Keytop Parking (02272) released its unaudited interim results for the six months ended 30 June 2026.
Revenue and Earnings • Revenue declined 11.9% year-on-year to RMB333.88 million, dragged mainly by slower smart parking system deliveries. • Net profit attributable to equity shareholders fell 11.9% to RMB25.18 million, while total net profit eased 5.7% to RMB24.42 million. • Adjusted net profit (excluding share-based payments and listing expenses) dropped 40.2% to RMB28.67 million. • Basic earnings per share stood at RMB0.28, compared with RMB0.31 a year earlier.
Margins and Expenses • Gross profit slipped 10.6% to RMB151.88 million, yet gross margin expanded 0.6 percentage point to 45.5% as higher-margin parking facility operations offset weaker hardware sales. • Selling expenses grew 5.7% to RMB79.82 million due to head-count additions for the new online parking-space rental platform. • Administrative expenses dropped 35.2% to RMB35.73 million, reflecting lower one-off listing and share-based payment charges. • R&D spending increased 4.5% to RMB22.67 million, supporting AI agent and kiosk development.
Segment Performance • Smart parking systems revenue fell 17.4% to RMB161.52 million amid project delays; segment margin narrowed to 41.3%. • Smart parking management services generated RMB80.91 million, down 11.7%, with margin stable at 54.1%. • Parking facility and platform operations remained flat at RMB90.80 million; gross margin improved sharply to 45.2% (1H25: 37.7%) owing to more favourable contract terms and expanded self-operated businesses. • Revenue from other sources (investment property rentals) totalled RMB0.65 million.
Balance Sheet and Liquidity • Cash and cash equivalents surged to RMB503.78 million (31 Dec 2025: RMB190.68 million) following the HK$399.97 million IPO completed in June 2026. • Bank loans rose to RMB143.46 million; total indebtedness, including leases, reached RMB190.44 million, leaving the group in a net cash position. • Current ratio improved to 3.6 from 2.8 and net assets climbed to RMB1.34 billion. • Capital commitments for plant and equipment stood at RMB46.96 million.
Capital Allocation No interim dividend was declared. All IPO proceeds of HK$337.80 million remained unutilised as at 30 June 2026 and will be deployed mainly to expand parking facility operations, strengthen R&D and enhance marketing capabilities.
Operational Highlights During the period, the company: • Expanded contracted and off-peak parking facilities served to 493, up 131% year-on-year. • Scaled its online parking-space rental platform, lifting average monthly transaction volume for self-operated spaces to RMB0.73 million (+652.6% YoY). • Advanced AI initiatives, piloting AI kiosks across 100 projects and launching an AI agent suite to automate customer service, operations and finance tasks.
Outlook Management plans to deepen contract operations, accelerate AI deployment and extend domestic and overseas market coverage while maintaining disciplined R&D and capital spending.