China Overseas Land & Investment (0688) investor relations material

Executive summary

• Achieved attributable contracted sales of RMB134.35 billion in 1H2026, up 11.8% year-over-year, with strong performance in first-tier cities and 21,000 units delivered.

• Revenue for the six months ended 30 June 2026 was RMB97.6 billion, with profit before tax at RMB12.36 billion, core profit attributable to shareholders at RMB7.93 billion, and profit attributable to shareholders at RMB7.03 billion.

• Maintained industry-leading credit ratings, strong liquidity with cash on hand at RMB121.1 billion, and a liability-to-asset ratio of 51.6%.

• Interim dividend declared at HK23 cents per share, totaling HK$2.52 billion.

• Earned top ESG ratings, published a climate change response report, and received multiple sustainability awards.

Financial highlights

• Gross profit margin was 16.1%, with operating profit at RMB12.55 billion.

• Net operating cash inflow was RMB28.52 billion; cash on hand stood at RMB121.1 billion, accounting for 13.7% of total assets.

• Net gearing improved to 27.2%, and average borrowing cost was 2.76%.

• Basic earnings per share was RMB0.64, down from RMB0.79 year-over-year.

• Distribution expenses decreased by 20.8% year-over-year; SG&A as a percentage of revenue at 2.8%.

Outlook and guidance

• Management expects continued market adjustment but sees stabilization driven by macroeconomic growth, policy support, and supply-demand optimization.

• Strategic focus remains on first-tier cities, structural opportunities in key second-tier cities, and unlocking commercial asset value through REITs.

• Key projects to be launched in Shanghai, Hangzhou, and Beijing with significant saleable resources.