Sino-Ocean Service Reports 3% Revenue Decline and RMB310.1 Million Loss for H1 2025, Gross Profit Drops by 50%

Reuters
Aug 27
<a href="https://laohu8.com/S/06677">Sino-Ocean Serv</a>ice Reports 3% Revenue Decline and RMB310.1 Million Loss for H1 2025, Gross Profit Drops by 50%

Sino-Ocean Service Holding Ltd. has announced its interim results for the six months ended 30 June 2025. The company's revenue decreased approximately 3% to RMB1,385.8 million compared to RMB1,436.0 million for the same period in 2024. This revenue was generated from property management services, community value-added services, and value-added services to non-property owners, contributing approximately 74%, 18%, and 8% of the total revenue, respectively. Gross profit for the period fell by approximately 50% to RMB162.6 million, down from RMB327.4 million in the first half of 2024, with the gross profit margin declining to approximately 12% from 23%. The company reported a loss attributable to owners of RMB310.1 million, a significant drop from a profit of RMB59.3 million in the first half of the previous year. This loss was largely due to ongoing adverse impacts and a downturn in the real estate market in the PRC, leading to longer settlement cycles and increased provisions for impairment losses on trade receivables, inventories, and goodwill. The board has decided not to recommend the payment of an interim dividend for the period. The company plans to maintain its focus on non-residential properties and aims to standardize its engineering and maintenance services while exploring full life-cycle management models for facilities and equipment. The strategy is to drive sustainable growth through business synergies and technological innovation.

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