智通财经APP讯，正商实业(00185)发布公告，集团预期截至2025年6月30日止六个月取得净亏损约人民 币4.6亿元至人民币6.2亿元，而截至2024年6月30日止六个月则取得净亏损约人民币16.0亿元。根据董事 会当前可获得的资料，董事会认为报告期间的净亏损减少主要由于以下因素所致：(i)报告期内项目竣工 交付节奏加快，可出售╱租赁建筑面积的交付同比显著增加并确认为收入;(ii)集团物业项目计提的减值 准备减少。 ...

公告表示，董事会认为报告期间的净亏损减少主要由于以下因素所致：(i)报告期内项目竣工交付节奏加 快，可出售╱租赁建筑面积的交付同比显著增加并确认为收入；(ii)集团物业项目计提的减值准备减 少。 格隆汇8月22日丨正商实业(00185.HK)发布公告，截至2025年6月30日止六个月，集团预期录得净亏损介 乎约人民币4.6亿元至人民币6.2亿元，而截至2024年6月30日止六个月则录得净亏损约人民币16.0亿元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 就 因 本 公 告 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。 ZENSUN ENTERPRISES LIMITED 正商實業有限公司 （於 香 港 註 冊 成 立 之 有 限 公 司） （股 份 代 號：185） 盈 利 預 警－虧 損 減 少 承董事會命 正商實業有限公司 主 席、行 政 總 裁 兼 執 行 董 事 本公告由正商實業有限公司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）根 據 香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a)條及香港法例 第571章證券及期貨條例第XIVA部項下內幕消息條文（定 義 見 上 市 規 則）作 出。 本公司董事會（「董事會」）謹 此 知 會 本 公 司 股 東 及 有 意 投 資 者，根 據 董 事 會 目 前 可 得 資 料，以 及 對 截 至2025年6月30日止六個月（「報告期間」）的未經審核之本集 團 綜 合 管 ...

格隆汇8月19日丨正商实业(00185.HK)公布，董事会会议将于2025年8月29日(星期五)举行，藉以(其中包 括)批准本公司及其附属公司截至2025年6月30日止六个月中期业绩及其发布，并考虑建议派发中期股息 (如有)。 ...

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 會 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。 ZENSUN ENTERPRISES LIMITED 正商實業有限公司 （於 香 港 註 冊 成 立 之 有 限 公 司） （股 份 代 號：185） 董事會會議日期 正商實業有限公司 主 席、行 政 總 裁 兼 執 行 董 事 張敬國 香 港，2025年8月19日 於 本 公 佈 日 期，執 行 董 事 為 張 敬 國 先 生 及 張 國 強 先 生；非 執 行 董 事 為Huang Yanping女 士；及 獨 立 非 執 行 董 事 為 劉 達 先 生、馬 運 弢 先 生 及 李 惠 群 博 士。 正商實業有限公司「( 本公司」)董事會「( 董事會」)謹 此 公 佈，董 事 會 會 議 將 於2025 年8月29日(星期五)舉 行，藉 以(其中包括)批准本公司及其附屬公司截至2025年 6月30日 止 六 個 月 中 期 業 績 及 其 ...

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7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: 正商實業有限公司 (「本公司」) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00185 | 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 | | | | 1,913,386,669 | | 0 | | 1,913,386,669 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 1,913,386,669 | ...

Core Viewpoint - Zhuhai Duty-Free Group Co., Ltd. (stock code: 600185.SH) has achieved a significant upgrade in its ESG rating from BBB to A, reflecting the company's strategic focus on "big consumption" and sustainable governance initiatives [2][11]. Group 1: Strategic Transformation - The company completed a major asset restructuring by acquiring a 51% stake in Zhuhai Duty-Free Enterprise Group and divesting 100% of its non-Zhuhai real estate subsidiaries, marking its transition from a real estate developer to a duty-free consumption enterprise [4]. - The company has committed to not initiating new real estate projects and aims to exit its existing real estate business within five years through asset sales and equity transfers [4]. - The focus will now be on duty-free business as the core engine, expanding into commercial operations and cross-border trade to build a comprehensive "duty-free + commercial management + trade" ecosystem [4]. Group 2: Environmental, Social, and Governance (ESG) Initiatives - The company promotes a green development philosophy, optimizing logistics networks to reduce carbon emissions and enhance the efficiency of duty-free goods transportation [5]. - In social responsibility, the company engages in regional development and rural revitalization, contributing to the "Hundred Million Thousand Project" in Guangdong and developing cultural tourism projects [7]. - The governance structure has been strengthened with the establishment of a board-level ESG committee to integrate sustainable principles into strategic decision-making [9][10]. Group 3: Collaborative Value and Future Outlook - The upgrade to Wind ESG A-level certification is a recognition of the company's efforts in enhancing governance resilience and deepening ESG integration during a critical strategic transition [11][13]. - The company aims to leverage its core advantages in the duty-free sector while driving innovation and expanding its commercial management and trade layout, contributing to both corporate and social value growth [13].

Group 1 - The Hang Seng Index rose by 1.74% to close at 22,504.68 points on May 2 [1] - Zhengshang Industrial (00185.HK) closed at HKD 0.098 per share, up 13.95%, with a trading volume of 2,000 shares and a turnover of HKD 169, showing a volatility of 31.4% [1] Group 2 - Over the past month, Zhengshang Industrial has experienced a cumulative decline of 6.52%, and a year-to-date decline of 48.81%, underperforming the Hang Seng Index by 10.27% [2] - As of December 31, 2024, Zhengshang Industrial reported total revenue of CNY 9.542 billion, a year-on-year decrease of 52.37%, and a net profit attributable to shareholders of -CNY 2.182 billion, an increase of 5.07% year-on-year, with a gross margin of 3.81% and a debt-to-asset ratio of 97.56% [2] Group 3 - Currently, there are no institutional investment ratings for Zhengshang Industrial [3] - The average price-to-earnings (P/E) ratio for the real estate industry is 4.67 times, with a median of -0.15 times. Zhengshang Industrial has a P/E ratio of -0.07 times, ranking 257th in the industry [3] - Other companies in the industry include Baishida Holdings (01168.HK) with a P/E of 0.28 times, Hengda Group Holdings (03616.HK) at 1.71 times, Meilian Group (01200.HK) at 2.22 times, Zhongao Daijia (01538.HK) at 2.76 times, and Ruishen Life Services (01922.HK) at 2.82 times [3] Group 4 - Zhengshang Industrial Limited is primarily engaged in investment activities and was established in 1965, listed on the Hong Kong Stock Exchange since 1972. The company is headquartered in Hong Kong with offices in Japan and the United States [3] - The company has a substantial property portfolio in Singapore, Hong Kong, Japan, the United States, and the People's Republic of China, focusing on property development, investment, management, hotel operations, and securities trading and investment [3] - The group is currently concentrating on two growth areas: real estate development expansion in China and real estate investment trust ownership and management strategies in the United States [3]

Property Development - As of December 31, 2024, Zensun Enterprises Limited completed 161 land acquisitions, supporting its property development business in Henan Province, Beijing, and Hubei Province[9]. - The Group has 84 completed property projects and 22 ongoing complex property projects, with 90 land parcels under development and planning, totaling approximately 6.3 million sq.m. of land reserves and an estimated gross floor area of 13.5 million sq.m.[9]. - The estimated saleable/leasable gross floor area under development is approximately 2.8 million sq.m., with an additional 2.4 million sq.m. under planning[9]. - The Group's focus will continue to be on identifying new property development projects and bidding for land use rights in first and second tier cities in the PRC, particularly in Henan Province[9]. - The total estimated gross floor area (GFA) of the Group's land reserves is approximately 13.5 million sq.m., with a strong presence in the property development sector for the next three to four years[9]. - The property development projects in the PRC include various residential and commercial properties with a total estimated saleable/leasable GFA of approximately 1,000,000 sq.m.[56]. - The Group's strategy includes expanding its property portfolio in key urban areas in China to enhance rental income and capital appreciation[56]. - The company is actively expanding its residential and commercial projects across multiple locations, enhancing its market presence[57]. - The company is focused on residential and commercial developments, with projects catering to diverse market needs[58]. - The company has a strategic plan for future developments, including new projects in various stages of planning and construction[58]. Financial Performance - For the financial year ended December 31, 2024, the Group's revenue was approximately RMB 9,542.1 million, representing a decrease of about 52.4% compared to 2023[26]. - The gross profit for the same period was approximately RMB 363.1 million, reflecting a decrease of about 53.0% compared to the previous year[26]. - The decline in revenue was primarily due to a reduction in the saleable floor area and a decline in the average selling price of completed property projects[26]. - The Group's loss attributable to owners for the year was approximately RMB 2,182.0 million, compared to RMB 2,298.5 million in 2023, with a basic loss per share of approximately RMB 114.0 cents[80]. - The property development business in the PRC contributed revenue of approximately RMB 9,436.1 million, a decrease from RMB 19,917.7 million in 2023, with a segment loss of approximately RMB 1,592.0 million[81]. - The total gross floor area (GFA) delivered during the year was approximately 1,327,000 sq.m. with an average selling price (ASP) of approximately RMB 7,110 per sq.m., compared to 2,088,000 sq.m. and RMB 9,540 per sq.m. in 2023[83]. - Other income decreased by approximately 17.2% to RMB 7.2 million from RMB 8.7 million in 2023, mainly due to a decrease in interest income[72]. - The Group's financing costs decreased by approximately 34.0% to RMB 289.7 million from RMB 438.6 million in 2023[79]. Strategic Focus and Future Plans - The Company aims to enhance its portfolio and brand image in the PRC, USA, and overseas, creating new sustainable revenue streams[11]. - The Group aims to ensure the timely delivery of projects while strengthening sales and capital recovery management to ensure cash flow safety[29]. - The Group plans to adopt a conservative approach and implement cost-cutting measures in response to the ongoing downturn in the real estate market[85]. - The Group anticipates that the Chinese government will continue to introduce policies to support the real estate market and stabilize macroeconomic growth, despite ongoing demand and financing pressures in the industry[129]. - Future funding needs for property development and land acquisition will be satisfied through proceeds from property sales, internally generated cash flows, and borrowings from financial institutions[130]. - The Group aims to diversify its business towards a light-asset model by expanding project management services, which is expected to gain popularity in the PRC market[136]. - The Group's management remains cautiously optimistic about the long-term prospects of the real estate industry and plans to expedite property development and sales in the PRC[137]. Corporate Governance and Management - The company has experienced significant leadership stability since the change of controlling shareholder on June 29, 2015, with key executives appointed shortly thereafter[175][178]. - The board of directors includes experienced professionals with backgrounds in finance, law, and real estate, enhancing corporate governance[185][188]. - The executive team has over 30 years of experience in the real estate industry, contributing to the company's growth and operational management[174]. - The company has established a discretionary trust for its shareholding structure, ensuring effective management of its assets[177]. - The audit committee supports the management's position regarding the disclaimer of opinion and the measures taken to address it[162]. Challenges and Risks - The external auditor issued a disclaimer of opinion on the Group's consolidated financial statements due to material uncertainties regarding going concern[151]. - The board acknowledges the volatility in the property sector in China and the uncertainties regarding continued support from banks and creditors[160]. - Should the group fail to operate as a going concern, adjustments may be necessary to write down asset values and reclassify non-current assets and liabilities[161]. - The Group has not made interest payments of US$3,621,730 due on the 2025 Notes, resulting in an event of default, with trading in these notes suspended since April 2, 2024[108]. Investments and Holdings - Zensun holds approximately 5.6% equity interest in Global Medical REIT, Inc., listed on the NYSE, providing dividend income and long-term capital appreciation[10]. - The Group holds approximately 5.6% of GMR's equity, which owns 190 medical and healthcare facilities in the U.S. with a net leasable area of approximately 4.8 million square feet[30]. - AHR, controlled by the Group with 99% equity, owns senior housing properties in Kansas and Texas, monitoring the local market for strategic adjustments[31]. - The Group's hotel operation in Zhengzhou City has been ongoing since 2022, with plans to explore opportunities in the Singapore property market[146].

Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 9,542 million, a decrease of about 52.4% compared to RMB 20,035 million in 2023[5]. - The loss attributable to the company's owners for the year was approximately RMB 2,182 million, a decrease of about 5.1% from RMB 2,298 million in 2023[5]. - Basic loss per share for the year was approximately RMB 114.0 cents, compared to RMB 120.1 cents in 2023[5]. - Total comprehensive loss for the year amounted to RMB 2,161 million, slightly improved from RMB 2,196 million in 2023[7]. - The group reported a net loss of approximately RMB 2,172,935,000 for the year ending December 31, 2024[12]. - The adjusted loss before tax for the group was RMB 1,681,724 thousand in 2024, compared to a loss of RMB 1,538,001 thousand in 2023, indicating a worsening of approximately 9.3%[26]. - The group reported a pre-tax loss of RMB 2,181,963,000 for 2024, compared to a loss of RMB 2,298,458,000 in 2023, indicating a slight improvement[36]. - The group recorded a net other loss of approximately RMB 1,563.6 million for the year, compared to RMB 1,610.1 million in 2023[53]. Revenue Breakdown - Customer contract revenue from property sales in China decreased to RMB 9,436,079 thousand in 2024 from RMB 19,917,712 thousand in 2023, representing a decline of approximately 52.7%[22]. - Total revenue from project management services in China fell to RMB 17,498 thousand in 2024 compared to RMB 32,222 thousand in 2023, a decrease of about 45.8%[22]. - Revenue from hotel operations in China increased slightly to RMB 36,226 thousand in 2024 from RMB 34,986 thousand in 2023, reflecting a growth of approximately 3.5%[22]. - The total revenue for the group in 2024 was RMB 9,542,095 thousand, down from RMB 20,034,898 thousand in 2023, indicating a decrease of around 52.3%[26]. - The segment revenue from property development in China was RMB 9,436,079 thousand in 2024, down from RMB 19,917,712 thousand in 2023, a decline of about 52.7%[26]. - The segment performance for project management services showed a profit of RMB 9,450 thousand in 2024, down from RMB 16,710 thousand in 2023, a decrease of approximately 43.0%[26]. Assets and Liabilities - Non-current assets decreased to RMB 1,213 million in 2024 from RMB 1,726 million in 2023[8]. - Current assets decreased to RMB 38,284 million in 2024 from RMB 44,673 million in 2023[8]. - Current liabilities decreased to RMB 37,143 million in 2024 from RMB 41,801 million in 2023[8]. - The company's net asset value decreased to RMB 962 million in 2024 from RMB 3,124 million in 2023[9]. - The group's total assets decreased to RMB 39,497,728 thousand in 2024 from RMB 46,399,320 thousand in 2023, a reduction of approximately 15%[28]. - Total liabilities also declined to RMB 38,535,051 thousand in 2024 from RMB 43,275,202 thousand in 2023, representing a decrease of about 11%[28]. - The total amount of accounts receivable decreased to RMB 15,801,000 in 2024 from RMB 20,663,000 in 2023, a reduction of approximately 23.8%[38]. - The total borrowings of the group, including bank loans and loans from a related company, were approximately RMB 14,573.8 million, down from RMB 15,175.5 million in the previous year[68]. Cash Flow and Financing - The company plans to enhance property sales, project management, hotel operations revenue, and rental income from investment properties to generate additional operating cash flow[18]. - The company is actively reviewing its debt structure and seeking financing opportunities, including negotiations with multiple financial institutions for new loans at reasonable costs[18]. - The group has developed cash flow forecasts covering at least the next twelve months to ensure sufficient operating funds[14]. - The group plans to manage cash flow through property sales and internal cash generation, as well as borrowing from commercial banks and financial institutions[80]. - The group has a significant amount of construction costs accrued, amounting to RMB 7,825,836 thousand in 2024, up from RMB 6,574,749 thousand in 2023[41]. - The group recorded a net foreign exchange loss of RMB 24,882,000 in 2024, compared to a loss of RMB 64,290,000 in 2023, showing an improvement in foreign exchange management[29]. Cost Management - The company reported a significant reduction in administrative expenses to RMB 142 million from RMB 174 million in 2023[6]. - The group’s financing costs from bank and other borrowings decreased to RMB 514,197,000 in 2024 from RMB 727,720,000 in 2023, a decline of about 29.3%[29]. - The group’s sales and marketing expenses decreased by approximately 42.0% from RMB 970 million in 2023 to about RMB 562 million this year[54]. - Administrative expenses reduced by approximately 17.9% from RMB 1,736 million in 2023 to about RMB 1,425 million this year, attributed to decreased market sales activities and cost-cutting measures due to the ongoing downturn in the Chinese real estate market[54]. - Financing costs decreased by approximately 34.0% from RMB 4,386 million in 2023 to about RMB 2,897 million this year, mainly due to reduced interest capitalization on development properties and lower bank and other borrowing interest[54]. Governance and Compliance - The audit committee is responsible for reviewing and monitoring the group's financial reporting processes and risk management systems[92]. - The company has adopted the corporate governance code and has complied with all relevant provisions, except for the noted deviations[89]. - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2024[98]. Future Outlook - The company has ongoing plans for market expansion and new product development, although specific details were not disclosed in the earnings report[4]. - The management acknowledges significant uncertainty regarding the implementation of plans and measures due to the volatility in the Chinese real estate industry[15]. - The group maintains an optimistic outlook for future growth opportunities in China, the United States, and overseas markets[87]. - The group is diversifying its business towards a light asset model, investing more internal resources to expand project management services[83].