Century Ginwa Retail Holdings Limited announced its unaudited results for the six months ended 30 June 2026, posting a loss attributable to shareholders of RMB 275.16 million, widening 6.90 % from the RMB 257.41 million loss a year earlier.

Gross revenue fell 29.70 % year-on-year to RMB 281.80 million, while reported revenue decreased 25.90 % to RMB 146.34 million. Management cited weaker concession sales, brand withdrawals and discounting at Xianyang Outlets as key factors. Annualised area efficiency slipped to RMB 7,639 per sq m from RMB 8,757 per sq m.

Adjusted EBITDA dropped to RMB 6.80 million from RMB 50.00 million, reflecting higher impairment charges of RMB 165.66 million on prepayments for property acquisitions. Net finance costs narrowed 15.30 % to RMB 146.55 million on lower borrowings and guarantee expenses.

A decisive balance-sheet move was the 23 June 2026 disposal of 100 % equity in Xi’an Yixin Property Management for RMB 761.93 million, generating a disposal gain of RMB 156.06 million. Proceeds were allocated to pay down interest-bearing liabilities, reducing total bank and other borrowings to RMB 4.49 billion from RMB 5.18 billion at end-2025.

Despite the sale, net assets slid to RMB 65.31 million (31 Dec 2025: RMB 235.02 million). The gearing ratio rose to 99.50 %, with cash and cash equivalents at RMB 7.91 million and a current ratio of 0.21.

Operationally, the group consolidated its Xianyang region operations, implemented rent renegotiations, trimmed staff costs, closed loss-making supermarket outlets and continued brand repositioning in Xi’an and Xianyang. The board targets further debt optimisation, vacancy reduction and asset revitalisation in the second half.

Board changes included the resignations of non-executive director Mr. Chen Shuai and independent non-executive directors Ms. Song Hong and Mr. Ruan Xiaofeng on 30 June 2026. Subsequently, Ms. Lyu Haiying and Ms. Feng Ju joined as independent non-executive directors on 26 August 2026, with Ms. Lyu also chairing the Remuneration Committee. Mr. Huang Zhihua became a member of the Audit Committee on the same date.

Following these appointments, the company has re-established full compliance with Listing Rules on board and committee composition. No interim dividend was declared. The company confirmed adherence to the Corporate Governance Code and the Model Code for securities transactions by directors.

No other material events occurred after the reporting period.