[Company Information](index=2&type=section&id=Company%20Information) This section provides an overview of the company's board of directors, administrative structure, and contact details [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The company's board comprises executive, non-executive, and independent non-executive directors, with Li Xin as Chairman, Xu Rong as President, and Zhang Dawei as Vice Chairman - Executive Directors include **Li Xin (Chairman)**, **Xu Rong (President)**, **Zhang Dawei (Vice Chairman)**, Guo Shiqing, and Chen Wei[2](index=2&type=chunk) - Non-Executive Directors include Huang Ting, Wei Chenglin, and Wang Yuhang (appointed on June 25, 2025)[2](index=2&type=chunk) - Independent Non-Executive Directors include Zhong Wei, Sun Zhe, Chen Fan, Leung Kwok Kuen, and Qin Hong[2](index=2&type=chunk) [Company Administration and Contact Information](index=3&type=section&id=Company%20Administration%20and%20Contact%20Information) The company's authorized representatives are Li Xin and Guo Shiqing, the company secretary is Wei Weifeng, and the auditor is KPMG. The registered office is in the Cayman Islands, with the principal place of business in Hong Kong - Authorized Representatives: **Li Xin**, **Guo Shiqing**[3](index=3&type=chunk) - Company Secretary: **Wei Weifeng**[3](index=3&type=chunk) - Auditor: **KPMG**[3](index=3&type=chunk) - Principal Place of Business: **46th Floor, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong**[5](index=5&type=chunk) [Group Structure](index=4&type=section&id=Group%20Structure) This section details the ownership and business composition of China Resources Land Limited [China Resources Land Business Composition](index=4&type=section&id=China%20Resources%20Land%20Business%20Composition) China Resources Land Limited (Stock Code: 01109.HK) is 59.55% owned by China Resources (Holdings) Company Limited, with businesses spanning development and sales, investment properties and asset management, asset-light management, and ecosystem-driven services, further expanding through China Resources Mixc Lifestyle Services Limited (Stock Code: 01209.HK) in shopping mall and property management services - China Resources (Holdings) Company Limited holds **59.55%** of China Resources Land Limited shares[6](index=6&type=chunk) - China Resources Land's main businesses include **development and sales**, **investment properties + asset management**, **asset-light management**, and **ecosystem-driven services**[6](index=6&type=chunk) - China Resources Mixc Lifestyle Services Limited (Stock Code: 01209.HK) is a subsidiary of China Resources Land, with businesses covering **shopping malls (94 operational, 33 under development)** and **property management**[6](index=6&type=chunk) [Chairman's Report](index=5&type=section&id=Chairman%27s%20Report) This section provides an overview of the macroeconomic environment, real estate market, and the Group's overall performance, business segments, ESG initiatives, financial management, and future outlook [Macroeconomic and Real Estate Market Overview](index=5&type=section&id=Macroeconomic%20and%20Real%20Estate%20Market%20Overview) In the first half of 2025, China's economy maintained stable growth, with GDP reaching RMB 66.05 trillion, a 5.3% year-on-year increase, while the real estate market showed positive signs due to policy optimizations, narrowing the year-on-year decline in new commercial housing sales to 5.5% 2025 H1 China Macroeconomic Data | Indicator | Amount/Growth Rate | | :--- | :--- | | GDP | RMB 66.05 trillion, 5.3% YoY increase | | Total Retail Sales of Consumer Goods | RMB 24.55 trillion | | New Commercial Housing Sales | RMB 4.42 trillion, YoY decline narrowed to 5.5% | - Real estate market policies were optimized, including adjustments to purchase restrictions, lower down payment ratios, and reduced mortgage interest rates, contributing to market confidence recovery[8](index=8&type=chunk)[11](index=11&type=chunk) [Group Overall Performance](index=5&type=section&id=Group%20Overall%20Performance) Despite intense market competition, China Resources Land achieved operating revenue of RMB 94.92 billion in H1 2025, a 19.9% year-on-year increase, with profit attributable to owners of the company reaching RMB 11.88 billion, up 16.2%, while recurring operating revenue accounted for 21.7% of total revenue, and core net profit contribution rose to 60.2%, with an interim dividend of RMB 0.20 per share proposed, maintaining its position as the top-ranked domestic property stock by market capitalization 2025 H1 Group Key Financial Indicators | Indicator | Amount (RMB) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 94.92 billion | 19.9% | | Profit Attributable to Owners of the Company | 11.88 billion | 16.2% | | Recurring Operating Revenue | 20.56 billion | 2.5% | | Recurring Revenue as % of Total Revenue | 21.7% | - | | Core Net Profit Contribution | 60.2% | Increased | | Interim Dividend | 0.20 per share | Flat | - The company's market capitalization remained the **top-ranked domestic property stock** as of June 30, 2025, reflecting capital market recognition of its stable performance and long-term value[9](index=9&type=chunk)[12](index=12&type=chunk) [Investment Properties and Asset Management Business](index=6&type=section&id=Investment%20Properties%20and%20Asset%20Management%20Business) Investment properties and asset management became a new growth engine for the Group, with H1 revenue reaching RMB 12.11 billion, a 5.5% year-on-year increase, while shopping mall retail sales grew by 20.2%, operating profit margin hit 65.9%, and the number of operational malls increased to 94, alongside a 74.5% average occupancy rate for office buildings, leading regional market performance for hotels, and an asset management scale of RMB 483.5 billion, with China Resources Commercial REIT's market capitalization exceeding RMB 10 billion and China Resources Youchao REIT showing stable performance 2025 H1 Investment Properties and Asset Management Business Performance | Indicator | Amount/Data | YoY Growth | | :--- | :--- | :--- | | Investment Properties Business Revenue | RMB 12.11 billion | 5.5% | | Shopping Mall Retail Sales | RMB 110.15 billion | 20.2% | | Overall Shopping Mall Operating Profit Margin | 65.9% | Record high | | Number of Operational Shopping Malls | 94 | Opened 2 new | | Office Building Average Occupancy Rate | 74.5% | Maintained leading position | | Asset Management Scale | RMB 483.5 billion | Increased by RMB 21.4 billion from end of 2024 | | China Resources Commercial REIT Total Market Cap | Exceeded RMB 10 billion | Stock price cumulatively rose 52.2% since listing | | China Resources Youchao REIT Revenue | RMB 39.29 million | Flat | | China Resources Youchao REIT EBITDA | RMB 25.79 million | 5% | - The Group actively promotes the **normalized expansion of public REITs**, exploring multi-level products like Pre-REITs and private REITs, accelerating the virtuous cycle of assets and capital[19](index=19&type=chunk) [China Resources Mixc Lifestyle Services](index=8&type=section&id=China%20Resources%20Mixc%20Lifestyle%20Services) China Resources Mixc Lifestyle Services (01209.HK) served as a key growth driver for the Group, achieving operating revenue of RMB 8.52 billion in H1 2025, a 6.5% year-on-year increase, with core net profit reaching RMB 2.01 billion, up 15.0%, while its commercial management business managed 125 shopping malls, 104 of which ranked among the top three in local retail sales, and its property management business managed 420 million square meters, with non-residential revenue share increasing, and its loyalty program achieving a breakthrough through the acquisition of "CR Link," reaching 72.37 million members 2025 H1 China Resources Mixc Lifestyle Services Key Data | Indicator | Amount/Data | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | RMB 8.52 billion | 6.5% | | Core Net Profit | RMB 2.01 billion | 15.0% | | Managed Operational Shopping Malls | 125 | - | | Projects Ranked Top 3 in Local Retail Sales | 104 | 20.9% | | Property Managed Area | 420 million square meters | - | | Property Contracted Area | 452 million square meters | - | | Non-Residential Revenue Share | 18.4% | Increased by 2.2 percentage points | | Non-Residential Gross Profit Share | 14.0% | Increased by 1.0 percentage point | | Mixc Star Members Total | 72.37 million | Increased by 18.5% from end of 2024 | - China Resources Mixc Lifestyle Services' stock price **outperformed the broader market and industry**, with market capitalization and P/E ratio consistently ranking first in the industry[21](index=21&type=chunk) - Successfully acquired "CR Link," achieving **year-on-year revenue growth and turning around operating losses**, enhancing member operations and digital service efficiency[24](index=24&type=chunk) [Ecosystem-Driven Business](index=9&type=section&id=Ecosystem-Driven%20Business) The ecosystem-driven business, as an accelerator for the Group's transformation, saw its cultural and sports venue operations achieve RMB 510 million in H1 2025 revenue, with event and performance revenue exceeding RMB 100 million and managed projects increasing to 19, while the rental housing business generated RMB 415 million in revenue, managing 85,000 units with a brand value of RMB 16.783 billion, and the urban agency construction business recorded RMB 480 million in revenue, with newly signed government agency construction area ranking first in the industry 2025 H1 Ecosystem-Driven Business Performance | Business Type | Operating Revenue (RMB) | Key Data | | :--- | :--- | :--- | | Cultural and Sports Venue Operations | 510 million | Event and performance revenue exceeded RMB 100 million, 19 managed projects, 4.37 million square meters managed area | | Rental Housing | 415 million | Layout in 15 cities nationwide, 85,000 managed units, ranked sixth in industry for management scale, brand value RMB 16.783 billion | | Urban Agency Construction | 480 million | Managed area of 79.92 million square meters at period-end, newly signed government agency construction area ranked first in industry | - Cultural and sports venue operations became the **first leading enterprise to achieve a national strategic layout of large-scale sports venues**, successfully ensuring the opening and closing ceremonies of the 9th Asian Winter Games[28](index=28&type=chunk) - The "Youchao" brand was **re-elected to the 2025 "China's 500 Most Valuable Brands" list**, the only brand from the long-term rental sector to be listed[29](index=29&type=chunk) [Development and Sales Business](index=10&type=section&id=Development%20and%20Sales%20Business) The development and sales business, as the Group's fundamental pillar, achieved contracted sales of RMB 110.30 billion in H1 2025, maintaining its position among the top three in the industry by sales scale, while the Group adhered to strategy-led investment, acquiring 18 projects with an equity investment of RMB 32.28 billion, focusing its investment layout on first and second-tier cities, and simultaneously strengthened lean management, launching the "Three Goods and Twelve Excellences" and "Good House" systems, creating multiple popular projects 2025 H1 Development and Sales Business Key Data | Indicator | Amount/Data | | :--- | :--- | | Contracted Sales | RMB 110.30 billion | | Sales Scale | Maintained top three in industry | | Number of Projects Acquired | 18 | | Equity Investment | RMB 32.28 billion | | Investment Intensity | Maintained top three in industry | | Investment Layout | All in first and second-tier cities | - The Group released the China Resources Land **"Three Goods and Twelve Excellences" and "Good House" systems**, and won the China Good House Special Award, promoting the transition from "housing for all" to "comfortable living"[35](index=35&type=chunk) [Environmental, Social, and Governance (ESG)](index=10&type=section&id=Environmental%2C%20Social%2C%20and%20Governance%20%28ESG%29) The Group adheres to a full-lifecycle sustainable development philosophy, updating its dual-carbon goals to achieve peak emissions before 2030 and carbon neutrality before 2060, while in H1, it undertook 20.69 million square meters of affordable housing construction, cumulatively completed and delivered 14 China Resources Hope Towns, and its ESG performance continued to receive recognition from domestic and international capital markets, maintaining its constituent status in the Hang Seng Sustainable Development Index and Hang Seng ESG 50 Index - Dual-carbon goals: **Achieve peak emissions before 2030**, and **carbon neutrality before 2060**[32](index=32&type=chunk)[36](index=36&type=chunk) - Undertook construction of **20.69 million square meters of affordable housing**[32](index=32&type=chunk)[36](index=36&type=chunk) - Cumulatively completed and delivered **14 China Resources Hope Towns**, with 5 more under planning and construction[32](index=32&type=chunk)[36](index=36&type=chunk) - Maintained constituent status in the **Hang Seng Sustainable Development Index** and **Hang Seng ESG 50 Index**[32](index=32&type=chunk)[36](index=36&type=chunk) [Financial Management and Credit Ratings](index=11&type=section&id=Financial%20Management%20and%20Credit%20Ratings) The Group adheres to cash flow safety principles, with cash reserves reaching RMB 120.24 billion as of June 30, 2025, while both total and net interest-bearing debt ratios remained at industry-low levels, and the weighted average financing cost hit a historical low, with S&P, Moody's, and Fitch maintaining the company's industry-best credit ratings of BBB+, Baa1, and BBB+ 2025 H1 Financial Management Key Data | Indicator | Amount/Data | | :--- | :--- | | Cash Reserves | RMB 120.24 billion | | Total Interest-Bearing Debt Ratio | Maintained industry-low level | | Net Interest-Bearing Debt Ratio | Maintained industry-low level | | Weighted Average Financing Cost | Hit historical low | | Credit Ratings | S&P BBB+, Moody's Baa1, Fitch BBB+ | [Future Outlook](index=11&type=section&id=Future%20Outlook) The Group will continue to deepen its "urban investment, development, and operator" strategy, refining its development and sales business, specializing and optimizing its investment properties and asset management business, expanding the asset-light management advantages of China Resources Mixc Lifestyle Services, and actively cultivating ecosystem-driven businesses to build a synergistic development pattern across all business segments, aiming to create long-term stable returns for investors and achieve the strategic goals of becoming a "leading urban investment, development, and operator with comprehensive industry strength" and a "world-class enterprise" amidst industry transformation - China's economic new and old growth drivers are deepening, macroeconomic resilience is prominent, a new real estate model is accelerating, and policy dividends such as urban renewal and affordable housing construction continue to be released[40](index=40&type=chunk) - The Group will focus on its "urban investment, development, and operator" strategic positioning, refining its development and sales business, specializing and optimizing its investment properties and asset management business, expanding the asset-light management advantages of China Resources Mixc Lifestyle Services, and cultivating ecosystem-driven businesses[42](index=42&type=chunk)[43](index=43&type=chunk) - The goal is to become a **"leading urban investment, development, and operator with comprehensive industry strength"** and a **"world-class enterprise"**[44](index=44&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's revenue and profit performance, main business operations, land bank, leverage, financing, foreign exchange risk management, and employee and remuneration policies [Revenue and Profit Performance Review](index=13&type=section&id=Revenue%20and%20Profit%20Performance%20Review) In H1 2025, the Group's consolidated operating revenue increased by 19.9% year-on-year to RMB 94.92 billion, while core net profit slightly decreased by 6.6% to RMB 10.00 billion, with the share of recurring profit rising to 60.2%, indicating a continuous optimization of the profit structure, and the overall gross profit margin improved to 24.0%, with a decrease in the proportion of selling and administrative expenses 2025 H1 Revenue and Core Net Profit Overview | Indicator | 2025 H1 (RMB billion) | YoY Change (%) | Share (%) | | :--- | :--- | :--- | :--- | | **Revenue** | | | | | Development and Sales Business | 74.36 | 25.8% | 78.3% | | Recurring Business | 20.56 | 2.5% | 21.7% | | - Investment Properties Business | 12.11 | 5.5% | 12.8% | | - Asset-Light Management Business | 6.00 | 1.1% | 6.3% | | - Ecosystem-Driven Business | 2.45 | -7.7% | 2.6% | | **Total Revenue** | 94.92 | 19.9% | 100.0% | | **Core Net Profit** | | | | | Development and Sales Business | 3.98 | -23.8% | 39.8% | | Recurring Business | 6.02 | 9.6% | 60.2% | | - Investment Properties Business | 4.99 | 10.7% | 49.9% | | - Asset-Light Management Business | 0.71 | 0.8% | 7.1% | | - Ecosystem-Driven Business | 0.32 | 15.3% | 3.2% | | **Total Core Net Profit** | 10.00 | -6.6% | 100.0% | - Consolidated gross profit margin was **24.0%**, an increase of 1.8 percentage points year-on-year[51](index=51&type=chunk)[55](index=55&type=chunk) - Selling expenses as a percentage of revenue decreased by **0.5 percentage points to 2.9%**; general and administrative expenses as a percentage of revenue decreased by **0.3 percentage points to 2.1%**[52](index=52&type=chunk)[56](index=56&type=chunk) - Share of profits from investments in joint ventures and associates totaled **RMB 1.25 billion**, a year-on-year decrease of **RMB 174 million**[53](index=53&type=chunk)[57](index=57&type=chunk) - Income tax expense was **RMB 7.21 billion**, a year-on-year decrease of **11.4%**[54](index=54&type=chunk)[58](index=58&type=chunk) [Main Business Operations Review](index=15&type=section&id=Main%20Business%20Operations%20Review) Each of the Group's main businesses showed detailed performance in H1 2025, with investment properties business revenue growing by 5.5%, shopping mall retail sales increasing by 9.9% with an occupancy rate of 97.3%, while office building revenue decreased by 14.2% with an occupancy rate of 74.5%, and hotel revenue decreased by 16.3% with an average occupancy rate of 63.7%, alongside asset-light management business revenue of RMB 6.00 billion, China Resources Mixc Lifestyle Services revenue of RMB 8.52 billion, ecosystem-driven business revenue of RMB 2.45 billion, and development and sales business contracted sales of RMB 110.30 billion, a 11.6% year-on-year decrease, with recognized revenue of RMB 74.36 billion, a 25.8% year-on-year increase 2025 H1 Investment Properties Business Performance | Business Type | Revenue (RMB) | YoY Change (%) | Occupancy Rate/Utilization Rate | Revaluation Gain (RMB) | Number of Operational Units | | :--- | :--- | :--- | :--- | :--- | :--- | | Investment Properties Business | 12.11 billion | 5.5% | - | - | - | | Shopping Malls | 10.42 billion | 9.9% | 97.3% | 5.14 billion | 94 (2 new) | | Office Buildings | 820 million | -14.2% | 74.5% | - | 23 | | Hotels | 870 million | -16.3% | 63.7% | - | 18 (1 new) | 2025 H1 Asset-Light Management and Ecosystem-Driven Business Revenue | Business Type | Revenue (RMB) | | :--- | :--- | | Asset-Light Management Business | 6.00 billion | | China Resources Mixc Lifestyle Services Revenue | 8.52 billion | | Ecosystem-Driven Business | 2.45 billion | | - Construction Business | 610 million | | - Agency Construction and Operation | 990 million | | - Rental Housing Business | 240 million | 2025 H1 Development and Sales Business Contracted Sales and Recognized Revenue | Indicator | Amount/Area | YoY Change (%) | | :--- | :--- | :--- | | Contracted Sales | RMB 110.30 billion | -11.6% | | Contracted Area | 4.12 million square meters | -21.0% | | Recognized Revenue | RMB 74.36 billion | 25.8% | | Recognized Area | 3.21 million square meters | -7.2% | - As of June 30, 2025, the Group had locked in **RMB 251.37 billion** in contracted but unrecognized development property revenue, of which an estimated **RMB 159.53 billion** is expected to be recognized in H2 2025[77](index=77&type=chunk)[80](index=80&type=chunk) [Land Bank](index=19&type=section&id=Land%20Bank) In H1 2025, the Group acquired 18 high-quality land reserves for RMB 44.73 billion (equity land premium of RMB 32.28 billion), adding a total gross floor area of 1.48 million square meters, bringing the total land bank area to 48.95 million square meters as of June 30, 2025, comprising 7.76 million square meters for investment properties and 41.19 million square meters for property development 2025 H1 Land Bank Situation | Indicator | Data | | :--- | :--- | | New Land Projects | 18 | | Total Land Premium | RMB 44.73 billion | | Equity Land Premium | RMB 32.28 billion | | New Total Gross Floor Area | 1.48 million square meters | | Total Land Bank Area (as of June 30, 2025) | 48.95 million square meters | Investment Properties Land Bank Details as of June 30, 2025 | Product | Total GFA (sqm) | Equity GFA (sqm) | | :--- | :--- | :--- | | Total GFA | 7,762,862 | 5,541,655 | | Of which: Commercial | 5,145,214 | 3,612,998 | | Office Buildings | 1,387,228 | 1,013,414 | | Hotels | 771,806 | 601,480 | | Apartments | 283,529 | 182,263 | | Industrial Parks | 175,085 | 131,500 | Property Development Land Bank Details as of June 30, 2025 | Region | Total GFA (sqm) | Equity GFA (sqm) | | :--- | :--- | :--- | | Shenzhen Region | 6,535,774 | 3,843,617 | | South China Region | 5,595,182 | 3,750,428 | | Central-Western Region | 12,770,895 | 9,922,917 | | East China Region | 6,588,945 | 4,273,194 | | North China Region | 9,473,980 | 6,940,947 | | Hong Kong Company | 223,853 | 105,722 | | **Total** | **41,188,629** | **28,836,825** | [Leverage, Financing, and Foreign Exchange Risk Management](index=21&type=section&id=Leverage%2C%20Financing%2C%20and%20Foreign%20Exchange%20Risk%20Management) As of June 30, 2025, the Group's consolidated borrowings amounted to RMB 281.27 billion, with cash reserves of RMB 120.24 billion, and a net interest-bearing debt to equity ratio of 39.2%, remaining at a low level in the industry, while the weighted average financing cost reached a historical low of approximately 2.79%, with RMB 11.5 billion raised through medium-term notes in H1, and S&P, Moody's, and Fitch maintaining the Group's industry-best credit ratings, with foreign exchange exposure remaining low at 4.0%, and the Board deeming the fair value of stage guarantees for property buyers' mortgage loans to be immaterial 2025 H1 Leverage, Financing, and Credit Ratings | Indicator | Data | | :--- | :--- | | Consolidated Borrowings | RMB 281.27 billion | | Cash and Bank Balances | RMB 120.24 billion | | Net Interest-Bearing Debt to Equity Ratio | 39.2% (up 7.3 percentage points from end of 2024) | | Weighted Average Financing Cost | 2.79% (down 32 basis points from end of 2024) | | H1 Public Market Financing | RMB 11.5 billion (medium-term notes, coupon rate 1.9%-2.2%) | | Credit Ratings | S&P BBB+, Moody's Baa1, Fitch BBB+ | - As of June 30, 2025, approximately **21.9% of interest-bearing debt** is due within one year, with the remainder being long-term interest-bearing debt[93](index=93&type=chunk) - As of June 30, 2025, the Group obtained **RMB 129.82 billion** in financing facilities through asset pledges, with a loan balance of **RMB 101.71 billion**[98](index=98&type=chunk)[100](index=100&type=chunk) - Foreign exchange exposure remained low at **4.0%**, indicating that RMB exchange rate fluctuations will not have a significant impact on financial position[101](index=101&type=chunk)[104](index=104&type=chunk) - The Group provides stage guarantees to banks for certain property buyers' mortgage loans, and the Board considers the fair value to be **immaterial**[102](index=102&type=chunk)[105](index=105&type=chunk) [Employees and Remuneration Policy](index=23&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had a total of 60,740 employees in mainland China and Hong Kong, with a remuneration policy based on employee performance, work experience, and market wage levels, offering discretionary performance bonuses, provident funds, and insurance and medical plans - As of June 30, 2025, the total number of employees was **60,740**[103](index=103&type=chunk)[106](index=106&type=chunk) - Remuneration policy is based on **employee performance, work experience, and market wage levels**, offering performance bonuses, provident funds, and insurance and medical plans[103](index=103&type=chunk)[106](index=106&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) This section covers directors' interests in securities, shareholders with disclosable interests, transactions involving listed securities, material investments and acquisitions/disposals, specific performance obligations of the controlling shareholder, connected transactions, continuing connected transactions, corporate governance, standard code for securities transactions by directors, review by the audit committee and auditor, interim dividend, and changes in directors' information [Directors' Interests in Securities](index=24&type=section&id=Directors%27%20Interests%20in%20Securities) As of June 30, 2025, the company's directors and chief executives held interests in the shares of the company and its associated corporations, with Li Xin holding 40,000 ordinary shares of the company, representing approximately 0.00056% of the issued shares, and Guo Shiqing holding 60,000 shares of China Resources Jiangzhong through spousal interests, representing approximately 0.0095% Directors' Interests in the Company's Issued Ordinary Shares and Related Shares | Director Name | Long/Short Position | Number of Ordinary Shares | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Li Xin | Long Position | 40,000 | 0.00056% | Directors' Interests in China Resources Jiangzhong's Issued Ordinary Shares and Related Shares | Director Name | Long/Short Position | Number of Ordinary Shares | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Guo Shiqing | Long Position | 60,000 | 0.0095% | [Shareholders with Disclosable Interests](index=25&type=section&id=Shareholders%20with%20Disclosable%20Interests) As of June 30, 2025, China Resources Group (Land) Company Limited directly held 59.51% of the company's shares, while China Resources (Holdings) Company Limited, CRC Bluesky Limited, China Resources Company Limited, and China Resources (China) Company Limited were all deemed to have interests in 59.55% of the company's shares, serving as the company's controlling shareholders Shareholders with Disclosable Interests | Shareholder Name | Capacity | Nature of Interest | Long/Short Position | Number of Ordinary Shares | Percentage of Company's Issued Shares | | :--- | :--- | :--- | :--- | :--- | :--- | | China Resources Group (Land) Company Limited | Beneficial Owner | Beneficial Interest | Long Position | 4,243,788,418 | 59.51% | | China Resources (Holdings) Company Limited | Interest in Controlled Corporation | Corporate Interest | Long Position | 4,246,618,418 | 59.55% | | CRC Bluesky Limited | Interest in Controlled Corporation | Corporate Interest | Long Position | 4,246,618,418 | 59.55% | | China Resources Company Limited | Interest in Controlled Corporation | Corporate Interest | Long Position | 4,246,618,418 | 59.55% | | China Resources (China) Company Limited | Interest in Controlled Corporation | Corporate Interest | Long Position | 4,246,618,418 | 59.55% | [Purchase, Sale or Redemption of Listed Securities](index=26&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities of the company or any of its subsidiaries, and as of that date, the company held no treasury shares - For the six months ended June 30, 2025, the company and its subsidiaries **did not purchase, sell, or redeem any listed securities**[115](index=115&type=chunk)[121](index=121&type=chunk) - As of June 30, 2025, the company **held no treasury shares**[115](index=115&type=chunk)[121](index=121&type=chunk) [Material Investments and Acquisitions/Disposals](index=26&type=section&id=Material%20Investments%20and%20Acquisitions%2FDisposals) As of June 30, 2025, the Group held no material equity investments in other companies and had not undertaken any material acquisitions or disposals of subsidiaries, associates, or joint ventures, with no material events occurring after the reporting period and no future plans for material investments or capital assets - As of June 30, 2025, the Group **held no material equity investments**[116](index=116&type=chunk)[122](index=122&type=chunk) - For the six months ended June 30, 2025, the Group **did not undertake any material acquisitions or disposals** of subsidiaries, associates, or joint ventures[117](index=117&type=chunk)[123](index=123&type=chunk) - As of the date of this interim report, the Group had **no material post-reporting period events**[118](index=118&type=chunk)[124](index=124&type=chunk) - As of June 30, 2025, the Group had **no future plans for material investments or capital assets**[119](index=119&type=chunk)[125](index=125&type=chunk) [Specific Performance Obligations of Controlling Shareholder](index=27&type=section&id=Specific%20Performance%20Obligations%20of%20Controlling%20Shareholder) Certain loan agreements and bond terms of the Group contain specific performance obligations for the controlling shareholder, China Resources Group, requiring it to maintain its shareholding percentage, status as the largest shareholder, beneficial ownership by the Chinese central government, and control over board member appointments in the company, with the total standby amount subject to these conditions being approximately RMB 42.547 billion as of June 30, 2025, expiring no later than October 28, 2029 - The controlling shareholder, China Resources Group, must maintain **beneficial ownership of at least 35% or 50% of the company's issued share capital** and its status as the sole largest shareholder[128](index=128&type=chunk) - China Resources Group must maintain **beneficial ownership of over 50% by the Chinese central government** and retain the ability to control the appointment of the company's board members[128](index=128&type=chunk) Total Standby Amount Related to Controlling Shareholder's Specific Performance Obligations | Indicator | Amount (RMB) | | :--- | :--- | | Total Standby Amount | 42,547,054,376 | | Expiry Date | No later than October 28, 2029 | [Connected Transactions](index=28&type=section&id=Connected%20Transactions) In May 2025, Beijing CR Land Commercial Operation Management Co., Ltd. acquired 100% equity of China Resources Life Science Industrial Development Co., Ltd. for RMB 200.791 million, making it an indirect wholly-owned subsidiary of the company, with this transaction involving an indirect wholly-owned subsidiary of China Resources Company Limited, thus constituting a connected transaction under the Listing Rules, and the Board believes the transaction was determined on normal commercial terms, fair and reasonable, and in the overall interests of the company and its shareholders - On May 23, 2025, Beijing CR Land Commercial Operation Management Co., Ltd. (an indirect wholly-owned subsidiary of the company) acquired **100% equity of China Resources Life Science Industrial Development Co., Ltd. for RMB 200.791 million**[129](index=129&type=chunk)[131](index=131&type=chunk) - China Resources Life Science Industrial Development Co., Ltd. holds the **land use rights and above-ground properties for two plots in Beijing Zhongguancun Science Park Daxing Biomedical Industrial Base**[129](index=129&type=chunk)[132](index=132&type=chunk) - As China Resources Company Limited is the controlling shareholder of the company, and China Resources Life Science Group is an indirect wholly-owned subsidiary of China Resources Company Limited, this transaction constitutes a **connected transaction under the Listing Rules**[130](index=130&type=chunk)[134](index=134&type=chunk) [Continuing Connected Transactions](index=29&type=section&id=Continuing%20Connected%20Transactions) The Group has multiple continuing connected transactions with China Resources Group and its associates, including inter-group fund lending, strategic cooperation agreements (involving deposits and financial services from China Resources Bank and China Resources Trust), provision of construction/decoration/furniture services and sale/procurement of building materials, property leasing and licensing, factoring services and lease financing, platform and marketing services, information technology services and product procurement, and project agency construction management services, all with annual caps and executed as stipulated in H1 2025 - China Resources Company Limited is the controlling shareholder of the company, and China Resources Group and its subsidiaries and associates are all **connected persons of the company**[139](index=139&type=chunk)[145](index=145&type=chunk)[151](index=151&type=chunk)[159](index=159&type=chunk)[165](index=165&type=chunk)[170](index=170&type=chunk)[176](index=176&type=chunk)[181](index=181&type=chunk)[189](index=189&type=chunk) [Inter-Group Fund Lending with China Resources Group](index=29&type=section&id=Inter-Group%20Fund%20Lending%20with%20China%20Resources%20Group) Under the 2022 framework loan agreement, the Group can provide or obtain loans from China Resources Group and its associates, with an annual loan cap of RMB 5.5 billion, and as of H1 2025, the Group had not provided loans to connected persons 2022 Framework Loan Agreement Annual Loan Caps | Year | Daily Loan Cap (RMB million) | | :--- | :--- | | 2023 | 5,500 | | 2024 | 5,500 | | 2025 | 5,500 | - For the six months ended June 30, 2025, the Group **did not provide loans to connected persons**[140](index=140&type=chunk) [Strategic Cooperation Agreement with China Resources Group](index=30&type=section&id=Strategic%20Cooperation%20Agreement%20with%20China%20Resources%20Group) The Group signed strategic cooperation agreements with China Resources Bank and China Resources Trust, involving deposits and financial services, with the highest single-day deposit amount in China Resources Bank being RMB 3.976 billion in H1 2025, generating RMB 28.524 million in interest income, and the highest single-day amount for financial services provided by China Resources Bank and China Resources Trust to the Group being RMB 235 million, generating RMB 388,000 in income 2022 Strategic Cooperation Agreement Annual Caps | Service Type | 2023 (RMB million) | 2024 (RMB million) | 2025 (RMB million) | | :--- | :--- | :--- | :--- | | China Resources Bank Daily Deposit Cap | 4,700 | 4,700 | 4,700 | | China Resources Bank and China Resources Trust Financial Services and Products Daily Cap | 5,000 | 5,000 | 5,000 | 2025 H1 Actual Transaction Amounts with China Resources Bank and China Resources Trust | Service Type | Highest Single-Day Amount (RMB) | Total Interest Income/Revenue (RMB) | | :--- | :--- | :--- | | China Resources Bank Deposits | 3,975,655,000 | 28,524,000 | | Financial Services and Products | 235,000,000 | 388,000 | [Framework Agreement for Provision of Construction, Decoration and Furniture Services and Sale of Building Materials](index=31&type=section&id=Framework%20Agreement%20for%20Provision%20of%20Construction%2C%20Decoration%20and%20Furniture%20Services%20and%20Sale%20of%20Building%20Materials) The Group signed a framework agreement with China Resources Group to provide construction, decoration, and furniture services and sell building materials, with actual transaction amounts in H1 2025 being RMB 17 million for construction services and RMB 39 million for building materials procurement, while the decoration service provider ceased to be a subsidiary of the company from January 27, 2025, and related transactions no longer constitute continuing connected transactions 2022 Framework Agreement Annual Caps | Service Type | 2023 (RMB million) | 2024 (RMB million) | 2025 (RMB million) | | :--- | :--- | :--- | :--- | | Construction Services Cap | 1,800 | 1,800 | 1,800 | | Decoration Services Cap | 650 | 650 | 650 | | Building Materials Sales Cap | 200 | 200 | 200 | | Building Materials Procurement Cap | 800 | 800 | 800 | 2025 H1 Actual Transaction Amounts | Service Type | 2025 Annual Cap (RMB million) | 2025 H1 Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | Construction Services | 1,800 | 17 | | Decoration Services | 650 | 0 (Note 1) | | Building Materials Sales | 200 | 0 | | Building Materials Procurement | 800 | 39 | - Note 1: From January 27, 2025, the decoration service provider ceased to be a subsidiary of the company, and related transactions **no longer constitute continuing connected transactions**[155](index=155&type=chunk) [Property Leasing and Licensing Framework Agreement](index=34&type=section&id=Property%20Leasing%20and%20Licensing%20Framework%20Agreement) The Group signed a property leasing and licensing framework agreement with China Resources Group, with actual transaction amounts for leasing and licensing services in H1 2025 being RMB 257 million, not exceeding the annual cap of RMB 1.4 billion 2022 Leasing and Licensing Framework Agreement Annual Caps | Year | Leasing and Licensing Services Cap (RMB million) | | :--- | :--- | | 2023 | 1,000 | | 2024 | 1,200 | | 2025 | 1,400 | 2025 H1 Actual Transaction Amounts | Service Type | 2025 Annual Cap (RMB million) | 2025 H1 Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | Leasing and Licensing Services | 1,400 | 257 | [Factoring Services Framework Agreement and Lease Financing Framework Agreement](index=35&type=section&id=Factoring%20Services%20Framework%20Agreement%20and%20Lease%20Financing%20Framework%20Agreement) The Group signed lease financing and factoring services framework agreements with China Resources Leasing Group, with actual transaction amounts for such transactions in H1 2025 being RMB 0, not exceeding the annual cap of RMB 2 billion 2022 Lease Financing and Factoring Services Framework Agreement Annual Caps | Year | Transaction Amount and Interest Service Fee Cap (RMB million) | | :--- | :--- | | 2023 | 2,000 | | 2024 | 2,000 | | 2025 | 2,000 | 2025 H1 Actual Transaction Amounts | Service Type | 2025 Annual Cap (RMB million) | 2025 H1 Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | Transaction Amount and Interest Service Fee | 2,000 | 0 | [Platform and Marketing Services Framework Agreement](index=37&type=section&id=Platform%20and%20Marketing%20Services%20Framework%20Agreement) The Group signed a platform and marketing services framework agreement with CR Network Data Technology (Guangzhou) Co., Ltd., with actual transaction amounts in H1 2025 being RMB 29 million for platform services and RMB 0 for marketing services, both not exceeding the annual caps 2022 Platform and Marketing Services Framework Agreement Annual Caps | Service Type | 2023 (RMB million) | 2024 (RMB million) | 2025 (RMB million) | | :--- | :--- | :--- | :--- | | Marketing Services | 200 | 400 | 600 | | Platform Services | 400 | 600 | 900 | 2025 H1 Actual Transaction Amounts | Service Type | 2025 Annual Cap (RMB million) | 2025 H1 Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | Marketing Services | 600 | 0 | | Platform Services | 900 | 29 | [Information Technology Services and Product Procurement Framework Agreement](index=38&type=section&id=Information%20Technology%20Services%20and%20Product%20Procurement%20Framework%20Agreement) The Group signed an information technology services and product procurement framework agreement with China Resources Digital Technology Co., Ltd., with actual transaction amounts for procurement of information technology services and products in H1 2025 being RMB 59 million, not exceeding the annual cap of RMB 400 million 2022 Information Technology Services and Product Procurement Framework Agreement Annual Caps | Year | Procurement of Information Technology Services and Products Cap (RMB million) | | :--- | :--- | | 2023 | 300 | | 2024 | 350 | | 2025 | 400 | 2025 H1 Actual Transaction Amounts | Service Type | 2025 Annual Cap (RMB million) | 2025 H1 Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | Procurement of Information Technology Services and Products | 400 | 59 | [Property Management Services Framework Agreement](index=40&type=section&id=Property%20Management%20Services%20Framework%20Agreement) China Resources Mixc Lifestyle Services signed a property management services framework agreement with China Resources Group, with commercial property management fee income in H1 2025 being RMB 125 million and residential and other non-commercial facility property management fee income being RMB 220 million, both not exceeding the annual caps 2022 Property Management Services Framework Agreement Annual Caps | Service Type | 2023 (RMB million) | 2024 (RMB million) | 2025 (RMB million) | | :--- | :--- | :--- | :--- | | Commercial Property Management Fees | 295 | 395 | 495 | | Residential and Other Non-Commercial Facility Property Management Fees | 570 | 1,000 | 1,250 | 2025 H1 Actual Transaction Amounts | Service Type | 2025 Annual Cap (RMB million) | 2025 H1 Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | Commercial Property Management Fees | 495 | 125 | | Residential and Other Non-Commercial Facility Property Management Fees | 1,250 | 220 | [Project Agency Construction Management Services Framework Agreement](index=42&type=section&id=Project%20Agency%20Construction%20Management%20Services%20Framework%20Agreement) Shenzhen CR Land Urban Construction Management Co., Ltd. signed a project agency construction management services framework agreement with China Resources Beverage, with actual transaction amounts in H1 2025 being RMB 64 million for project construction funds and RMB 8 million for service fees, both not exceeding the annual caps 2024 Project Agency Construction Management Services Framework Agreement Annual Caps | Service Type | 2024 (RMB million) | 2025 (RMB million) | 2026 (RMB million) | | :--- | :--- | :--- | :--- | | Project Construction Funds (excluding interest) | 410 | 1,650 | 1,060 | | Service Fees for Project Agency Construction Management Services | 10 | 50 | 30 | | **Total** | **420** | **1,700** | **1,090** | 2025 H1 Actual Transaction Amounts | Service Type | 2025 Annual Cap (RMB million) | 2025 H1 Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | Project Construction Funds (excluding interest) | 1,650 | 64 | | Service Fees for Project Agency Construction Management Services | 50 | 8 | | **Total** | **1,700** | **72** | [Corporate Governance](index=44&type=section&id=Corporate%20Governance) The company strictly adheres to the Corporate Governance Code set out in Appendix C1 of the Listing Rules, with one deviation in H1 2025 where Chairman Mr. Li Xin was unable to attend the Annual General Meeting due to official duties, and Vice Chairman Mr. Zhang Dawei presided, with members of the Audit, Remuneration, Nomination, Corporate Governance, Executive, and Sustainability Committees attending to address shareholder questions and ensure effective communication - The company strictly complies with the Corporate Governance Code, but there was one deviation: **Chairman Mr. Li Xin was unable to attend the 2025 Annual General Meeting**[193](index=193&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk) - Vice Chairman Mr. Zhang Dawei presided over the 2025 Annual General Meeting, with chairmen and members of various committees attending to **address shareholder questions and ensure effective communication**[196](index=196&type=chunk) [Standard Code for Securities Transactions by Directors](index=44&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Standard Code as the code of conduct for directors' securities transactions, and all directors confirmed compliance with its provisions for the six months ended June 30, 2025 - The company has adopted the **Standard Code as the code of conduct for directors' securities transactions**[194](index=194&type=chunk)[197](index=197&type=chunk) - All directors confirmed compliance with the provisions of the Standard Code for the six months ended June 30, 2025[194](index=194&type=chunk)[197](index=197&type=chunk) [Review by Audit Committee and Auditor](index=45&type=section&id=Review%20by%20Audit%20Committee%20and%20Auditor) The company's Audit Committee reviewed the 2025 interim report without objection, and the interim financial report was reviewed by independent auditor KPMG in accordance with Hong Kong Standard on Review Engagements 2410, resulting in an unmodified review report - The Audit Committee reviewed the 2025 interim report with **no objections**, and the committee consists of five independent non-executive directors and one non-executive director[198](index=198&type=chunk)[200](index=200&type=chunk) - Independent auditor KPMG reviewed the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410 and issued an **unmodified review report**[198](index=198&type=chunk)[201](index=201&type=chunk) [Interim Dividend and Closure of Register of Members](index=45&type=section&id=Interim%20Dividend%20and%20Closure%20of%20Register%20of%20Members) The Board recommended an interim dividend of RMB 0.20 per share (equivalent to HKD 0.219) for 2025, consistent with the previous year, to be paid on October 27, 2025, to shareholders on record as of September 11, 2025, with the register of members to be closed from September 11 to September 12, 2025, and shareholders having until 4:30 p.m. on October 8, 2025, to submit their dividend currency election forms to choose between HKD or RMB 2025 Interim Dividend Details | Indicator | Data | | :--- | :--- | | Interim Dividend | RMB 0.200 per share (equivalent to HKD 0.219) | | Payment Date | October 27, 2025 | | Record Date | September 11, 2025 | | Register of Members Closure Period | September 11 to September 12, 2025 | | Dividend Currency Election Deadline | 4:30 p.m. on October 8, 2025 | - Shareholders can choose to receive dividends in **HKD or RMB**; if no choice is made, dividends will automatically be received in HKD[203](index=203&type=chunk)[206](index=206&type=chunk)[208](index=208&type=chunk) [Changes in Directors' Information](index=47&type=section&id=Changes%20in%20Directors%27%20Information) Several changes in directors' information have occurred since the date of the 2024 annual report, with Ms. Qin Hong appointed as a member of the Nomination Committee on May 19, 2025, Mr. Chen Fan appointed as an independent non-executive director of Beijing Urban Construction Design and Development Group Co., Ltd. on June 16, 2025, Mr. Wang Yuhang appointed as a non-executive director and member of the Sustainability Committee on June 25, 2025, and Mr. Leung Kwok Kuen retiring as a council and executive committee member of the Hong Kong Management Association on July 3, 2025 - Ms. Qin Hong was appointed as a **member of the company's Nomination Committee** on May 19, 2025[211](index=211&type=chunk)[214](index=214&type=chunk) - Mr. Chen Fan was appointed as an **independent non-executive director of Beijing Urban Construction Design and Development Group Co., Ltd.** on June 16, 2025[211](index=211&type=chunk)[214](index=214&type=chunk) - Mr. Wang Yuhang was appointed as a **non-executive director and member of the company's Sustainability Committee** on June 25, 2025[211](index=211&type=chunk)[214](index=214&type=chunk) - Mr. Leung Kwok Kuen retired as a **council and executive committee member of the Hong Kong Management Association** on July 3, 2025[211](index=211&type=chunk)[214](index=214&type=chunk) [Review Report to the Board of Directors](index=47&type=section&id=Review%20Report%20to%20the%20Board%20of%20Directors) This section presents the independent auditor's review report on the interim financial information, including the introduction, scope of review, and conclusion [Introduction](index=48&type=section&id=Introduction) KPMG reviewed the interim financial report of China Resources Land Limited and its subsidiaries for the six months ended June 30, 2025, which complies with the requirements 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" issued by the Hong Kong Institute of Certified Public Accountants, with the Board of Directors responsible for the preparation and presentation of the condensed consolidated interim financial information - KPMG reviewed the interim financial report for the six months ended June 30, 2025[215](index=215&type=chunk)[217](index=217&type=chunk) - The interim financial report complies with the **Listing Rules of The Stock Exchange of Hong Kong Limited** and **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** issued by the Hong Kong Institute of Certified Public Accountants[215](index=215&type=chunk)[217](index=217&type=chunk) - The Board of Directors is responsible for the **preparation and presentation of the condensed consolidated interim financial information**[215](index=215&type=chunk)[217](index=217&type=chunk) [Scope of Review](index=48&type=section&id=Scope%20of%20Review) The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants, primarily involving inquiries of personnel responsible for financial and accounting matters and applying analytical and other review procedures, with a scope smaller than an audit, thus no audit opinion is expressed - The review was conducted in accordance with **Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity"**[216](index=216&type=chunk)[219](index=219&type=chunk) - The scope of review primarily includes **inquiries and application of analytical procedures**, which is smaller than an audit, therefore **no audit opinion is expressed**[216](index=216&type=chunk)[219](index=219&type=chunk) [Conclusion](index=49&type=section&id=Conclusion) KPMG's review concluded that the interim financial report as of June 30, 2025, was prepared in all material respects in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting," with no non-compliance found - The review found no matters indicating that the interim financial report as of June 30, 2025, was not prepared in all material respects in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"**[220](index=220&type=chunk)[221](index=221&type=chunk) [Consolidated Statement of Profit or Loss](index=49&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) This section presents the Group's consolidated statement of profit or loss for the six months ended June 30, 2025 [2025 H1 Consolidated Statement of Profit or Loss Performance](index=49&type=section&id=2025%20H1%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20Performance) For the six months ended June 30, 2025, the Group's operating revenue reached RMB 94.92 billion, a 19.9% year-on-year increase, with gross profit of RMB 22.78 billion, and profit for the period of RMB 14.687 billion, of which RMB 11.88 billion was attributable to owners of the company, and basic and diluted earnings per share were RMB 1.67 2025 H1 Consolidated Statement of Profit or Loss Key Data | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Operating Revenue | 94,921,257 | 79,191,662 | | Cost of Sales | (72,136,564) | (61,572,247) | | Gross Profit | 22,784,693 | 17,619,415 | | Fair Value Gains on Investment Properties | 2,556,212 | 3,548,770 | | Other Income, Other Gains and Losses | 1,582,283 | 3,407,995 | | Selling and Marketing Expenses | (2,741,444) | (2,726,511) | | General and Administrative Expenses | (2,039,965) | (1,863,712) | | Share of Profits Less Losses of Joint Ventures | 1,189,841 | 1,156,668 | | Share of Profits Less Losses of Associates | 60,641 | 268,091 | | Finance Costs | (1,521,382) | (882,734) | | Profit Before Tax | 21,899,152 | 20,623,104 | | Income Tax Expense | (7,212,129) | (8,138,792) | | Profit for the Period | 14,687,023 | 12,484,312 | | Profit Attributable to Owners of the Company | 11,879,974 | 10,222,467 | | Profit Attributable to Non-Controlling Interests | 2,807,049 | 2,261,845 | | Basic and Diluted Earnings Per Share | 1.67 | 1.43 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=50&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents the Group's consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025 [2025 H1 Consolidated Statement of Profit or Loss and Other Comprehensive Income Performance](index=50&type=section&id=2025%20H1%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income%20Performance) For the six months ended June 30, 2025, the Group's profit for the period was RMB 14.687 billion, with total other comprehensive income being RMB (133) million, primarily due to exchange differences on translation of overseas operations (RMB (120) million) and fair value losses on equity instruments designated at fair value through other comprehensive income (RMB (13) million), resulting in total comprehensive income for the period of RMB 14.554 billion, of which RMB 11.796 billion was attributable to owners of the company 2025 H1 Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period | 14,687,023 | 12,484,312 | | Exchange Differences on Translation of Overseas Operations | (120,265) | 394,009 | | Fair Value Losses on Equity Instruments Designated at Fair Value Through Other Comprehensive Income | (13,035) | (6,386) | | Other Comprehensive Income for the Period | (133,300) | 451,377 | | Total Comprehensive Income for the Period | 14,553,723 | 12,935,689 | | Total Comprehensive Income Attributable to Owners of the Company | 11,795,801 | 10,632,558 | | Total Comprehensive Income Attributable to Non-Controlling Interests | 2,757,922 | 2,303,131 | [Consolidated Statement of Financial Position](index=51&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This section presents the Group's consolidated statement of financial position as of June 30, 2025 [2025 H1 Consolidated Statement of Financial Position](index=51&type=section&id=2025%20H1%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were RMB 1,148.67 billion, comprising non-current assets of RMB 422.75 billion and current assets of RMB 725.92 billion, while total liabilities were RMB 738.25 billion, including current liabilities of RMB 478.48 billion and non-current liabilities of RMB 259.77 billion, and total equity was RMB 410.41 billion, with RMB 276.23 billion attributable to owners of the company 2025 H1 Consolidated Statement of Financial Position Key Data | Indicator | 2025 H1 (RMB thousand) | 2024 H2 (RMB thousand) | | :--- | :--- | :--- | | **Assets** | | | | Non-Current Assets | 422,749,008 | 418,814,285 | | Current Assets | 725,919,773 | 710,687,002 | | **Total Assets** | **1,148,668,781** | **1,129,501,287** | | **Liabilities** | | | | Current Liabilities | 478,480,962 | 503,917,528 | | Non-Current Liabilities | 259,773,569 | 228,631,453 | | **Total Liabilities** | **738,254,531** | **732,548,981** | | **Equity** | | | | Equity Attributable to Owners of the Company | 276,230,394 | 272,720,057 | | Non-Controlling Interests | 134,183,856 | 124,232,249 | | **Total Equity** | **410,414,250** | **396,952,306** | [Consolidated Statement of Changes in Equity](index=54&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) This section presents the Group's consolidated statement of changes in equity for the six months ended June 30, 2025 [2025 H1 Equity Changes](index=54&type=section&id=2025%20H1%20Equity%20Changes) For the six months ended June 30, 2025, equity attributable to owners of the company increased from approximately RMB 272.72 billion as of December 31, 2024, to RMB 276.23 billion, primarily driven by profit for the period of RMB 11.88 billion, partially offset by the 2024 final dividend payment of RMB 7.964 billion, while non-controlling interests increased to RMB 134.18 billion, mainly from net contributions of RMB 7.065 billion and profit for the period 2025 H1 Consolidated Statement of Changes in Equity Key Data | Item | Total Attributable to Owners of the Company (RMB thousand) | Non-Controlling Interests (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | | As of January 1, 2025 (restated) | 272,720,057 | 124,232,249 | 396,952,306 | | Profit for the Period | 11,879,974 | 2,807,049 | 14,687,023 | | Total Comprehensive Income for the Period | 11,795,801 | 2,757,922 | 14,553,723 | | Net Contributions from Non-Controlling Interests | - | 7,065,477 | 7,065,477 | | 2024 Final Dividend | (7,963,635) | - | (7,963,635) | | As of June 30, 2025 (unaudited) | 276,230,394 | 134,183,856 | 410,414,250 | - Other reserves primarily include **capital reserve, general reserve, special reserve, merger reserve, revaluation gains on transfer of property, plant and equipment to investment properties, and fair value changes of equity instruments designated at fair value through other comprehensive income**[234](index=234&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=57&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the Group's condensed consolidated statement of cash flows for the six months ended June 30, 2025 [2025 H1 Cash Flows](index=57&type=section&id=2025%20H1%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash used in operating activities was RMB 18.867 billion, net cash used in investing activities was RMB 14.141 billion, and net cash generated from financing activities was RMB 20.415 billion, resulting in cash and cash equivalents at period-end of RMB 118.626 billion, a decrease of RMB 12.592 billion from the beginning of the period 2025 H1 Condensed Consolidated Statement of Cash Flows Key Data | Cash Flow Type | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (18,866,634) | (318,687) | | Net Cash Used in Investing Activities | (14,140,664) | (8,311,069) | | Net Cash Generated from Financing Activities | 20,415,356 | 12,284,425 | | Net (Decrease)/Increase in Cash and Cash Equivalents | (12,591,942) | 3,654,669 | | Cash and Cash Equivalents at Beginning of Period | 131,380,988 | 112,966,350 | | Cash and Cash Equivalents at End of Period | 118,625,563 | 116,728,437 | [Notes to the Condensed Consolidated Financial Statements](index=59&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering general information, basis of preparation, common control business combinations, changes in accounting policies, segment information, other income, finance costs, income tax expense, profit for the period, dividends, earnings per share, property, plant and equipment, investment properties, equity instruments designated at fair value through other comprehensive income, financial assets/liabilities at fair value through profit or loss, time deposits, prepayments for non-current assets, trade and other receivables, amounts due from/to related parties/non-controlling interests, restricted bank deposits, trade and other payables, contract liabilities, bank and other borrowings, share capital, senior notes, super short-term commercial papers, medium-term notes, cash flows from operating activities, acquisition of subsidiaries, disposal of subsidiaries, offsetting financial assets and financial liabilities, financial risk management, commitments, financial guarantee contracts, and related party transactions [General Information](index=60&type=section&id=General%20Information) China Resources Land Limited is a listed company incorporated in the Cayman Islands, with its ultimate holding company being China Resources (China) Company Limited and its intermediate holding company being China Resources (Holdings) Company Limited, and the Group's principal activities include development and sales, investment properties, asset-light management, and ecosystem-driven businesses in China - The company is a **listed company incorporated in the Cayman Islands**, with its shares listed on The Stock Exchange of Hong Kong[240](index=240&type=chunk)[242](index=242&type=chunk) - The ultimate holding company is **China Resources (China) Company Limited**, and the intermediate holding company is **China Resources (Holdings) Company Limited**[240](index=240&type=chunk)[242](index=242&type=chunk) - The Group's principal activities include **development and sales, investment properties, asset-light management, and ecosystem-driven businesses**[240](index=240&type=chunk)[242](index=242&type=chunk) [Basis of Preparation](index=60&type=section&id=Basis%20of%20Preparation) This interim financial report is prepared in accordance with the applicable disclosure requirements 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" issued by the Hong Kong Institute of Certified Public Accountants, and while it is unaudited, it has been reviewed by KPMG, with its preparation involving management's judgments, estimates, and assumptions - The interim financial report is prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** and was authorized for issue on August 26, 2025[241](index=241&type=chunk)[243](index=243&type=chunk) - The report is unaudited but has been **reviewed by KPMG** in accordance with Hong Kong Standard on Review Engagements 2410[245](index=245&type=chunk)[249](index=249&type=chunk) - The preparation of the interim financial report requires management to make **judgments, estimates, and assumptions**, and actual results may differ[245](index=245&type=chunk)[247](index=247&type=chunk) [Common Control Business Combinations](index=61&type=section&id=Common%20Control%20Business%20Combinations) In May and June 2025, the Group acquired equity interests in China Resources Life Science Industrial Development Co., Ltd., CR Network (Shenzhen) Co., Ltd., and CR Network Data Technology (Guangzhou) Co., Ltd., and since these entities were under common control by China Resources (China) Company Limited before and after the acquisitions, common control accounting principles were applied, treating them as subsidiaries of the company from the date of common control, leading to the restatement of comparative information such as the consolidated statement of financial position as of December 31, 2024, and the consolidated statement of profit or loss for H1 2024 - In May 2025, the Group acquired **100% equity of China Resources Life Science Industrial Development Co., Ltd. for RMB 200.791 million**[246](index=246&type=chunk)[250](index=250&type=chunk) - In June 2025, the Group acquired **CR Network (Shenzhen) Co., Ltd. and CR Network Data Technology (Guangzhou) Co., Ltd. for a total consideration of RMB 121.038 million**[251](index=251&type=chunk)[252](index=252&type=chunk) - As all participating entities were under **common control by China Resources (China) Company Limited** before and after the acquisitions, common control accounting principles were applied, treating them as subsidiaries from the date of common

Core Points - Zhao Wei, the Chief Financial Officer (CFO) of China Resources Beer, has resigned from his position due to other work arrangements and will take on a new role as CFO at China Resources Land starting September 23 [1][2] - Zhao Wei has over 20 years of experience in financial management and has been with the China Resources Group for 20 years, holding various key positions within China Resources Beer [1] - The company expressed gratitude for Zhao Wei's contributions during his tenure and will announce a replacement for the CFO position in due course [2] Company Changes - Zhao Wei's resignation marks the second high-level personnel change at China Resources Beer within a span of twenty days [1] - The current chairman of the board is Zhao Chunwu, who was appointed earlier this month [2] Background Information - Zhao Wei holds a PhD in engineering from Tianjin University and has served in multiple significant roles within the China Resources Group, including CFO of China Resources Pharmaceutical Commercial Group [1] - Since February 2024, Zhao Wei has also held key positions in the white liquor sector of China Resources, including directorships at several subsidiaries [2]

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [1]. Core Insights - The real estate market in August 2025 showed a narrowing year-on-year decline in transaction volume due to low base effects, while land auction premiums in first-tier cities reached a six-year high [1][2]. - The overall performance of the real estate sector underperformed the CSI 300 index, with an absolute return of 6.5% and a relative return of -3.9% [2][13]. - The report emphasizes the importance of policy adjustments in major cities to stimulate market activity, particularly in Beijing, Shanghai, and Shenzhen [4][24]. Summary by Sections New Home Transactions - In August, new home transaction area in 40 cities was 859.1 million square meters, down 0.5% month-on-month and down 13.5% year-on-year, with a cumulative decline of 5.0% for the first eight months [14][17]. - First-tier cities experienced an expanded year-on-year decline in new home transactions, while second-tier cities saw a narrowing decline, and third- and fourth-tier cities turned positive [15][16]. Second-Hand Home Transactions - Second-hand home transaction area in 18 cities was 715.6 million square meters in August, down 9.2% month-on-month and down 6.4% year-on-year, with a cumulative increase of 7.5% for the first eight months [22][23]. - Year-on-year declines in second-hand home transactions narrowed in first- and second-tier cities, while third- and fourth-tier cities showed positive growth [23]. Inventory and Absorption - New home inventory increased month-on-month, with an overall absorption cycle of 17.1 months, down 0.3 months from the previous month [4][9]. - The average opening absorption rate in 30 cities improved to 42% in August, up 9 percentage points month-on-month and 13 percentage points year-on-year [4][9]. Land Market - Overall land auction activity declined month-on-month, but first-tier cities saw land premium rates reach a six-year high, averaging 22.3% [4][12]. - The average land floor price decreased by 13.4% month-on-month and 21.5% year-on-year [12]. Real Estate Companies - The top 100 real estate companies reported a sales decline of 16.5% year-on-year in August, with a total sales amount of 225.6 billion yuan [4][12]. - The land acquisition amount for the top 100 companies increased by 34.9% year-on-year in August, although it decreased by 27.1% month-on-month [4][12]. Financing - The financing scale for the real estate industry decreased both year-on-year and month-on-month in August, with a total issuance of 55.3 billion yuan [4][12]. - The average issuance interest rate was 2.51%, showing a slight decrease compared to previous periods [4][12]. Policy - Recent policy adjustments in major cities aim to support the real estate market, with a focus on urban renewal and easing purchase restrictions [4][24]. - The report highlights the significance of these policies in stabilizing market expectations and promoting demand [4][24].

Core Viewpoint - The recent resignation of CFO Guo Shiqing from China Resources Land highlights ongoing executive turnover within the company, coinciding with its strategic shift towards asset management and commercial REITs [2][3][8] Executive Changes - Guo Shiqing, a long-time veteran of China Resources Land, resigned from multiple roles including CFO and board secretary due to other arrangements [2] - Zhao Wei, previously with China Resources Beer, has been appointed as the new CFO and board secretary, bringing over 20 years of financial management experience [3][4] - Recent executive changes also include the resignation of President Wu Bingqi, who will take on a new role at China State Construction Engineering Corporation [5][6] - Xu Rong, who joined as vice president in January 2023, was promoted to president in December 2023, indicating a focus on urban renewal initiatives [7] Strategic Transformation - China Resources Land is undergoing a transformation towards a large asset management business, aiming to establish a leading commercial REIT platform [8] - In the first half of 2023, the company reported a total revenue of 94.92 billion yuan, a year-on-year increase of 19.9%, and a net profit attributable to shareholders of 11.88 billion yuan, up 16.2% [8] - The development and sales business generated revenue of 74.36 billion yuan, reflecting a 25.8% increase, while core net profit decreased by 23.8% to 3.98 billion yuan [8] - The company’s operational real estate business achieved revenue of 12.11 billion yuan, a 5.5% increase, while light asset management revenue grew by 1.1% to 6 billion yuan [8][9] Commercial Operations - Shopping centers are a significant part of the operational real estate business, with revenue of 10.42 billion yuan, a 9.9% increase, and a retail sales growth of 20.2% [9][11] - As of June 30, 2023, China Resources Land has established multiple shopping centers in 27 cities, with plans to expand to 114 shopping centers by the end of 2028 [11] - The company is actively pursuing the normalization of its commercial REIT offerings, with a target scale of 30 billion to 50 billion yuan over the next 3-5 years [11]

Core Perspective - The development of the "One River, One River" waterfront space in Shanghai is a significant strategy to enhance urban capability and core competitiveness [1] Group 1: Event Overview - The "Heart of the River" global waterfront city development forum was held on September 24, focusing on waterfront urban planning, ecological construction, cultural renewal, and economic dynamics [1] - The forum gathered global perspectives to discuss how to invigorate waterfront areas and shape a world-class waterfront with global influence [1] Group 2: Urban Development Insights - The Expo waterfront and the Houtan area are highlighted as exemplary cases of ecological value transformation and future urban practices, benefiting from the legacy of the 2010 Shanghai Expo [3] - The area features high-quality residential spaces developed by state-owned enterprises and aims to integrate high-energy cultural, technological, and business functions [3] Group 3: Strategic Vision - The forum emphasized the importance of the waterfront in the context of global city competition and the need for sustainable urban development [5] - The development strategy for the Expo waterfront reflects a shift from event-driven growth to a focus on livability, ecological priority, and comprehensive urban systems [7] Group 4: Cultural and Ecological Initiatives - The Expo waterfront is seen as the soul of Shanghai's "One River, One River" initiative, with a focus on ecological, cultural, and innovative development [9] - The Shanghai Expo Cultural Park is positioned as a world-class urban center park, enhancing the value of surrounding land and creating a vibrant public space [11] Group 5: Future Projects - The new project "Lunqi Riverside" by China Resources Land is set to be unveiled, representing a culmination of the company's 33 years of engagement in Shanghai and its commitment to waterfront living [14] - China Resources Land has strategically focused on the development along the Huangpu River since 2002, with eight projects contributing to the "One River, One River" initiative [16]

9月22日，为期4天的2025重庆秋季房地产暨家居展示交易会（以下简称秋交会）线下展会在观音桥步行 街圆满落幕。此次秋交会上，华润置地带来的山城江湖四大好房子战略作品，一度成为今秋楼市的话题 热点。 华润置地入渝18年走遍山城，带着对重庆独特地理与文化基因的深度解码，"山城江湖"四大好房子战略 在今年秋交会首映，站在"读懂城市、融入城市"的维度，华润置地用四大标杆项目，勾勒出与重庆共生 共长的居住图景。 来源：环球网 澐璟 给山巅以高度 豪宅不止于"奢"，更在于对山地人居的创新与尊重。5月30日，华润置地以楼面价13519元/㎡、29%溢价 率成功竞得两江新区金开大道优质地块。在重庆照母山金开大道，落地了全国第九座、重庆第一座瑞系 作品——澐璟，在1.0容积率的土地上仅规划65户，重新锚定了重庆人心中的人居海拔。 澐璟意境 图 嘉宸 给江岸以情怀 江，是重庆的灵魂脉络。嘉宸以"江岸低密好房子"之姿，成为滨江线上的珍贵藏品。作为北滨路低密四 代宅，嘉宸让江不再只是窗外的风景，而是融入日常的生活底色。 观宸 给城市以文明 城是重庆最鲜明的标识：立体交通、密集商圈、千万级人口的聚合，造就了城市核心的价值密度。观宸 ...

值得一提的是，华润跨界白酒后，赵伟先后担任公司白酒板块的关键职位。2024年2月起担任华润啤酒 附属公司贵州金沙窖酒酒业有限公司董事；同时，分别于2024年2月、2024年3月、2024年7月获委任为 山东景芝白酒、金种子集团、金种子酒的董事。 华润啤酒在公告中对赵伟于任期内作出的贡献表示感谢，并称将于委任替任执行董事和/或首席财务官 时发布必要的公告。截至目前，公司董事会主席为月初刚刚委任的赵春武，非执行董事为Daniel Robinson、郭巍及王成伟。 近日，华润啤酒发布公告称，公司执行董事、财务委员会成员、首席财务官赵伟，因其他工作安排，辞 去上述全部职务。就在同一天，华润置地发布公告称，赵伟自9月23日起获任执行董事、执行委员会成 员，并接棒CFO、董秘及授权代表。 公开资料显示，现年53岁的赵伟持有天津大学工学博士学位，在财务管理方面拥有逾20年经验。他深耕 华润系20年，于2003年加入华润啤酒（天津）有限公司担任财务总监助理，先后担任华润啤酒多个部门 重要职务，包括华润雪花啤酒（中国）有限公司资金管理部总经理、管理会计与统计部总经理、财务部 总监，华润医药商业集团有限公司首席财务官等职。202 ...

头部房企中，华润置地与龙湖集团展现了较强的抗周期韧性，其营收结构呈现多元化特征，轻资产及运 营服务业务贡献了更高的利润。下半年头部房企经营策略主要是，加快存量去化、优化增量质量；加速 产品迭代，建设好房子；打造第二增长曲线。 上半年业绩表现：营收下降、负债率上升 盈利表现不容乐观，行业净利润均值跌至-8.3亿元，亏损规模呈现逐渐扩大的趋势，约六成上市房企出 现不同程度亏损，部分高杠杆房企面临债务重组压力。这一数据背后，既折射出行业面临深度调整期去 库存、寻找新增长点等多重挑战，也预示着房企转型与风险化解仍需较长时间。 当前房企普遍面临融资渠道收窄、融资成本高企的困境，部分企业不得不通过资产处置、债务展期等方 式艰难维持现金流平衡。 从利润贡献看，华润、龙湖非开发业务贡献超过六成的利润。2025上半年，华润置地开发销售业务贡献 净利润占比为39.8%，非开发销售业务贡献净利润超过60%。龙湖集团开发销售业务贡献利润占比仅为 1.3%，非开发销售业务贡献利润占比超过90%。 2025年上半年财报显示，在典型房企代表中，华润置地与龙湖集团展现了较强的抗周期韧性，其营收结 构呈现多元化特征。从营收结构看，华润、龙湖持 ...

Core Insights - Chengdu's central urban area successfully auctioned three residential land plots, with a total transaction amount of 2.278 billion yuan [1] - The auction included two plots in Tianfu New District and one in Eastern New District, with two plots sold at a premium and one at the base price [1] Group 1: Tianfu New District - Two plots in Tianfu New District were sold using a "combined supply" model, with a starting floor price of 14,000 yuan per square meter [1] - The first plot (TF(070102):2025-14) has a planned construction area of 44,192.6 square meters and a starting price of 619 million yuan [1] - The second plot (TF(070102):2025-15) has a planned construction area of 82,435.94 square meters and a starting price of 1.154 billion yuan [1] - The winning bid for the Tianfu New District plots was made by a consortium of China Railway Construction and Chengdu Investment, with a final floor price of 16,300 yuan per square meter and a premium rate of 16.4% [1] Group 2: Eastern New District - The plot in Eastern New District was acquired by Chengdu Transportation Investment at the base price, with a transaction floor price of 3,750 yuan per square meter and a total price of 214 million yuan [2] - The Eastern New District plot has a total land area of 37,972.08 square meters (approximately 56.96 acres) and a planned construction area of 56,958 square meters, with a floor area ratio of 1.5 [2]

智通财经APP获悉，中指研究院发文称，2025上半年，上市房企营收明显下降、持续亏损，负债率继续 上升，偿债能力继续下滑。头部房企中，华润置地(01109)与龙湖集团(00960)展现了较强的抗周期韧 性，其营收结构呈现多元化特征，轻资产及运营服务业务贡献了更高的利润。下半年头部房企经营策略 主要是，加快存量去化、优化增量质量；加速产品迭代，建设好房子；打造第二增长曲线。 上半年业绩表现：营收明显下降、持续亏损，负债率继续上升，偿债能力继续下滑 2025年上半年，中国房地产上市公司业绩延续低迷态势。数据显示，上市房企营业收入均值为104.2亿 元，同比下降16.9%，且降幅较2024年同期扩大了3.2个百分点，营收端收缩压力持续升级，反映出市场 需求疲软与销售端持续承压的现状。 盈利表现更加不容乐观，行业净利润均值跌至-8.3亿元，亏损规模呈现逐渐扩大的趋势，约六成上市房 企出现不同程度亏损，部分高杠杆房企面临债务重组压力。这一数据背后，既折射出行业面临深度调整 期去库存、寻找新增长点等多重挑战，也预示着房企转型与风险化解仍需较长时间。 数据来源：中指数据CREIS 数据来源：中指数据CREIS 2025上半 ...