Sino Harbour Holdings Group Limited reported FY2026 revenue of RMB431.74 million, down 17.90% year on year, reflecting softer residential deliveries and a subdued mainland property market. Sales were driven mainly by the completion and handover of residential units and car-park spaces at Sino Harbour • Guanlan Phase 2 in Yichun.
Gross profit fell 33.34% to RMB136.27 million, with the margin contracting to 31.6% (FY2025: 38.9%) after a RMB41.25 million write-down on inventories. A RMB148.03 million fair-value loss on investment properties and a RMB23.76 million impairment on prepayments pushed “other gains and losses” to a net loss of RMB168.24 million (FY2025: RMB28.36 million loss).
Consequently, the Group swung to a pre-tax loss of RMB119.22 million (FY2025: RMB75.93 million profit) and a net loss of RMB129.82 million (FY2025: RMB12.54 million profit). Basic loss per share was RMB0.0514 versus earnings of RMB0.0077 a year earlier. The Board will not propose a final dividend.
Operating cash outflow totalled RMB12.20 million; cash and bank balances contracted to RMB57.35 million from RMB132.31 million a year earlier. Total bank loans stood at RMB537.00 million, marginally lower than FY2025’s RMB565.00 million, lifting the gearing ratio to 29.6% (FY2025: 28.6%).
Investment properties were revalued down to RMB1.28 billion (-10.85% YoY). Properties held for sale decreased 48.94% to RMB242.24 million after unit handovers, while properties under development edged up 2.11% to RMB1.07 billion as construction progressed at Sino Harbour • Runyuan in Leping City.
Contract liabilities dropped 77.63% to RMB114.77 million, mirroring inventory clearance at Guanlan Phase 2, which had achieved 100% pre-sales. Undelivered pre-sold units totalled 11,747 sq.m. with an aggregate contract value of RMB97.40 million.
Auditors flagged a material uncertainty over the Group’s ability to continue as a going concern, citing low cash balances versus short-term obligations and ongoing weakness in China’s property market. Management plans to accelerate property sales, consider disposal of investment properties, seek loan renewals and tap RMB70.00 million in undrawn credit facilities.
Looking ahead, Sino Harbour intends to prioritise property deliveries, inventory reduction and cash collection, while exploring asset optimisation and expanding healthcare-related businesses to diversify revenue streams.
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