C&D International Investment Group (1908) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB17.8 billion, down 47.9% year-over-year, mainly due to a significant decrease in delivered saleable GFA in property development.

• Gross profit fell 42.2% to RMB2.55 billion, with gross margin improving to 14.31% from 12.89% due to higher-margin projects delivered.

• Profit attributable to equity holders decreased 9.7% to RMB0.83 billion.

• No interim dividend was declared for the period.

Financial highlights

• Property development revenue dropped to RMB15.25 billion (85.69% of total), with delivered GFA down to 1.021 million sq.m.

• Property management and related services revenue rose 26% to RMB2.55 billion.

• Contracted sales attributable to shareholders were RMB48.87 billion, down 8.4% year-over-year; contracted sales GFA was 1.77 million sq.m., down 11.8%.

• Net cash from operating activities was RMB12.03 billion; net cash used in investing and financing activities totaled RMB12.98 billion.

• Cash collected from property development activities totaled RMB61.7 billion.

Outlook and guidance

• The company will focus on accelerating inventory clearance, revitalizing assets, and prudent land acquisition in core cities.

• Emphasis on product innovation, digital marketing, and supply chain efficiency to strengthen competitiveness.

• The company aims to maintain asset health and financial stability while expanding market share, especially in first- and strong second-tier cities.