Shanghai Jinmao Investment Management Group, the onshore financing arm of China Jinmao (HK: 00817), disclosed unaudited results for the six months ended 30 June 2026.

Financial position • Total assets rose 10.05% from RMB389.83 billion at end-2025 to RMB428.80 billion, driven partly by the consolidation of newly acquired property firms in Xi’an. • Total liabilities expanded 12.93% to RMB312.23 billion, outpacing asset growth and trimming the equity ratio to 27.2% from 29.1%. • Owners’ equity increased 2.91% to RMB116.57 billion. • Period-end cash and cash equivalents improved to RMB34.02 billion, up 41.95% from RMB23.97 billion six months earlier.

Profitability • Revenue edged up 1.97% year on year to RMB18.75 billion. • Cost of sales climbed 6.54% to RMB16.35 billion, compressing gross margin to 12.80% from 16.54% in 1H25. • Operating profit fell 46.58% to RMB1.10 billion; total profit dropped 46.30% to RMB1.11 billion. • Net profit declined 24.93% to RMB1.04 billion, with profit attributable to the parent down 47.19% to RMB0.77 billion. • The EBITDA interest-coverage ratio weakened to 1.09× from 1.59×, indicating reduced buffer for debt servicing.

Cash-flow dynamics • Operating activities generated RMB9.10 billion in cash, a sharp turnaround from a RMB11.17 billion outflow a year earlier. • Investing inflow reached RMB5.65 billion versus a RMB14.36 billion outflow in 1H25, reflecting asset disposals and consolidation effects. • Financing cash flow swung to a RMB4.69 billion outflow from a RMB20.73 billion inflow, suggesting net debt repayment.

Corporate actions During 1H26 the Issuer completed the acquisition of Xi’an Changmao Real Estate Co., Ltd.; three Xi’an-based entities were added in 2H25. In line with PRC accounting standards for business combinations under common control, prior-period comparatives have been restated to reflect these transactions.

Overall, modest top-line growth was offset by higher costs and financing burdens, resulting in weaker margins and profitability, although liquidity improved significantly on stronger operating and investing cash flows.