Hong Kong-listed China Everbright Ltd (00165) announced that its Singapore-listed property arm, Ying Li International Real Estate Ltd, posted a narrower unaudited net loss for the six months ended 30 June 2026.
Financial performance • Revenue fell 15.2% year on year to RMB 89.96 million, reflecting the absence of property sales (1H 2025: RMB 13.45 million) and a 2.9% dip in rental income to RMB 89.96 million. • Gross profit eased 2.7% to RMB 65.38 million, but the margin improved to 72.7% (1H 2025: 63.3%) due to a higher contribution from the rental segment, which carries stronger profitability. • Other items: – Marketing expenses climbed 17.3% to RMB 7.19 million. – Administrative expenses fell 27.9% to RMB 34.59 million, helped by lower professional fees. – Finance costs declined 5.1% to RMB 64.89 million on a lower effective interest rate. – Foreign-exchange movements pushed other items from a gain to a RMB 18.90 million loss (1H 2025: RMB 17.72 million gain). • Loss before tax widened 66.5% to RMB 58.93 million; however, a sharp drop in tax expense (-91.8%) limited the bottom-line impact. • Net loss attributable to shareholders narrowed 28.3% to RMB 63.21 million, translating to a basic and diluted loss per share of RMB 0.025 (1H 2025: RMB 0.034).
Balance-sheet snapshot (30 Jun 2026) • Total assets inched up 0.2% to RMB 5.67 billion, supported by a rise in cash to RMB 111.60 million. • Total liabilities rose 0.6% to RMB 3.98 billion, as accrued expenses and related-party payables increased, partly offset by a net RMB 31.00 million reduction in borrowings to RMB 2.21 billion. • Net assets stood at RMB 1.69 billion; net asset value per share remained at RMB 0.67. • Outstanding perpetual convertible securities can be exchanged for up to 1.48 billion new shares at S$0.125 each; no conversions have occurred.
Cash flow and liquidity • Operations generated RMB 32.39 million of net cash, driven by working-capital inflows. • Financing outflows of RMB 26.12 million, mainly loan repayments and interest, were partly offset by RMB 50.00 million of new borrowings. • Period-end cash and cash equivalents increased to RMB 111.60 million from RMB 97.59 million at end-2025.
Strategic focus and outlook Management cited ongoing pressure in China’s property market despite broader economic growth, with policy support continuing. Ying Li is pivoting to an asset-light model emphasising property management, selective divestment of non-core assets, and exploration of new growth sectors. In Chongqing, where its core assets reside, retail rents edged higher while Grade-A office rents softened amid tenant cost-cutting; the group plans to enhance tenant retention, upgrade retail offerings and pursue collaborations with third-party operators to bolster asset performance.
Dividend No interim dividend was declared, as the company remains loss-making and is conserving cash for operations.
The board confirmed that the interim figures have neither been audited nor reviewed and that all directors and executive officers have provided the required undertakings to the Singapore Exchange.
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