Times China (1233) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB1,148.3 million, down 49.4% year-over-year due to reduced property sales and delivery area.

• Net profit for the period was RMB3,713.2 million, a turnaround from a net loss of RMB3,417.9 million in H1 2025, mainly due to gains from partial completion of onshore debt restructuring.

• Core net profit was RMB3,714.9 million, compared to a core net loss of RMB3,415.9 million in H1 2025.

• Basic and diluted earnings per share were RMB89 cents, versus a loss of RMB163 cents per share in H1 2025.

Financial highlights

• Gross profit was RMB87.9 million, down 51.2% year-over-year; gross margin remained stable at 7.7%.

• Other income and gains surged to RMB7,920.4 million, mainly from a RMB7.8 billion gain on onshore debt restructuring.

• Finance costs decreased 28% to RMB832.3 million due to completion of offshore debt restructuring.

• Cash and bank balances stood at RMB1,080.5 million as of 30 June 2026.

• Impairment and write-off losses on financial assets rose to RMB536.8 million.

Outlook and guidance

• The property market is expected to remain in adjustment in H2 2026, with continued oversupply and weak demand.

• The group will focus on policy alignment, sales, receivables, debt management, and asset quality improvement.

• Emphasis on long-term strategy, project quality, and customer satisfaction.