Country Garden Services Holdings Co. Ltd. ("CG Services") issued a profit warning and predicts the financial performance for the six months ended June 30, 2024. Based on preliminary evaluation, the company is expected to record unaudited comprehensive income of approximately RMB 2,090.0 million to RMB 2,120.0 million, net profit of approximately RMB 1,470.0 million to RMB 1,650.0 million, and net profit attributable to shareholders of the company of approximately RMB 1,360.0 million to RMB 1,550.0 million. The core net profit is expected to be approximately RMB 1,700.0 million to RMB 1,870.0 million. In addition, the company expects bank deposits and cash to be no less than RMB 1,220.0 million, and net cash inflow from operating activities to be no less than RMB 100.0 million. The decline in profit is mainly due to...Show More

Country Garden Services Holdings Co. Ltd. ("CG Services") issued a profit warning and predicts the financial performance for the six months ended June 30, 2024. Based on preliminary evaluation, the company is expected to record unaudited comprehensive income of approximately RMB 2,090.0 million to RMB 2,120.0 million, net profit of approximately RMB 1,470.0 million to RMB 1,650.0 million, and net profit attributable to shareholders of the company of approximately RMB 1,360.0 million to RMB 1,550.0 million. The core net profit is expected to be approximately RMB 1,700.0 million to RMB 1,870.0 million. In addition, the company expects bank deposits and cash to be no less than RMB 1,220.0 million, and net cash inflow from operating activities to be no less than RMB 100.0 million. The decline in profit is mainly due to a significant decrease in non-owner value-added service income, a decrease in urban service and commercial operation service income, and the provision of credit impairment losses for risk clients. The company will take a series of measures to improve its operation, including improving risk management, strengthening credit policies, and enhancing service quality. The company's shareholders and potential investors should exercise caution, and a detailed performance announcement is expected to be published in late August 2024.