Yanlord Land Group (Z25) investor relations material

Executive summary

• Revenue for 1H 2026 fell 33.3% year-over-year to RMB6.195 billion, mainly due to lower average selling prices and a shift in product mix for delivered properties, reflecting a challenging market environment.

• Gross profit dropped 58.1% to RMB1.257 billion, with gross margin down to 20.3% from 32.3% due to product mix changes.

• Profit for the period was RMB7 million, with a loss attributable to owners of RMB151 million, compared to a profit of RMB379 million in 1H 2025.

• Contracted pre-sales dropped 57.1% year-over-year to RMB3.698 billion, with contracted GFA down 43.2% and ASP decreased 24.4%.

• Operating cash outflow improved to RMB224 million from RMB616 million, despite continued net cash used in operations.

Financial highlights

• Income from property development decreased 43.8% to RMB3.942 billion, mainly due to lower ASP.

• Property investment and hotel operations revenue fell 8.6% to RMB878 million.

• Property management revenue increased 3.7% to RMB652 million; other segments up 5.6% to RMB723 million.

• Accumulated property contracted pre-sales pending revenue recognition stood at RMB10.116 billion as of 30 June 2026.

• Cash and cash equivalents were RMB5.730 billion, down 21.5% from year-end 2025; total assets RMB91.452 billion as of 30 June 2026.

Outlook and guidance

• Management notes ongoing market adjustments in the PRC property sector, with some recovery in cities like Shanghai and Shenzhen, but sustainability remains uncertain.

• Group to focus on inventory reduction, prudent financial management, and measured project launches amid market volatility.

• Multiple new project launches planned in the Yangtze River Delta, Hainan, and Bohai Rim regions in 2H 2026.