Property Management Overview - As of June 30, 2025, the Group had a total contracted gross floor area (GFA) of approximately 46.0 million sq.m. across 247 contracted projects[6]. - The Group's residential property management segment included 216 contracted projects with a total contracted GFA of approximately 42.1 million sq.m.[16]. - The commercial property management segment had 31 contracted properties with a total contracted GFA of approximately 3.9 million sq.m.[15]. - The total GFA under management was approximately 35.0 million sq.m., with 217 projects under management[6]. - The total GFA under management for residential properties was approximately 33.3 million sq.m. across 203 projects[16]. - The Group operates in 57 cities across 18 provinces, municipalities, and autonomous regions in China[5]. - The Group's services cover key economic zones including the West Taiwan Strait Economic Zone and the Yangtze River Delta Economic Zone[15]. Revenue and Financial Performance - The total revenue for the period was RMB588.28 million, down from RMB622.51 million in the previous year[21]. - Revenue from the Yangtze River Delta Economic Zone was RMB33.36 million, down from RMB59.43 million in the previous year[25]. - Revenue from the West Taiwan Strait Economic Zone was RMB60.62 million, down from RMB82.79 million year-on-year[25]. - Revenue from the Bohai Rim Economic Zone decreased to RMB48.25 million from RMB61.06 million[25]. - The commercial property management and operational services segment recorded total revenue of approximately RMB169.1 million, representing a year-on-year decrease of approximately 23.8%[22]. - Revenue from basic residential property management services increased by approximately 9.3% from approximately RMB355.6 million in the first half of 2024 to approximately RMB388.7 million, accounting for approximately 66.1% of total revenue[50][53]. - Revenue from value-added services decreased significantly to RMB84,878,000 from RMB117,378,000, a decline of 27.7%[166]. Profitability and Earnings - Profit attributable to owners of the parent decreased significantly by approximately 57.6% from approximately RMB80.4 million in the first half of 2024 to approximately RMB34.1 million, with basic earnings per share amounting to approximately RMB1.76 cents[63][68]. - Gross profit decreased by approximately 13.0% from approximately RMB209.1 million in the first half of 2024 to approximately RMB182.1 million, with the overall gross profit margin decreasing from approximately 33.6% to approximately 30.9%[55][56]. - The company reported a profit of RMB34,120,000 for the six months ended June 30, 2025, compared to RMB80,432,000 for the same period in 2024, reflecting a decrease of approximately 57.6%[147]. - Total comprehensive income for the period was RMB35,117,000, down from RMB79,897,000 in the previous year, indicating a decline of about 56.1%[147]. Operational Strategies and Initiatives - The Group aims to enhance service quality through a three-dimensional service framework, including "Butler-Style Service", "Hotel-Style Service", and "Full-cycle One-stop Service"[39]. - Future strategies include continuous monitoring of local consumption trends and refining tenant sourcing strategies based on project positioning and sales per sq.m.[42]. - The Group plans to leverage digital technologies to enhance operational quality and efficiency while maintaining high-quality commercial content[43]. - The Group's digital intelligence strategy was strengthened to analyze consumer behavior and upgrade the membership benefits system[33]. Employee and Cost Management - The total employee cost for the period was approximately RMB220.0 million, down from approximately RMB268.0 million for the six months ended June 30, 2024, representing a decrease of about 18%[87]. - The Group employed 4,621 employees as of June 30, 2025, a reduction of 272 employees compared to 4,893 employees as of December 31, 2024[87]. - Administrative expenses increased by approximately 16.8% from approximately RMB120.0 million in the first half of 2024 to approximately RMB140.2 million, primarily due to impairment losses of trade receivables[61][66]. Cash Flow and Financial Position - As of June 30, 2025, the Group's cash and bank balances totaled RMB1,196,296,000, a decrease of approximately 7.9% from RMB1,299,809,000 as of December 31, 2024[75]. - The company reported a net increase in cash and cash equivalents of RMB195,221,000 for the period, compared to RMB456,808,000 in the previous year, a decrease of about 57.3%[147]. - Cash generated from operations was RMB57,658,000, a decrease of 41.7% compared to RMB98,915,000 in the prior year[147]. - The company’s total equity at June 30, 2025, was RMB2,775,965,000, compared to RMB2,733,885,000 at the beginning of the year, indicating a growth of approximately 1.5%[147]. Shareholding and Corporate Governance - The company raised total net proceeds of approximately HK$2,037.5 million from the initial public offering, with an offer price of HK$3.7 per share for 575,000,000 shares issued[94][97]. - The Audit Committee consists of three independent non-executive Directors, ensuring compliance with the Listing Rules[127]. - The company has maintained compliance with all applicable code provisions under the Corporate Governance Code during the period[126]. - Significant shareholder Mr. Dan Weijian holds a 35.41% stake in the company, representing approximately 26.05% of the total issued shares[124]. Risks and Liabilities - China SCE Holdings defaulted on a payment of an installment of principal and interest under its syndicated loan agreement, leading to a cross default situation[120]. - The liabilities of China SCE Holdings are secured by charges over 504,000,000 shares in the Company, which represent approximately 26.05% of the total number of issued shares[122]. - The enforcement action taken by banks over the charged shares indicates potential liquidity issues for China SCE Holdings[120].

Group 1: Central Enterprises' Role in Food Supply Chain - Central enterprises are actively reshaping China's food supply chain, transitioning from "eating enough" to "eating well and healthily" [1][2] - Companies like COFCO, China Communications Construction Company, and China National Machinery Industry Corporation are leading technological innovations and promoting national food security [1][2] Group 2: Technological Innovations in Food Processing - COFCO has developed a key technology system for edible oil quality control, significantly improving the retention rates of nutrients such as plant sterols and vitamin E [2][3] - The new technology allows for over 90% retention of plant sterols and over 95% retention of vitamin E, enhancing the nutritional and safety quality of edible oils [2] Group 3: Supply Chain Management in Egg Production - China Resources Vanguard has established a comprehensive supply chain management system for its "Runjia" brand eggs, resulting in significant sales growth [3] - The company aims to expand its product offerings across various categories, including fruits, meat, and vegetables, to provide consumers with reliable high-quality protein [3] Group 4: Innovations in Aquaculture - State Grid Xinjiang Electric Power Company has facilitated the successful aquaculture of seafood in Xinjiang, supported by stable electricity supply [4][5] - The "Bay Area Lingding" self-propelled aquaculture vessel, developed by China Communications Construction Company, is set to enhance sustainable seafood production with a capacity of 5,000 tons annually [5][6] Group 5: Upgrading Dietary Preferences - Central enterprises are leveraging global supply chains to introduce high-quality imported foods, such as Chilean cherries, to meet the growing demand for premium products [7][8] - COFCO has successfully imported various high-end agricultural products, enhancing the diversity and healthiness of food options available to consumers [8][9] Group 6: Economic Impact of Central Enterprises - COFCO's annual agricultural product handling exceeds 180 million tons, positioning it as a key player in the global agricultural supply chain [9] - The integration of refined management from farm to table and deep global supply chain collaboration is driving new consumption vitality and supporting high-quality economic development in China [9]

Core Insights - The article highlights the proactive role of state-owned enterprises (SOEs) in reshaping China's food supply chain, emphasizing a shift from merely filling stomachs to providing healthier and higher-quality food options [1][2][3] Group 1: Food Supply Chain Innovations - SOEs are implementing advanced technologies and full-chain management to enhance food quality and safety, particularly in the edible oil sector [2][3] - The research team at COFCO has developed a key technology system for quality control in edible oil, significantly improving the retention rates of nutrients such as plant sterols and vitamin E [2] - The "Runjia" brand of eggs from China Resources has seen sales exceed last year's total within six months, showcasing the effectiveness of their integrated supply chain management [3] Group 2: Aquaculture Developments - State Grid Xinjiang Electric Power Company has facilitated the successful aquaculture of various seafood in Xinjiang, supported by stable electricity supply and advanced technology [4][5] - The "Bay Area Lingding" self-propelled aquaculture vessel, developed by China Communications Construction Company, is set to produce 5,000 tons of seafood annually, contributing to sustainable aquaculture practices [6] Group 3: Import and Global Supply Chain - Companies like China National Machinery Import and Export Corporation are leveraging global supply chains to import high-quality products such as Chilean cherries, meeting the growing demand for premium food items in China [7] - COFCO is expanding its international cooperation by introducing various high-end agricultural products, including flaxseed oil and Honduran white shrimp, to enhance consumer choices [7] - COFCO's annual agricultural product handling exceeds 180 million tons, positioning it as a key player in the global agricultural supply chain [7]

| 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) | 00606 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | 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: 中駿商管智慧服務控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 本月底法定/ ...

Group 1 - The core point of the article is that Zhongjun Business Management (00606.HK) reported a decline in mid-term performance for the six months ending June 30, 2025, with revenue decreasing by approximately 5.5% from about RMB 622.5 million in the first half of 2024 to about RMB 588.3 million in the current period [1] - The profit attributable to the parent company owners significantly decreased by approximately 57.6%, from about RMB 80.4 million in the first half of 2024 to about RMB 34.1 million in the current period [1] - The basic earnings per share for the period were approximately RMB 0.0176 [1] Group 2 - The decrease in profit attributable to the parent company owners is primarily due to the unfavorable macroeconomic environment, which led to a reduction in revenue from value-added services with higher gross margins [1] - Additionally, the company faced impairment losses on trade receivables, contributing to the decline in profitability [1]

Group 1 - The company Zhongjun Business Management (00606) reported a mid-term performance for the six months ending June 30, 2025, with revenue of 588 million RMB, representing a year-on-year decrease of 5.5% [1] - The profit attributable to shareholders was 34.12 million RMB, reflecting a significant year-on-year decline of 57.58% [1] - The basic earnings per share were reported at 1.76 cents [1]

Group 1 - The company Zhongjun Commercial Management (00606) reported a revenue of 588 million RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 5.5% [1] - The profit attributable to shareholders was 34.12 million RMB, which is a significant decline of 57.58% compared to the previous year [1] - The basic earnings per share stood at 1.76 cents [1]

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The company's revenue decreased to RMB 588.3 million, with a lower gross margin of 30.9% and a significant decline in profit attributable to owners of the parent | Metric | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Revenue | RMB 588.3 million | RMB 622.5 million | | Gross Margin | 30.9% | 33.6% | | Profit attributable to owners of the parent | RMB 34.1 million | RMB 80.4 million | | Total Contracted GFA | 46 million sq.m. | - | | GFA Under Management | 35 million sq.m. | - | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the interim consolidated statements of profit or loss and other comprehensive income, and financial position, highlighting key financial performance and asset/liability changes [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company's revenue decreased to RMB 588.3 million, with profit for the period significantly reduced to RMB 40.748 million, and profit attributable to owners of the parent declining by 57.6% to RMB 34.120 million Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Metric | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue | 588,283 | 622,507 | | Cost of sales | (406,233) | (413,360) | | Gross Profit | 182,050 | 209,147 | | Other income and gains | 30,289 | 33,193 | | Selling and marketing expenses | (4,095) | (4,303) | | Administrative expenses | (140,189) | (120,034) | | Finance costs | (96) | (140) | | Profit before tax | 68,612 | 118,516 | | Income tax expense | (27,864) | (34,705) | | Profit for the period | 40,748 | 83,811 | | Profit attributable to owners of the parent | 34,120 | 80,432 | | Non-controlling interests | 6,628 | 3,379 | | Basic and diluted earnings per share | RMB 1.76 cents | RMB 4.16 cents | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the company's total net assets increased to RMB 2,776 million, up from RMB 2,734 million at the end of 2024, with total non-current assets at RMB 1,949 million, total current assets at RMB 1,596 million, total current liabilities at RMB 767 million, and total non-current liabilities at RMB 1.613 million Interim Condensed Consolidated Statement of Financial Position (Summary) | Metric | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 33,127 | 36,142 | | Investment properties | 982,029 | 996,686 | | Total non-current assets | 1,949,082 | 1,844,572 | | **Current assets** | | | | Trade receivables | 272,585 | 264,062 | | Cash and cash equivalents | 1,196,296 | 1,299,809 | | Total current assets | 1,595,841 | 1,667,834 | | **Current liabilities** | | | | Trade payables | 143,417 | 135,803 | | Total current liabilities | 767,345 | 775,350 | | **Non-current liabilities** | | | | Total non-current liabilities | 1,613 | 3,171 | | **Net assets** | | | | Net assets | 2,775,965 | 2,733,885 | | **Equity** | | | | Equity attributable to owners of the parent | 2,747,316 | 2,711,864 | | Non-controlling interests | 28,649 | 22,021 | | Total equity | 2,775,965 | 2,733,885 | [Notes](index=6&type=section&id=%E9%99%84%E8%A8%BB) This section details the basis of preparation, changes in accounting policies, operating segment information, and specific breakdowns of revenue, expenses, and financial positions [1. Basis of Preparation](index=6&type=section&id=1.%20%E7%B7%A8%20%E8%A3%BD%20%E5%9F%BA%20%E6%BA%96) The Group primarily provides property management and value-added services in China, with its unaudited interim condensed consolidated financial statements prepared in RMB according to HKAS 34 and Appendix D2 of the Listing Rules - The Company was incorporated in the Cayman Islands on August 20, 2019, and listed on the Main Board of the Stock Exchange of Hong Kong on July 2, 2021[10](index=10&type=chunk) - The Group primarily provides property management and value-added services in mainland China during the period[11](index=11&type=chunk) - The financial statements are prepared in RMB in accordance with HKAS 34 and Appendix D2 of the Listing Rules[11](index=11&type=chunk)[12](index=12&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=7&type=section&id=2.%20%E6%9C%83%20%E8%A8%88%20%E6%94%BF%20%E7%AD%96%20%E5%8F%8A%20%E6%8A%AB%20%E9%9C%B2%20%E4%B9%8B%20%E8%AE%8A%20%E5%8B%95) The accounting policies used for the interim financial statements are consistent with the annual consolidated financial statements, except for the initial adoption of amended HKFRSs, which had no material impact - The accounting policies adopted for the preparation of the interim financial statements are consistent with those applied in the annual consolidated financial statements, except for the initial adoption of amended HKFRSs[13](index=13&type=chunk) - The application of HKAS 21 (Amendment) "Lack of Exchangeability" had no material impact on the financial statements[14](index=14&type=chunk) [3. Operating Segment Information](index=7&type=section&id=3.%20%E7%B6%93%20%E7%87%9F%20%E5%88%86%20%E9%83%A8%20%E8%B3%87%20%E6%96%99) The Group, primarily engaged in property management and value-added services, does not present operating segment information due to integrated resources and no separate operating segments; geographical information is also not presented as all revenue and most non-current assets are from mainland China, with no single customer accounting for over 10% of revenue - The Group is primarily engaged in providing property management and value-added services, and no operating segment information is presented[15](index=15&type=chunk) - All of the Group's revenue and substantially all non-current assets are derived from mainland China, thus no geographical information is presented[16](index=16&type=chunk) - No single customer or group of customers under common control accounted for **10%** or more of the Group's revenue during the period[17](index=17&type=chunk) [4. Revenue, Other Income and Gains](index=8&type=section&id=4.%20%E6%94%B6%20%E7%9B%8A%E3%80%81%E5%85%B6%20%E4%BB%96%20%E6%94%B6%20%E5%85%A5%20%E5%8F%8A%20%E6%94%B6%20%E7%9B%8A) The Group's total revenue was RMB 588.3 million, primarily from property management and value-added services, with other income and gains of RMB 30.289 million mainly comprising interest income from related parties Revenue Analysis | Service Type | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Property management services | 487,802 | 490,036 | | Value-added services | 84,878 | 117,378 | | **Subtotal revenue from contracts with customers** | **572,680** | **607,414** | | Operating lease rental income | 15,603 | 15,093 | | **Total Revenue** | **588,283** | **622,507** | Other Income and Gains Analysis | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Bank interest income | 3,645 | 5,197 | | Interest income from related parties | 24,343 | 26,832 | | Net exchange gain | 723 | 6 | | **Total** | **30,289** | **33,193** | [5. Finance Costs](index=9&type=section&id=5.%20%E8%B2%A1%20%E5%8B%99%20%E8%B2%BB%20%E7%94%A8) The Group's finance costs for H1 2025 decreased to RMB 96 thousand from RMB 140 thousand in H1 2024 Finance Costs | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Finance costs | 96 | 140 | [6. Profit Before Tax](index=9&type=section&id=6.%20%E9%99%A4%20%E7%A8%85%20%E5%89%8D%20%E6%BA%A2%20%E5%88%A9) The Group's profit before tax significantly decreased to RMB 68.612 million from RMB 118.516 million in the prior period, mainly due to increased employee benefit expenses and impairment losses on trade receivables Items Deducted From / (Credited To) Profit Before Tax | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Cost of services provided | 406,233 | 413,360 | | Depreciation of property and equipment | 7,001 | 7,771 | | Depreciation of investment properties | 14,657 | 14,734 | | Total employee benefit expenses | 219,957 | 267,962 | | Net impairment loss on trade receivables | 45,135 | 27,440 | | Net exchange gain | (723) | (6) | [7. Income Tax Expense](index=10&type=section&id=7.%20%E7%A8%85%20%E9%A0%85%20%E9%96%8B%20%E6%94%AF) The Group's income tax expense was RMB 27.864 million, primarily for PRC corporate income tax, with the percentage of income tax expense to profit before tax increasing to 40.6% due to non-deductible impairment losses on trade receivables - Subsidiaries operating in mainland China are generally subject to PRC corporate income tax at a rate of **25%**[23](index=23&type=chunk) Income Tax Expense Analysis | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | PRC corporate income tax | 25,901 | 35,058 | | Deferred tax | 1,963 | 433 | | **Total income tax expense for the period** | **27,864** | **34,705** | [8. Dividends](index=10&type=section&id=8.%20%E8%82%A1%20%E6%81%AF) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[25](index=25&type=chunk) [9. Earnings Per Share Attributable to Owners of the Parent](index=10&type=section&id=9.%20%E6%AF%8D%20%E5%85%AC%20%E5%8F%B8%20%E6%99%AE%20%E9%80%9A%20%E8%82%A1%20%E6%AC%8A%20%E7%9B%8A%20%E6%8C%81%20%E6%9C%89%20%E4%BA%BA%20%E6%87%89%20%E4%BD%94%20%E6%AF%8F%20%E8%82%A1%20%E7%9B%88%20%E5%88%A9) For the six months ended June 30, 2025, basic earnings per share significantly decreased to RMB 1.76 cents from RMB 4.16 cents in the prior period, with no dilutive potential ordinary shares Earnings Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the parent | RMB 34,120,000 | RMB 80,432,000 | | Weighted average number of ordinary shares in issue | 1,935,000,000 shares | 1,935,000,000 shares | | Basic earnings per share | RMB 1.76 cents | RMB 4.16 cents | - There were no potential dilutive ordinary shares outstanding during the period, so the basic earnings per share amount was not adjusted for dilution[26](index=26&type=chunk) [10. Trade Receivables](index=11&type=section&id=10.%20%E8%B2%BF%20%E6%98%93%20%E6%87%89%20%E6%94%B6%20%E6%AC%BE%20%E9%A0%85) As of June 30, 2025, total trade receivables increased to RMB 272.6 million from RMB 264.1 million at the end of 2024, with receivables over 365 days accounting for the largest portion at RMB 125 million - Trade receivables primarily represent amounts due from property management and value-added services, collected quarterly or monthly, and are interest-free[27](index=27&type=chunk) Ageing Analysis of Trade Receivables (Net of Loss Allowance) | Ageing | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Current to 90 days | 59,888 | 50,974 | | 91 to 180 days | 43,828 | 45,717 | | 181 to 365 days | 43,859 | 60,108 | | Over 365 days | 125,010 | 107,263 | | **Total** | **272,585** | **264,062** | [11. Trade Payables](index=11&type=section&id=11.%20%E8%B2%BF%20%E6%98%93%20%E6%87%89%20%E4%BB%98%20%E6%AC%BE%20%E9%A0%85) As of June 30, 2025, total trade payables increased to RMB 143.4 million from RMB 135.8 million at the end of 2024, with the largest portion being current to 90 days Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Current to 90 days | 115,012 | 101,012 | | 91 to 365 days | 23,070 | 29,209 | | Over 365 days | 5,335 | 5,582 | | **Total** | **143,417** | **135,803** | [Management Discussion and Analysis](index=12&type=section&id=%E7%AE%A1%20%E7%90%86%20%E5%B1%A4%20%E8%A8%8E%20%E8%AB%96%20%E5%8F%8A%20%E5%88%86%20%E6%9E%90) This section provides an overview of the Group's business, reviews its commercial and residential property management performance, and outlines future strategic outlook [Overview](index=12&type=section&id=%E6%A6%82%20%E8%A6%BD) SCE Commercial Management is a property management service provider operating across China's five major economic circles, with approximately **46 million square meters** of total contracted GFA and **35 million square meters** under management as of June 30, 2025 - The Group's business spans the Western Taiwan Straits Economic Zone, Yangtze River Delta Economic Zone, Bohai Rim Economic Zone, Greater Bay Area, and central and western regions[30](index=30&type=chunk) Contracted and GFA Under Management | Property Type | Total Contracted GFA (million sq.m.) | Total GFA Under Management (million sq.m.) | | :--- | :--- | :--- | | Commercial properties | 3.9 | 1.7 | | Residential properties | 42.1 | 33.3 | | **Total** | **46.0** | **35.0** | [Business Review](index=12&type=section&id=%E6%A5%AD%20%E5%8B%99%20%E5%9B%9E%20%E9%A1%A7) During the period, the Group's business comprised commercial property management and operation services, with revenue decreasing by **23.8%** year-over-year, and residential property management services, with revenue increasing by **4.6%** year-over-year [Commercial Property Management and Operation Services](index=13&type=section&id=%E5%95%86%20%E6%A5%AD%20%E7%89%A9%20%E6%A5%AD%20%E7%AE%A1%20%E7%90%86%20%E5%8F%8A%20%E9%81%8B%20%E7%87%9F%20%E6%9C%8D%20%E5%8B%99) Commercial property management and operation services revenue decreased by **23.8%** year-over-year to RMB 169.1 million, with GFA under management slightly increasing by **2.9%** to **1.7 million square meters**; the company maintained its "one store, one strategy" approach, enhancing foot traffic and efficiency through brand adjustments and marketing, while strengthening its "digital empowerment" strategy Key Metrics for Commercial Property Management and Operation Services | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | RMB 169.1 million | RMB 221.8 million | | Year-over-year change | -23.8% | - | | GFA under management | 1.7 million sq.m. | 1.681 million sq.m. | | Year-over-year change | +2.9% | - | | Projects under management | 14 units | 17 units | | Year-over-year change | -3 units | - | | Contracted GFA | 3.9 million sq.m. | 4.605 million sq.m. | | Year-over-year change | -15.1% | - | - The company adheres to a "one store, one strategy" operating approach, closely following market trends and regional demands to continuously stimulate commercial vitality through proactive adjustments[35](index=35&type=chunk) - In H1 2025, the national mall tenant adjustment rate exceeded **10%**, significantly boosting foot traffic and sales efficiency, with innovative marketing activities leading to substantial increases in foot traffic and sales[36](index=36&type=chunk)[37](index=37&type=chunk) [Residential Property Management Services](index=16&type=section&id=%E4%BD%8F%20%E5%AE%85%20%E7%89%A9%20%E6%A5%AD%20%E7%AE%A1%20%E7%90%86%20%E6%9C%8D%20%E5%8B%99) Residential property management services revenue increased by **4.6%** year-over-year to RMB 419.2 million, with GFA under management growing by **8.0%** to **33.3 million square meters**; the company enhanced service quality and efficiency through service model optimization and smart system upgrades, while expanding value-added services like housekeeping and cleaning Key Metrics for Residential Property Management Services | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | RMB 419.2 million | RMB 400.7 million | | Year-over-year change | +4.6% | - | | GFA under management | 33.3 million sq.m. | 30.785 million sq.m. | | Year-over-year change | +8.0% | - | | Projects under management | 203 units | 186 units | | Year-over-year change | +17 units | - | | Contracted GFA | 42.1 million sq.m. | 43.087 million sq.m. | | Year-over-year change | -2.3% | - | - The Group continuously enhances service quality and efficiency through optimizing service models, refining service details, improving organizational effectiveness, and upgrading smart systems[39](index=39&type=chunk) - Beyond basic property management, the Group continues to expand value-added services such as housekeeping, cleaning, home beautification, asset leasing, and community energy/health solutions to diversify profit sources[39](index=39&type=chunk) [Outlook](index=17&type=section&id=%E5%B1%95%20%E6%9C%9B) Facing evolving business environments and the rise of "Generation Z" consumers, SCE Commercial Management will deepen its "Three-Year Enhancement" plan, adapting strategies to local conditions to boost differentiated competitiveness, focusing on digital technology, high-quality commercial content, refined operations, and a "one store, one strategy" approach - 2025 marks a crucial year for SCE Commercial Management's "Three-Year Enhancement" plan, with a steady start and deepening implementation[41](index=41&type=chunk) - Operating strategies include continuous focus on local consumption trends, improving pre-leasing planning, deep operations with precise marketing, and cost reduction for efficiency gains[41](index=41&type=chunk) - For the second half of the year, the company will strengthen digital technology, maintain high-quality commercial content, persist in deep operations with increased investment, and advance its "one store, one strategy" differentiated operating approach[42](index=42&type=chunk) [Financial Review](index=18&type=section&id=%E8%B2%A1%20%E5%8B%99%20%E5%9B%9E%20%E9%A1%A7) This section reviews the Group's financial performance, including revenue, gross profit, other income, administrative expenses, income tax, and profit attributable to owners of the parent [Revenue](index=18&type=section&id=%E6%94%B6%20%E7%9B%8A) The Group's total revenue decreased by **5.5%** from approximately RMB 622.5 million in H1 2024 to approximately RMB 588.3 million in the current period, primarily due to significant reductions in commercial property management and non-owner value-added services revenue, partially offset by growth in basic residential property management services revenue Revenue by Service Category | Service Category | H1 2025 (RMB in thousands) | % of Total | H1 2024 (RMB in thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Subtotal commercial property management and operation services | 169,115 | 28.7 | 221,842 | 35.6 | | Subtotal residential property management services | 419,168 | 71.3 | 400,665 | 64.4 | | **Total** | **588,283** | **100.0** | **622,507** | **100.0** | - Total revenue decreased by approximately **5.5%** from approximately RMB 622.5 million in H1 2024 to approximately RMB 588.3 million in the current period[43](index=43&type=chunk) [Basic Commercial Property Management Services](index=19&type=section&id=%E5%9F%BA%20%E6%9C%AC%20%E5%95%86%20%E6%A5%AD%20%E7%89%A9%20%E6%A5%AD%20%E7%AE%A1%20%E7%90%86%20%E6%9C%8D%20%E5%8B%99) Revenue from basic commercial property management services decreased by **26.3%** to RMB 99.1 million, primarily due to the termination of certain project contracts Revenue from Basic Commercial Property Management Services | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Revenue | 99.1 | 134.4 | | Year-over-year change | -26.3% | - | | Percentage of total revenue | 16.8% | 21.6% | - The decrease in revenue was primarily due to the termination of property management contracts for certain projects during the period[45](index=45&type=chunk) [Other Value-Added Services and Rental Income](index=19&type=section&id=%E5%85%B6%20%E4%BB%96%20%E5%A2%9E%20%E5%80%BC%20%E6%9C%8D%20%E5%8B%99%20%E5%8F%8A%20%E7%A7%9F%20%E9%87%91%20%E6%94%B6%20%E5%85%A5) Other value-added services and rental income decreased by **19.9%** to RMB 70.0 million, primarily impacted by the unfavorable economic environment Other Value-Added Services and Rental Income | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Revenue | 70.0 | 87.4 | | Year-over-year change | -19.9% | - | | Percentage of total revenue | 11.9% | 14.0% | - The decrease in revenue was primarily due to reduced demand for other value-added services from tenants amidst an unfavorable economic environment[46](index=46&type=chunk) [Basic Residential Property Management Services](index=19&type=section&id=%E5%9F%BA%20%E6%9C%AC%20%E4%BD%8F%20%E5%AE%85%20%E7%89%A9%20%E6%A5%AD%20%E7%AE%A1%20%E7%90%86%20%E6%9C%8D%20%E5%8B%99) Revenue from basic residential property management services increased by **9.3%** to RMB 388.7 million, primarily benefiting from an increase in GFA under management Revenue from Basic Residential Property Management Services | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Revenue | 388.7 | 355.6 | | Year-over-year change | +9.3% | - | | Percentage of total revenue | 66.1% | 57.1% | - The increase in revenue was primarily due to an increase in GFA under management[47](index=47&type=chunk) [Non-Owner Value-Added Services](index=19&type=section&id=%E9%9D%9E%20%E6%A5%AD%20%E4%B8%BB%20%E5%A2%9E%20%E5%80%BC%20%E6%9C%8D%20%E5%8B%99) Revenue from non-owner value-added services significantly decreased by **91.8%** to RMB 0.7 million, mainly due to substantial reductions in sales office management and pre-delivery inspection services revenue Revenue from Non-Owner Value-Added Services | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Revenue | 0.7 | 9.0 | | Year-over-year change | -91.8% | - | | Percentage of total revenue | 0.1% | 1.5% | - The significant decrease in revenue was primarily due to substantial reductions in sales office management and pre-delivery inspection services revenue[48](index=48&type=chunk) [Gross Profit](index=20&type=section&id=%E6%AF%9B%20%E5%88%A9) Gross profit decreased by **13.0%** from approximately RMB 209.1 million in H1 2024 to approximately RMB 182.1 million in the current period, with the overall gross margin declining from **33.6%** to **30.9%**, mainly due to reduced revenue from higher-margin value-added services Gross Profit and Gross Margin | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Gross Profit | 182.1 | 209.1 | | Year-over-year change | -13.0% | - | | Gross Margin | 30.9% | 33.6% | - The decrease in gross margin was primarily due to reduced revenue from value-added services, which typically have higher gross margins[49](index=49&type=chunk) [Other Income and Gains](index=20&type=section&id=%E5%85%B6%20%E4%BB%96%20%E6%94%B6%20%E5%85%A5%20%E5%8F%8A%20%E6%94%B6%20%E7%9B%8A) Other income and gains decreased by **8.7%** from approximately RMB 33.2 million in H1 2024 to approximately RMB 30.3 million in the current period, mainly due to reduced interest income Other Income and Gains | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Other income and gains | 30.3 | 33.2 | | Year-over-year change | -8.7% | - | - The decrease in other income and gains was primarily due to reduced interest income[50](index=50&type=chunk) [Administrative Expenses](index=20&type=section&id=%E8%A1%8C%20%E6%94%BF%20%E9%96%8B%20%E6%94%AF) Administrative expenses increased by **16.8%** from approximately RMB 120.0 million in H1 2024 to approximately RMB 140.2 million in the current period, primarily due to increased impairment losses on trade receivables Administrative Expenses | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Administrative expenses | 140.2 | 120.0 | | Year-over-year change | +16.8% | - | - The increase in administrative expenses was primarily attributable to impairment losses on trade receivables[51](index=51&type=chunk) [Income Tax Expense](index=20&type=section&id=%E7%A8%85%20%E9%A0%85%20%E9%96%8B%20%E6%94%AF) Income tax expense decreased by **19.7%** from approximately RMB 34.7 million in H1 2024 to approximately RMB 27.9 million in the current period, with the percentage of income tax expense to profit before tax rising from **29.3%** to **40.6%** due to non-deductible impairment losses on trade receivables Income Tax Expense | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Income tax expense | 27.9 | 34.7 | | Year-over-year change | -19.7% | - | | Percentage of profit before tax | 40.6% | 29.3% | - The increase in the percentage of income tax expense was primarily due to impairment losses on trade receivables being non-deductible for tax purposes[52](index=52&type=chunk) [Profit Attributable to Owners of the Parent](index=20&type=section&id=%E6%AF%8D%20%E5%85%AC%20%E5%8F%B8%20%E6%93%81%20%E6%9C%89%20%E4%BA%BA%20%E6%87%89%20%E4%BD%94%20%E6%BA%A2%20%E5%88%A9) Profit attributable to owners of the parent significantly decreased by **57.6%** from approximately RMB 80.4 million in H1 2024 to approximately RMB 34.1 million in the current period, primarily due to reduced revenue from higher-margin value-added services amidst an unfavorable macroeconomic environment and impairment losses on trade receivables Profit Attributable to Owners of the Parent | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Profit | 34.1 | 80.4 | | Year-over-year change | -57.6% | - | | Basic earnings per share | RMB 1.76 cents | RMB 4.16 cents | - The decrease in profit was primarily due to reduced revenue from higher-margin value-added services amidst an unfavorable macroeconomic environment and impairment losses on trade receivables[53](index=53&type=chunk) [Amounts Due from Related Parties](index=21&type=section&id=%E6%87%89%20%E6%94%B6%20%E9%97%9C%20%E8%81%AF%20%E6%96%B9%20%E6%AC%BE%20%E9%A0%85) The Group's amounts due from related parties represent loans advanced to CIFI Group, with the annual interest rate adjusted from **7.0%** to **5.5%** and the maturity date extended by two years to December 31, 2026 - Amounts due from related parties represent loans advanced to CIFI Group, with the annual interest rate adjusted from **7.0%** to **5.5%**[54](index=54&type=chunk) - The loan maturity date has been extended by two years from December 31, 2024, to **December 31, 2026**[54](index=54&type=chunk) [Liquidity, Financial and Capital Resources](index=21&type=section&id=%E6%B5%81%20%E5%8B%95%20%E8%B3%87%20%E9%87%91%E3%80%81%E8%B2%A1%20%E5%8B%99%20%E5%8F%8A%20%E8%B3%87%20%E6%9C%AC%20%E8%B3%87%20%E6%BA%90) As of June 30, 2025, the Group's cash and bank balances totaled RMB 1,196.3 million, primarily denominated in RMB, with no borrowings and a zero gearing ratio during the period [Cash Position](index=21&type=section&id=%E7%8F%BE%20%E9%87%91%20%E7%8B%80%20%E6%B3%81) As of June 30, 2025, the Group's cash and bank balances totaled RMB 1,196.3 million, primarily denominated in RMB Cash and Bank Balances | Currency | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | RMB | 1,195,574 | 1,254,600 | | HKD | 681 | 635 | | USD | 41 | 44,574 | | **Total** | **1,196,296** | **1,299,809** | [Borrowings](index=21&type=section&id=%E8%B2%B8%20%E6%AC%BE) As of June 30, 2025, the Group had not incurred any borrowings - As of June 30, 2025, the Group had not incurred any borrowings (December 31, 2024: nil)[55](index=55&type=chunk) [Gearing Ratio](index=21&type=section&id=%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's gearing ratio was nil - As of June 30, 2025, the gearing ratio was nil (December 31, 2024: nil)[56](index=56&type=chunk) [Corporate Governance](index=22&type=section&id=%E4%BC%81%20%E6%A5%AD%20%E7%AE%A1%20%E6%B2%BB) This section outlines the Group's adherence to corporate governance codes, including exchange rate risk monitoring, audit committee review, and director securities trading standards [Exchange Rate Fluctuation Risk](index=22&type=section&id=%E5%BD%99%20%E7%8E%87%20%E6%B3%A2%20%E5%8B%95%20%E9%A2%A8%20%E9%9A%AA) The Group's operations are primarily denominated in RMB, with no significant adverse impact from exchange rate fluctuations on operating results; no foreign currency hedging arrangements were made during the period, and exchange rate risk will continue to be closely monitored - The Group's operations are primarily denominated in RMB, and exchange rate fluctuations have no material adverse impact on operating results[57](index=57&type=chunk) - As of June 30, 2025, the Group had not entered into any foreign currency hedging arrangements and will continue to closely monitor foreign currency exchange rate fluctuation risks[57](index=57&type=chunk) [Corporate Governance](index=22&type=section&id=%E4%BC%81%20%E6%A5%AD%20%E7%AE%A1%20%E6%B2%BB) During the period, the Company and its Board consistently complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules - During the period, the Company and its Board consistently complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules[58](index=58&type=chunk) [Audit Committee and Review of Interim Results](index=22&type=section&id=%E5%AF%A9%20%E6%A0%B8%20%E5%A7%94%20%E5%93%A1%20%E6%9C%83%20%E5%8F%8A%20%E5%AF%A9%20%E9%96%B1%20%E4%B8%AD%20%E6%9C%9F%20%E6%A5%AD%20%E7%B8%BE) The Company's Audit Committee, comprising three independent non-executive directors, with Mr. Pang Hon Chung as Chairman possessing expertise in accounting and financial management, has reviewed the Group's accounting policies, interim financial statements, and interim results announcement - The Audit Committee comprises three independent non-executive directors: Mr. Pang Hon Chung (Chairman), Mr. Wong Wing Ping, and Mr. Ding Zuyu[59](index=59&type=chunk) - Mr. Pang Hon Chung, the Chairman of the Audit Committee, possesses considerable expertise in accounting and financial management[59](index=59&type=chunk) - The Audit Committee has reviewed the accounting policies adopted by the Group, the interim financial statements, and this interim results announcement[60](index=60&type=chunk) [Standard Code for Securities Transactions by Directors](index=23&type=section&id=%E8%91%A3%20%E4%BA%8B%20%E9%80%B2%20%E8%A1%8C%20%E8%AD%89%20%E5%88%B8%20%E4%BA%A4%20%E6%98%93%20%E7%9A%84%20%E6%A8%99%20%E6%BA%96%20%E5%AE%88%20%E5%89%87) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, with all directors confirming strict compliance during the period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[61](index=61&type=chunk) - All directors confirmed strict compliance with the standards set out in the Model Code throughout the period[61](index=61&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=23&type=section&id=%E8%B3%BC%20%E8%B2%B7%E3%80%81%E8%B4%96%20%E5%9B%9E%20%E6%88%96%20%E5%87%BA%20%E5%94%AE%20%E6%9C%AC%20%E5%85%AC%20%E5%8F%B8%20%E4%B8%8A%20%E5%B8%82%20%E8%AD%89%20%E5%88%B8) During the period, neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - During the period, neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[62](index=62&type=chunk) [Interim Dividends](index=23&type=section&id=%E4%B8%AD%20%E6%9C%9F%20%E8%82%A1%20%E6%81%AF) The Board resolved not to declare any interim dividends for the period, consistent with the prior period - The Board resolved not to declare any interim dividends for the period (for the six months ended June 30, 2024: nil)[63](index=63&type=chunk) [Publication of Interim Results and Interim Report](index=23&type=section&id=%E5%88%8A%20%E7%99%BC%20%E4%B8%AD%20%E6%9C%9F%20%E6%A5%AD%20%E7%B8%BE%20%E5%92%8C%20%E4%B8%AD%20%E6%9C%9F%20%E5%A0%B1%20%E5%91%8A) This interim results announcement has been published on the Company's website and the Stock Exchange's website, with the interim report to be published in due course - This interim results announcement is published on the Company's website (www.sce-icm.com) and the Stock Exchange's website (www.hkexnews.hk)[64](index=64&type=chunk) - The Group's 2025 interim report, containing relevant information as required by the Listing Rules, will be published on the Company's and the Stock Exchange's websites in due course[64](index=64&type=chunk)

Group 1 - The company, Zhongjun Business Management (00606.HK), announced a board meeting scheduled for August 28, 2025, to discuss several key matters [1] - The agenda includes the consideration and approval of the group's unaudited interim results for the six months ending June 30, 2025 [1] - The board will also consider the approval of the interim results announcement and interim report for the same period [1] - Additionally, the company will discuss the potential distribution of an interim dividend, if applicable [1] - Other matters may also be addressed during the meeting [1]

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 通 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通告全部或 任何部份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。 承董事會命 中駿商管智慧服務控股有限公司 主席 黃倫 SCE Intelligent Commercial Management Holdings Limited 中 駿 商 管 智 慧 服 務 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：606） 董事會會議通告 中駿商管智慧服務控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事 （「董事」）會（「董事會」）謹此宣佈，將於二零二五年八月二十八日（ 星期四 ）舉行董 事會會議，以處理下列事項： 香港，二零二五年八月十五日 於本通告刊發日期，執行董事為黃倫先生、牛偉先生、孫強先生、鄭全樓先生及 庫衛紅女士，及獨立非執行董事為丁祖昱先生、王永平先生及彭漢忠先生。 1. 考慮及批准本集團截至二零二五年六月三十日止六個月未經審核中期業績； 2. 考慮及批准本集團截 ...