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].

随着多项重大标志性项目如白鹅潭大湾区艺术中心、太古里商业体以及万象城等陆续建成使用和运营，广州荔湾白鹅潭商务区的活力和吸引力 正在迅速增强。高端住宅项目的亮相，也将让这里成为广州楼市下半年焦点所在。 日前，在主题为"鹅潭焕新·湾区引擎——共筑世界级地标商圈"的白鹅潭高峰论坛上，羊城晚报记者获悉，保利置业以38亿元拿下的白鹅潭陆 居路地块，正式命名为"保利·翡丽甲第"，吹风价达10万-12万元/平方米。 广州市城市规划勘测设计研究院城市更新所所长艾勇军表示，白鹅潭作为广佛一体化的起点，承担着广州西翼的引擎和枢纽作用。它代表的是 广州文化的软实力，也是广州"老城市新活力"的引领区，未来这里将会是岭南文化的新地标志。 "如果要选一个地方，能代表广州的过去、现在和未来，我选白鹅潭。"广州市房协专家委副主任、广州市同创卓越房地产投资顾问有限公司总 经理赵卓文表示，尚有开发空间的白鹅潭地区，区域最新规划为世界级地标商圈，后发优势突显。 广东省体制改革研究会执行会长彭澎认为，白鹅潭这个世界级地标商圈，正加速推进高能级资源集聚。从当下布局而言，随着高端商业、文化 设施、交通枢纽的密集落地，白鹅潭已成为承接广州城市能级跃升的" ...

广州市住房和城乡建设局有关负责人在致辞中表示，白鹅潭因水而生，当前广州市正着力推进北岸、南 岸建设的衔接与呼应。多项重大标志性项目如大湾区艺术中心、太古里商业体以及万象城等陆续建成使 用和运营，这将会持续增强区域活力和吸引力。 7月召开的中央城市工作会议提出了一系列与房地产相关的措施与举措，为城市发展作出指引。本次论 坛汇聚各界智慧，共商共谋白鹅潭两岸以及区域的联动发展，对推动区域高质量发展具有重要意义。 大咖云集共绘白鹅潭发展蓝图 在主题分享环节，广州市城市规划设计有限公司常务副总经理，城乡规划、国土双正高级工程师，广东 省制造业协会副会长，广东省产业发展促进会副会长林太志指出，千年商埠白鹅潭曾是清代十三行全球 通商窗口，现跻身广州五大世界级商圈，11公里沿江商业长廊，落地万象城、太古里等顶流商业体，地 铁与城际四轨交会成枢纽，布局医药、科创产业，配建大湾区艺术中心与滨水绿地，将助力广佛融合， 建成国际滨水活力区。 广州市房协专家委副主任、广东省体制改革研究会执行会长、广州市社会科学院高级研究员彭澎表示， 白鹅潭正以"广州五大世界级地标商圈商业扩容之首"的定位，加速推进高能级资源集聚。从当下布局而 言，随着 ...

8月29日，杭州迎来年内三墩板块的第四次推地，三墩单元XH010401-28地块成功出让。 这是保利置业年内第三次在三墩摘地，且北面紧挨两个三墩项目，经仅4轮出价以总价64089万元竞得，楼面价14858元/㎡，溢价率2.4%。 杭州八月土拍落下帷幕，共成交4宗地，总成交金额约18.22亿，总出让面积117501方，总建筑面积191581.6方，整体供地节奏相较上半年明显放缓。 今日成交的三墩地块东至蓬驾桥港绿化，南至振华路，西至规划道路，北至规划西园五路，容积率2.5，出让面积约17254方，可建面积约43135方。 根据规划条件，层高不小于3米，新建住宅不低于4层，不得建别墅，设施建设应符合城西科创大走廊关于未来社区建设的相关要求。 地块与三墩核心居住片区存在一定距离，但位于紫金港科技城与云谷产业园区，可享受产业导入带来的人气。 随着老杭宣铁路的拆除、地铁4号线延伸段的建设，三墩的板块开发也逐渐向外围扩展。 板块今年以来共出让了4宗涉宅地，供地速度明显加快。 除了今日保利置业补仓的一宗，目前北面的两个项目案名已出。 【购房资讯轻松享，快来关注乐居网】 文章来源:乐居买房 保利·西源赋府规划打造6幢15-1 ...

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。 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%。 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。 ...

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6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%。 格隆汇8月29日丨保利置业集团(00119.HK)公告，2025年上半年，集团的收入为人民币184.44亿元(2024 年同期：人民币124.57亿元)，较去年同期增加人民币59.88亿元或48.1%。股东应占溢利为人民币2.08亿 元(2024年同期：3.73亿元)，较去年同期减少人民币1.65亿元或44.3%。每股基本及摊薄盈利为人民币 5.44分(2024年同期：人民币9.77分)。集团于2025年6月30日止股东权益为人民币341.88亿元(2024年12月 31日：人民币342.09亿元)，较去年底减少0.1%。每股资产净值为人民币8.95元(2024年12月31日：人民 币8.95元)。 ...

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)

Core Viewpoint - The article reports on the successful auction of a residential land parcel in Hangzhou, highlighting the competitive bidding process and the final sale price achieved by Zhejiang Poly Real Estate Company [1] Group 1: Auction Details - A residential land parcel in the Xihu District of Hangzhou was auctioned on August 29, covering a total area of 17,254 square meters [1] - The planned construction area for the site is 43,135 square meters, with a floor area ratio of 2.5 [1] - The starting price for the land was set at 626 million yuan, translating to a starting floor price of 14,510 yuan per square meter [1] Group 2: Bidding Outcome - After four rounds of bidding, Zhejiang Poly Real Estate Company won the land with a total bid of 641 million yuan [1] - The final transaction price resulted in a floor price of 14,858 yuan per square meter, reflecting a premium rate of 2.4% over the starting price [1]