.7 | -144.5 |
Net financing cash flow | 304.8 | -1,760.1 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on year-end attributable equity (%) | -7.2 | -45.2 | -2.9 | -0.4 | -49.6 |
ROA on year-end total assets (%) | -0.8 | -2.6 | -0.2 | -0.02 | -1.4 |
Total debt / total equity (x) | 1.75 | 3.48 | 2.46 | 5.96 | 9.02 |
Net gearing: net debt / attributable equity (%) | 71.0 | 183.2 | 98.4 | 394.6 | 122.7 |
Interest coverage: operating income / expensed finance costs (x) | -0.28 | -0.97 | 1.21 | 2.13 | -1.22 |
Asset turnover: revenue / total assets (x) | 0.077 | 0.148 | 0.456 | 0.224 | 0.199 |
Contract liabilities / revenue (x) | 8.0 | 4.4 | 1.4 | 2.0 | 2.7 |
Liquidity ratio
| Liquidity ratio | FY2024 | FY2025 | 1H2026 |
|---|---|---|---|
Current ratio (x) | 1.32 | 1.13 | 1.04 |
Unrestricted cash / short-term debt (x) | 0.10 | 0.81 | 1.05 |
Revenue by geography (HKD Mn)
| Revenue by geography (HKD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Mainland China | 7,246 | 4,224.5 | 4,724.1 |
United Kingdom | 27 | 15.7 | 0 |
Hong Kong | 1 | 1.1 | 0 |
Total | 7,274 | 4,241.3 | 4,724.1 |
Geographic growth YoY (%)
| Geographic growth YoY (%) | FY2024 | FY2025 | 1H2026 |
|---|---|---|---|
Mainland China | -41.7 | 11.8 | 115.9 |
United Kingdom | -41.9 | -100 | 0 |
Hong Kong | 10.0 | -100 | 0 |
Contract sales by city (CNY Mn)
| Contract sales by city (CNY Mn) | FY2023 | FY2025 | 1H2026 |
|---|---|---|---|
Meishan | 3,538.4 | 2,081.2 | 678.2 |
Chengdu | 150.2 | 4,841.5 | 1,947.4 |
Non-current assets (HKD Mn)
| Non-current assets (HKD Mn) | FY2024 | FY2025 | 1H2026 |
|---|---|---|---|
Mainland China | 783.3 | 941.4 | 1,004.7 |
Hong Kong | 16.6 | 14.7 | 17.2 |
Share Price History
| Date | Price (HKD) | Note | Source |
|---|---|---|---|
26 Apr 2024 | ≈0.34–0.40 | Previous close 0.34; trade at 0.40; 52-week range 0.265–0.89; market cap ≈HK$320m | Yahoo Finance |
31 Jul 2026 | 0.158 | −6.5% on day | StockAnalysis |
18 Aug 2026 | 0.154 | — | StockAnalysis |
16 Oct 2026 | 0.161 | Market cap ≈HK$128.7m | StockAnalysis |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market capitalisation | HK$128.7m | 799.56m shares |
P/B (attributable) | 0.31x | NAV HK$414.2m (30 Jun 2026) |
P/S (TTM) | 0.02x | TTM revenue ≈HK$6,446m |
EV (using unrestricted cash; NCI ignored) | ≈HK$2,138m | 128.7 + 2,630.1 debt − 621.2 cash |
EV/Sales (TTM) | ≈0.33x | — |
EV (using all cash incl. escrow) | ≈ −HK$564m | Illustrates distortion of restricted cash |
Dividend per share (HK cents)
| Dividend per share (HK cents) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Interim | 0 | 0 | 0 | 0 | 0 |
Final | 0 | 0 | 0 | 0 | 0 |
Debt Maturity Profile
| Maturity bucket | Bank loans (HKD Mn) | Other borrowings (HKD Mn) | Total (HKD Mn) | % of total |
|---|---|---|---|---|
Within 1 year | 288.6 | 303.0 | 591.6 | 22.5 |
Year 2 | 529.5 | 513.4 | 1,042.9 | 39.6 |
Years 3–5 | 983.2 | 12.4 | 995.6 | 37.9 |
Total | 1,801.3 | 828.8 | 2,630.1 | 100.0 |
Borrowing cost by type (contractual rate)
| Borrowing cost by type (contractual rate) | 31 Dec 2025 | 30 Jun 2026 |
|---|---|---|
Bank loans — secured | 2.5%–6% | 2.5%–6% |
Other borrowings — secured | 10.2%–12.5% | 10%–12.5% |
Other borrowings — unsecured | 12%–12.5% | 12% |
Analyst Conclusions
Management guidance
No quantitative guidance. Management's qualitative stance (IR2026): global environment to remain challenging in 2H2026; continued Mainland policy support expected with gradual long-run property recovery; continued monitoring of UK and Hong Kong; prudent and proactive operating approach; no concrete material investment plans for 2H2026.
Consensus expectations
None — no sell-side coverage.
Bull case
-
Backlog conversion with improving mix: HK$14.0bn of contract liabilities (IR2026) — dominated by 2025 premium Chengdu pre-sales at ≈RMB 60,000/sqm — converts to revenue over 2026–2027; if premium product carries materially higher margins than Meishan mass-market stock, gross margin could recover toward the FY2024 level of 19.8%.
-
Deleveraging lowers the cost base: Interest incurred has already fallen 30% YoY (HK$725.0m → HK$505.3m in 1H) and expensive non-bank debt is down 61% in six months (IR2026); a net cash balance sheet removes refinancing tail-risk and lowers capitalised interest flowing into future cost of sales.
-
Deep value optionality: At 0.31x book and 0.02x sales, a modest return to profitability or release of HK$2.7bn of escrow cash as projects complete could drive a substantial rerating of a HK$129m market cap.
Bear case
-
Equity exhaustion: Total equity of HK$107.8m against HK$354.4m of total loss in 1H2026 (IR2026) implies negative consolidated equity by end-2026 absent a turnaround — potentially triggering covenant, auditor going-concern or capital-raising issues with dilution at depressed prices.
-
Pipeline deterioration: Contract sales fell 34.8% YoY in 1H2026 and Meishan ASPs keep falling; inventory provisions (HK$83.9m) and goodwill impairments (HK$30.3m) in 1H2026 suggest further write-downs on the HK$16.4bn of PUD and completed stock.
-
Contingent and structural risks: HK$9.6bn of mortgage guarantees, HK$5.1bn of construction commitments, a NCI deficit of HK$306.4m in JV project companies, and a combined Chair/MD with 21% control leave minority shareholders exposed to decisions they cannot influence.
Catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Expected timing | What to watch |
|---|---|---|
| FY2026 profit warning (if any) | ≈Mar 2027 | Magnitude of 2H2026 loss; impairments |
| FY2026 annual results | ≈late Mar 2027 | Total equity sign; gross margin; contract sales; auditor opinion (going-concern emphasis) |
| 2H2026 deliveries of Luhu / Jiaozi Mansion of Value | 2H2026–2027 | Recognised margins on premium projects |
| Contract sales run-rate | Ongoing | Stabilisation vs 1H2026's HK$2,993.8m |
| Refinancing of HK$1.04bn due in 2027 | 2,027 | Ability to roll bank debt; reliance on third-party guarantors |
| Capital actions | Any time | Rights issue/placing, shareholder loans or asset sales to restore equity |
| PRC policy measures | Ongoing | Chengdu purchase-restriction relaxations, mortgage-rate cuts |
| Governance | AGM 2027 | INED refreshment; separation of Chair/MD |
Analyst verdict
Y. T. Realty Group is no longer the conservative Hong Kong landlord its name and history suggest; it is a highly leveraged, single-province Chinese homebuilder wrapped in a Bermuda listed shell, controlled since November 2021 by Sichuan entrepreneur Wong Hy Sky. The operating story has genuine positives. Management has demonstrated it can sell premium Chengdu product at roughly RMB 60,000 per sqm, generated record contract sales of HK$7.5bn in FY2025, and engineered an impressive balance-sheet repair — swinging from HK$3.99bn of net debt and only HK$44m of free cash at end-2024 to HK$692m of net cash by June 2026, while slashing double-digit-coupon non-bank borrowings.
Yet the equity story is deteriorating faster than the balance sheet is healing. Gross margins have slid from 19.8% to 8.9%, selling costs have ballooned, impairments are recurring, and tax leakage on profitable projects compounds losses elsewhere. Attributable equity has fallen 75% since 2021 to HK$414m, and total equity is a mere HK$108m against HK$23.6bn of liabilities and HK$9.6bn of off-balance-sheet mortgage guarantees. Another half-year at the 1H2026 loss rate would push consolidated equity negative, and contract sales — the lead indicator — fell by more than a third in 1H2026.
The 0.31x price-to-book multiple therefore reflects rational scepticism about the quality of that book rather than an obvious mispricing. For investors, the stock is a deep-distress option: the upside case requires premium-project deliveries to carry materially better margins and the Chengdu market to stabilise, while the downside includes dilutive recapitalisation or further write-downs. Absent analyst coverage, meaningful liquidity, or quantitative guidance, conviction is hard to underwrite. Verdict: High-risk / Speculative — Avoid for fundamental investors; monitor FY2026 results (March 2027) for evidence of margin recovery and equity stabilisation before reassessing.
APPENDIX A — DATA DISCREPANCIES NOTED
| Item | Source A | Source B | Resolution |
|---|---|---|---|
| FY2025 contract sales | AR2025: HK$7,500.2m (RMB6,922.7m by project sum) | Bulletin Express/Tiger: "RMB7.50 billion" | Filing figure is in HK$; aggregator mislabelled currency |
| Chairman / Cheung share purchases | Filings: Wong Hy Sky Chairman since Nov 2021; Cheung 6.09% unchanged | ROIC.ai: Cheung as Chairman buying ≈HK$550m in 2025 | ROIC.ai claim rejected |
| Number of segments | FY25 Results: three | Morningstar profile: four (incl. property management) | Filing used |
| FY2021 gross profit | Derived: HK$431.4m | TipRanks: HK$1.22bn | TipRanks figure equals revenue; rejected |
| Employee count | AR2025: 454 (FY2025); IR2026: 420 | Yahoo (2024 page): 288; Morningstar: 325 and 469 | Filings used |
| FY2025 loss per share | FY25 Results: HK43.0 cents | Stock News: 43 cents | Consistent |
| 1H2025 revenue movement | IR2025: HK$1,486.4m | TipRanks headline: "revenue decline"; TipRanks income page: +29.2% | Filing figure used |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Appointed | Age (AR2025) | Background / education | Source |
|---|---|---|---|---|---|
Wong Hy Sky (former English name Huang Yun, 黃云) | Executive Director; Chairman & Managing Director; Chairman of Nomination Committee; member of Executive and Remuneration Committees | ED 15 Oct 2019; Chairman & MD since 10 Nov 2021 | 54 | 20+ years in investments, operations and management; prior ventures in large-scale real estate, infrastructure, oil and gas, and FMCG; director of Joybeam Global and Ever Lead Developments; education not disclosed | AR2025 |
Liu Jie | Executive Director; Executive Committee | 30 May 2022 | 44 | Chief Planning Officer of a wholly-owned subsidiary since Nov 2021; responsible for brand and marketing planning; previously brand development and planning director at several real estate companies | AR2025 |
Li Li | Executive Director | 13 Dec 2024 | 41 | Bachelor in Art Design, Sichuan Conservatory of Music; Group HR Director since Nov 2021; previously HR roles at domestic real estate companies | AR2025 |
Luk Yu King, James | Independent Non-executive Director; Chairman of Audit Committee | 10 Sep 2007 | 71 | BSc, University of Hong Kong; FCCA; HKICPA associate; 15+ years in corporate finance and securities/commodities trading; INED of C C Land Holdings; INED of Cross-Harbour until May 2023 | AR2025 |
Leung Yu Ming, Steven | INED; Chairman of Remuneration Committee; Audit and Nomination member | 1 Oct 2007 | 66 | BSocSc, CUHK; Master of Accountancy, Charles Sturt; FCA (ICAEW), FCCA, FCPA (HK), Taxation Institute fellow; senior partner of a CPA firm; formerly Nomura International (HK); INED of Cross-Harbour, C C Land and Suga International | AR2025 |
Lai Degang | INED; Audit, Nomination and Remuneration member | 10 Aug 2023 | 58 | MBA, University of Electronic Science and Technology of China; national first-class construction engineer (2005); 30+ years in construction, real estate development and hotel management | AR2025 |
Executive Leadership Team
| Name | Role | Detail | Source |
|---|---|---|---|
Vong Veng Kei | Financial Controller | Born 1961 | Yahoo Finance profile |
Ho Chak Hang | Senior Finance Manager; contact person for company secretary | — | IR2026 |
Cheung Bo Man | Company Secretary and Authorised Representative (from 15 May 2026); practising HK solicitor and partner of the company's HK legal adviser; not an employee | Born 1989 per Yahoo | IR2026 |
Butt Ka Cheuk | Company Secretary 25 Nov 2025 – 15 May 2026 | Resigned | AR2025; IR2026 |
Directors' Remuneration
| Director | Reported pay (HKD) | Year | Source |
|---|---|---|---|
Wong Hy Sky | 2,760,000 | Fiscal year not stated by aggregator (likely FY2024 or FY2025) | Yahoo Finance |
Liu Jie | 801,000 | Same | Yahoo Finance |
Li Li | 699,000 | Same | Yahoo Finance |
INEDs | Director fees — not publicly disclosed in sources retrieved | — | — |
Governance Overview
| Governance metric | Detail |
|---|---|
Board size | 6 (3 executive, 3 INEDs) — INEDs = 50% |
Chair/CEO separation | No — Wong Hy Sky is both Chairman and MD; disclosed deviation from CG Code C.2.1 |
Formal appointment letters | Only Wong, Li Li and Lai Degang; deviation from C.3.3 |
Company secretary | External solicitor (deviation from C.6.1) |
INED tenure | Luk and Leung each >18 years; Board asserts continued independence |
Committees | Audit (3 INEDs), Remuneration (2 INEDs + Wong), Nomination (Wong chair + 2 INEDs), Executive (all EDs) |
Female directors | 1 of 6 (16.7%) |
FY2025 meeting attendance | 4/4 board meetings for all directors; Lai Degang missed the 2025 AGM |
Workforce gender | 62.6% male / 37.4% female (31 Dec 2025) |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
1 Aug 2021 | Company secretary/authorised representative changes | AR2021 |
10 Nov 2021 | Cheung Chung Kiu resigns as ED/Chairman/MD; Tung Wai Lan resigns; Wong Hy Sky becomes Chairman & MD | Accompanies 88m share transfer to Wong |
| 2022 | — | HKEX 3 Aug 2022 |
30 May 2022 | Liu Jie joins as ED | Mainland management build-out |
10 Aug 2023 | Lai Degang joins as INED (replacing former INED Ng Kwok Fu — succession inferred) | Construction expertise added |
13 Dec 2024 | Li Li joins as ED | Gender diversity compliance |
25 Nov 2025 | Butt Ka Cheuk appointed company secretary | — |
15 May 2026 | Cheung Bo Man replaces Butt Ka Cheuk | Outsourced to legal adviser |
Major Shareholders
| Holder | Shares | % | Nature | Source |
|---|---|---|---|---|
Wong Hy Sky — personal | 88,000,000 | 11.01 | Beneficial | IR2026 |
Wong Hy Sky — via Hong Kong Petrochemical Industrial Group Ltd (← Ever Lead Developments ← Joybeam Global, 100% Wong) | 79,772,000 | 9.98 | Corporate | IR2026 |
Wong Hy Sky — total | 167,772,000 | 20.98 | — | IR2026 |
Cheung Chung Kiu via First Rose Global Ltd (← Windsor Dynasty, 100% Cheung) | 48,736,150 | 6.09 | Corporate | IR2026 |
Other / public float | ≈583,049,265 | ≈72.92 | — | Derived |
Total | 799,557,415 | 100 | — | — |
Competitive Landscape
Key Competitors
| # | Competitor | Ticker | Type | Relevance to Y.T. Realty | Scale indicator (verified) |
|---|---|---|---|---|---|
| 1 | Longfor Group | 0960.HK | Private, Chongqing-origin national developer | Major Chengdu player; competes for upgrader and premium buyers | FY2025 revenue ≈RMB97.31bn; interest-bearing debt RMB152.8bn; land bank ≈22m sqm (36Kr, Mar 2026) |
| 2 | Yuexiu Property | 0123.HK | Guangzhou SOE | Active Chengdu land buyer (Chenghua District, Oct 2025 and Mar 2026) | FY2025 revenue RMB86.46bn (+0.1%); GM 7.8% (FY2025 Results) |
| 3 | China Resources Land | 1109.HK | Central SOE | Premium Chengdu competitor | 1H2025 revenue RMB94.92bn; development GM 15.6% (1H2025 Results) |
| 4 | China Overseas Land & Investment | 0688.HK | Central SOE | Premium Chengdu competitor | — |
| 5 | Vanke | 2202.HK | Mixed-ownership national developer | Chengdu mass/upgrader market | Reported sharply lower settlement margins in FY2025 (Tiger industry review) |
| 6 | Poly Developments | 600048.SS | Central SOE | Chengdu and Tianfu New District | — |
| 7 | Joy City Property | 0207.HK | COFCO SOE | Acquired Chengdu Qingyang land for RMB2.65bn (Nov 2025) | — |
| 8 | China Jinmao | 0817.HK | Sinochem SOE | Chengdu premium | — |
| 9 | Greentown China | 3900.HK | SOE-backed | Premium product competitor | — |
| 10 | C&D International | 1908.HK | Xiamen SOE | Active in Chengdu | — |
| 11 | Local Sichuan/Chengdu SOE developers (e.g., Chengdu Xingcheng Group) | Unlisted | Local SOE | Meishan/Tianfu New District land and housing supply | — |
| 12 | C C Land Holdings | 1224.HK | Cheung Chung Kiu company | Historic sister company; not a direct current competitor | — |
Peer Comparison FY2025
| Metric | Y. T. Realty (FY2025) | Yuexiu Property (FY2025) | Longfor Group (FY2025) | China Resources Land (1H2025) |
|---|---|---|---|---|
Revenue | HK$4,724.1m | RMB86,457m | RMB97,310m | RMB94,921m |
Revenue growth YoY | +11.4% | +0.1% | — | +19.9% |
Gross margin | 12.3% | 7.8% | — | 24.0% (group) |
Net gearing | 122.7% (net cash by Jun 2026) | 54.9% | — | — |
Dividend | Nil | No final dividend for 2025 | — | — |
