China Resources Land (1109) H1 2026 earnings summary

Executive summary

• Core net profit was RMB10.2bn, up 1.6% YoY, with recurring revenue rising 9.9% YoY to RMB22.6bn and recurring core net profit at RMB6.65bn.

• Contracted sales reached RMB116.5bn (+5.6% YoY), maintaining No.3 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

• 1H26 revenue reached RMB67.9bn, gross profit margin up 1.4pt YoY to 25.4%.

• Attributable net profit was RMB9.8bn; core net profit grew 1.6% YoY to RMB10.2bn.

• Weighted average funding cost decreased by 9bps to 2.63%.

• Rental and fee-based business revenue grew 9.9% YoY; core net profit from this segment increased 10.4% YoY, with its share of total core net profit rising to 65.5%.

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.

• Focus on quality and efficiency in development property, with accelerated revitalization and exit of low-efficiency assets.

• Asset-light management fee-based business to pursue innovation, expand leading position, and seek M&A opportunities.