Still the same first one as before

In the 2026 annual real estate report season, the opening feels like a work of magical realism—while property developers are still in the ICU, they are “announcing profits,” making it seem, at first glance, as if the industry has rebounded overnight.

On March 31, COLI’s annual report was released. At the earnings conference, board chairman Yan Jianguo briefly summarized the company’s performance in 2025:

Sold the most buildings, bought the most land****；

Maintained the most stable financial position and industry-leading profitability.

These lines are delivered with plenty of confidence. But beyond that, in 2025, COLI also achieved three firsts:

Industry No. 1 in equity sales;

Industry No. 1 in newly acquired land amount;

The lowest range of the asset-liability ratio in the industry.

Among real estate companies with profits exceeding 10 billion yuan, only two remain. Of these, COLI’s net profit attributable to shareholders reached 13.01 billion, its sales cash collection rate reached an astounding 95%, and it held cash of 1036.3 billion.

Such liquidity is practically a luxury in the real estate industry. The secret to COLI securing three firsts lies in:

Investing in land in core cities and core locations;

Internalizing standards for good products and good services.

In 2025, COLI’s contracted sales totaled 2512.3 billion, with first-tier cities contributing half of the sales.

In Shenzhen, COLI ranked No. 1 with sales of 248.9 billion. At the end of last November, Shenzhen Bay Yunxi’s first phase opened with results of 130 billion, setting a new national record for first-phase opening sales of a single project.

In Hong Kong, COLI ranked No. 1 among China-funded property developers with sales of 222.3 billion, and it also entered the top five in the Hong Kong market for the first time. Most importantly, in Beijing—the key market—sales reached 502.6 billion, maintaining the No. 1 position for eight consecutive years.

In an industry that keeps shrinking, COLI has proved with real actions that when the tide goes out, only those holding core assets need not worry about whether they are swimming naked.

Last year, COLI also did something: it developed a systematic approach for product research:

The COLI Good Homes Living OS system.

This is quite interesting. In the past, selling homes relied on PPTs and the lighting effects of model rooms. Now, COLI has internalized product R&D into an “operating system.”

This means a home is no longer just an assemblage of steel and concrete, but a smart entity with logic and interactive intelligence.

The result is direct: the first batch of projects to roll out—Beijing Wanjijiuxu—netted over 40 billion in online contract signings within a month after opening. When Shanghai Yun Di Jiu Zhang entered the market, its subscription rate surpassed 200%, nearly causing Shanghai’s points-based system’s CPU to overload.

The market is rewarding property developers that truly respect customers. Once there is visible payoff, COLI’s performance in investment looks like a master of bargain hunting.

COLI added 35 land parcels last year, with more than 70% in first-tier cities. It still actively buys in Beijing and Shanghai—these two most solid fortresses in the national market.

Besides residential properties, COLI’s second growth curve is also starting to bear fruit.

In 2025, COLI’s commercial operation revenue was 72 billion. For the first time, commercial income covered total interest expense. This means COLI can already make up all the company’s interest payments by collecting rent.

Plus, with last year’s first commercial REIT listed on the SZSE, COLI has already set an example for the industry:

What real asset management looks like.

Even in the eyes of the most stringent international rating agencies, COLI remains the only domestic real estate listed company with a double “A-” rating.

Yan Jianguo said COLI’s steady operating performance has reached a new height of “being equipped for both offense and defense.” In the second half, they need to shift toward quality and customer satisfaction.

This line sounds quite official, but placed behind 100 billion yuan in cash and a 95% collection rate, it feels even weightier.

In the second half of real estate, it’s no longer about adventure for the brave, but a vigil for the clear-eyed.

COLI is still No. 1, but the meaning of this No. 1 has changed: it no longer represents the impulse for reckless expansion—it represents respect for common sense, and the confidence to open the window and enjoy the scenery even in winter.

After all, in the night when ten thousand horses are silent, people are more willing to follow that light that stays on and never flickers than to see who can run the fastest.