[Company Business Structure](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E6%A5%AD%E5%8B%99%E6%9E%B6%E6%A7%8B) The Group's core businesses encompass real estate development, commercial property operations, and other services across mainland China, Hong Kong, Macau, and London [Overview of Company Business Structure](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E6%A5%AD%E5%8B%99%E6%A7%8B%E6%A6%82%E8%BF%B0) The Group's main businesses include real estate development, commercial property operations, and other businesses, covering 85 major cities in mainland China, as well as Hong Kong, Macau, and London - The company's businesses are primarily divided into real estate development, commercial property operations, and other businesses[4](index=4&type=chunk) - Real estate development business covers **85 major cities** in mainland China, including Beijing, Shanghai, Guangzhou, Shenzhen, as well as Hong Kong and Macau[4](index=4&type=chunk)[5](index=5&type=chunk) - Commercial property operations and other businesses also operate in mainland China, Hong Kong, Macau, and London[4](index=4&type=chunk) [Financial Highlights](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section presents key financial performance indicators, including sales, profit, equity, and gearing ratio, for the first half of 2025 [Key Financial Indicators](index=4&type=section&id=%E9%97%9C%E9%8D%B5%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) As of the first half of 2025, the company's contracted property sales decreased year-on-year to RMB 120.15 billion, and profit attributable to shareholders fell to RMB 8.6 billion, yet equity attributable to shareholders continued to grow, and the net gearing ratio remained at a healthy level Key Financial Data 1H21-1H25 | Indicator | 1H21 (RMB billion) | 1H22 (RMB billion) | 1H23 (RMB billion) | 1H24 (RMB billion) | 1H25 (RMB billion) | | :--- | :--- | :--- | :--- | :--- | :--- | | Contracted Property Sales | 207.21 | 138.50 | 180.18 | 148.38 | 120.15 | | Equity Attributable to Company Shareholders | 328.05 | 352.81 | 363.89 | 378.54 | 386.62 | | Profit Attributable to Company Shareholders | 20.78 | 16.74 | 13.49 | 10.31 | 8.60 | | Net Gearing Ratio (%) | 32.5 | 39.0 | 35.8 | 38.7 | 28.4 | - Contracted property sales in the first half of 2025 were **RMB 120.15 billion**, a decrease from **RMB 148.38 billion** in the first half of 2024[8](index=8&type=chunk) - Profit attributable to company shareholders decreased from **RMB 10.31 billion** in the first half of 2024 to **RMB 8.60 billion** in the first half of 2025[12](index=12&type=chunk) - The net gearing ratio significantly decreased to **28.4%** in the first half of 2025, better than **38.7%** in the first half of 2024[14](index=14&type=chunk) [Board of Directors and Committees](index=5&type=section&id=%E8%91%A3%E4%BA%8B%E5%B1%80%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83) This section details the composition of the Board of Directors and its various committees, ensuring effective corporate governance [Board Members and Committee Composition](index=5&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%93%A1%E8%88%87%E5%A7%94%E5%93%A1%E6%9C%83%E6%A7%8B%E6%88%90) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, supported by Audit and Risk Management, Remuneration, Nomination, and Corporate Governance Committees to ensure effective corporate governance - Executive Directors include Yan Jianguo (Chairman), Zhang Zhichao (CEO), and Guo Guanghui (Vice President)[16](index=16&type=chunk) - Non-executive Directors include Zhuang Yong (Vice Chairman), Zhao Wenhai (resigned on January 22, 2025), and Ma Yao (appointed on January 22, 2025)[16](index=16&type=chunk) - Independent Non-executive Directors are Li Minbin, Chan Ka Keung, and Chan Ching Har, who also serve as chairpersons or members of the Audit and Risk Management, Remuneration, Nomination, and Corporate Governance Committees[16](index=16&type=chunk) [Company Information](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides essential corporate information, including company details, listing status, and key financial calendar dates [Basic Company Information](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This section provides essential company details including registered office, contact information, company secretary, share registrar, investor relations, public relations contacts, independent auditor, and principal bankers - The registered office is located at 10th Floor, Three Pacific Place, 1 Queen's Road East, Hong Kong[18](index=18&type=chunk) - The Company Secretary is Lam Wai Chun, and the Share Registrar is Tricor Secretaries Limited[19](index=19&type=chunk) - The independent auditor is Ernst & Young, and principal bankers include Agricultural Bank of China, Bank of China, and Bank of Communications[20](index=20&type=chunk) [Listing and Financial Calendar](index=7&type=section&id=%E4%B8%8A%E5%B8%82%E8%88%87%E8%B2%A1%E5%8B%99%E6%97%A5%E7%A8%8B) The company's shares are listed on the Hong Kong Stock Exchange, with the financial calendar disclosing the 2025 interim results announcement, ex-dividend date, share transfer book closure, and dividend record date - The company's shares are listed on The Stock Exchange of Hong Kong Limited, with stock code **00688**[22](index=22&type=chunk)[23](index=23&type=chunk) 2025 Financial Calendar | Event | Date | | :--- | :--- | | Interim Results Announcement | August 27, 2025 | | Ex-dividend Date | September 16, 2025 | | Book Closure for Share Transfers | September 18, 2025 | | Interim Dividend Record Date | September 18, 2025 | | Despatch of Dividend Warrants | October 3, 2025 | [Chairman's Report](index=8&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A%E6%9B%B8) The Chairman's report reviews the Group's operating performance, financial stability, investment strategies, and future outlook for the first half of 2025 [Operating Review for 1H 2025](index=8&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%B6%93%E7%87%9F%E5%9B%9E%E9%A1%A7) Despite a continued downturn in the real estate market, the Group achieved contracted property sales of **RMB 120.15 billion** in the first half of 2025, ranking second in the industry, with revenue of **RMB 83.22 billion**, profit attributable to shareholders of **RMB 8.6 billion**, and an announced interim dividend of **HK 25 cents** per share, while focusing on first-tier cities and launching the 'China Overseas Good House Living OS System' to enhance product competitiveness - In the first half of 2025, the Group's series of companies achieved contracted property sales of **RMB 120.15 billion**, ranking second in the industry by sales volume[26](index=26&type=chunk) Key Financial Data for 1H 2025 | Indicator | Amount (RMB) | | :--- | :--- | | Unaudited Revenue | 83.22 billion | | Profit Attributable to Company Shareholders | 8.6 billion | | Core Profit Attributable to Company Shareholders | 8.78 billion | | Interim Dividend | HK 25 cents per share | - The Group's strong focus on first-tier cities resulted in contracted sales of **RMB 55.64 billion** in Hong Kong and five cities (Beijing, Shanghai, Guangzhou, Shenzhen), accounting for **53.7%**, with Beijing contributing **RMB 30.45 billion**[26](index=26&type=chunk) - Launched the 'China Overseas Good House Living OS System', with initial projects achieving strong sales against market trends, delivering **42,000 units** of high-quality homes in the first half, maintaining industry benchmark customer satisfaction[27](index=27&type=chunk) - In commercial property operations, **four new commercial projects** commenced operations, increasing total gross floor area by **150,000 square meters**, generating commercial property revenue of **RMB 3.54 billion**[27](index=27&type=chunk) [Stable Financial Position and Investment Strategy](index=9&type=section&id=%E7%A9%A9%E5%81%A5%E7%9A%84%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%88%87%E6%8A%95%E8%B3%87%E7%AD%96%E7%95%A5) The Group maintained a stable financial position during market adjustments, with both asset-liability ratio and net gearing ratio at 'green-light' levels and financing costs in the industry's lowest range, while precisely investing in high-tier city quality assets, acquiring **17 land parcels** with an attributable land acquisition amount of **RMB 40.11 billion** in the first half Financial Stability Indicators for 1H 2025 | Indicator | Value | | :--- | :--- | | Asset-Liability Ratio | 53.7% | | Net Gearing Ratio | 28.4% | | Interest-bearing Debt Reduced from Year-End | RMB 14.12 billion | | Bank Deposits and Cash Held | RMB 108.96 billion | | Average Financing Cost | 2.9% | | Selling and Administrative Expenses as % of Revenue | 3.8% | - The Group is the only mainland real estate listed company to receive an **A- rating** from two of the three major international rating agencies: S&P Global, Moody's, and Fitch[29](index=29&type=chunk) - In the first half, **17 land parcels** were acquired in **10 mainland Chinese cities and Hong Kong**, with a total land acquisition amount of **RMB 40.37 billion** and attributable land acquisition amount of **RMB 40.11 billion**, of which **52.1%** was for first-tier cities and Hong Kong[29](index=29&type=chunk) [Future Outlook and Growth Drivers](index=9&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B%E8%88%87%E7%99%BC%E5%B1%95%E6%8E%A8%E5%8B%95%E5%8A%9B) Despite the ongoing real estate market downturn, marginal improvements in downward pressure are observed, with the Group anticipating 'policy drivers,' 'market drivers,' and 'internal stable high-quality development drivers' to collectively stabilize the market, while continuing to focus on first-tier cities, acquiring large integrated projects through urban renewal and open markets, and advancing commercial public REITs issuance to unlock commercial asset value - Three drivers are expected to stabilize the real estate market: policy drivers, market drivers, and the Group's continuous stable and high-quality development drivers[30](index=30&type=chunk) - Policy drivers: The State Council executive meeting emphasized surveying existing land supply and ongoing real estate projects, optimizing policies, stabilizing expectations, stimulating demand, optimizing supply, and mitigating risks[30](index=30&type=chunk) - Market drivers: China's GDP grew by **5.3%** year-on-year in the first half, per capita disposable income increased by **5.3%** year-on-year, and urban renewal and shantytown redevelopment will drive incremental demand[32](index=32&type=chunk) - Group drivers: healthy financials, abundant cash, excellent asset quality, strong focus on first-tier cities, acquiring large integrated projects through urban renewal and open markets, with projects like Beijing CITIC City and Shanghai Jianguo East Road achieving strong sales against market trends[33](index=33&type=chunk) - In the second half, the Group will launch multiple projects in first-tier cities, and the issuance of its first commercial public REITs is progressing orderly, expected to unlock commercial asset value[33](index=33&type=chunk) - The company will adhere to its core values of 'customer-centricity, quality assurance, value creation' and its business philosophy of 'good products, good services, good returns, good corporate citizen'[34](index=34&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section provides a detailed analysis of the Group's overall performance, business segments, financial resources, and sustainability efforts for the first half of 2025 [Overall Performance](index=12&type=section&id=%E6%95%B4%E9%AB%94%E8%A1%A8%E7%8F%BE) In the first half of 2025, the Group's revenue was **RMB 83.22 billion**, operating profit **RMB 12.12 billion**, and gross profit margin **17.4%**, with profit attributable to company shareholders at **RMB 8.6 billion**, core profit attributable to company shareholders at **RMB 8.78 billion**, and basic earnings per share at **RMB 0.79** Overall Financial Performance for 1H 2025 | Indicator | Amount (RMB) | | :--- | :--- | | Revenue | 83.22 billion | | Operating Profit | 12.12 billion | | Gross Profit Margin | 17.4% | | Selling and Administrative Expenses as % of Revenue | 3.8% | | Profit Attributable to Company Shareholders | 8.6 billion | | Core Profit Attributable to Company Shareholders | 8.78 billion | | Basic Earnings Per Share | 0.79 yuan | [Real Estate Development Business](index=12&type=section&id=%E6%88%BF%E5%9C%B0%E7%94%A2%E9%96%8B%E7%99%BC%E6%A5%AD%E5%8B%99) In the first half of 2025, the Group's contracted property sales reached **RMB 120.15 billion** with a sales area of **5.12 million square meters**, primarily driven by the Northern region, while real estate development revenue was **RMB 77.96 billion**, joint ventures and associates contributed **RMB 1.26 billion** in net profit, total completed gross floor area was **4.45 million square meters**, and **17 new land parcels** were acquired for a total land premium of **RMB 40.37 billion** Contracted Property Sales and Area by Region for 1H 2025 | Region | Contracted Property Sales (RMB billion) | Proportion (%) | Sales Area (million sq.m.) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Southern Region | 15.56 | 13.0 | 0.523 | 10.2 | | Eastern Region | 21.22 | 17.7 | 0.783 | 15.3 | | Central-Western Region | 10.15 | 8.4 | 0.605 | 11.8 | | Northern Region | 44.16 | 36.8 | 1.376 | 26.9 | | Hong Kong, Macau & Overseas Region | 1.83 | 1.5 | 0.017 | 0.3 | | Subtotal for Company and Subsidiaries | 92.92 | 77.4 | 3.304 | 64.5 | | Group's Joint Ventures and Associates (excluding COHL) | 10.62 | 8.8 | 0.344 | 6.7 | | China Overseas Grand Oceans Group Ltd. | 16.61 | 13.8 | 1.472 | 28.8 | | Total | 120.15 | 100 | 5.120 | 100 | - Real estate development business revenue for the first half of 2025 was **RMB 77.96 billion**[41](index=41&type=chunk) - Joint ventures and associates contributed **RMB 1.26 billion** in net profit[42](index=42&type=chunk) - Total completed gross floor area during the period was **4.45 million square meters**, primarily concentrated in the Southern Region (**1.614 million square meters**) and Northern Region (**1.151 million square meters**)[42](index=42&type=chunk)[43](index=43&type=chunk) - Acquired **17 new land parcels** with a total gross floor area of **2.58 million square meters** and attributable land premium of **RMB 40.11 billion**[45](index=45&type=chunk)[46](index=46&type=chunk) - As of June 30, 2025, the Group's series of companies had a total land reserve gross floor area of **40.47 million square meters**[48](index=48&type=chunk) [Commercial Property Operations Business](index=15&type=section&id=%E5%95%86%E6%A5%AD%E7%89%A9%E6%A5%AD%E9%81%8B%E7%87%9F%E6%A5%AD%E5%8B%99) The Group's commercial property operations generated **RMB 3.54 billion** in revenue in the first half, with office income at **RMB 1.7 billion** and shopping mall income at **RMB 1.17 billion**, while office new leases covered **510,000 square meters** with a **76.9%** renewal rate, mature shopping centers achieved **96.2%** occupancy and sales and footfall growth of **6.7%** and **11.0%** respectively, Beijing COLI Dajixiang Commercial Complex grandly opened with over **200,000 visits** on its first day, and the company maintained its leading position in industry ratings Commercial Property Revenue Composition for 1H 2025 | Revenue Source | Amount (RMB billion) | | :--- | :--- | | Total Commercial Property Revenue | 3.54 | | Office Revenue | 1.70 | | Shopping Mall Revenue | 1.17 | | Long-term Apartment Revenue | 0.16 | | Hotel and Other Commercial Property Revenue | 0.51 | - Office business new signed leasing gross floor area was **510,000 square meters**, with a renewal rate of **76.9%**[49](index=49&type=chunk) - Mature shopping mall projects operating for over three years achieved an occupancy rate of **96.2%**, with sales increasing by **6.7%** and footfall by **11.0%** year-on-year[50](index=50&type=chunk) - Beijing COLI Dajixiang Commercial Complex opened with an occupancy rate of **95.5%** and over **200,000 visits** on its first day[50](index=50&type=chunk) - Received industry recognition including Winshang.com's 'Annual Commercial Real Estate Leading Enterprise' and CRIC's 'China Real Estate Commercial Management Comprehensive Strength Top 10'[50](index=50&type=chunk) [Other Businesses](index=16&type=section&id=%E5%85%B6%E4%BB%96%E6%A5%AD%E5%8B%99) The Group's other businesses generated **RMB 3.55 billion** in internal and external revenue in the first half, with external revenue at **RMB 1.71 billion**, and external revenue from material procurement and supply chain management services increasing by **55.1%** year-on-year to **RMB 1.52 billion** Other Business Revenue for 1H 2025 | Indicator | Amount (RMB billion) | | :--- | :--- | | Other Businesses Internal and External Revenue | 3.55 | | Other Businesses External Revenue | 1.71 | | External Revenue from Material Procurement and Supply Chain Management Services | 1.52 (up 55.1% YoY) | [Liquidity, Financial Resources, and Debt Structure](index=16&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E5%82%B5%E5%8B%99%E7%B5%90%E6%A7%8B) The Group maintained a prudent financial strategy, adhering to 'green-light' indicators, with net current assets of **RMB 386.26 billion**, a current ratio of **2.6 times**, and a net gearing ratio of **28.4%** as of June 30, 2025, holding **RMB 108.96 billion** in bank deposits and cash, an average financing cost of **2.9%**, and total borrowings of **RMB 227.45 billion** with **7.6%** due within one year, while securing **RMB 26.54 billion** in domestic and overseas financing and repaying **RMB 39.94 billion** in debt, increasing RMB borrowings to **84.8%** Liquidity and Financial Indicators for 1H 2025 | Indicator | Value | | :--- | :--- | | Net Current Assets | RMB 386.26 billion | | Current Ratio | 2.6 times | | Net Gearing Ratio | 28.4% | | Bank Deposits and Cash | RMB 108.96 billion | | Average Financing Cost | 2.9% | | Total Borrowings | RMB 227.45 billion | | Proportion of Borrowings Due within One Year | 7.6% | | Proportion of RMB Borrowings | 84.8% (up 2.5 percentage points from end-2024) | - In the first half, domestic and overseas financing amounted to **RMB 26.54 billion**, while **RMB 39.94 billion** in debt was repaid early or at maturity, leading to a continuous decrease in overall interest-bearing debt[54](index=54&type=chunk) - Sales proceeds were **RMB 89.26 billion**, and total operating cash inflow was **RMB 96.88 billion**, maintaining net operating cash inflow[55](index=55&type=chunk) Maturity Profile of Interest-Bearing Debt as of June 30, 2025 (RMB billion) | Term | Bank and Other Borrowings | Guaranteed Notes and Corporate Bonds | | :--- | :--- | :--- | | Within one year | 13.90 | 3.50 | | One to two years | 17.79 | 8.32 | | Two to five years | 51.76 | 13.64 | | Five to ten years | 33.71 | 5.60 | | Over ten years | 66.72 | 12.51 | Distribution of Interest-Bearing Debt by Currency as of June 30, 2025 | Currency Type | Proportion (%) | | :--- | :--- | | RMB Bank and Other Borrowings | 65.3 | | RMB Guaranteed Notes and Corporate Bonds | 19.5 | | USD Guaranteed Notes | 10.8 | | HKD Bank Borrowings | 4.4 | [Contingent Liabilities](index=19&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group provided guarantees of **RMB 25.76 billion** for property buyers' bank mortgage loans and counter-indemnity undertakings of **RMB 2.25 billion** for construction contract guarantees, in addition to credit facility guarantees for associates, joint ventures, and other entities - Guarantees for property buyers' bank mortgage repayments amounted to **RMB 25.76 billion**[62](index=62&type=chunk) - Counter-indemnity undertakings for guarantees on certain construction contracts amounted to **RMB 2.25 billion**[62](index=62&type=chunk) - Guarantees provided to banks for utilized credit facilities of associates, joint ventures, and other entities amounted to **RMB 0.01 billion**, **RMB 8.32 billion**, and **RMB 0.27 billion**, respectively[62](index=62&type=chunk) [Pledged Assets](index=19&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group pledged certain assets with a carrying value of **RMB 111.32 billion** as collateral for its bank loans - As of June 30, 2025, the Group pledged assets with a carrying value of **RMB 111.32 billion** as collateral for bank loans[64](index=64&type=chunk) [Sustainable Development](index=19&type=section&id=%E5%8F%AF%E6%8C%81%E7%BA%8C%E7%99%BC%E5%B1%95) In the first half of 2025, the Group continuously improved its sustainable development performance, achieving multiple international ESG rating upgrades, including an **MSCI ESG rating of A**, ranking first in mainland real estate in S&P Global Corporate Sustainability Assessment, and first globally in LSEG's ESG score, while publishing the industry's first 'Climate Change White Paper,' promoting low-carbon retrofits and sustainable supply chains, and leading high-quality development through the 'China Overseas Good House Living OS System,' alongside optimizing human resource management and supporting rural revitalization - MSCI ESG rating upgraded from BBB to **A**, ranked first in mainland real estate in S&P Global Corporate Sustainability Assessment, and first-time inclusion in the 'S&P Global 2025 Sustainability Yearbook'[67](index=67&type=chunk) - Ranked **first globally** with a score of **88** in the London Stock Exchange Group (LSEG) ESG assessment[67](index=67&type=chunk) - First-time recipient of Extel's (formerly Institutional Investor) 'Most Honored Company' award in the Asian real estate sector for the 2025 Best Management Team rankings[67](index=67&type=chunk) - Published the industry's first 'Climate Change White Paper' and was the first to obtain third-party certification ISO 14064–1 for greenhouse gas emissions[68](index=68&type=chunk) - Promoted low-carbon retrofits for investment properties, built a sustainable supply chain, and launched the 'China Overseas Good House Living OS System'[68](index=68&type=chunk) - As of June 30, 2025, there were **690 green projects** with a total certified area exceeding **110 million square meters**[68](index=68&type=chunk) - Formulated an executive compensation plan linked to ESG performance and prepared to conduct human rights due diligence[69](index=69&type=chunk) - Supported rural revitalization in three counties in Gansu, with cumulative consumption assistance investment and sales driven amounting to **RMB 30 million**[69](index=69&type=chunk) - Customer satisfaction score of **90** in the first half of 2025, with **42,000 units** of high-quality residential properties delivered, achieving a perfect delivery rate of **40%**[74](index=74&type=chunk) - Revenue from green building or high-energy efficiency certified projects in the first half of 2025 was approximately **RMB 74.9 billion** and **RMB 0.273 billion** respectively, with **17 new green building certified projects** added, totaling **690**[74](index=74&type=chunk) - Affordable housing under construction covered **136,000 square meters**, newly completed area was **62,000 square meters**, and cumulative completed affordable housing area reached **14.37 million square meters**[74](index=74&type=chunk) - Employed **3,232 staff**, with an average of **45 training hours** per employee, maintaining **100%** coverage for employee health checks and supplementary medical insurance plans[76](index=76&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=25&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) This statement presents the Group's revenue, profit, and earnings per share for the six months ended June 30, 2025, highlighting key financial changes [Condensed Consolidated Profit or Loss for 1H 2025](index=25&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, the Group's revenue was **RMB 83.22 billion**, a year-on-year decrease of **4.27%**, operating profit was **RMB 12.12 billion**, down **24.51%** year-on-year, profit attributable to company shareholders was **RMB 8.6 billion**, a **16.62%** year-on-year decrease, and basic earnings per share was **RMB 0.79**, down **15.96%** year-on-year Key Data from Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 83,219,084 | 86,935,427 | -4.27 | | Cost of Sales | (68,759,238) | (67,757,556) | 1.48 | | Gross Profit | 14,459,846 | 19,177,871 | -24.50 | | Operating Profit | 12,123,904 | 16,058,509 | -24.51 | | Profit Before Tax | 12,998,405 | 16,183,761 | -19.68 | | Profit for the Period | 9,529,612 | 11,526,806 | -17.33 | | Profit Attributable to Company Shareholders | 8,599,034 | 10,313,630 | -16.62 | | Basic Earnings Per Share (RMB) | 0.79 | 0.94 | -15.96 | - Net fair value change of investment properties increased from **RMB 12.33 million** in 2024 to **RMB 66.12 million** in 2025[77](index=77&type=chunk) - Share of profits and losses of associates and joint ventures increased from **RMB 618.39 million** in 2024 to **RMB 1.257 billion** in 2025, a growth of **103.25%**[77](index=77&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=26&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This statement outlines the Group's comprehensive income for the six months ended June 30, 2025, including profit and other comprehensive income components [Condensed Consolidated Comprehensive Income for 1H 2025](index=26&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, the Group's total comprehensive income was **RMB 9.93 billion**, a year-on-year decrease of **10.45%**, with exchange differences on translation of financial statements of subsidiaries and associates turning from negative to positive, positively impacting comprehensive income Key Data from Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 9,529,612 | 11,526,806 | -17.33 | | Exchange differences on translation of financial statements of subsidiaries | 271,570 | (343,407) | Turned positive | | Exchange differences on translation of financial statements of associates | 128,997 | (94,984) | Turned positive | | Other comprehensive income for the period | 400,567 | (438,391) | Turned positive | | Total comprehensive income for the period | 9,930,179 | 11,088,415 | -10.45 | | Total comprehensive income attributable to company shareholders | 8,996,178 | 9,870,592 | -8.86 | | Total comprehensive income attributable to non-controlling interests | 934,001 | 1,217,823 | -23.29 | - Exchange differences on translation of financial statements of subsidiaries turned from a negative **RMB 343.41 million** in the first half of 2024 to a positive **RMB 271.57 million** in the first half of 2025[79](index=79&type=chunk) - Exchange differences on translation of financial statements of associates turned from a negative **RMB 94.98 million** in the first half of 2024 to a positive **RMB 129.00 million** in the first half of 2025[79](index=79&type=chunk) [Condensed Consolidated Statement of Financial Position](index=27&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This statement details the Group's assets, liabilities, and equity as of June 30, 2025, reflecting its financial position [Condensed Consolidated Financial Position for 1H 2025](index=27&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) As of June 30, 2025, the Group's total assets less current liabilities were **RMB 656.447 billion**, a **2.03%** increase from end-2024, with equity attributable to company shareholders rising to **RMB 386.619 billion**, and net current assets growing to **RMB 386.255 billion**, though bank balances and cash decreased Key Data from Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 270,191,923 | 269,450,426 | 0.27 | | Current assets | 631,364,967 | 639,183,955 | -1.22 | | Current liabilities | 245,109,517 | 265,231,620 | -7.59 | | Net current assets | 386,255,450 | 373,952,335 | 3.29 | | Total assets less current liabilities | 656,447,373 | 643,402,761 | 2.03 | | Equity attributable to company shareholders | 386,619,202 | 380,610,977 | 1.58 | | Total equity | 417,744,826 | 401,829,998 | 3.96 | | Non-current liabilities | 238,702,547 | 241,572,763 | -1.19 | - Investment properties increased from **RMB 208.40 billion** at end-2024 to **RMB 210.31 billion** as of June 30, 2025[80](index=80&type=chunk) - Bank balances and cash decreased from **RMB 124.17 billion** at end-2024 to **RMB 108.96 billion** as of June 30, 2025[80](index=80&type=chunk) - Pre-sale proceeds remained stable at approximately **RMB 132.44 billion**[83](index=83&type=chunk) - Bank and other borrowings due within one year decreased from **RMB 16.63 billion** at end-2024 to **RMB 13.90 billion** as of June 30, 2025[83](index=83&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=29&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This statement illustrates the changes in the Group's equity attributable to shareholders and non-controlling interests for the six months ended June 30, 2025 [Condensed Consolidated Changes in Equity for 1H 2025](index=29&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95) For the six months ended June 30, 2025, total equity attributable to company shareholders increased to **RMB 386.619 billion**, with profit for the period at **RMB 8.599 billion** and non-controlling shareholders' capital contributions of **RMB 9.65 billion** significantly increasing non-controlling interests Key Data from Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total attributable to company shareholders at beginning of period | 380,610,977 | 373,017,828 | | Profit for the period | 8,599,034 | 10,313,630 | | Total comprehensive income for the period | 8,996,178 | 9,870,592 | | Final dividend for 2024 | (2,987,953) | (4,536,107) | | Capital contributions from non-controlling shareholders | 9,650,000 | 2,462,336 | | Total attributable to company shareholders at end of period | 386,619,202 | 378,539,943 | | Non-controlling interests at end of period | 31,125,624 | 22,550,364 | | Total equity at end of period | 417,744,826 | 401,090,307 | - Capital contributions from non-controlling shareholders significantly increased from **RMB 2.462 billion** in the first half of 2024 to **RMB 9.65 billion** in the first half of 2025[86](index=86&type=chunk) - Exchange differences on translation of financial statements of subsidiaries and associates were both positive in the first half of 2025, positively impacting equity[86](index=86&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=31&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This statement presents the Group's cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 [Condensed Consolidated Cash Flows for 1H 2025](index=31&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F) For the six months ended June 30, 2025, net cash flow from operating activities was **RMB 1.065 billion**, a significant year-on-year decrease, net cash flow used in investing activities was **RMB 1.779 billion**, and net cash flow used in financing activities was **RMB 14.294 billion**, resulting in a net decrease in cash and cash equivalents of **RMB 15.009 billion** at period-end Key Data from Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Activity Type | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | 1,064,890 | 3,451,509 | -69.15 | | Net cash flow used in investing activities | (1,779,460) | (3,356,943) | -47.00 | | Net cash flow used in financing activities | (14,294,402) | (5,482,522) | 160.72 | | Net decrease in cash and cash equivalents | (15,008,972) | (5,387,956) | 178.57 | | Cash and cash equivalents at end of period | 108,774,461 | 100,017,486 | 8.76 | - Net cash flow from operating activities decreased from **RMB 3.452 billion** in the first half of 2024 to **RMB 1.065 billion** in the first half of 2025, primarily due to an increase in properties and other inventories[87](index=87&type=chunk) - Net cash flow used in financing activities significantly increased, mainly due to higher repayments of bank and other borrowings, and redemption of guaranteed notes and corporate bonds[89](index=89&type=chunk) - Bank balances and cash at period-end were **RMB 108.957 billion**, including **RMB 24.37 billion** from regulated property pre-sale proceeds[89](index=89&type=chunk)[55](index=55&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=33&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes to the condensed consolidated financial statements, covering general information, accounting policies, risk management, and specific financial items [1. General Information](index=33&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) The Company is a Hong Kong-registered listed company, with China State Construction Engineering Corporation Limited as its ultimate holding company, primarily engaged in real estate development, commercial property operations, and other businesses across Hong Kong, Macau, and various major cities in mainland China - The Company is a public listed company incorporated in Hong Kong, with its shares listed on The Stock Exchange of Hong Kong Limited[90](index=90&type=chunk) - The ultimate holding company is China State Construction Engineering Corporation Limited, whose principal shareholder is the Chinese government[90](index=90&type=chunk) - The Group is principally engaged in real estate development, commercial property operations, and other businesses in locations including Hong Kong, Macau, Beijing, Shanghai, Guangzhou, and Shenzhen[90](index=90&type=chunk) [2. Basis of Preparation](index=34&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) These condensed consolidated financial statements are prepared in accordance with Appendix D2 of the Hong Kong Listing Rules and Hong Kong Accounting Standard 34 'Interim Financial Reporting,' presented on a historical cost basis, except for investment properties and financial assets at fair value through profit or loss, with RMB as the presentation currency - These condensed consolidated financial statements are prepared in accordance with Appendix D2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 'Interim Financial Reporting'[91](index=91&type=chunk) - The statements are prepared on a historical cost basis, except for investment properties and financial assets at fair value through profit or loss, which are measured at fair value[91](index=91&type=chunk) - The presentation currency is Renminbi, which is also the functional currency of the Company[91](index=91&type=chunk) [3. Application of New and Revised Hong Kong Financial Reporting Standards](index=35&type=section&id=3.%20%E6%87%89%E7%94%A8%E6%96%B0%E7%B7%A8%E8%A3%BD%E5%8F%8A%E7%B6%93%E4%BF%AE%E8%A8%82%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87) During the period, the Group first applied HKAS 21 (Amendment) 'Lack of Exchangeability,' which had no significant impact on operating results or financial position, and has begun assessing the impact of other issued but not yet effective HKFRSs and amendments, which are not expected to have a material effect - First-time application of HKAS 21 (Amendment) 'Lack of Exchangeability' during the period had no significant impact[92](index=92&type=chunk) - Assessment of other issued but not yet effective HKFRSs and amendments has commenced, and they are not expected to have a material impact on operating results and financial position[93](index=93&type=chunk) [4. Financial Risk Management](index=36&type=section&id=4.%20%E9%87%91%E8%9E%8D%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group is exposed to financial risks from interest rates, foreign currency, credit, liquidity, and fair value, with no significant changes in risk management departments, policies, and procedures since year-end, and guaranteed notes and corporate bonds measured at market prices are classified as Level 1 - The Group is exposed to financial risks arising from interest rates, foreign currency, credit, liquidity, and fair value[95](index=95&type=chunk) - There have been no significant changes in the risk management department, policies, and procedures since the end of last year[96](index=96&type=chunk) - The fair value of guaranteed notes and corporate bonds is measured at market prices and classified as Level 1 within the three-level fair value hierarchy[100](index=100&type=chunk) [5. Estimates](index=37&type=section&id=5.%20%E4%BC%B0%E8%A8%88) In preparing the condensed consolidated financial statements, management makes judgments, estimates, and assumptions regarding the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses, with the primary sources of estimation uncertainty remaining consistent with the 2024 annual consolidated financial statements - Management makes judgments, estimates, and assumptions in preparing the financial statements, and actual results may differ[101](index=101&type=chunk) - The key sources of significant judgments and estimation uncertainty are the same as those in the 2024 annual consolidated financial statements[101](index=101&type=chunk) [6. Revenue and Results](index=38&type=section&id=6.%20%E6%94%B6%E5%85%A5%E5%8F%8A%E6%A5%AD%E7%B8%BE) The Group's reportable segments are real estate development, commercial property operations, and other businesses, with real estate development revenue of **RMB 77.96 billion**, commercial property operations revenue of **RMB 3.54 billion**, and other businesses external revenue of **RMB 1.71 billion** in the first half of 2025, contributing to a total segment profit of **RMB 12.705 billion** - The Group's reportable segments include real estate development (property development and sales), commercial property operations (property leasing, hotel, and other commercial property operations), and other businesses (material procurement and supply chain management services, construction and planning design consulting services, and others)[102](index=102&type=chunk) Segment Revenue and Results for 1H 2025 | Segment | Segment Revenue from External Customers (RMB thousand) | Segment Profit (RMB thousand) | | :--- | :--- | :--- | | Real Estate Development Business | 77,962,227 | 10,667,202 | | Commercial Property Operations Business | 3,542,076 | 1,982,643 | | Other Businesses | 1,714,781 | 54,987 | | Total | 83,219,084 | 12,704,832 | - Reported segment profit for the first half of 2025 was **RMB 12.705 billion**, with consolidated profit before tax at **RMB 12.998 billion**[106](index=106&type=chunk) [7. Net Other Income, Gains and Losses](index=41&type=section&id=7.%20%E6%B7%A8%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E3%80%81%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D) For the six months ended June 30, 2025, the Group's net other income, gains, and losses significantly increased to **RMB 0.794 billion** from **RMB 0.253 billion** in the prior-year period, primarily driven by bank deposit interest income, net foreign exchange gains, and gains from disposal of subsidiaries Net Other Income, Gains and Losses (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total interest income | 626,777 | 881,361 | | Net foreign exchange gains/(losses) | 135,764 | (353,710) | | Impairment provision for properties held for sale | (305,733) | (456,259) | | Gain on disposal of a subsidiary | 261,641 | – | | Others | 75,364 | 181,720 | | Total | 793,813 | 253,112 | - Net foreign exchange gains turned from a loss of **RMB 353.71 million** in the first half of 2024 to a gain of **RMB 135.76 million** in the first half of 2025[107](index=107&type=chunk) - A gain on disposal of a subsidiary of **RMB 261.64 million** was recognized in the first half of 2025[107](index=107&type=chunk) [8. Finance Costs](index=41&type=section&id=8.%20%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) For the six months ended June 30, 2025, the Group's finance costs decreased to **RMB 0.382 billion** from **RMB 0.493 billion** in the prior-year period, with total finance costs at **RMB 3.658 billion**, of which **RMB 3.275 billion** was capitalized Finance Costs (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on bank and other borrowings, guaranteed notes and corporate bonds | 3,546,080 | 4,723,007 | | Interest on amounts payable to joint ventures and non-controlling shareholders | 17,938 | 49,496 | | Interest on lease liabilities and other finance costs | 93,616 | 97,847 | | Total finance costs | 3,657,634 | 4,870,350 | | Less: Amount capitalized | (3,275,259) | (4,377,217) | | Net finance costs | 382,375 | 493,133 | - Interest expense on bank and other borrowings, guaranteed notes, and corporate bonds decreased by approximately **24.89%** year-on-year[108](index=108&type=chunk) - The proportion of capitalized amount to total finance costs was approximately **89.55%** in the first half of 2025, indicating that most interest expenses were capitalized[108](index=108&type=chunk) [9. Income Tax Expense](index=42&type=section&id=9.%20%E6%89%80%E5%BE%97%E7%A8%85%E8%B2%BB%E7%94%A8) For the six months ended June 30, 2025, the Group's income tax expense decreased to **RMB 3.469 billion** from **RMB 4.657 billion** in the prior-year period, with major taxes including PRC corporate income tax, PRC land appreciation tax, PRC withholding income tax, Hong Kong profits tax, and Macau income tax, and the Group has applied the mandatory exemption for deferred tax assets and liabilities related to Pillar Two income tax, expecting no significant impact Income Tax Expense (For the six months ended June 30) | Tax Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | PRC corporate income tax | 2,793,990 | 3,002,672 | | PRC land appreciation tax | 260,677 | 893,831 | | PRC withholding income tax | 56,465 | 31,758 | | Hong Kong profits tax | 14,597 | 18,453 | | Macau income tax | 2,521 | 2,406 | | Others | 12,176 | 14,504 | | Total current tax | 3,140,426 | 3,963,624 | | Deferred tax | 328,367 | 693,331 | | Total | 3,468,793 | 4,656,955 | - PRC land appreciation tax expense significantly decreased by approximately **70.84%** year-on-year[109](index=109&type=chunk) - The Group has applied the mandatory exemption for deferred tax assets and liabilities related to Pillar Two income tax and does not expect to face significant Pillar Two income tax impacts[113](index=113&type=chunk) [10. Profit for the Period](index=44&type=section&id=10.%20%E6%9C%AC%E6%9C%9F%E9%96%93%E6%BA%A2%E5%88%A9) For the six months ended June 30, 2025, profit for the period was after deducting depreciation of property, plant, and equipment of **RMB 0.229 billion**, cost of properties and other inventories recognized as expense of **RMB 66.527 billion**, and staff costs of **RMB 1.022 billion** Items Deducted from Profit for the Period (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 229,280 | 240,777 | | Cost of properties and other inventories recognized as expense | 66,527,440 | 65,743,213 | | Staff costs (including directors' benefits and interests) | 1,021,805 | 1,245,554 | - Staff costs decreased by approximately **18.09%** year-on-year[114](index=114&type=chunk) [11. Earnings Per Share](index=44&type=section&id=11.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, basic and diluted earnings per share were **RMB 0.79**, a decrease from **RMB 0.94** in the prior-year period, calculated based on profit attributable to company shareholders of **RMB 8.599 billion** and a weighted average of **10.945 billion** ordinary shares outstanding Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic and diluted earnings per share | 0.79 | 0.94 | - Basic and diluted earnings per share are calculated based on profit attributable to company shareholders of **RMB 8.599 billion** (2024: **RMB 10.314 billion**)[115](index=115&type=chunk) - The weighted average number of ordinary shares outstanding during the period was **10.945 billion** shares, consistent with the prior-year period[115](index=115&type=chunk) [12. Dividends](index=45&type=section&id=12.%20%E8%82%A1%E6%81%AF) The Board of Directors declared an interim dividend of **HK 25 cents** per share for the six months ended June 30, 2025, amounting to approximately **RMB 2.517 billion**, while the 2024 final dividend of **HK 30 cents** per share was recognized during the period Dividends Recognized During the Period (For the six months ended June 30) | Dividend Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Final dividend for 2024 (HK 30 cents per share) | 2,987,953 | – | | Final dividend for 2023 (HK 45 cents per share) | – | 4,536,107 | - The Board of Directors declared an interim dividend of **HK 25 cents** per share (2024: **HK 30 cents** per share) for the six months ended June 30, 2025, amounting to approximately **RMB 2.517 billion**[116](index=116&type=chunk) [13. Investment Properties](index=45&type=section&id=13.%20%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD) For the six months ended June 30, 2025, the Group added **RMB 0.885 billion** in investment properties, with a net fair value change of **RMB 66.12 million**, while total carrying value of investment properties sold and derecognized was **RMB 2.005 billion**, and **RMB 2.789 billion** of properties held for sale were transferred to investment properties Movements in Investment Properties (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Additions to investment properties | 885,472 | 1,381,262 | | Net fair value change of investment properties | 66,120 | 12,330 | | Total carrying value of investment properties sold to third parties | 830,677 | 460,601 | | Total carrying value of investment properties derecognized due to disposal of a subsidiary | 1,274,724 | – | | Total carrying value of properties held for sale transferred to investment properties | 2,788,772 | – | - Net fair value change of investment properties significantly increased by approximately **436.25%** year-on-year[117](index=117&type=chunk) - The fair value measurements for the Group's investment properties are all classified as Level 3 within the three-level fair value hierarchy[119](index=119&type=chunk) [14. Trade and Other Receivables](index=46&type=section&id=14.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE) As of June 30, 2025, the Group's total trade and other receivables significantly increased to **RMB 7.825 billion** from **RMB 3.406 billion** at end-2024, with a notable rise in receivables aged 0-30 days, and management considers the expected credit risk of receivables to be very low Ageing Analysis of Trade Receivables (As of reporting period end) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 – 30 days | 3,884,021 | 424,195 | | 31 – 90 days | 140,524 | 262,063 | | Over 90 days | 1,702,660 | 903,910 | | Total trade receivables | 5,727,205 | 1,590,168 | | Other receivables – current portion | 2,097,376 | 1,815,902 | | Total | 7,824,581 | 3,406,070 | - Trade receivables aged 0-30 days increased from **RMB 0.424 billion** at end-2024 to **RMB 3.884 billion** as of June 30, 2025[121](index=121&type=chunk) - Management considers the expected credit risk of trade receivables to be very low, with limited concentration of credit risk[122](index=122&type=chunk) [15. Trade and Other Payables](index=47&type=section&id=15.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE) As of June 30, 2025, the Group's total trade and other payables decreased to **RMB 52.374 billion** from **RMB 55.601 billion** at end-2024, with a decrease in total trade payables but an increase in other payables Ageing Analysis of Trade Payables (As of reporting period end) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 – 30 days | 11,298,797 | 12,341,117 | | 31 – 90 days | 3,101,895 | 3,715,087 | | Over 90 days | 23,791,709 | 25,790,833 | | Total trade payables | 38,192,401 | 41,847,037 | | Other payables | 8,819,024 | 7,657,954 | | Retention money payable | 5,362,181 | 6,095,740 | | Total | 52,373,606 | 55,600,731 | - Total trade payables decreased from **RMB 41.847 billion** at end-2024 to **RMB 38.192 billion** as of June 30, 2025[123](index=123&type=chunk) - Other payables increased from **RMB 7.658 billion** at end-2024 to **RMB 8.819 billion** as of June 30, 2025[123](index=123&type=chunk) [16. Guaranteed Notes and Corporate Bonds](index=48&type=section&id=16.%20%E6%93%94%E4%BF%9D%E7%A5%A8%E6%93%9A%E5%8F%8A%E5%85%AC%E5%8F%B8%E5%82%B5%E5%88%B8) For the six months ended June 30, 2025, the Group issued low-interest guaranteed notes and corporate bonds with a total principal of **RMB 3.5 billion** at annual interest rates ranging from **1.80% to 2.38%**, while fully redeeming guaranteed notes and corporate bonds with a total redemption value of approximately **RMB 9.464 billion**, including both USD and RMB denominated bonds Guaranteed Notes and Corporate Bonds Issued During the Period | Issue Date | Principal (thousand) | Annual Interest Rate | Maturity Date | Carrying Value (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | April 14, 2025 | RMB 500,000 | 1.90% | April 14, 2030 | 500,000 | | April 14, 2025 | RMB 1,500,000 | 2.38% | April 14, 2035 | 1,500,000 | | April 29, 2025 | RMB 1,000,000 | 1.80% | April 29, 2030 | 1,000,000 | | April 29, 2025 | RMB 500,000 | 2.37% | April 29, 2035 | 500,000 | Guaranteed Notes and Corporate Bonds Fully Redeemed During the Period | Issue Date | Principal (thousand) | Annual Interest Rate | Redemption Date | Redemption Value (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | March 2, 2020 | USD 300,000 | 2.375% | March 2, 2025 | 2,163,583 | | January 14, 2022 | RMB 1,800,000 | 2.88% | January 14, 2025 | 1,800,000 | | April 7, 2022 | RMB 2,000,000 | 3.05% | April 7, 2025 | 2,000,000 | | May 10, 2022 | RMB 1,500,000 | 2.75% | May 12, 2025 | 1,500,000 | | May 27, 2022 | RMB 2,000,000 | 2.63% | May 27, 2025 | 2,000,000 | - The lower interest rates of bonds issued during the period help optimize financing costs[124](index=124&type=chunk) [17. Share Capital](index=48&type=section&id=17.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Company's issued and fully paid share capital was **RMB 74.035 billion**, with **10.945 billion** shares outstanding, consistent with end-2024, and while the Company has a share option scheme, no outstanding share options existed under the scheme as of June 30, 2025 Issued and Fully Paid Share Capital (As of reporting period end) | Indicator | June 30, 2025 | January 1, 2024 | | :--- | :--- | :--- | | Number of shares (thousand shares) | 10,944,884 | 10,944,884 | | Share capital (RMB thousand) | 74,035,443 | 74,035,443 | - The Company has a share option scheme designed to attract and retain high-caliber employees and promote the Group's long-term financial success[127](index=127&type=chunk) - As of January 1, 2025, and June 30, 2025, there were no outstanding share options under the Company's share option scheme[131](index=131&type=chunk) [18. Gain on Disposal of a Subsidiary](index=52&type=section&id=18.%20%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E6%94%B6%E7%9B%8A) On February 21, 2025, the Group disposed of its **100%** interest in Great Fortune Property Limited to a third party for a total consideration of **GBP 175 million** (equivalent to **RMB 1.602 billion**), recognizing a gain on disposal of **RMB 0.262 billion** - On February 21, 2025, the Group disposed of its **100%** interest in Great Fortune Property Limited for a total consideration of **GBP 175 million** (equivalent to **RMB 1.602 billion**)[134](index=134&type=chunk) - A gain on disposal of a subsidiary of **RMB 261.64 million** was recognized in the condensed consolidated statement of profit or loss[134](index=134&type=chunk) [19. Capital Commitments](index=52&type=section&id=19.%20%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's capital expenditure for investment properties not yet provided for in the condensed consolidated financial statements was **RMB 6.286 billion**, a slight decrease from end-2024 Capital Expenditure for Investment Properties (As of reporting period end) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Contracted but not provided for | 6,286,399 | 6,574,067 | [20. Financial Guarantees](index=53&type=section&id=20.%20%E8%B2%A1%E5%8B%99%E6%93%94%E4%BF%9D) As of June 30, 2025, the Group provided guarantees of **RMB 25.761 billion** for property buyers' bank mortgage repayments, a significant decrease from end-2024, in addition to counter-indemnity undertakings of **RMB 2.251 billion** for construction contract guarantees and credit facility guarantees for associates, joint ventures, and other entities Financial Guarantees (As of reporting period end) | Guaranteed Party | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Associates (utilized amount) | 14,599 | 31,145 | | Joint ventures (utilized amount) | 8,317,391 | 10,695,801 | | Other entities (utilized amount) | 273,833 | 264,737 | | Counter-indemnity undertakings for construction contracts | 2,251,203 | 1,716,493 | | Guarantees for property buyers' bank mortgage loans | 25,760,864 | 45,042,822 | - Guarantees for property buyers' bank mortgage repayments decreased from **RMB 45.043 billion** at end-2024 to **RMB 25.761 billion** as of June 30, 2025[138](index=138&type=chunk) - Counter-indemnity undertakings for construction contract guarantees increased[138](index=138&type=chunk) [21. Pledged Assets](index=54&type=section&id=21.%20%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group pledged assets with a carrying value of **RMB 111.324 billion** as collateral for its bank borrowings, a decrease from **RMB 138.662 billion** at end-2024 Carrying Value of Pledged Assets (As of reporting period end) | Asset Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Investment properties and property, plant and equipment | 108,638,463 | 100,847,606 | | Properties held for sale | 2,685,802 | 37,813,991 | | Total | 111,324,265 | 138,661,597 | - The carrying value of properties held for sale pledged as assets significantly decreased from **RMB 37.814 billion** at end-2024 to **RMB 2.686 billion** as of June 30, 2025[139](index=139&type=chunk) [22. Related Party Disclosures](index=55&type=section&id=22.%20%E9%97%9C%E8%81%AF%E6%96%B9%E6%8A%AB%E9%9C%B2) During the period, the Group engaged in several significant related party transactions with fellow subsidiaries, associates, and joint ventures, including engineering fees for property development projects, rental income, material procurement service income, and interest income/expenses, with total remuneration for the Company's directors and other key management personnel amounting to **RMB 12.129 million** Significant Related Party Transactions (For the six months ended June 30) | Transaction Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Engineering fees for property development projects with fellow subsidiaries | 1,607,648 | 1,483,573 | | Material procurement and supply chain management service income from fellow subsidiaries | 366,287 | 141,260 | | Trademark usage license fee income from associates | 145,435 | 183,200 | | Material procurement service income from associates | 349,546 | 267,563 | | Interest income from joint ventures | 32,468 | 58,885 | - Material procurement and supply chain management service income from fellow subsidiaries significantly increased by approximately **159.29%** year-on-year[140](index=140&type=chunk) Remuneration of Directors and Key Management Personnel (For the six months ended

承董事局命 中國海外發展有限公司 （於香港註冊成立之有限公司） （股份代號：688） 沒收未領取的股息 根據中國海外發展有限公司（「本公司」）《組織章程細則》的規定，凡在宣 派日期起計六年後仍未領取的所有股息可被本公司董事局（「董事局」）沒收, 並應撥歸本公司所有。董事局謹此通知本公司股東，以下仍未領取的股息將於 二零二五年九月三十日予以沒收及撥歸本公司所有: | 股息類別 | 宣派股息日期 | 每股股息 | | --- | --- | --- | | 末期股息 | 二零一九年三月二十日 | 港幣50仙 | | 中期股息 | 二零一九年八月二十二日 | 港幣45仙 | 凡有權收取但仍未收到上述股息或仍未兌現有關股息單的股東，請盡快惟不遲 於二零二五年九月三十日下午四時三十分前聯絡本公司股份過戶登記處卓佳證 券登記有限公司，地址為香港夏慤道 16 號遠東金融中心 17 樓。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部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。 主席兼執行董事 顏建國 香港， ...

Sales Performance Overview - In the first eight months of 2025, the top 20 real estate companies in Changsha achieved a total sales revenue of 26.456 billion yuan, with a total sales area of 1.8016 million square meters [2][3] - The sales threshold for the top 10 companies was 1.12 billion yuan and 77,600 square meters, while for the top 20 it was 465 million yuan and 37,400 square meters [2] Top Companies by Sales Revenue - China Resources Land ranked first in sales revenue with 3.071 billion yuan, followed by China Merchants Shekou with 2.845 billion yuan, and China State Construction with 2.765 billion yuan [3][4] - In terms of sales area, China State Construction led with 203,400 square meters, followed by China Merchants Shekou with 199,400 square meters, and China Resources Land with 172,200 square meters [3] Project Sales Rankings - The top 10 projects in Changsha for sales revenue totaled 10.716 billion yuan, with the threshold for the top 10 set at 752 million yuan [6] - The project "Changsha Ruifu" topped the sales revenue chart with 1.943 billion yuan, followed by "Changsha Jianfa Guanyun" at 1.200 billion yuan, and "Yunda Conference Bay" at 1.077 billion yuan [6] - For sales area, "Changsha Ruifu" also led with 94,800 square meters, followed by "Zhongjian Taoli Jiu Zhang" with 79,500 square meters, and "Changsha Runfu" with 75,900 square meters [7]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [5][6][57] Core Viewpoints - Since September 2024, the central government has emphasized "stabilizing the real estate market and stock market," which is crucial for boosting social expectations and facilitating domestic demand circulation [5][6] - The report suggests that high-quality residential properties may experience a development wave due to policy guidance and changes in supply-demand structure [5][6] Market Performance - The Shanghai Composite Index fell by 1.2%, the Shenzhen Component Index decreased by 0.8%, while the ChiNext Index rose by 2.4% during the week [9] - The real estate sector (Shenwan) declined by 1.5% [9] - Notable stock performances included Shoukai Co. (+32.0%) and Ningbo Fuda (+12.7%), while *ST Nanzhi fell by 22.6% [9] Data Tracking New Housing Transactions - In the week of August 30 to September 5, 2025, 42 key cities saw new housing transactions totaling 1.7 million square meters, a decrease of 15.3% week-on-week and 9.4% year-on-year [15] - For August 2025, the total new housing transactions in these cities reached 7.3 million square meters, down 4.1% month-on-month and 18.8% year-on-year [18] Second-Hand Housing Transactions - In the same week, 21 key cities recorded second-hand housing transactions of 171,000 square meters, a decrease of 9.1% week-on-week but an increase of 10.2% year-on-year [29] - For August 2025, total second-hand housing transactions in these cities were 793,000 square meters, down 7.2% month-on-month but up 0.9% year-on-year [34] Industry News - The Ministry of Housing and Urban-Rural Development held a meeting emphasizing high-level legislation to promote high-quality development in housing and urban construction [45] - Shanghai initiated a new round of adjustments to existing mortgage rates, allowing second-home buyers to apply for a rate reduction to the first-home level [45] - In Shenzhen, policies were optimized to lower purchasing thresholds and mortgage costs for residents and enterprises [45] Company Announcements - In August 2025, major real estate companies reported varying sales figures: China Overseas Development at 18.33 billion yuan (down 0.7% year-on-year), and Greentown China at 10.6 billion yuan (up 27.7% year-on-year) [48] - Poly Developments recently acquired two projects in Lanzhou and Sanya, with a total payment of 1.612 billion yuan [48]

Core Viewpoint - The company reported a decline in contract sales for the first eight months of 2025, indicating a challenging market environment, but it maintains a strong brand advantage and steady commercial operations [1][2]. Sales Performance - In August 2025, the company's contract sales amounted to 18.33 billion yuan, a year-on-year decrease of 0.7%, while the sales area increased by 27.7% to 889,000 square meters [1]. - For the period of January to August 2025, the total contract sales reached 150.33 billion yuan, down 16.5% year-on-year, with a sales area of 6.669 million square meters, a slight decrease of 0.2% [1][2]. Pricing Strategy - The company adopted a price-for-volume strategy, with an average sales price of 22,500 yuan per square meter, reflecting a 16.3% decrease compared to the same period in 2024 [2]. - The company’s revenue for the first half of 2025 was 83.22 billion yuan, a decline of 4.27% year-on-year, with the real estate development segment accounting for 77.96 billion yuan, down 4.97% [2]. Financial Management - As of June 30, 2025, the company had total borrowings of 227.45 billion yuan, a reduction of 14.12 billion yuan from the end of 2024, with cash and bank deposits amounting to 108.96 billion yuan [3]. - The asset-liability ratio stood at 53.7%, and the net debt ratio was 28.4%, indicating a strong financial position [3]. Commercial Operations - The company is focused on comprehensive asset management, with commercial property revenue of 3.54 billion yuan in the first half of 2025, including 1.7 billion yuan from office buildings and 1.17 billion yuan from shopping centers [2]. - The occupancy rate for mature shopping center projects over three years was 96.2%, with foot traffic increasing by 11.0% year-on-year [2]. Profit Forecast and Valuation - The company revised its net profit forecasts for 2025-2027 to 13.86 billion, 13.95 billion, and 14.04 billion yuan, respectively, down from previous estimates [3]. - The current stock price corresponds to a price-to-earnings ratio of 10.1, 10.0, and 9.9 for 2025-2027 [3].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][5]. Core Insights - The report highlights that the broad housing demand in China has bottomed out, but the price and volume have not entered a positive cycle as expected. The real estate industry faces challenges from weakened household balance sheets and policy constraints requiring high-quality development without overall leverage [4][5][6]. - The "Good House" policy is seen as a potential breakthrough strategy that could lead to a fivefold positive resonance in core cities, gradually achieving a recovery driven by structural improvements [4][5][6]. Summary by Sections 1. Industry Status: Challenges in Real Estate Fundamentals and Policy Constraints - Broad housing demand is estimated to have bottomed out, with total transactions stabilizing around 1.4 billion square meters [15][22]. - New home sales have decreased from 1.57 billion square meters in 2021 to an estimated 0.81 billion square meters in 2024, a cumulative decline of 48%, while second-hand home sales have increased by 64% during the same period [15][22]. - The key issue in the real estate sector is not demand but purchasing power, with a trend of consumption downgrade evident in the market [22][31]. 2. Breakthrough Strategy: "Good House" Policy Leading to Fivefold Positive Resonance - The "Good House" policy aims to create new products and markets, enhancing the price system under conditions of supply scarcity and relatively abundant demand [4][6]. - The report identifies five positive resonances: policy strength of "Good House," urban renewal, housing consumption upgrade, wealth reallocation under capital controls, and stock market strength [4][6]. - Potential benefits include expected further reductions in mortgage rates and loosening of purchase restrictions, which could drive improvements in core cities [4][6]. 3. Core Cities: Hong Kong Has Reversed, Shanghai and Other Core Cities Nearing Bottom - Hong Kong's real estate market has experienced a turnaround due to four positive factors, including talent policies and stock market gains [4][6]. - Other core cities like Shanghai, Beijing, and Shenzhen are also showing signs of improvement, with Shanghai expected to be the next city to see a bottoming out [4][6]. 4. Investment Analysis Opinion: "Good House" as a Breakthrough Strategy - The report emphasizes that the "Good House" policy could lead to a structural recovery in the real estate market, benefiting quality real estate companies positioned in core cities [4][5][6]. - Recommended companies include those with strong product capabilities and undervalued recovery potential, as well as second-hand housing intermediaries and property management firms [4][5].

（原标题：405亿元！中海、招商上海东安新村投资版图浮出） 21世纪经济报道记者唐韶葵 9月8日，上海史上最大的城市更新项目——徐汇东安新村项目发布了其中一宗地块的规划设计方案：徐 汇区C030301单元127b-23地块将规划建设5幢17-25层住宅楼，总共206户。这宗地块目前由上海新枫安 企业发展有限公司（上海地产集团持股60%、徐汇城投持股40%）以83.5亿元竞得。 2024年初，上海徐汇区启动东安片区旧城区改建，这是上海史上最大单地块一次性征收项目。2025年， 东安片区旧改项目以协议方式陆续成功出让三宗涉住宅地块，分别为徐汇区C030301单元125-31、127b- 23、127b-24地块，出让总金额约523.03亿元，用地面积15.93万平方米，地上计容面积60.05万平方米。 3月26日?，上海地产与徐汇城投合资的上海新枫安以83.5亿元竞得127b-23地块。5月，另外两宗地块接 连出让，得主同样为上海地产与徐汇城投。 此前的9月5日，由中海地产、招商蛇口、徐汇城投、中旅投资联合组成的开发主体，通过上海联合产权 交易所正式完成股权交易，获得其中两宗地127b-24地块、125-31地块 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [6]. Core Insights - The company has demonstrated a strong brand advantage and is actively implementing a strategy to exchange price for volume, leading to significant sales figures despite a decline in average selling price [2][4]. - The company is focused on enhancing its commercial operations and asset management capabilities, with a notable increase in commercial property revenue and tenant retention rates [3]. - Financially, the company maintains a robust credit profile with a significant reduction in total debt and a low average financing cost, ensuring operational cash flow remains positive [3]. Summary by Sections Sales Performance - For the period of January to August 2025, the company reported a contract sales amount of 150.33 billion yuan, a year-on-year decrease of 16.5%, while the sales area was 6.669 million square meters, a slight decrease of 0.2% [1]. - In August 2025 alone, the contract sales amount was 18.33 billion yuan, showing a minor decline of 0.7% year-on-year, but the sales area increased by 27.7% [1]. Financial Performance - The company's revenue for the first half of 2025 was 83.22 billion yuan, down 4.27% year-on-year, with the real estate development segment contributing 77.96 billion yuan, also down 4.97% [2]. - The gross profit margin decreased to 17.4% from 22.1% in the previous year, while the net profit attributable to shareholders was 8.6 billion yuan, reflecting a 16.6% decline [2]. Asset Management and Commercial Operations - The company is developing a comprehensive real estate asset management platform, with commercial property revenue reaching 3.54 billion yuan in the first half of 2025 [3]. - The office rental retention rate stands at 76.9%, and mature shopping centers have a rental rate of 96.2%, with foot traffic increasing by 11% year-on-year [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised downwards to 13.86 billion, 13.95 billion, and 14.04 billion yuan respectively, with corresponding P/E ratios of 10.1, 10.0, and 9.9 [4]. - The company's strong brand and ample land reserves support its leading position in the industry, justifying the "Buy" rating despite current sales challenges [4].

Core Viewpoint - The company is expected to face pressure on gross margin and inventory impairment in 2025, with a potential recovery in gross margin starting in 2026. Revenue and core net profit forecasts for 2025 and 2026 indicate slight declines followed by a modest recovery [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 832.2 billion, a year-on-year decrease of 4.3%, with a comprehensive gross margin of 17.4%, down 4.7 percentage points [2] - Core net profit for H1 2025 was 87.8 billion, reflecting a year-on-year decline of 17.5%. The interim dividend per share was 0.25 HKD, with a payout ratio of 28.7% [2] Group 2: Market Position - The company recorded a contract sales amount of 1201.5 billion in H1 2025, holding a market share of 2.72%, ranking second in the industry. It achieved top three market positions in 31 cities, with 14 cities ranked first locally [3] - The launch of the "Zhonghai Good House LivingOS System" has contributed to a customer satisfaction rate of 90, setting an industry benchmark [3] Group 3: Land Reserves - From January to July 2025, the company acquired land worth 550.1 billion, leading the industry in investment scale, with 86% of acquisitions in first-tier and strong second-tier cities [4] - The company’s large-scale urban projects are expected to provide a solid foundation for future sales and profits [4] Group 4: Capital Operations - The company’s commercial operations revenue in H1 2025 was 35.4 billion, stable year-on-year, with shopping centers and office buildings accounting for 81% of the revenue [5] - The first commercial public REIT has been accepted by the China Securities Regulatory Commission and Shenzhen Stock Exchange, enhancing capital operations and asset value [5] Group 5: Leverage Levels - As of H1 2025, the company’s asset-liability ratio, excluding advance receipts, was 45.7%, down 2.5 percentage points from the end of 2024. The net debt ratio was 28.4%, a decrease of 0.8 percentage points [6] - The cash-to-short-term debt ratio stood at 4.9 times, maintaining a leading position in the industry, with an average financing cost of 2.9%, remaining in the lowest range [6]

Core Viewpoint - The company is expected to face pressure on gross profit margin and inventory impairment in 2025, with a potential recovery in 2026. Revenue and core net profit forecasts for 2025 and 2026 are slightly declining, but the stock maintains a "buy" rating based on current valuations [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 832.2 billion, a year-on-year decrease of 4.3%, with a comprehensive gross margin of 17.4%, down 4.7 percentage points [2] - Core net profit for H1 2025 was 87.8 billion, reflecting a year-on-year decline of 17.5% [2] - The company declared an interim dividend of 25 Hong Kong cents per share, with a payout ratio of 28.7% [2] Group 2: Market Position - In H1 2025, the company recorded contract sales of 1201.5 billion, holding a market share of 2.72%, ranking second in the industry [3] - The company maintained a customer satisfaction score of 90, driven by product and service quality, leading to a project turnover rate significantly above the market average [3] Group 3: Land Reserves - From January to July 2025, the company acquired land worth 550.1 billion, leading the industry in investment scale, with 86% of acquisitions in first-tier and strong second-tier cities [4] - The company’s large-scale urban projects are expected to provide a solid foundation for future sales and profits [4] Group 4: Capital Operations - The company’s commercial operations revenue in H1 2025 was 35.4 billion, stable year-on-year, with shopping centers and office buildings accounting for 81% of the revenue [5] - The company’s first commercial public REIT has been accepted by the China Securities Regulatory Commission and Shenzhen Stock Exchange, enhancing capital operations and asset value [5] Group 5: Leverage Levels - As of H1 2025, the company’s asset-liability ratio, excluding advance receipts, was 45.7%, down 2.5 percentage points from the end of 2024 [6] - The net debt ratio was 28.4%, a decrease of 0.8 percentage points from the end of 2024, with a cash-to-short-term debt ratio of 4.9 times, maintaining an industry-leading level [6]