Group 1 - The company reported a revenue of 330,000 RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 71.2% [1] - The loss attributable to the company's owners was 1.921 million RMB, a reduction of 51.72% compared to the previous year [1] - The basic loss per share was 0.78 cents [1] Group 2 - The decline in revenue was primarily due to a decrease of approximately 800,000 RMB in the income from comprehensive real estate consulting and sales agency services in China, which fell to about 300,000 RMB during the review period, compared to approximately 1.1 million RMB in the same period last year [1]

[Interim Results Summary](index=1&type=section&id=Interim%20Results%20Summary) This section provides an overview of the company's financial performance and position for the interim period, highlighting key changes in income, comprehensive expenses, and financial standing [Condensed Consolidated Income Statement](index=1&type=section&id=Condensed%20Consolidated%20Income%20Statement) During the reporting period, the company's revenue significantly decreased by 71.2% to RMB 330 '000, but gross profit turned from loss to a profit of RMB 160 '000 due to strict cost control, with loss for the period narrowing by 51.8% to RMB 1,921 '000 Key Data from Condensed Consolidated Income Statement | Indicator | Six Months Ended 30 June 2025 (RMB '000) | Six Months Ended 30 June 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 330 | 1,146 | -71.2% | | Cost of services | (170) | (1,384) | -87.7% | | Gross profit/(loss) | 160 | (238) | Turnaround to profit | | Investment income and other gains and losses | 659 | 968 | -31.9% | | Operating and administrative expenses | (2,699) | (4,666) | -42.2% | | Finance costs | (41) | (43) | -4.7% | | Loss before tax | (1,921) | (3,979) | -51.8% | | Income tax expense | – | – | - | | Loss for the period attributable to owners of the Company | (1,921) | (3,979) | -51.8% | | Basic loss per share (RMB cents) | (0.78) | (1.61) | -51.6% | | Diluted loss per share (RMB cents) | (0.78) | (1.61) | -51.6% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The company's loss for the period was RMB 1,921 '000, but other comprehensive income from foreign currency exchange differences of RMB 991 '000 significantly reduced the total comprehensive expense attributable to owners of the Company to RMB 930 '000, a 74.9% year-on-year narrowing Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | Six Months Ended 30 June 2025 (RMB '000) | Six Months Ended 30 June 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period | (1,921) | (3,979) | -51.8% | | Exchange differences on translation of foreign operations | 991 | 271 | +265.7% | | Other comprehensive income for the period, net of tax | 991 | 271 | +265.7% | | Total comprehensive expense for the period attributable to owners of the Company | (930) | (3,708) | -74.9% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, both non-current and current assets decreased, leading to a 25.2% year-on-year reduction in net assets to RMB 2,775 '000, with corresponding decreases in current and non-current liabilities, notably a significant drop in loans from a related company Key Data from Condensed Consolidated Statement of Financial Position | Indicator | 30 June 2025 (RMB '000) | 31 December 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Property, plant and equipment | 458 | 505 | -9.2% | | Right-of-use assets | 1,528 | 1,756 | -13.0% | | Investment properties | 9,619 | 9,743 | -1.3% | | Total non-current assets | 11,605 | 12,004 | -3.3% | | **Current assets** | | | | | Trade receivables | 1,251 | 1,412 | -11.4% | | Prepayments and other deposits | 579 | 600 | -3.5% | | Other receivables | 57 | 97 | -41.2% | | Financial assets at fair value through profit or loss | – | 10,000 | -100.0% | | Bank and cash balances | 4,375 | 3,489 | +25.4% | | Total current assets | 6,262 | 15,598 | -59.9% | | **Current liabilities** | | | | | Accruals and other payables | 2,936 | 4,000 | -26.5% | | Lease liabilities | 434 | 434 | 0.0% | | Total current liabilities | 3,370 | 4,434 | -24.0% | | **Non-current liabilities** | | | | | Lease liabilities | 1,222 | 1,463 | -16.5% | | Loan from a related company | 10,500 | 18,000 | -41.7% | | Total non-current liabilities | 11,722 | 19,463 | -39.7% | | **Net assets** | 2,775 | 3,705 | -25.2% | | **Total equity** | 2,775 | 3,705 | -25.2% | [Notes to the Condensed Consolidated Interim Financial Statements](index=4&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section details the accounting policies, adoption of new standards, revenue breakdown, tax expenses, loss components, dividends, loss per share, and trade receivables for the interim financial statements [1. Basis of Preparation and Accounting Policies](index=4&type=section&id=1.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) These interim financial statements are prepared in accordance with HKAS 34 and the Listing Rules, with accounting policies consistent with the 2024 annual consolidated financial statements - The condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[5](index=5&type=chunk) - The accounting policies and methods of computation adopted in the preparation of these condensed consolidated interim financial statements are consistent with those applied in the annual consolidated financial statements for the year ended 31 December 2024[5](index=5&type=chunk) [2. Adoption of New and Revised HKFRSs](index=4&type=section&id=2.%20Adoption%20of%20New%20and%20Revised%20HKFRSs) The Group has adopted all new and revised HKFRSs effective January 1, 2025, with no significant impact on current or prior period financial position or performance - The Group has adopted all new and revised Hong Kong Financial Reporting Standards ("HKFRSs") issued by the HKICPA that are relevant to its operations and effective for accounting periods beginning on 1 January 2025[6](index=6&type=chunk) - The application of the amendments to HKFRSs in the current period has had no material effect on the Group's financial position and performance for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements[7](index=7&type=chunk) [4. Revenue and Segment Information](index=5&type=section&id=4.%20Revenue%20and%20Segment%20Information) The Group primarily provides property consultancy and sales agency services in China, with revenue of RMB 330 '000 for the period, a 71.2% year-on-year decrease, entirely from integrated property consultancy and sales agency services in the Chinese market - The Group is principally engaged in the business of providing property consultancy and sales agency services for the property market in the People's Republic of China[8](index=8&type=chunk) Revenue by Business and Geographical Location | Revenue Source | Six Months Ended 30 June 2025 (RMB '000) | Six Months Ended 30 June 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Integrated property consultancy and sales agency service projects (PRC) | 330 | 1,146 | -71.2% | | Pure property planning and consultancy service projects (PRC) | – | – | 0.0% | | **Total Revenue** | **330** | **1,146** | **-71.2%** | - The Group is engaged in a single business, namely the provision of agency services for the sale of properties and property consultancy services, with the majority of its operations and assets located in the PRC[10](index=10&type=chunk) [5. Income Tax Expense](index=5&type=section&id=5.%20Income%20Tax%20Expense) No provision for Hong Kong profits tax, PRC enterprise income tax, or Cambodian profits tax was required as the Company and its related group entities had no assessable profits during the reporting period - No provision for Hong Kong profits tax has been made as the Company had no assessable profits for the review period and the corresponding period last year[11](index=11&type=chunk) - No PRC enterprise income tax was paid for both periods as the relevant group entities had no assessable profits during both periods[11](index=11&type=chunk) - No provision for profits tax has been made as the Company's subsidiary in Cambodia recorded losses during both periods[12](index=12&type=chunk) [6. Loss for the period has been arrived at after charging/(crediting) the following](index=6&type=section&id=6.%20Loss%20for%20the%20period%20has%20been%20arrived%20at%20after%20charging%2F%28crediting%29%20the%20following) During the period, auditor's remuneration remained unchanged, interest income slightly increased, while depreciation for property, plant and equipment, right-of-use assets, and investment properties significantly decreased, and reversal of provision for trade receivables also increased Items Charged/(Credited) in Loss for the Period | Item | Six Months Ended 30 June 2025 (RMB '000) | Six Months Ended 30 June 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Auditor's remuneration | 160 | 160 | 0.0% | | Interest income | (64) | (63) | +1.6% | | Depreciation of property, plant and equipment | 47 | 177 | -73.5% | | Depreciation of right-of-use assets | 228 | 273 | -16.5% | | Depreciation of investment properties | 124 | 361 | -65.7% | | Rental income from investment properties less direct expenses | (139) | (223) | -37.7% | | Reversal of provision for trade receivables | (492) | (400) | +23.0% | [7. Dividends](index=6&type=section&id=7.%20Dividends) The Board does not recommend the payment of any interim dividend for the reporting period, consistent with the prior corresponding period - The Board does not recommend the payment of any interim dividend for the review period (six months ended 30 June 2024: nil)[14](index=14&type=chunk) [8. Loss Per Share](index=6&type=section&id=8.%20Loss%20Per%20Share) Basic loss per share for the period was RMB 0.78 cents, a significant narrowing from RMB 1.61 cents in the prior period, primarily due to reduced loss for the period, with no diluted loss per share presented due to the absence of potential dilutive ordinary shares Loss Per Share Data | Indicator | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company (RMB '000) | 1,921 | 3,979 | -51.8% | | Number of ordinary shares in issue (shares) | 246,183,390 | 246,183,390 | 0.0% | | Basic loss per share (RMB cents) | (0.78) | (1.61) | -51.6% | - No diluted loss per share is presented as the Company did not have any potential dilutive ordinary shares for the periods ended 30 June 2025 and 30 June 2024[15](index=15&type=chunk) [9. Trade Receivables](index=6&type=section&id=9.%20Trade%20Receivables) As of June 30, 2025, net trade receivables were RMB 1,251 '000, a decrease from year-end 2024, with an average credit period of 90 days and regular credit loss provisions, and an increase in trade receivables aged over two years Trade Receivables | Indicator | 30 June 2025 (RMB '000) | 31 December 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Gross trade receivables | 5,807 | 6,460 | -10.1% | | Less: Provision for credit losses | (4,556) | (5,048) | -9.7% | | **Net trade receivables** | **1,251** | **1,412** | **-11.4%** | - The Group grants an average credit period of **90 days** to its customers, maintaining strict control over outstanding receivables, with credit loss provisions made regularly after management considers the timing and likelihood of collection[16](index=16&type=chunk) Ageing Analysis of Trade Receivables | Ageing | 30 June 2025 (RMB '000) | 31 December 2024 (RMB '000) | | :--- | :--- | :--- | | 0 to 90 days | 53 | 279 | | 91 to 180 days | 150 | 9 | | 181 to 365 days | 9 | 18 | | One to two years | 343 | 680 | | Over two years | 696 | 426 | | **Total** | **1,251** | **1,412** | [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the business performance, macroeconomic and real estate market conditions, financial highlights, and outlook, along with discussions on liquidity, debt, risk management, and other corporate matters [Business Review](index=8&type=section&id=Business%20Review) In H1 2025, China's macroeconomic indicators remained stable, but domestic demand rebalanced, and the real estate market continued its transformation with declining residential sales, prompting the Group to adopt a cautious strategy, scaling back agency business, and shifting towards asset management opportunities - In the first half of 2025, China's GDP grew by **5.3%** year-on-year, M2 money supply increased by **8.3%**, and investment in manufacturing and high-tech industries continued positive growth[18](index=18&type=chunk) - National residential contracted sales area and sales value still decreased by **3.7%** and **5.2%** year-on-year, respectively, with real estate development investment decreasing by **11.2%** and funds raised by **6.2%** during the same period[19](index=19&type=chunk) - The Group adopted a more cautious and prudent operating strategy, compressing agency business to the Yancheng project with more certain cash flow, and redirecting management resources towards asset management opportunities with low capital occupation and quick cash returns[19](index=19&type=chunk) - The Group is negotiating asset management mandates for Oriental Building and Huaneng United Building in Shanghai's core CBD, targeting operations commencement in Q4 2025[20](index=20&type=chunk) [Macroeconomic and Real Estate Market Overview](index=8&type=section&id=Macroeconomic%20and%20Real%20Estate%20Market%20Overview) - In the first half of 2025, China's GDP grew by **5.3%** year-on-year, and M2 money supply increased by **8.3%**[18](index=18&type=chunk) - National residential contracted sales area and sales value still decreased by **3.7%** and **5.2%** year-on-year, respectively, with real estate development investment decreasing by **11.2%** and funds raised by **6.2%** during the same period[19](index=19&type=chunk) - The Group adopted a more cautious and prudent operating strategy, compressing agency business to the Yancheng project with more certain cash flow, and redirecting management resources towards asset management opportunities with low capital occupation and quick cash returns[19](index=19&type=chunk) [Financial Performance Summary](index=9&type=section&id=Financial%20Performance%20Summary) - The Group recorded revenue of approximately **RMB 0.3 million**, a significant decrease of approximately **71.2%** compared to the same period last year[21](index=21&type=chunk) - The Group recorded a gross profit of approximately **RMB 0.16 million** during the review period, compared to a gross loss of approximately **RMB 0.24 million** in the same period last year, primarily due to strict cost-saving policies[21](index=21&type=chunk) - During the review period, the Group recorded a net loss of approximately **RMB 1.9 million**, compared to a net loss of approximately **RMB 4.0 million** in the same period last year[22](index=22&type=chunk) - Revenue generated from the integrated property consultancy and sales agency services business segment remains the Group's primary source of income, accounting for **100%** of the Group's total revenue[23](index=23&type=chunk) [Integrated Property Consultancy and Sales Agency Business](index=10&type=section&id=Integrated%20Property%20Consultancy%20and%20Sales%20Agency%20Business) - The Group managed **2** integrated property consultancy and sales agency service projects in China (six months ended 30 June 2024: 3 projects)[24](index=24&type=chunk) - Unaudited total revenue from these integrated property consultancy and sales agency service projects was approximately **RMB 0.3 million**, a decrease of approximately **71.2%** compared to the same period in 2024[25](index=25&type=chunk) - The decrease in revenue was primarily due to the weakening Chinese economy since Q2 2023, leading to a decline in demand in China's primary real estate market[25](index=25&type=chunk) - As of 30 June 2025, the Group had **1** integrated property consultancy and sales agency service project (30 June 2024: 3 projects), with a total unsold gross floor area of approximately **2,000 square meters** (30 June 2024: approximately 27,000 square meters)[25](index=25&type=chunk) [Pure Property Planning and Consultancy Business](index=10&type=section&id=Pure%20Property%20Planning%20and%20Consultancy%20Business) - For the six months ended 30 June 2025, the Group's pure property planning and consultancy business segment had no ongoing projects, thus no revenue was recorded for this segment[26](index=26&type=chunk) - No revenue was generated from pure property planning and consultancy business, primarily due to China's economic conditions during the review period, which led to reduced demand from developers for the Group's market research and promotion planning services[26](index=26&type=chunk) [Outlook and Prospects](index=10&type=section&id=Outlook%20and%20Prospects) Looking ahead, the market anticipates potential interest rate cuts and RRR reductions this year, but the real estate market is expected to remain in an adjustment phase, with the Group prioritizing cash preservation and risk control, closely monitoring policies and inventory destocking, and reassessing expansion plans only when demand indicators show sustained improvement - The market generally expects another interest rate cut and further reduction in the reserve requirement ratio within the year[27](index=27&type=chunk) - The real estate market is expected to remain in an adjustment period, influenced by moderate expectations for household income growth and the transformation of urbanization from quantity to quality[27](index=27&type=chunk) - The Group will continue to prioritize cash preservation and risk control, closely monitoring policy implementation and inventory destocking, and will only reassess expansion plans when demand-side indicators show sustained improvement[27](index=27&type=chunk) [Liquidity and Financial Resources](index=11&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's net current assets, total assets, and shareholders' funds all decreased, with the current ratio falling from 3.52 to 1.86, while bank and cash balances increased to RMB 4.4 million Overview of Liquidity and Financial Resources | Indicator | 30 June 2025 (RMB '000) | 31 December 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Net current assets | 2,900 (approx) | 11,200 (approx) | -74.1% | | Total assets | 17,900 (approx) | 27,600 (approx) | -35.2% | | Shareholders' funds | 2,800 (approx) | 3,700 (approx) | -24.3% | - The current ratio (calculated as total current assets divided by total current liabilities) decreased from **3.52** as at 31 December 2024 to **1.86** as at 30 June 2025[28](index=28&type=chunk) - Bank deposits and bank and cash balances were denominated in RMB and HKD, amounting to approximately **RMB 4.4 million** (31 December 2024: approximately RMB 3.5 million)[28](index=28&type=chunk) [Indebtedness and Charges on Assets](index=11&type=section&id=Indebtedness%20and%20Charges%20on%20Assets) As of June 30, 2025, the Group had no short-term borrowings, long-term borrowings were RMB 10.5 million (a 41.7% year-on-year decrease), and the gearing ratio fell to 378.4%, with no bank borrowings, overdrafts, or charges on assets - The Group had no short-term borrowings (31 December 2024: nil)[29](index=29&type=chunk) - There were long-term borrowings of **RMB 10.5 million** (31 December 2024: RMB 18 million), denominated in RMB and maturing on 31 December 2027[29](index=29&type=chunk) - The Group's gearing ratio (calculated as total borrowings divided by total equity) was **378.4%** (31 December 2024: 485.8%)[29](index=29&type=chunk) - The Group had no charges on assets[30](index=30&type=chunk) [Material Acquisitions and Disposals of Subsidiaries and Associates](index=11&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associates) During the reporting period, there were no material acquisitions or disposals of subsidiaries, associates, or joint ventures by the Company or its subsidiaries - During the review period, there were no material acquisitions or disposals of subsidiaries, associates, or joint ventures of the Company[31](index=31&type=chunk) [Events After the Reporting Period](index=11&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred after the end of the reporting period up to the date of this announcement - No significant events occurred after the end of the review period up to the date of this announcement[32](index=32&type=chunk) [Financial Risk Management](index=12&type=section&id=Financial%20Risk%20Management) The Group faces no significant foreign exchange risk, currently has no hedging policy but management continuously monitors it, and interest rate risk primarily stems from floating-rate bank balances, with no bank borrowings during the period - The Group has no significant currency fluctuation risk as sales are denominated in RMB and USD, purchases and expenses in RMB, HKD, or USD, and there are no significant foreign currency borrowings[33](index=33&type=chunk) - The Group currently has no foreign exchange hedging policy; however, management continuously monitors the Group's foreign exchange risk and will consider hedging significant foreign exchange risks when necessary[33](index=33&type=chunk) - The Group's interest rate risk primarily arises from fluctuations in interest rates on its floating-rate bank balances and other borrowings, with no bank borrowings exposed to interest rate risk held during the period[34](index=34&type=chunk) [Foreign Exchange Risk](index=12&type=section&id=Foreign%20Exchange%20Risk) - The Group has no significant currency fluctuation risk as sales are denominated in RMB and USD, purchases and expenses in RMB, HKD, or USD, and there are no significant foreign currency borrowings[33](index=33&type=chunk) - The Group currently has no foreign exchange hedging policy; however, management continuously monitors the Group's foreign exchange risk and will consider hedging significant foreign exchange risks when necessary[33](index=33&type=chunk) [Interest Rate Risk](index=12&type=section&id=Interest%20Rate%20Risk) - During the review period, the Group did not hold any bank borrowings exposed to interest rate risk[34](index=34&type=chunk) - The Group's interest rate risk primarily arises from fluctuations in interest rates on its floating-rate bank balances and other borrowings, as the Group had no bank borrowings[34](index=34&type=chunk) [Material Investments](index=12&type=section&id=Material%20Investments) As of December 31, 2024, the Group had invested RMB 10 million in wealth management products from China Merchants Bank and Huaxia Bank, which were fully redeemed by June 30, 2025, realizing a net gain of RMB 18 '000, with no material investments or future plans at the reporting date or announcement date - As of 31 December 2024, the Company, through its group members, had subscribed to wealth management products offered by China Merchants Bank and Huaxia Bank, each amounting to approximately **RMB 5,000,000**, totaling approximately **RMB 10,000,000**[35](index=35&type=chunk) - For the period ended 30 June 2025, the entire principal amount of the wealth management products subscribed from China Merchants Bank and Huaxia Bank was fully redeemed, and the Group recorded a net realized gain of approximately **RMB 18,000** on financial assets at fair value through profit or loss[36](index=36&type=chunk) - As of 30 June 2025, the Group had no material investments, and as of the date of this announcement, the Group had no future plans for material investments or capital assets[36](index=36&type=chunk) [Contingent Liabilities and Capital Commitments](index=12&type=section&id=Contingent%20Liabilities%20and%20Capital%20Commitments) As of June 30, 2025, the Group had no significant contingent liabilities or capital commitments - As of 30 June 2025, the Group had no significant contingent liabilities (31 December 2024: nil)[37](index=37&type=chunk) - As of 30 June 2025, the Group had no significant capital commitments (31 December 2024: nil)[38](index=38&type=chunk) [Employees and Remuneration Policy of the Group](index=13&type=section&id=Employees%20and%20Remuneration%20Policy%20of%20the%20Group) As of June 30, 2025, the Group had 19 employees, with staff costs (excluding directors' emoluments) of RMB 1.5 million, and a remuneration policy based on performance, individual contribution, experience, and responsibilities, complemented by a share option scheme for employee incentives - As of 30 June 2025, the Group had a total of **19** employees (31 December 2024: 25 employees)[39](index=39&type=chunk) - For the six months ended 30 June 2025, the Group recorded staff costs (excluding directors' emoluments) of approximately **RMB 1.5 million** (six months ended 30 June 2024: RMB 1.4 million)[39](index=39&type=chunk) - The Group's remuneration policy is formulated based on the Group's operating results, employees' individual performance, work experience, respective duties, expertise, qualifications, and abilities, as well as comparable market data and national policies[39](index=39&type=chunk) - The Company has adopted a share option scheme aimed at providing incentives and rewards to eligible participants who contribute to the Group[39](index=39&type=chunk) [Purchase, Sale or Redemption of the Company’s Listed Securities](index=13&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%E2%80%99s%20Listed%20Securities) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended 30 June 2025[40](index=40&type=chunk) [Public Float](index=13&type=section&id=Public%20Float) As of the latest practicable date prior to the printing of this announcement, the Company has maintained sufficient public float as required by the Listing Rules - As of the latest practicable date prior to the printing of this announcement, the Company has maintained sufficient public float as required by the Listing Rules[41](index=41&type=chunk) [Corporate Governance](index=13&type=section&id=Corporate%20Governance) This section outlines the company's adherence to corporate governance codes, standards for directors' securities transactions, and the audit committee's review of financial statements [Corporate Governance Code Compliance](index=13&type=section&id=Corporate%20Governance%20Code%20Compliance) The Company regularly reviews its corporate governance practices and believes it complied with the Corporate Governance Code during the reporting period, except for the combined roles of Chairman and Chief Executive Officer held by Mr. Jiang Chenfeng, which the Board believes ensures consistent leadership and efficient decision-making - The Directors believe that the Company has complied with the code provisions set out in the Corporate Governance Code for the six months ended 30 June 2025, save for the deviation from code provision C.2.1 of the Corporate Governance Code as disclosed below[42](index=42&type=chunk) - During the review period, the Company did not distinguish between the roles of Chairman and Chief Executive Officer, with Mr. Jiang Chenfeng holding both positions concurrently[43](index=43&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer in one person ensures consistent leadership for the Group, leading to more effective and efficient overall strategic planning for the Group[43](index=43&type=chunk) [Standard Code for Securities Transactions by Directors](index=14&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a code of conduct for directors' securities transactions no less exacting than the Standard Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the reporting period - The Company has adopted a code of conduct regarding securities transactions by Directors, the terms of which are no less exacting than the required standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers contained in Appendix C3 of the Listing Rules[44](index=44&type=chunk) - Following specific enquiries made to all Directors, all Directors confirmed that they have complied with the required standards set out in the Model Code and the Company's code of conduct for the six months ended 30 June 2025[44](index=44&type=chunk) [Review by Audit Committee](index=14&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed the Group's unaudited condensed consolidated interim financial statements and this announcement for the six months ended June 30, 2025, and had no disagreement with the accounting treatments adopted - The Audit Committee comprises all three current independent non-executive Directors, Mr. Zou Yaoming, Mr. Cui Shiwei, and Mr. Lin Juncai, with Mr. Zou Yaoming serving as the Chairman of the Audit Committee[45](index=45&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial statements and this announcement for the six months ended 30 June 2025, including accounting, internal control, and financial reporting matters[45](index=45&type=chunk) - The Audit Committee had no disagreement with the accounting treatments adopted by the Group for its unaudited condensed consolidated interim results for the six months ended 30 June 2025[45](index=45&type=chunk) [Other Information](index=15&type=section&id=Other%20Information) This section covers the publication details of the results announcement and interim report, along with the current composition of the Board of Directors [Publication of Results Announcement and Interim Report](index=15&type=section&id=Publication%20of%20Results%20Announcement%20and%20Interim%20Report) This results announcement has been published on the Company's and Stock Exchange's websites, and the interim report will be dispatched to shareholders and published online for review in due course - This results announcement is published on the Company's website (www.fortune-sun.com) and the Stock Exchange's website (www.hkexnews.hk)[46](index=46&type=chunk) - The 2025 interim report will be dispatched to the Company's shareholders and published on the Company's and the Stock Exchange's websites for review in due course[46](index=46&type=chunk) [Board Composition](index=15&type=section&id=Board%20Composition) As of the announcement date, the Board comprises Mr. Jiang Chenfeng, Ms. Zhang Xiuhua, Mr. Han Lin (Executive Directors), Ms. Lin Qianru (Non-executive Director), and Mr. Cui Shiwei, Mr. Lin Juncai, Mr. Zou Yaoming (Independent Non-executive Directors) - The executive Directors are Mr. Jiang Chenfeng, Ms. Zhang Xiuhua, and Mr. Han Lin; the non-executive Director is Ms. Lin Qianru; and the independent non-executive Directors are Mr. Cui Shiwei, Mr. Lin Juncai, and Mr. Zou Yaoming[48](index=48&type=chunk)

Core Viewpoint - Fuyuan (00352) experienced a significant decline of over 60% in the afternoon trading session, with a low of 0.38 HKD, representing a drop of more than 82% from its high of 2.2 HKD earlier in the week [1] Group 1: Stock Performance - As of the report, Fuyuan's stock was down 59.43%, trading at 0.43 HKD, with a trading volume of 14.21 million HKD [1] - The stock has faced a substantial decline since June 13, when it was notified by the exchange about its inability to maintain the required operational level for continued listing [1] Group 2: Regulatory Actions - The Listing Committee decided to maintain the suspension of trading for Fuyuan's shares due to insufficient operational levels and asset scale [1] - Fuyuan has until September 8 to appeal the Listing Committee's decision to the Listing Review Committee; if no appeal is made, trading will be suspended from September 9 at 9 AM [1] - On June 24, Fuyuan announced that it had submitted a written request to the exchange for a review of the decision, allowing trading to continue until further notice [1]

消息面上，富阳发布公告，上市委员会经考虑该公司及上市科提交的书面及口头陈述后，认为富阳未能 维持上市规则要求的足够营运水平及资产规模，以确保股份持续上市，故维持上市科对该公司暂停买卖 股份的决定。公司可于9月8日前，将上市委员会决定提交上市覆核委员会覆核。若未提出覆核申请，股 份将自9月9日上午九时起暂停买卖。在此之前，股份买卖将继续进行。 智通财经APP获悉，富阳(00352)午后跌超60%，盘中低见0.38港元，较本周三高点2.2港元已跌超82%。 截至发稿，跌59.43%，报0.43港元，成交额1421.24万港元。 据悉，今年6月13日，富阳接获联交所通知，指公司未能维持上市规则所规定的足够营运水平，确保其 股份能够继续上市，故公司的股份将被暂停买卖。6月24日，富阳公告称，根据上市规则第2B章向联交 所提出书面要求，将该决定提交上市委员会复核。因此，本公司股份将继续买卖。 ...

富阳(00352)发布公告，上市委员会就上市科决定进行的复核聆讯(复核聆讯)已于2025年8月19日举行。 于2025年8月28日，本公司接获上市委员会的函件，通知本公司上市委员会经考虑本公司及上市科提交 的(书面及口头)所有陈述后，决定维持上市科决定，根据上市规则第6.01(3)条暂停本公司股份(股份)买 卖(上市委员会决定)。上市委员会认为，本公司未能维持上市规则第13.24条所规定的足够营运水平，以 确保其股份能够继续上市。 ...

智通财经APP讯，富阳(00352)发布公告，上市委员会就上市科决定进行的复核聆讯(复核聆讯)已于2025 年8月19日举行。于2025年8月28日，本公司接获上市委员会的函件，通知本公司上市委员会经考虑本公 司及上市科提交的(书面及口头)所有陈述后，决定维持上市科决定，根据上市规则第6.01(3)条暂停本公 司股份(股份)买卖(上市委员会决定)。上市委员会认为，本公司未能维持上市规则第13.24条所规定的足 够营运水平，以确保其股份能够继续上市。 ...

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的內容概不 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 對 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的任何損失承擔任何責 任。 Fortune Sun (China) Holdings Limited 富陽（中國）控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：00352） 上市委員會對暫停本公司股份買賣所作出之決定 本 公 告 乃 由 富 陽（中 國）控 股 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限 公 司 （「聯交所」）證 券 上 市 規 則（「上市規則」）第13.09條以及香港法例第571章《證 券 及 期 貨 條 例》第XIVA部 項 下 的 內 幕 消 息 條 文（定 義 見 上 市 規 則）而 作 出。 房地產代理業務 新業務 茲提述本公司日期為二零二五年六月十三日及二零二五年六月二十四日之公 告（「該等公告」），內 容 分 別 有 關（其 中 包 括）聯 交 所 上 市 科（「上市科」）針 對 本 公 司 未能符合上市 ...

Summary of Key Points Core Viewpoint - As of August 27, a total of 112 stocks reached their 52-week highs, indicating a positive trend in the market, with notable performances from companies like Fuyang, New Dragon International, and Huaxin Holdings [1]. Stock Performance - Fuyang (00352) achieved a closing price of 1.100 with a peak of 2.200, marking a high rate of 62.96% - New Dragon International (00529) closed at 2.360, reaching a high of 2.720, with a high rate of 37.37% - Huaxin Holdings (01657) had a closing price of 18.320 and a peak of 21.500, resulting in a high rate of 26.47% [1]. Additional Notable Stocks - Chang'an Minsheng Logistics (01292) reached a high rate of 20.11% with a closing price of 4.080 and a peak of 4.180 - Lian Tai Holdings (00311) closed at 0.250 with a peak of 0.260, achieving a high rate of 18.72% - CGII Holdings (01940) had a closing price of 0.670 and a peak of 0.680, resulting in a high rate of 17.24% [1]. Market Trends - The overall trend shows a significant number of stocks hitting new highs, reflecting investor confidence and potential growth opportunities in various sectors [1][2].

Core Insights - The article highlights the rapid development and popularity of the Huyuan Creek area in Fuyang, Hangzhou, driven by the emergence of "internet-famous" dams that attract significant tourist traffic, with daily visitor numbers exceeding 15,000 at peak times [1] - The local government has implemented a collaborative approach among various towns and villages along the creek to enhance tourism and local economic development, focusing on creating new growth rather than merely redistributing existing resources [1][2] Group 1: Tourism and Economic Development - The Huyuan Creek area has seen an average daily visitor count of nearly 8,000 this summer, representing a year-on-year increase of over 15% [1] - New businesses, such as the "Tianyuan Restaurant," report a table turnover rate exceeding 80%, significantly improving their revenue compared to previous months [1] - The development strategy includes leveraging the unique features of each town, such as water sports in Huyuan and adventure activities like paragliding in Chang'an, leading to an increase in average visitor stay from 0.8 days to 1.2 days [2] Group 2: Infrastructure and Coordination - A coordinated effort among local governments has led to the construction of essential infrastructure, such as pedestrian underpasses, to alleviate traffic congestion caused by high visitor numbers [2][3] - The establishment of a unified branding and marketing strategy for local agricultural products has resulted in increased sales and income for local farmers [3] - The implementation of advanced technology, including AI and thermal imaging cameras, has enhanced safety and visitor experience in the area [3]

Group 1 - Zhejiang Rural Commercial Bank has launched a series of green loan products, including "Green Benefit Pass," to support regional green industry upgrades [1][2] - "Green Benefit Pass" offers loans up to 5 million yuan with a term of up to 5 years and interest rates lower than similar non-green products by 10 to 30 basis points [1] - The bank has established a comprehensive green financial service system, focusing on green production and development needs for various sectors, including agriculture and manufacturing [2] Group 2 - Additional green loan products include "Green Transition Pass" for low-carbon transformation projects and "Green Rights Pass" for businesses with green rights and quotas [2] - The bank collaborates with local governments and environmental departments to create a supportive ecosystem for green industry development [2] - A digital financial platform has been developed for online applications and quick approvals, enhancing service efficiency for green enterprises [2] Group 3 - Hangzhou Renchuan Environmental Company received a 3-year credit loan of 3 million yuan within 3 days to alleviate funding pressure for its environmental protection operations [3] - The bank aims to expand its green credit scale and optimize service mechanisms to support the region's green low-carbon transition [3]