SOHO China (410) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB638 million, down 8% year-over-year due to weak office and retail leasing demand.

• Gross profit was RMB511 million, down 7% year-over-year, with gross margin stable at 80%.

• Net loss attributable to owners was RMB34.4 million, a significant improvement from a RMB91.6 million loss in H1 2025.

• Average occupancy across the property portfolio recovered to 83% as of 30 June 2026.

• No interim dividend was declared for the period.

Financial highlights

• Revenue: RMB638 million (down 8% YoY).

• Gross profit: RMB511 million (down 7% YoY).

• Net loss: RMB33.2 million (vs. RMB90.6 million loss in H1 2025).

• Finance expenses decreased to RMB308 million (from RMB330 million YoY).

• Cash and cash equivalents at period end: RMB488 million.

Outlook and guidance

• Office leasing market expected to remain challenging in H2 2026 due to supply-demand imbalance and rental pressure.

• Market stabilization anticipated as macroeconomic policies take effect and emerging industries grow.

• Focus remains on prudent operations, optimizing tenant mix, and enhancing property value and service quality.