SOHO China (410) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2026 was RMB638 million, down 8% year-over-year due to weak office and retail leasing demand.

• Gross profit margin remained stable at 80%, with gross profit at RMB511 million, a 7% decrease year-over-year.

• Average occupancy rate stabilized at 83% as of 30 June 2026.

• Underlying profit from operating activities (excluding fair value changes and one-off tax fees) was RMB125 million; net loss attributable to owners was RMB34 million.

Financial highlights

• Revenue: RMB638 million (down from RMB690 million in 2025).

• Gross profit: RMB511 million (down from RMB549 million in 2025).

• Gross profit margin: 80% (unchanged year-over-year).

• Finance expenses: RMB308 million (down from RMB330 million in 2025).

• Income tax expense: RMB46 million (up from a credit of RMB0.5 million in 2025).

• Basic and diluted loss per share: RMB0.01 (improved from RMB0.02 in 2025).

Outlook and guidance

• Office leasing market expected to face continued challenges from supply-demand imbalance and rental pressure.

• Market stabilization anticipated as macroeconomic policies take effect and emerging industries grow.

• Focus remains on prudent operations, optimizing tenant mix, and enhancing property value.