Onewo (2602) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2026, rose 5.4% year-over-year to RMB19,112.4 million, 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 was RMB1,262.6 million, down 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 RMB820.0 million) proposed.

Financial highlights

• Community space living consumption services revenue grew 5.5% to RMB11,951.8 million; commercial and urban space integrated services up 7.9% to RMB6,204.7 million; AIoT and BPaaS solution services fell 10.1% to RMB955.9 million.

• Gross profit decreased 3.0% year-over-year to RMB2,419.2 million; gross margin declined to 12.7% from 13.7%.

• Administrative expenses dropped by RMB43.0 million and the expense ratio fell by 0.5 percentage points.

• Earnings per share remained at RMB0.68.

• Cash and cash equivalents stood at RMB9,301.9 million as of June 30, 2026.

Outlook and guidance

• The company is shifting focus from scale expansion to project quality, emphasizing sustainable service value and operational efficiency.

• Continued optimization of project portfolio and proactive divestment of low-margin projects expected to support long-term profitability.

• Technology and AI adoption are expected to drive further efficiency gains and service innovation.