• Contracted Sales Accelerate China Overseas Grand Oceans (COGO) reported contracted sales of RMB19.14 billion for the six months ended 30 June 2026, up 15.2% year-on-year, on 1.65 million sq m of contracted area (+11.9%). Average selling price edged up 3.9% to RMB12,725 per sq m.
• Revenue Softens, Margin Expands Group revenue slipped 2.7% to RMB14.14 billion, reflecting a cautious market backdrop. However, gross profit jumped 23.9% to RMB1.67 billion; gross margin widened to 11.8% (1H25: 9.3%) on improved project mix and disciplined pricing.
• Earnings Rebound Profit attributable to shareholders rose 15.4% to RMB328 million, lifting basic EPS to RMB0.092. Operating profit advanced 63.3% to RMB1.02 billion as selling and administrative expenses were trimmed to below 4% and 2% of sales respectively.
• Solid Balance Sheet and Liquidity – Operating cash inflow reached RMB5.97 billion, marking five consecutive years of positive first-half operating cash flow. – Cash and bank balances climbed to RMB31.00 billion, equal to 26.6% of total assets. – Net gearing improved to 18.5% (end-2025: 31.7%), while the cash-to-short-term-debt ratio strengthened to 3.6x. – Average borrowing cost stayed low at 3.3%, and none of the industry’s “three red-line” thresholds were breached.
• Targeted Land Replenishment The Group acquired four projects in Taizhou, Yinchuan and Tangshan for RMB2.08 billion, adding 0.48 million sq m of GFA. Total land bank stood at 11.43 million sq m, with 9.80 million sq m attributable to the Group across 31 cities.
• Segment Performance – Property Development generated RMB13.88 billion revenue (-3.0%) with an 11.5% gross margin (1H25: 8.6%); segment profit jumped to RMB805 million (1H25: RMB449 million). – Commercial Property Operations delivered RMB261.61 million revenue (+11.0%); leased area expanded 24.6% to 598,000 sq m, supporting segment profit of RMB66.90 million.
• Shareholder Returns The Board declared an interim dividend of HK1.5 cents per share (1H25: HK1.0 cent), payable on 16 October 2026 to shareholders on record as of 21 September 2026.
• Outlook Highlights Management expects constrained new-supply and “Good Housing” initiatives to underpin sales in core mid-tier cities, while financial prudence and selective land banking remain strategic priorities for sustainable growth.