Golden Wheel Tiandi Holdings Company Limited reported a sharp swing to profit for the six months ended 30 June 2026 after completing a US$507 million offshore debt restructuring approved by a Hong Kong court in June.

Revenue increased 18.8 % year-on-year to RMB342.36 million, driven by a 43.4 % rise in property development income to RMB253.65 million that offset declines in property leasing (-32.3 % to RMB43.04 million) and hotel operations (-4.1 % to RMB45.67 million).

The restructuring generated a one-off gain of RMB1.69 billion, lifting consolidated net profit to RMB1.64 billion versus a RMB215.83 million loss a year earlier. Excluding this gain, the Group recorded an underlying loss of about RMB50 million, weighed down by a RMB140.23 million fair-value loss on investment properties.

Gross profit fell to RMB30.68 million from RMB133.41 million as the overall gross margin narrowed sharply, reflecting lower selling prices and an RMB15.23 million inventory impairment. Property leasing margin slipped to 60.3 % (1H 2025: 67.4 %), while hotel margin improved to 44.3 % (1H 2025: 12.7 %).

Cash and cash equivalents stood at RMB99.94 million, up from RMB88.73 million at year-end 2025. Net gearing dropped to 24.7 % following the removal of US$507 million (RMB3.81 billion) of on-book liabilities. Debt-to-asset ratio improved to 57.5 % from 102.3 %. Bank borrowings totalled RMB568.81 million, of which RMB217.20 million are in repayment default and repayable on demand.

Total land bank was 640,072 sq m, including 185,720 sq m under development and 118,141 sq m of completed investment properties. Contracted sales were RMB167.10 million on 14,767 sq m, down 44.7 % year-on-year. Unrecognised contracted sales amounted to RMB241.20 million.

Average occupancy was 76 % for investment properties and 77 % for the Group’s four hotels (543 rooms).

During the period the Company issued 30.52 million new shares (14.50 % of enlarged capital) to scheme creditors, raising share capital to RMB133.69 million and share premium to RMB1.10 billion.

No interim dividend was declared. Management’s post-restructuring priorities include accelerating inventory sell-through in Nanjing, Yangzhou and Wuxi, stabilising rental and hotel occupancy, and securing additional financing amid ongoing market headwinds.

> Key Balance-Sheet Metrics (30 Jun 2026) • Cash & cash equivalents: RMB99.94 million • Restricted cash: RMB22.48 million • Total assets: RMB4.78 billion • Net assets: RMB1.90 billion • Mortgage guarantees: RMB2.50 million

The Board affirmed that public float requirements remain satisfied and confirmed no material events after the reporting date.