China Aoyuan Group (3883) investor relations material

Executive summary

• Revenue for H1 2026 was RMB3,704 million, down 17.1% year-over-year, mainly from property development, with contracted sales of RMB864 million and GFA sold of 84,700 sq.m.

• Gross loss narrowed to RMB1,444 million, a 49.2% improvement year-over-year, but gross loss margin remained high at 39.0%.

• Loss attributable to owners was RMB6,271 million, a 28.9% reduction from the prior year.

• Focused on property delivery, onshore debt restructuring, deleveraging, and cost control to stabilize operations.

Financial highlights

• Revenue: RMB3,704 million, down 17.1% year-over-year; property sales revenue RMB3,599 million, down 6.0%.

• Gross loss: RMB1,444 million (gross loss margin 39.0%), improved from RMB2,841 million loss in H1 2025.

• Adjusted gross profit (excluding impairment): RMB64 million, down 78.1% year-over-year.

• Loss attributable to owners: RMB6,271 million, improved from RMB8,814 million in H1 2025.

• Basic and diluted loss per share: RMB113 cents (vs. RMB217 cents in H1 2025).

Outlook and guidance

• Plans to accelerate onshore and offshore debt restructuring, improve sales and inventory clearance, and optimize capital structure in H2 2026.

• Will focus on operational foundations, smart profit models, and urban renewal business to drive sustainable growth.

• Management expects sufficient working capital for the next 12 months, assuming successful execution of liquidity measures.