Greentown Management Holdings Company (9979) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2026 was RMB 1.466 billion, up 7% YoY, with a gross profit margin of 41%.

• Net profit attributable to owners reached RMB 271 million, a 6% increase YoY, with a net profit margin of 19%.

• Delivered 56 projects totaling 5.456 million sqm, with customer satisfaction at 92.5 points and sales of RMB 34.5 billion.

• Upgraded to "Project Management 5.0," focusing on full-scenario value services and lifecycle management.

• Operating cash inflow rose 20% YoY to RMB 134 million, reflecting improved cash flow and financial resilience.

Financial highlights

• Gross profit rose 10% YoY to RMB 603 million, with gross margin up 1 pt to 41%.

• S&M and admin expenses decreased 7% YoY to RMB 250 million, with expense ratio down 2.5 pts to 17%.

• Project management services contributed 97.2% of revenue, with a segment gross margin of 40.9%.

• Interim dividend of RMB 0.076 per share declared, payout ratio 56%, totaling RMB 152 million.

• Basic and diluted EPS were RMB 0.14, up from RMB 0.13 YoY.

Outlook and guidance

• Strategic focus on unlocking value from existing stock-property and expanding full-cycle project management services.

• Order backlog at 120 million sqm, with 76.5% in four major city clusters, supporting long-term growth.

• Dividend payout ratio for 2026 expected to be no less than 80% of attributable net profit, subject to approvals.

• Plans to maintain annual delivery scale above 10 million sqm and focus on high-quality, high-tier projects.

• Company expects continued industry pressure in the short term but sees medium- to long-term opportunities in urban renewal and existing stock revitalization.