美联集团(01200)发布截至2025年6月30日止六个月业绩，收益25.18亿港元，同比下降24.1%;净利润1.51 亿港元，同比下降13%;每股基本盈利21.12港仙。 自去年全面撤销所有楼市需求管理措施以来，尽管中期期间未有重大楼市政策变动，集团中期业绩仍见 稳健，主要得益于集团超前重整架构，强韧而灵活的业务模式，以及集团把握香港楼市新趋势的能力。 ...

Core Viewpoint - Meilun Group (01200.HK) reported a revenue of HKD 2.518 billion for the six months ending June 30, 2025, representing a year-on-year decrease of 24.1% [1] - The profit attributable to equity holders for the same period was HKD 151 million, down 13% year-on-year, with basic earnings per share at HKD 0.2112 [1] Financial Performance - Revenue for the first half of 2025 was HKD 2.518 billion, a decline of 24.1% compared to the previous year [1] - Profit attributable to equity holders decreased to HKD 151 million, reflecting a 13% reduction year-on-year [1] - Basic earnings per share stood at HKD 0.2112 [1] Market Context - Despite the absence of significant changes in real estate policies during the reporting period, the company's performance remained stable [1] - The stability in performance is attributed to the company's proactive restructuring, resilient and flexible business model, and its ability to adapt to new trends in the Hong Kong real estate market [1]

[Financial Statements](index=1&type=section&id=Financial%20Statements) [Condensed Consolidated Income Statement](index=1&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group's revenue decreased by 24.13% year-on-year, net profit decreased by 13.03%, and both basic and diluted earnings per share declined Condensed Consolidated Income Statement Summary | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,517,917 | 3,318,795 | -24.13 | | Operating Profit | 178,882 | 214,549 | -16.63 | | Profit Before Tax | 177,626 | 206,410 | -13.85 | | Profit for the Period Attributable to Owners of the Company | 151,390 | 174,067 | -13.03 | | Basic and Diluted Earnings Per Share (HK cents) | 21.12 | 24.27 | -12.98 | [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive income for the period was HKD 149,331 thousand, a decrease from the prior year, mainly due to a shift from positive to negative foreign currency translation differences Condensed Consolidated Statement of Comprehensive Income Summary | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 151,390 | 174,067 | -13.03 | | Foreign Currency Translation Differences | (2,055) | 8,066 | -125.48 | | Other Comprehensive (Loss) / Income for the Period (net of tax) | (2,059) | 8,065 | -125.53 | | Total Comprehensive Income for the Period Attributable to Owners of the Company (net of tax) | 149,331 | 182,132 | -18.01 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HKD 4,421,615 thousand, a 6.09% decrease from the end of 2024, with non-current assets increasing while current assets and total liabilities decreased Condensed Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4,421,615 | 4,708,309 | -6.09 | | Non-current Assets | 419,812 | 380,338 | 10.38 | | Current Assets | 4,001,803 | 4,327,971 | -7.54 | | Total Equity | 1,142,888 | 993,714 | 15.01 | | Total Liabilities | 3,278,727 | 3,714,595 | -11.73 | [Notes to the Condensed Consolidated Interim Financial Information](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [1. General Information](index=5&type=section&id=1.%20General%20Information) The Company is a limited liability company incorporated in Bermuda and listed on the Main Board of the Hong Kong Stock Exchange, with the Group's principal activities including property agency, property leasing, immigration consultancy, and money lending services in Hong Kong, mainland China, and Macau - The company's principal activities include property agency services, property leasing, immigration consultancy services, and money lending services, covering Hong Kong, mainland China, and Macau[8](index=8&type=chunk) [2. Basis of Preparation](index=5&type=section&id=2.%20Basis%20of%20Preparation) The interim financial information is prepared on a historical cost basis, in accordance with HKAS 34 and the disclosure requirements of the Listing Rules, consistent with the accounting policies of the 2024 annual financial statements, adopting only revised HKFRSs effective in 2025 - The interim financial information is prepared on a historical cost basis and complies with HKAS 34 and Appendix D2 of the Listing Rules disclosure requirements[11](index=11&type=chunk) - Revised standards effective in 2025 have no significant impact on the Group's results or financial position, and the Group has not early adopted new and revised standards not yet effective[12](index=12&type=chunk)[13](index=13&type=chunk) [3. Revenue and Segment Information](index=6&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from property agency business, with residential property agency being the largest contributor; total revenue for the first half of 2025 decreased by 24.13% year-on-year, mainly due to reduced revenue from Hong Kong and Macau, with changes also observed in segment results and financial position [Revenue Source Analysis](index=6&type=section&id=Revenue%20Source%20Analysis) The Group's revenue primarily comes from agency fees, which amounted to HKD 2,510,166 thousand in the first half of 2025, a year-on-year decrease of 24.21% Revenue Source Summary | Revenue Source | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Agency Fees | 2,510,166 | 3,312,127 | -24.21 | | Immigration Consultancy Services | 4,155 | 3,603 | 15.32 | | Online Advertising | 221 | 108 | 104.63 | | Other Services | 2,455 | 2,176 | 12.82 | | Rental Income | 857 | 730 | 17.40 | | Interest Income from Loans Receivable | 63 | 51 | 23.53 | | **Total Revenue** | **2,517,917** | **3,318,795** | **-24.13** | [Property Agency Business Revenue and Results](index=6&type=section&id=Property%20Agency%20Business%20Revenue%20and%20Results) Revenue from property agency business, net of rebates, was HKD 1,543,418 thousand, a year-on-year decrease of 13.89%, with residential property agency business contributing the vast majority of revenue and segment results Property Agency Business Revenue and Results Summary | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Property Agency Business Revenue | 2,510,166 | 3,312,127 | -24.21 | | Rebates | (966,748) | (1,519,647) | -36.38 | | Revenue Net of Rebates | 1,543,418 | 1,792,480 | -13.89 | | Property Agency Business Segment Results | 205,585 | 237,935 | -13.60 | - Residential property agency business contributed **HKD 2,481,351 thousand** in revenue and **HKD 200,252 thousand** in segment results in the first half of 2025, serving as the Group's primary source of income[16](index=16&type=chunk) [Reconciliation of Segment Results to Profit Before Tax](index=9&type=section&id=Reconciliation%20of%20Segment%20Results%20to%20Profit%20Before%20Tax) Reported segment results amounted to HKD 210,516 thousand, and after deducting corporate expenses and finance costs, profit before tax was HKD 177,626 thousand Reconciliation of Segment Results to Profit Before Tax Summary | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Segment Results of Reported Segments | 210,516 | 239,277 | -12.02 | | Corporate Expenses | (31,994) | (27,108) | 18.02 | | Bank Interest Income | 1,229 | 2,904 | -57.68 | | Interest on Bank Borrowings, Overdrafts and Other Borrowings | (2,125) | (8,663) | -75.48 | | **Profit Before Tax** | **177,626** | **206,410** | **-13.85** | [Reconciliation of Segment Assets to Total Assets](index=9&type=section&id=Reconciliation%20of%20Segment%20Assets%20to%20Total%20Assets) As of June 30, 2025, segment assets were HKD 4,042,968 thousand and total assets were HKD 4,421,615 thousand, both decreasing from the end of 2024 Reconciliation of Segment Assets to Total Assets Summary | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Segment Assets | 4,042,968 | 4,201,795 | -3.78 | | Corporate Assets | 345,055 | 470,502 | -26.66 | | Deferred Tax Assets | 23,135 | 25,390 | -8.88 | | Other Non-current Assets | 10,110 | 10,110 | 0.00 | | Financial Assets at Fair Value Through Other Comprehensive Income | 347 | 512 | -32.23 | | **Total Assets** | **4,421,615** | **4,708,309** | **-6.09** | [Reconciliation of Segment Liabilities to Total Liabilities](index=10&type=section&id=Reconciliation%20of%20Segment%20Liabilities%20to%20Total%20Liabilities) As of June 30, 2025, segment liabilities were HKD 3,251,408 thousand and total liabilities were HKD 3,278,727 thousand, both decreasing from the end of 2024 Reconciliation of Segment Liabilities to Total Liabilities Summary | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Segment Liabilities | 3,251,408 | 3,682,061 | -11.70 | | Corporate Liabilities | 21,659 | 26,381 | -17.89 | | Deferred Tax Liabilities | 5,660 | 6,153 | -8.01 | | **Total Liabilities** | **3,278,727** | **3,714,595** | **-11.73** | [Geographical Revenue](index=11&type=section&id=Geographical%20Revenue) Revenue from Hong Kong and Macau decreased by 25.62% year-on-year, while revenue from mainland China increased by 9.97% year-on-year Geographical Revenue Summary | Region | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong and Macau | 2,367,952 | 3,182,422 | -25.62 | | Mainland China | 149,965 | 136,373 | 9.97 | | **Total Revenue** | **2,517,917** | **3,318,795** | **-24.13** | [4. Other Losses, Net](index=11&type=section&id=4.%20Other%20Losses,%20Net) For the six months ended June 30, 2025, other losses, net, amounted to HKD 229 thousand, a narrower loss compared to HKD 687 thousand in the prior year, primarily due to a reduction in fair value losses on investment properties Other Losses, Net Summary | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Fair Value Loss on Investment Properties | (1,325) | (1,983) | -33.18 | | Others | 1,096 | 1,296 | -15.43 | | **Total** | **(229)** | **(687)** | -66.67 | [5. Other Operating Costs](index=12&type=section&id=5.%20Other%20Operating%20Costs) For the six months ended June 30, 2025, key other operating costs included office and branch operating expenses, government rent, rates and management fees for leased properties, and legal and professional fees, with a significant increase in impairment losses on right-of-use assets and property and equipment Other Operating Costs Summary | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Office and Branch Operating Expenses | 43,418 | 42,107 | 3.11 | | Government Rent, Rates and Management Fees for Leased Properties | 19,875 | 20,422 | -2.68 | | Legal and Professional Fees | 4,298 | 18,050 | -76.18 | | Staff Recruitment, Training and Welfare | 4,609 | 2,141 | 115.27 | | Impairment Loss on Right-of-Use Assets, Net of Reversal | 2,644 | 501 | 427.74 | | Impairment Loss on Property and Equipment | 437 | 56 | 679.00 | [6. Finance Costs](index=12&type=section&id=6.%20Finance%20Costs) For the six months ended June 30, 2025, finance costs amounted to HKD 8,967 thousand, a significant year-on-year decrease of 43.36%, primarily due to a substantial reduction in interest on bank borrowings, overdrafts, and other borrowings Finance Costs Summary | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Interest on Bank Borrowings, Overdrafts and Other Borrowings | 2,125 | 8,663 | -75.48 | | Interest on Lease Liabilities | 6,842 | 7,168 | -4.55 | | **Total** | **8,967** | **15,831** | **-43.36** | [7. Income Tax Expense](index=13&type=section&id=7.%20Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was HKD 26,236 thousand, a year-on-year decrease of 18.74%, mainly due to a significant reduction in deferred income tax expense Income Tax Expense Summary | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong Profits Tax | 24,500 | 4,522 | 441.80 | | Deferred Income Tax | 1,736 | 27,821 | -93.76 | | **Total** | **26,236** | **32,343** | **-18.74** | - The Hong Kong Profits Tax rate is 16.5%, with some subsidiaries qualifying for a two-tiered profits tax rate, where the first **HKD 2 million** of assessable profits is taxed at 8.25%[27](index=27&type=chunk) [8. Interim Dividend](index=13&type=section&id=8.%20Interim%20Dividend) The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors decided not to declare an interim dividend for the first half of 2025[29](index=29&type=chunk) [9. Earnings Per Share](index=14&type=section&id=9.%20Earnings%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted earnings per share were 21.12 HK cents, a decrease from 24.27 HK cents in the prior year, primarily due to a reduction in profit attributable to owners of the Company Earnings Per Share Summary | Metric | 2025 (HK cents) | 2024 (HK cents) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 21.12 | 24.27 | -12.98 | | Diluted Earnings Per Share | 21.12 | 24.27 | -12.98 | - Diluted earnings per share are the same as basic earnings per share because the exercise of share options had an anti-dilutive effect[31](index=31&type=chunk) [10. Loans Receivable](index=14&type=section&id=10.%20Loans%20Receivable) As of June 30, 2025, total loans receivable amounted to HKD 1,958 thousand, a significant increase from HKD 413 thousand at the end of 2024, primarily from loans due between one and two years Loans Receivable by Maturity Summary | Maturity | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Within One Year | 212 | 193 | 9.84 | | Between One and Two Years | 1,746 | 220 | 693.64 | | **Total** | **1,958** | **413** | **374.10** | [11. Trade and Other Receivables](index=15&type=section&id=11.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables amounted to HKD 3,104,092 thousand, a decrease from HKD 3,430,535 thousand at the end of 2024, with current (not overdue) amounts accounting for the vast majority Trade and Other Receivables by Ageing Summary | Ageing | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Current (not overdue) | 2,981,468 | 3,339,190 | -10.72 | | Overdue Less Than 31 Days | 54,026 | 43,833 | 23.25 | | Overdue 31 to 60 Days | 28,412 | 21,366 | 32.99 | | Overdue 61 to 90 Days | 11,408 | 7,567 | 50.76 | | Overdue More Than 90 Days | 28,778 | 18,579 | 54.90 | | **Total** | **3,104,092** | **3,430,535** | **-9.40** | [12. Trade and Other Payables](index=15&type=section&id=12.%20Trade%20and%20Other%20Payables) Commissions and rebates payable to property consultants, co-operating property agents, and property buyers are due upon collection of related agency fees from clients; as of June 30, 2025, such payables for agency fees received and due within 30 days amounted to HKD 312,326 thousand, a decrease from HKD 495,273 thousand at the end of 2024 - As of June 30, 2025, commissions and rebates payable within 30 days amounted to **HKD 312,326 thousand**, a **36.94% decrease** from the end of 2024[34](index=34&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Performance Review](index=16&type=section&id=Performance%20Review) Despite ongoing volatility in the Hong Kong property market, the Group achieved solid results in the first half of 2025 through restructuring and a flexible business model, with profit attributable to owners of approximately HKD 151 million, a 13% year-on-year decrease [Property Market Continues to Seek Bottom](index=16&type=section&id=Property%20Market%20Continues%20to%20Seek%20Bottom) Hong Kong's property market transactions remained volatile, starting low at the beginning of the year but later boosted by stamp duty cuts in the budget and a sharp drop in HIBOR, leading to a near six-year high in primary residential property transactions and initial success in destocking new properties, while secondary market registrations saw a slight 2% increase - The Hong Kong property market started low at the beginning of the year, with activity increasing due to stamp duty cuts in the budget and a sharp drop in HIBOR[37](index=37&type=chunk) - In the first half of 2025, primary residential property transactions reached a near six-year high, with potential new supply decreasing from **112,000 units to 105,000 units**[37](index=37&type=chunk) - Secondary market property registrations saw a slight **2% increase** compared to last year[37](index=37&type=chunk) [Volume Up, Price Down](index=16&type=section&id=Volume%20Up,%20Price%20Down) Overall residential property registrations increased but total transaction value decreased, mainly because stamp duty cuts significantly boosted the attractiveness of smaller-priced properties, leading local buyers to prefer smaller, more affordable units - Primary property transaction volume increased by **8.2%**, but total transaction value decreased by **20%**, primarily due to the stamp duty reduction for properties priced at **HKD 4 million or below** to **HKD 100**[38](index=38&type=chunk) - Local buyers are becoming more cautious, tending to choose smaller and more affordable properties[38](index=38&type=chunk) [Resilient Rental Market Performance](index=16&type=section&id=Resilient%20Rental%20Market%20Performance) Hong Kong's status as an education hub and talent schemes attract a large number of non-local talents, driving up housing demand and supporting the rental market, while rising rents and falling interest rates leading to "mortgage cheaper than rent" may prompt some local citizens to purchase properties - A significant increase in non-local students and dependents of talent scheme applicants has boosted housing demand, supporting the rental market[39](index=39&type=chunk) - Rising rents and falling interest rates leading to "mortgage cheaper than rent" may encourage local citizens to choose homeownership[39](index=39&type=chunk) [Operational Strategy and Efficiency](index=17&type=section&id=Operational%20Strategy%20and%20Efficiency) Through management team restructuring, cross-district sales collaboration, and optimized physical layout, the Group effectively enhanced productivity and operational efficiency, offsetting the negative impact of decreased property transaction values, with mainland China operations remaining profitable [Enhancing Productivity and Operational Efficiency](index=17&type=section&id=Enhancing%20Productivity%20and%20Operational%20Efficiency) The strategic restructuring and strengthening measures of the management team in 2024 have yielded results, promoting cross-district sales collaboration and improving operational efficiency, leading to solid financial performance in Hong Kong and mainland China property agency businesses, with mainland operations remaining profitable in the first half - Management team restructuring effectively promoted cross-district sales collaboration, enhancing overall operational efficiency[40](index=40&type=chunk) - Improved operational efficiency helped offset the negative impact of decreased total transaction value in primary properties[40](index=40&type=chunk) - The Group's mainland China operations remained profitable in the first half of 2025[40](index=40&type=chunk) [Optimizing Physical Layout in Response to Industry Changes](index=17&type=section&id=Optimizing%20Physical%20Layout%20in%20Response%20to%20Industry%20Changes) Facing the continuous decline in the number of licensed property agents and branch outlets, the Group focuses on streamlining its existing layout, strategically managing branch sizes, and continuously investing in technology to enhance online and offline service efficiency - The number of licensed property agents and branch outlets continues to decline, posing challenges for small and medium-sized agencies[41](index=41&type=chunk) - The Group strategically streamlines its existing layout, manages branch sizes, and continuously invests in technology to enhance operational efficiency and services[41](index=41&type=chunk) [Outlook](index=17&type=section&id=Outlook) Looking ahead, the global economic outlook remains uncertain, but mainland China's economy shows resilience; Hong Kong's financial market performs strongly, its education industry status is consolidated, and tourism is expected to recover, while the property market may still face short-term selling pressure but is viewed positively in the long term, with the Group aiming to strengthen customer relationships and seize opportunities [Macroeconomic Environment](index=17&type=section&id=Macroeconomic%20Environment) The global economic outlook is increasingly uncertain due to unpredictable US policies and geopolitical risks, while mainland China's economy performed relatively well, with GDP growth of 5.4% in Q1 and 5.2% in Q2, and consumer demand expected to recover - The global economic outlook is increasingly uncertain due to unpredictable US trade and diplomatic policies[42](index=42&type=chunk) - Mainland China's economy performed well, with GDP growth of **5.4% in Q1** and **5.2% in Q2** of 2025[42](index=42&type=chunk) - China's Consumer Price Index saw a slight **0.1% increase**, indicating potential recovery in consumer demand[42](index=42&type=chunk) [Three Pillars of Hong Kong's Economy](index=17&type=section&id=Three%20Pillars%20of%20Hong%20Kong's%20Economy) Hong Kong's financial market shows strong performance, becoming a safe haven for capital, with new listings soaring to become the global top choice; the tourism industry is expected to continue growing, driven by an increase in visitor arrivals and new attractions like the Kai Tak Sports Park - Hong Kong has become a safe haven for capital, with HIBOR expected to remain at low levels[43](index=43&type=chunk) - Hong Kong rose to become the global top choice for new listings in the first half of 2025[43](index=43&type=chunk) - Visitor arrivals in the first half of 2025 increased by **12%** compared to the same period in 2024, with Kai Tak Sports Park and the future West Kowloon Cultural District driving tourism growth[44](index=44&type=chunk) [Development of Education Industry](index=18&type=section&id=Development%20of%20Education%20Industry) Hong Kong's status as an education hub is further consolidated, with five universities ranking among the top 100 globally; the government's relaxation of procedures for converting hotels and commercial buildings into student dormitories will help enhance its attractiveness - Five Hong Kong universities ranked among the top 100 globally in the **QS World University Rankings 2025**, the highest number among Asian cities[45](index=45&type=chunk) - The Hong Kong government has relaxed procedures for converting hotels and commercial buildings into student dormitories to address accommodation shortages and enhance the attractiveness of its education hub[45](index=45&type=chunk) [Property Market Outlook and Policies](index=18&type=section&id=Property%20Market%20Outlook%20and%20Policies) In the first half of 2025, property prices slightly decreased by 0.6%, while the rental market remained resilient with rents rising by 1.17%; the drop in HIBOR makes mortgage rates more attractive; the government is discussing a "Home Purchase Connect" mechanism, which is expected to boost demand for high-end properties, but short-term selling pressure is unlikely to significantly diminish - In the first half of 2025, property prices slightly decreased by **0.6%**, while rents increased by **1.17%**, nearing historical highs[46](index=46&type=chunk) - The drop in Hong Kong Interbank Offered Rate (HIBOR) has made mortgage rates lower than rental yields for small units, making buying more attractive than renting[46](index=46&type=chunk) - The Hong Kong government is discussing establishing a "Home Purchase Connect" mechanism with the central government, which is expected to increase mainland buyers' interest in high-end properties[46](index=46&type=chunk) - Some property owners remain burdened by debt, making it difficult for short-term selling pressure to significantly diminish[46](index=46&type=chunk) [Strengthening Customer Relationships](index=18&type=section&id=Strengthening%20Customer%20Relationships) The Group innovatively maintains customer relationships by partnering with Standard Chartered Bank to launch a credit card payment plan for rental deposits and offering "Midland Rent-Free Protection," aiming to convert tenants into potential buyers and protect property investment clients - Partnered with Standard Chartered Bank to launch a credit card payment plan for rental deposits and first-month rent, enhancing customer convenience[47](index=47&type=chunk) - Offers free "Midland Rent-Free Protection" to protect property investment clients from losses due to tenant rent arrears[47](index=47&type=chunk) [Future Outlook and Opportunities](index=19&type=section&id=Future%20Outlook%20and%20Opportunities) The Group remains cautiously optimistic about the Hong Kong property market, firmly believing in the deeply rooted homeownership culture, and will actively implement measures to boost homeownership confidence and achieve sustained business growth through operational optimization and strengthened customer relationships - The Group remains cautiously optimistic about the Hong Kong property market outlook and expects to actively implement measures to boost Hong Kong people's confidence and demand for homeownership[48](index=48&type=chunk) - The Group will seize opportunities from the Hong Kong property market recovery, optimize operations, and strengthen customer relationships to achieve sustained business growth[48](index=48&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) The Group primarily finances its operations through internal resources and borrowings; as of June 30, 2025, cash and bank balances amounted to HKD 722,164 thousand, with no interest-bearing borrowings, a total debt-to-asset ratio of 0%, a current ratio of 1.3, and a return on equity of 13.25% Liquidity and Financial Resources Summary | Metric | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances (thousand HKD) | 722,164 | 711,127 | 1.55 | | Interest-bearing Borrowings | Nil | Nil | - | | Total Debt-to-Asset Ratio | 0% | 0% | - | | Current Ratio | 1.3 | 1.2 | 8.33 | | Return on Equity (for the six months ended June 30) | 13.25% | 20.74% | -36.12 | - The Group has unutilized borrowing facilities of **HKD 1,168,000 thousand** from several banks, secured by certain trade receivables[50](index=50&type=chunk) - The Group faces RMB exchange rate risk, but the Directors believe no hedging measures are necessary at this stage[51](index=51&type=chunk) [Loan Portfolio and Lending Business Information](index=20&type=section&id=Loan%20Portfolio%20and%20Lending%20Business%20Information) As of June 30, 2025, outstanding loans receivable amounted to HKD 1,958 thousand, primarily loans to employees, a significant increase from HKD 413 thousand at the end of 2024; the Group manages loan risk through a lending committee approval process, credit risk assessment, and a diversified client base Loan Portfolio and Lending Business Information Summary | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Outstanding Loans Receivable | 1,958 | 413 | 374.10 | | Number of Outstanding Loan Accounts | 4 | 5 | -20.00 | | Largest Outstanding Loan Receivable | 1,246 (64%) | - | - | - The Group's lending business is operated by Midland Credit Limited, with all loans requiring approval from the lending committee and undergoing document collection and credit risk assessment[53](index=53&type=chunk) - The Group manages default risk by reducing borrower concentration and regularly reviewing its loan portfolio[54](index=54&type=chunk) [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) The Group is pursuing judicial review and a stay application regarding legal proceedings initiated by the Competition Commission, with a judgment expected before September 30, 2025; no provision has been made due to high uncertainty, while adequate provisions have been made or are not required for other claims/litigations - The Competition Commission initiated legal proceedings against the Group, alleging breaches of the First Conduct Rule of the Competition Ordinance[55](index=55&type=chunk) - The Group has filed for judicial review and a stay of the legal proceedings, with a judgment expected before September 30, 2025[55](index=55&type=chunk) - Due to the high uncertainty of the case, no provision has been made in the condensed consolidated financial statements[56](index=56&type=chunk) [Other Information](index=22&type=section&id=Other%20Information) [Employee Information](index=22&type=section&id=Employee%20Information) As of June 30, 2025, the Group employed 4,640 full-time employees, a slight increase from the end of 2024; remuneration policies are based on industry practice and individual performance, offering discretionary bonuses, incentives, share options, and other benefits Employee Information Summary | Employee Category | June 30, 2025 (Number) | December 31, 2024 (Number) | Change (%) | | :--- | :--- | :--- | :--- | | Total Full-time Employees | 4,640 | 4,593 | 1.02 | | Sales Agents | 4,019 | - | - | | Office Back-end Staff | 409 | - | - | | Front-line Support Staff | 212 | - | - | - The Group provides education allowances, medical and retirement benefits, and regularly offers internal and external training[57](index=57&type=chunk) [Interim Dividend](index=22&type=section&id=Interim%20Dividend) The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors decided not to declare an interim dividend for the first half of 2025[58](index=58&type=chunk) [Compliance with Corporate Governance Code](index=22&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules throughout the interim period - The Company complied with all applicable provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules during the interim period[59](index=59&type=chunk) [Code of Conduct for Securities Transactions by Directors](index=22&type=section&id=Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a code of conduct for directors' securities transactions no less exacting than the Model Code in the Listing Rules, and all directors confirmed compliance with this code during the interim period - All directors confirmed compliance with the company's adopted code of conduct for directors' securities transactions during the interim period[60](index=60&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=22&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) In January 2025, the Company repurchased 190,000 shares on the Stock Exchange for a total consideration of HKD 156,800, which were cancelled in February, aiming to enhance shareholder value; no other purchases, sales, or redemptions of listed securities occurred during the interim period Share Repurchase Summary | Repurchase Month | Number of Shares Repurchased | Price Paid Per Share (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | | January | 190,000 | Highest 0.83, Lowest 0.82 | 156,800 | - The share repurchase aimed to enhance shareholder value and the Company's net asset value and/or earnings per share, and the shares were cancelled on February 26, 2025[61](index=61&type=chunk) [Conclusion](index=22&type=section&id=Conclusion) [Review of Financial Statements](index=22&type=section&id=Review%20of%20Financial%20Statements) The Company's Audit Committee has reviewed and discussed the Group's unaudited condensed consolidated interim financial information for the interim period with management - The Audit Committee has reviewed and discussed the interim financial information[62](index=62&type=chunk) [Publication of 2025 Interim Results Announcement and Interim Report](index=23&type=section&id=Publication%20of%202025%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the Stock Exchange and the Company's website, and the interim report will be dispatched to shareholders and published on the website in due course - The interim results announcement has been published on the Stock Exchange and the company's website, and the interim report will be dispatched to shareholders in due course[63](index=63&type=chunk) [Acknowledgements](index=23&type=section&id=Acknowledgements) The Board of Directors expresses gratitude for the support of its team, clients, and business partners, and firmly believes in continuing its excellent performance in the future - The Board of Directors thanks the team, clients, and business partners for their support[64](index=64&type=chunk) - The Group looks forward to the future, committed to pursuing excellence and confident in continuing its excellent performance in the coming year[65](index=65&type=chunk) [By Order of the Board](index=23&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Ms. Wong Ching Yi, Angela, Vice Chairman, Managing Director and Executive Director of Midland Holdings Limited, on behalf of the Board of Directors, which comprises six directors including three executive directors and three independent non-executive directors - The Board of Directors comprises six directors, including three executive directors and three independent non-executive directors[66](index=66&type=chunk)

智通财经APP获悉，据美联物业研究中心综合土地注册处资料显示，香港7月份逾2,000万港元二手住宅注册量录121宗，较6月份108宗环比上升 约12%，除创3个月新高外，亦是今年的第二高位。 鉴于签署买卖合约至递交到土地注册处注册登记需时，7月注册个案一般主要反映6月市况;至于7月港股持续向好，拆息仍处较低水平，料逾 2,000万港元二手交投有望企稳逾百宗水平，并于8月注册量反映出来。 美联物业分析师岑颂谦指出，随着今年金融市场表现向好，年内恒指显著回升，加上近数月拆息低企，吸引部份资金流入豪宅物业，推高逾 2,000万港元二手住宅注册量。 若以屋苑排名，7月份逾2,000万港元二手住宅注册量最多的屋苑为一号银海，月内共有5宗相关银码的个案;贝沙湾、阳明山庄、君临天下、天玺 及帝峯.皇殿齐录3宗紧随其后。 7月亦录得多宗逾亿港元的超级豪宅注册登记，当中山顶TWELVE PEAKS单号屋以2.8亿港元转售;山顶GOUGH HILL RESIDENCES单号屋则以 2.6亿港元易手;至于九龙塘衡州道双号屋亦以1.35亿港元转售。 ...

Core Viewpoint - The Hong Kong property market is expected to see a 2% increase in prices in the third quarter of 2023, with both rental and property prices rising simultaneously for the first time in four years [1] Group 1: Property Prices - The "Mei Lun Property Index" surpassed the end of last year's figures in late July, indicating a shift from decline to growth in property prices [1] - Factors driving the increase in property prices include low interest rates, a rising stock market, and a reduction in supply [1] - The market sentiment among buyers has become more positive, contributing to the recovery in property prices [1] Group 2: Rental Market - Rental prices in Hong Kong have continued to break previous highs and are expected to rise alongside property prices [1] - The demand for rental properties remains strong, further fueling the upward trend in both rental and property prices [1] Group 3: Market Outlook - The company anticipates that both rental and property prices will record increases for the entirety of 2023, marking a significant recovery in the market [1] - The expected 2% increase in property prices for the third quarter represents the highest level seen since the first quarter of 2023 [1]

Summary of Key Points Core Viewpoint - As of August 8, a total of 90 stocks reached their 52-week highs, indicating a strong performance in the market, with notable leaders in the high-growth category [1]. 52-Week Highs - The top three stocks that achieved the highest growth rates are: - Fuyung (00352) with a growth rate of 147.42%, closing at 0.830 and reaching a high of 1.200 [1] - Maokai Kweichow (01716) with a growth rate of 44.33%, closing at 0.580 and reaching a high of 0.700 [1] - Biyang Green Group (01397) with a growth rate of 42.86%, closing at 0.900 and reaching a high of 1.100 [1] - Other notable stocks include: - Shaw Brothers Holdings (00953) at 37.61% growth [1] - Beihai Kangcheng-B (01228) at 32.43% growth [1] - Fubo Group (03738) at 22.32% growth [1] 52-Week Lows - The stocks that reached their 52-week lows include: - Kun Group (00924) with a decline of 7.89%, closing at 0.355 [3] - Huanshi Media (01003) with a decline of 7.46%, closing at 0.315 [3] - Jia Hong Logistics (02130) with a decline of 6.27%, closing at 2.990 [3] - Other significant declines include: - Dongyangguang Pharmaceutical (06887) at -6.09% [3] - Heng Tai Yu Group (08081) at -5.26% [3] - Macau Lijun (02913) at -4.41% [3]

Core Viewpoint - The rental prices in Hong Kong are rising towards historical highs, while property prices remain stagnant, indicating a significant disparity in the real estate market driven by an influx of new residents, particularly from mainland China and international students [1][10]. Rental Market Analysis - The Hong Kong rental index reached 195.6 points in June, a year-on-year increase of 1.6%, marking a near six-year high [1]. - Areas near major universities, such as Hong Kong City University and Hong Kong University, have seen rental prices increase by over 10% [2]. - The average rent per square foot for properties near the "Eight Major Universities" in Hong Kong has risen, with some areas reporting increases of up to 1000 HKD compared to the previous year [6][10]. Demographic Shifts - The influx of "New Hong Kong Drifters" (individuals moving to Hong Kong under talent attraction policies) and mainland students is significantly impacting the rental market, making them a core demographic in the high-end rental sector [1][10]. - The Hong Kong government plans to increase the admission cap for non-local students from 20% to 40%, further driving demand for rental properties [3]. Property Price Trends - The private residential price index in Hong Kong was reported at 286.7 points in June, reflecting a year-on-year decline of 5.22% and a cumulative drop of 0.86% in the first half of the year [1][14]. - Despite a slight month-on-month increase, property prices remain nearly 28% lower than the historical peak of 398.1 points recorded in September 2021 [14]. Market Dynamics - The rental market is expected to remain strong, with projections indicating a potential annual rental increase of 6% due to sustained demand from new residents and students [10]. - The property market is experiencing a shift as some buyers adopt a "rent instead of buy" strategy due to rising interest rates and market uncertainty, leading to increased rental demand [14][15]. - The overall property market is showing signs of activity, with over 2000 transactions recorded in July, a 30% increase from June, indicating a potential recovery despite ongoing price pressures [14][15].

格隆汇8月6日丨美联集团(01200.HK)宣布，公司将于2025年8月21日（星期四）举行董事会会议，藉此 （其中包括）批准公司及其附属公司截至2025年6月30日止六个月的中期业绩及其刊发，以及考虑派发 中期股息（如有）。 ...

承董事會命 美聯集團有限公司 公司秘書 梅雅美 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 董事會會議召開日期 美聯集團有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司將於二零二五 年八月二十一日（星期四）舉行董事會會議，藉此（其中包括）批准本公司及其附屬公 司截至二零二五年六月三十日止六個月之中期業績及其刊發，以及考慮派發中期股息 （如有）。 香港，二零二五年八月六日 於本公告日期，董事會由六名董事組成，包括三名執行董事黃建業先生、黃靜怡女士及施嘉明 先生；及三名獨立非執行董事何君達先生、孫德釗先生及陳念良先生。 ...

Group 1 - The latest US consumer confidence index is reported at 73.4 points, increasing by 1.2% week-on-week, supported by low interbank rates and a decline in potential supply data over five consecutive quarters [1] - The reduction in discounted listings has contributed to the rise in the confidence index, with the highest discount rate observed in the New Territories among three regions [1] - The latest property price index from Midland Realty is at 128.78 points, reflecting a week-on-week increase of 0.46%, marking a two-week consecutive rise, and a year-to-date increase of 0.51% [1] Group 2 - Property prices in the three regions show mixed developments, with Kowloon and New Territories increasing by 0.45% and 0.7% respectively, while Hong Kong Island's index decreased by 0.27% [1] - Compared to four weeks ago, Kowloon and New Territories recorded increases of 0.7% and 1.42%, while Hong Kong Island experienced a slight decline of 0.07% [2] - Year-to-date changes in property prices show Kowloon and New Territories with increases of 1.62% and 0.25%, while Hong Kong Island has decreased by 1.44% [2]