Onewo (2602) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2026, reached RMB19,112.4 million, up 5.4% year-over-year, with recurring businesses contributing 90.8% of total revenue and growing 6.4% year-over-year.

• Profit for the period was RMB820.0 million, down 2.1% year-over-year; excluding developer business, profit increased 5.3% to RMB712.5 million.

• Core net profit for the period was RMB1,262.6 million, a decrease of 1.0% year-over-year; excluding developer business, core net profit rose 7.3% to RMB1,099.3 million.

• Administrative and selling expenses both declined, reflecting improved operational efficiency.

• Interim dividend of RMB0.711 per share (total RMB820 million) was declared, subject to shareholder approval.

Financial highlights

• Community space living consumption services revenue: RMB11,951.8 million (+5.5% YoY); gross profit margin 14.1%.

• Commercial and urban space integrated services revenue: RMB6,204.7 million (+7.9% YoY); gross profit margin 7.1%.

• AloT and BPaaS solution services revenue: RMB955.9 million (-10.1% YoY); gross profit margin 30.7%.

• Recurring business revenue: RMB17,352.8 million (+6.4% YoY), accounting for 90.8% of total revenue.

• Administrative expenses decreased by 4.9% to RMB842.7 million; selling and distribution expenses down 8.9% to RMB271.9 million.

Outlook and guidance

• The company continues to focus on optimizing project portfolios, prioritizing high-quality, sustainable, and profitable projects.

• Strategic emphasis on technology-driven operational efficiency and digital transformation to enhance service value and competitiveness.

• Ongoing shift from scale expansion to quality-based growth, with proactive exits from low-margin and high-risk projects.

• The company will continue prudent capital management and seek new business development opportunities aligned with its strategy.