ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd

Shenzhen Special Economic Zone Real Estate Group announced its 2026 semi-annual report on August 26. In the first half, total operating revenue was 149 million yuan, down 76.58% year on year. Net loss attributable to the parent was 8.56 million yuan, compared with a profit of 103 million yuan in the same period last year. Net loss after deducting non-recurring items was 15.63 million yuan, compared with a profit of 94.35 million yuan a year earlier. Net cash flow from operating activities was 24.95 million yuan, versus negative 87.42 million yuan in the prior-year period. Basic loss per share was 0.0085 yuan, and weighted average return on net assets was negative 0.24%. The company's main business is developing, constructing and selling real estate products, and leasing properties to collect rent and management fees. As of the end of the first half of 2026, the book value of inventory was 654 million yuan, accounting for 18.29% of net assets, down 446 million yuan from the end of last year. Inventory write-down provisions were 54.62 million yuan, representing a provision ratio of 7.71%.

Fullgoal Macro Strategy Flexible Allocation Mixed A/B achieved a fund profit of RMB 12.3435 million in the second quarter of 2026, with a weighted average fund unit profit of RMB 0.1706. The net value growth rate during the reporting period was 4.8%, and the fund size stood at RMB 267 million at the end of the second quarter. As of July 21, the fund's unit net value was RMB 3.259, and the one-year compound unit net value growth rate reached 16.94%, ranking 18th out of 93 comparable funds. However, the net value growth rate over the past three months was negative 8.14%, ranking 76th out of 93. Fund manager Yuan Yi stated in the quarterly report that the A-share market saw extreme sector divergence in the second quarter, with AI hardware-related sectors such as communications and electronics surging significantly. The fund incurred losses due to an overweight position in the robotics sector, while trial allocations to coal, white goods, and real estate based on improving fundamentals also yielded unsatisfactory results, leading to overall mediocre performance.

Shenzhen Special Economic Zone Real Estate & Properties Group disclosed an earnings forecast, expecting a net loss attributable to the parent company of 5.99 million to 10.27 million yuan in the first half of 2026, compared with a profit of 103 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 10.94 million to 18.75 million yuan, compared with a profit of 94.3525 million yuan in the same period last year. Basic earnings per share will be between negative 0.006 yuan and negative 0.0102 yuan. The company stated that the change in performance is mainly due to a year-on-year decline in revenue recognized from real estate sales during the reporting period.