FF301 本月底法定/註冊股本總額： RMB 1,469,376,000 2. 股份分類 普通股 股份類別 其他類別 (請註明) 於香港聯交所上市 (註1) 否 證券代號 (如上市) N/A 說明 內資股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 864,000,000 RMB 1 RMB 864,000,000 增加 / 減少 (-) RMB 本月底結存 864,000,000 RMB 1 RMB 864,000,000 | I. 法定/註冊股本變動 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | 證券代號 (如上市) | 00747 | 說明 | H股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 605,376,000 RMB | | 1 RMB | | 605,376,000 | 致：香港交易及結算所有限公司 公司名稱 ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) This section details the company's governance structure, including board and supervisory committee compositions, alongside essential corporate identifiers and contact information [Directors and Committees](index=3&type=section&id=Directors%20and%20Committees) This section lists the company's board members (executive, non-executive, and independent non-executive directors), supervisory board members, and the composition of the audit, remuneration, and nomination committees - Executive Directors include Mr. Zhang Jingming (Chairman), Mr. Huang Chunfeng (CEO), and Mr. Leng Xiaorong[4](index=4&type=chunk)[5](index=5&type=chunk) - The Audit Committee is chaired by Mr. Luo Zhuoqiang, the Remuneration Committee by Mr. Mao Haibin, and the Nomination Committee by Mr. Zhang Jingming[4](index=4&type=chunk)[5](index=5&type=chunk) - The Supervisory Board is chaired by Mr. Wang Xingye[5](index=5&type=chunk)[6](index=6&type=chunk) [Company Details](index=4&type=section&id=Company%20Details) This section provides basic company information, including operating location, registered office, H share registrar, auditor, principal bankers, stock code, and official website - The company's operating location is at E03–517, Shenyang International Software Park, No. 861–3, Shangshengou Village, Hunnan District, Shenyang City, People's Republic of China[7](index=7&type=chunk)[8](index=8&type=chunk) - The H share registrar is Hong Kong Registrars Limited[7](index=7&type=chunk)[8](index=8&type=chunk) - The company's stock code is **747**, and its official website is www.shenyang747.com[9](index=9&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the Group's financial performance, business operations, future outlook, liquidity, capital structure, significant transactions, and other relevant operational details for the period [Financial Review](index=5&type=section&id=Financial%20Review) During this period, the Group's revenue significantly decreased, turning from profit to loss, primarily due to reduced infrastructure construction revenue and lower gains from assets held for sale Financial Performance Comparison (For the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 948 | 5,465 | Significant Decrease | | Profit (Loss) Before Tax | (4,207) | 1,864 | Turned from Profit to Loss | | Earnings (Loss) Per Share | (0.0022) | 0.0021 | Turned from Profit to Loss | [Business Review](index=5&type=section&id=Business%20Review) The Group's business review covers infrastructure construction, property development, property investment and leasing, and property management, with infrastructure projects completed, Shennongjia Hotel nearing completion, stable growth in property investment, and significant expansion in property management through the acquisition of Guangzhou Zhudao - The construction of Zhongfang Chaozhou Jingnan Industrial Park project has been completed and fully settled in **2024**[12](index=12&type=chunk)[14](index=14&type=chunk) - The main building, annex, and courtyard construction of the Shennongjia Hotel project are substantially complete, with fitting-out works fully commenced, and negotiations with professional hotel management companies are ongoing[15](index=15&type=chunk)[17](index=17&type=chunk)[19](index=19&type=chunk) - Property investment and leasing business recorded rental income of approximately **RMB 776,000** for the period, an increase from **RMB 755,000** in the same period of **2024**[23](index=23&type=chunk)[26](index=26&type=chunk) - The acquisition of a **51% equity interest** in Guangzhou Zhudao was completed on **July 23, 2025**, for a consideration of **RMB 550,000**, significantly strengthening the property management business[25](index=25&type=chunk)[27](index=27&type=chunk)[30](index=30&type=chunk) [Construction of Infrastructure and Property Development Business](index=5&type=section&id=Construction%20of%20Infrastructure%20and%20Development%20of%20Properties%20Business) The Zhongfang Chaozhou Jingnan Industrial Park infrastructure project was completed and settled in 2024, while the Shennongjia Hotel property development project is substantially complete, undergoing fitting-out, and seeking professional hotel management partnerships - The construction of Zhongfang Chaozhou Jingnan Industrial Park project has been completed and fully settled in **2024**[12](index=12&type=chunk)[14](index=14&type=chunk) - The main building, annex, and courtyard construction of the Shennongjia Hotel project were substantially completed in **2024**, with fitting-out works fully commenced[15](index=15&type=chunk)[19](index=19&type=chunk) - The Group is negotiating with renowned Chinese hotel operators to manage the operations of Shennongjia Hotel[17](index=17&type=chunk)[20](index=20&type=chunk) [Property Investment and Leasing Business](index=7&type=section&id=Property%20Investment%20and%20Leasing%20Business) The Group's property investment and leasing business, primarily located in Sanhe, Guangzhou, Beijing, and Shennongjia Forestry District, recorded rental income of approximately RMB 776,000 for the period, a slight increase from the prior year - The Group owns multiple properties in Sanhe, Guangzhou, Beijing, and Shennongjia Forestry District, including shops, parking spaces, offices, and Shennongjia Hotel facilities[21](index=21&type=chunk)[26](index=26&type=chunk) Property Investment and Leasing Business Revenue | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Rental Income | 776 | 755 | [Property Management Business](index=7&type=section&id=Property%20Management%20Business) The Group significantly expanded its property management business by acquiring a 51% stake in Guangzhou Zhudao, managing a total gross floor area of approximately 542,865 square meters, with Shenzhen sports and hotel development projects now operational - The acquisition of a **51% equity interest** in Guangzhou Zhudao was completed on **July 23, 2025**, for a consideration of **RMB 550,000**[25](index=25&type=chunk)[27](index=27&type=chunk)[30](index=30&type=chunk) - Guangzhou Zhudao and its subsidiary, Shijiazhuang Runhua, are primarily engaged in property management, managing a total gross floor area of approximately **542,865 square meters**[29](index=29&type=chunk)[35](index=35&type=chunk) - The sports project at Shenzhen Shenyun Sports and Culture Park commenced operations in **January 2025**, and the hotel development and operation project in Dongchong, Nanao, Shenzhen, has also begun operations[24](index=24&type=chunk)[27](index=27&type=chunk) [Business Prospects](index=8&type=section&id=Business%20Prospects) Despite a slow global economic recovery, the Group remains cautiously optimistic, focusing on sustainable growth by advancing Shennongjia Hotel operations, expanding property management through the Guangzhou Zhudao acquisition, and actively exploring infrastructure projects aligned with national policies and strategic emerging industries like software and information technology services - Fitting-out works for Shennongjia Hotel have fully commenced, with active negotiations ongoing with hotel operators to provide high-quality services and begin operations in the near future[33](index=33&type=chunk)[36](index=36&type=chunk) - Following the acquisition of Guangzhou Zhudao, the Group expects to gain stable revenue and cash inflow, creating synergistic benefits and business opportunities in property management[34](index=34&type=chunk)[36](index=36&type=chunk) - The Company will continue to explore suitable infrastructure projects aligned with national policies and actively engage with national strategic emerging industries, such as software and information technology services[37](index=37&type=chunk)[42](index=42&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=9&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group's total assets decreased by 3.87%, net current liabilities increased to RMB 125,501,000, and while current ratio and gearing ratio both declined, cash and cash equivalents increased, and new bank borrowings of RMB 5,000,000 were secured Liquidity and Capital Structure (As of June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 523,732 | 544,799 | ↓3.87% | | Non-current Assets | 451,897 | 458,417 | ↓1.42% | | Current Assets | 71,835 | 86,382 | ↓16.84% | | Net Current Liabilities | (125,501) | (121,072) | ↑3.66% | | Cash and Cash Equivalents | 5,278 | 4,448 | ↑18.66% | | Bank Borrowings | 5,000 | 0 | New | | Other Borrowings | 7,474 | 7,387 | ↑1.18% | | Current Ratio | 0.36 times | 0.42 times | ↓14.29% | | Gearing Ratio | 0.40 times | 0.41 times | ↓2.44% | - The Group's total capital commitments amounted to **RMB 112,438,000** (December 31, 2024: RMB 117,689,000)[61](index=61&type=chunk)[64](index=64&type=chunk) [Material Acquisition and Disposal of Subsidiaries and Associates](index=10&type=section&id=Material%20Acquisition%20and%20Disposal%20of%20Subsidiaries%20and%20Associates) The Group completed the acquisition of a 51% equity interest in Guangzhou Zhudao on July 23, 2025, for a consideration of RMB 550,000, which constitutes a very substantial acquisition - The acquisition of a **51% equity interest** in Guangzhou Zhudao was completed on **July 23, 2025**, for a consideration of **RMB 550,000**[46](index=46&type=chunk)[49](index=49&type=chunk) [Significant Investments](index=10&type=section&id=Significant%20Investments) As of June 30, 2025, the Group agreed to dispose of 5,400,000 shares in Chaozhou Rural Commercial Bank for a total consideration of RMB 13,500,000, though the disposal had not been completed by that date - Agreed to dispose of **5,400,000 shares** (representing approximately **0.205%** of the issued share capital) in Chaozhou Rural Commercial Bank for a total consideration of **RMB 13,500,000**[47](index=47&type=chunk)[50](index=50&type=chunk) - As of **June 30, 2025**, the disposal had not yet been completed[48](index=48&type=chunk)[51](index=51&type=chunk) [Number of Employees, Emoluments, Training Schemes and Share Option Schemes](index=11&type=section&id=Number%20of%20Employees%2C%20Emoluments%2C%20Training%20Schemes%20and%20Share%20Option%20Schemes) As of June 30, 2025, the Group's employee count was 33, a decrease from the prior year, with total salaries and emoluments also declining, and no share option schemes adopted Employee and Emolument Information (As of June 30) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total Employees | 33 employees | 44 employees | ↓25% | | Total Salaries and Emoluments | RMB 2,298,000 | RMB 2,802,000 | ↓18% | - The Group has not adopted any share option schemes for senior management or employees[53](index=53&type=chunk)[57](index=57&type=chunk) [Assets Secured/Pledged](index=11&type=section&id=Assets%20Secured%2FPledged) As of June 30, 2025, the Group had no assets secured or pledged - As of **June 30, 2025**, the Group had no assets secured or pledged (same period in **2024**: nil)[54](index=54&type=chunk)[58](index=58&type=chunk) [Segmental Information](index=11&type=section&id=Segmental%20Information) Details regarding the Group's segmental information are provided in Note 4 to the condensed consolidated financial statements in this report - Detailed segmental information can be found in Note 4 to the condensed consolidated financial statements[55](index=55&type=chunk)[59](index=59&type=chunk) [Currency Risks](index=11&type=section&id=Currency%20Risks) The Group's revenue and expenses are primarily denominated in RMB, exposing it to foreign exchange risk from fluctuations in the HKD to RMB exchange rate; currently, there is no hedging policy, but management will consider hedging significant currency risks in the future - The Group's revenue and expenses are primarily denominated in RMB, exposing it to foreign exchange risk from fluctuations in the HKD to RMB exchange rate[56](index=56&type=chunk)[60](index=60&type=chunk) - The Group currently has no hedging policy for foreign exchange risk, but management will consider hedging significant currency risks when necessary in the future[56](index=56&type=chunk)[60](index=60&type=chunk) [Capital Commitments](index=12&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's total capital commitments amounted to RMB 112,438,000, a decrease from December 31, 2024, primarily comprising capital injections into subsidiaries, construction costs for properties under development for sale, and investment properties Capital Commitments (As of June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Capital Commitments | 112,438 | 117,689 | ↓4.46% | | Capital Injections into Subsidiaries | 23,950 | 27,950 | ↓14.31% | | Construction Costs for Properties Under Development for Sale | 26,966 | 26,868 | ↑0.36% | | Construction Costs for Investment Properties | 61,511 | 61,289 | ↑0.36% | | Construction Costs for Property, Plant and Equipment | 11 | 1,582 | ↓99.30% | [Contingent Liabilities](index=12&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of **June 30, 2025**, the Group had no significant contingent liabilities (same period in **2024**: nil)[62](index=62&type=chunk)[65](index=65&type=chunk) [Litigation](index=12&type=section&id=Litigation) The Group is involved in two lawsuits: the first, regarding outstanding subcontractor payments, was settled through mediation with Zhongfang Chaozhou clearing payments and unfreezing bank accounts; the second, filed in July 2025, demands payment for construction contract settlement and interest, resulting in the freezing of some Zhongfang Chaozhou assets - Following mediation in the first lawsuit, Zhongfang Chaozhou repaid outstanding liabilities of **RMB 4,350,000** and **RMB 2,950,000**, and the frozen bank balances were released[67](index=67&type=chunk)[69](index=69&type=chunk) - The second lawsuit, filed in **July 2025**, demands payment of approximately **RMB 11.5 million** for construction contract settlement and accrued interest of approximately **RMB 0.44 million**, resulting in the freezing of some Zhongfang Chaozhou assets up to a total limit of **RMB 12 million**[67](index=67&type=chunk)[69](index=69&type=chunk) [Events After the Reporting Period](index=13&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events have occurred from the end of the reporting period up to the date of this report, other than the litigation matters already disclosed - Save as disclosed above, there have been no significant events from the end of the reporting period up to the date of this report[68](index=68&type=chunk)[70](index=70&type=chunk) [Interim Financial Information](index=13&type=section&id=Interim%20Financial%20Information) This section presents the Group's condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, financial position, changes in equity, and cash flows, along with explanatory notes [Condensed Consolidated Statement of Profit or Loss](index=13&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's revenue significantly decreased, turning from a profit in the prior year to a loss, with a loss per share of RMB 0.0022 Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 948 | 5,465 | | Cost of Sales | (3,563) | (4,160) | | Gross Profit (Loss) | (2,615) | 1,305 | | Other Income | 2,980 | 8,741 | | Reversal of Impairment Losses, Net | 3,520 | 1 | | Administrative and Operating Expenses | (7,385) | (7,247) | | Finance Costs | (707) | (936) | | Profit (Loss) Before Tax | (4,207) | 1,864 | | Income Tax Expense | (1) | (3) | | Profit (Loss) for the Period | (4,208) | 1,861 | | Profit (Loss) for the Period Attributable to Owners of the Company | (3,186) | 3,099 | | Profit (Loss) for the Period Attributable to Non-controlling Interests | (1,022) | (1,238) | | Earnings (Loss) Per Share (RMB cents) | (0.22) | 0.21 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=14&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group recorded a total comprehensive expense of RMB 4,164,000, a significant decrease from the total comprehensive income in the prior year, primarily impacted by the loss for the period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit (Loss) for the Period | (4,208) | 1,861 | | Exchange Differences on Translation of Foreign Operations | 44 | (21) | | Total Comprehensive Income (Expense) for the Period | (4,164) | 1,840 | | Total Comprehensive Income (Expense) for the Period Attributable to Owners of the Company | (3,142) | 3,078 | | Total Comprehensive Income (Expense) for the Period Attributable to Non-controlling Interests | (1,022) | (1,238) | [Condensed Consolidated Statement of Financial Position](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets, current assets, and total equity all decreased, while net current liabilities increased, indicating challenging financial conditions Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 10,195 | 10,753 | | Right-of-Use Assets | 11,568 | 17,974 | | Investment Properties | 409,721 | 409,277 | | Equity Instruments at Fair Value Through Other Comprehensive Income | 20,413 | 20,413 | | **Current Assets** | | | | Properties Under Development for Sale | 61,445 | 61,250 | | Trade Receivables | 118 | – | | Deposits and Other Receivables | 3,319 | 2,762 | | Restricted Bank Balances | 1,675 | 17,922 | | Cash and Cash Equivalents | 5,278 | 4,448 | | **Current Liabilities** | | | | Trade Payables | 131,941 | 149,989 | | Other Payables and Accruals | 46,236 | 42,906 | | Lease Liabilities — Current Portion | 1,986 | 2,134 | | Contract Liabilities | 66 | – | | Borrowings | 12,474 | 7,387 | | Amounts Due to Non-controlling Interests | 700 | 1,100 | | Amount Due to a Shareholder | 2,448 | 2,448 | | Tax Liabilities | 1,485 | 1,490 | | **Non-current Liabilities** | | | | Other Payables and Accruals | 269 | 269 | | Lease Liabilities — Non-current Portion | 10,154 | 16,939 | | **Total Equity** | 315,973 | 320,137 | [Condensed Consolidated Statement of Changes in Equity](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, the Group's total equity decreased from RMB 320,137,000 to RMB 315,973,000 due to the loss for the period Condensed Consolidated Statement of Changes in Equity (As of June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | January 1 (Audited) | 320,137 | 422,849 | | Loss for the Period | (4,208) | 1,861 | | Exchange Differences on Translation of Foreign Operations | 44 | (21) | | Total Comprehensive Income (Expense) for the Period | (4,164) | 1,840 | | June 30 (Unaudited) | 315,973 | 424,689 | - Equity attributable to owners of the Company decreased from **RMB 344,669,000** to **RMB 341,527,000**[76](index=76&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash from operating activities turned from inflow to outflow, net cash from investing activities also turned from inflow to outflow, but net cash from financing activities turned from outflow to inflow, resulting in an increase in cash and cash equivalents at period-end Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash (Used in) From Operating Activities | (18,126) | 2,218 | | Net Cash (Used in) From Investing Activities | (282) | 6,090 | | Net Cash From (Used in) Financing Activities | 19,194 | (4,138) | | Net Increase in Cash and Cash Equivalents | 786 | 4,170 | | Cash and Cash Equivalents at End of Period | 5,278 | 7,890 | [Notes to the Condensed Consolidated Financial Statements](index=21&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the accounting policies, revenue recognition, segment information, and other financial disclosures supporting the condensed consolidated financial statements [Basis of Preparation](index=21&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34, and despite significant going concern uncertainties (including losses, net current liabilities, and capital commitments), the Board maintains the going concern basis based on plans such as realizing investment properties, expected operating cash inflows, and creditor negotiations - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[84](index=84&type=chunk)[87](index=87&type=chunk) - For the six months ended June 30, 2025, the Group recorded a loss attributable to owners of the Company of approximately **RMB 3,186,000**, with current liabilities exceeding current assets by approximately **RMB 125,501,000**, and capital commitments of approximately **RMB 112,438,000**, indicating significant uncertainties[86](index=86&type=chunk)[87](index=87&type=chunk) - The Board maintains the going concern basis, relying on measures such as realizing investment properties, expected operating cash inflows, negotiating with creditors for repayment extensions, considering disposal of equity instruments, and a shareholder's undertaking not to demand repayment of amounts due[89](index=89&type=chunk)[90](index=90&type=chunk) [Principal Accounting Policies](index=23&type=section&id=Principal%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value, with accounting policies consistent with the 2024 annual consolidated financial statements, and the application of HKFRS amendments having no significant impact on financial position or performance - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[92](index=92&type=chunk)[95](index=95&type=chunk) - The accounting policies and methods of computation for the six months ended June 30, 2025, are consistent with those presented in the Group's annual consolidated financial statements for the year ended December 31, 2024[93](index=93&type=chunk)[95](index=95&type=chunk) - The application of amendments to HKFRS (HKAS 21 amendments) had no significant impact on the Group's financial position and performance for the current and prior periods[96](index=96&type=chunk)[98](index=98&type=chunk) [Revenue](index=24&type=section&id=Revenue) Total revenue for the period significantly decreased to RMB 948,000, primarily due to the absence of land construction revenue, while leasing and property management revenue saw a slight increase Revenue Composition (For the six months ended June 30) | Revenue Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Land Construction | – | 4,710 | | Leasing and Property Management | 948 | 755 | | **Total Revenue** | **948** | **5,465** | [Operating Segments](index=25&type=section&id=Operating%20Segments) The Group's operating segments include infrastructure construction and property development, property investment and leasing, and property management; the infrastructure construction segment had no revenue this period, property management is a new segment with revenue, but all segments recorded losses Operating Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (RMB thousands) | 2024 Revenue (RMB thousands) | 2025 Results (RMB thousands) | 2024 Results (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Infrastructure Construction and Property Development | – | 4,710 | (666) | (254) | | Property Investment and Leasing Business | 776 | 755 | (1) | (3,017) | | Property Management Business | 172 | – | (5,582) | – | | **Total** | **948** | **5,465** | **(6,249)** | **(3,271)** | [Other Income](index=26&type=section&id=Other%20Income) Other income for the period significantly decreased to RMB 2,980,000, primarily due to the absence of gains from assets held for sale in the prior year, though dividends from FVTOCI equity instruments and gains from termination of lease liabilities increased Other Income Composition (For the six months ended June 30) | Income Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank Interest Income | 2 | 4 | | Dividends from FVTOCI Equity Instruments | 1,779 | 1,686 | | Gain on Termination of Lease Liabilities | 877 | – | | Gain on Disposal of Assets Held for Sale | – | 6,900 | | Miscellaneous Income | 322 | 151 | | **Total** | **2,980** | **8,741** | [Reversal of Impairment Losses Under Expected Credit Loss Model, Net](index=26&type=section&id=Reversal%20of%20Impairment%20Losses%20Under%20Expected%20Credit%20Loss%20Model%2C%20Net) For the period, the Group recognized a net reversal of impairment losses on other receivables of RMB 3,520,000, primarily due to debt repayment by debtors Reversal of Impairment Losses (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Reversal of Impairment Losses on Other Receivables | 3,520 | 1 | - The impairment reversal was primarily due to debt repayment by debtors[108](index=108&type=chunk)[109](index=109&type=chunk) [Finance Costs](index=27&type=section&id=Finance%20Costs) Total finance costs for the period decreased to RMB 707,000, with an increase in interest on lease liabilities but a significant reduction in interest on other borrowings Finance Costs Composition (For the six months ended June 30) | Cost Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on Lease Liabilities | 603 | 336 | | Interest on Bank Borrowings | 17 | – | | Interest on Other Borrowings | 87 | 600 | | **Total** | **707** | **936** | [Income Tax Expense](index=27&type=section&id=Income%20Tax%20Expense) Income tax expense for the period was RMB 1,000, primarily representing current tax in China Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Tax — China | 1 | 3 | [(Loss) Profit for the Period](index=28&type=section&id=%28Loss%29%20Profit%20for%20the%20Period) For the period, the Group recorded a loss of RMB 4,208,000, primarily influenced by staff costs, depreciation expenses, and legal and professional fees (Loss) Profit for the Period Composition (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Staff Costs | 2,298 | 2,802 | | Short-term Lease Related Expenses | 224 | 290 | | Depreciation of Property, Plant and Equipment | 2,621 | 83 | | Depreciation of Right-of-Use Assets | 1,288 | 972 | | Legal and Professional Fees | 1,522 | 1,360 | [(Loss) Earnings Per Share](index=29&type=section&id=%28Loss%29%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the Company was RMB 0.0022, compared to earnings per share of RMB 0.0021 in the prior year (Loss) Earnings Per Share (For the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit (Loss) for the Period Attributable to Owners of the Company | (3,186) | 3,099 | | Weighted Average Number of Ordinary Shares (thousands) | 1,469,376 | 1,469,376 | | Earnings (Loss) Per Share (RMB cents) | (0.22) | 0.21 | - Diluted earnings (loss) per share is not presented as there were no potential ordinary shares in issue for the six months ended **June 30, 2025** and **2024**[118](index=118&type=chunk)[120](index=120&type=chunk) [Dividends](index=29&type=section&id=Dividends) No dividends were paid, declared, or proposed during this interim period - No dividends were paid, declared, or proposed during this interim period, and the Directors decided not to pay any dividends for this interim period[119](index=119&type=chunk)[121](index=121&type=chunk) [Property, Plant and Equipment](index=30&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group purchased property, plant and equipment at a cost of RMB 2,391,000 and wrote off construction in progress of approximately RMB 328,000 due to early termination of lease arrangements - For the six months ended **June 30, 2025**, the Group purchased property, plant and equipment at a cost of **RMB 2,391,000**[122](index=122&type=chunk)[126](index=126&type=chunk) - Due to the early termination of certain lease arrangements, the Group wrote off construction in progress with a total carrying amount of approximately **RMB 328,000**[122](index=122&type=chunk)[126](index=126&type=chunk) [Right-of-Use Assets](index=30&type=section&id=Right-of-Use%20Assets) No new lease agreements were entered into during the period, but due to lease terminations, related lease liabilities and right-of-use assets were derecognized, resulting in a gain of RMB 877,000 - For the six months ended **June 30, 2025**, the Group did not enter into any new lease agreements[123](index=123&type=chunk)[127](index=127&type=chunk) - Lease liabilities of approximately **RMB 5,995,000** together with related right-of-use assets of approximately **RMB 5,118,000** were terminated on **April 30, 2025**, resulting in a gain on termination of lease liabilities of approximately **RMB 877,000** recognized in the condensed consolidated statement of profit or loss[124](index=124&type=chunk)[127](index=127&type=chunk) [Trade Receivables](index=30&type=section&id=Trade%20Receivables) As of June 30, 2025, the Group's trade receivables primarily originated from leasing and property management businesses, with customer contract receivables fully provided for credit losses Trade Receivables (As of June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables from Customer Contracts | 18,004 | 18,004 | | Trade Receivables from Leasing and Property Management | 118 | – | | Less: Provision for Credit Losses | (18,004) | (18,004) | | **Net** | **118** | **–** | [Trade Payables](index=31&type=section&id=Trade%20Payables) As of June 30, 2025, the Group's total trade payables amounted to RMB 131,941,000, with the majority (RMB 131,169,000) overdue by more than 180 days Trade Payables Ageing Analysis (As of June 30) | Ageing | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 180 days | 772 | 31,075 | | Over 180 days | 131,169 | 118,914 | | **Total** | **131,941** | **149,989** | [Borrowings](index=31&type=section&id=Borrowings) On January 26, 2025, the Group entered into a bank loan agreement with a Chinese bank for a principal amount of RMB 5,000,000 at an annual interest rate of 5.5%, repayable on January 26, 2026 - On **January 26, 2025**, the Group entered into a bank loan agreement with a Chinese bank for a principal amount of **RMB 5,000,000** at an annual interest rate of **5.5%**, repayable on **January 26, 2026**[134](index=134&type=chunk)[135](index=135&type=chunk) [Related Party Transactions](index=32&type=section&id=Related%20Party%20Transactions) As of June 30, 2025, the Group had an amount due to a shareholder of RMB 2,448,000 and an amount due to non-controlling interests of RMB 700,000, with key management personnel emoluments totaling RMB 777,000 Related Party Balances (As of June 30) | Related Party | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Amount Due to a Shareholder (Beijing Lichuang Future Technology Co., Ltd.) | (2,448) | (2,448) | | Amount Due to Non-controlling Interests (Shenzhen Tongda Tourism Co., Ltd.) | (700) | (1,100) | - Key management personnel emoluments amounted to **RMB 777,000** (2024: RMB 929,000)[140](index=140&type=chunk) [Fair Value Measurements of Financial Instruments](index=33&type=section&id=Fair%20Value%20Measurements%20of%20Financial%20Instruments) The Group's fair value measurements for financial instruments use the market approach, with a 15.6% discount for lack of marketability applied as a significant unobservable input for the Level 3 valuation of the 0.71% equity investment in Chaozhou Rural Commercial Bank - Fair value measurements are categorized into Level 1, 2, and 3, with Level 3 measurements using unobservable market data[146](index=146&type=chunk) - The Group's **0.71%** equity investment in Chaozhou Rural Commercial Bank Co., Ltd. (approximately **RMB 20,413,000**) is classified as a Level 3 fair value measurement[148](index=148&type=chunk) - The valuation technique uses the market approach, where a discount for lack of marketability of **15.6%** (2024: 15.6%) is a significant unobservable input[148](index=148&type=chunk) - A **1%** increase/decrease in the discount for lack of marketability would result in a decrease/increase of approximately **RMB 241,000** in the carrying amount of the private equity investment at fair value through other comprehensive income[148](index=148&type=chunk) [Other Information](index=36&type=section&id=Other%20Information) This section covers the Company's adherence to corporate governance standards, compliance with securities trading codes, share transaction activities, interim results review, dividend policy, and interests of directors and substantial shareholders [Code of Corporate Governance](index=36&type=section&id=Code%20of%20Corporate%20Governance) The Company complied with the Corporate Governance Code during the period, except for not procuring appropriate insurance coverage for directors' legal actions, as the directors deemed the related risks to be insignificant - The Company has complied with the applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules during the period, save for the deviation mentioned below[152](index=152&type=chunk)[157](index=157&type=chunk) - The Company did not procure directors' liability insurance during the period, as the Directors considered the risk of significant legal claims against them to be insignificant[152](index=152&type=chunk)[157](index=157&type=chunk) [Compliance with Model Code for Securities Transactions by Directors and Supervisors](index=36&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20and%20Supervisors) All Directors and Supervisors confirmed their compliance with the Model Code as set out in Appendix C3 of the Listing Rules during the period - Following specific enquiries, all Directors and Supervisors confirmed their compliance with the required standards set out in the Model Code during the period[153](index=153&type=chunk)[158](index=158&type=chunk) [Purchase, Sale or Redemption of Listed Securities of the Company](index=36&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities%20of%20the%20Company) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - During the period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[154](index=154&type=chunk)[159](index=159&type=chunk) [Review of Interim Results](index=36&type=section&id=Review%20of%20Interim%20Results) The Company's Audit Committee has reviewed the Group's unaudited condensed consolidated financial information for the period - The Company's Audit Committee has reviewed the Group's unaudited condensed consolidated financial information for the period[155](index=155&type=chunk)[160](index=160&type=chunk) [Interim Dividend](index=36&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the period - The Board does not recommend the payment of an interim dividend for the period (same period in **2024**: nil)[156](index=156&type=chunk)[161](index=161&type=chunk) [Directors', Chief Executives' and Supervisors' Interests and Short Positions in the Shares, Underlying Shares and Debentures of the Company or Any Associated Corporations](index=37&type=section&id=Directors%27%2C%20Chief%20Executives%27%20and%20Supervisors%27%20Interests%20and%20Short%20Positions%20in%20the%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20Any%20Associated%20Corporations) As of June 30, 2025, no Directors, Chief Executives, or Supervisors of the Company held any disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or any associated corporations - As of **June 30, 2025**, none of the Company's Directors, Chief Executives, and Supervisors had any interests or short positions in the shares, underlying shares, and debentures of the Company or any of its associated corporations that were required to be notified to the Company and the Stock Exchange under the Securities and Futures Ordinance or the Listing Rules[162](index=162&type=chunk)[164](index=164&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company](index=37&type=section&id=Substantial%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, Beijing Huaxia Ding Technology Co., Ltd., Huang Guangfu, Beijing Lichuang Future Technology Co., Ltd., Zhai Mingyue, Shenzhen Wanzhong Runlong Investment Co., Ltd., Zhang Song, and HKSCC Nominees Limited were the Company's substantial shareholders Substantial Shareholders' Shareholdings (As of June 30) | Holder of Interest | Type and Number of Shares | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | | Beijing Huaxia Ding Technology Co., Ltd. | 420,000,000 Domestic Shares | 28.58% | | Huang Guangfu (through Beijing Huaxia Ding Technology Co., Ltd.) | 420,000,000 Domestic Shares | 28.58% | | Beijing Lichuang Future Technology Co., Ltd. | 180,000,000 Domestic Shares | 12.25% | | Zhai Mingyue (through Beijing Lichuang Future Technology Co., Ltd.) | 180,000,000 Domestic Shares | 12.25% | | Shenzhen Wanzhong Runlong Investment Co., Ltd. | 140,000,000 Domestic Shares | 9.53% | | Zhang Song (through Shenzhen Wanzhong Runlong Investment Co., Ltd.) | 140,000,000 Domestic Shares | 9.53% | | HKSCC Nominees Limited | 599,395,515 H Shares | 40.79% | - As of **June 30, 2025**, the total number of issued shares of the Company was **1,469,376,000** shares[173](index=173&type=chunk) [Changes in the Information of the Director/Supervisor](index=39&type=section&id=Changes%20in%20the%20Information%20of%20the%20Director%2FSupervisor) There have been no changes in the information of the Directors/Supervisors since the Company's 2024 annual report was published - In accordance with Rule 13.51B of the Listing Rules, there have been no changes in the information of the Directors/Supervisors since the Company's **2024** annual report was published[170](index=170&type=chunk)[172](index=172&type=chunk) [Glossary](index=40&type=section&id=Glossary) This section defines key terms and abbreviations used throughout the report to ensure clarity and consistent understanding for all readers [Definitions of Terms](index=40&type=section&id=Definitions%20of%20Terms) This section provides definitions for key terms used throughout the report to ensure readers have a clear and consistent understanding of the content - This section defines key terms used in the report, such as "corresponding period in **2024**", "Board", "Company", "Directors", "Domestic Shares", "Guangzhou Zhudao", "Group", "Hong Kong", "H Shares", "Independent Third Party", "Listing Rules", "Model Code", "Period", "PRC", "RMB", "SFO", "Shares", "Shareholders", "Shennongjia Hotel", "Shijiazhuang Runhua", "Supervisors", "Stock Exchange", "Zhongfang Chaozhou", and "Zhongfang Chaozhou Jingnan Industrial Park Project"[175](index=175&type=chunk)[177](index=177&type=chunk)

FF301 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: 瀋陽公用發展股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00747 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 605,376,000 | RMB | | 1 | RMB | | 605,376,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 605,376,000 | RMB | | 1 | RMB | | 605,376,000 | | 2. 股份分類 ...

沈阳公用发展股份(00747)发布截至2025年6月30日止6个月业绩，该集团期内取得收益94.8万元人民币， 同比减少82.65%;公司拥有人应占亏损318.6万元，同比盈转亏;每股基本亏损0.22分。 ...

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 董事會欣然提呈本集團於本期的未經審計簡 明綜合中期業績，連同2024年同期的比較 數字。 – 1 – CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS 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 ...

格隆汇8月20日丨沈阳公用发展股份(00747.HK)公告，集团预计截至2025年6月30日止六个月录得净亏损 介于约人民币4,100,000元至约人民币4,300,000元，而于2024年同期录得净溢利约人民币1,900,000元。 董事会认为，本期间录得净亏损乃主要由于（其中包括）(i)收益大幅减少，原因是基础设施建设业务的 项目整体结算工作已于过往期间全部完成，且本期间并无确认来自该业务的收益；及(ii)其他收入减 少，原因是与过往期间相比，并无录得出售分类为持作出售资产的收益。 ...

智通财经APP讯，沈阳公用发展股份(00747)公布，该集团预期于2025年上半年取得净亏损约人民币410 万元至约430万元，而于2024年同期取得净溢利约人民币190万元。 董事会认为，本期间取得净亏损乃主要由于(其中包括)(i)收益大幅减少，原因是基础设施建设业务的项 目整体结算工作已于过往期间全部完成，且本期间并无确认来自该业务的收益;及(ii)其他收入减少，原 因是与过往期间相比，并无取得出售分类为持作出售资产的收益。 ...

本公告由瀋陽公用發展股份有限公司（「本公司」，連同其附屬公司，統稱為「本集 團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法 例第571章證券及期貨條例第XIVA部內幕消息條文（ 定義見上市規則 ）作出。 本公司董事會（「董事會」）謹此通知本公司股東（「股東」）及潛在投資者，根據對本 集團截至2025 年6月 30 日止六個月（「本期間」）的未經審核綜合管理 賬目的初步評 估 及 本 公 司 目 前 可 得 資 料 ， 本 集 團 預 期 於 本 期 間 錄 得 淨 虧 損 介 乎 約 人 民 幣 4,100,000元至約人民幣4,300,000元，而於2024年同期（「過往期間」）錄得淨溢利約 人民幣1,900,000元。 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 瀋 陽 公 用 發 展 股 份 有 限 公 司 Shenyang Public U ...

格隆汇8月15日丨沈阳公用发展股份(00747.HK)宣布，本公司将于2025年8月27日（星期三）举行董事会 会议，藉以批准（其中包括）本公司及其附属公司截至2025年6月30日止六个月的中期财务业绩及其公 布，以及考虑派付中期股息（如有）。 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 瀋 陽 公 用 發 展 股 份 有 限 公 司 瀋陽公用發展股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 二零二五年八月二十七日（ 星期三 ）舉行董事會會議，藉以批准（ 其中包括 ）本公司 及其附屬公司截至二零二五年六月三十日止六個月的中期財務業績及其公佈，以 及考慮派付中期股息（ 如有 ）。 承董事會命 瀋陽公用發展股份有限公司 主席 Shenyang Public Utility Holdings Company Limited （在中華人民共和國註冊成立之股份有限公司） （股份代號：747） 董事會會議通知 張敬明 中國，瀋陽，二零二五年八月十五日 在本公告發出日，本公司之執行董事為張敬明先生、黃春鋒先生及冷小榮先生； 本公司之非執行董事為周霆欣先生；及本公司之獨立非執行董事為羅卓強先生、 蔣海玲女士及毛海濱先生 ...