Yuexiu Real Estate Investment Trust (405) H1 2026 earnings summary

Executive summary

• Gross income for the six months ended 30 June 2026 was RMB766.5 million, down 20.7% year-over-year, mainly due to the disposal of Yuexiu Financial Tower in October 2025; excluding this, gross income declined 4.3% year-over-year.

• Net property income decreased 25.2% to RMB507.6 million year-over-year; net loss after tax before transactions with unitholders narrowed by 53.6% to RMB156.6 million, mainly due to lower fair value losses.

• Interim distribution per unit was RMB0.0271 (HK$0.0313), down 18.6% year-over-year, with a payout ratio of 95%.

Financial highlights

• Gross income: RMB766.5 million (down 20.7% year-over-year); net property income: RMB507.6 million (down 25.2%).

• Net loss after tax before transactions with unitholders: RMB156.6 million (down 53.6% year-over-year).

• Distribution per unit: RMB0.0271 (HK$0.0313), annualized yield 9.64% based on closing price.

• Net assets attributable to unitholders: RMB14.02 billion (down 0.5% from 31 December 2025).

• Property portfolio valuation: RMB33.56 billion (down 0.2% from 31 December 2025).

Outlook and guidance

• Manager expects RMB interest rates to remain low and high-tech emerging industries to maintain robust growth.

• Focus remains on proactive tenant acquisition, product innovation, and prudent financing to enhance competitiveness and mitigate risks.