Shenzhen Centralcon Investment Holding Co Ltd

Zhongzhou Holdings released its 2026 half-year financial report, with operating revenue of 4.501 billion yuan, up 168.35 percent year on year, net profit attributable to the parent of 989 million yuan, up 421.76 percent, and non-recurring net profit of 1.056 billion yuan, up 822.59 percent. The growth was mainly driven by faster settlement of real estate projects, with real estate revenue accounting for 96.23 percent of total revenue, of which Guangdong contributed 98.22 percent of operating revenue. The gross margin in Guangdong was 68.23 percent, up 40.09 percentage points year on year. However, net cash flow from operating activities was only 397 million yuan, down 89.34 percent year on year. The company said sales collections fell year on year, and there was a temporary mismatch between revenue recognition and cash recovery. As of the end of the reporting period, the company had short-term debt of 5.967 billion yuan and long-term debt of 4.822 billion yuan, with an asset-liability ratio of 91.29 percent, and it had provided mortgage loan guarantees for homebuyers with an outstanding balance of 10.585 billion yuan. Land owned by its subsidiary Huizhou Kangwei Investment Development was taken back by the government without compensation, causing the parent company to make a full bad debt provision of 246.1832 million yuan for its intercompany receivables. The company is also involved in major pending litigation including an equity cooperation dispute over Huizhou Zhongzhou Real Estate. For the first half of 2026, the company will not distribute cash dividends, will not issue bonus shares, and will not convert capital reserves into share capital.