Shoucheng (697) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2026 was HK$687 million, down from HK$731 million year-over-year, with profit attributable to owners at HK$206 million versus HK$339 million last year. Excluding a one-off gain from a prior disposal, profit rose 6.7% year-over-year.

• Adjusted EBITDA was HK$436 million, down from HK$587 million year-over-year. Gross profit remained stable at HK$295 million.

• Interim dividend declared at HK$165 million, with a special dividend of HK$470 million (first tranche paid, second tranche payable in December 2026).

• The Group maintained a low debt-equity ratio of 10.0% and an asset-liability ratio of 32.0%.

• Significant unrealised gain of over RMB8 billion from the managed Robot Fund following the listing of Unitree Robotics.

Financial highlights

• Revenue: HK$687 million (down 6% year-over-year).

• Profit attributable to owners: HK$206 million (down from HK$339 million; up 6.7% excluding last year's one-off gain).

• Adjusted EBITDA: HK$436 million (down from HK$587 million year-over-year).

• Basic and diluted EPS: HK2.50 cents (down from HK4.77 cents year-over-year).

• Interim dividend: HK$165 million (down from HK$271 million year-over-year).

Outlook and guidance

• Focus on leveraging infrastructure assets, expanding industrial investment, and enhancing scenario ecosystem operations to drive sustainable growth.

• Continued capital recycling and project investments/exits to support long-term capital appreciation.

• Ongoing development of physical AI scenario applications and technology ecosystem platform.