Ever Sunshine Services (Ever Sunshine Services Group Limited) reported interim results for the six months ended 30 June 2026, highlighting modest top-line expansion and stable profitability despite a challenging mainland property market.
Revenue and Profitability • Revenue rose 4.2% year on year to RMB 3.61 billion, supported by incremental growth in property management and community value-added services. • Gross profit increased 8.7% to RMB 701.35 million, lifting the overall gross margin by 0.9 percentage point to 19.5%. • Core operating profit (gross profit minus administrative and selling expenses) advanced 9.9% to RMB 459.20 million. • Net profit edged up 1.8% to RMB 275.07 million; profit attributable to shareholders was RMB 214.97 million, up 0.6%. • Basic and diluted earnings per share remained at RMB 0.12.
Segment Performance • Property management services remained the main revenue contributor, up 5.9% to RMB 2.83 billion (78.4% of total). Margin improved to 19.1%. • Community value-added services climbed 9.7% to RMB 434.91 million; margin widened to 32.8%. • Value-added services to non-property owners declined 12.5% to RMB 235.81 million; margin compressed to 0.9% amid continued weakness in China’s real-estate development market. • City services revenue fell 14.1% to RMB 107.76 million; margin improved to 14.7% after portfolio optimisation.
Dividend and Share Buy-backs • The Board declared an interim dividend of HK$0.0728 per share and a special dividend of HK$0.0291 per share, payable on 22 September 2026 to shareholders on record as of 15 September 2026. • During the half-year, the company repurchased 14.54 million shares for HK$26.67 million. All repurchased shares had been cancelled by the announcement date.
Balance-Sheet and Cash Flow • Cash and cash equivalents stood at RMB 2.26 billion at end-June, down from RMB 2.77 billion at year-end 2025, reflecting net operating cash outflow of RMB 225.93 million, capex and dividend payments. • Net current assets were RMB 2.53 billion, while total borrowings declined to RMB 28.02 million, leaving the gearing ratio at 0.50% (31 December 2025: 0.65%). • Trade and bills receivables increased 13.9% to RMB 3.11 billion, influenced by slower collections in a subdued market.
Operational Highlights • Managed gross floor area (GFA) reached 255.03 million sq m across 1,542 projects in 98 cities, up 0.5% from a year earlier. • Contracts with third-party developers contributed 76.9% of managed GFA, while projects from CIFI Group accounted for 23.1%. Non-residential properties represented 33.1% of managed area. • The company maintained its strategy of disciplined expansion, deeper city penetration and selective mergers and acquisitions, while enhancing digital capabilities and focusing on high-margin community services.
Outlook Management reiterated a focus on high-quality growth, expansion in populous economic hubs, enhancement of value-added services, and continued investment in technology and talent to bolster operational efficiency and service diversification.
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