Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company has shown resilience during the current deep adjustment cycle in the industry, with significant breakthroughs in sales and land acquisition. Its debt structure continues to improve, and it is well-positioned for future growth [5]. - The company achieved a total revenue of 18.44 billion RMB in the first half of 2025, representing a year-on-year increase of 48.1%. However, the net profit attributable to shareholders decreased by 44.3% to 210 million RMB [4][7][16]. Summary by Sections Financial Performance - The company reported a total revenue of 18.44 billion RMB in H1 2025, up 48.1% year-on-year, driven by increased project completions and revenue recognition [4][9]. - The net profit attributable to shareholders was 210 million RMB, down 44.3% year-on-year, primarily due to a significant decline in investment income [7][16]. - The gross margin improved to 17.5%, an increase of 3.2 percentage points year-on-year, while the net profit margin decreased to 1.1%, down 1.9 percentage points year-on-year [13][16]. Debt and Financial Health - As of June 30, 2025, the company had interest-bearing liabilities of 68.2 billion RMB, a decrease of 8.6% year-on-year. The debt structure has improved, with the proportion of short-term debt decreasing to 26% [25][29]. - The company successfully transitioned from a "yellow" to a "green" status under the "three red lines" policy, indicating improved financial health [7][29]. Sales and Market Position - The company ranked 15th in sales within the industry for the first seven months of 2025, with a sales amount of 29.5 billion RMB, a decrease of 13.5% year-on-year [40]. - The average selling price increased by 6.1% year-on-year to 27,900 RMB per square meter [42]. - The company has a strong focus on quality project expansion, acquiring 9 land parcels in H1 2025, with a total land reserve of 13.08 million square meters [38][46]. Future Outlook - The company aims for a sales target of 50 billion RMB for 2025, having achieved 59% of this target by July 2025 [40]. - Revenue forecasts for 2025-2027 are projected at 39.0 billion RMB, 40.4 billion RMB, and 40.9 billion RMB, with corresponding net profits of 180 million RMB, 190 million RMB, and 200 million RMB [5][47].

第 1 頁 共 10 頁 v 1.1.1 FF301 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: | 保利置業集團有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 3 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 (B). 承諾發行發行人股份的權證 不適用 FF301 | 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) | 00119 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 3,821,183,118 ...

Core Viewpoint - The sales performance of the top 100 real estate companies in China for the first eight months of 2025 shows a significant decline, with total sales amounting to 23,270.5 billion yuan, a year-on-year decrease of 13.3% [3][5]. Group 1: Sales Performance - The total sales of the top 100 real estate companies from January to August 2025 reached 23,270.5 billion yuan, with a year-on-year decline of 13.3% [3]. - The equity sales amount for the top 100 companies was 16,275.2 billion yuan, with an equity sales area of 83.828 million square meters [3]. - The top five companies by sales in the first eight months were Poly Development (181.2 billion yuan), Greentown China (156.3 billion yuan), China Overseas Property (150.3 billion yuan), China Resources Land (142.5 billion yuan), and China Merchants Shekou (124.05 billion yuan) [3][4]. Group 2: Market Dynamics - August is typically a slow sales month for the real estate market, with a reported 30% decrease in supply and a 12% month-on-month decline in transaction volume across 30 monitored cities [4][5]. - In August, the top 100 real estate companies achieved sales of 207.04 billion yuan, reflecting a month-on-month decrease of 1.9% and a year-on-year decrease of 17.6% [5]. - Despite the overall decline, 33% of the top 100 companies reported month-on-month sales growth in August, with 21 companies experiencing growth exceeding 30% [5]. Group 3: Future Outlook - The industry anticipates a potential recovery in September, driven by policy adjustments such as "recognizing houses but not loans" and lowering down payment ratios in major cities [6]. - The traditional peak sales season in September is expected to boost new home transaction volumes, with a gradual recovery in market confidence [6].

Core Viewpoint - The vitality and attractiveness of the Baihetan Business District in Guangzhou are rapidly increasing due to the completion and operation of several landmark projects, making it a focal point in the Guangzhou real estate market for the second half of the year [1] Group 1: Project Details - Poly Real Estate acquired the Baihetan Lujilu land parcel for 3.8 billion yuan, named "Poly Feili Jia Di," with a starting price of 100,000-120,000 yuan per square meter [1] - The project is strategically located near the Pearl River and adjacent to the Greater Bay Area Art Center, enhancing its geographical advantage [3] - The project will introduce the first Marriott five-star hotel to the area with an investment exceeding 1 billion yuan, creating a "hotel + luxury residence" development model [3] Group 2: Regional Development - The value of the Baihetan area is gradually increasing, supported by urban planning and development initiatives [5] - Baihetan serves as a key engine and hub for the integration of Guangzhou and Foshan, representing the cultural soft power of Guangzhou and leading the revitalization of the old city [6] - The area is being positioned as a world-class landmark business district, with significant development potential and a focus on high-end commercial and cultural facilities [9]

Core Insights - The White Goose Pond area is being positioned as a key driver for high-quality urban development in Guangzhou, with significant projects enhancing regional vitality and attractiveness [1][3][6] - The forum highlighted the historical significance of White Goose Pond as a commercial hub and its potential to integrate modern urban development with cultural heritage [3][5][6] Group 1: Urban Development and Planning - The White Goose Pond area is recognized as a pivotal point for the integration of Guangzhou and Foshan, serving as a cultural and economic engine for the region [5][6] - Major projects like the Greater Bay Area Art Center and various commercial complexes are set to enhance the area's commercial landscape, contributing to its status as one of Guangzhou's five world-class commercial districts [3][6] - The area is expected to see the completion of the first international high-end waterfront "Double Taikoo" project by the end of this year, which will introduce top-tier brands and reshape Guangzhou's high-end commercial landscape [6][7] Group 2: Investment and Economic Opportunities - Poly Real Estate is investing over 1 billion yuan to develop the first Marriott-branded five-star hotel in the area, addressing the demand for high-end accommodations and enhancing the lifestyle offerings in White Goose Pond [7] - The upcoming construction of the White Goose Pond cross-river cable car project aims to create a unique viewing corridor, connecting historical and modern landmarks, thus promoting tourism and local economic growth [6][7] - The area is entering a "golden period" of value explosion, with multiple landmark projects like the International Financial Center and headquarters buildings accelerating construction [6]

Core Insights - The successful sale of the XH010401-28 land plot in the San Tun area marks the fourth land auction in Hangzhou this year, with a total price of 64.089 million yuan and a floor price of 14,858 yuan per square meter, reflecting a premium rate of 2.4% [1] - The overall land auction in August concluded with four plots sold, totaling approximately 1.822 billion yuan, with a total area of 117,501 square meters and a total construction area of 191,581.6 square meters, indicating a significant slowdown in land supply compared to the first half of the year [1] - The newly auctioned land plot has a plot ratio of 2.5 and a construction area of approximately 43,135 square meters, with specific planning conditions including a minimum building height of 3 meters and a prohibition on villa construction [1] Group 1 - The San Tun area has seen an expansion in development due to the demolition of the old Hangzhou-Xuancheng railway and the construction of the extended section of Metro Line 4, with four residential land plots auctioned this year [3] - The newly acquired land by Poly Real Estate is adjacent to two other projects, with plans for six buildings of 15-19 stories and two six-story stacked villas, expected to launch in September at a price around 40,000 yuan per square meter [3] - The Lotus Pond Road TOD project, sold for a base price of 268.463 million yuan, was jointly acquired by China Resources, Hangzhou Transportation Investment, and Hangzhou Rail Transit, with only one small residential plot remaining unsold in the adjusted area [5]

Core Viewpoint - Poly Property Group (00119) reported a revenue of 18.444 billion yuan for the six months ending June 30, 2025, representing a year-on-year increase of 48.07%, while the profit attributable to shareholders decreased by 44.31% to 208 million yuan, with basic earnings per share at 5.44 cents [1] Financial Performance - The group achieved a contract sales amount of 26.7 billion yuan during the period, a year-on-year decrease of 6% [1] - The average contract sales price increased by 9% year-on-year to 27,763 yuan per square meter [1] Market Position - As of the end of June, the group ranked 15th in the CRIC full-caliber sales list, improving by 2 positions compared to the end of last year [1] Land Acquisition and Strategy - The company acquired 9 real estate development projects in the first half of the year, adding approximately 1.183 million square meters to its land reserves, with an equity ratio of 74% [1] - The total land investment in Shanghai, Hangzhou, and Guangzhou accounted for 88% of the total land cost [1] Industry Trends - The land market is showing a trend of reduced volume but improved quality, with real estate companies actively acquiring land in first-tier and core second-tier cities, leading to a noticeable increase in land auction premium rates [1] - The sales proportion from the Yangtze River Delta and Greater Bay Area has further increased to 76% [1]

Core Insights - Poly Real Estate Group reported a revenue of RMB 18.444 billion for the first half of 2025, an increase of RMB 5.988 billion or 48.1% compared to RMB 12.457 billion in the same period of 2024 [1] - The net profit attributable to shareholders decreased to RMB 208 million, down RMB 165 million or 44.3% from RMB 373 million in the previous year [1] - The basic and diluted earnings per share were RMB 0.0544, compared to RMB 0.0977 in 2024 [1] Financial Performance - As of June 30, 2025, the total equity attributable to shareholders was RMB 34.188 billion, a slight decrease of 0.1% from RMB 34.209 billion at the end of 2024 [1] - The net asset value per share remained unchanged at RMB 8.95 [1] Sales Performance - The total contracted sales amount for the group, including joint ventures and associates, was RMB 26.7 billion, representing a year-on-year decrease of 6% [1] - According to CRIC statistics, the cumulative sales of the top 100 real estate companies in the first half of the year declined by 11.8% [1] - As of the end of June, the group ranked 15th in the CRIC full-caliber sales list, improving by 2 positions compared to the end of last year [1] Market Trends - The average contracted sales price increased by 9% year-on-year to RMB 27,763 per square meter, driven by a focus on high-quality projects in major cities [1] - The sales proportion from the Yangtze River Delta and Greater Bay Area further increased to 76% [1]

公告称，期内置业集团(集团连同其合营企业及联营公司)完成合约销售金额267亿元，同比减少6%。克 而瑞统计百强房企1–6月累计销售同比下降11.8%。截至六月底，集团在克而瑞全口径销售榜位列第15 名，较去年底再提升2个名次。由于新增项目持续向高能级城市优质板块聚拢，上半年合约销售均价同 比增长9%至27,763元╱ 平方米，长三角和大湾区的销售占比进一步提升至76%。 智通财经APP讯，保利置业集团(00119)发布截至2025年6月30日止6个月中期业绩，该集团取得收入 184.44亿元，同比增加48.07%;公司拥有人应占溢利2.08亿元，同比减少44.31%;每股基本盈利5.44分。 土地市场呈现缩量提质趋势，房企在一线和核心二线城市布局积极，土拍溢价率明显回升。上半年，置 业集团共获取9个房地产开发项目，新增土地储备约118.3万平方米，权益占比74%。以总土地成本计 算，在上海、杭州和广州三个城市的投资合计佔比达到88%。高质量快周转项目支撑销售和回笼双兑 现，筑牢企业安全边际，带动库存有序消化。 ...

Company Information and Report Declaration This section covers the disclaimer and an overview of the interim results announcement [Disclaimer](index=1&type=section&id=Disclaimer) The Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited disclaim responsibility for this announcement's content, accuracy, or completeness, and accept no liability for any losses - The HKEX and Stock Exchange are not responsible for the content, accuracy, or completeness of this announcement, and accept no liability for any losses[1](index=1&type=chunk) [Report Overview](index=1&type=section&id=Report%20Overview) Poly Property Group Co., Limited announces its unaudited condensed consolidated results for the six months ended June 30, 2025, with comparative data for the prior period and year-end - Poly Property Group Co., Limited has released its unaudited interim results for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) Condensed Consolidated Financial Statements This section presents the company's condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, and financial position [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, the company reported significant revenue growth, but profit for the period and profit attributable to owners decreased, leading to lower earnings per share Key Data from Condensed Consolidated Statement of Profit or Loss (Six Months Ended June 30) | Indicator | 2025 (Thousands of RMB) | 2024 (Thousands of RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 18,444,209 | 12,456,641 | +48.1% | | Gross Profit | 3,219,504 | 1,775,918 | +81.3% | | Profit Before Income Tax Expense | 1,375,975 | 579,360 | +137.5% | | Profit for the Period | 232,482 | 248,642 | -6.5% | | Profit Attributable to Owners of the Company | 207,865 | 373,227 | -44.3% | | Earnings Per Share (Basic and Diluted) | 5.44 cents | 9.77 cents | -44.3% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive income for the period significantly decreased, primarily due to exchange differences from translating functional currency to presentation currency Key Data from Condensed Consolidated Statement of Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (Thousands of RMB) | 2024 (Thousands of RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 232,482 | 248,642 | -6.5% | | Exchange differences arising from translating functional currency to presentation currency | (169,377) | (866) | -19469.1% | | Other comprehensive income for the period, net of tax | (157,425) | 21,098 | -846.2% | | Total comprehensive income for the period | 75,057 | 269,740 | -72.2% | | Total comprehensive income attributable to owners of the Company | 51,973 | 396,750 | -86.9% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total non-current assets increased, while total current assets and liabilities decreased, resulting in a slight reduction in net current assets and total assets less current liabilities Key Data from Condensed Consolidated Statement of Financial Position (As at June 30) | Indicator | June 30, 2025 (Thousands of RMB) | December 31, 2024 (Thousands of RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 20,473,081 | 19,739,400 | +3.7% | | Total Current Assets | 173,029,502 | 178,963,377 | -3.3% | | Total Current Liabilities | 94,638,168 | 99,641,533 | -5.0% | | Net Current Assets | 78,391,334 | 79,321,844 | -1.2% | | Equity Attributable to Owners of the Company | 34,187,501 | 34,209,353 | -0.1% | | Total Equity | 46,580,256 | 46,547,310 | +0.1% | Notes to the Condensed Consolidated Financial Statements This section details the basis of preparation, significant accounting policies, and other explanatory notes to the condensed consolidated financial statements [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and HKEX Listing Rules, maintaining consistent accounting policies with the prior year, with HKFRS 18 expected to impact future profit or loss presentation - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the HKEX Listing Rules[9](index=9&type=chunk) - The Group has initially adopted HKAS 21 (Amendments) — The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, which did not have a material impact on accounting policies[11](index=11&type=chunk) - HKFRS 18 — Presentation and Disclosure in Financial Statements, which will replace HKAS 1, is expected to impact the presentation and disclosure of the statement of profit or loss in future financial statements[15](index=15&type=chunk) [Revenue and Segment Information](index=9&type=section&id=Revenue%20and%20Segment%20Information) The Group operates four segments: property development, property investment and management, hotel operations, and other operations, with property development being the primary source of revenue and profit in H1 2025 - The Group's principal operating segments include property development, property investment and management, hotel operations, and other operations[16](index=16&type=chunk)[17](index=17&type=chunk) [Segment Results for the Six Months Ended June 30, 2025](index=10&type=section&id=Segment%20Results%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) In H1 2025, property development contributed the majority of revenue and segment results, while hotel operations continued to incur losses Segment Revenue and Results for the Six Months Ended June 30, 2025 | Segment | Revenue (Thousands of RMB) | Segment Results (Thousands of RMB) | | :--- | :--- | :--- | | Property Development | 17,458,481 | 1,690,693 | | Property Investment and Management | 860,633 | 143,069 | | Hotel Operations | 114,312 | (30,548) | | Other Operations | 10,783 | 13,332 | | **Total** | **18,444,209** | **1,816,546** | [Segment Assets and Liabilities as at June 30, 2025](index=11&type=section&id=Segment%20Assets%20and%20Liabilities%20as%20at%20June%2030%2C%202025) As of June 30, 2025, the property development segment dominated both segment assets and liabilities Segment Assets and Liabilities as at June 30, 2025 | Segment | Segment Assets (Thousands of RMB) | Segment Liabilities (Thousands of RMB) | | :--- | :--- | :--- | | Property Development | 142,119,497 | 67,642,797 | | Property Investment and Management | 9,392,191 | 1,361,609 | | Hotel Operations | 3,002,832 | 68,939 | | Other Operations | 928,285 | 6,762 | | **Total** | **155,442,805** | **69,080,107** | [Segment Results for the Six Months Ended June 30, 2024](index=12&type=section&id=Segment%20Results%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202024) In H1 2024, property development was also the main source of revenue and profit, with hotel operation losses narrower than in H1 2025 Segment Revenue and Results for the Six Months Ended June 30, 2024 | Segment | Revenue (Thousands of RMB) | Segment Results (Thousands of RMB) | | :--- | :--- | :--- | | Property Development | 11,416,234 | 789,375 | | Property Investment and Management | 840,472 | 108,927 | | Hotel Operations | 177,000 | (2,474) | | Other Operations | 22,935 | 34,238 | | **Total** | **12,456,641** | **930,066** | [Segment Assets and Liabilities as at December 31, 2024](index=13&type=section&id=Segment%20Assets%20and%20Liabilities%20as%20at%20December%2031%2C%202024) As of December 31, 2024, the property development segment continued to hold the dominant share of segment assets and liabilities, consistent with the H1 2025 trend Segment Assets and Liabilities as at December 31, 2024 | Segment | Segment Assets (Thousands of RMB) | Segment Liabilities (Thousands of RMB) | | :--- | :--- | :--- | | Property Development | 141,335,678 | 70,569,736 | | Property Investment and Management | 9,200,916 | 1,333,672 | | Hotel Operations | 3,035,869 | 64,321 | | Other Operations | 937,823 | 8,985 | | **Total** | **154,510,286** | **71,976,714** | [Profit Before Income Tax Expense](index=13&type=section&id=Profit%20Before%20Income%20Tax%20Expense) For the six months ended June 30, 2025, profit before income tax expense significantly increased, primarily impacted by depreciation and a shift from profit to loss in shares of associates and joint ventures Key Adjustments to Profit Before Income Tax Expense (Six Months Ended June 30) | Item | 2025 (Thousands of RMB) | 2024 (Thousands of RMB) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 72,062 | 79,429 | | Depreciation of right-of-use assets | 16,595 | 24,357 | | Share of results of associates | (45,962) | 98,279 | | Share of results of joint ventures | (49,093) | 5,435 | | Loss on disposal of investment properties | – | 18,869 | [Income Tax Expense](index=14&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense significantly increased, primarily driven by higher PRC corporate income tax and land appreciation tax, while Hong Kong profits tax rates remained stable Composition of Income Tax Expense (Six Months Ended June 30) | Tax Type | 2025 (Thousands of RMB) | 2024 (Thousands of RMB) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 262 | 20,468 | | PRC Corporate Income Tax | 559,396 | 209,855 | | PRC Land Appreciation Tax | 594,395 | 100,683 | | Deferred Tax | (10,560) | (288) | | **Total Income Tax Expense** | **1,143,493** | **330,718** | - PRC Corporate Income Tax is calculated at a **25%** tax rate, and Land Appreciation Tax is levied at progressive rates ranging from **30% to 60%**[23](index=23&type=chunk) [Dividends](index=14&type=section&id=Dividends) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board did not declare an interim dividend for the six months ended June 30, 2025[24](index=24&type=chunk) [Earnings Per Share](index=15&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share decreased to 5.44 RMB cents, primarily due to a reduction in profit attributable to owners and no potential dilutive ordinary shares Earnings Per Share Calculation Data (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (Thousands of RMB) | 207,865 | 373,227 | | Weighted average number of ordinary shares | 3,821,183,118 | 3,821,183,118 | | Basic and Diluted Earnings Per Share (RMB cents) | 5.44 | 9.77 | - Diluted earnings per share for H1 2025 and 2024 were the same as basic earnings per share, as there were no potential dilutive ordinary shares[26](index=26&type=chunk) [Deposits Paid for Acquisition of a Subsidiary](index=15&type=section&id=Deposits%20Paid%20for%20Acquisition%20of%20a%20Subsidiary) As of June 30, 2025, the Group had paid a deposit for the acquisition of a 51% equity interest in a company, with the acquisition yet to be completed - As of June 30, 2025, the Group had paid a deposit for the acquisition of a **51%** equity interest in a company, which has not yet been completed[27](index=27&type=chunk) [Trade and Other Receivables](index=15&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables increased to RMB 6,301,673 thousands, with a significant rise in trade receivables over 90 days, indicating extended collection cycles for some amounts Ageing Analysis of Trade and Other Receivables (As at June 30) | Ageing | June 30, 2025 (Thousands of RMB) | December 31, 2024 (Thousands of RMB) | | :--- | :--- | :--- | | 0 to 30 days | 42,196 | 187,892 | | 31 to 90 days | 30,694 | 16,133 | | Over 90 days | 457,398 | 247,019 | | **Total Trade Receivables** | **530,288** | **451,044** | | Other Receivables | 5,771,385 | 5,026,651 | | **Total** | **6,301,673** | **5,477,695** | - The Group provides an average credit period ranging from **30 to 90 days** to its trade customers and has no concentrated credit risk[28](index=28&type=chunk) [Trade and Other Payables](index=16&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables slightly decreased, with payables over 90 days still constituting the majority but showing a reduction in amount Ageing Analysis of Trade and Other Payables (As at June 30) | Ageing | June 30, 2025 (Thousands of RMB) | December 31, 2024 (Thousands of RMB) | | :--- | :--- | :--- | | 0 to 30 days | 654,422 | 1,827,262 | | 31 to 90 days | 765,536 | 290,931 | | Over 90 days | 13,742,545 | 14,441,805 | | **Total Trade Payables** | **15,162,503** | **16,559,998** | | Other Payables | 7,269,489 | 7,567,771 | | **Total** | **22,431,992** | **24,127,769** | [Share Capital](index=16&type=section&id=Share%20Capital) As of June 30, 2025, the company's issued and fully paid ordinary share capital remained unchanged from December 31, 2024 Share Capital Information (As at June 30) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of ordinary shares (shares) | 3,821,183,118 | 3,821,183,118 | | Amount (Thousands of RMB) | 15,712,159 | 15,712,159 | [Contingent Liabilities](index=16&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the maximum guarantee amount for mortgage loans to property buyers and the total credit facility guarantees for associates and joint ventures both decreased Key Contingent Liabilities Data (As at June 30) | Type of Guarantee | June 30, 2025 (Thousands of RMB) | December 31, 2024 (Thousands of RMB) | | :--- | :--- | :--- | | Maximum guarantee for mortgage loans to property buyers | 17,824,863 | 23,496,301 | | Credit facility guarantees for associates/joint ventures | 6,428,812 | 6,494,874 | | Utilized guarantees for associates/joint ventures | 2,409,584 | 3,547,951 | - The Directors believe that the fair value of the relevant properties is sufficient to cover the outstanding mortgage loans guaranteed by the Group[31](index=31&type=chunk) [Capital Commitments](index=16&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's contracted but unprovided capital expenditure for property development increased, with no authorized but uncontracted capital expenditure Capital Commitments (As at June 30) | Item | June 30, 2025 (Thousands of RMB) | December 31, 2024 (Thousands of RMB) | | :--- | :--- | :--- | | Contracted but unprovided capital expenditure for property development | 12,259,778 | 10,004,894 | | Authorized but uncontracted capital expenditure | 0 | 0 | Business Review This section provides an overview of the Group's financial performance, macroeconomic and real estate market conditions, property sales, new projects, land bank, and property management operations [Financial Highlights](index=17&type=section&id=Financial%20Highlights) In H1 2025, the Group's revenue grew by 48.1% year-on-year, but profit attributable to shareholders and basic and diluted earnings per share decreased by 44.3%, while shareholders' equity and net asset value per share remained stable Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 18.44 billion | 12.46 billion | +48.1% | | Profit Attributable to Shareholders | 208 million | 373 million | -44.3% | | Basic and Diluted Earnings Per Share | 5.44 cents | 9.77 cents | -44.3% | | Shareholders' Equity (As at June 30/December 31) | 34.19 billion | 34.21 billion | -0.1% | | Net Asset Value Per Share (As at June 30/December 31) | 8.95 | 8.95 | 0.0% | [Macroeconomic and Real Estate Market Overview](index=17&type=section&id=Macroeconomic%20and%20Real%20Estate%20Market%20Overview) In H1 2025, China's GDP grew by 5.3%, with the real estate market stabilizing under policy support, showing narrowed sales declines and reduced unsold inventory, while land markets saw quality-focused acquisitions - China's GDP grew by **5.3%** year-on-year in the first half, with the national economy maintaining a stable and positive trend[34](index=34&type=chunk) - National new commercial housing sales decreased by **5.5%** in the first half, with the decline significantly narrowing and market transaction volume improving[34](index=34&type=chunk) - The land market showed a trend of reduced volume and improved quality, with property developers actively expanding in first-tier and core second-tier cities, and land auction premium rates rebounding[35](index=35&type=chunk) - The Group's average financing cost decreased by **48 basis points** from the end of last year to **2.90%**, and it successfully issued **RMB 4 billion** in corporate bonds[36](index=36&type=chunk) [Property Sales](index=18&type=section&id=Property%20Sales) In H1 2025, the Group's contracted sales decreased by 6% to RMB 26.7 billion, but the average selling price increased by 9% to RMB 27,763/sqm, with the Yangtze River Delta and Greater Bay Area accounting for 76% of sales Key Contracted Sales Data for the Six Months Ended June 30, 2025 | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Contracted Sales Amount | 26.7 billion | 28.4 billion (estimated) | -6% | | Contracted Sales Area | 0.961 million sqm | - | - | | Average Contracted Selling Price | 27,763 RMB/sqm | 25,470 RMB/sqm (estimated) | +9% | - The Group ranked **15th** in the CRIC all-caliber sales list, an improvement of **2 places** from the end of last year[34](index=34&type=chunk) - Sales in the Yangtze River Delta and Greater Bay Area further increased to **76%** of total sales[34](index=34&type=chunk) [Contracted Sales by Region for the Six Months Ended June 30, 2025](index=19&type=section&id=Contracted%20Sales%20by%20Region%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) In H1 2025, the Yangtze River Delta region contributed 55% of contracted sales, followed by the Pearl River Delta at 15% and Hong Kong at 6% Contracted Sales Amount by Region for the Six Months Ended June 30, 2025 | Region | Contracted Sales Amount (Millions of RMB) | Share (%) | | :--- | :--- | :--- | | Yangtze River Delta Region | 14,605 | 55% | | Pearl River Delta Region | 3,991 | 15% | | Southwest Region | 1,556 | 6% | | Other Regions | 4,868 | 18% | | Hong Kong Region | 1,648 | 6% | | **Total** | **26,668** | **100%** | [Future Project Launch Plan](index=20&type=section&id=Future%20Project%20Launch%20Plan) In H2 2025, the Group plans to launch nine new property projects, primarily in high-tier cities such as Shanghai, Hangzhou, Guangzhou, Shenzhen, Jinan, and Weihai - Nine new property projects are planned for launch in H2 2025, including projects in Shanghai Yangpu, Hangzhou Xihu District, Guangzhou Liwan, and Shenzhen Bao'an[39](index=39&type=chunk) [New Projects Commenced](index=20&type=section&id=New%20Projects%20Commenced) In H1 2025, the Group commenced construction on 6 new projects, totaling approximately 511,000 square meters of new gross floor area, with 3 being first-time commencements New Projects Commenced in the Six Months Ended June 30, 2025 | Project | New GFA Commenced (Thousands of sqm) | Group's Attributable Interest (%) | | :--- | :--- | :--- | | Shanghai Poly Hai Shang Yin | 85 | 100% | | Guangzhou Poly Xi Yue Wan | 48 | 75% | | Guangzhou Liwan Project | 195 | 100% | | Shenzhen Bao'an Project | 80 | 100% | | Guiyang Poly Park 2010 | 32 | 100% | | Wuhan Poly City | 71 | 68% | | **Total** | **511** | - | [Projects Carried Forward](index=21&type=section&id=Projects%20Carried%20Forward) In H1 2025, the Group carried forward approximately RMB 17.37 billion in sales and 814,000 square meters in area, with the Pearl River Delta region contributing the largest share of carried forward sales at 43% Carried Forward Sales Amount by Region for the Six Months Ended June 30, 2025 | Region | Carried Forward Amount (Millions of RMB) | Share (%) | | :--- | :--- | :--- | | Yangtze River Delta Region | 4,004 | 23% | | Pearl River Delta Region | 7,513 | 43% | | Southwest Region | 1,860 | 11% | | Other Regions | 3,353 | 19% | | Hong Kong Region | 637 | 4% | | **Total** | **17,367** | **100%** | - Ningbo Poly Lang Yue Xu Zhang, Shenzhen Poly Yong Shan Jun, Shenzhen Poly Long Yu, and Shenzhen Poly Ming Yue Lan An Garden were the main projects carried forward[42](index=42&type=chunk) [Land Bank and New Acquisitions](index=23&type=section&id=Land%20Bank%20and%20New%20Acquisitions) In H1 2025, the Group acquired 9 new property development projects, adding approximately 1.183 million square meters to its land bank with a 74% equity interest, primarily investing in high-tier cities like Shanghai, Hangzhou, and Guangzhou - A total of **9** property development projects were acquired in the first half, adding approximately **1.183 million square meters** to the land bank, with an attributable interest of **74%**[35](index=35&type=chunk)[44](index=44&type=chunk) - Based on total land cost, investments in Shanghai, Hangzhou, and Guangzhou accounted for **88%** of the total[35](index=35&type=chunk) Overview of New Projects Acquired in the Six Months Ended June 30, 2025 | Project | Planned Total GFA (Thousands of sqm) | Group's Attributable Interest (%) | | :--- | :--- | :--- | | Guangzhou Liwan Project | 253 | 100% | | Hangzhou Xihu District Project | 68 | 100% | | Jinan Lixia District A1 Project | 168 | 40% | | Shanghai Yangpu Project | 88 | 100% | | Hangzhou Xiyuan 7th Road Project | 116 | 100% | | Weihai Huancui Project | 120 | 70% | | Shanghai Jing'an Project | 124 | 51% | | Jinan Tianqiao Project | 120 | 40% | | Hangzhou Xiaoshan Project | 126 | 25% | | **Total** | **1,183** | - | [Details of New Projects](index=23&type=section&id=Details%20of%20New%20Projects) New projects are strategically located in prime areas with excellent transportation and amenities, primarily planned as high-rise residential communities to meet local housing demands - The Guangzhou Liwan project is located in the Baietan core business district, offering convenient transportation and excellent commercial and educational facilities, planned for high-rise residential development[46](index=46&type=chunk) - Both the Hangzhou Xihu District project and Hangzhou Xiyuan 7th Road project are located in the western part of the Sandun area, leveraging the university town and industrial parks, with rich surrounding educational resources, planned for high-rise residential development[47](index=47&type=chunk)[50](index=50&type=chunk) - The Shanghai Yangpu project is situated in the inner-middle ring East Bund area, close to Lujiazui and Yangpu Riverside, with convenient transportation and comprehensive amenities, planned for high-rise residential development[49](index=49&type=chunk) [Investment Properties and Hotels](index=26&type=section&id=Investment%20Properties%20and%20Hotels) The Group holds a portfolio of investment properties and hotels in first and second-tier cities, with a total gross floor area of approximately 681,000 square meters and an asset value of approximately RMB 8.65 billion Overview of Major Investment Properties and Hotels | Region | Major Investment Properties and Hotels | GFA Held (Thousands of sqm) | Group's Attributable Interest (%) | Property Type | | :--- | :--- | :--- | :--- | :--- | | Beijing | Beijing Poly Plaza | 15 | 75% | Office Building | | Shanghai | Shanghai Poly Plaza (part) | 30 | 100% | Office Building and Commercial | | Shenzhen | Shenzhen Poly Culture Plaza (part) | 135 | 100% | Commercial | | Beijing | Beijing Poly Plaza Hotel | 63 | 75% | Hotel | | Shanghai | Hyatt Regency Shanghai Jiading | 69 | 100% | Hotel | [Property Management](index=26&type=section&id=Property%20Management) In H1 2025, the Group's property management company achieved revenue of RMB 625 million, a 6.7% year-on-year increase, with managed gross floor area reaching 54.09 million square meters, up 7.0% Key Property Management Business Data (Six Months Ended June 30, 2025) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 625 million | 586 million (estimated) | +6.7% | | Managed Property Projects | 318 | - | - | | Managed GFA | 54.09 million sqm | 50.55 million sqm (estimated) | +7.0% | - Property management business covers various types of properties including residential, commercial, office buildings, hotels, and theaters[57](index=57&type=chunk) Liquidity and Capital Structure This section analyzes the Group's shareholders' equity, gearing ratio, borrowing structure, financing costs, liquidity, foreign exchange risk management, pledged assets, and contingent liabilities [Shareholders' Equity and Gearing Ratio](index=27&type=section&id=Shareholders%27%20Equity%20and%20Gearing%20Ratio) As of June 30, 2025, total equity attributable to owners was RMB 34.19 billion, with net asset value per share at RMB 8.95, and the gearing ratio slightly decreased to 75.9% Shareholders' Equity and Gearing Ratio (As at June 30) | Indicator | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Shareholders | 34,187,501,000 | 34,209,353,000 | -0.1% | | Net Asset Value Per Share | 8.95 | 8.95 | 0.0% | | Gearing Ratio | 75.9% | 76.6% | -0.7 percentage points | [Borrowing Structure and Financing Costs](index=27&type=section&id=Borrowing%20Structure%20and%20Financing%20Costs) As of June 30, 2025, the Group's total outstanding bank and other borrowings amounted to RMB 68.20 billion, primarily denominated in RMB, with 44% at fixed rates and 56% at floating rates, and average financing costs decreased to 2.90% Borrowing Structure (As at June 30) | Category | Amount (Thousands of RMB) | Share (%) | | :--- | :--- | :--- | | **Total Outstanding Bank and Other Borrowings** | **68,203,639** | **100%** | | **By Maturity:** | | | | Repayable within one year | 17,483,131 | 25.6% | | Repayable after one year but within two years | 17,067,474 | 25.0% | | Repayable after two years but within five years | 25,032,652 | 36.7% | | Repayable after five years | 8,620,382 | 12.7% | | **By Currency:** | | | | RMB | 61,105,639 | 90% | | USD | 3,549,000 | 5% | | HKD | 3,549,000 | 5% | | **By Interest Rate:** | | | | Fixed Rate | - | 44% | | Floating Rate | - | 56% | - The Group's average financing cost decreased by **48 basis points** from the end of last year to **2.90%**[36](index=36&type=chunk) [Liquidity and Foreign Exchange Risk](index=27&type=section&id=Liquidity%20and%20Foreign%20Exchange%20Risk) As of June 30, 2025, the Group's net current assets and total bank balances decreased, but it maintains sufficient resources for working capital needs through available bank facilities and operating cash flows, managing foreign exchange risk by balancing currency assets and liabilities Key Liquidity Data (As at June 30) | Indicator | June 30, 2025 (Thousands of RMB) | December 31, 2024 (Thousands of RMB) | | :--- | :--- | :--- | | Net Current Assets | 78,391,334 | 79,321,844 | | Total Bank Balances | 28,468,404 | 34,671,647 | - The Group minimizes foreign exchange risk by balancing monetary assets and liabilities, as well as foreign currency income and expenses[60](index=60&type=chunk) [Pledged Assets](index=28&type=section&id=Pledged%20Assets) As of June 30, 2025, the total carrying value of assets pledged as collateral for credit facilities decreased to RMB 29.00 billion, mainly due to a reduction in pledged properties under development Carrying Value of Pledged Assets (As at June 30) | Asset Type | June 30, 2025 (Thousands of RMB) | December 31, 2024 (Thousands of RMB) | | :--- | :--- | :--- | | Investment Properties | 6,433,509 | 5,530,726 | | Hotel Properties | 1,576,000 | 1,605,000 | | Properties Under Development | 18,346,879 | 23,421,673 | | Properties Held for Sale | 2,152,607 | 1,118,818 | | Bank Deposits | 163,696 | 164,147 | | **Total** | **29,004,455** | **32,166,014** | - The Group's interests in certain subsidiaries are also pledged as collateral for credit facilities[61](index=61&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group's maximum guarantee for property buyer mortgage loans was RMB 17.83 billion, and utilized credit facility guarantees for associates and joint ventures were RMB 2.41 billion, both decreasing from year-end 2024 Contingent Liabilities (As at June 30) | Type of Guarantee | June 30, 2025 (Thousands of RMB) | December 31, 2024 (Thousands of RMB) | | :--- | :--- | :--- | | Maximum guarantee for mortgage loans to property buyers | 17,824,863 | 23,496,301 | | Utilized credit facility guarantees for associates/joint ventures | 2,409,584 | 3,547,951 | - The Directors believe that the fair value of the relevant properties is sufficient to cover the outstanding mortgage loans guaranteed by the Group[62](index=62&type=chunk) Other Information This section provides details on the Group's employees, share option scheme, securities transactions, corporate governance, post-reporting period events, and publication of interim results [Employees](index=29&type=section&id=Employees) As of June 30, 2025, the Group had 6,437 employees, an increase from the prior year, with total remuneration for the period approximately RMB 379.11 million, and the company provides diverse benefits and training Employee Information (As at June 30) | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Employees | 6,437 | 6,124 | | Remuneration for the Period (RMB) | 379,110,000 | - | - The Group provides employees with benefits such as year-end double pay, discretionary bonuses, provident funds, and medical insurance, along with on-the-job training[63](index=63&type=chunk) [Share Option Scheme](index=29&type=section&id=Share%20Option%20Scheme) The company's share option scheme adopted in 2014 expired on May 27, 2024, and no new share option scheme was adopted for the six months ended June 30, 2025 - The Company's share option scheme expired on May 27, 2024[64](index=64&type=chunk) - For the six months ended June 30, 2025, the Company did not adopt any share option scheme[65](index=65&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=29&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period[66](index=66&type=chunk) [Corporate Governance](index=29&type=section&id=Corporate%20Governance) The company consistently complied with the Corporate Governance Code and the Model Code for Securities Transactions by Directors of Listed Issuers during the review period, ensuring robust corporate governance practices - The Company has complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules throughout the review period[67](index=67&type=chunk) - All Directors confirmed that they have complied with the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules for the six months ended June 30, 2025[68](index=68&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Audit Committee, comprising three non-executive and four independent non-executive directors, reviewed the Group's accounting principles, internal controls, risk management, and financial reporting, approving the unaudited interim financial statements - The Audit Committee has reviewed the Group's accounting principles, internal controls, risk management, and financial reporting matters[70](index=70&type=chunk) - The Audit Committee has approved the unaudited condensed consolidated financial statements for the six months ended June 30, 2025[70](index=70&type=chunk) [Events After Reporting Period](index=30&type=section&id=Events%20After%20Reporting%20Period) From June 30, 2025, to the date of this announcement, the Group has not experienced any significant post-reporting period events with material impact - As of the date of this announcement, the Group has no significant events after the reporting period[71](index=71&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=30&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement is published on the company's and HKEX websites, with the 2025 interim report available for review in September 2025 - This interim results announcement has been published on the Company's website and the website of Hong Kong Exchanges and Clearing Limited[72](index=72&type=chunk) - The 2025 interim report will be available for viewing on the Company's and HKEX websites and dispatched to shareholders in September 2025[72](index=72&type=chunk) [Board of Directors](index=30&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors comprises executive, non-executive, and independent non-executive directors, including Mr. Wan Yuqing, Mr. Hu Zaixin, Mr. Zhang Yi, Mr. Gong Jian, Mr. Deng Huan, Mr. Fung Chi Kin, Ms. Leung Sau Fun, Mr. Wong Ka Lun, and Mr. Wu Jianlin - The Board of Directors includes executive directors, non-executive directors, and independent non-executive directors[73](index=73&type=chunk)[74](index=74&type=chunk)