Shanghai AJ Group Co Ltd

Aijian Group released its 2026 interim report, with total operating revenue of 738 million yuan, down 31.71% year-on-year. Net profit attributable to the parent company was 26.67 million yuan, a decrease of 80.99% compared with the same period last year. Net cash inflow from operating activities was 293 million yuan, down 68.08% year-on-year. The company's latest asset-liability ratio was 54.57%, gross margin was 29.76%, return on equity was 0.27%, and diluted earnings per share was 0.02 yuan. The number of shareholders was 61,200, and the top ten shareholders held 53.63% of the total share capital.

Aijian Group disclosed that its wholly-owned subsidiary Aijian Trust recorded a net loss of 1.619 billion yuan in 2025, with the loss widening by 166.72 percent year-on-year. Operating revenue came in at 384 million yuan, down 45.38 percent from a year earlier. The company attributed the sharp revenue decline mainly to three factors: the real estate trust business was hit by the market downturn, and the extension of existing projects led to a significant reduction in trust fees; it proactively tightened risk control policies for local government financing vehicle business, resulting in a smaller business scale; and innovative businesses are still in the incubation stage and have yet to achieve economies of scale. On the profit side, fee income fell by 294 million yuan, credit impairment losses increased by 654 million yuan, and asset impairment losses rose by 362 million yuan, together dragging net profit down by 983 million yuan. On a consolidated basis, credit impairment losses of 1.488 billion yuan were recognized in 2025, up 78.42 percent year-on-year, and asset impairment losses of 403 million yuan were booked, mainly due to declining underlying asset valuations amid the ongoing real estate sector adjustment and slow progress in disposing of risky assets. As of the end of 2025, Aijian Trust had 65 extended trust projects with a total asset balance of 16.664 billion yuan, and seven overdue projects with an asset size of 1.839 billion yuan. The company stated that impairment provisions for contract assets were adequate and prudent, and there were no instances where provisions should have been made in prior periods but were not.

Aijian Group has disclosed its earnings forecast, expecting attributable net profit for the first half of 2026 to be 26.6738 million yuan, a year-on-year decline of 80.99 percent. Deducted non-recurring net profit is expected to be 17.9276 million yuan, a year-on-year increase of 1.07 percent. The company's main businesses include trust, financial leasing, asset management and wealth management, and private equity investment. The change in performance is due to the year-on-year decrease in the impact of the Sumintou Fund on the company's net profit, as well as a year-on-year reduction in financial support funds received in the first half of the year.