Zall Smart Commerce Group (2098) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2026 was RMB36,905.1 million, down 59.4% year-over-year, mainly due to a strategic reduction in low-margin supply chain management and trading business.

• Net loss attributable to equity shareholders was RMB1,149.2 million, compared to a profit of RMB97.1 million in the prior year period.

• Gross profit margin improved to 0.6% from 0.3% year-over-year, reflecting a focus on higher-value business.

• No interim dividend was declared for the period.

Financial highlights

• Revenue: RMB36,905.1 million (down 59.4% YoY).

• Gross profit: RMB223.1 million (down 19.6% YoY).

• Net loss: RMB1,202.9 million (vs. net profit of RMB70.0 million YoY).

• Basic and diluted loss per share: RMB9.27 cents (vs. earnings of RMB0.78 cents YoY).

• Net valuation loss on investment properties: RMB1,135.8 million (vs. gain of RMB305.7 million YoY).

• Finance costs increased 20.8% to RMB354.8 million; finance income decreased 34.0% to RMB82.8 million.

Outlook and guidance

• The group will focus on technological innovation, digital transformation, and industrial upgrading, aiming to enhance operational efficiency and core competitiveness.

• Plans to expand digital services, strengthen vertical sectors, and collaborate with ecosystem partners for high-quality growth.