China State Construction Engineering (601668) Q2 2026 earnings summary

Executive summary

• Achieved revenue of RMB 975.8 billion, down 12.0% year-over-year; net profit attributable to shareholders was RMB 23.0 billion, down 24.3% year-over-year.

• New contract value reached RMB 2.46 trillion, a 1.5% decrease year-over-year.

• Operating cash flow improved, with net outflow of RMB 28.5 billion, a significant improvement from RMB 82.8 billion outflow in the prior year.

• Maintained a leading position in global construction, ranked 17th in Fortune Global 500 and 4th in China 500.

Financial highlights

• Revenue: RMB 975.8 billion, down 12.0% year-over-year.

• Net profit attributable to shareholders: RMB 23.0 billion, down 24.3% year-over-year.

• Basic and diluted EPS: RMB 0.55, down from RMB 0.73 year-over-year.

• Gross margin: 10.3%, up 0.9 percentage points year-over-year.

• Operating cash flow: net outflow of RMB 28.5 billion, improved from RMB 82.8 billion outflow.

• Total assets: RMB 3.68 trillion; total liabilities: RMB 2.84 trillion; equity: RMB 841 billion.

Outlook and guidance

• Management expects continued pressure on construction demand and real estate, but will focus on high-quality growth, cash flow, and risk control.

• Will continue to optimize business structure, focus on core cities, and promote innovation and ESG initiatives.