NEW CITY DEVELOPMENT GROUP LIMITED 新城市建設發展集團有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 456) NOTIFICATION LETTER 通知信函 Dear Non-registered Shareholder(s)(Note 1) , 11 September 2025 The following document(s) of New City Development Group Limited (the "Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at www.newcitygroup.com.hk and The Stock Exchange of Hong Kong Limited at www.hkexnews.hk (collec ...

NEW CITY DEVELOPMENT GROUP LIMITED 新城市建設發展集團有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 456) NOTIFICATION LETTER 通知信函 Dear Registered Shareholder(s), 11 September 2025 The following document(s) of New City Development Group Limited (the "Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at www.newcitygroup.com.hk and The Stock Exchange of Hong Kong Limited at www.hkexnews.hk (collectively "Websi ...

[Financial Statements](index=3&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated financial statements of New City Construction Development Group Limited for the six months ended June 30, 2025, providing an overview of the Group's financial performance and position. [Condensed Consolidated Income Statement](index=3&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group's revenue significantly decreased year-on-year, leading to reduced gross profit and an expanded operating loss and loss for the period. Performance Highlights (thousand HKD) | Indicator | June 30, 2025 (thousand HKD) | June 30, 2024 (thousand HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 28,312 | 56,461 | -49.85% | | Gross profit | 25,562 | 34,104 | -25.05% | | Other income | 435 | 4,643 | -90.64% | | Net other gains and losses | (7,546) | 1,735 | Shifted from profit to loss | | Administrative expenses and other operating expenses | (31,467) | (46,861) | -32.85% | | Operating loss | (13,016) | (6,379) | +103.9% | | Finance costs | (2,254) | (5,361) | -57.9% | | Loss before tax | (15,270) | (11,740) | +30.07% | | Loss for the period | (15,270) | (11,740) | +30.07% | | Loss attributable to owners of the Company | (5,409) | (10,727) | -49.58% | | Basic loss per share (HK cents) | (3.97) | (9.15) | -56.5% | [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group recorded a total comprehensive loss of 53,073 thousand HKD, a narrowing from the prior year, primarily due to exchange differences. Comprehensive Income Summary (thousand HKD) | Indicator | June 30, 2025 (thousand HKD) | June 30, 2024 (thousand HKD) | | :--- | :--- | :--- | | Loss for the period | (15,270) | (11,740) | | Exchange differences on translation of overseas operations | (37,803) | (49,835) | | Total comprehensive loss for the period | (53,073) | (61,575) | | Attributable to owners of the Company | (45,726) | (45,199) | | Attributable to non-controlling interests | (7,347) | (16,376) | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets slightly increased, but total liabilities grew more significantly, resulting in a decrease in net assets, with a notable shift in the structure of current liabilities. Financial Position Summary (thousand HKD) | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current assets | 733,074 | 723,694 | +1.29% | | Current assets | 920,070 | 886,103 | +3.83% | | **Liabilities** | | | | | Current liabilities | 338,448 | 666,974 | -49.27% | | Non-current liabilities | 1,087,535 | 669,415 | +62.46% | | **Equity** | | | | | Net assets | 227,161 | 273,408 | -16.91% | | Total equity | 227,161 | 273,408 | -16.91% | - Current portion of borrowings significantly decreased from **420,878 thousand HKD** at December 31, 2024, to **21,821 thousand HKD** at June 30, 2025, while non-current borrowings substantially increased from **253,173 thousand HKD** to **662,462 thousand HKD**, indicating a shift in borrowing structure towards long-term[5](index=5&type=chunk)[6](index=6&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity decreased from 273,408 thousand HKD to 227,161 thousand HKD, mainly due to the total comprehensive loss for the period and exchange adjustments, despite new share issuance. Equity Movement (thousand HKD) | Indicator | June 30, 2025 (thousand HKD) | January 1, 2024 (thousand HKD) | | :--- | :--- | :--- | | Share capital | 30,274 | 23,449 | | Share premium | 600,011 | 600,011 | | Exchange fluctuation reserve | (131,412) | (112,134) | | Retained profits | (233,191) | (100,371) | | Total attributable to owners of the Company | 289,039 | 406,060 | | Non-controlling interests | (61,880) | (34,334) | | Total equity | 227,161 | 371,726 | - Net proceeds of approximately **6,825 thousand HKD** from new share issuance during the period were used for general working capital[7](index=7&type=chunk)[39](index=39&type=chunk) [Condensed Consolidated Cash Flow Statement](index=8&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) For the six months ended June 30, 2025, net cash from operating activities significantly decreased, net cash used in investing activities slightly increased, and net cash used in financing activities substantially reduced. Cash Flow Summary (thousand HKD) | Indicator | June 30, 2025 (thousand HKD) | June 30, 2024 (thousand HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Net cash generated from operating activities | 9,167 | 57,842 | -84.14% | | Net cash used in investing activities | (654) | (466) | +40.34% | | Net cash used in financing activities | (2,727) | (19,436) | -85.97% | | Net increase in cash and cash equivalents | 5,786 | 37,939 | -84.76% | | Cash and cash equivalents at June 30 | 10,105 | 9,518 | +6.17% | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section details the notes to the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, covering company information, accounting standards, segment information, and asset/liability details. [1. Company Information](index=9&type=section&id=1.%20Company%20Information) New City Construction Development Group Limited is incorporated in the Cayman Islands, primarily engaged in property development and investment, and retail and consumer-related businesses in China. - The Company was incorporated in the Cayman Islands on August 10, 1998, with principal activities including property development and investment in China, and retail and consumer-related businesses[9](index=9&type=chunk) [2. Basis of Preparation](index=9&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Hong Kong Stock Exchange Listing Rules. - The financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and the HKEX Listing Rules[10](index=10&type=chunk) [3. Adoption of New and Revised HKFRSs](index=10&type=section&id=3.%20Adoption%20of%20New%20and%20Revised%20HKFRSs) During the period, the Group first applied amendments to HKAS 21 "Lack of Exchangeability," which had no significant impact on the financial position or performance for the current or prior periods. - The Group first applied amendments to HKAS 21 "Lack of Exchangeability," with no significant impact on financial position or performance[11](index=11&type=chunk) [4. Operating Segment Information](index=10&type=section&id=4.%20Operating%20Segment%20Information) The Group has two reportable segments: property development and investment, and retail and consumer-related businesses, with the former contributing all revenue and segment profit for the period. - The Group has two reportable segments: property development and investment, and retail and consumer-related businesses[12](index=12&type=chunk) Segment Performance (thousand HKD) | Segment | June 30, 2025 Revenue (thousand HKD) | June 30, 2024 Revenue (thousand HKD) | June 30, 2025 Segment Profit (thousand HKD) | June 30, 2024 Segment Profit (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Property development and investment | 28,312 | 30,065 | 25,562 | 15,732 | | Retail and consumer-related business | – | 26,396 | – | 18,372 | | **Total** | **28,312** | **56,461** | **25,562** | **34,104** | - All the Group's revenue from external customers is derived from China, and over **90%** of non-current assets are located in China[16](index=16&type=chunk) [5. Revenue](index=14&type=section&id=5.%20Revenue) For the six months ended June 30, 2025, the Group's revenue was 28,312 thousand HKD, a 49.85% year-on-year decrease, primarily due to zero sales from retail and consumer-related businesses. Revenue Sources (thousand HKD) | Revenue Source | June 30, 2025 (thousand HKD) | June 30, 2024 (thousand HKD) | | :--- | :--- | :--- | | Rental income and related management service income | 28,312 | 30,065 | | Retail and consumer-related business sales | – | 26,396 | | **Total** | **28,312** | **56,461** | [6. Other Income](index=14&type=section&id=6.%20Other%20Income) For the six months ended June 30, 2025, other income significantly decreased to 435 thousand HKD, primarily consisting of interest income, compared to a large "other" income in the prior year. Other Income Details (thousand HKD) | Income Source | June 30, 2025 (thousand HKD) | June 30, 2024 (thousand HKD) | | :--- | :--- | :--- | | Interest income | 435 | 19 | | Other | – | 4,624 | | **Total** | **435** | **4,643** | [7. Net Other Gains and Losses](index=15&type=section&id=7.%20Net%20Other%20Gains%20and%20Losses) For the six months ended June 30, 2025, the Group recorded net other gains and losses of 7,546 thousand HKD loss, primarily due to fair value losses on financial assets, compared to a gain in the prior year. Net Other Gains and Losses Breakdown (thousand HKD) | Item | June 30, 2025 (thousand HKD) | June 30, 2024 (thousand HKD) | | :--- | :--- | :--- | | Fair value (loss)/gain on financial assets | (12,709) | 3,235 | | Net foreign exchange gains/(losses) | 5,163 | (1,500) | | **Total** | **(7,546)** | **1,735** | [8. Finance Costs](index=15&type=section&id=8.%20Finance%20Costs) For the six months ended June 30, 2025, finance costs were 2,254 thousand HKD, a significant 57.9% year-on-year decrease, mainly due to reduced interest on bank borrowings. Finance Costs Breakdown (thousand HKD) | Item | June 30, 2025 (thousand HKD) | June 30, 2024 (thousand HKD) | | :--- | :--- | :--- | | Interest on bank borrowings | 2,252 | 5,356 | | Interest on lease liabilities | 2 | 5 | | **Total** | **2,254** | **5,361** | [9. Income Tax Expense](index=16&type=section&id=9.%20Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group incurred no assessable profits in Hong Kong or China, resulting in zero income tax expense. - The Group had no assessable profits in Hong Kong or China, resulting in zero income tax expense[22](index=22&type=chunk) [10. Loss for the Period](index=16&type=section&id=10.%20Loss%20for%20the%20Period) For the six months ended June 30, 2025, the Group's loss for the period was 15,270 thousand HKD, primarily after deducting depreciation of property, plant and equipment of 2,114 thousand HKD. Loss for the Period Adjustments (thousand HKD) | Item | June 30, 2025 (thousand HKD) | June 30, 2024 (thousand HKD) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 2,114 | 1,833 | | Depreciation of right-of-use assets | – | 3,141 | [11. Dividends](index=16&type=section&id=11.%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025. - The Board does not recommend the payment of an interim dividend for the period (2024: nil)[24](index=24&type=chunk) [12. Loss Per Share](index=17&type=section&id=12.%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share was 3.97 HK cents, an improvement from 9.15 HK cents in the prior year, mainly due to a reduction in loss attributable to owners of the Company. Loss Per Share (HK cents) | Indicator | June 30, 2025 (HK cents) | June 30, 2024 (HK cents) | | :--- | :--- | :--- | | Basic loss per share | (3.97) | (9.15) | - The weighted average number of ordinary shares used for calculating basic loss per share was **138,245,044** shares (2024: **117,245,044** shares)[26](index=26&type=chunk) [(a) Basic Loss Per Share](index=17&type=section&id=%28a%29%20Basic%20Loss%20Per%20Share) The loss attributable to owners of the Company was 5,409 thousand HKD, and the weighted average number of ordinary shares used for calculating basic loss per share was 138,245,044 shares. Loss Attributable to Owners (thousand HKD) | Indicator | June 30, 2025 (thousand HKD) | June 30, 2024 (thousand HKD) | | :--- | :--- | :--- | | Loss attributable to owners of the Company | (5,409) | (10,727) | [(b) Diluted Loss Per Share](index=17&type=section&id=%28b%29%20Diluted%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share was not diluted as there were no potential dilutive events. - For the six months ended June 30, 2025, basic loss per share was not diluted due to the absence of potential dilutive events[27](index=27&type=chunk) [13. Property, Plant and Equipment](index=17&type=section&id=13.%20Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group added approximately 16,250 HKD in property, plant and equipment, a significant decrease from the prior year. Additions to Property, Plant and Equipment (HKD) | Item | June 30, 2025 (HKD) | June 30, 2024 (HKD) | | :--- | :--- | :--- | | Additions to property, plant and equipment | 16,250 | 476,898 | [14. Investment Properties](index=18&type=section&id=14.%20Investment%20Properties) As of June 30, 2025, the Group's total carrying amount of investment properties increased to 664,567 thousand HKD, primarily including properties in Guangzhou and Luoyang. Investment Properties Carrying Amount (thousand HKD) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Investment properties in Guangzhou (fair value) | 596,819 | 585,362 | | Investment properties in Luoyang (cost) | 67,748 | 66,447 | | **Total Carrying Amount** | **664,567** | **651,809** | [(a) Guangzhou Property I](index=19&type=section&id=%28a%29%20Guangzhou%20Property%20I) Guangzhou Property I, measured at fair value with a carrying amount of approximately 537,310 thousand HKD, is pledged for bank borrowings and is part of a government acquisition plan. - Guangzhou Property I, with a carrying amount of approximately **537,310 thousand HKD**, is pledged for bank borrowings and is part of a government acquisition plan, with compensation negotiations ongoing[30](index=30&type=chunk) [(b) Guangzhou Property II](index=19&type=section&id=%28b%29%20Guangzhou%20Property%20II) Guangzhou Property II, measured at fair value with a carrying amount of approximately 59,509 thousand HKD, is pledged for bank borrowings. - Guangzhou Property II, with a carrying amount of approximately **59,509 thousand HKD**, is pledged for bank borrowings[30](index=30&type=chunk) [(c) Luoyang Investment Property](index=19&type=section&id=%28c%29%20Luoyang%20Investment%20Property) Luoyang Property, with a carrying amount of approximately 67,748 thousand HKD, is pledged for bank borrowings, and the Group is actively seeking to change its land use. - Luoyang Property, with a carrying amount of approximately **67,748 thousand HKD**, is pledged for bank borrowings[31](index=31&type=chunk) - The Group is actively communicating with local government to apply for a change in land use for Luoyang Property to commercial and residential mixed-use, and is awaiting necessary official approvals for the project[30](index=30&type=chunk)[31](index=31&type=chunk) [15. Financial Assets at Fair Value Through Profit or Loss](index=20&type=section&id=15.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets at fair value through profit or loss primarily consisted of listed equity investments, with market value decreasing from 61,866 thousand HKD to 52,994 thousand HKD. Financial Assets at FVTPL (thousand HKD) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Listed equity investments (Taiwan) | 52,994 | 61,866 | [16. Prepayments, Deposits and Other Receivables](index=21&type=section&id=16.%20Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, total prepayments, deposits, and other receivables increased to 398,213 thousand HKD, mainly due to prepayments for Luoyang and Zhuhai properties, and an increase in other receivables. Prepayments, Deposits and Other Receivables (thousand HKD) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Prepayments | 334,763 | 331,542 | | Deposits | 20,995 | 20,993 | | Other receivables (net of impairment allowance) | 63,450 | 35,559 | | **Total Current Portion** | **398,213** | **367,101** | [(a) Prepayments for Luoyang Property](index=22&type=section&id=%28a%29%20Prepayments%20for%20Luoyang%20Property) As of June 30, 2025, the Group had prepaid approximately 6,905 thousand HKD for Luoyang property construction. Luoyang Property Prepayments (thousand HKD) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Prepayments for Luoyang Property | 6,905 | 6,773 | [(b) Prepayments for Zhuhai Property](index=22&type=section&id=%28b%29%20Prepayments%20for%20Zhuhai%20Property) As of June 30, 2025, the Group had prepaid approximately 315,161 thousand HKD for Zhuhai property construction. Zhuhai Property Prepayments (thousand HKD) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Prepayments for Zhuhai Property | 315,161 | 309,111 | [(c) Deposit to New Century International Trade (Beijing) Co., Ltd.](index=22&type=section&id=%28c%29%20Deposit%20to%20New%20Century%20International%20Trade%20%28Beijing%29%20Co.%2C%20Ltd.) The Group paid a deposit of 20,000 thousand HKD to New Century International Trade (Beijing) Co., Ltd. for due diligence on future project investment opportunities. - A deposit of **20,000 thousand HKD** was paid for due diligence on future project investment opportunities[34](index=34&type=chunk) [(d) Other Receivables](index=22&type=section&id=%28d%29%20Other%20Receivables) Other receivables (net of impairment allowance) increased from 35,559 thousand HKD at December 31, 2024, to 63,450 thousand HKD at June 30, 2025. Other Receivables (thousand HKD) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Other receivables (net of impairment allowance) | 63,450 | 35,559 | [17. Borrowings](index=23&type=section&id=17.%20Borrowings) As of June 30, 2025, total borrowings increased to 684,283 thousand HKD, with a significant shift towards long-term debt due to extended maturity dates for several bank loans. Borrowings Breakdown (thousand HKD) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Bank Loan I | 397,206 | 391,947 | | Bank Loan II | 28,839 | 28,286 | | Bank Loan III | 258,238 | 253,818 | | **Total** | **684,283** | **674,051** | | Repayable within one year or on demand | 21,821 | 420,878 | | Repayable in the second to fifth year | 662,462 | 123,037 | | Repayable after five years | – | 130,136 | [(a) Bank Loan I](index=24&type=section&id=%28a%29%20Bank%20Loan%20I) Bank Loan I, totaling approximately 397,206 thousand HKD, had its maturity date extended to November 20, 2026, and is secured by Luoyang Property, Zhuhai Property, and shares of related companies. - Bank Loan I's maturity date has been extended to **November 20, 2026**[36](index=36&type=chunk)[37](index=37&type=chunk) - The loan is secured by Luoyang Property, Zhuhai Property, and shares of related companies, and guaranteed by the Company and individuals[36](index=36&type=chunk) [(b) Bank Loan II](index=25&type=section&id=%28b%29%20Bank%20Loan%20II) Bank Loan II, totaling approximately 28,839 thousand HKD, had its maturity date advanced to December 20, 2027, and is secured by Guangzhou Property II and shares of a subsidiary. - Bank Loan II's maturity date has been advanced to **December 20, 2027**[38](index=38&type=chunk) - The loan is secured by Guangzhou Property II and shares of a subsidiary, and guaranteed by the Company and individuals[38](index=38&type=chunk) [(c) Bank Loan III](index=25&type=section&id=%28c%29%20Bank%20Loan%20III) Bank Loan III, totaling approximately 258,238 thousand HKD, had its maturity date advanced to May 20, 2027, and is secured by property of Guangdong Changliu, with a personal guarantee from Mr. Han. - Bank Loan III's maturity date has been advanced to **May 20, 2027**[38](index=38&type=chunk) - The loan is secured by property of Guangdong Changliu and personally guaranteed by Mr. Han[38](index=38&type=chunk) [18. Share Capital](index=26&type=section&id=18.%20Share%20Capital) As of June 30, 2025, the Company's issued share capital increased to 30,274 thousand HKD, primarily due to the issuance of 21,000,000 new shares, raising net proceeds for general working capital. Share Capital Movement (thousand HKD) | Item | Number of Shares | Amount (thousand HKD) | | :--- | :--- | :--- | | Ordinary shares in issue at January 1, 2025 | 117,245,044 | 23,449 | | Issue of new shares | 21,000,000 | 6,825 | | **Ordinary shares in issue at June 30, 2025** | **138,245,044** | **30,274** | - On January 17, 2025, the Company issued **21,000,000** new shares, raising net proceeds of approximately **6,825 thousand HKD** for general working capital[39](index=39&type=chunk) [19. Contingent Liabilities](index=27&type=section&id=19.%20Contingent%20Liabilities) A Group subsidiary is involved in two legal proceedings, ordered to pay approximately RMB 57 million and additional overdue payments of approximately RMB 24 million, with the Group seeking to appeal. - A Group subsidiary is involved in two legal proceedings, ordered to pay approximately **RMB 57 million** and additional overdue payments of approximately **RMB 24 million**[40](index=40&type=chunk) - The Group has sought legal advice in China and believes there are sufficient grounds to apply for a retrial at the Higher People's Court in China[40](index=40&type=chunk) [Management Discussion and Analysis](index=28&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business performance for the six months ended June 30, 2025, outlines future business development themes, operational status and strategic outlook for each business segment, and a plan for the acquisition of concrete mixer trucks. [Business Review](index=28&type=section&id=Business%20Review) For the six months ended June 30, 2025, the Group recorded revenue of approximately 28,312 thousand HKD and a loss after tax of approximately 15,270 thousand HKD. Performance Summary (thousand HKD) | Indicator | June 30, 2025 (thousand HKD) | | :--- | :--- | | Revenue | 28,312 | | Loss after tax | 15,270 | [Continuing Connected Transactions](index=28&type=section&id=Continuing%20Connected%20Transactions) The Group entered into new office property and staff dormitory lease agreements with a connected party, constituting continuing connected transactions under the Listing Rules. - The Group entered into new office property and staff dormitory lease agreements with a connected party, constituting continuing connected transactions[42](index=42&type=chunk) [Outlook and Prospects](index=28&type=section&id=Outlook%20and%20Prospects) The Group adopts "New Life, New City Every Day" as its future business development theme, aiming to integrate property management, retail and consumer-related businesses, investment properties, and property development to meet daily needs. - The Group adopts "New Life, New City Every Day" as its future business development theme, integrating various businesses to meet daily needs[43](index=43&type=chunk) [Business Operations](index=28&type=section&id=Business%20Operations) This section details the operational status and future strategies for the Group's core business segments, including leasing and property management in Guangzhou, retail and consumer-related businesses in Mainland China, investment properties in Luoyang, and property development in Zhuhai. [Leasing and Property Management Business in Guangzhou](index=28&type=section&id=Leasing%20and%20Property%20Management%20Business%20in%20Guangzhou) The profit from rental and related management services of Changliu, a wholly-owned subsidiary of the Group, slightly decreased year-on-year but remains one of the Group's main commercial activities. - Profit from Guangzhou leasing and property management business slightly decreased but remains a primary commercial activity for the Group[44](index=44&type=chunk) [Retail and Consumer-related Business in Mainland China](index=29&type=section&id=Retail%20and%20Consumer-related%20Business%20in%20Mainland%20China) The Group restructured its retail and consumer-related businesses in Mainland China at the end of 2024 and plans to steadily expand into more promising business models starting from the second half of 2025. - Retail and consumer-related businesses in Mainland China were restructured at the end of 2024, with plans to expand into new business models from the second half of 2025[45](index=45&type=chunk) [Investment Properties in Luoyang](index=29&type=section&id=Investment%20Properties%20in%20Luoyang) The Luoyang investment property project has been delayed due to changes in land policy and construction plan modifications, with the Group actively seeking to change its land use and awaiting official approvals. - Luoyang property project has been delayed due to changes in land policy and construction plan modifications[46](index=46&type=chunk) - The Group is actively communicating with the government to apply for a change in land use to commercial and residential mixed-use and is awaiting necessary official approvals for the project[47](index=47&type=chunk)[48](index=48&type=chunk) [Property Development in Zhuhai](index=29&type=section&id=Property%20Development%20in%20Zhuhai) The Group is closely monitoring the Chinese real estate market environment and will determine the next steps for the Zhuhai property project based on market development speed, maintaining an optimistic long-term market outlook. - The Group is closely monitoring the Chinese real estate market and will determine the next steps for the Zhuhai property project based on market development speed[49](index=49&type=chunk) - The Group maintains an optimistic long-term outlook on the Chinese real estate market but will monitor market dynamics[49](index=49&type=chunk) [Acquisition of Concrete Mixer Trucks](index=30&type=section&id=Acquisition%20of%20Concrete%20Mixer%20Trucks) The Group plans to acquire 70 concrete mixer trucks for a total consideration of RMB 12,011,520.00 to expand its concrete logistics and transportation services, with the payment deadline extended to December 31, 2025. - The Group plans to acquire **70** concrete mixer trucks for a total consideration of **RMB 12,011,520.00** to expand its concrete logistics and transportation services and diversify its business[50](index=50&type=chunk)[51](index=51&type=chunk) - The payment deadline for the concrete mixer trucks has been extended to **December 31, 2025**[51](index=51&type=chunk) [Financial Review](index=31&type=section&id=Financial%20Review) This section summarizes the Group's financial performance for the six months ended June 30, 2025, including revenue, loss, loss per share, liquidity, gearing ratio, exchange rate risk, capital structure, and asset pledges. [Performance Overview](index=31&type=section&id=Performance%20Overview) For the six months ended June 30, 2025, the Group's revenue was 28,312 thousand HKD, loss for the period was 15,270 thousand HKD, and basic loss per share was 3.97 HK cents, showing an improvement from the prior year. Key Financial Performance (thousand HKD/HK cents) | Indicator | June 30, 2025 (thousand HKD/HK cents) | June 30, 2024 (thousand HKD/HK cents) | | :--- | :--- | :--- | | Revenue | 28,312 | 56,461 | | Loss for the period | 15,270 | 11,740 | | Basic loss per share | 3.97 HK cents | 9.15 HK cents | [Dividend Policy](index=31&type=section&id=Dividend%20Policy) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025. - The Board does not recommend the payment of an interim dividend[53](index=53&type=chunk) [Liquidity, Financial Resources and Capital Commitments](index=31&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Commitments) As of June 30, 2025, the Group's total assets and total liabilities both increased, cash and bank balances increased, and the current ratio significantly improved to 2.72. Liquidity and Financial Resources (thousand HKD) | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Total Assets | 1,653,144 | 1,609,797 | | Total Liabilities | 1,425,984 | 1,336,389 | | Cash and bank balances | 10,105 | 8,459 | | Current Ratio | 2.72 | 1.33 | [Gearing Ratio](index=31&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio (debt-to-equity) slightly increased to 81%. Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio (Liabilities/Equity) | 81% | 78% | [Exchange Rate Risk](index=31&type=section&id=Exchange%20Rate%20Risk) The Group's principal operations are in China and Hong Kong, with primary operating currencies being HKD and RMB, and it is closely monitoring RMB exchange rate fluctuations and assessing exchange rate risk. - The Group's primary operating currencies are HKD and RMB, and it is closely monitoring RMB exchange rate fluctuations and assessing exchange rate risk[56](index=56&type=chunk) [Capital Structure](index=31&type=section&id=Capital%20Structure) There was no change in the Company's capital structure for the six months ended June 30, 2025. - There was no change in the Company's capital structure[57](index=57&type=chunk) [Pledge of Assets](index=31&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged investment properties and properties under development for sale in Guangzhou, Luoyang, and Zhuhai as security for bank borrowings. - The Group pledged investment properties and properties under development for sale in Guangzhou, Luoyang, and Zhuhai as security for bank borrowings[58](index=58&type=chunk) [Other Information](index=32&type=section&id=Other%20Information) This section provides other important information for the Group for the six months ended June 30, 2025, including material investments, transactions in listed securities, contingent liabilities, corporate governance practices, employee information, and directors' and substantial shareholders' equity disclosures. [Material Investments, Major Acquisitions and Disposals, and Future Plans for Material Investments or Capital Assets](index=32&type=section&id=Material%20Investments%2C%20Major%20Acquisitions%20and%20Disposals%2C%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Apart from the disclosed plan to acquire concrete mixer trucks, the Company had no other material investments or major acquisitions and disposals during the reporting period. - Apart from the disclosed plan to acquire concrete mixer trucks, there were no other material investments or major acquisitions and disposals during the reporting period[59](index=59&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed shares. - During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed shares[60](index=60&type=chunk) [Contingent Liabilities](index=32&type=section&id=Contingent%20Liabilities) Details of contingent liabilities, involving two legal proceedings, are disclosed in Note 19 to the financial statements. - Details of contingent liabilities are disclosed in Note 19 to the financial statements[61](index=61&type=chunk) [Commitments](index=32&type=section&id=Commitments) As of June 30, 2025, the Group had no commitments. - As of June 30, 2025, the Group had no commitments[62](index=62&type=chunk) [Corporate Governance](index=33&type=section&id=Corporate%20Governance) The Company complied with the Corporate Governance Code in Appendix 14 of the Listing Rules during the reporting period, but there were deviations regarding the Chairman also serving as Chief Executive, non-executive directors having no fixed terms, and the Chairman not being subject to rotation by retirement. - The Company complied with the Corporate Governance Code, but deviations exist where the Chairman also serves as Chief Executive, non-executive directors have no fixed terms, and the Chairman is not subject to rotation by retirement[63](index=63&type=chunk)[64](index=64&type=chunk) [Employees](index=34&type=section&id=Employees) As of June 30, 2025, the Group employed approximately 46 staff in Hong Kong and China, offering a competitive remuneration package reviewed annually. - The Group employed approximately **46** staff in Hong Kong and China, offering a competitive remuneration package reviewed annually[65](index=65&type=chunk) [Directors' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=34&type=section&id=Directors%27%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Executive Director Mr. Han Junran held long positions in the Company's shares, including interests in controlled corporations and beneficially owned shares, totaling 50.81% of the issued share capital. Directors' Interests in Shares | Director's Name | Capacity/Nature of Interest | Number of Shares and Underlying Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Han Junran | Interest in controlled corporation | 37,733,255 | 27.29% | | | Beneficial owner | 32,521,754 | 23.52% | | **Total** | | **70,255,009** | **50.81%** | [Substantial Shareholders' and Other Persons' Interests in Shares and Underlying Shares](index=36&type=section&id=Substantial%20Shareholders%27%20and%20Other%20Persons%27%20Interests%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Junyi Investment Limited and Qilu International Funds SPC (acting for Zhongtai Dingfeng Classified Fund SP) were substantial shareholders of the Company, holding 27.29% and 50.82% equity interests, respectively. Substantial Shareholders' Interests | Name | Capacity | Number of Shares and Underlying Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Junyi Investment Limited | Beneficial owner | 37,733,255 | 27.29% | | Qilu International Funds SPC (acting for Zhongtai Dingfeng Classified Fund SP) | Holder of security interest | 70,255,009 | 50.82% | | Zhongtai International Asset Management Limited | Investment manager | 70,255,009 | 50.82% | [Standard Code for Securities Transactions by Directors](index=37&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix 10 of the Listing Rules, and all Directors have confirmed compliance with the Code during the reporting period. - The Company adopted the Standard Code for Securities Transactions by Directors, and all Directors confirmed compliance[70](index=70&type=chunk) [Audit Committee](index=37&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's accounting principles, internal controls, and condensed consolidated financial statements. - The Audit Committee, composed of three independent non-executive directors, reviewed the Group's accounting principles, internal controls, and condensed consolidated financial statements[71](index=71&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新城市建設發展集團有限公司 呈交日期: 2025年9月1日 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) | 00456 | 說明 | | 新城市建設發展 | | | | | | | | 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 | | | | 169,579,885 | | 0 | | 169,579,885 | | 增加 / 減少 (-) | | | | | | 0 | | | | 本月底結存 | | | | 169,579,885 | | 0 | | 169,579,885 | ...

格隆汇8月31日丨新城市建设发展(00456.HK)公布中期业绩，2025年上半年，集团营业额为2831.2万港 元，同比减少49.86%；归属于公司拥有人期间亏损为540.9万港元，上年同期亏损1072.7万港元，基本 每股亏损3.97港仙。 ...

智通财经APP讯，新城市建设发展(00456)公布2025年中期业绩，营业额2831.2万港元，同比减少 49.86%;公司拥有人应占亏损540.9万港元，同比收窄49.58%;每股亏损3.97港仙。 ...

[2025 Interim Results Announcement](index=1&type=section&id=2025%20Interim%20Results%20Announcement) [Company Information](index=1&type=section&id=Company%20Information) The report presents the unaudited condensed consolidated financial statements of New City Development Group Limited for the six months ended June 30, 2025 - Company Name: **New City Development Group Limited** (NEW CITY DEVELOPMENT GROUP LIMITED)[2](index=2&type=chunk) - Stock Code: **0456**[2](index=2&type=chunk) - Reporting Period: Six months ended **June 30, 2025** (Interim Results)[2](index=2&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the group's condensed consolidated financial statements, including income, comprehensive income, financial position, equity changes, and cash flows [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's revenue significantly decreased, leading to reduced gross profit, an expanded operating loss, and a wider loss for the period, while basic loss per share narrowed Condensed Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 28,312 | 56,461 | -49.85% | | Cost of sales and services | (2,750) | (22,357) | -87.69% | | Gross profit | 25,562 | 34,104 | -25.05% | | Other income | 435 | 4,643 | -90.64% | | Net other gains and losses | (7,546) | 1,735 | -535.04% | | Administrative and other operating expenses | (31,467) | (46,861) | -32.85% | | Operating loss | (13,016) | (6,379) | 104.06% | | Finance costs | (2,254) | (5,361) | -57.99% | | Loss before tax | (15,270) | (11,740) | 30.07% | | Loss for the period | (15,270) | (11,740) | 30.07% | | Attributable to owners of the Company | (5,409) | (10,727) | -49.58% | | Attributable to non-controlling interests | (9,861) | (1,013) | 873.45% | | Basic loss per share (HK cents) | (3.97) | (9.15) | -56.50% | [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) For the six months ended June 30, 2025, the Group recorded a total comprehensive loss of HKD 53,073 thousand, a reduction from the prior year, mainly due to decreased exchange differences on overseas operations Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period | (15,270) | (11,740) | 30.07% | | Exchange differences on translation of overseas operations | (37,803) | (49,835) | -24.14% | | Total comprehensive income for the period | (53,073) | (61,575) | -13.73% | | Attributable to owners of the Company | (45,726) | (45,199) | 1.17% | | Attributable to non-controlling interests | (7,347) | (16,376) | -55.13% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and liabilities increased, net current assets grew significantly, but net assets decreased due to changes in borrowing structure and reduced equity reserves Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 733,074 | 723,694 | 1.29% | | Current assets | 920,070 | 886,103 | 3.83% | | Current liabilities | 338,448 | 666,974 | -49.27% | | Net current assets | 581,622 | 219,129 | 165.42% | | Total assets less current liabilities | 1,314,696 | 942,823 | 39.44% | | Non-current liabilities | 1,087,535 | 669,415 | 62.46% | | Net assets | 227,161 | 273,408 | -16.99% | | Total equity | 227,161 | 273,408 | -16.99% | | Share capital | 30,274 | 23,449 | 29.11% | | Reserves | 258,767 | 304,492 | -15.02% | | Non-controlling interests | (61,880) | (54,533) | 13.47% | - Current liabilities significantly decreased, primarily due to adjustments in borrowing structure, with borrowings due within one year falling from **HKD 420,878 thousand** to **HKD 21,821 thousand**[5](index=5&type=chunk) - Non-current liabilities significantly increased, mainly due to the portion of borrowings due in the second to fifth years rising from **HKD 123,037 thousand** to **HKD 662,462 thousand**[6](index=6&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the Group's total equity decreased from HKD 273,408 thousand on January 1, 2025, to HKD 227,161 thousand, primarily due to comprehensive loss for the period and exchange reserve movements, despite new share issuance Condensed Consolidated Statement of Changes in Equity Key Data (For the six months ended June 30) | Indicator | June 30, 2025 (HKD thousands) | January 1, 2025 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Share capital | 30,274 | 23,449 | 6,825 | | Share premium | 600,011 | 600,011 | 0 | | Contributed surplus | 4,755 | 4,755 | 0 | | Exchange reserve | (131,412) | (125,506) | (5,906) | | Fair value reserve | – | – | 0 | | Statutory reserve | 18,604 | 18,604 | 0 | | Retained profits | (233,191) | (193,372) | (39,819) | | Total attributable to owners of the Company | 289,039 | 327,941 | (38,902) | | Non-controlling interests | (61,880) | (54,533) | (7,347) | | Total equity | 227,161 | 273,408 | (46,247) | - Net proceeds of approximately **HKD 6,825 thousand** were raised from new share issuance for general working capital[7](index=7&type=chunk) - Total comprehensive loss for the period was **HKD 53,072 thousand**, negatively impacting equity[7](index=7&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities significantly decreased, net cash used in investing activities slightly increased, and net cash used in financing activities substantially reduced, leading to a smaller net increase in cash and cash equivalents Condensed Consolidated Statement of Cash Flows Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net cash from operating activities | 9,167 | 57,842 | -84.15% | | Net cash used in investing activities | (654) | (466) | 40.34% | | Net cash used in financing activities | (2,727) | (19,436) | -85.97% | | Net increase in cash and cash equivalents | 5,786 | 37,939 | -84.75% | | Cash and cash equivalents at June 30 | 10,105 | 9,518 | 6.17% | - Net cash used in financing activities significantly decreased, primarily due to interest paid falling from **HKD 16,686 thousand** in 2024 to **zero** in 2025[8](index=8&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes on the unaudited condensed consolidated financial statements, covering company information, basis of preparation, new accounting standards, and segment information [Company Information](index=8&type=section&id=Company%20Information) The Company, incorporated in the Cayman Islands, primarily engages in property development and investment, and retail and consumer-related businesses in China, with interim financial statements reviewed by the audit committee - The Company was incorporated in the Cayman Islands on **August 10, 1998**[9](index=9&type=chunk) - The Group's principal activities are property development and investment in China, and retail and consumer-related businesses[9](index=9&type=chunk) - The condensed consolidated financial statements are unaudited but have been reviewed by the Audit Committee and approved for publication by the Board[9](index=9&type=chunk) [Basis of Preparation](index=8&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and the disclosure requirements of the HKEX Listing Rules - The basis of preparation follows **HKAS 34 "Interim Financial Reporting"** and the **HKEX Listing Rules**[10](index=10&type=chunk) [Adoption of New and Revised Hong Kong Financial Reporting Standards](index=8&type=section&id=Adoption%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group first applied the amendments to HKAS 21 "Lack of Exchangeability" during this period, which had no significant impact on its financial position, performance, or disclosures - The amendments to **HKAS 21 "Lack of Exchangeability"** were first applied during this period[11](index=11&type=chunk) - The amendments had no significant impact on the Group's financial position and performance for the current and prior periods[11](index=11&type=chunk) [Operating Segment Information](index=9&type=section&id=Operating%20Segment%20Information) The Group has two reportable segments: property development and investment, and retail and consumer-related businesses, with the former contributing all revenue and segment profit in H1 2025 - The Group has two reportable segments: **property development and investment**, and **retail and consumer-related businesses**[12](index=12&type=chunk) Reportable Segment Profit or Loss and Assets and Liabilities (For the six months ended June 30) | Indicator | Property Development and Investment (HKD thousands) | Retail and Consumer-Related Businesses (HKD thousands) | Total (HKD thousands) | | :--- | :--- | :--- | :--- | | **H1 2025** | | | | | Revenue from external customers | 28,312 | – | 28,312 | | Segment profit | 25,562 | – | 25,562 | | Segment assets (June 30, 2025) | 1,148,460 | 11,515 | 1,159,975 | | Segment liabilities (June 30, 2025) | 889,656 | 8,033 | 897,689 | | **H1 2024** | | | | | Revenue from external customers | 30,065 | 26,396 | 56,461 | | Segment profit | 15,732 | 18,372 | 34,104 | | Segment assets (December 31, 2024) | 1,444,790 | 34,771 | 1,479,561 | | Segment liabilities (December 31, 2024) | 872,266 | 7,880 | 880,146 | - The Group's revenue from external customers and over **90%** of non-current assets are located in China[15](index=15&type=chunk) [Revenue](index=11&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's revenue was entirely from rental income and related management services, unlike the prior year which also included sales from retail and consumer-related businesses in Mainland China Revenue Analysis (For the six months ended June 30) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Rental income and related management service income | 28,312 | 30,065 | | Sales from retail and consumer-related businesses in Mainland China | – | 26,396 | | **Total** | **28,312** | **56,461** | [Other Income](index=11&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income significantly decreased, primarily due to a large amount of other income in the prior period, with only interest income in the current period Other Income Analysis (For the six months ended June 30) | Income Source | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest income | 435 | 19 | | Other | – | 4,624 | | **Total** | **435** | **4,643** | [Net Other Gains and Losses](index=12&type=section&id=Net%20Other%20Gains%20and%20Losses) For the six months ended June 30, 2025, the Group recorded a net other loss of HKD 7,546 thousand, mainly due to fair value losses on financial assets and net foreign exchange losses Net Other Gains and Losses (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Fair value (loss) / gain on financial assets | (12,709) | 3,235 | | Net foreign exchange loss | 5,163 | (1,500) | | **Total** | **(7,546)** | **1,735** | [Finance Costs](index=12&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs significantly decreased, primarily due to reduced interest expenses on bank borrowings Finance Costs Analysis (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest on bank borrowings | 2,252 | 5,356 | | Interest on lease liabilities | 2 | 5 | | **Total** | **2,254** | **5,361** | [Income Tax Expense](index=12&type=section&id=Income%20Tax%20Expense) The Group incurred no assessable profits in Hong Kong or Mainland China, resulting in no income tax expense for both the current and prior periods - The Group generated no assessable profits in Hong Kong and China, hence no income tax expense[19](index=19&type=chunk) [Loss for the Period](index=13&type=section&id=Loss%20for%20the%20Period) The loss for the period was primarily impacted by depreciation of property, plant and equipment, and right-of-use assets Loss for the Period Deductions (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 2,114 | 1,833 | | Depreciation of right-of-use assets | – | 3,141 | [Dividends](index=13&type=section&id=Dividends) The Board does not recommend an interim dividend for the period, consistent with the prior year - The Board does not recommend an interim dividend (2024: **nil**)[21](index=21&type=chunk) [Loss Per Share](index=13&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share was 3.97 HK cents, narrowing from 9.15 HK cents in the prior year, mainly due to reduced loss attributable to owners and an increased weighted average number of ordinary shares Loss Per Share Calculation (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the Company (HKD thousands) | (5,409) | (10,727) | | Weighted average number of ordinary shares for basic loss per share | 138,245,044 | 117,245,044 | | Basic loss per share (HK cents) | (3.97) | (9.15) | - Diluted loss per share is the same as basic loss per share as there were no potential dilutive events[25](index=25&type=chunk) [Property, Plant and Equipment](index=14&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group's acquisitions of property, plant and equipment amounted to approximately HKD 25,329 thousand, a significant decrease from the prior year Property, Plant and Equipment Acquisitions (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Acquisitions of property, plant and equipment | 25,329 | 75,383 | [Investment Properties](index=14&type=section&id=Investment%20Properties) As of June 30, 2025, the Group's total carrying value of investment properties increased to HKD 664,567 thousand, primarily comprising properties in Guangzhou and Luoyang, with the latter's land use change application confirmed Investment Properties Carrying Value (As of June 30) | Property Type | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Investment properties in Guangzhou (fair value) | 596,819 | 585,362 | | Investment properties in Luoyang (cost) | 67,748 | 66,447 | | **Total Carrying Value** | **664,567** | **651,809** | - Guangzhou Property One and Guangzhou Property Two are both pledged for bank borrowings[28](index=28&type=chunk) - The application for changing the land use of Luoyang Property to commercial and residential mixed-use has been confirmed by the local government, awaiting official project commencement approvals[29](index=29&type=chunk)[30](index=30&type=chunk) [Guangzhou Property One](index=15&type=section&id=Guangzhou%20Property%20One) Guangzhou Property One, accounted for at fair value, is pledged for bank borrowings and is subject to government acquisition, with compensation negotiations ongoing - Guangzhou Property One is pledged for bank borrowings, with a carrying value of approximately **HKD 537,310 thousand**[28](index=28&type=chunk) - Guangzhou Property One has been included in the government's new central axis Haizhu area urban renewal project acquisition scope, with compensation negotiations underway[28](index=28&type=chunk) [Guangzhou Property Two](index=15&type=section&id=Guangzhou%20Property%20Two) Guangzhou Property Two, accounted for at fair value, is pledged for bank borrowings and leased out under operating leases for rental income - Guangzhou Property Two is pledged for bank borrowings, with a carrying value of approximately **HKD 59,509 thousand**[28](index=28&type=chunk) [Luoyang Property](index=15&type=section&id=Luoyang%20Property) Construction of Luoyang Property was delayed due to land policy changes; the Group successfully applied for a land use change to commercial and residential mixed-use and is actively communicating with government departments for project commencement approval - Luoyang Property construction was delayed; an application to change the project's land use to commercial and residential mixed-use has been submitted to the local government[28](index=28&type=chunk)[29](index=29&type=chunk) - The public consultation period for the land use change has expired, and planning conditions have been confirmed[30](index=30&type=chunk) - Luoyang Property is pledged for bank borrowings, with a carrying value of approximately **HKD 67,748 thousand**[30](index=30&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=16&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the Group's financial assets at fair value through profit or loss primarily consisted of investments in listed company shares, which experienced a decrease in market value Financial Assets at Fair Value Through Profit or Loss (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Investments in listed company shares, market value in Taiwan | 52,994 | 61,866 | [Prepayments, Deposits and Other Receivables](index=16&type=section&id=Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, the total amount of prepayments, deposits, and other receivables increased, mainly due to the growth in other receivables Prepayments, Deposits and Other Receivables (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Prepayments | 334,763 | 331,542 | | Deposits | 20,995 | 20,993 | | Other receivables (net of impairment allowance) | 63,450 | 35,559 | | **Total Current Portion** | **398,213** | **367,101** | - Prepayments for Luoyang Property amounted to approximately **HKD 6,905 thousand**, and for Zhuhai Property approximately **HKD 315,161 thousand**[34](index=34&type=chunk) - A deposit of **HKD 20,000 thousand** was paid to New Century International Trade (Beijing) Co., Ltd. for due diligence on exploring project investment opportunities[34](index=34&type=chunk) [Borrowings](index=18&type=section&id=Borrowings) As of June 30, 2025, the Group's total borrowings slightly increased, but the current portion significantly decreased while the non-current portion substantially increased, reflecting a shift towards long-term borrowing structure and extended maturity dates for several bank loans Borrowings Analysis (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank Loan One | 397,206 | 391,947 | | Bank Loan Two | 28,839 | 28,286 | | Bank Loan Three | 258,238 | 253,818 | | **Total** | **684,283** | **674,051** | | Current portion (within one year or on demand) | 21,821 | 420,878 | | Non-current portion (second to fifth year) | 662,462 | 123,037 | | Non-current portion (over five years) | – | 130,136 | - Maturity dates for several bank loans have been extended, such as Guangzhou Bank loans extended to **November 20, 2026**, and Guangzhou Rural Commercial Bank loans advanced to **December 20, 2027**, and **May 20, 2027**[35](index=35&type=chunk)[36](index=36&type=chunk) - Multiple borrowings are secured by properties and equity interests, and guaranteed by related parties and directors[35](index=35&type=chunk)[36](index=36&type=chunk) [Bank Loan One (Guangzhou Bank Loan)](index=18&type=section&id=Bank%20Loan%20One%20(Guangzhou%20Bank%20Loan)) Guangzhou Bank Loan, totaling approximately HKD 397,206 thousand, is secured by Luoyang Property, Zhuhai Property, and subsidiary shares, guaranteed by related parties and individuals, with maturity extended to November 20, 2026 - Guangzhou Bank Loan is secured by legal charges over Luoyang Property, Zhuhai Property, and the entire issued share capital of Zhuhai Tengshun and Luoyang Wanheng[35](index=35&type=chunk) - The loan is guaranteed by Guangdong Changliu, Guangdong Changyang, and non-controlling shareholders, and personally guaranteed by Mr. Han and others[35](index=35&type=chunk) - Maturity dates for several Guangzhou Bank loans have been extended to **November 20, 2026**[35](index=35&type=chunk)[36](index=36&type=chunk) [Bank Loan Two (Guangzhou Rural Commercial Bank Loan)](index=19&type=section&id=Bank%20Loan%20Two%20(Guangzhou%20Rural%20Commercial%20Bank%20Loan)) Guangzhou Rural Commercial Bank Loan, totaling approximately HKD 28,839 thousand, is secured by Guangzhou Property Two and subsidiary equity interests, guaranteed by related parties and individuals, with full repayment advanced to December 20, 2027 - The loan is secured by legal charges over Guangzhou Property Two and **100%** equity interest in Guangzhou Youchang[36](index=36&type=chunk) - Guaranteed by Guangdong Changliu, Guangzhou Youchang, Guangzhou Lianwei, and personally by Mr. Han[36](index=36&type=chunk) - The full repayment date has been advanced to **December 20, 2027**[36](index=36&type=chunk) [Bank Loan Three (Guangzhou Rural Commercial Bank Loan)](index=19&type=section&id=Bank%20Loan%20Three%20(Guangzhou%20Rural%20Commercial%20Bank%20Loan)) Guangzhou Rural Commercial Bank Loan, totaling approximately HKD 258,238 thousand, is secured by Guangdong Changliu's property and personally guaranteed by Mr. Han, with full repayment advanced to May 20, 2027 - The loan is secured by Guangdong Changliu's property and personally guaranteed by Mr. Han[36](index=36&type=chunk) - The full repayment date has been advanced to **May 20, 2027**[36](index=36&type=chunk) [Share Capital](index=20&type=section&id=Share%20Capital) As of June 30, 2025, the Company's issued share capital increased due to the issuance of 21,000,000 new shares, raising net proceeds of approximately HKD 6,825 thousand Share Capital Movement (As of June 30) | Item | Number of Shares | Amount (HKD thousands) | | :--- | :--- | :--- | | As of January 1, 2025 (audited) | 117,245,044 | 23,449 | | Issuance of new shares | 21,000,000 | 6,825 | | As of June 30, 2025 (unaudited) | 138,245,044 | 30,274 | - On January 17, 2025, the Company issued **21,000,000 new shares** at **HKD 0.325 per share**, raising net proceeds of approximately **HKD 6,825 thousand**, intended for general working capital[38](index=38&type=chunk) [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) Group subsidiaries are involved in two legal proceedings, ordered to pay approximately RMB 57 million and an additional RMB 24 million in overdue payments, and are seeking to apply for retrial at the China High Court - Group subsidiaries Guangdong Changyang and Guangdong Changliu are defendants in **two legal proceedings**[39](index=39&type=chunk) - The first case was ordered to pay approximately **RMB 57 million**, and the second case an additional **RMB 24 million** in overdue payments[39](index=39&type=chunk) - The subsidiaries have sought China legal opinion, believing there are sufficient grounds to apply for a retrial at the China High Court[39](index=39&type=chunk) [Management Discussion and Analysis](index=21&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a review of the Group's business, financial performance, outlook, and key financial metrics for the reporting period [Business Review](index=21&type=section&id=Business%20Review) For the six months ended June 30, 2025, the Group recorded revenue of approximately HKD 28,312 thousand and a loss after tax of approximately HKD 15,270 thousand Business Review Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 28,312 | 56,461 | | Loss after tax | 15,270 | 11,740 | [Continuing Connected Transactions](index=21&type=section&id=Continuing%20Connected%20Transactions) A subsidiary of the Company entered into new lease agreements with companies indirectly wholly-owned by connected persons, constituting continuing connected transactions - New Xie Service Co., Ltd., a wholly-owned subsidiary of the Company, entered into new lease agreements with Yongchengxin Investment Co., Ltd., Yongjiaxin Investment Co., Ltd., and Jiacheng Jiaxin International Property Management (Hong Kong) Co., Ltd[41](index=41&type=chunk) - These transactions constitute continuing connected transactions under **Chapter 14A of the Listing Rules**[41](index=41&type=chunk) [Outlook and Prospects](index=21&type=section&id=Outlook%20and%20Prospects) The Group adopts "New Life, New City" as its future business development theme, aiming to integrate property management, retail and consumer, investment properties, and property development segments to meet daily needs - The Group adopts **"New Life, New City"** as its future business development theme[42](index=42&type=chunk) - The goal is to integrate businesses such as Guangzhou property management, Mainland China retail and consumer, Luoyang investment properties, and Zhuhai property development[42](index=42&type=chunk) [Leasing and Property Management Business in Guangzhou](index=21&type=section&id=Leasing%20and%20Property%20Management%20Business%20in%20Guangzhou) Guangdong Changliu Investment Co., Ltd., as the primary operating unit, saw a slight decrease in profits from rental and related management services compared to the prior year, but it remains a core business activity for the Group - Guangdong Changliu's profits from rental and related management services slightly decreased compared to the prior year[43](index=43&type=chunk) - The leasing business will continue to be one of the Group's principal business activities[43](index=43&type=chunk) [Retail and Consumer-Related Businesses in Mainland China](index=22&type=section&id=Retail%20and%20Consumer-Related%20Businesses%20in%20Mainland%20China) The Group's retail and consumer-related businesses in Mainland China were restructured at the end of 2024, and the Group will cautiously monitor market changes to steadily expand into more promising business models in the second half of the year - Retail and consumer-related businesses in Mainland China were restructured at the end of **2024** in response to changes in the Chinese economy[44](index=44&type=chunk) - The Group will cautiously monitor structural market changes and emerging opportunities, planning to steadily expand into more promising business models starting from the second half of the year[44](index=44&type=chunk) [Investment Properties in Luoyang](index=22&type=section&id=Investment%20Properties%20in%20Luoyang) The development of Luoyang Property continues to advance, with the land use successfully changed to commercial and residential mixed-use, and the Group is actively communicating with government departments for official project commencement approvals - Luoyang Property's construction plan has been submitted, revised, and a construction land permit obtained[45](index=45&type=chunk) - The application to change the project's land use to commercial and residential mixed-use has been successfully approved, and planning conditions confirmed[45](index=45&type=chunk)[46](index=46&type=chunk) - The Group is actively communicating with relevant government departments, awaiting official approvals required to commence the project[46](index=46&type=chunk) [Property Development in Zhuhai](index=22&type=section&id=Property%20Development%20in%20Zhuhai) The Group is closely monitoring adjustments in the Chinese real estate market, will prudently decide on the next steps for the Zhuhai property development project, and maintains an optimistic long-term market outlook - The Group is monitoring the pace of development in the Chinese real estate market to determine the next steps for the Zhuhai property project[47](index=47&type=chunk) - The Group remains optimistic about the long-term Chinese real estate market while observing market dynamics to make favorable business decisions[47](index=47&type=chunk) [Acquisition of Concrete Mixer Trucks](index=23&type=section&id=Acquisition%20of%20Concrete%20Mixer%20Trucks) The Company agreed to acquire 70 concrete mixer trucks for approximately HKD 13,056 thousand, aiming to diversify into concrete logistics and transportation services as an additional revenue source, with payment extended to December 31, 2025 - The Company agreed to purchase **70 concrete mixer trucks** for a total consideration of **RMB 12,011,520.00** (approximately **HKD 13,056,000.00**)[48](index=48&type=chunk) - The consideration will be settled by issuing and allotting **17,000,000 new shares** at an issue price of **HKD 0.768 per share**[48](index=48&type=chunk) - This aims to diversify the business into concrete logistics and transportation services as an additional revenue source. The payment deadline has been extended to **December 31, 2025**[49](index=49&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) During the review period, the Group's revenue and loss for the period were HKD 28,312 thousand and HKD 15,270 thousand, respectively, with a basic loss per share of 3.97 HK cents Financial Review Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 28,312 | 56,461 | | Loss for the period | 15,270 | 11,740 | | Basic loss per share (HK cents) | 3.97 | 9.15 | [Dividends](index=23&type=section&id=Dividends) The Board does not recommend an interim dividend, consistent with the prior year - The Board does not recommend an interim dividend (2024: **nil**)[51](index=51&type=chunk) [Liquidity, Financial Resources and Capital Requirements](index=24&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Requirements) As of June 30, 2025, the Group's total assets and liabilities increased, cash and bank balances rose, and the current ratio significantly improved to 2.72 Liquidity Key Data | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total assets | 1,653,144 | 1,609,797 | | Total liabilities | 1,425,984 | 1,336,389 | | Cash and bank balances | 10,105 | 8,459 | | Current ratio | 2.72 | 1.33 | [Gearing Ratio](index=24&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio was 81%, a slight increase from 78% as of December 31, 2024 Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio (liabilities / equity) | 81% | 78% | [Exchange Rate Risk](index=24&type=section&id=Exchange%20Rate%20Risk) The Group's principal operations are in China and Hong Kong, with primary operating currencies being HKD and RMB, and it closely monitors RMB exchange rate fluctuations and assesses exchange risk - The Group's principal operating currencies are **HKD** and **RMB**[54](index=54&type=chunk) - The Company regularly and closely monitors RMB exchange rate fluctuations and continuously assesses exchange rate risk[54](index=54&type=chunk) [Capital Structure](index=24&type=section&id=Capital%20Structure) There have been no changes to the Company's capital structure - There have been no changes to the Company's capital structure[55](index=55&type=chunk) [Pledge of Assets](index=24&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged investment properties and properties under development for sale in Guangzhou, Luoyang, and Zhuhai as collateral for bank borrowings - The Group pledged investment properties and properties under development for sale in Guangzhou, Luoyang, and Zhuhai as collateral for bank borrowings[56](index=56&type=chunk) [Material Investments, Major Acquisitions and Disposals, and Future Plans for Material Investments or Capital Assets](index=24&type=section&id=Material%20Investments%2C%20Major%20Acquisitions%20and%20Disposals%2C%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Apart from the disclosed acquisition of concrete mixer trucks, the Company had no other material investments, major acquisitions, or disposals during the review period - Apart from the disclosed acquisition of concrete mixer trucks, the Company had no other material investments or major acquisitions and disposals during the review period[57](index=57&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed shares during the review period - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed shares during the review period[58](index=58&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) Details of contingent liabilities are disclosed in Note 19 to the financial statements - Details of contingent liabilities are set out in **Note 19** of this announcement[59](index=59&type=chunk) [Commitments](index=25&type=section&id=Commitments) As of June 30, 2025, the Group had no commitments - As of June 30, 2025, the Group had no commitments[60](index=60&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) This section covers corporate governance, employee information, directors' and major shareholders' interests in securities, and the audit committee's review [Corporate Governance](index=25&type=section&id=Corporate%20Governance) The Company complied with the Corporate Governance Code during the review period, with some deviations regarding the Chairman also being CEO and non-executive directors lacking specific terms, but the Board deems the current structure adequate for operational oversight - The Company's Chairman is also the Chief Executive Officer, deviating from **Code Provision A.2.1**[61](index=61&type=chunk) - The Company's non-executive directors do not have specific terms of appointment, deviating from **Code Provisions A.4.1 and A.4.2**[61](index=61&type=chunk) - The Chairman of the Board is not required to retire by rotation or be counted in the number of directors subject to annual retirement, deviating from **Code Provision A.4.2**[62](index=62&type=chunk) [Employees](index=26&type=section&id=Employees) As of June 30, 2025, the Group employed approximately 46 staff in Hong Kong and China, offering a competitive remuneration package - As of June 30, 2025, the Group employed approximately **46 staff** in Hong Kong and China[63](index=63&type=chunk) - The Group provides employees with a competitive remuneration package, reviewed annually[63](index=63&type=chunk) [Directors' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=26&type=section&id=Directors%27%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Executive Director Mr. Han Junran held long positions in the Company's shares and underlying shares, including controlled corporation interests and beneficial owner interests Directors' Long Positions in the Company's Shares and Underlying Shares (As of June 30, 2025) | Director Name | Capacity / Nature of Interest | Number of Shares and Underlying Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Han Junran | Interest in controlled corporation | 37,733,255 | 27.29% | | Mr. Han Junran | Beneficial owner | 32,521,754 | 23.52% | - Junyi Investment Co., Ltd., wholly-owned by Executive Director Mr. Han Junran, holds **37,733,255 shares**[64](index=64&type=chunk) [Substantial Shareholders' and Other Persons' Interests in Shares and Underlying Shares](index=27&type=section&id=Substantial%20Shareholders%27%20and%20Other%20Persons%27%20Interests%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, besides directors' interests, Junyi Investment Co., Ltd. and Qilu International Funds SPC (acting for Zhongtai Dingfeng Classified Fund SP) were substantial shareholders, holding 27.29% and 50.82% of shares, respectively Substantial Shareholders' Long Positions in the Company's Shares (As of June 30, 2025) | Name | Capacity | Number of Shares and Underlying Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Junyi Investment Co., Ltd. | Beneficial owner | 37,733,255 | 27.29% | | Qilu International Funds SPC (acting for and on behalf of Zhongtai Dingfeng Classified Fund SP) | Holder of security interest | 70,255,009 | 50.82% | | Zhongtai International Asset Management Limited | Investment manager | 70,255,009 | 50.82% | - Junyi Investment Co., Ltd. is wholly-owned by Executive Director Mr. Han Junran[66](index=66&type=chunk) - Qilu International Funds SPC is an investment fund managed by Zhongtai International Asset Management Limited[66](index=66&type=chunk) [Standard Code for Securities Transactions by Directors](index=28&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Model Code set out in Appendix 10 of the Listing Rules, and all directors confirmed compliance during the review period - The Company has adopted the **Model Code** set out in **Appendix 10 of the Listing Rules**[68](index=68&type=chunk) - All directors confirmed compliance with the Model Code during the review period[68](index=68&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed the Group's accounting principles, practices, internal controls, and condensed consolidated financial statements - The Audit Committee comprises three independent non-executive directors: **Mr. Chan Yiu Tung**, **Mr. Zhang Jing**, and **Mr. Leung Kwai Wah**[69](index=69&type=chunk) - The Audit Committee reviewed the Group's accounting principles and practices, and discussed internal controls and the condensed consolidated financial statements[69](index=69&type=chunk) [Board of Directors](index=28&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors comprises two executive directors and five independent non-executive directors - The Board of Directors comprises two executive directors (**Mr. Han Junran** and **Mr. Luo Min**) and five independent non-executive directors (**Mr. Chan Yiu Tung**, **Dr. Au Yeung Ching Yu**, **Mr. Leung Kwai Wah**, **Mr. Zhang Jing**, and **Mr. Luo Zhen**)[71](index=71&type=chunk)

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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 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的任何損失承擔任何責任。 主 席 韓軍然 NEW CITY DEVELOPMENT GROUP LIMITED 新城市建設發展集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：0456） 董事會會議通告 新 城 市 建 設 發 展 集 團 有 限 公 司（「本公司」）之 董 事 會（「董事會」）謹 此 宣 佈，本 公 司 將 於 二 零 二 五 年 八 月 二 十 九 日（星 期 五）下 午 四 時 三 十 分 舉 行 董 事 會 會 議，藉 以 考慮及通過本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業 績及處理任何其他事項。 承董事會命 新城市建設發展集團有限公司 香港，二零二五年八月二十日 於本公告日期，董事會由(1)兩 名 執 行 董 事，即 韓 軍 然 先 生（主 席）及 羅 敏 先 生；及 (2)五名獨立非執行董事，即陳耀東先生、歐陽晴汝醫生 ...

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: 新城市建設發展集團有限公司 呈交日期: 2025年8月1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) | 00456 | 說明 | 新城市建設發展 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | 200,000,000 HKD | | | 0.2 HKD | | | 40,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 200,000,000 HKD | | | 0.2 HKD | | | 40,000,000 | 本月底法定 ...