Xi’an Kingfar Property Services Co., Ltd. (Kingfar Property) released its 2026 interim results, highlighting solid top-line expansion alongside margin pressure and higher investment spending.

Revenue and Earnings • Total revenue rose 24.83% year on year to RMB 588.54 million, driven by broad-based growth across core segments. • Net profit attributable to shareholders inched up 2.80% to RMB 32.76 million, translating to earnings per share of RMB 0.49 (1H25: RMB 0.46). • Gross profit climbed 10.84% to RMB 87.94 million, while group gross margin narrowed by 1.9 percentage points to 14.9% due to cost escalation outpacing revenue gains.

Segment Performance • City Services remained the dominant contributor, generating RMB 375.57 million, up 27.85% and accounting for 63.8% of total revenue. – Public property management revenue advanced 23.7% to RMB 197.93 million. – Municipal value-added services surged 131.4% to RMB 87.24 million, offsetting a 5.8% dip in municipal management services. • Residential Property Management revenue grew 11.1% to RMB 115.07 million, reflecting expanded managed GFA to 8.68 million sq.m. across 50 projects. • Commercial Property Management revenue jumped 33.33% to RMB 96.56 million, buoyed by new projects and stronger demand for value-added offerings.

Cost Structure and Margins • Cost of sales rose 27.64% to RMB 500.60 million, exceeding revenue growth and compressing margins. • Impairment losses on receivables increased to RMB 12.74 million (1H25: RMB 3.77 million). • Administrative and R&D expenses were RMB 35.18 million, up 6.99%.

Cash Flow and Balance Sheet • Cash and cash equivalents fell 36.75% to RMB 281.77 million, reflecting heavier supplier settlements and property acquisitions. • Capital expenditure escalated to RMB 70.07 million (1H25: RMB 8.80 million), largely for retail shops, car parks and long-term leases. • Trade and other receivables expanded 26.03% to RMB 486.62 million, while trade and other payables declined 6.04% to RMB 552.09 million. • The group remained debt-free; gearing ratio stayed at zero.

Dividend and Capital Allocation The Board has proposed an interim dividend of RMB 0.20 per share, totaling RMB 13.33 million, pending shareholder approval at an upcoming EGM. Since listing in July 2024, Kingfar Property has utilised HK$1.6 million of its HK$90.50 million IPO proceeds, leaving HK$86.60 million earmarked mainly for selective acquisitions, new-energy vehicles, smart-system development, HR upgrades and working capital.

Operational Footprint As of 30 June 2026, Kingfar Property managed 243 projects across seven cities, covering 34.32 million sq.m. under management—nearly doubling year-on-year. Staff headcount increased to 9,596 (1H25: 8,263) with personnel expenses of RMB 337.20 million.

Outlook Management targets further scale expansion in 2H26 through joint ventures, M&A and new project wins, prioritising Northwest China while pursuing diversified revenue streams and improved service standards. The group also plans to strengthen its professional talent pool and leverage its parent company’s network for growth opportunities.