Landsea Green Life Service Company Limited reported a sharp turnaround for the six months ended 30 June 2026, posting profit of RMB 5.29 million compared with RMB 0.97 million a year earlier. The improvement was attributed mainly to tighter cost controls and a RMB 22.66 million fall in impairment losses on trade and other receivables.

Revenue declined 8.20% year-on-year to RMB 357.90 million, driven by lower contributions from value-added services to non-property owners (-57.10%) and community value-added services (-25.00%). Core property management income slipped 6.10% to RMB 323.35 million. Gross profit fell 28.80% to RMB 51.77 million, with margin narrowing to 14.5% from 18.7% on higher outsourcing and maintenance costs together with increased collection-related expenses.

Administrative and selling expenses fell 12.60% and 12.20% respectively, reflecting the company’s ongoing expense-control program. Net finance income declined to RMB 0.25 million (1H 2025: RMB 0.48 million) after agreed deposits matured.

At 30 June 2026, cash and cash equivalents stood at RMB 185.42 million, down 44.80% from year-end 2025, mainly due to a RMB 153.18 million operating cash outflow. Contract liabilities decreased 11.20% to RMB 222.96 million, while trade receivables grew 34.50% to RMB 265.01 million, reflecting seasonal billing patterns. Short-term bank borrowings totaled RMB 5.00 million; the group’s liabilities-to-assets ratio remained high at 103.0%.

The board declared no interim dividend.

Operationally, managed GFA edged down to 28.48 million sq m across 184 projects, though non-residential GFA under management expanded 19.1% year-on-year to 1.07 million sq m. Apartment operation revenue rose 14.30% to RMB 8.09 million, while community initiatives under the “Landsea Friends” brand recorded 198 resident events in the period.

Under its 2022 Share Award Scheme, 4.96 million awarded shares remained unvested at period-end. No new grants were made during the half-year under either the Share Award Scheme or the 2021 Share Option Scheme.

The company affirmed continued focus on cost discipline, balanced residential and non-residential growth, digital-driven efficiency gains, and service quality enhancement for the remainder of 2026.