Onewo (02602.HK) reported interim results for the six months ended June 30, 2026, with revenue rising 5.4% year-on-year to RMB 19.11 billion while net profit attributable to shareholders fell 1.3% to RMB 782 million. Earnings per share came in at RMB 0.68, and the board recommended an interim dividend of RMB 0.711 per share, tax inclusive, for total payouts of about RMB 820 million. Excluding the phased impact of developer-related business, core net profit rose 7.3% to RMB 1.1 billion, while net profit excluding developer business impact increased 5.3% to RMB 710 million, indicating steady profitability in the company’s core operations despite a broader industry adjustment cycle. Recurring business remained the main earnings base, contributing RMB 17.35 billion, or 90.8% of total revenue, up 6.4% from a year earlier. Within that, community space residential consumption services generated RMB 11.95 billion, up 5.5%; commercial enterprise and urban space integrated services rose 7.9% to RMB 6.21 billion; and AIoT (artificial intelligence of things) and BPaaS (business process as a service) solution services fell 10.1% to RMB 956 million. Onewo also reported stronger operational independence, with revenue from continuing connected transactions declining to RMB 820 million, or 4.3% of total revenue, a record low, while related-party trade receivables fell to RMB 1.77 billion from the end of 2025. Administrative expenses dropped by RMB 43.04 million and the administrative expense ratio declined by 0.5 percentage points. Cash and cash equivalents stood at RMB 10.37 billion at period-end. In residential property management, the group signed 207 new projects with annualized saturated revenue of RMB 830 million, with 63.5% coming from renewals and 89.3% located in first- and second-tier cities. Its bid-winning rate increased 11 percentage points to 85%. At the same time, Onewo exited 139 low-margin or weak-collection residential projects involving annualized saturated revenue of RMB 743 million, underscoring a strategy shift toward a higher-quality, more sustainable and more profitable residential portfolio rather than expansion for scale alone.