Lushang Life Services (2376) H1 2026 earnings summary

Executive summary

• H1 2026 revenue fell 9.3% YoY to RMB266.6m; gross profit declined 19.0% to RMB50.3m, and net profit fell 30.9% to RMB11.1m.

• Managed GFA reached 23.5m sq.m., up 1.9% YoY; 115 projects were under management, while contracted projects covered 26.4m sq.m.

Financial highlights

• Operating income was RMB266.6m versus RMB293.8m; operating profit was RMB14.4m versus RMB21.4m.

• Gross profit was RMB50.3m versus RMB62.1m; gross margin fell to 18.9% from 21.1%.

• Net profit attributable to parent shareholders was RMB11.16m versus RMB16.03m; basic and diluted EPS were RMB0.08 versus RMB0.12.

• Cost of sales declined 6.7% to RMB216.4m; administrative expenses fell 17.7% to RMB23.3m.

Outlook and guidance

• Shandong remains the strategic development focus; operations span nearly all prefecture-level cities in the province, as well as Beijing and Harbin.

• No material investment or capital-asset plans during H1; business-development opportunities remain under review.

• Remaining listing proceeds are scheduled for full use by Dec. 31, 2027 for most purposes and Dec. 31, 2028 for expansion, subject to business and market conditions.