YUSEI HOLDINGS LIMITED 友成控股有限公司* (incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號 : 96) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Registered Shareholders, YUSEI HOLDINGS LIMITED (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the website of The Stock Exchange of Hong Kong Limite ...

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: | 友成控股有限公司 | | | | | | 呈交日期: | 2025年9月2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 | | | 法定/註冊股份數目 | 面值 | | | 法定/註冊股本 | | --- | --- | --- | --- | --- | --- | | 上月底結存 | 1,500,000,000 | HKD | 0.01 | HKD | 15,000,000 | | 增加 / 減少 (-) | | | | HKD | | | 本月底結存 | 1,500,000,000 | HKD | 0.01 | HKD | 15,000,000 | 本月底法定/註冊股本 ...

Group 1 - The company YUSEI (00096) reported a revenue of 1.009 billion RMB for the six months ending June 30, 2025, representing a year-on-year growth of 6.0% [1] - The net profit for the period was 28.852 million RMB, which is an increase of 2.1% compared to the previous year [1] - The basic earnings per share were reported at 0.0446 RMB [1] Group 2 - The increase in total sales revenue is attributed to a rise in customer demand for the company's products [1]

Core Viewpoint - YUSEI (00096) reported a revenue of 1.009 billion RMB for the six months ending June 30, 2025, reflecting a year-on-year growth of 6.0% [1] - The net profit for the period was 28.852 million RMB, which represents a year-on-year increase of 2.1% [1] - Basic earnings per share were reported at 0.0446 RMB, indicating stable performance [1] Revenue Performance - The total sales revenue increased year-on-year, driven by higher customer demand for the group's products [1]

Core Viewpoint - YUSEI (00096.HK) reported a total sales revenue of approximately RMB 1,008,873,000 for the six months ending June 30, 2025, representing a year-on-year increase of about 6.0% due to increased customer demand for the group's products [1] Financial Performance - The company's profit attributable to shareholders rose from RMB 27,731,000 in the same period last year to approximately RMB 28,375,000 [1]

[Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's financial performance, position, and cash flows for the six months ended June 30, 2025, highlighting growth in revenue and profit [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, Youcheng Holdings Limited reported **6.0%** revenue growth to **RMB 1,008,873 thousand** and **10.7%** gross profit increase Condensed Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,008,873 | 951,936 | 6.0% | | Cost of Sales | (868,323) | (825,012) | 5.2% | | Gross Profit | 140,550 | 126,924 | 10.7% | | Other Income | 26,923 | 20,683 | 30.2% | | Selling Expenses | (65,045) | (55,389) | 17.4% | | Administrative Expenses | (50,103) | (41,216) | 21.6% | | Finance Costs | (17,560) | (17,896) | -1.9% | | Profit Before Tax | 34,974 | 33,364 | 4.8% | | Profit for the Period | 28,852 | 28,255 | 2.1% | | Basic and Diluted Earnings Per Share | RMB 0.0446 | RMB 0.0435 | 2.5% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive income was **RMB 28,382 thousand**, a slight decrease primarily due to negative exchange differences from overseas operations Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 28,852 | 28,255 | | Exchange differences arising from translation of financial statements of overseas operations | (470) | 158 | | Total Comprehensive Income for the Period | 28,382 | 28,413 | | Total comprehensive income attributable to owners of the Company | 27,905 | 27,889 | | Total comprehensive income attributable to non-controlling interests | 477 | 524 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets less current liabilities increased to **RMB 1,255,761 thousand**, with net current liabilities improving from **RMB (143,114) thousand** to **RMB (91,440) thousand** Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 1,347,201 | 1,333,953 | | Current Assets | 1,580,792 | 1,670,900 | | Current Liabilities | 1,672,232 | 1,814,014 | | Net Current Assets | (91,440) | (143,114) | | Total Assets Less Current Liabilities | 1,255,761 | 1,190,839 | | Non-current Liabilities | 259,300 | 222,760 | | Share Capital and Reserves | 981,722 | 953,817 | | Non-controlling Interests | 14,739 | 14,262 | [Consolidated Statement of Changes in Equity](index=4&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity attributable to owners of the Company increased to **RMB 981,722 thousand**, driven by profit for the period despite reduced exchange reserves Consolidated Statement of Changes in Equity Key Data | Indicator | January 1, 2025 (RMB thousands) | June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | | Share Capital | 5,801 | 5,801 | | Reserves | 948,016 | 975,921 | | Total equity attributable to owners of the Company | 953,817 | 981,722 | | Non-controlling Interests | 14,262 | 14,739 | | Total | 968,079 | 996,461 | **Changes during the period (January 1, 2025 to June 30, 2025):** * Profit for the period: **RMB 28,375 thousand** (attributable to owners of the Company) * Other comprehensive income for the period: **RMB (470) thousand** (mainly reduction in exchange reserve) [Condensed Consolidated Statement of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash outflow from operating activities improved to **RMB (68,310) thousand**, but a significant drop in financing cash inflow led to a net decrease in cash and cash equivalents of **RMB (79,546) thousand** Condensed Consolidated Statement of Cash Flows Key Data (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash flows from/(used in) operating activities | (68,310) | (122,998) | | Net cash flows from/(used in) investing activities | (99,107) | (149,333) | | Net cash flows from/(used in) financing activities | 87,871 | 272,972 | | Net increase/(decrease) in cash and cash equivalents | (79,546) | 641 | | Cash and cash equivalents at end of period | 109,346 | 58,879 | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section details the accounting policies, revenue recognition, profit before tax components, earnings per share calculation, and trade receivables and payables [Basis of Presentation and Accounting Policies](index=6&type=section&id=Basis%20of%20Presentation%20and%20Accounting%20Policies) This interim financial report is prepared under HKAS 34 and Listing Rules, with consistent accounting policies and no significant impact from new HKFRS amendments - The Company's shares were listed on the Main Board of the Stock Exchange on **December 15, 2010**[8](index=8&type=chunk) - This interim financial report is prepared in accordance with Hong Kong Accounting Standard **34 "Interim Financial Reporting"** issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[8](index=8&type=chunk) - Amendments to Hong Kong Financial Reporting Standards adopted on **January 1, 2025**, did not have a significant impact on the financial statements[8](index=8&type=chunk)[9](index=9&type=chunk) [Revenue and Other Income](index=6&type=section&id=Revenue%20and%20Other%20Income) Revenue is defined as amounts received and receivable from goods sold, net of discounts and VAT, while other income includes gains from raw material sales and government subsidies - Revenue is defined as amounts received and receivable from the sale of goods during the period, net of discounts and value-added tax[10](index=10&type=chunk) - Other income includes gains from the sale of raw materials and scrap, and government subsidies[11](index=11&type=chunk) [Profit Before Tax and Taxation](index=7&type=section&id=Profit%20Before%20Tax%20and%20Taxation) Profit before tax is derived after deducting various expenses, with several Chinese subsidiaries enjoying a preferential **15%** corporate income tax rate due to high-tech enterprise status Profit Before Tax Deductions (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of inventories charged to expenses | 823,540 | 786,591 | | Depreciation of right-of-use assets | 1,995 | 1,760 | | Amortisation of intangible assets | 2,338 | 1,975 | | Depreciation of property, plant and equipment | 81,735 | 71,785 | - The Group's Chinese subsidiaries are subject to a corporate income tax rate of **25%**[13](index=13&type=chunk) - Several subsidiaries, including Guangzhou Youcheng, Hangzhou Youcheng, Hubei Youcheng, Youcheng China, Youcheng Technology Research, Suzhou Youcheng, Jilin Youcheng, Youcheng Technology, and Tianjin Youcheng, enjoy a preferential tax rate of **15%** due to their high-tech enterprise qualifications, with most renewed until **2027**[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) [Earnings Per Share](index=8&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to ordinary shareholders increased to **RMB 0.0446**, with diluted EPS equaling basic EPS Earnings Per Share Calculation Data (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the purpose of calculating basic and diluted earnings per share | 28,375 | 27,731 | | Weighted average number of ordinary shares ('000) | 636,550 | 636,550 | | Basic and Diluted Earnings Per Share | RMB 0.0446 | RMB 0.0435 | - Diluted earnings per share is equal to basic earnings per share as there are no outstanding potential ordinary shares[17](index=17&type=chunk) [Trade and Other Receivables and Payables](index=9&type=section&id=Trade%20and%20Other%20Receivables%20and%20Payables) As of June 30, 2025, net trade receivables decreased to **RMB 624,140 thousand**, and total payables and accrued expenses also decreased, indicating improved current liability management Trade Receivables, Deposits and Prepayments (As of June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables (net) | 624,140 | 730,935 | | Bills receivable | 179,443 | 75,262 | | Prepayments to suppliers | 45,983 | 47,822 | | Total | 901,704 | 940,731 | - The Group typically grants credit periods of **30 to 90 days** to customers, which can be extended to **90 to 270 days** for mold customers with good relationships[19](index=19&type=chunk) Trade and Other Payables and Accrued Expenses (As of June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade and bills payables | 840,991 | 932,135 | | Contract liabilities | 70,614 | 76,296 | | Accrued staff costs | 52,448 | 56,626 | | Accrued expenses | 37,094 | 41,143 | | Total | 1,081,200 | 1,280,644 | - The average payment period for purchases is **30 to 120 days**, and the Group has financial risk management policies to ensure timely payment of payables[20](index=20&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business operations, financial performance, liquidity, and future strategies, emphasizing growth and global expansion [Business Review](index=11&type=section&id=Business%20Review) The Group specializes in precision injection mold design and plastic parts production in China, serving major automotive clients, with stable sales growth and global expansion into Mexico and Serbia - The Group primarily engages in the design, development, and manufacturing of precision injection molds and the production of plastic parts in China, serving well-known domestic automotive and auto parts manufacturers[21](index=21&type=chunk) - For the six months ended June 30, 2025, sales revenue was approximately **RMB 1,008,873,000**, and profit attributable to owners of the Company was approximately **RMB 28,375,000**[21](index=21&type=chunk) - The Group invested approximately **RMB 44,783,000** in research and development and established two overseas subsidiaries in Mexico and Serbia to become a global automotive parts supplier[21](index=21&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the Group achieved **6.0%** sales revenue growth, **10.7%** gross profit increase, and a **13.9%** gross margin, despite increased operating expenses Financial Review Key Data (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Sales Revenue | 1,008,873 | 951,936 | 6.0% | | Gross Profit | 140,550 | 126,924 | 10.7% | | Gross Profit Margin | 13.9% | 13.3% | +0.6pp | | Selling Expenses | 65,045 | 55,389 | 17.4% | | Administrative Expenses | 50,103 | 41,216 | 21.6% | | Finance Costs | 17,560 | 17,896 | -1.9% | | Profit attributable to owners of the Company | 28,375 | 27,731 | 2.3% | - The increase in gross profit was primarily due to increased revenue and an improved gross profit margin resulting from changes in the product sales mix[24](index=24&type=chunk) - The decrease in finance costs was mainly due to the net effect of an increase in the average balance of bank and other borrowings (to meet business development needs) and a decrease in the average borrowing interest rate[27](index=27&type=chunk) [Financial Resources and Liquidity](index=12&type=section&id=Financial%20Resources%20and%20Liquidity) As of June 30, 2025, the Group's equity increased to **RMB 996,461 thousand**, with net asset value per share at **RMB 1.57**, and an improved net current asset position despite a higher gearing ratio of **28.6%** Financial Resources and Liquidity Key Data | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Equity | 996,461 | 968,079 | | Current Assets | 1,580,792 | 1,670,900 | | Bank balances and cash | 109,346 | 188,892 | | Pledged bank balances | 82,122 | 55,108 | | Inventories | 486,846 | 480,840 | | Trade receivables, bills receivable, deposits and prepayments | 901,704 | 940,731 | | Net non-current assets | 1,347,201 | 1,333,953 | | Current Liabilities | 1,672,232 | 1,814,014 | | Non-current Liabilities | 259,300 | 222,760 | | Net Asset Value Per Share | RMB 1.57 | RMB 1.52 | | Gearing Ratio | 28.6% | 24.9% | [Segment Information and Staff Remuneration](index=12&type=section&id=Segment%20Information%20and%20Staff%20Remuneration) The Group operates as a single segment in China, manufacturing and trading molds and plastic parts, employing **3,200 staff** with total remuneration costs of approximately **RMB 150 million** - The Group's sole principal business is the manufacturing and trading of molds and plastic mold parts, with all operations located and conducted in China, operating as a single operating segment[30](index=30&type=chunk) - As of June 30, 2025, the Group employed approximately **3,200 staff**, with total staff remuneration costs of approximately **RMB 150,000,000**[31](index=31&type=chunk) - Remuneration is determined by market rates and individual employee performance, qualifications, and experience, with provident funds and similar retirement benefit schemes provided[31](index=31&type=chunk) [Pledge of Assets and Risk Management](index=13&type=section&id=Pledge%20of%20Assets%20and%20Risk%20Management) The Group's assets, including right-of-use assets and property, plant and equipment, are pledged for borrowings, and it faces unhedged foreign exchange risks in RMB, USD, and JPY - As of June 30, 2025, the Group's right-of-use assets (approximately **RMB 69,000,000**) and property, plant and equipment (approximately **RMB 150,000,000**) were pledged as collateral for bank borrowings[32](index=32&type=chunk) - Some property, plant and equipment (approximately **RMB 7,000,000**) were pledged as collateral for other borrowings under sale and leaseback arrangements, with the remaining other borrowings (approximately **RMB 50,000,000**) secured by interests in an associate[32](index=32&type=chunk) - The Group is exposed to foreign exchange risks in RMB, USD, and JPY but currently has no foreign currency hedging policy, with the Board considering hedging significant exchange rate risks when necessary[33](index=33&type=chunk) [Material Events and Outlook](index=13&type=section&id=Material%20Events%20and%20Outlook) The Group reported no material acquisitions or contingent liabilities, and plans to enhance product quality, expand globally, and invest in intelligent manufacturing for future growth - The Group had no material investments, acquisitions, or disposals of subsidiaries, nor any material contingent liabilities or capital commitments for the six months ended June 30, 2025[34](index=34&type=chunk)[35](index=35&type=chunk) - Management will continue to enhance product quality, expand the customer base, strengthen its leading position in the high-end mold market, and provide one-stop services from mold development to injection molding, aluminum plating, and assembly[36](index=36&type=chunk) - The Group will strengthen communication with European, American, and Japanese customers, send technical personnel for training, and recruit senior sales and technical staff, while investing in intelligent construction and independently developing information systems like ERP and MES for digital and visual management[37](index=37&type=chunk)[38](index=38&type=chunk) - To keep pace with the automotive industry's development, the Group will focus on the three major automotive manufacturing markets of Europe, Asia, and America, continuing to invest in the second phase of its Mexico Youcheng factory and expanding production capacity in Serbia to meet US and European market demand[39](index=39&type=chunk) [Proposed Dividend](index=14&type=section&id=Proposed%20Dividend) The Board of Directors recommends not paying an interim dividend for the six months ended June 30, 2025 - The Board of Directors recommends not paying an interim dividend for the six months ended June 30, 2025 (2024: nil)[40](index=40&type=chunk) [Other Information](index=15&type=section&id=Other%20Information) This section covers directors' and major shareholders' interests, share acquisition rights, code of conduct, audit committee functions, securities transactions, competing business interests, and corporate governance practices [Directors' and Major Shareholders' Interests](index=15&type=section&id=Directors%27%20and%20Major%20Shareholders%27%20Interests) Several directors and major shareholders hold interests in the Company, with Mr. Masuda Katsutoshi and Mr. Masuda Toshimitsu indirectly holding **36.65%** through Conpri Limited Directors' Interests in Shares of the Company (As of June 30, 2025) | Director's Name | Capacity | Number of Shares Held (Long Position) | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr. Masuda Katsutoshi | Corporate interest | 233,316,864 shares | 36.65% | | Mr. Masuda Toshimitsu | Corporate interest | 233,316,864 shares | 36.65% | | Mr. Xu Yong | Personal interest | 102,086,400 shares | 16.04% | | Mr. Shimabayashi Manabu | Personal interest | 7,900,800 shares | 1.24% | | Mr. Fan Xiaoping | Personal interest | 57,024 shares | 0.01% | Major Shareholders' Interests in Shares of the Company (As of June 30, 2025) | Shareholder Name | Capacity | Number of Shares Held (Long Position) | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Conpri | Beneficial owner | 233,316,864 shares | 36.65% | | Superview International Investment Limited | Beneficial owner | 110,880,000 shares | 17.42% | | Ding Hongguang | Beneficial owner | 60,104,640 shares | 9.44% | - Superview International Investment Limited is wholly owned by Mr. Xu Yue, the elder brother of Mr. Xu Yong, an executive director of the Company[44](index=44&type=chunk) [Directors' Rights to Acquire Shares and Code of Conduct](index=16&type=section&id=Directors%27%20Rights%20to%20Acquire%20Shares%20and%20Code%20of%20Conduct) As of June 30, 2025, no rights to acquire shares or debentures were granted or exercised by directors, and the Company's code of conduct for securities dealings was complied with - As of June 30, 2025, neither the Company nor its subsidiaries granted any rights to, nor did any directors or their associates exercise any rights to acquire shares or debentures of the Company or any other body corporate[45](index=45&type=chunk) - The Company has adopted a code of conduct for directors' dealings in securities, with terms no less exacting than those set out in Appendix 10 of the Listing Rules, and no directors have breached this code in their securities dealings[46](index=46&type=chunk) [Audit Committee](index=16&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviews financial reports, monitors internal controls, and has approved the interim financial statements - The Audit Committee consists of three independent non-executive directors (Mr. Koki Takabayashi, Mr. Fan Xiaoping, and Mr. Lo Ka Wai), with Mr. Lo Ka Wai appointed as Chairman[47](index=47&type=chunk) - Key responsibilities include reviewing draft annual, interim, and quarterly reports and advising the Board, as well as reviewing and monitoring the Group's financial reporting and internal control procedures[47](index=47&type=chunk) - The Audit Committee has reviewed and approved the condensed consolidated financial statements for the six months ended June 30, 2025[47](index=47&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=17&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares[48](index=48&type=chunk) [Directors' Interests in Competing Business and Non-Competition Undertaking](index=17&type=section&id=Directors%27%20Interests%20in%20Competing%20Business%20and%20Non-Competition%20Undertaking) Despite business similarities, Japan Youcheng's market differs from the Group's, and a non-competition undertaking ensures no competing activities and referral of business opportunities - Japan Youcheng primarily engages in the design, manufacturing, and sale of injection molds and plastic parts, with its target market in Japan, differing from the Group's markets in Mainland China, Taiwan, Hong Kong, and Macau SAR[49](index=49&type=chunk) - The Directors believe that Youcheng Kiko Co., Ltd. does not compete with the Group, and both management teams operate independently[49](index=49&type=chunk) - The covenantors (Youcheng Kiko Co., Ltd. and its subsidiaries) have entered into a non-competition undertaking, agreeing not to engage in activities similar to or competing with the Group's business, and to refer business opportunities within the Group's exclusive market to the Company or any member of the Group[50](index=50&type=chunk)[51](index=51&type=chunk) [Corporate Governance](index=18&type=section&id=Corporate%20Governance) The Group complies with the Corporate Governance Code, with a deviation from provision A.1.8 regarding directors' legal liability insurance, deemed unnecessary by the Board - The Group has adopted and complied with the relevant provisions of the Corporate Governance Code set out in Appendix 14 of the Listing Rules, except for a deviation from Code Provision A.1.8[53](index=53&type=chunk) - Code Provision A.1.8 requires appropriate insurance arrangements for potential legal actions against directors, but the Board believes such insurance is unnecessary due to the Group's single business, strict risk control, and sufficient director capabilities[53](index=53&type=chunk)

Core Viewpoint - The real estate industry in China is experiencing a significant shift, with the top 10 large enterprises becoming the "stabilizers" of the market as mid-sized companies face collapse. The future may see a consolidation into 5 to 7 dominant players [1][2]. Group 1: Sales Performance - The top 10 real estate companies are undergoing a "dual differentiation" in sales performance, with the leading firms experiencing a decline while the mid-tier companies are showing growth. For instance, only 3 out of the top 10 achieved positive growth, with China Jinmao at 19%, Yuexiu at 11%, and Jianfa at 7% [3][4]. - The head companies are collectively facing negative growth, with Vanke reporting a decline of 46%, and other major players like China Overseas, Poly, and China Merchants also showing significant drops [4][5]. - The average sales growth rate for the top 100 companies has decreased by 11.8%, indicating that even leading firms are not immune to the downturn [5]. Group 2: Land Acquisition Trends - The year 2025 is characterized as a "land acquisition year" for the top 10 companies, driven by improved sales and better land offerings from local governments compared to 2024 [6][7]. - There is a clear distinction between aggressive "Tiger" companies, which are acquiring land at a rapid pace (e.g., Poly's land acquisition increased by 276% to 414 billion, China Overseas by 228% to 393 billion), and the more cautious "Wolf" companies, which are growing at a slower rate [10][12]. - The "Tiger" companies are defined by high acquisition volumes (over 400 billion) and significant growth rates (100% to 300%), while the "Wolf" companies are characterized by lower volumes (below 300 billion) and growth rates under 40% [9][12]. Group 3: Company Classification - The top 10 companies can be categorized into three main groups based on their sales and land acquisition strategies: aggressive, cautious, and balanced [17][34]. - The aggressive group includes companies like Jinmao, China Merchants, China Overseas, and Poly, which exhibit high land acquisition and low sales [23][26]. - The cautious group, represented by companies like Vanke, is focused on maintaining sales while limiting land acquisition, with Vanke experiencing a 45.8% drop in sales and a 95% decrease in land acquisition [27][29]. - The balanced group includes companies like China Resources, Greentown, and Jianfa, which maintain a moderate approach to both sales and land acquisition [34][36]. Group 4: Market Concentration - The concentration of the top 10 companies is increasing, with their land acquisition intensity averaging 0.4, significantly higher than the 0.26 average of the top 100 companies [41][42]. - The top 10 companies now account for 73% of the new value added in the market, indicating a shift towards larger, financially robust firms [41][42]. - The ongoing market downturn is likely to further consolidate the industry, with smaller firms facing increasing challenges to survive due to insufficient land acquisition [42].

格隆汇8月13日丨YUSEI(00096.HK)公布，公司将于2025年8月26日召开董事会会议，以(其中包括)审议 及通过集团截至2025年6月30日止六个月的中期业绩及其发布。 相关事件 YUSEI(00096.HK)将于8月26日召开董事会会议以审批中期业绩 YUSEI(00096.HK)：2024年股东应占溢 利8973.3万元 同比增加13.5% ...

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佈之內容概不負責， 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佈全部或任何部 分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 承董事會命 友成控股有限公司* 主席 許勇 中國，二零二五年八月十三日 於本公告日期，執行董事為許勇先生、島林學步先生及許笑迎女士；非執行董事為増田勝 年先生及増田敏光先生；獨立非執行董事為羅嘉偉先生、范曉屏先生及高林久記先生。 * 僅供識別 友成控股有限公司* （於開曼群島註冊成立的有限公司） （股份代號：96） 董事會會議通告 友成控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 二零二五年八月二十六日於中華人民共和國（「中國」）浙江省杭州市蕭山區瓜 瀝鎮橫埂頭村臨港工業園區舉行董事會會議，藉以考慮及通過本公司及其子公司截 至二零二五年六月三十日止之六個月未經審計中期業績，以及處理其他事項。 YUSEI HOLDINGS LIMITED ...

Group 1 - The real estate industry is undergoing a transformation period, with personnel adjustments becoming a proactive choice for companies to adapt to the new competitive landscape [1][4] - From January to July 2025, over 50 executive changes occurred in real estate companies, particularly in the marketing sector, which is closely linked to performance pressure and market response efficiency [1][3] - Companies are increasingly hiring versatile talents who possess both product design and marketing experience to enhance the synergy between product and marketing operations [1][7] Group 2 - Major real estate firms, including Poly Developments and China Overseas, have experienced significant executive turnover, with a notable frequency of changes in city management positions [3][5] - In the first half of 2025, 31 out of 65 monitored real estate companies underwent 47 executive changes, with 70% of these occurring in the second quarter [3][5] - The adjustment of marketing roles is particularly prevalent, with companies like China Jinmao and China Overseas centralizing marketing functions to headquarters, leading to frequent changes in regional marketing leadership [5][6] Group 3 - The role of marketing directors is critical for revenue growth, and they often face adjustments or departures when performance declines [6][8] - The shift in the new housing market from demand-driven to improvement-driven necessitates a focus on product quality, prompting companies to enhance collaboration between design and marketing [8]