Central China Management Company Limited (CCMGT) reported 2025 revenue of RMB187.77 million, a 25.5% year-on-year decline, as fewer new projects offset completed developments in China’s slowing property market.
Net profit slid 29.4% to RMB51.71 million, with net margin narrowing to 27.5% from 29.1% a year earlier. Basic earnings per share fell to RMB1.24 cents, compared with RMB1.72 cents in 2024. The board recommended no final dividend.
Cost containment partly cushioned the revenue fall. Personnel expenses dropped 39.4% to RMB61.47 million, while other operating expenses decreased 11.9% to RMB41.58 million. Impairment losses on trade and other receivables and contract assets rose 57.1% to RMB34.75 million, reflecting heightened credit risk in the real-estate sector.
The company maintained a strong liquidity position: cash and cash equivalents increased 3.7% to RMB2.58 billion, and no interest-bearing debt was recorded, leaving the gearing ratio at zero. Trade and other receivables declined 6.0% to RMB441.93 million, while contract assets fell 11.7% to RMB86.93 million, in line with lower project volumes. Contract liabilities decreased 12.9% to RMB193.57 million.
CCMGT signed 14 new project-management contracts in 2025, adding 0.87 million sq.m. of gross floor area, down 65.3% year on year. Projects in Henan Province contributed 92.9% of revenue, while non-Henan projects accounted for 7.1%.
Total equity edged up 2.1% to RMB2.60 billion, supported by retained earnings. The company’s board reiterated a focus on “low leverage, stable cash flow and strong delivery,” with plans to deepen Henan operations, pursue selective regional expansion, and explore asset-management and technology-driven opportunities through 2027.
Capital expenditure commitments stood at RMB1.75 million as of year-end, and no material borrowings, pledges, or acquisitions were recorded during the period.
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