Country Garden Services Holdings (CG Services) reported a 5.7% year-on-year rise in revenue to RMB 24.50 billion for the six months ended 30 June 2026, driven chiefly by expansion of its property management and community value-added businesses.
Revenue mix and operating trends • Property management services remained the core pillar, contributing RMB 14.51 billion, up 6.3% and representing 59.2% of group turnover. • Community value-added services climbed 18.3% to RMB 2.31 billion, aided by growth in local living retail and charging-station operations. • Value-added services to non-property owners contracted 20.2% to RMB 0.23 billion as the company curtailed higher-risk developer business. • Developing businesses produced RMB 7.37 billion (+1.6%), with “Three Supplies and Property Management” revenue up 9.2% to RMB 5.51 billion, while environmental services fell 12.2% to RMB 1.52 billion and commercial operations declined 9.0% to RMB 0.27 billion.
Profitability • Gross profit increased 3.3% to RMB 4.44 billion; group gross margin eased 0.4 ppt to 18.1%, reflecting lower margins in environmental and heat-supply operations. • Net profit slipped 5.4% to RMB 0.95 billion, weighed by higher impairment and foreign-exchange losses. • Core net profit (excluding one-offs and non-cash items) rose 3.2% to RMB 1.62 billion. • General & administrative expenses fell 9.3% to RMB 2.00 billion; the G&A/revenue ratio improved to 8.2% (H1 2025: 9.5%).
Operational scale and cash position • Revenue-bearing gross floor area (GFA) for standard property management climbed to 1.10 billion sq m (+26.0 million sq m from end-2025). • “Three Supplies” property-management GFA reached 90.0 million sq m. • Cash, time deposits, restricted deposits and structured deposits totalled RMB 16.18 billion, versus RMB 17.93 billion at end-2025. • Interest-bearing debt stood at RMB 1.51 billion; the group remained in a net cash position.
Capital actions • CG Services repurchased 34.99 million shares in the open market for RMB 0.19 billion; 24.12 million shares have been cancelled. • Final and special dividends for FY 2025 amounting to RMB 1.51 billion were paid on 21 August 2026, partly via scrip (67.49 million shares) and partly in cash. • No interim dividend was declared for H1 2026.
Segment highlights • Implementation of the PARA (People-Agent-Robot-AIoT) model supported cost control and service quality, contributing to a 0.1 ppt lift in property-management margin to 21.8%. • Growth in retail, charging and space-utilisation offerings underpinned community value-added revenue; however, margin narrowed to 29.9% amid a larger share of lower-margin retail sales. • Heat-supply and environmental businesses faced rising costs and competitive pressure, reducing profitability.
Outlook and strategy Management will continue to focus on lean operations, digital transformation and selective expansion, with emphasis on high-margin community services and prudent growth in developing businesses. The PARA framework and disciplined cost control are expected to underpin future scalability and margin resilience.
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