SCE CM (SCE Intelligent Commercial Management Holdings Limited) reported interim revenue of RMB 588.3 million for the six months ended 30 June 2026, virtually unchanged from the prior-year period. Gross profit slipped 2.37% to RMB 177.73 million, pulling gross margin down to 30.2% from 30.9%.

Profit attributable to shareholders fell 18.20% year on year to RMB 27.91 million, translating into basic earnings per share of RMB 1.44 cents (1H 2025: RMB 1.76 cents). Management cited the expiry of several higher-margin commercial contracts and a rise in trade-receivable impairments as key drags on earnings. Income-tax expense rose 30.4% to RMB 36.33 million, lifting the effective tax rate to 56.6%.

Segment performance • Commercial property management and operational services revenue declined 13.2% to RMB 146.78 million, reflecting terminated contracts in 2025. • Residential property management services rose 5.3% to RMB 441.50 million, supported by a 1.3% increase in managed gross floor area (GFA) to 33.7 million sq.m.

Portfolio metrics Total contracted GFA stood at approximately 43.3 million sq.m., with 35.4 million sq.m. under management. Commercial projects under management remained at 14, covering 1.7 million sq.m., while residential projects under management totalled 199.

Cost and expense dynamics Cost of sales inched up 1.1% to RMB 410.55 million. Administrative expenses were broadly stable at RMB 140.28 million, as higher impairment provisions offset lower staff costs. Other income and gains decreased 5.9% to RMB 28.49 million, mainly due to reduced bank interest income.

Balance-sheet highlights • Cash and cash equivalents: RMB 1.30 billion (31 December 2025: RMB 1.33 billion). • Net assets: RMB 2.80 billion. • Interest-bearing borrowings: none; gearing ratio remains at zero. • Amount due from related party (loan to China SCE Group): RMB 893.64 million, bearing 5.5% annual interest and maturing 31 December 2026.

Capital management and dividends The board declared no interim dividend for the period, consistent with the prior-year decision.

Outlook Management plans to prioritise refined operations, especially within flagship commercial assets, while continuing to expand value-added residential services and invest in digital-intelligence tools to enhance operational efficiency and customer engagement amid a challenging consumer environment.