Tianjian Group H1 2026 Net Loss RMB378 Million, Revenue RMB6.589 Billion, Debt Ratio 74.28%

Tianjian Group, the core operating entity of Shenzhen's state-owned construction business segment, released its 2026 interim report. In the first half, it achieved operating revenue of RMB6.589 billion, up 5.22% year on year. Total profit was negative RMB396 million, and net profit was negative RMB378 million, a year-on-year decline of 5829.92%, turning from profit to loss. The company has eight outstanding bonds with a total scale of RMB7.89 billion.

As of June 30, 2026, the company's total assets stood at RMB56.154 billion, total liabilities at RMB41.710 billion, and net assets at RMB14.443 billion, with an asset-liability ratio of 74.28%. During the reporting period, operating costs rose 15.54% year on year, and the gross sales margin fell to 2.35% from 11.07% in the same period of 2025. Gross profit dropped from RMB693 million to RMB155 million. Finance costs increased approximately 27% year on year, with interest expenses rising from RMB129 million to RMB159 million.

Operating profit turned to negative RMB394 million from RMB97 million in the same period of 2025, and net profit attributable to the parent company was a loss of RMB333 million. The company's net profit has declined consecutively since 2023, with figures of RMB1.505 billion, RMB594 million, and RMB29 million for 2023, 2024, and 2025 respectively, before turning to a loss in the first half of 2026. The gross sales margin also trended downward, falling from 14.6% in 2023 to 12.78% in 2025, and further to 2.35% in 2026.

Rating agency Zhongzheng Pengyuan maintained Tianjian Group's 'AA+' issuer rating with a stable outlook in July 2026.