Group 1 - The core revenue for the company in the first half of 2025 was RMB 4.899 billion, a decrease of approximately 6.58% compared to the same period in 2024, primarily due to a reduction in the total construction area completed and delivered [1] - The projects in Foshan, Guangzhou, Chongqing, Nanjing, Xi'an, and Hong Kong accounted for 24.32%, 1.98%, 27.32%, 31.56%, 14.01%, and 0.73% of the company's total revenue, respectively [1] - The company reported a loss attributable to shareholders of approximately RMB 231 million, compared to a loss of RMB 327.65 million in the same period of 2024, indicating some recovery in the performance of the real estate sales segment [1] Group 2 - The company's equity attributable to shareholders was RMB 7.749 billion, a decrease of RMB 272.96 million or 3.4% compared to RMB 8.02186 billion as of December 31, 2024 [1] - The higher gross profit margin from projects delivered in Nanjing and Chongqing contributed positively to the performance during the reporting period [1] - A joint venture transitioned to a consolidated subsidiary during the reporting period, impacting the financial results [1]

公告称，收益减少减少乃由于2025年上半年竣工及交付的总建筑面积减少所致。亏损收窄主要原因是房 地产销售业务板块的业绩表现有一定回升，本期间交付的位于南京和重庆的项目毛利率较高，且一间合 营公司于本期间转变为并表子公司，会计上确认公允值收益超过4亿元，故相较去年同期亏损额有一定 减少。 智通财经APP讯，招商局置地(00978)公布2025年中期业绩，收 益约48.99亿元，同比减少约6.58%;公司 拥有人应占亏损约2.31亿元，同比收窄29.52%;每股亏损4.71分。 ...

Group 1 - The company reported a revenue of RMB 4.899 billion for the six months ending June 30, 2025, representing a decrease of approximately 6.58% compared to the same period last year [1] - The decrease in revenue was attributed to a reduction in the total construction area completed and delivered in the first half of 2025 [1] - The projects in Foshan, Guangzhou, Chongqing, Nanjing, Xi'an, and Hong Kong contributed to the total revenue with proportions of 24.32%, 1.98%, 27.32%, 31.56%, 14.01%, and 0.73% respectively [1] Group 2 - The company recorded a loss of approximately RMB 254 million before tax expenses, compared to a profit of RMB 241 million in the same period of 2024 [1] - The loss attributable to the company's owners was about RMB 231 million, an improvement from a loss of RMB 328 million in the previous year [1] - The improvement in performance was due to a recovery in the real estate sales segment, with higher gross margins from projects delivered in Nanjing and Chongqing, and a joint venture being consolidated as a subsidiary, resulting in a fair value gain exceeding RMB 400 million [1] Group 3 - The total contracted sales amount achieved by the company and its joint ventures for the six months ending June 30, 2025, was approximately RMB 16.09266 billion, a year-on-year decrease of about 18.24% [2] - The total contracted sales area was approximately 720,958 square meters, reflecting a year-on-year decrease of about 17% [2] - The average selling price was approximately RMB 22,321 per square meter [2] Group 4 - As of June 30, 2025, the company's land bank stood at 3,791,122 square meters [2] - The company's bank balance and cash amounted to RMB 14.523 billion, with RMB 14.371 billion in RMB, RMB 57.437 million in USD, and RMB 94.937 million in HKD [2]

Core Viewpoint - China Merchants Jinling (00978) reported a mid-year performance for 2025, showing a revenue of approximately 4.899 billion, a year-on-year decrease of about 6.58% [1] - The company recorded a loss attributable to shareholders of approximately 231 million, a year-on-year reduction of 29.52% [1] Revenue Performance - The decrease in revenue is attributed to a reduction in the total construction area completed and delivered in the first half of 2025 [1] - The company’s revenue performance reflects challenges in the real estate sector, impacting overall financial results [1] Loss Analysis - The narrowing of losses is primarily due to a recovery in the performance of the real estate sales segment [1] - Projects delivered during this period in Nanjing and Chongqing had higher gross profit margins, contributing positively to the financial outcome [1] - An equity method investee transitioned to a consolidated subsidiary during this period, resulting in the recognition of fair value gains exceeding 400 million, which helped reduce the loss compared to the same period last year [1]

[Financial Performance Overview](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%BD) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) During the reporting period, the company turned from profit to loss, with an expanded loss for the period, but the loss attributable to owners of the Company narrowed, while revenue decreased and gross profit increased Financial Performance Overview (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 4,899,155 | 5,244,150 | -6.58% | | Cost of sales | (4,653,593) | (5,045,515) | -7.77% | | Gross profit | 245,562 | 198,635 | +23.62% | | Profit/(Loss) before tax | 145,911 | (211,362) | Turned from loss to profit | | Income tax expense | (400,040) | (29,650) | +1249.21% | | Loss for the period | (254,129) | (241,012) | +5.44% | | Loss for the period attributable to owners of the Company | (230,929) | (327,653) | -29.49% | | Basic loss per share (RMB cents) | (4.71) | (6.68) | -29.49% | [Condensed Consolidated Statement of Financial Position](index=3&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) As of June 30, 2025, the company's total assets and liabilities both increased, with changes in non-current and current asset structures, notably a significant rise in properties held for sale, while net assets and total equity slightly grew Balance Sheet Overview (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 December 31 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 39,309,244 | 37,598,407 | +4.55% | | Current assets | 96,662,189 | 87,145,623 | +10.92% | | Properties held for sale | 68,395,652 | 59,254,675 | +15.43% | | Bank balances and cash | 14,523,418 | 12,734,449 | +14.05% | | Current liabilities | 69,897,953 | 59,607,005 | +17.26% | | Contract liabilities | 32,256,923 | 23,958,048 | +34.63% | | Non-current liabilities | 32,266,258 | 32,043,017 | +0.70% | | Net assets | 33,807,222 | 33,094,008 | +2.15% | | Total equity | 33,807,222 | 33,094,008 | +2.15% | [Notes to the Condensed Consolidated Financial Statements](index=5&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) [1. General Information](index=5&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) China Merchants Land Limited and its subsidiaries primarily engage in property development and sales, property leasing, and asset management, with the company registered in the Cayman Islands, listed on the Hong Kong Stock Exchange, and financial statements denominated in RMB - Principal activities: Property development and sales, property leasing, and asset management[8](index=8&type=chunk) - Functional currency: **RMB**[9](index=9&type=chunk) [2. Basis of Preparation](index=5&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and Appendix 16 of the Listing Rules, adopting the same accounting policies as the 2024 financial statements, and authorized for issue on August 15, 2025 - Basis of preparation: Hong Kong Accounting Standard 34 and Appendix 16 of the Listing Rules[10](index=10&type=chunk) - Accounting policies: Same as the 2024 annual financial statements, except for changes expected to be reflected in 2025[10](index=10&type=chunk) [3. Changes in Accounting Policies](index=6&type=section&id=3.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95) The Group first applied the HKAS 21 amendment 'The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability' in this interim period, which had no significant impact on the interim report due to the absence of non-exchangeable foreign currency transactions - Newly adopted standard: Hong Kong Accounting Standard 21 amendment 'The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability'[11](index=11&type=chunk) - Impact: No significant impact due to the absence of non-exchangeable foreign currency transactions[11](index=11&type=chunk) [4. Revenue Analysis](index=6&type=section&id=4.%20%E6%94%B6%20%E7%9B%8A) Total revenue for the first half of 2025 was **RMB 4,899,155 thousand**, a year-on-year decrease of **6.58%**, with the primary source being sales of properties held for sale, accounting for **96.39%** of total revenue Revenue Composition (For the six months ended June 30) | Type of Goods or Services | 2025 (RMB thousands) | 2024 (RMB thousands) | Proportion (2025) | | :--- | :--- | :--- | :--- | | Sales of properties held for sale | 4,722,435 | 5,068,380 | 96.39% | | Rental income from investment properties | 124,796 | 123,794 | 2.55% | | Hotel operation income | 15,967 | 14,396 | 0.33% | | Property operation income | 28,387 | 28,266 | 0.58% | | Asset management services | 7,570 | 9,314 | 0.15% | | **Total Revenue** | **4,899,155** | **5,244,150** | **100%** | [5. Segment Information](index=7&type=section&id=5.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group is divided into two operating segments: property development and sales and property leasing (Property Segment), and asset management for office properties and shopping malls (Asset Management Segment), with the Property Segment contributing the vast majority of revenue and results in the first half of 2025, while the Asset Management Segment saw declines in both revenue and results Segment Revenue and Results (For the six months ended June 30) | Indicator | Asset Management Segment (RMB thousands) | Property Segment (RMB thousands) | Consolidated (RMB thousands) | | :--- | :--- | :--- | :--- | | **2025** | | | | | Segment revenue – external customers | 7,570 | 4,891,585 | 4,899,155 | | Segment results | 4,313 | 299,453 | 303,766 | | **2024** | | | | | Segment revenue – external customers | 9,314 | 5,234,836 | 5,244,150 | | Segment results | 5,351 | 8,687 | 14,038 | - Property segment results significantly increased in 2025, from **RMB 8,687 thousand** in 2024 to **RMB 299,453 thousand**[16](index=16&type=chunk)[17](index=17&type=chunk) - Profit before tax was **RMB 145,911 thousand** in 2025, compared to a loss of **RMB 211,362 thousand** in the same period of 2024[16](index=16&type=chunk)[17](index=17&type=chunk) [6. Finance Costs](index=8&type=section&id=6.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Total borrowing costs for the first half of 2025 decreased by **26.9%** year-on-year to **RMB 573,103 thousand**, primarily due to reduced interest on bank and other borrowings and increased capitalized amounts Finance Costs (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Interest on bank and other borrowings | 329,604 | 514,839 | -36.0% | | Interest on loans from indirect holding company | 219,754 | 237,534 | -7.59% | | Total borrowing costs | 573,103 | 783,801 | -26.9% | | Less: Amount capitalized | (303,410) | (384,312) | -21.05% | | **Net finance costs** | **269,693** | **399,489** | **-32.5%** | [7. Income Tax Expense](index=9&type=section&id=7.%20%E6%89%80%E5%BE%97%E7%A8%85%E6%94%AF%E5%87%BA) Income tax expense for the first half of 2025 significantly increased to **RMB 400,040 thousand**, mainly due to substantial growth in PRC corporate income tax and land appreciation tax, with the latter turning from a credit to an expense Income Tax Expense (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | PRC corporate income tax | 222,602 | 10,645 | +1991.14% | | Land appreciation tax | 201,555 | (86,424) | Turned from credit to expense | | Deferred tax | (24,117) | 105,429 | Turned from expense to credit | | **Total income tax expense** | **400,040** | **29,650** | **+1249.21%** | - Land appreciation tax is levied at progressive rates ranging from **30% to 60%** of the land appreciation[20](index=20&type=chunk) [8. Loss for the Period](index=9&type=section&id=8.%20%E6%9C%9F%E5%85%A7%E虧%E6%90%8D) Loss for the period in the first half of 2025 was **RMB 254,129 thousand**, an increase from **RMB 241,012 thousand** in the same period last year, primarily due to increased depreciation expenses Depreciation Expenses (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 23,561 | 18,946 | +24.36% | | Depreciation of right-of-use assets | 7,970 | 12,535 | -36.35% | | Depreciation of investment properties | 72,785 | 75,331 | -3.38% | [9. Dividends](index=10&type=section&id=9.%20%E8%82%A1%20%E6%81%AF) For the six months ended June 30, 2025, the Group neither proposed, declared, nor paid any interim dividends, nor proposed any final dividend for 2024 - No interim dividends paid or proposed for the first half of 2025[22](index=22&type=chunk) - No final dividend proposed for the year 2024[22](index=22&type=chunk) [10. Loss Per Share](index=10&type=section&id=10.%20%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) Basic loss per share for the first half of 2025 was **RMB 4.71 cents**, a narrowing from **RMB 6.68 cents** in the same period of 2024, mainly due to a decrease in loss attributable to owners of the Company - Basic loss per share: **RMB 4.71 cents** in 2025, compared to **RMB 6.68 cents** in 2024[4](index=4&type=chunk) - Weighted average number of ordinary shares: **4,905,257,860 shares**, consistent with the prior period[23](index=23&type=chunk) - No potential ordinary shares, thus no diluted loss per share[23](index=23&type=chunk) [11. Trade Receivables](index=11&type=section&id=11.%20%E6%A5%AD%E5%8B%99%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade receivables amounted to **RMB 24,271 thousand**, a **52.1%** increase from the end of 2024, with a significant rise in receivables aged 181 to 365 days Ageing Analysis of Trade Receivables (As of June 30) | Ageing | 2025 (RMB thousands) | 2024 December 31 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | 0 to 180 days | 13,205 | 11,770 | +12.2% | | 181 to 365 days | 7,650 | 60 | +12650% | | Over one year | 3,416 | 4,128 | -17.2% | | **Total** | **24,271** | **15,958** | **+52.1%** | [12. Trade Payables](index=11&type=section&id=12.%20%E6%A5%AD%E5%8B%99%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade payables amounted to **RMB 10,063,270 thousand**, a **28.9%** increase from the end of 2024, primarily concentrated within one year Ageing Analysis of Trade Payables (As of June 30) | Ageing | 2025 (RMB thousands) | 2024 December 31 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Within one year | 9,023,665 | 6,754,703 | +33.6% | | One to two years | 504,115 | 592,331 | -14.9% | | Two to three years | 230,937 | 208,486 | +10.7% | | Over three years | 304,553 | 251,773 | +21.0% | | **Total** | **10,063,270** | **7,807,293** | **+28.9%** | [13. Loans from Non-controlling Interests](index=12&type=section&id=13.%20%E9%9D%9E%E6%8E%A7%E8%82%A1%E6%AC%8A%E7%9B%8A%E8%B2%B8%E6%AC%BE) As of June 30, 2025, total loans from non-controlling interests amounted to **RMB 1,746,311 thousand**, a **7.2%** increase from the end of 2024, with non-interest-bearing loans constituting the largest portion Composition of Loans from Non-controlling Interests (As of June 30) | Loan Type | 2025 (RMB thousands) | 2024 December 31 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Fixed-rate loans (RMB) | 332,643 | 464,209 | -28.4% | | Non-interest-bearing loans (RMB) | 1,413,668 | 1,163,479 | +21.5% | | **Total** | **1,746,311** | **1,627,688** | **+7.2%** | - Loan analysis: Current portion **RMB 151,820 thousand**, non-current portion **RMB 1,594,491 thousand**[30](index=30&type=chunk) [14. Bank and Other Borrowings](index=13&type=section&id=14.%20%E9%8A%80%E8%A1%8C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%80%9F%E8%B2%B8) The Group's bank borrowings have an effective annual interest rate ranging from **2.14% to 3.70%**, secured by land, investment properties, and trade receivables totaling **RMB 4,258,588 thousand** - Effective annual interest rate: **2.14% to 3.70%** (2024 year-end: **2.20% to 3.70%**)[31](index=31&type=chunk) - Pledged assets: Land, investment properties, trade receivables[31](index=31&type=chunk) - Secured amount: **RMB 4,258,588 thousand** (2024 year-end: **RMB 3,099,149 thousand**)[31](index=31&type=chunk) [15. Commitments](index=13&type=section&id=15.%20%E6%89%BF%20%E6%93%94) As of the reporting period end, the Group's contracted but unprovided commitments for the construction of properties held for sale amounted to **RMB 6,335,548 thousand**, a **28.5%** decrease from the end of 2024 - Commitments for construction of properties held for sale: **RMB 6,335,548 thousand** (2024 year-end: **RMB 8,865,265 thousand**)[32](index=32&type=chunk) [16. Financial Guarantee Contracts](index=14&type=section&id=16.%20%E8%B2%A1%E5%8B%99%E6%93%94%E4%BF%9D%E5%90%88%E7%B4%84) The Group provides financial guarantees for customer mortgage loans and financing for joint ventures/associates, with a total guaranteed amount of **RMB 5,626,321 thousand** as of June 30, 2025, and directors consider the fair value of initially recognized financial guarantee contracts to be immaterial Financial Guarantee Contracts (As of June 30) | Guarantee Type | 2025 (RMB thousands) | 2024 December 31 (RMB thousands) | | :--- | :--- | :--- | | Financing guarantees granted to customers | 3,347,705 | 3,059,086 | | Financing guarantees granted to joint ventures and associates | 2,278,616 | 2,341,730 | | **Total** | **5,626,321** | **5,400,816** | - Directors consider the fair value of financial guarantee contracts to be immaterial[33](index=33&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Market Conditions Analysis](index=15&type=section&id=%E5%B8%82%E5%A0%B4%E5%BD%A2%E5%8B%A2%E5%88%86%E6%9E%90) Facing global economic uncertainties and deep adjustments in the domestic real estate sector, the company operates steadily under China Merchants Group's strategic guidance, continuously reducing comprehensive funding costs, actively responding to policies, revitalizing existing land resources, and achieving market recognition for its product quality - Macroeconomic conditions: Domestic economy shows 'stabilizing growth with persistent pressure', with GDP growth of **5.4%** (Q1) and **5.2%** (Q2)[34](index=34&type=chunk) - Real estate industry: Rapid decline since peaking in 2021, with sales area decreasing from **1.6 billion square meters** to **970 million square meters** in 2024, projected to stabilize at **800-1,000 million square meters** in the medium term[35](index=35&type=chunk) - Policy direction: Central Political Bureau's '4.25' meeting called for 'continuously consolidating the stable trend of the real estate market', and the June State Council meeting demanded 'stronger efforts to stabilize and recover the real estate market'[34](index=34&type=chunk) - Company strategy: Focus on 'increasing cash reserves, optimizing asset structure', cost reduction and efficiency improvement, with effective interest rate reduced to **2.14%**, revitalizing existing land, and accelerating destocking[36](index=36&type=chunk) - Product strength: Nanjing, Guangzhou, and Xi'an projects were listed among CRIC's top ten works in the first half of 2025[36](index=36&type=chunk) [Financial Review](index=16&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The company's financial performance improved this period, with a narrowed loss attributable to owners of the Company and increased gross profit margin, maintaining a healthy financial structure with good net gearing ratio and cash-to-short-term debt ratio, and low foreign exchange risk [Financial Performance](index=16&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE) - Loss attributable to owners of the Company: **RMB 230,929 thousand** (2024 same period: **RMB 327,653 thousand**), a **29.49%** decrease[37](index=37&type=chunk) - Reasons for reduced loss: Recovery in real estate sales, higher gross profit margins for Nanjing and Chongqing projects, and recognition of fair value gain exceeding **RMB 400 million** from a joint venture becoming a consolidated subsidiary[37](index=37&type=chunk) - Basic loss per share: **RMB 4.71 cents** (2024 same period: **RMB 6.68 cents**)[37](index=37&type=chunk) - Equity attributable to owners of the Company: **RMB 7,748,905 thousand**, a **3.4%** decrease from 2024 year-end[37](index=37&type=chunk) - No significant foreign exchange fluctuation risk or related hedging[38](index=38&type=chunk) [Revenue](index=17&type=section&id=%E6%94%B6%20%E5%85%A5) - Total revenue: **RMB 4,899,155 thousand**, a year-on-year decrease of **6.58%**[39](index=39&type=chunk) - Reason for revenue decrease: Reduced total gross floor area completed and delivered[39](index=39&type=chunk) - Major revenue contributing cities (first half of 2025): Nanjing (**31.56%**), Chongqing (**27.32%**), Foshan (**24.32%**)[39](index=39&type=chunk) [Gross Profit](index=17&type=section&id=%E6%AF%9B%20%E5%88%A9) - Gross profit: **RMB 245,562 thousand**, a year-on-year increase of **23.62%**[40](index=40&type=chunk) - Gross profit margin: **5.01%**, an increase of **1.22 percentage points** from **3.79%** in the same period last year[40](index=40&type=chunk) [Capital Structure, Financial and Treasury Management Principles](index=17&type=section&id=%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B%E3%80%81%E8%B2%A1%E5%8B%99%E5%8F%8A%E8%B3%87%E9%87%91%E7%AE%A1%E7%90%86%E5%8E%9F%E5%89%87) - Bank balances and cash: **RMB 14,523,418 thousand** (2024 year-end: **RMB 12,734,449 thousand**), a **14.05%** increase[41](index=41&type=chunk) - Total interest-bearing debt: **RMB 33,165,307 thousand** (2024 year-end: **RMB 34,908,872 thousand**), a **4.99%** decrease[41](index=41&type=chunk) - Net gearing ratio: **55%** (2024 year-end: **67%**), a significant decrease[42](index=42&type=chunk) - Asset-liability ratio: **51%**[42](index=42&type=chunk) - Cash to short-term debt ratio: **5.67 times**[42](index=42&type=chunk) - Effective annual interest rate for bank borrowings: **2.14% to 3.7%** (2024 year-end: **2.2% to 3.7%**)[42](index=42&type=chunk) - Foreign exchange risk: Relatively low, managed by maintaining a balance between monetary assets and liabilities[43](index=43&type=chunk) [Pledge of Assets](index=18&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) - Carrying value of pledged land (including properties held for sale): **RMB 13,491,970 thousand**[44](index=44&type=chunk) - Carrying value of pledged investment properties: **RMB 1,429,034 thousand**[44](index=44&type=chunk) - Carrying value of pledged trade receivables: **RMB 184 thousand**[44](index=44&type=chunk) - Amount of bank borrowings secured: **RMB 4,258,588 thousand**[44](index=44&type=chunk) [Business Review](index=18&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's real estate development business comprises 44 projects with ample land reserves, primarily in Chongqing, Nanjing, and Xi'an, while contracted sales value and area decreased year-on-year, with Xi'an contributing the most, and asset management business revenue remained stable [Property Development Business](index=18&type=section&id=%E6%88%BF%E5%9C%B0%E7%94%A2%E9%96%8B%E7%99%BC%E6%A5%AD%E5%8B%99) - Number of projects: **44** real estate development projects[45](index=45&type=chunk) - Product types: Apartments, villas, office buildings, and retail shops[45](index=45&type=chunk) - Land reserve (saleable gross floor area of unsold or unpresold properties): **3,791,122 square meters**[45](index=45&type=chunk) Land Reserve by City (Future Saleable Gross Floor Area) | City | Area (square meters) | Proportion | | :--- | :--- | :--- | | Chongqing | 2,097,974 | 55.34% | | Nanjing | 847,673 | 22.36% | | Xi'an | 477,809 | 12.60% | | Guangzhou | 283,135 | 7.47% | | Foshan | 84,531 | 2.23% | | **Total** | **3,791,122** | **100%** | [Contracted Sales](index=22&type=section&id=%E5%90%88%E5%90%8C%E9%8A%B7%E5%94%AE) - Total contracted sales value: **RMB 16,092.66 million**, a year-on-year decrease of **18.24%**[51](index=51&type=chunk) - Total contracted sales area: **720,958 square meters**, a year-on-year decrease of **17%**[51](index=51&type=chunk) - Average selling price: **RMB 22,321 per square meter**[51](index=51&type=chunk) Contracted Sales Area by Region (Square Meters) | Region | Area (square meters) | Proportion | | :--- | :--- | :--- | | Xi'an | 308,447 | 43% | | Chongqing | 148,883 | 21% | | Guangzhou | 116,979 | 16% | | Nanjing | 93,202 | 13% | | Foshan | 53,447 | 7% | Contracted Sales Value by Region (RMB millions) | Region | Amount (RMB millions) | Proportion | | :--- | :--- | :--- | | Xi'an | 5,397 | 33% | | Guangzhou | 3,826 | 24% | | Nanjing | 3,600 | 22% | | Chongqing | 1,866 | 12% | | Foshan | 1,404 | 9% | [Asset Management Business](index=23&type=section&id=%E8%B3%87%E7%94%A2%E7%AE%A1%E7%90%86%E6%A5%AD%E5%8B%99) - Asset management service revenue: **RMB 7,570,000**[54](index=54&type=chunk) - Business entity: China Merchants Land Asset Management Co., Ltd., acting as the REIT manager for China Merchants Commercial REIT[54](index=54&type=chunk) [Non-Competition Deed](index=23&type=section&id=%E4%B8%8D%E7%AB%B6%E7%88%AD%E5%A5%91%E6%93%9A) The company and China Merchants Shekou signed a non-competition deed in 2019, defining their business scope in Foshan, Guangzhou, Nanjing, Jurong, Chongqing, Xi'an, and 46 other cities (China Merchants Shekou cities), granting the Group the right to participate in non-controlling investment arrangements, exclusively manage office property assets in Beijing and Shanghai, and exclusively manage REITs in Hong Kong - Non-competition areas: China Merchants Shekou Group does not compete with the Group in Foshan, Guangzhou, Nanjing, and Jurong[55](index=55&type=chunk) - Exit plan: The Company is considering ceasing real estate business in Chongqing and Xi'an (excluding non-controlling investment arrangements)[55](index=55&type=chunk) - Exclusive business: The Group has the right to exclusively manage office property assets in Beijing and Shanghai, and exclusively manage REITs in Hong Kong[55](index=55&type=chunk) [Future Plans for Material Investments and Capital Assets](index=23&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) As of June 30, 2025, and the date of this announcement, the Group has no plans for material investments or increases in capital assets authorized by the Board - No plans for material investments or increases in capital assets[57](index=57&type=chunk) - No material events from the end of the reporting period to the date of this announcement[58](index=58&type=chunk) [Outlook](index=24&type=section&id=%E5%89%8D%E6%99%AF%E5%B1%95%E6%9C%9B) In the second half, the company will focus on 'precise investment, product upgrading, operational value-add, and asset revitalization' to expand project opportunities with 'five good' standards, optimize inventory structure, enhance asset operational efficiency, and leverage China Merchants Group's platform advantages to root in the Hong Kong market and achieve high-quality development goals - Second half strategy: Precise investment, product upgrading, operational value-add, and asset revitalization[59](index=59&type=chunk) - Development business: Focus on core locations in core cities, comprehensively promoting product upgrading and iteration for residential and investment properties[59](index=59&type=chunk) - Existing assets: Strengthen content operations, improve quality and efficiency, and contribute stable cash flow[59](index=59&type=chunk) - Financial objectives: Stabilize and continuously optimize the cash flow statement, improve core financial indicators such as revenue and profit[59](index=59&type=chunk) - Investment standards: Adhere to the 'five good' standards of 'good city, good location, good price, good product, good return'[60](index=60&type=chunk) - Group advantages: Leverage China Merchants Group's platform advantages, root in the Hong Kong market, and acquire high-quality market-oriented projects[60](index=60&type=chunk) [Other Information](index=25&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Interim Dividend](index=25&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board did not declare an interim dividend for the six months ended June 30, 2025 - No interim dividend declared for the first half of 2025[61](index=61&type=chunk) [Employees' Remuneration and Relationship](index=25&type=section&id=%E5%83%B1%E5%93%A1%E8%96%AA%E9%85%AC%E5%8F%8A%E9%97%9C%E4%BF%82) As of June 30, 2025, the Group had **717 employees**, with remuneration determined based on qualifications, experience, responsibilities, profitability, and market conditions - Number of employees: **717** (2024 year-end: **799**)[62](index=62&type=chunk) - Remuneration determination: Based on qualifications, experience, responsibilities, profitability, and market conditions[62](index=62&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - No purchase, sale, or redemption activities of listed securities during this period[63](index=63&type=chunk) [Audit Committee](index=25&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, composed of two independent non-executive directors and one non-executive director, is responsible for reviewing financial reporting, internal controls, and external auditor relations, and has reviewed these interim financial statements - Composition: Two independent non-executive directors and one non-executive director[64](index=64&type=chunk) - Responsibilities: Reviewing financial reporting, internal control principles, and relationship with external auditors[64](index=64&type=chunk) - Chairman: Dr. Wong Wing Kuen, with professional financial qualifications[64](index=64&type=chunk) [Corporate Governance Code](index=26&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company complied with Appendix C1 of the Listing Rules' Corporate Governance Code during the reporting period, with two deviations: directors have no specific term but retire by rotation, and some non-executive and independent non-executive directors were unable to attend the AGM - Compliance: Generally complied with Appendix C1 of the Listing Rules' Corporate Governance Code[65](index=65&type=chunk) - Deviation 1 (Code Provision B.2.2): Directors do not have a specific term but retire by rotation and are eligible for re-election in accordance with the Company's Articles of Association, which the Board considers to achieve the same effect[65](index=65&type=chunk) - Deviation 2 (Code Provisions C.1.6 and F.2.2): Some non-executive and independent non-executive directors and the Chairman of the Board were unable to attend the Annual General Meeting, but sufficient directors were present to ensure shareholders' views were understood, and the Chairman appointed an alternate director to preside[65](index=65&type=chunk)[66](index=66&type=chunk) [Standard Code for Securities Transactions by Directors](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Group has adopted a code of conduct for directors' securities transactions no less exacting than the Standard Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the reporting period - Adopted code: No less exacting than the Standard Code in Appendix C3 of the Listing Rules[67](index=67&type=chunk) - Compliance: All directors have complied[67](index=67&type=chunk) [Publication of Interim Report on HKEX Website](index=27&type=section&id=%E5%9C%A8%E8%81%AF%E4%BA%A4%E6%89%80%E7%B6%B2%E7%AB%99%E5%88%8A%E7%99%BB%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The Company's interim report for the six months ended June 30, 2025, containing all information required by the Listing Rules, will be dispatched to shareholders as required and published on the HKEX website and the Company's website - Interim report publication channels: HKEX website (www.hkexnews.hk) and the Company's website (ir.cmland.hk)[68](index=68&type=chunk)

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA MERCHANTS LAND LIMITED 招商局置地有限公司 （於開曼群島註冊成立之有限公司） （股份代號：978） 補充公告 關於收購目標公司股權事宜 茲提述本公司日期為2025年7月23日就收購目標公司100%股權之關連交易事宜發佈的公 告（「該公告」）。除文義另有所指外，本公告所用之詞彙與該公告所界定者具有相同涵 義。 董事會謹此向本公司股東及潛在投資者提供有關收購事項的補充資料。 代價釐定的基準 如該公告所披露，根據《股權轉讓協議》，招商蛇口同意出售，而西安茂安同意以人民幣 45,712,100元的代價收購目標公司100%股權。該代價乃根據招商局集團向國務院國有資 產監督管理委員會備案的、由獨立評估師編製的目標公司資產評估報告（「估值報告」）所 確定的估值釐定。 根據北京中同華資產評估有限公司（「評估機構」）出具的估值報告，評估機構採用資產基 礎法評估的目標公司截至2025年4月 ...

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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 招商局置地有限公司 (於開曼群島註冊成立的有限責任公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00978 | 說明 | 招商局置地 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 HKD | | 300,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 HKD | | 300, ...

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 代表董事會 招商局置地有限公司 主席 CHINA MERCHANTS LAND LIMITED 招商局置地有限公司 （於開曼群島註冊成立之有限公司） （股份代號：978） 董事會會議日期 招商局置地有限公司（「本公司」）董事會（「董事會」）謹此宣佈，將於二零二五年八月十 五日舉行董事會會議，藉以考慮及批准（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未經審核的中期業績及其發佈。 蔣鐵峰 香港，二零二五年八月一日 於本公告日期，董事會由非執行董事蔣鐵峰先生、余志良先生及李堯先生；執行董事 蘇樹輝博士、黃競源先生及陳燕女士以及獨立非執行董事王永權博士、陳燕萍女士、 史新平博士及葉文祺先生組成。 ...

招商局置地(00978.HK)：上半年合同销售总额约160.93亿元，同比减少约18.24%。 ...

CHINA MERCHANTS LAND LIMITED 招商局置地有限公司 （於開曼群島註冊成立之有限公司） （股份代號：978） 有關截至二零二四年十二月三十一日止年度 年度報告之補充公告 茲提述招商局置地有限公司（「本公司」及連同其附屬公司（「本集團」））於二零二五年四 月二十九日刊發截至二零二四年十二月三十一日止年度之年度報告（「二零二四年年 報」）。除另有指明者外，本公告所用詞彙與二零二四年年報所界定者具有相同涵義。 持續關連交易 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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 | | 截至 二零二四年 | 截至 二零二四年 | | --- | --- | --- | | | 十二月三十一日 | 十二月三十一日 | | | 止年度的 | 止年度的 | | 持續關連交易 | 年度上限 | 實際交易金額 | | | 人民幣千元 | 人民幣千元 | | 招商局置地資管根據信託契據向招商局房託基金 | | | | 提供房託基金管理服務 | 58,7 ...