China Jinmao Earnings: Margins Soft, but Improved Asset Quality Eases Pressure; Shares Expensive
China Jinmao's revenue and net profit declined 15% and 19% year on year, respectively, in the first half of 2026. Gross margin dropped to 11.6% from 16.2% a year ago due to recognition of lower-margin property sales. The interim dividend was unchanged at HKD 0.03 per share.