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 致：香港交易及結算所有限公司 公司名稱: 港譽智慧城市服務控股有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00265 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 400,000,000 | HKD | | 0.25 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 400,000,000 | HKD | | 0.25 | HKD | | 100,000,000 | 截至月份: 2025年8月31日 狀態: 新提交 本月底法 ...

Core Viewpoint - ST Jinggu (600265.SH) reported a significant decline in revenue and incurred a net loss for the first half of 2025, indicating financial distress and operational challenges [1] Financial Performance - The company achieved a revenue of 1.23 billion, representing a year-on-year decrease of 45.03% [1] - The net profit attributable to shareholders was a loss of 1.24 billion [1] - The non-recurring net profit loss amounted to 751.4 million [1] - Basic earnings per share were reported at -0.955 yuan [1]

Core Viewpoint - The company reported a slight increase in revenue but a significant decrease in profit attributable to shareholders, primarily due to losses from investment property fair value changes and reduced bank interest income [1] Financial Performance - The company recorded revenue of approximately HKD 169 million for the six months ending June 30, 2025, representing an increase of about 1.0% compared to the previous period [1] - Profit attributable to shareholders was approximately HKD 15.1 million, a decrease of about 37.1% year-on-year [1] - Basic and diluted earnings per share attributable to shareholders were approximately HKD 0.0504, compared to approximately HKD 0.0399 in the previous period [1] Business Segments - The property management segment experienced revenue growth due to successful bidding for several new projects [1] - Revenue from the environmental hygiene and integrated development segments decreased, hindering overall revenue growth for the company during the period [1] Dividend Policy - The board of directors did not recommend the distribution of any interim dividend for the period, consistent with the previous period [1]

Group 1 - The company reported a revenue of HKD 169 million for the six months ending June 30, 2025, representing a year-on-year increase of 0.98% [1] - The profit attributable to shareholders was HKD 15.132 million, showing a year-on-year decrease of 36.99% [1] - The basic earnings per share were HKD 0.0504 [1]

Group 1 - The company reported a revenue of HKD 169 million for the six months ending June 30, 2025, representing a year-on-year increase of 0.98% [1] - The profit attributable to shareholders was HKD 15.132 million, which reflects a year-on-year decrease of 36.99% [1] - The basic earnings per share were HKD 0.0504 [1]

[Announcement Summary](index=1&type=section&id=Announcement%20Summary) [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) The Group's revenue grew 1.0% driven by property management, but profit declined 37.1% due to fair value losses and reduced gross profit - The Board does not recommend any interim dividend for the period[3](index=3&type=chunk) Overview of Key Financial Data | Metric | Current Period (thousand HKD) | Prior Period (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 169,400 | 167,700 | 1.0% | | Profit attributable to equity holders | 15,100 | 24,000 | -37.1% | | Basic and diluted earnings per share | 5.04 HK cents | 3.99 HK cents (restated) | 26.3% | - Revenue growth was primarily driven by successful bidding for new projects in the property management segment, offset by reduced revenue from environmental hygiene and integrated development businesses[4](index=4&type=chunk) - The decrease in profit was mainly due to increased fair value losses on investment properties, reduced bank interest income, and a decline in gross profit[4](index=4&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Revenue increased by 1.0%, but higher costs and fair value losses on investment properties led to a 36.3% decline in profit for the period Condensed Consolidated Statement of Profit or Loss Summary | Metric | Six Months Ended June 30, 2025 (thousand HKD) | Six Months Ended June 30, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 169,381 | 167,741 | 1.0% | | Cost of sales and services | (124,013) | (120,555) | 2.9% | | Gross Profit | 45,368 | 47,186 | -3.8% | | Other income | 988 | 3,563 | -72.3% | | Fair value change of investment properties | (9,844) | (5,572) | 76.7% | | Profit for the period | 15,197 | 23,832 | -36.3% | | Profit attributable to equity holders of the Company | 15,132 | 24,017 | -37.0% | | Basic and diluted earnings per share | 5.04 HK cents | 3.99 HK cents | 26.3% | - Basic and diluted earnings per share increased from **3.99 HK cents** (restated) to **5.04 HK cents**, despite a decrease in profit for the period, possibly due to share consolidation[6](index=6&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Despite a decline in profit for the period, total comprehensive income surged over 200% due to favorable foreign currency translation differences Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Metric | Six Months Ended June 30, 2025 (thousand HKD) | Six Months Ended June 30, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 15,197 | 23,832 | -36.3% | | Exchange differences on translation of foreign operations | 13,321 | (13,583) | 198.1% | | Total comprehensive income for the period | 29,237 | 9,602 | 204.5% | | Attributable to equity holders of the Company | 28,628 | 10,256 | 179.1% | - The shift from an exchange loss of **HKD 13.6 million** in the prior period to an exchange gain of **HKD 13.3 million** in the current period for overseas operations was the primary driver of the significant increase in total comprehensive income[7](index=7&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets slightly increased, with net current assets growing significantly, leading to a 6.1% rise in net assets, primarily due to increased reserves Condensed Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 238,168 | 243,614 | -2.2% | | Current assets | 399,447 | 387,029 | 3.2% | | Current liabilities | 134,323 | 149,435 | -10.1% | | Net current assets | 265,124 | 237,594 | 11.6% | | Net assets | 460,217 | 433,551 | 6.1% | | Equity attributable to equity holders of the Company | 354,068 | 327,540 | 8.1% | - Net current assets increased by **11.6%**, primarily due to an increase in current assets and a decrease in current liabilities[8](index=8&type=chunk) - Reserves increased from **HKD 207.3 million** to **HKD 233.8 million**, serving as the main driver for the growth in equity attributable to equity holders of the Company[9](index=9&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [1. General Information](index=6&type=section&id=1.%20General%20Information) The Company, an exempted limited company listed on the Stock Exchange, primarily operates in property management, environmental hygiene, and integrated development - The Company is an exempted limited company incorporated in the Cayman Islands, with its shares listed on The Stock Exchange of Hong Kong Limited[10](index=10&type=chunk) - The Group primarily engages in property management and leasing services for residential and commercial properties, environmental hygiene, integrated development, and diversified tourism products and services[10](index=10&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) Unaudited interim financial statements, reviewed by the Audit Committee, are prepared under Listing Rules and HKAS 34 on a historical cost basis - The interim financial statements are unaudited, have been reviewed by the Audit Committee, and are prepared in accordance with Appendix D2 of the Listing Rules and Hong Kong Accounting Standard 34[12](index=12&type=chunk) - The adoption of new/revised Hong Kong Financial Reporting Standards had no significant impact on the Group's results and financial position[14](index=14&type=chunk) [3. Revenue and Segment Reporting](index=7&type=section&id=3.%20Revenue%20and%20Segment%20Reporting) [3(a) Revenue](index=7&type=section&id=3%28a%29%20Revenue) Revenue, totaling **HKD 169.4 million**, is primarily generated from property management, environmental hygiene, tourism-related services, and rental income Revenue Composition | Revenue Category | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Property management services | 88,584 | 85,260 | 3.9% | | Tourism-related services | 2,127 | 3,928 | -45.9% | | Environmental hygiene services | 63,696 | 65,249 | -2.4% | | Rental income | 14,974 | 13,304 | 12.6% | | **Total Revenue** | **169,381** | **167,741** | **1.0%** | [3(b) Segment Reporting](index=8&type=section&id=3%28b%29%20Segment%20Reporting) Operating segments include property management, environmental hygiene, and integrated development, with property management showing significant growth while others declined - Property management segment performance nearly doubled, increasing from **HKD 8.3 million** to **HKD 16.1 million**[21](index=21&type=chunk) - Environmental hygiene segment performance significantly decreased from **HKD 15.9 million** to **HKD 6.2 million**[21](index=21&type=chunk) - All external customer revenue and over **98%** of non-current assets of the Group are derived from mainland China[25](index=25&type=chunk) Key Client Revenue Contribution | Client | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Client A (related company) | <10% of total revenue | 19,369 | | Client B | 39,317 | 29,196 | [4. Finance Costs](index=12&type=section&id=4.%20Finance%20Costs) Finance costs, mainly interest on lease liabilities, increased slightly by 15.2% to **HKD 977 thousand** for the period Finance Costs | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on lease liabilities | 977 | 848 | 15.2% | [5. Profit Before Tax](index=12&type=section&id=5.%20Profit%20Before%20Tax) Profit before tax was affected by lower staff costs, a sharp drop in bank interest income, and increased loss allowance for trade receivables Profit Before Tax Impact Factors | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Total staff costs | 43,570 | 48,406 | -9.99% | | Bank interest income | (851) | (3,536) | -75.9% | | Loss allowance for trade receivables | 1,861 | 4,568 | -59.2% | | Net exchange loss (gain) | 1,788 | (1,868) | 195.7% | - Bank interest income significantly decreased by **75.9%**, negatively impacting profit before tax[28](index=28&type=chunk) - Net exchange position shifted from a gain to a loss, increasing expenses by **HKD 1.8 million**[28](index=28&type=chunk) [6. Tax](index=13&type=section&id=6.%20Tax) Tax for the period was negative **HKD 104 thousand** due to deferred tax reversal, with China's taxable profits subject to 5% or 25% rates - Corporate income tax in China is levied at **5%** (for small and micro enterprises) or **25%**[29](index=29&type=chunk) - No provision for profits tax was made in Hong Kong due to tax losses incurred[29](index=29&type=chunk) Income Tax Composition | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Current tax (corporate income tax) | 1,953 | 2,206 | | Deferred tax (reversal) | (2,057) | (4,596) | | **Total income tax** | **(104)** | **(2,390)** | [7. Earnings Per Share](index=13&type=section&id=7.%20Earnings%20Per%20Share) Basic and diluted earnings per share increased to **5.04 HK cents**, primarily due to reduced distributions to perpetual convertible securities holders Earnings Per Share Calculation Data | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Profit attributable to equity holders of the Company | 15,132 | 24,017 | | Distributions paid to holders of perpetual convertible securities | (2,100) | (11,613) | | Distributions accrued to holders of perpetual convertible securities | – | (2,100) | | **Profit for EPS calculation** | **13,032** | **10,304** | - The weighted average number of ordinary shares used for EPS calculation has been retrospectively adjusted due to the share consolidation[33](index=33&type=chunk) - The assumed conversion and issue of perpetual convertible securities and share award schemes were not included in diluted EPS calculation due to their anti-dilutive effect[33](index=33&type=chunk) [8. Property, Plant and Equipment](index=14&type=section&id=8.%20Property%2C%20Plant%20and%20Equipment) The carrying amount of machinery and equipment, primarily lease-held assets, decreased to zero HKD as of June 30, 2025 - As of June 30, 2025, the carrying amount of machinery and equipment was **zero HKD**, compared to **HKD 3,498 thousand** as of December 31, 2024, primarily related to assets held under leases[34](index=34&type=chunk) [9. Trade Receivables](index=14&type=section&id=9.%20Trade%20Receivables) Total trade receivables increased to **HKD 166.8 million**, with a significant rise in overdue accounts from third parties and related companies Trade Receivables Composition | Source | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Third parties | 127,591 | 116,725 | 9.3% | | Related companies | 52,946 | 53,182 | -0.4% | | Loss allowance | (13,691) | (11,440) | 19.7% | | **Total (net of allowance)** | **166,846** | **158,467** | **5.3%** | Trade Receivables Aging Analysis | Aging | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Within 90 days | 60,985 | 62,001 | -1.6% | | 91 to 180 days | 18,626 | 34,769 | -46.4% | | 181 to 365 days | 57,212 | 48,986 | 16.8% | | Over 365 days | 30,023 | 12,711 | 136.2% | - The increase in trade receivables was primarily due to delayed payments from specific customers in the property management and environmental hygiene segments due to cash flow delays[66](index=66&type=chunk) [10. Trade Payables](index=15&type=section&id=10.%20Trade%20Payables) Total trade payables slightly decreased to **HKD 31.6 million**, mainly to third parties, though payables over 365 days increased Trade Payables Composition | Source | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | To third parties | 31,163 | 31,797 | -2.0% | | To related companies | 467 | 773 | -39.6% | | **Total** | **31,630** | **32,570** | **-2.9%** | Trade Payables Aging Analysis | Aging | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Within 90 days | 12,371 | 12,659 | -2.3% | | 91 to 180 days | 3,413 | 5,304 | -35.7% | | 181 to 365 days | 3,469 | 4,396 | -21.1% | | Over 365 days | 12,377 | 10,211 | 21.2% | [11. Share Capital](index=16&type=section&id=11.%20Share%20Capital) Share capital structure remained stable, with 258,442 thousand issued ordinary shares at **HKD 0.25** par value, totaling **HKD 64,610 thousand** - The authorized share capital is **400,000 thousand** shares with a par value of **HKD 0.25** each, totaling **HKD 100,000 thousand**[37](index=37&type=chunk) - The issued and fully paid share capital consists of **258,442 thousand** shares with a par value of **HKD 0.25** each, totaling **HKD 64,610 thousand**[37](index=37&type=chunk) - A share consolidation was effected on December 2, 2024, where every fifty shares of **HKD 0.005** par value were consolidated into one share of **HKD 0.25** par value[37](index=37&type=chunk) [12. Interim Dividend](index=16&type=section&id=12.%20Interim%20Dividend) The Board does not recommend any interim dividend for the period - The Board does not recommend any interim dividend for the period[38](index=38&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Overview, Business Strategies and Business Review](index=17&type=section&id=Industry%20Overview%2C%20Business%20Strategies%20and%20Business%20Review) The Group operates in property management, environmental hygiene, and integrated development in China, with property management revenue growing while others declined [Property Management Business](index=17&type=section&id=Property%20Management%20Business) Driven by urbanization, the property management business achieved 5.1% revenue growth through service quality improvements and digital platform adoption - National policies are driving the property management industry towards standardization, intelligence, and a people-oriented approach, encouraging the adoption of big data and artificial intelligence to enhance efficiency[42](index=42&type=chunk) - Hongyu Property Group received multiple industry awards and enhanced customer satisfaction by strengthening employee training, competitive promotion systems, and digital platforms for value-added services[43](index=43&type=chunk)[44](index=44&type=chunk) - The total gross floor area under management is approximately **8.5 million square meters**, with successful bids for several new projects (primarily public buildings), but some service contracts expired and were not renewed[45](index=45&type=chunk) Property Management Business Revenue | Business | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Property management business revenue | 103,600 | 98,600 | 5.1% | [Environmental Hygiene Business](index=20&type=section&id=Environmental%20Hygiene%20Business) Environmental hygiene revenue decreased by 2.3% due to fewer sporadic contracts, with future focus on service scope, client relations, and cost control - The environmental hygiene industry is expected to maintain rapid growth but faces challenges such as technology upgrade costs, human resource management, and environmental regulation enforcement[47](index=47&type=chunk) Environmental Hygiene Services Business Revenue | Business | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Environmental hygiene services revenue | 63,700 | 65,200 | -2.3% | - The decrease in revenue was primarily due to a reduction in sporadic contracts; the Group will implement cost control measures and provide training to enhance operational efficiency[48](index=48&type=chunk) [Integrated Development Business](index=21&type=section&id=Integrated%20Development%20Business) Integrated development revenue, particularly tourism-related services, decreased by 45.9% due to high mall vacancy rates and increased competition [Tourism-related Services](index=21&type=section&id=Tourism-related%20Services) Tourism-related revenue decreased by 45.9% to **HKD 2.1 million** due to high mall vacancy rates, increased competition, and lack of unique products Tourism-related Services Revenue | Business | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Tourism-related services revenue | 2,100 | 3,900 | -45.9% | - The decrease in revenue was primarily due to high shopping mall vacancy rates, increased competition from self-operated businesses by nearby villagers, and a lack of unique and competitive products[50](index=50&type=chunk) - A piece of land with a total area of **14,637 square meters** is in the planning stage, with a carrying value of approximately **HKD 15.5 million**[50](index=50&type=chunk) [Provision of Promotion, Event Planning and Consultancy Services](index=22&type=section&id=Provision%20of%20Promotion%2C%20Event%20Planning%20and%20Consultancy%20Services) No revenue was recorded from promotion, event planning, and consultancy services due to changes in a key client's sales and marketing strategy - No revenue was recorded from promotion, event planning, and consultancy services during the current and prior periods, mainly due to changes in a key client's sales and marketing strategy[52](index=52&type=chunk) [Diversified Tourism Products and Services Business](index=22&type=section&id=Diversified%20Tourism%20Products%20and%20Services%20Business) No revenue was recorded in diversified tourism products and services, as the Group focused on property management and environmental hygiene - No revenue was recorded in the diversified tourism products and services segment during the current and prior periods, as the Group focused on other businesses such as property management and environmental hygiene[53](index=53&type=chunk) [Future Outlook](index=22&type=section&id=Future%20Outlook) Property management and environmental hygiene industries are expected to grow but face rising costs; the Group plans strategic adjustments and acquisitions - The property management and environmental hygiene industries are expected to maintain growth but face increasing operating costs and intense competition[54](index=54&type=chunk) - The Group will adjust its market strategies to support national policies, enhance service quality, and promote intelligent and digital transformation[54](index=54&type=chunk)[55](index=55&type=chunk) - Future strategies include expanding service scope through cross-industry cooperation and strategically acquiring high-quality projects to grow the property management and environmental hygiene businesses[56](index=56&type=chunk) [Financial Review](index=24&type=section&id=Financial%20Review) [Operating Performance](index=24&type=section&id=Operating%20Performance) Total revenue increased by 1.0% to **HKD 169.4 million**, driven by property management growth, while environmental hygiene and integrated development revenues declined Analysis by Revenue Nature | Business Category | 2025 (thousand HKD) | Share (%) | 2024 (thousand HKD) | Share (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Property management and leasing related services | 103,558 | 61.1 | 98,564 | 58.8 | 5.1% | | Environmental hygiene services | 63,696 | 37.6 | 65,249 | 38.9 | -2.4% | | Tourism-related revenue | 2,127 | 1.3 | 3,928 | 2.3 | -45.9% | | **Total** | **169,381** | **100.0** | **167,741** | **100.0** | **1.0%** | - The increase in property management business revenue was primarily due to successful bids for several new projects, mainly in public facilities[58](index=58&type=chunk) - The decrease in environmental hygiene business revenue was mainly due to a reduction in sporadic contracts (non-tendered services)[58](index=58&type=chunk) - The decline in integrated development business revenue was primarily due to increased vacancy rates in Tumen Tourism's shopping mall and intense competition from self-operated businesses by nearby villagers[59](index=59&type=chunk) [Gross Profit and Gross Margin](index=25&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Total gross profit decreased by 3.8% to **HKD 45.4 million**, with gross margin falling to 26.8%, as property management growth was offset by declines in other segments Gross Profit and Gross Margin by Business Segment | Business Segment | 2025 Gross Profit (thousand HKD) | 2024 Gross Profit (thousand HKD) | Change (%) | 2025 Gross Margin (%) | 2024 Gross Margin (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property management business | 33,600 | 25,600 | 31.3% | 32.4% | 26.0% | 6.4 | | Environmental hygiene business | 10,000 | 18,100 | -44.8% | 15.7% | 27.7% | -12.0 | | Integrated development business | 1,800 | 3,500 | -48.6% | 82.2% | 89.7% | -7.5 | | **Total** | **45,400** | **47,200** | **-3.8%** | **26.8%** | **28.1%** | **-1.3** | - The increase in property management business gross profit and gross margin was primarily due to successful bids for new projects and effective operational cost control[60](index=60&type=chunk) - The decrease in environmental hygiene business gross profit and gross margin was mainly due to a reduction in sporadic contracts, contract expirations, and increased operating costs from upgraded services[61](index=61&type=chunk) [Profit for the Period](index=26&type=section&id=Profit%20for%20the%20Period) Profit for the period decreased to **HKD 15.2 million** due to increased fair value losses on investment properties, lower bank interest income, and reduced gross profit - Profit for the period was approximately **HKD 15.2 million**, a decrease from **HKD 23.8 million** in the prior period[63](index=63&type=chunk) - The decrease in profit was mainly due to an increase in fair value losses on investment properties of approximately **HKD 4.3 million**, reduced bank interest income, and a decline in the Group's gross profit[63](index=63&type=chunk) [Asset Structure](index=26&type=section&id=Asset%20Structure) Property, plant and equipment, and right-of-use assets totaled **HKD 133.3 million**, with increases in trade receivables and contract assets Key Asset Composition | Asset Category | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Property, plant and equipment and right-of-use assets | 133,300 | 139,900 | -4.7% | | Investment properties | 75,500 | 76,000 | -0.7% | | Investment in an associate | 23,400 | 22,700 | 3.1% | | Inventories | 15,600 | 15,100 | 3.3% | | Trade receivables | 166,800 | 158,500 | 5.2% | | Contract assets | 26,100 | 16,900 | 54.4% | | Prepayments, deposits and other receivables, amounts due from related companies and an associate | 80,500 | 110,300 | -27.0% | | Fixed deposits and cash and cash equivalents | 110,400 | 86,400 | 27.8% | - The development project of the associate, Dakun Zhifang, has been suspended due to economic uncertainties; the Group is evaluating the feasibility of restarting and exploring alternative exit strategies[65](index=65&type=chunk) - Contract assets significantly increased by **54.4%**, primarily representing trade receivables yet to be invoiced, especially from government department clients[68](index=68&type=chunk) - Cash and cash equivalents increased by **27.8%**, mainly generated from operating activities, partially offset by repayment of lease liabilities and distributions[68](index=68&type=chunk) [Liability Structure](index=28&type=section&id=Liability%20Structure) Trade payables and contract liabilities decreased by 6.4% to **HKD 58.3 million**, mainly due to accelerated repayments in the environmental hygiene segment Key Liability Composition | Liability Category | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables and contract liabilities | 58,300 | 62,300 | -6.4% | | Other payables | 53,300 | 63,000 | -15.4% | | Lease liabilities | 42,300 | 46,400 | -8.8% | - The decrease in trade payables and contract liabilities was primarily due to accelerated repayments in the environmental hygiene segment[67](index=67&type=chunk) - Other payables decreased by **15.4%**, mainly due to a reduction in customer advances and retirement contributions payable in the environmental hygiene segment[71](index=71&type=chunk) [Liquidity and Financial Resources](index=29&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's current ratio increased to 3.0, indicating sound financial policy with operations funded by internal resources Liquidity Ratios | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 3.0 | 2.6 | | Gearing Ratio | Not applicable | Not applicable | - The Group funds its operations and investments through internal resources[69](index=69&type=chunk) [Foreign Exchange Risk](index=29&type=section&id=Foreign%20Exchange%20Risk) Most transactions are in RMB, making net assets susceptible to exchange rate fluctuations; no derivative instruments were used for hedging - Most of the Group's transactions are denominated and settled in RMB, so exchange rate fluctuations will affect net assets[70](index=70&type=chunk) - No derivative financial instruments were used to hedge foreign exchange risk during the period[70](index=70&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) [Capital Commitments](index=30&type=section&id=Capital%20Commitments) Capital commitments for equity securities investments totaled approximately **HKD 16.4 million** as of June 30, 2025 Capital Commitments | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Equity securities investments | 16,400 | 15,900 | 3.1% | [Significant Acquisitions, Investments and Disposals](index=30&type=section&id=Significant%20Acquisitions%2C%20Investments%20and%20Disposals) The Group had no significant investments, acquisitions, or disposals of subsidiaries and associates during the period - The Group had no significant investments, significant acquisitions, or disposals of subsidiaries and associates during the period[73](index=73&type=chunk) [Pledge of Assets](index=30&type=section&id=Pledge%20of%20Assets) The Group had no pledged assets as of June 30, 2025, and December 31, 2024 - The Group had no pledged assets[74](index=74&type=chunk) [Significant Contingent Liabilities](index=30&type=section&id=Significant%20Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024 - The Group had no significant contingent liabilities[75](index=75&type=chunk) [Number of Employees and Remuneration](index=30&type=section&id=Number%20of%20Employees%20and%20Remuneration) The Group's total employees increased to 2,400, while staff costs decreased by 9.9% to **HKD 43.6 million**; benefits include medical insurance and MPF Employee Data | Metric | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Employees | 2,400 | 2,100 | 14.3% | | Staff Costs (thousand HKD) | 43,600 | 48,400 | -9.9% | - The Group provides medical insurance, Mandatory Provident Fund (MPF) schemes, and a share award scheme for its employees[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - Employees in China participate in a Chinese retirement scheme, while Hong Kong employees participate in an MPF scheme[77](index=77&type=chunk) [Interim Dividend](index=31&type=section&id=Interim%20Dividend) The Board does not recommend any interim dividend for the period - The Board does not recommend any interim dividend for the period[79](index=79&type=chunk) [Corporate Governance](index=32&type=section&id=Corporate%20Governance) The Company complied with the Corporate Governance Code, except for the combined Chairman and CEO roles, and rectified prior non-compliance with Listing Rules [Corporate Governance Code](index=32&type=section&id=Corporate%20Governance%20Code) The Company complied with the Corporate Governance Code, though the Chairman and CEO roles are combined, deviating from Code Provision C.2.1 - The Company complied with the Corporate Governance Code, except that the roles of Chairman and Chief Executive Officer are combined and performed by Mr. Mo Yueming, deviating from Code Provision C.2.1[80](index=80&type=chunk) [Non-compliance with Listing Rules](index=32&type=section&id=Non-compliance%20with%20Listing%20Rules) Non-compliance with Listing Rules on committee composition, due to INED re-designation, was rectified by appointing a new independent non-executive director - The re-designation of Mr. He Qi and Mr. Sui Fengzhi from independent non-executive directors to non-executive directors resulted in the Audit Committee and Nomination Committee composition not meeting Listing Rules requirements[81](index=81&type=chunk) - The Company rectified the non-compliance by appointing Mr. Yao Gang as an independent non-executive director, Chairman of the Audit Committee, and a member of the Nomination Committee on June 30, 2025, to comply with Listing Rules[82](index=82&type=chunk) [Standard Code for Securities Transactions by Directors](index=33&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Standard Code for directors' securities transactions, with all directors confirming compliance during the period - The Company adopted the Standard Code in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions, and all directors confirmed compliance during the period[83](index=83&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=33&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) The Company did not redeem, purchase, or sell any of its listed securities on the Stock Exchange during the period - The Company did not redeem any of its listed securities on the Stock Exchange during the period, nor did the Company or any of its subsidiaries purchase or sell any such securities[84](index=84&type=chunk) [Significant Events After the Reporting Period](index=33&type=section&id=Significant%20Events%20After%20the%20Reporting%20Period) The Group will acquire the remaining 49% interest in Hong Kong Dongsheng from China Comfort Travel Group, making it a wholly-owned entity - The Group will acquire the remaining **49%** interest in Hong Kong Dongsheng from China Comfort Travel Group Co., Ltd. for a consideration of **RMB 2,627,000** (approximately **HKD 2,876,000**), making it a wholly-owned entity after completion[85](index=85&type=chunk) - This acquisition is a fully exempt transaction as all applicable percentage ratios (except for the profit ratio) are less than **5%**, and the total consideration is less than **HKD 3,000,000**[85](index=85&type=chunk) [Audit Committee and Review of Interim Results](index=34&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee reviewed the unaudited interim results, confirming compliance with accounting standards, Listing Rules, and adequate disclosures - The Audit Committee has reviewed the Group's unaudited interim results for the period[87](index=87&type=chunk) - The Audit Committee concluded that applicable accounting standards were adopted, relevant Listing Rules complied with, and adequate disclosures made[87](index=87&type=chunk) [Publication of Interim Results and Interim Report](index=34&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) The interim results announcement is published online, and the interim report will be dispatched to shareholders and published on the website - This interim results announcement is published on the Company's website (www.gycsfw.com.cn) and the Stock Exchange's website (www.hkexnews.hk)[88](index=88&type=chunk) [Acknowledgement](index=34&type=section&id=Acknowledgement) The Board extends its sincere gratitude to shareholders, business partners, and employees - The Board extends its sincere gratitude to shareholders, business partners, and employees[89](index=89&type=chunk) [Board Composition](index=34&type=section&id=Board%20Composition) As of the announcement date, the Board comprises three executive, two non-executive, and three independent non-executive directors - The Board comprises three executive directors (Mr. Mo Yueming, Ms. Hao Ying, and Mr. Xue Fei), two non-executive directors (Mr. He Qi and Mr. Sui Fengzhi), and three independent non-executive directors (Mr. Lin Huarong, Ms. Juliett Jing Dong, and Mr. Yao Gang)[90](index=90&type=chunk)

Core Viewpoint - *ST Modern (002656.SZ) announced the transfer of 7,942,605 shares, representing 1.11% of the total share capital, from shareholder Jia Yuan New Energy Investment (Guangzhou) Partnership to Liaoning Ruiyang Energy Technology Co., Ltd. This transfer is an internal transfer among companies under the same actual controller and does not involve a tender offer or change in the controlling shareholder or actual controller [1]. Group 1 - The transfer involves 7,942,605 shares, which is 1.11% of the company's total share capital [1]. - The transfer is between companies under the same actual controller, indicating an internal transaction [1]. - The transaction does not lead to a change in the controlling shareholder or actual controller of the company [1].

Group 1 - The stock price of Hong Kong Yu Smart City Services (00265.HK) closed at HKD 0.850 on August 20, down 6.59% from the previous trading day, with an intraday low of HKD 0.710, marking a new low in nearly a year [1] - The net capital outflow for the day was HKD 0.85 million, with no significant inflow or outflow recorded [1] - Hong Kong Yu Smart City Services Holdings Limited, established in 1999, focuses on property management and leasing, urban sanitation, commercial operation management, and integrated urban services, aiming to become a leading smart city service platform [1] Group 2 - The company has evolved from managing a single community to servicing an entire city, expanding its operations from Shijiazhuang to the Beijing-Tianjin-Hebei region [1] - It has been recognized as a "provincial well-known brand" in property management for several consecutive years and is acknowledged as a "Chinese property service brand with influence" [1] - The company is committed to establishing industry benchmarks and maintaining steady growth in its operations [1]

Core Viewpoint - ST Jinggu plans to transfer 51% equity of Huayin Wood Industry to its controlling shareholder, Chow Tai Fook Investment, amid significant operational challenges and financial losses [1][6][7]. Group 1: Asset Transfer Details - The transaction is expected to constitute a major asset restructuring, with a minimum estimated transaction price of 133 million CNY [6][7]. - The transfer aims to isolate Huayin Wood's debts, lawsuits, and operational risks, thereby improving ST Jinggu's financial condition [7][9]. - Huayin Wood's revenue is projected to account for 87.02% of ST Jinggu's audited revenue for 2024, indicating a drastic reduction in ST Jinggu's operational scale post-transaction [6][9]. Group 2: Financial and Operational Challenges - Huayin Wood reported a loss of approximately 19 million CNY in inventory due to mismanagement, leading to significant operational disruptions [3][10]. - The company is currently facing multiple legal issues, with 12 asset preservation measures totaling around 95.15 million CNY [10]. - ST Jinggu's stock price increased by 4.95% to 19.93 CNY per share, with a total market capitalization of 2.6 billion CNY, despite ongoing financial difficulties [3][4]. Group 3: Historical Context and Future Outlook - ST Jinggu acquired 51% of Huayin Wood for 270 million CNY in 2023, with performance guarantees that have not been met, leading to financial strain [12][13]. - The company anticipates continued losses, projecting a net loss of 105 million to 130 million CNY for the first half of 2025 [14]. - The ongoing challenges in the artificial board market, influenced by real estate trends and increased competition, are expected to further impact ST Jinggu's performance [14].

Core Viewpoint - ST Jinggu plans to transfer its 51% stake in Tangxian Huiyin Wood Industry Co., Ltd. to its controlling shareholder, Zhou Dafu Investment Co., Ltd., or its designated affiliates, aiming to divest non-performing assets and alleviate operational burdens [2][5]. Group 1: Transaction Details - The transaction is expected to constitute a major asset restructuring and related party transaction, but will not change the controlling shareholder or actual controller of the company [2]. - The transaction will be settled in cash, with the price expected to be no less than 133 million yuan, based on asset evaluation results [5]. - The transfer aims to isolate debts, lawsuits, and operational risks associated with Huiyin Wood, thereby optimizing the asset structure and improving financial conditions [5][6]. Group 2: Financial Impact - Huiyin Wood's revenue is projected to account for 87.02% of ST Jinggu's total revenue in 2024, indicating a significant impact on the company's main business scale post-sale [5]. - The company anticipates that the transaction will lower its asset-liability ratio and enhance its ongoing operational capacity [5]. - ST Jinggu recorded a goodwill impairment of 83.3187 million yuan due to Huiyin Wood's failure to meet profit commitments in 2024 [10]. Group 3: Legal and Operational Challenges - Huiyin Wood has faced multiple legal challenges, with six property preservation cases this year, totaling approximately 66.9 million yuan, which represents 70.34% of ST Jinggu's latest audited net assets [11]. - The company has been involved in lawsuits primarily stemming from private lending issues, further complicating its operational landscape [10][11].