Hong Kong–listed out-of-home media operator Asiaray Media Group Limited (Asiaray) reported mixed interim results for the six months ended 30 June 2026 (1H26).

Revenue and Margins • Group revenue fell 4.70 % year-on-year to RMB 402.05 million, reflecting transitional phases in certain contracts. • Cost of revenue declined 16.41 % to RMB 256.47 million, mainly on lower concession fees, lifting gross profit 26.40 % to RMB 145.58 million. • Gross margin widened to 36.2 % from 27.3 % a year earlier.

Segment Performance • Metro & Billboards: Revenue increased 6.80 % to RMB 239.69 million; gross margin improved to 38.0 %. • Airports: Revenue contracted 12.93 % to RMB 125.04 million, yet gross profit surged 139.16 % as asset-mix optimisation pushed margin to 39.7 %. • Bus & Others: Revenue declined 30.71 % to RMB 37.33 million; gross margin dropped to 12.9 %.

Earnings and Cash Flow • Operating profit fell 22.63 % to RMB 38.69 million, weighed by lower other gains. • Net finance costs eased 40.63 % to RMB 15.77 million, driven by reduced lease-related interest. • Profit attributable to shareholders climbed to RMB 9.26 million (1H25: RMB 2.17 million), translating into basic EPS of RMB 0.8 cents versus a loss per share of RMB 0.8 cents in 1H25. • EBITDA declined 19.55 % to RMB 162.0 million. • No interim dividend was declared.

Balance Sheet and Liquidity • Cash and restricted cash totalled RMB 171.91 million (31 Dec 2025: RMB 200.32 million). • Bank borrowings amounted to RMB 247.0 million, with RMB 195.06 million due within one year. • Current ratio stood at 0.73 (31 Dec 2025: 0.74), while gearing ratio remained unchanged at 0.3.

Operational Highlights Management cited continued efficiency gains from its “Space Management” model and increased adoption of data-driven digital out-of-home solutions. Key activations during the period included multi-city metro campaigns during the 2026 FIFA World Cup and Hong Kong’s first floating LED cinema on Victoria Harbour.

Outlook Asiaray expects ongoing macro uncertainty but sees supportive policy backdrops in the Mainland and Hong Kong. The Group plans to expand AI-enabled operations and O2O offerings while maintaining disciplined capital management. No material events have occurred post-period-end.