China Merchants Shekou Industrial Zone (001979) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was RMB 83.45bn, down 7.04% YoY; attributable net income fell 75.82% to RMB 603.7m, while adjusted attributable net income was a loss of RMB 527.3m.

• Q3 revenue declined 25.13% YoY to RMB 28.66bn; attributable net income fell 92.78% to RMB 75.7m, and adjusted attributable net income was a loss of RMB 590.4m.

Financial highlights

• 9M operating profit was RMB 1.82bn versus RMB 6.34bn YoY; net income was RMB 486.7m versus RMB 3.60bn.

• 9M non-recurring gains totaled RMB 1.131bn, leaving adjusted attributable net income at a loss of RMB 527.3m.

• Total assets were RMB 844.34bn at Sep. 30, up 1.07% from year-end; attributable equity was RMB 97.46bn, down 0.20%.

Segment performance

• Development project completions were unevenly distributed across periods; property project carryover gross margin declined YoY, while investment income also decreased.