Seazen stock: Mall income offsets a steep property sales decline

Published on 11/11/2026 at 02:11 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Seazen stock faces a sharper property slowdown as recurring mall income gains weight. A 33.9 percent gross margin offers some earnings support.

Seazen balances malls and development

First-nine-month revenue fell 27.5 percent year over year, while net profit attributable to shareholders declined 0.9 percent.
Commercial operating revenue increased 3.4 percent, with occupancy at 98.16 percent across 182 leased properties.
Property sales contracted sharply, highlighting the companys shift toward recurring commercial income.

Seazen, CNE100002BF8, Illustration mit AI erstellt.

Seazen Holdings reported operating revenue of RMB 24.923 billion for the first nine months of 2026, down 27.5 percent year over year, while net profit attributable to shareholders fell 0.9 percent to RMB 965 million. FilingReader reported the figures from the companys third-quarter report published on October 30.

Commercial income cushions decline

Gross margin rose 8.3 percentage points from a year earlier to 33.9 percent. An analysis by Ping An Securities said operating cash flow remained positive at RMB 1.51 billion in the first three quarters.

Commercial operations provided the more resilient part of the business. Revenue from commercial operations reached RMB 10.87 billion, up 3.4 percent year over year, while the average occupancy rate stood at 98.2 percent across 182 leased properties.

Property development remains under pressure

Contracted sales totaled about RMB 8.83 billion from January through September, a 41.4 percent year-over-year decline. Contracted sales area fell 27.9 percent to about 1.413 million square meters, underscoring the continuing pressure on residential development.

The company also reported progress in its commercial real estate funding strategy. A commercial REIT backed by two Wuyue Plaza projects raised RMB 1.553 billion, according to an analysis by Huatai Securities. The development may help broaden funding options, but it does not remove the risks linked to weaker property sales and tighter real estate financing.

Seazen business profile

Seazen Holdings is headquartered in Shanghai and operates a real estate business covering commercial operations and property development in China. Its portfolio includes Wuyue Plaza malls and development projects across 147 large and medium-sized cities, according to the companys investor relations page. The company was established in 1993 and listed on the Shanghai Stock Exchange in 2015.