China Jinmao Holdings Group (817) H1 2026 earnings summary

Executive summary

• Revenue for the first half of 2026 was RMB21,418.2 million, down 15% year-over-year, mainly due to lower property development revenue.

• Profit attributable to owners was RMB879.2 million, a 19% decrease year-over-year; excluding fair value losses on investment properties, profit was RMB1,009.9 million, down 10%.

• Contracted sales reached RMB57.5 billion, up 8% year-over-year, outperforming the market and raising the industry ranking to 7th.

• Interim dividend of HK3.0 cents per share declared, with scrip option, to be paid by 30 October 2026.

Financial highlights

• Property development revenue: RMB16,803.4 million, down 16% year-over-year.

• Property investment revenue: RMB852.6 million, up 5% year-over-year.

• Hotel operations revenue: RMB629.3 million, down 19% year-over-year.

• Jinmao Services revenue: RMB1,887.1 million, up 6% year-over-year.

• Gross margin: 12% (down 4 percentage points year-over-year); property development margin at 7%.

• Net assets as of 30 June 2026: RMB54,632.2 million, up 3% from year-end 2025.

• Total assets: RMB482,259.7 million, up 9% from year-end 2025.

• Net debt-to-adjusted capital ratio improved to 52% from 69% at year-end 2025.

Outlook and guidance

• The company expects continued industry volatility but sees structural opportunities for financially robust, high-quality enterprises.

• Strategic focus remains on core business, quality improvement, and prudent investment, with emphasis on reducing liabilities and revitalizing existing projects.

• The next five years are seen as a critical period for macroeconomic stabilization and real estate transformation.

• Plans to accelerate the second growth curve and enhance operational efficiency.