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China Merchants Commercial Real Estate Investment Trust logo

China Merchants Commercial Real Estate Investment Trust

1503.HK

HKSEReal EstateREIT - Diversified

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Latest quote

HK$1.05

+HK$0.01 · +0.96%

Aug 24, 3:52 PM HKTData delayed

1503.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

China Merchants Commercial REIT operates as a Hong Kong-domiciled collective investment scheme, legally structured as a unit trust, and holds authorization pursuant to Section 104 of the Securities and Futures Ordinance (SFO). Its primary objective is to own and invest in premium, revenue-producing commercial real estate assets situated across the People's Republic of China, a geographical scope that encompasses both Hong Kong and Macao, but specifically excludes the CML Cities.

Industry
REIT - Diversified
Sector
Real Estate
Headquarters
HK
CEO
Zhe Zhang
Listed since
Dec 10, 2019

Market position

52-week range

Current HK$1.05

Open
HK$1.05
Previous close
HK$1.04
Volume
241K
0.76× average
Average volume
318.56K
Average daily volume
Market cap
1.18B HKD
Beta
0.73
Market reference 1
50-day average
HK$1.0278
+2.16% above average
200-day average
HK$1.1642
-9.81% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

P/E (TTM)
-10.29×
P/B (TTM)
0.35×
P/S (TTM)
2.35×
Dividend yield
9.22%

Profitability & efficiency

Gross margin
84.08%
Operating margin
66.22%
Net margin
-22.81%

Financial health

Debt / equity
1.42×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends112%54%-5%-63%Gross margin, FY2021: 74.00%Gross margin, FY2022: 73.73%Gross margin, FY2023: 72.62%Gross margin, FY2024: 72.49%Gross margin, FY2025: 69.72%Operating margin, FY2021: 95.88%Operating margin, FY2022: 68.42%Operating margin, FY2023: 97.45%Operating margin, FY2024: 67.46%Operating margin, FY2025: 66.22%Net margin, FY2021: 61.85%Net margin, FY2022: -48.54%Net margin, FY2023: -38.72%Net margin, FY2024: -33.69%Net margin, FY2025: -22.81%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 74.00%. Gross margin FY2022 73.73%. Gross margin FY2023 72.62%. Gross margin FY2024 72.49%. Gross margin FY2025 69.72%. Operating margin FY2021 95.88%. Operating margin FY2022 68.42%. Operating margin FY2023 97.45%. Operating margin FY2024 67.46%. Operating margin FY2025 66.22%. Net margin FY2021 61.85%. Net margin FY2022 -48.54%. Net margin FY2023 -38.72%. Net margin FY2024 -33.69%. Net margin FY2025 -22.81%.

Income trends

Revenue

432.24M HKD-18.35%

Operating income

286.24M HKD-19.85%

Net income

−98.61M HKD+44.71%
Income trends across reported periods603.25M HKD307.69M HKD12.13M HKD−283.43M HKDRevenue, FY2021: 432.83M HKDRevenue, FY2022: 431.7M HKDRevenue, FY2023: 489.16M HKDRevenue, FY2024: 529.36M HKDRevenue, FY2025: 432.24M HKDOperating income, FY2021: 414.98M HKDOperating income, FY2022: 295.37M HKDOperating income, FY2023: 476.71M HKDOperating income, FY2024: 357.13M HKDOperating income, FY2025: 286.24M HKDNet income, FY2021: 267.7M HKDNet income, FY2022: −209.54M HKDNet income, FY2023: −189.39M HKDNet income, FY2024: −178.35M HKDNet income, FY2025: −98.61M HKDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 432.83M HKD. Revenue FY2022 431.7M HKD. Revenue FY2023 489.16M HKD. Revenue FY2024 529.36M HKD. Revenue FY2025 432.24M HKD. Operating income FY2021 414.98M HKD. Operating income FY2022 295.37M HKD. Operating income FY2023 476.71M HKD. Operating income FY2024 357.13M HKD. Operating income FY2025 286.24M HKD. Net income FY2021 267.7M HKD. Net income FY2022 −209.54M HKD. Net income FY2023 −189.39M HKD. Net income FY2024 −178.35M HKD. Net income FY2025 −98.61M HKD.
Metric (HKD)FY2025FY2024FY2023FY2022FY2021
Revenue432.24M HKD529.36M HKD489.16M HKD431.7M HKD432.83M HKD
Cost of goods sold130.87M HKD145.64M HKD133.93M HKD113.42M HKD112.53M HKD
Gross profit301.36M HKD383.72M HKD355.23M HKD318.29M HKD320.3M HKD
Selling, general, and administrative15.13M HKD17.42M HKD15.52M HKD12.61M HKD17.85M HKD
Operating expenses15.13M HKD26.6M HKD27.3M HKD22.92M HKD31.97M HKD
Interest income4.21M HKD11.24M HKD15.95M HKD11.9M HKD10.26M HKD
Interest expense116.98M HKD131.85M HKD137.16M HKD90.26M HKD54.45M HKD
Depreciation and amortization86K HKD97K HKD123K HKD81K HKD110K HKD
Operating income286.24M HKD357.13M HKD476.71M HKD295.37M HKD414.98M HKD
Net income−98.61M HKD−178.35M HKD−189.39M HKD−209.54M HKD267.7M HKD

Company facts updated Aug 25, 2026.

Earnings

EPS beat rate
20%
1 beat, 4 misses, 0 met estimates
Average EPS surprise
-71.03%
5 comparable reports
Latest EPS result
-0.05

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.280.11-0.05-0.22Q3 '22MissQ1 '23MissQ3 '23No estimateQ1 '24No estimateQ3 '24No estimateQ1 '25No estimateQ3 '25No estimateQ1 '26No estimate
Q3 2022, reported Aug 30, 2022: actual -0.034, estimate 0.24, surprise -114.23%, Miss. Q1 2023, reported Mar 22, 2023: actual -0.182, estimate 0.24, surprise -175.93%, Miss. Q3 2023, reported Aug 30, 2023: actual -0.054, estimate —, surprise —, Comparison unavailable. Q1 2024, reported Mar 14, 2024: actual -0.111, estimate —, surprise —, Comparison unavailable. Q3 2024, reported Aug 14, 2024: actual 0.06, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Mar 17, 2025: actual -0.047, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Aug 22, 2025: actual -0.047, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Mar 16, 2026: actual -0.05, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates628.67M475.58M322.49M169.4MQ3 '22MissQ1 '23MissQ3 '23MissQ1 '24MissQ3 '24MissQ1 '25No estimateQ3 '25No estimateQ1 '26No estimate
Q3 2022, reported Aug 30, 2022: actual 199.29M HKD, estimate 596.87M HKD, surprise -66.61%, Miss. Q1 2023, reported Mar 22, 2023: actual 292.31M HKD, estimate 573.38M HKD, surprise -49.02%, Miss. Q3 2023, reported Aug 30, 2023: actual 256.02M HKD, estimate 592.52M HKD, surprise -56.79%, Miss. Q1 2024, reported Mar 14, 2024: actual 277.97M HKD, estimate 591.17M HKD, surprise -52.98%, Miss. Q3 2024, reported Aug 14, 2024: actual 289.93M HKD, estimate 591.17M HKD, surprise -50.96%, Miss. Q1 2025, reported Mar 17, 2025: actual 279.8M HKD, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Aug 22, 2025: actual 246.18M HKD, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Mar 16, 2026: actual 230.55M HKD, estimate —, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

HK$0.1078

2025 complete year-58.4% since 2021

2026 partial: HK$0.041

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Apr 2, 2026

HK$0.041

Semi-Annual

Record Apr 9, 2026 · Payment May 29, 2026

Dividend

Ex-dividend Sep 5, 2025

HK$0.0558

Semi-Annual

Record Sep 9, 2025 · Payment Oct 30, 2025

Dividend

Ex-dividend Apr 8, 2025

HK$0.052

Semi-Annual

Record Apr 10, 2025 · Payment May 30, 2025

Dividend

Ex-dividend Sep 9, 2024

HK$0.06

Semi-Annual

Record Sep 10, 2024 · Payment Oct 31, 2024

Dividend

Ex-dividend Apr 8, 2024

HK$0.045

Semi-Annual

Record Apr 9, 2024 · Payment May 30, 2024

Dividend

Ex-dividend Sep 13, 2023

HK$0.0475

Semi-Annual

Record Sep 14, 2023 · Payment Oct 26, 2023

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