C&D INTL GROUP (01908.HK): H1 Revenue RMB 17.80bn, Down 47.9%; Parent Profit RMB 825mn

NewTimeSpace News: On 22 September 2026, C&D International Investment Group Limited (the "Company") reported its interim results for the six months ended 30 June 2026. Revenue amounted to approximately RMB 17.80 billion, down about 47.9% from RMB 34.17 billion a year earlier; gross profit was about RMB 2.55 billion with a gross margin of approximately 14.31% (up 1.42 percentage points year on year); profit for the period was about RMB 0.91 billion, down about 39.5%; profit attributable to owners of the parent was about RMB 0.83 billion (RMB 825 million), down about 9.7%; and basic EPS was 36.19 cents (diluted 35.67 cents). Total comprehensive income for the period was about RMB 0.97 billion.

The announcement disclosed that the revenue decline was mainly due to property development revenue falling from RMB 32.14 billion to RMB 15.25 billion (85.69% of total revenue), with saleable GFA delivered dropping from 1.901 million sq.m. to 1.021 million sq.m.; meanwhile property management and other related services revenue rose from RMB 2.02 billion to RMB 2.55 billion (14.31%, +26.0%), with GFA under management of about 96.4 million sq.m. Share of profit of associates increased from RMB 0.41 billion to RMB 0.90 billion, partly offsetting the development business decline. Profit before tax was about RMB 0.91 billion (RMB 2.25 billion a year earlier) and income tax expense about RMB 0.01 billion (RMB 0.75 billion a year earlier).

As of 30 June 2026, the Group's cash at banks and on hand was about RMB 61.75 billion (RMB 50.63 billion at end-2025), total assets about RMB 389.74 billion (RMB 368.25 billion), net assets (after non-controlling interests) about RMB 40.15 billion, net debt about RMB 21.06 billion, net gearing about 22.12% (34.81% at end-2025) and gearing ratio about 87.0%. The board stated that since 2026 market divergence has intensified and competition has shifted to comprehensive quality and value, and in the second half the Company will focus on accelerating inventory clearance, prudently acquiring land, product innovation and supply-chain integration.

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