Group 1 - The core viewpoint of the article highlights the financial struggles of Greentown China Holdings Limited, with a significant decline in revenue and an increase in shareholder losses [1] - On September 3, Greentown China Holdings' shareholders deposited stocks into Lichao Securities, with a market value of HKD 274 million, accounting for 15.84% of the total [1] - The company reported a revenue of HKD 1.04 billion for the mid-term of 2025, representing a year-on-year decrease of 46.49% [1] - The net loss attributable to shareholders was HKD 1.838 billion, which is a year-on-year increase of 20.27% [1]

Group 1 - The core point of the article is that a shareholder of Greentown China Holdings (00095) has deposited shares into Lih Qiao Securities, with a total market value of HKD 274 million, representing 15.84% of the company [1] - On August 29, Greentown China Holdings reported its mid-term results for 2025, showing revenue of HKD 1.04 billion, a year-on-year decrease of 46.49% [1] - The company reported a loss attributable to shareholders of HKD 1.838 billion, which is a year-on-year increase of 20.27% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 綠景(中國)地產投資有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00095 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 ...

2025年上半年，集团在压力中求解，在变局中前行。对于深耕旧改领域的绿景中国而言，财务阶段性的 进展，既是城市更新重资产、长周期模式固有特徵的自然延伸，也叠加了市场信心修复周期拉长的宏观 环境影响。不过，集团保持高度警觉与审慎态度，动态调整资源配置，积极推进债务重组，强化现金流 管理，确保经营的连续性与项目的可控性，以最大诚意回应社会各界关切，保证集团稳健发展。 报告期内，集团实现亏损约为人民币20.298亿元，同比上涨约26.0%。公司股东应占亏损约为人民币 18.379亿元，同比上涨约20.3%。公司每股基本亏损约为人民币31.25分，同比上涨约4.2%。 格隆汇8月29日丨绿景中国地产(00095.HK)公布中期业绩，2025年上半年，集团实现总收益约为人民币 10.397亿元，同比下调约46.5%。毛利约为人民币3.763亿元，同比下调约14.0%，毛利率约为36%。 ...

Core Viewpoint - Greentown China Holdings Limited (00095) reported a significant decline in its mid-year performance for 2025, indicating challenges in the real estate sector [1] Financial Performance - The company recorded a revenue of 1.04 billion RMB, representing a year-on-year decrease of 46.49% [1] - Shareholders faced a loss attributable to them of 1.838 billion RMB, which is an increase of 20.27% compared to the previous year [1] - The basic loss per share was reported at 0.3125 RMB [1]

Group 1 - The core viewpoint of the article highlights that Greentown China Holdings (00095) reported a significant decline in its mid-year performance for 2025, with revenues of 1.04 billion RMB, representing a year-on-year decrease of 46.49% [1] - The company experienced a substantial loss attributable to shareholders amounting to 1.838 billion RMB, which is an increase of 20.27% compared to the previous year [1] - The basic loss per share was reported at 0.3125 RMB [1]

[Interim Results Overview](index=1&type=section&id=Interim%20Results%20for%20the%20Six%20Months%20Ended%2030%20June%202025) This section provides a concise overview of the group's financial performance and position for the six months ended June 30, 2025 [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The group recorded an expanded net loss of **RMB 2,029.8 million** for the six months ended June 30, 2025, compared to **RMB 1,610.4 million** in the prior period, primarily due to a significant revenue decline, impairment losses on properties held for sale, and fair value changes of investment properties | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,039,691 | 1,942,823 | -46.5% | | Gross Profit | 376,296 | 437,732 | -14.0% | | Other Income and Losses, Net | (105,108) | (21,905) | +380.0% | | Impairment Loss on Properties Held for Sale | (471,228) | – | N/A | | Fair Value Change of Investment Properties | (1,070,050) | (951,714) | +12.4% | | Finance Costs | (682,597) | (833,526) | -18.1% | | Loss Before Tax | (2,175,213) | (1,600,486) | +35.9% | | Loss for the Period | (2,029,785) | (1,610,419) | +26.0% | | Loss Attributable to Owners of the Company | (1,837,931) | (1,528,224) | +20.3% | | Basic Loss Per Share (RMB cents) | (31.25) | (29.98) | +4.2% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The group's total comprehensive expense for the six months ended June 30, 2025, increased to **RMB 1,882.8 million**, primarily due to an expanded loss for the period, partially offset by foreign exchange translation differences and fair value changes of equity instruments at fair value through other comprehensive income | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period | (2,029,785) | (1,610,419) | +26.0% | | Exchange Differences on Translation | 84,520 | (24,882) | N/A | | Fair Value Change of Equity Instruments at Fair Value Through Other Comprehensive Income | 62,438 | 55,168 | +13.2% | | Other Comprehensive Income for the Period | 146,958 | 30,286 | +385.2% | | Total Comprehensive Expense for the Period | (1,882,827) | (1,580,133) | +19.2% | | Total Comprehensive Expense Attributable to Owners of the Company | (1,691,096) | (1,497,373) | +12.9% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%A0%B1%E8%A1%A8) As of June 30, 2025, the group's total assets slightly decreased, while total liabilities increased, leading to a reduction in net assets and reflecting liquidity pressure from a decline in net current assets | Indicator | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 39,838,940 | 40,962,258 | -2.7% | | Current Assets | 63,271,098 | 62,624,419 | +1.0% | | Current Liabilities | 60,568,750 | 59,441,065 | +1.9% | | Net Current Assets | 2,702,348 | 3,183,354 | -15.1% | | Total Assets Less Current Liabilities | 42,541,288 | 44,145,612 | -3.7% | | Non-current Liabilities | 20,442,912 | 20,164,409 | +1.4% | | Net Assets | 22,098,376 | 23,981,203 | -7.8% | | Total Equity | 22,098,376 | 23,981,203 | -7.8% | [Basis of Preparation and Going Concern Assumption](index=4&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared under HKAS 34 and Listing Rules on a going concern basis, despite significant liquidity challenges including substantial losses, maturing short-term borrowings, and a winding-up petition, with the Board implementing plans to ensure continued operations - For the six months ended June 30, 2025, the group incurred a net loss of **RMB 2,030 million**[7](index=7&type=chunk) - As of June 30, 2025, **RMB 29,593 million** of the group's borrowings were repayable within one year, with **RMB 29,139 million** becoming immediately repayable due to default or cross-default triggers[7](index=7&type=chunk) - The group's cash and cash equivalents amounted to **RMB 342 million** as of June 30, 2025[7](index=7&type=chunk) - A winding-up petition against the company was filed by a lender with the High Court of Hong Kong on February 4, 2025[7](index=7&type=chunk) - The Board has implemented various plans, including seeking legal advice to oppose the winding-up petition, appointing advisors for offshore debt restructuring, actively negotiating with lenders for renewal or extension of borrowings, utilizing approved credit facilities, accelerating sales of existing development projects, communicating with contractors and suppliers for payments, seeking asset disposals for cash flow (including the sale of a US hotel property for **USD 20 million** cash), and controlling costs[8](index=8&type=chunk)[9](index=9&type=chunk) [Significant Accounting Policies](index=5&type=section&id=2.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are primarily prepared on a historical cost basis, except for investment properties and certain financial instruments measured at fair value, with no significant impact from newly applied HKFRS amendments - The condensed consolidated financial statements are primarily prepared on a historical cost basis, with investment properties and certain financial instruments measured at fair value[12](index=12&type=chunk) - Newly applied HKFRS amendments, including HKAS 21 (Revised) 'Lack of Exchangeability', had no significant impact on the group's financial position and performance during the interim period[13](index=13&type=chunk) [Revenue and Segment Information](index=6&type=section&id=3.%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The group's revenue primarily derives from property sales, commercial property leasing, and integrated services, with total revenue significantly decreasing by **46.5%** year-on-year due to reduced property sales, across its segments of property development and sales, commercial property investment and operation, and integrated services Revenue Source Analysis | Revenue Source | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Property Sales | 527,497 | 1,389,244 | -62.0% | | Hotel Operations, Property Management Services, and Other Services | 200,367 | 210,871 | -5.0% | | Rental Income | 311,827 | 342,708 | -9.0% | | **Total Revenue** | **1,039,691** | **1,942,823** | **-46.5%** | - The group's operating segments include property development and sales, commercial property investment and operation, and integrated services[14](index=14&type=chunk) [Segment Revenue and Results](index=7&type=section&id=%E5%88%86%E9%A1%9E%E6%94%B6%E7%9B%8A%E5%8F%8A%E6%A5%AD%E7%B8%BE) Revenue and profit from property development and sales significantly decreased, while commercial property investment and operation and integrated services also experienced varying degrees of decline in revenue and profit Segment Revenue and Profit for H1 2025 | Segment | Revenue from External Customers (RMB'000) | Reportable Segment Profit (RMB'000) | | :--- | :--- | :--- | | Property Development and Sales | 527,497 | 20,094 | | Commercial Property Investment and Operation | 311,827 | 301,235 | | Integrated Services | 200,367 | 54,967 | | **Total** | **1,039,691** | **376,296** | Segment Revenue and Profit for H1 2024 | Segment | Revenue from External Customers (RMB'000) | Reportable Segment Profit (RMB'000) | | :--- | :--- | :--- | | Property Development and Sales | 1,389,244 | 24,474 | | Commercial Property Investment and Operation | 342,708 | 334,946 | | Integrated Services | 210,871 | 78,312 | | **Total** | **1,942,823** | **437,732** | [Segment Assets](index=8&type=section&id=%E5%88%86%E9%A1%9E%E8%B3%87%E7%94%A2) As of June 30, 2025, the group's total assets were **RMB 103,110.0 million**, with property development and sales assets accounting for the largest portion, followed by commercial property investment and operation assets Segment Assets | Segment | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Property Development and Sales | 62,056,352 | 61,215,269 | | Commercial Property Investment and Operation | 38,066,648 | 39,131,259 | | Integrated Services | 197,079 | 361,943 | | **Total Reportable Segment Assets** | **100,320,079** | **100,708,471** | | **Total Consolidated Assets** | **103,110,038** | **103,586,677** | [Finance Costs](index=9&type=section&id=4.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) For the six months ended June 30, 2025, the group's finance costs decreased by **18.1%** to **RMB 682.6 million**, primarily due to an increase in capitalized amounts | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 1,177,775 | 1,352,462 | | Interest on Convertible Bonds | 10,170 | 11,806 | | Interest on Domestic Corporate Bonds | 42,117 | 41,532 | | Interest on Lease Liabilities | 16,272 | 11,625 | | Interest on Contract Liabilities | 304,914 | 154,712 | | Less: Amount Capitalized to Investment Properties Under Construction and Properties Under Development for Sale | (563,737) | (583,899) | | Capitalization of Interest on Contract Liabilities | (304,914) | (154,712) | | **Total Finance Costs** | **682,597** | **833,526** | - Finance costs were capitalized at annual interest rates ranging from **4.85% to 6.62%** (2024: **4.50% to 7.50%**)[20](index=20&type=chunk) [Loss Before Tax](index=9&type=section&id=5.%20%E9%99%A4%E7%A8%85%E5%89%8D%E虧%E6%90%8D) For the six months ended June 30, 2025, the loss before tax expanded to **RMB 2,175.2 million**, compared to **RMB 1,600.5 million** in the prior period, primarily influenced by costs of properties held for sale, depreciation, rental income, and operating expenses | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Cost of Properties Held for Sale Recognized as Expense | 507,403 | 1,364,770 | | Depreciation of Property, Plant and Equipment | 30,136 | 30,540 | | Total Rental Income from Investment Properties | (311,827) | (342,708) | | Direct Operating Expenses for Investment Properties Generating Rental Income During the Period | 10,592 | 7,762 | | Short-term Lease Related Expenses | – | 1,927 | [Income Tax (Credit) Expense](index=9&type=section&id=6.%20%E6%89%80%E5%BE%97%E7%A8%85%EF%BC%88%E6%8A%B5%E5%85%8D%EF%BC%89%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, the group recorded an income tax credit of **RMB 145.4 million**, compared to an expense of **RMB 9.9 million** in the prior period, primarily due to an increase in deferred tax credits | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | China Corporate Income Tax | 1,293 | 117,625 | | Mainland China Land Appreciation Tax | 26,625 | 99,386 | | Deferred Tax | (173,346) | (207,078) | | **Total** | **(145,428)** | **9,933** | [Dividends](index=10&type=section&id=7.%20%E8%82%A1%E6%81%AF) The Board of Directors decided not to declare or pay any dividends for the six months ended June 30, 2025 - No dividends were paid, declared, or proposed during the interim period[23](index=23&type=chunk) [Loss Per Share](index=10&type=section&id=8.%20%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the company increased to **RMB 31.25 cents**, up from **RMB 29.98 cents** in the prior period | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Loss Used for Calculating Basic and Diluted Loss Per Share | (1,837,931) | (1,528,224) | | Weighted Average Number of Ordinary Shares for Calculating Basic and Diluted Loss Per Share (thousand shares) | 5,882,214 | 5,097,704 | | **Basic and Diluted Loss Per Share (RMB cents)** | **(31.25)** | **(29.98)** | - Unexercised convertible preference shares and share options were not assumed to be converted or exercised in calculating diluted loss per share, as they would result in a decrease in loss per share or have an exercise price higher than the average market price[24](index=24&type=chunk) [Trade Receivables](index=10&type=section&id=9.%20%E6%87%89%E6%94%B6%E8%B3%AC%E6%AC%BE) As of June 30, 2025, the group's total trade receivables increased to **RMB 87.1 million** from **RMB 68.2 million** at December 31, 2024, primarily from customer contracts and lease receivables | Trade Receivables Source | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Customer Contracts | 52,025 | 38,372 | | Lease Receivables | 40,654 | 35,490 | | Total Trade Receivables | 92,679 | 73,862 | | Less: Provision for Credit Losses | (5,596) | (5,688) | | **Net Trade Receivables** | **87,083** | **68,174** | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Within 1 Month | 17,325 | 24,217 | | 1 to 12 Months | 49,665 | 33,501 | | 13 to 24 Months | 20,093 | 10,456 | | **Total** | **87,083** | **68,174** | [Trade Payables](index=11&type=section&id=10.%20%E6%87%89%E4%BB%98%E8%B3%AC%E6%AC%BE) As of June 30, 2025, the group's total trade payables increased to **RMB 4,922.5 million** from **RMB 4,444.3 million** at December 31, 2024 Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Within 1 Month | 997,984 | 1,903,996 | | 1 to 12 Months | 2,585,973 | 1,872,320 | | 13 to 24 Months | 1,139,048 | 530,660 | | Over 24 Months | 199,455 | 137,284 | | **Total** | **4,922,460** | **4,444,260** | [Management Discussion and Analysis](index=12&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section provides an in-depth review of the group's operational performance, financial position, and strategic outlook, alongside an analysis of the market environment and key risks [Industry Review](index=12&type=section&id=%E8%A1%8C%E6%A5%AD%E5%9B%9E%E9%A1%A7) In H1 2025, China's economy grew by **5.3%** amidst challenges, with continuous easing of real estate policies, yet the market still faced downward pressure despite strong performance in the Greater Bay Area - In H1 2025, China's GDP grew by **5.3%** year-on-year at constant prices[28](index=28&type=chunk) - The central bank lowered the 5-year-plus LPR to **3.5%** in May, and the 5-year-plus provident fund loan interest rate to **2.6%**, a historical low[29](index=29&type=chunk) - Approximately **170** provinces, cities, and counties introduced over **340** optimization policies, focusing on financial support, urban renewal, home purchase subsidies, and inventory reduction[29](index=29&type=chunk) - Government work reports, Politburo meetings, and State Council executive meetings all emphasized accelerating the construction of a new real estate development model, focusing on 'good housing' and urban renewal[30](index=30&type=chunk)[31](index=31&type=chunk) National Real Estate Market Data for H1 2025 | Indicator | H1 2025 | Year-on-Year Change | | :--- | :--- | :--- | | Real Estate Development Investment | 4,665.8 billion RMB | -11.2% | | Residential Investment | 3,577.0 billion RMB | -10.4% | | New Commercial Housing Sales Area | 458.51 million square meters | -3.5% | | New Commercial Housing Sales Value | 4,424.1 billion RMB | -5.5% | - The total import and export value of the 9 mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area reached **RMB 4.38 trillion**, a **4.3%** year-on-year increase, accounting for **20.1%** of the national total[33](index=33&type=chunk) [Corporate Strategy and Project Progress](index=13&type=section&id=%E5%85%AC%E5%8F%B8%E7%B6%93%E7%87%9F%E7%AD%96%E7%95%A5%E8%88%87%E9%A0%85%E7%9B%AE%E9%80%B2%E5%B1%95) Facing industry challenges, LVGEM China maintains a strategy of streamlining operations, focusing on quality project development, enhancing asset management, and specializing in urban renewal, with the core Baishizhou project progressing well towards its January 2026 delivery target - Leveraging over **40 years** of experience, the group focuses on urban renewal, developing a 'Mega-City Model' and achieving strong sales for the Baishizhou project[34](index=34&type=chunk) - The group's 2025 development strategy includes streamlining operations to focus on **five** quality projects, enhancing asset management and profitability, and specializing in urban renewal[41](index=41&type=chunk) - Phase I of the Baishizhou project has nearly **70%** completion for curtain wall construction and **60%** for interior decoration, on track for promised delivery in **January 2026**, with Phase II planned for full commencement in **2026**[45](index=45&type=chunk) - The group completed the sale of a hotel property in California, USA, for a cash consideration of **USD 20 million** (approximately **RMB 144 million**), to reduce outstanding debt[9](index=9&type=chunk)[47](index=47&type=chunk) [Property Development and Sales](index=17&type=section&id=%E6%88%BF%E5%9C%B0%E7%94%A2%E9%96%8B%E7%99%BC%E8%88%87%E9%8A%B7%E5%94%AE) Property development and sales remain the group's core business, but revenue decreased by **62.0%** year-on-year, and contracted sales by **80.3%**, primarily from the Baishizhou Phase I, Zhuhai Xiyue Bay, and LVGEM International Garden projects | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Property Development and Sales Revenue | RMB 527.5 million | RMB 1,389.2 million | -62.0% | | Contracted Sales Amount from Property Subscription Agreements | RMB 1,057.6 million | RMB 5,389.7 million | -80.3% | - Property sales primarily originated from Xiyue Bay and LVGEM Hongshuwan No. 1, with a total GFA of approximately **18,600 square meters** recognized for properties held for sale (2024: approximately **28,500 square meters**)[62](index=62&type=chunk) [Commercial Property Investment and Operation](index=17&type=section&id=%E5%95%86%E6%A5%AD%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87%E8%88%87%E7%B6%93%E7%87%9F) The group continues to deepen its 'Zuo Lin' and 'NEO' dual-brand strategy, with commercial property investment and operation revenue decreasing by **9.0%** year-on-year, yet core project occupancy rates remain high, demonstrating stable asset operational capability | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Commercial Property Investment and Operation Revenue | RMB 311.8 million | RMB 342.7 million | -9.0% | | Investment Property Occupancy Rate | 72% | 78% | -6 percentage points | | LVGEM NEO Tower Hong Kong Occupancy Rate | 68% | 73% | -5 percentage points | - The group holds over **30** commercial property projects with a total GFA exceeding **1.6 million square meters**[53](index=53&type=chunk) [Integrated Services](index=17&type=section&id=%E7%B6%9C%E5%90%88%E6%9C%8D%E5%8B%99) Integrated services, including property management, hotel operations, and others, saw a slight **5.0%** year-on-year revenue decrease, but strengthened operational resilience through enhanced professional standards and diversified development | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Integrated Services Revenue | RMB 200.4 million | RMB 210.9 million | -5.0% | - The average occupancy rate of LVGEM Jinjiang Hotel in Shenzhen Futian Central Business District exceeded **68%**[54](index=54&type=chunk) [Financial Performance Overview](index=14&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E7%B8%BD%E8%A6%BD) In H1 2025, the group's total revenue decreased by **46.5%**, gross profit by **14.0%**, but gross margin improved to **36%**, while losses for the period and attributable to owners expanded, basic loss per share increased, and the debt-to-asset ratio rose amidst reduced cash balances Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,039.7 | 1,942.8 | -46.5% | | Gross Profit | 376.3 | 437.7 | -14.0% | | Loss Attributable to Owners of the Company | (1,837.9) | (1,528.2) | +20.3% | | Basic Loss Per Share (RMB cents) | (31.25) | (29.98) | +4.2% | | Gross Margin (%) | 36 | 23 | +13 percentage points | | Bank Balances and Cash (including restricted and pledged bank deposits) | 1,961.7 | 3,303.8 (Dec 31, 2024) | -40.6% | | Average Finance Cost (%) | 7.9 | 8.0 | -0.1 percentage points | | Debt-to-Asset Ratio (%) | 78.6 | 76.9 (Dec 31, 2024) | +1.7 percentage points | | Return on Capital (%) | (11.24) | (28.67) | N/A | - The Board does not recommend the payment of any dividend for the six months ended June 30, 2025[40](index=40&type=chunk) [Future Outlook and Response Strategies](index=17&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) Looking ahead, China's real estate market is expected to stabilize with policy support, but differentiation will persist, with urban renewal as a key focus for LVGEM China to drive quality project delivery, debt restructuring, and sales acceleration, leveraging its prime asset portfolio and urban renewal expertise despite liquidity challenges - The real estate market in H2 is expected to find a new balance amidst differentiation, with high-quality projects potentially stabilizing new home markets in core cities, though comprehensive market stabilization requires further policy efforts[55](index=55&type=chunk) - Urban renewal has become a core driver for high-quality development, with increasing policy support from central and regulatory authorities, including the issuance of guiding documents like the 'Opinions on Continuously Advancing Urban Renewal Actions'[56](index=56&type=chunk) - Urban renewal in the Guangdong-Hong Kong-Macao Greater Bay Area is entering a golden period characterized by multi-stakeholder participation, multi-element integration, and multi-mode convergence[57](index=57&type=chunk) - The group will focus on three main operational pillars: **first**, prioritizing the delivery of quality projects (especially the Baishizhou project); **second**, advancing offshore debt restructuring and optimizing financing structure; and **third**, accelerating sales to enhance cash collection efficiency[58](index=58&type=chunk)[59](index=59&type=chunk) - As of June 30, 2025, the group held a land bank of approximately **6.3 million square meters**, with nearly **80%** located in core areas of core cities within the Guangdong-Hong Kong-Macao Greater Bay Area[50](index=50&type=chunk) [Financial Position and Risk Management](index=19&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%88%87%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) This section details the group's financial performance, liquidity, and capital structure, along with an overview of asset pledges, significant transactions, contingent liabilities, and foreign exchange risk management [Detailed Financial Review](index=19&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%A9%B3%E6%83%85) This section provides a detailed review of the group's financial indicators for the six months ended June 30, 2025, including revenue, gross profit, expenses, fair value changes, finance costs, income tax, and operating results, alongside an analysis of liquidity, financial resources, and capital gearing ratio changes [Revenue Analysis](index=19&type=section&id=%E6%94%B6%E7%9B%8A%E5%88%86%E6%9E%90) The group's total revenue decreased by **46.5%** year-on-year, primarily due to a **62.0%** reduction in property development and sales revenue, with slight declines also observed in commercial property investment and operation and integrated services revenue | Revenue Source | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Property Development and Sales | 527,497 | 1,389,244 | -62.0% | | Commercial Property Investment and Operation | 311,827 | 342,708 | -9.0% | | Integrated Services | 200,367 | 210,871 | -5.0% | | **Total** | **1,039,691** | **1,942,823** | **-46.5%** | - Property sales primarily originated from Xiyue Bay and LVGEM Hongshuwan No. 1, with a total GFA of approximately **18,600 square meters** recognized for properties held for sale (2024: approximately **28,500 square meters**)[62](index=62&type=chunk) - The occupancy rate of investment properties was approximately **72%** (2024: **78%**), and LVGEM NEO Tower in Hong Kong had an occupancy rate of approximately **68%** (2024: **73%**)[63](index=63&type=chunk) [Gross Profit and Gross Margin](index=20&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) The group's consolidated gross profit decreased by **14.0%** year-on-year, but the gross margin improved from **23%** to **36%**, primarily due to the revenue recognition mix from different projects | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Consolidated Gross Profit | 376,300 | 437,700 | -14.0% | | Consolidated Gross Margin | 36% | 23% | +13 percentage points | [Selling Expenses](index=20&type=section&id=%E9%8A%B7%E5%94%AE%E9%96%8B%E6%94%AF) Selling expenses decreased by **16.1%** year-on-year, primarily due to reduced revenue from properties held for sale | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Selling Expenses | 50,100 | 59,700 | -16.1% | [Administrative Expenses](index=20&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses decreased by **7.6%** year-on-year | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 190,900 | 206,700 | -7.6% | [Fair Value Change of Investment Properties](index=20&type=section&id=%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD%E7%9A%84%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%AE%8A%E5%8B%95) Investment properties recorded a negative fair value change of approximately **RMB 1,070.1 million**, an expansion compared to the negative change in the prior period | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Negative Fair Value Change of Investment Properties | (1,070,100) | (951,700) | +12.4% | [Finance Costs](index=20&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Finance costs decreased by **18.1%** year-on-year, with the average finance cost remaining stable at **7.9%** | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 682,600 | 833,500 | -18.1% | | Average Finance Cost of Interest-bearing Borrowings | 7.9% | 7.9% | 0.0 percentage points | [Income Tax Credit (Expense)](index=20&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E6%8A%B5%E5%85%8D%EF%BC%88%E9%96%8B%E6%94%AF%EF%BC%89) The group recorded an income tax credit of **RMB 145.4 million**, compared to an expense of **RMB 9.9 million** in the prior period, primarily due to deferred tax provisions | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Income Tax Credit (Expense) | 145,400 | (9,900) | | Corporate Income Tax | 1,300 | 117,600 | | Land Appreciation Tax | 26,600 | 99,400 | | Deferred Tax | (173,300) | (207,100) | [Operating Results](index=20&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) Loss attributable to owners of the company increased by **20.3%** year-on-year to **RMB 1,837.9 million** | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Company | (1,837,900) | (1,528,200) | +20.3% | [Liquidity, Financial Resources, and Capital Gearing Ratio](index=20&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) Bank balances and cash decreased, total borrowings slightly declined, but the capital gearing ratio rose to **136.8%**, indicating increased financial leverage | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Bank Balances and Cash | 1,961.7 | 3,303.8 | -40.6% | | Total Borrowings | 32,185.5 | 33,578.7 | -4.1% | | Borrowings Classified as Current Liabilities | 29,592.5 | 30,905.3 | -4.2% | | Capital Gearing Ratio | 136.8% | 126.2% | +10.6 percentage points | Borrowings by Denominated Currency | Currency | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | RMB | 22,007,418 | 23,289,842 | | HKD | 6,404,804 | 6,502,835 | | USD | 3,773,284 | 3,785,999 | Borrowings by Fixed or Floating Interest Rates | Interest Rate Type | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Fixed Rate | 7,216,551 | 7,966,080 | | Floating Rate | 24,968,955 | 25,612,596 | [Current Assets, Total Assets, and Net Assets](index=21&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2%E3%80%81%E7%B8%BD%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B3%87%E7%94%A2%E6%B7%A8%E5%80%BC) Net current assets decreased by **15.1%**, total assets slightly declined, and total liabilities increased, resulting in a **7.8%** reduction in net assets and a rise in the debt-to-asset ratio to **78.6%** | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Current Assets | 63,271.1 | 62,624.4 | +1.0% | | Current Liabilities | 60,568.8 | 59,441.1 | +1.9% | | Net Current Assets | 2,702.3 | 3,183.4 | -15.1% | | Total Assets | 103,110.0 | 103,586.7 | -0.5% | | Total Liabilities | 81,011.7 | 79,605.5 | +1.8% | | Debt-to-Asset Ratio | 78.6% | 76.9% | +1.7 percentage points | | Net Assets | 22,098.4 | 23,981.2 | -7.8% | [Pledge of Assets](index=22&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, approximately **RMB 29,634.2 million** in loans were secured by the group's properties under development for sale, properties held for sale, investment properties, property, plant and equipment, equity instruments at fair value through other comprehensive income, pledged bank deposits, and equity interests in subsidiaries - As of June 30, 2025, approximately **RMB 29,634.2 million** of loans were secured by group assets totaling approximately **RMB 22,601.0 million** and equity interests in subsidiaries[77](index=77&type=chunk) [Significant Acquisitions and Disposals](index=22&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) The group completed the disposal of a hotel property in California, USA, for **USD 20 million** in January 2025, with no other significant acquisitions or disposals during the period - LVGEM Hotel Corporation disposed of its entire interest in certain hotel assets in Los Angeles on January 16, 2025, for a consideration of **USD 20 million**[78](index=78&type=chunk) [Contingent Liabilities](index=22&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the group had financial guarantee contracts of approximately **RMB 6,894.0 million** for certain buyers' mortgage financing, with directors deeming the likelihood of loss from these guarantees to be low | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Financial Guarantee Contracts for Buyers' Mortgage Financing | 6,894.0 | 7,007.4 | - The guarantee period extends from the mortgage loan grant date until the buyer obtains individual property ownership certificates or fully repays the mortgage loan, whichever is earlier[79](index=79&type=chunk) - The directors believe it is unlikely for the group to incur losses from these mortgage guarantees during the guarantee period, as the fair market value of the related properties is sufficient to cover outstanding mortgage loans[80](index=80&type=chunk) [Foreign Exchange Fluctuation Risk and Hedging](index=22&type=section&id=%E5%8C%AF%E7%8E%87%E6%B3%A2%E5%8B%95%E9%A2%A8%E9%9A%AA%E5%8F%8A%E6%9C%89%E9%97%9C%E5%B0%8D%E6%B2%96) The group's primary operations are in mainland China, with most transactions denominated in RMB, but it faces foreign exchange risk from HKD and USD cash balances and loans, currently without a foreign currency hedging policy - The group is exposed to foreign exchange risk from HKD and USD against RMB but does not have a foreign currency hedging policy[81](index=81&type=chunk) [Treasury Policy and Capital Structure](index=22&type=section&id=%E8%B2%A1%E8%B3%87%E6%94%BF%E7%AD%96%E5%8F%8A%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B) The group maintains a prudent approach to its treasury and capital policies, focusing on risk management and transactions directly related to its business operations - The group adopts a prudent approach to its treasury and capital policies, focusing on risk management[82](index=82&type=chunk) [Corporate Governance and Other Information](index=23&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E8%88%87%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section covers the group's employee information, compliance with corporate governance codes, review of interim financial information, and post-reporting period events [Employees](index=23&type=section&id=%E5%83%B1%E5%93%A1) As of June 30, 2025, the group employed **2,067** staff, with remuneration aligned to market trends and comprehensive training and development programs provided | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total Number of Employees | 2,067 | 2,073 | | Employees in Mainland China | 2,035 | 2,042 | | Employees in Hong Kong | 32 | 31 | [Compliance with Corporate Governance Code](index=23&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F%E5%AE%88%E5%89%87) The company is committed to good corporate governance, with Ms. Huang Jingshu serving as both Chairman and CEO, a deviation from Listing Rule C.2.1, and temporary non-compliance with other rules due to independent non-executive director resignations was rectified on May 13, 2025 - Ms. Huang Jingshu serves concurrently as Chairman and Chief Executive Officer, deviating from Code Provision C.2.1 of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[84](index=84&type=chunk) - Due to the resignations of Ms. Hu Jingying and Mr. Mo Fan, the company was temporarily non-compliant with Listing Rule 3.10(1) (at least three independent non-executive directors), Rule 3.21 (at least three members on the audit committee), and Rule 3.25 (chairman and majority of remuneration committee members must be independent non-executive directors)[86](index=86&type=chunk) - The company regained compliance with the aforementioned Listing Rules following the appointment of Ms. Wang Tingdan to fill the vacancies on May 13, 2025[86](index=86&type=chunk) [Compliance with Standard Securities Dealing Code](index=23&type=section&id=%E9%81%B5%E5%AE%88%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and directors confirmed continuous compliance throughout the period - The directors confirmed continuous compliance with the Model Code set out in Appendix C3 of the Listing Rules for the six months ended June 30, 2025[88](index=88&type=chunk) [Review of Interim Financial Information](index=23&type=section&id=%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) The group's interim results have been reviewed by the Board's Audit Committee, which deemed their preparation compliant with applicable accounting standards and requirements - The group's interim results have been reviewed by the Board's Audit Committee, which deemed their preparation compliant with applicable accounting standards and requirements[89](index=89&type=chunk) [Repurchase, Sale, or Redemption of Listed Securities](index=24&type=section&id=%E8%B3%BC%E5%9B%9E%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the company nor its subsidiaries repurchased, sold, or redeemed any of the company's listed securities, and the company held no treasury shares - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries repurchased, sold, or redeemed any of the company's listed securities[90](index=90&type=chunk) [Events After Reporting Period](index=24&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E7%9A%84%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, the winding-up petition hearing filed on February 4, 2025, has been adjourned to November 3, 2025, with the group actively negotiating financing extensions and signing restructuring support agreements with some creditors - The winding-up petition hearing filed by a lender on February 4, 2025, has been further adjourned to November 3, 2025[93](index=93&type=chunk) - The group has received positive responses from several banks regarding the extension of bank financing maturity dates[93](index=93&type=chunk) - The company has entered into a support agreement with one creditor to advance its restructuring efforts, with more creditors actively considering signing similar agreements[93](index=93&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=24&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This results announcement has been published on the company's and HKEX websites, with the interim report to be dispatched to shareholders in due course - The content of this results announcement is available on the company's website (www.lvgem-china.com) and the HKEX website (www.hkex.com.hk)[92](index=92&type=chunk) [General Information](index=24&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) As of the announcement date, the Board of Directors comprises four executive directors and three independent non-executive directors, with Ms. Huang Jingshu serving as Chairman and CEO - The Board of Directors includes executive directors Ms. Huang Jingshu (Chairman and Chief Executive Officer), Mr. Ye Xing'an, Mr. Huang Haoyuan, and Ms. Li Yufei; and independent non-executive directors Mr. Chan Koon Fat, Ms. Jiao Jie, and Ms. Wang Tingdan[93](index=93&type=chunk)

Core Viewpoint - Greentown China Holdings Limited (00095.HK) announced that it will hold a board meeting on August 29, 2025, to approve the interim results for the six months ending June 30, 2025, and to consider the distribution of an interim dividend, if any [1] Group 1 - The board meeting is scheduled for August 29, 2025 [1] - The meeting will focus on approving the interim results for the six months ending June 30, 2025 [1] - The company will also consider the distribution of an interim dividend during the meeting [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而 產生或因依賴該等內容而引致之任何損失承擔任何責任。 香港，二零二五年八月十九日 ( 於開曼群島註冊成立的有限公司 ) (香港聯交所股份代號：95) 於本公告日期，本公司執行董事為黃敬舒女士（主席兼行政總裁）、葉興安先生、 黃浩源先生及李俞霏小姐；及本公司獨立非執行董事為陳觀發先生、焦捷女士及王廷 丹女士。 董事會召開日期 綠景（中國）地產投資有限公司（「本公司」）之董事會（「董事會」）謹此宣佈， 本公司將於二零二五年八月二十九日（星期五）舉行董事會會議，藉以（其中 包括）批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績 及其發佈，以及考慮派發中期股息（如有）。 承董事會命 綠景（中國）地產投資有限公司 主席 黃敬舒 ...

Core Viewpoint - The recent announcement of a change in control at Hehua Co., Ltd. (河化股份) indicates a significant shift in ownership, with the new controlling party being a relatively unknown entity, Beijing Shending Technology Co., Ltd. [2][6][7] Group 1: Ownership Change - Hehua Co., Ltd. announced that its controlling shareholder, Ningbo Yinyi Holdings Co., Ltd. (银亿控股), plans to transfer 100% of its equity to Beijing Shending Technology Co., Ltd. or a designated party [6][7] - The total transaction price for this transfer is set at 692 million yuan [7] - This change will result in the exit of Xiong Xuqiang, who has controlled Hehua Co. for nine years [8] Group 2: New Controlling Party - Beijing Shending Technology was established just a month prior to the acquisition announcement, raising questions about its background and capabilities [3][12] - The registered capital of Beijing Shending is 10 million yuan, with Zhang Jianwei holding 75% and Chang Xiangyang holding 25% [12] - The new ownership structure will lead to a reorganization of Hehua's board, with Beijing Shending nominating five non-independent directors and two independent directors [13] Group 3: Historical Context - Hehua Co. has changed hands multiple times since its listing 26 years ago, with its actual control shifting several times [4][25] - The company has faced financial difficulties, with net profits declining for 13 consecutive years from 2008 to 2019, and only briefly returning to profitability in 2020 and 2021 [26] - As of 2024, Hehua Co. reported a net profit of 3.89 million yuan, following two years of losses, indicating a precarious financial situation [26] Group 4: Market Position - As of August 8, the market capitalization of Hehua Co. reached 3.079 billion yuan, surpassing that of Bohai Co., which stood at 2.603 billion yuan [25] - The company has not issued dividends for 22 years, highlighting its ongoing financial struggles [26]