China Resources Land (1109) H1 2026 earnings summary

Executive summary

• Consolidated revenue for 1H2026 was RMB67.87bn, with core net profit of RMB10.16bn and net profit attributable to shareholders of RMB9.84bn, driven by recurring business growth and strategic transformation.

• Recurring business revenue rose 9.9% YoY to RMB22.61bn, with recurring core net profit at RMB6.65bn, contributing 65.5% of total core net profit.

• Contracted sales reached RMB116.5bn (+5.6% YoY), maintaining a top-three industry ranking, with over 60% of sales in tier 1 cities.

• Retail sales of shopping malls grew 16.4% YoY to RMB128.2bn, with same-store sales growth of 10.1% and occupancy rate at 98%.

• Interim dividend of RMB0.20 per share declared, flat YoY.

Financial highlights

• Gross profit for 1H2026 was RMB17.22bn, with a gross profit margin of 25.4%, up 1.4 percentage points YoY.

• Development property business revenue was RMB45.26bn (down 39.1% YoY), with a gross margin of 10.0%.

• Investment property rental revenue was RMB14.16bn (up 17.0% YoY), with a gross margin of 73.3%.

• Asset-light management fee-based business revenue was RMB8.45bn (down 0.1% YoY), with a gross margin of 38.0%.

• Cash and cash equivalents stood at RMB98.91bn as of June 30.

Outlook and guidance

• Disciplined investments with 16 new projects acquired in strategic cities, adding 2.84mn sqm to land bank; 99% of investment in tier 1 and 2 cities.

• Saleable resources for 2H26 remain high-quality, with 91% in tier 1 and 2 cities; unbooked contracted sales locked in at RMB251.8bn.

• Shopping mall footprint to expand from 98 to 127 by 2030, targeting 5 mall exits annually to unlock asset value.

• Strategic focus on high-quality, sustainable growth across development, investment property, and asset-light management businesses.

• Accelerated revitalization and exit of low-efficiency assets, with a goal to build a world-class urban investor, developer, and operator.