China Sandi Holdings Limited reported a net loss of RMB 203.65 million for the six months ended 30 June 2026, an improvement from the RMB 263.47 million shortfall in the prior-year period, despite a sharp contraction in topline revenue.

Financial performance • Revenue fell 54.9 % year on year to RMB 142.47 million, driven by a 66.4 % plunge in property sales to RMB 89.27 million. Rental and property-related income edged up 5.4 % to RMB 53.20 million. • Cost of sales dropped 79.6 % to RMB 51.48 million, lifting gross profit 44.5 % to RMB 90.98 million. • Loss per share narrowed to RMB 4.18 cents from RMB 4.65 cents. • Net loss attributable to shareholders decreased 10.1 % to RMB 212.81 million.

Segment results • Property development booked a RMB 125.98 million loss (1H 2025: RMB 164.32 million loss). • Property investment recorded a RMB 59.22 million loss (1H 2025: RMB 102.41 million loss). • Fair-value loss on investment properties trimmed to RMB 89.60 million from RMB 119.20 million.

Balance-sheet snapshot • Cash and cash equivalents rose to RMB 58.19 million (31 December 2025: RMB 40.52 million), while restricted deposits stood at RMB 63.65 million. • Net current liabilities remained heavy at RMB 5.51 billion. Current liabilities totalled RMB 14.56 billion, versus current assets of RMB 9.05 billion. • Bank and other borrowings totalled RMB 5.54 billion, all classified as current. Overdue borrowings reached RMB 1.49 billion, and facilities with cross-default triggers amounted to RMB 4.01 billion. • Equity turned negative, leaving a shareholders’ deficit of RMB 347.56 million and overall net liabilities of RMB 132.15 million, compared with positive equity of RMB 31.44 million at end-2025.

Liquidity measures Management highlighted material uncertainties over going-concern status and outlined several steps: lender negotiations for extension of maturities (RMB 1.17 billion already extended in 1H 2026), letters of undertaking from the controlling shareholder and bondholder not to demand repayment within 12 months, accelerated project sales, cost controls and exploration of fresh financing channels.

Operating metrics • Contracted sales rose 17.7 % to RMB 47.21 million, though contracted gross floor area declined 11.8 % to 5,493 sq.m., indicating higher average selling prices. • Land bank totalled 1.62 million sq.m., with 1.44 million sq.m. attributable to the Group across projects in Shaanxi, Fujian and Shanghai. • The investment property portfolio, including malls, hotels and commercial space, generated RMB 44.14 million in rental income.

Dividend No interim dividend was declared.

Outlook and risks Management cited continued volatility in China’s property market and tight financing conditions as key challenges. The Board is reviewing new business directions, including potential moves into digital innovation sectors, while prioritising liquidity management, project delivery and asset revitalisation.