Glory Health Industry (2329) investor relations material

Executive summary

• Revenue for H1 2026 was RMB139.5 million, down 57% year-over-year, with property development revenue at RMB32.3 million, down 82.3% year-over-year due to reduced completion and delivery areas and lower sales.

• Gross profit rose to RMB107.6 million from RMB4.4 million year-over-year, mainly due to a significant decrease in property development costs.

• Net loss attributable to owners increased to RMB325.1 million, up from RMB225.2 million in H1 2025.

• Contracted sales for H1 2026 were RMB380.3 million, a 41.6% decrease year-over-year, mainly from Beijing, Shenyang, and Langfang.

• The group is accelerating transformation from property development to healthcare, focusing on senior care, wellness communities, and online health services, and scaling down property development.

Financial highlights

• Revenue: RMB139.5 million (down 57% year-over-year).

• Gross profit: RMB107.6 million (up from RMB4.4 million year-over-year).

• Net loss attributable to owners: RMB325.1 million (vs. RMB225.2 million loss year-over-year).

• Contracted sales: RMB380.3 million (down 41.6% year-over-year).

• Cash and bank balances: RMB209.8 million as of June 30, 2026.

• Outstanding loans: RMB23,840.0 million, including RMB3,720.9 million in senior notes.

Outlook and guidance

• No broad-based housing price surge expected; market recovery will be gradual and depend on macroeconomic improvement and household income expectations.

• Policies will continue to support housing demand and urban renewal, but their effect is limited by weak buyer sentiment.

• The group will continue to scale down property development, focus on healthcare transformation, and prioritize debt reduction and asset disposal.