Ronshine China (3301) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 fell 62.35% year-over-year to RMB798.91 million, mainly due to a sharp decline in property deliveries.

• Gross profit dropped 91.67% to RMB47.02 million, with gross margin narrowing to 5.89% from 26.61%.

• Net loss for the period widened to RMB1,915.48 million, with loss attributable to owners at RMB1,565.11 million.

• Contracted sales dropped 38.62% year-over-year to RMB1,293.88 million, with contracted GFA of 113,105 sq.m. and average selling price up 1.8%.

• The Group focused on core regions, maintaining 206 projects and a land reserve of 16.26 million sq.m., with 85.16% in first- and second-tier cities.

Financial highlights

• Revenue: RMB798.91 million (down 62.35% year-over-year).

• Gross profit: RMB47.02 million (down 91.67% year-over-year); gross margin 5.89% (down from 26.61%).

• Net loss: RMB1,915.48 million (up 12.40% year-over-year); loss attributable to owners: RMB1,565.11 million.

• Total assets: RMB78.03 billion (down 3.88% from year-end 2025); total liabilities: RMB89.08 billion (up 1.31%).

• Cash and bank balances: RMB2,332.94 million; total borrowings: RMB35,954.27 million.

Outlook and guidance

• The real estate market is expected to remain in a phase of deep adjustment and optimisation in H2 2026, with ongoing policy support but continued funding and sales pressures.

• The Group will focus on operational efficiency, prudent land acquisition, and cash flow management, aiming to stabilise liquidity and ensure project delivery.

• Ongoing efforts to ensure on-time property delivery and seize market opportunities.