Zhongmin Baihui Retail Group (5SR) H2 2026 earnings summary

Executive summary

• FY2026 profit after tax rose 16.7% YoY to RMB49.9m and EPS increased 16.7% to RMB26.04 cents, led by outlet mall earnings.

• Operating cash flow strengthened to RMB135.3m from RMB46.0m; a SGD1-cent-per-share dividend was proposed.

Financial highlights

• Revenue declined 3.3% YoY to RMB919.7m; gross profit fell 10.9% to RMB196.8m.

• Profit before tax was RMB50.5m versus RMB50.6m; underlying retail operations before JV and associate results posted a RMB4.1m loss versus RMB16.9m profit.

• FY2025 included a RMB19.7m gain from derecognising right-of-use assets after store closures; excluding this gain, Fujian stores’ FY2025 pre-tax loss was RMB2.8m versus RMB4.1m in FY2026.

Outlook and guidance

• Priorities are selective mall projects across China, higher operating efficiency and improved profitability at Fujian stores.

• Parkway Utalk launched three neighbourhood supermarkets; further openings are expected.

• FY2027 targets include carbon intensity no more than 250 kgCO₂e/m², electricity intensity no more than 300 kWh/m² and water intensity no more than 2.50 m³/m².