China Jinmao (00817) reported interim revenue of RMB 21.42 billion for the six months ended 30 June 2026, down 15.00% year on year. Profit attributable to owners of the parent fell 18.94% to RMB 0.88 billion, while profit excluding investment-property fair-value losses declined 10.05% to RMB 1.01 billion.

Basic earnings per share decreased 27.66% to RMB 4.08 cents. The board declared an unchanged interim dividend of HK 3.0 cents per share, payable on or before 30 October 2026 with a scrip alternative.

Total assets rose 9.18% from end-2025 to RMB 482.26 billion. Equity attributable to shareholders increased 2.62% to RMB 54.63 billion. Interest-bearing bank and other borrowings shrank 4.85% to RMB 122.76 billion, cutting the net debt-to-adjusted capital ratio to 52% from 69% at 31 December 2025. Cash and cash equivalents climbed to RMB 37.35 billion from RMB 28.40 billion.

Segment performance showed property development revenue of RMB 16.80 billion (-16%); property investment RMB 0.85 billion (+5%); hotel operations RMB 0.63 billion (-19%); Jinmao Services RMB 1.63 billion (+6%). Overall gross margin contracted to 11.62% from 16.17% due to softer development margins.

Contracted sales reached RMB 57.50 billion, an 8% rise year on year, lifting the group’s industry ranking to seventh place. During the period the company added projects with 0.82 million sq.m. of gross floor area and accelerated turnover of new developments. Two commercial projects in Changsha and Qingdao delivered EBITDA margins above 50%, while property-service customer satisfaction improved to 94 points.

Financing activity included a February issue of RMB 1.70 billion four-year corporate bonds at 2.48% and an April issue of RMB 2.50 billion five-year medium-term notes at 2.39%. A further RMB 2.50 billion medium-term note was completed on 17 July 2026.

The company maintains its strategic focus on product quality, customer-centric services and disciplined investment, emphasising both new project turnover and existing asset revitalisation. Management sees a stabilising real-estate environment but continues to prioritise debt reduction and cash generation.

China Jinmao confirmed no material litigation, stated full compliance with Hong Kong corporate-governance requirements, and reported no director dealings in breach of the Model Code. The audit committee has reviewed the interim results, which were reviewed by Ernst & Young in accordance with HKICPA standards.