Core Viewpoint - Zhongyu Land (01224) reported a mid-term performance for the six months ending June 30, 2025, showing a revenue of HKD 250 million, a year-on-year increase of 2.56%, but a significant shift from profit to loss with a shareholder loss of HKD 36.754 million compared to a profit of HKD 91.006 million in the same period last year [1] Financial Performance - Revenue reached HKD 250 million, reflecting a 2.56% increase year-on-year [1] - Shareholder loss amounted to HKD 36.754 million, contrasting with a profit of HKD 91.006 million in the previous year, indicating a significant decline in financial performance [1] - Basic loss per share was reported at HKD 0.95 [1]

格隆汇8月21日丨中渝置地(01224.HK)发布公告，截至2025年6月30日止六个月，实现收入2.50亿港元， 同比增加2.6%；毛利为2.43亿港元，同比增加6.4%；母公司普通权益拥有人应占本期间亏损3675.4万港 元，上年同期母公司普通权益拥有人应占盈利9100.6万港元；基本每股亏损0.95港仙。 ...

[Consolidated Statement of Profit or Loss](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The company experienced a significant decline from profit to a net loss, with basic and diluted loss per share of **0.95 HK cents** for the period Summary of Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 250,337 | 244,093 | 2.56% | | Gross profit | 243,347 | 228,736 | 6.39% | | Other income and gains, net | 172,820 | 166,413 | 3.85% | | Administrative expenses | (124,021) | (159,455) | -22.22% | | Finance costs | (284,938) | (316,747) | -10.04% | | Share of profits/(losses) of joint ventures | 45,010 | 264,340 | -82.98% | | Share of profits/(losses) of associates | (55,355) | (21,043) | 163.05% | | Profit/(loss) before tax | (3,150) | 118,631 | -102.65% | | Income tax expense | (33,604) | (27,625) | 21.64% | | Profit/(loss) for the period attributable to owners of the parent | (36,754) | 91,006 | -140.38% | | Basic and diluted earnings/(loss) per share | (0.95) HK cents | 2.34 HK cents | -140.60% | [Other Comprehensive Income/(Loss)](index=2&type=section&id=Other%20Comprehensive%20Income%2F(Loss)) Total comprehensive income attributable to owners of the parent significantly increased to **HK$1.03 billion**, primarily due to substantial foreign currency translation differences Summary of Other Comprehensive Income/(Loss) (For the six months ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change (%) | | :--- | :--- | :--- | :--- | | Profit/(loss) for the period | (36,754) | 91,006 | -140.38% | | Fair value changes of cash flow hedges | (56,273) | 69,543 | -180.91% | | Exchange differences on translation of foreign operations | 1,126,235 | (51,660) | 2283.27% | | Other comprehensive income for the period | 1,069,962 | 18,913 | 5556.26% | | Total comprehensive income for the period attributable to owners of the parent | 1,033,208 | 109,919 | 840.00% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total equity increased by 8.08% to **HK$13.82 billion**, while net current liabilities significantly expanded to **HK$1.48 billion** Summary of Consolidated Statement of Financial Position (As at June 30) | Indicator | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Investment properties | 12,303,466 | 11,061,312 | 11.23% | | Investments in joint ventures | 7,772,418 | 7,324,563 | 6.12% | | Total non-current assets | 22,200,736 | 20,585,585 | 7.84% | | **Current assets** | | | | | Cash and cash equivalents | 1,878,690 | 1,535,223 | 22.37% | | Total current assets | 2,673,861 | 2,932,292 | -8.74% | | **Current liabilities** | | | | | Interest-bearing bank and other borrowings | 1,605,226 | 716,080 | 124.17% | | Notes payable | 2,324,011 | 2,321,829 | 0.09% | | Total current liabilities | 4,156,737 | 3,414,602 | 21.73% | | Net current liabilities | (1,482,876) | (482,310) | 207.45% | | **Non-current liabilities** | | | | | Interest-bearing bank and other borrowings | 6,866,948 | 7,309,226 | -6.05% | | Total non-current liabilities | 6,894,899 | 7,313,522 | -5.72% | | **Equity** | | | | | Total equity | 13,822,961 | 12,789,753 | 8.08% | [Notes](index=4&type=section&id=Notes) This section provides detailed notes on the financial statements, covering accounting policies, segment information, and specific financial items [1. Basis of Presentation and Preparation](index=4&type=section&id=1.%20Basis%20of%20Presentation%20and%20Preparation) The interim financial information is prepared under HKAS 34, with the board affirming going concern despite a net current liability and loss, supported by a **HK$3 billion** committed revolving loan from the controlling shareholder - The Group recorded a **loss of HK$36.75 million** for the six months ended June 30, 2025, with **current liabilities exceeding current assets by HK$1.48 billion**[6](index=6&type=chunk) - The controlling shareholder, Mr. Cheung Chung Kiu, provided a **HK$3 billion committed revolving loan** to the Group in December 2024, which remained undrawn as of June 30, 2025, to support liquidity[7](index=7&type=chunk) - The Board believes the Group has **sound liquidity management** and sufficient financial resources, preparing financial information on a going concern basis[7](index=7&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=4&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The Group adopted the revised HKAS 21 'Lack of Exchangeability' for the first time, which had no material impact due to the convertibility of the Group's transaction and functional currencies - The Group first adopted the revised HKAS 21 "Lack of Exchangeability," which had **no impact on financial statements** as all currencies used by the Group are convertible[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [3. Segment Information](index=5&type=section&id=3.%20Segment%20Information) The Group operates in 'Property Development and Investment' and 'Financial Investments' segments, with property contributing **HK$250 million** in revenue and **HK$326 million** in segment results, while financial investments recorded a **HK$9.4 million** loss - The Group's principal operating segments are **property development and investment** and **financial investments**[11](index=11&type=chunk) Reportable Segment Information (For the six months ended June 30) | Indicator | Property Development and Investment (HK$ '000) | Financial Investments (HK$ '000) | Total (HK$ '000) | | :--- | :--- | :--- | :--- | | **2025** | | | | | Revenue from external customers | 249,986 | 351 | 250,337 | | Segment results | 325,681 | (9,384) | 316,297 | | **2024** | | | | | Revenue from external customers | 222,464 | 21,629 | 244,093 | | Segment results | 493,990 | (21,193) | 472,797 | - In the first half of 2025, revenue from the property development and investment segment **increased by 12.37% year-on-year**, while financial investment segment revenue **decreased significantly by 98.38% year-on-year**[13](index=13&type=chunk)[14](index=14&type=chunk) [4. Revenue, Other Income and Gains, Net](index=6&type=section&id=4.%20Revenue,%20Other%20Income%20and%20Gains,%20Net) Total revenue increased by 2.56% to **HK$250 million**, primarily from investment property rental income, while other income and gains, net, rose by 3.85% to **HK$173 million**, significantly boosted by net exchange gains Analysis of Revenue, Other Income and Gains, Net (For the six months ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | | | | | Gross rental income from investment properties under operating leases | 249,986 | 222,464 | 12.37% | | Dividend income from listed equity investments | 351 | 746 | -52.95% | | Dividend income from an unlisted fund investment | - | 20,883 | -100.00% | | **Total revenue** | 250,337 | 244,093 | 2.56% | | **Other income and gains, net** | | | | | Bank interest income | 27,044 | 39,283 | -31.29% | | Fair value gains on investment properties | 24,848 | 122,881 | -79.77% | | Fair value gains on financial assets at fair value through profit or loss, net | 10,134 | - | N/A | | Fair value gains on derivative financial instruments, net | 13,550 | 4,106 | 230.02% | | Exchange gains, net | 96,865 | - | N/A | | **Total other income and gains, net** | 172,820 | 166,413 | 3.85% | [5. Profit/(Loss) Before Tax](index=7&type=section&id=5.%20Profit%2F(Loss)%20Before%20Tax) The Group reported a pre-tax loss of **HK$3.15 million**, a significant decline from the prior year's profit, influenced by fair value gains, increased exchange gains, and reduced depreciation Components of Profit/(Loss) Before Tax (For the six months ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change (%) | | :--- | :--- | :--- | :--- | | Depreciation of owned assets | 2,861 | 10,398 | -72.48% | | Depreciation of right-of-use assets | 6,880 | 7,034 | -2.19% | | Total depreciation | 9,741 | 17,432 | -44.01% | | Fair value losses/(gains) on financial assets at fair value through profit or loss, net | (10,134) | 21,210 | -147.78% | | Exchange differences, net | (96,865) | 22,403 | -532.30% | | Total employee benefit expenses | 75,077 | 73,266 | 2.47% | [6. Income Tax](index=7&type=section&id=6.%20Income%20Tax) Income tax expense increased by 21.64% to **HK$33.6 million**, primarily from UK operations taxed at 25%, with Hong Kong and Mainland China having varying corporate tax rates - Hong Kong profits tax rate is **16.5%**, with some subsidiaries subject to a **two-tiered tax rate of 8.25%**[17](index=17&type=chunk) - The UK corporate tax rate is **25%**[17](index=17&type=chunk) - Mainland China corporate income tax rate is **25%**, with Tibetan subsidiaries enjoying a **preferential rate of 15%**[17](index=17&type=chunk) Current Tax Expense for the Period (For the six months ended June 30) | Region | 2025 (HK$ '000) | 2024 (HK$ '000) | Change (%) | | :--- | :--- | :--- | :--- | | United Kingdom | 33,604 | 27,625 | 21.64% | [7. Dividends](index=7&type=section&id=7.%20Dividends) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved **not to declare an interim dividend** for the six months ended June 30, 2025 (2024: nil)[19](index=19&type=chunk) [8. Earnings/(Loss) Per Share Attributable to Owners of the Parent](index=8&type=section&id=8.%20Earnings%2F(Loss)%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) Basic loss per share was **0.95 HK cents**, a decline from the prior year's profit, directly reflecting the loss attributable to owners of the parent, with no dilutive potential ordinary shares Calculation of Basic and Diluted Earnings/(Loss) Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(loss) attributable to owners of the parent (HK$ '000) | (36,754) | 91,006 | | Basic and diluted earnings/(loss) per share | (0.95) HK cents | 2.34 HK cents | | Weighted average number of ordinary shares outstanding | 3,882,334,668 | 3,882,334,668 | - The Group had **no potential dilutive ordinary shares** outstanding during the period, thus basic and diluted earnings/(loss) per share are the same[20](index=20&type=chunk) [9. Property and Equipment](index=8&type=section&id=9.%20Property%20and%20Equipment) Additions to property and equipment significantly increased to **HK$6.43 million**, primarily due to new right-of-use assets Additions to Property and Equipment (For the six months ended June 30) | Category | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Owned assets | 92 | 34 | | Right-of-use assets | 6,342 | - | | **Total additions** | 6,434 | 34 | [10. Trade Receivables](index=8&type=section&id=10.%20Trade%20Receivables) Trade receivables increased to **HK$9.71 million**, primarily rental income with minimal credit risk, mostly overdue for less than 12 months Ageing Analysis of Trade Receivables (As at June 30) | Ageing | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Within 1 month | 1,395 | - | | 1 to 3 months | 6,093 | 7,822 | | 3 to 6 months | 1,078 | 922 | | 6 to 12 months | 1,144 | - | | **Total** | 9,710 | 8,744 | - Trade receivables primarily consist of **rental income**, generally collected in advance, with overdue balances regularly reviewed by senior management[24](index=24&type=chunk) - The Group faces **insignificant credit risk**, with expected credit losses being very low[25](index=25&type=chunk) [11. Share Capital](index=9&type=section&id=11.%20Share%20Capital) The company's authorized share capital remained at **HK$2 billion**, with issued and fully paid share capital at **HK$388.23 million**, and no interim dividend was declared Share Capital Structure (As at June 30) | Category | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Authorized share capital (20,000,000,000 ordinary shares of HK$0.10 each) | 2,000,000 | 2,000,000 | | Issued and fully paid share capital (3,882,334,668 ordinary shares of HK$0.10 each) | 388,233 | 388,233 | - The Board resolved **not to declare an interim dividend** for the six months ended June 30, 2025[27](index=27&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the Group's operational and financial performance, strategic outlook, and risk management for the period [Business Review](index=9&type=section&id=Business%20Review) The Group continues its property development and investment activities in major global cities, including London, Hong Kong, and Mainland China, focusing on long-term returns through infrastructure and prudent investment - The Group's principal business focuses on **property development and investment** in major cities across London, Hong Kong, and Mainland China[28](index=28&type=chunk) [Revenue and Operating Results](index=9&type=section&id=Revenue%20and%20Operating%20Results) Total revenue remained stable at **HK$250 million**, with investment property rental income up 12.4%, while financial investments recorded a **HK$10.1 million** fair value gain, reversing prior year's loss, but joint venture investments incurred a **HK$10.3 million** loss, leading to a **HK$36.8 million** loss attributable to shareholders - Rental income from the investment property portfolio was **HK$250 million**, an **increase of 12.4%** from the prior year, mainly due to new leases at One Kingdom Street and the appreciation of GBP against HKD[30](index=30&type=chunk) - The financial investment segment recorded a **fair value gain of HK$10.1 million** (2024: loss of HK$21.2 million) and a **realized gain of HK$0.3 million** from the redemption of unlisted investment funds[31](index=31&type=chunk) - Operating results from joint venture investments recorded a **loss of HK$10.3 million** (2024: profit of HK$243.3 million), primarily due to reduced residential unit sales at Thames City Phase 1 and lower expected priority returns from The Whiteley[31](index=31&type=chunk) - Loss attributable to shareholders was **HK$36.8 million** (2024: profit of HK$91 million), with basic loss per share of **0.95 HK cents** (2024: profit of 2.34 HK cents)[33](index=33&type=chunk) [Investment Properties](index=10&type=section&id=Investment%20Properties) The Group's two prime commercial properties in London, The Leadenhall Building and One Kingdom Street, totaling **875,000 sq ft**, continue to generate stable rental income of **HK$250 million** with a 99% collection rate [London](index=10&type=section&id=London) The Group's two core commercial properties in London, The Leadenhall Building and One Kingdom Street, consistently provide stable rental income, reaching **HK$250 million** with a 99% collection rate for the period - The Group owns two Grade A commercial properties in London: **The Leadenhall Building** and **One Kingdom Street**, with a total leasable area of approximately **875,000 sq ft**[34](index=34&type=chunk)[35](index=35&type=chunk) - UK investment properties generated **rental income of HK$250 million** (2024: HK$222.5 million) during the period, maintaining a high **rental collection rate of 99%** (2024: 96%)[36](index=36&type=chunk) [The Leadenhall Building](index=11&type=section&id=The%20Leadenhall%20Building) The Leadenhall Building, a fully leased iconic London landmark, has a weighted average remaining lease term of 8.1 years, generating approximately **£42.7 million** in annual contractual rent with a 3.7% yield - The Leadenhall Building is **fully leased**, with a weighted average remaining lease term of approximately **8.1 years**, including a fixed term of 6.9 years[37](index=37&type=chunk) - Current annual contractual rent is approximately **£42.7 million** (December 31, 2024: £42.1 million), with a rental yield of approximately **3.7% per annum** (December 31, 2024: 3.7%)[37](index=37&type=chunk) [One Kingdom Street](index=11&type=section&id=One%20Kingdom%20Street) One Kingdom Street, offering **265,000 sq ft** of Grade A office space, is 89% leased with an annual contractual rent of approximately **£16.9 million** and a 5.8% yield, with plans to redevelop a vacant area into an urban logistics hub - One Kingdom Street offers approximately **265,000 sq ft of Grade A office space**, with **89% leased** to reputable anchor tenants[39](index=39&type=chunk) - Current annual contractual rent is approximately **£16.9 million** (December 31, 2024: £16.0 million), with a rental yield of approximately **5.8% per annum** (December 31, 2024: 5.5%)[39](index=39&type=chunk) - The Group is exploring transforming the **15,360 sq ft vacant area** returned after the completion of Elizabeth Line construction into an urban logistics hub[39](index=39&type=chunk) [Joint Ventures](index=11&type=section&id=Joint%20Ventures) The Group's total investment in seven joint venture property projects increased to **HK$9.8 billion**, primarily due to GBP appreciation, with projects in the UK, Hong Kong, and Mainland China expected to contribute significantly to earnings in the short to medium term [London](index=12&type=section&id=London) The Group's London joint venture developments, Thames City and The Whiteley, continue to create shareholder value, with **502 residential units** sold at Thames City Phase 1 and **101 residential properties** sold at The Whiteley - The Group continues to create value in its London property development business through its interests in **Thames City** and **The Whiteley**[42](index=42&type=chunk) - As of June 30, 2025, **502 residential units** in Thames City Phase 1 have been sold, totaling over **£1 billion** in value[42](index=42&type=chunk) - **101 residential properties** at The Whiteley have been sold, with total sales proceeds of approximately **£661 million**[42](index=42&type=chunk) [Thames City](index=12&type=section&id=Thames%20City) Thames City, a large-scale mixed-use development in central London with approximately **1,500 luxury residential units**, sold **15 units** for **£66 million** during the period, with Phase 2 under construction and the Group holding a 50% interest - The Thames City project is a mixed-use development comprising approximately **1,500 luxury residential units**, with a total saleable area of approximately **1.7 million sq ft**[43](index=43&type=chunk) - **15 units were sold** during the period, contributing **£66 million** in sales revenue[43](index=43&type=chunk) - Thames City Phases 2 and 3 are in preparation, with Phase 2 already commenced and expected to be **completed in 2028**[44](index=44&type=chunk) - The Group holds a **50% interest** in the Thames City project[45](index=45&type=chunk) [The Whiteley](index=12&type=section&id=The%20Whiteley) The Whiteley project, expected to complete in H2 2025, will offer **139 luxury residential apartments** and a five-star hotel; **91 residential units** have been delivered, **101 pre-sold for £661 million**, and the hotel pre-sold for **£180 million**, with the Group holding approximately 47% equity - The Whiteley project is expected to be **completed in H2 2025**, offering **139 luxury residential apartments**, a **109-room five-star Six Senses Hotel**, and retail and dining spaces[46](index=46&type=chunk)[47](index=47&type=chunk) - As of June 30, 2025, **91 residential units** have been delivered to buyers with sales of **£611 million**; **101 residential units** have been pre-sold, totaling **£661 million**[47](index=47&type=chunk) - The Six Senses Hotel has been **pre-sold for £180 million**, with completion of sale expected in H2 2025[47](index=47&type=chunk) - The Group holds approximately **47% equity interest** but **50% voting rights** in this project[47](index=47&type=chunk) [The Quayside](index=13&type=section&id=The%20Quayside) The Quayside, a **28-story Grade A office building** in Hong Kong with **795,000 sq ft GFA**, maintained a **75% occupancy rate** as of June 30, 2025, primarily leased to the Hospital Authority, with the Group holding a 25% interest - The Quayside is a **28-story Grade A office building** with a total GFA of approximately **795,000 sq ft**, maintaining an **occupancy rate of 75%** as of June 30, 2025[48](index=48&type=chunk) - The Group holds a **25% interest** in The Quayside project[48](index=48&type=chunk) [15 Shouson Hill Road](index=13&type=section&id=15%20Shouson%20Hill%20Road) 15 Shouson Hill Road, comprising **15 luxury detached houses** totaling **88,000 sq ft GFA**, has successfully sold **7 houses** for approximately **HK$3.9 billion**, with 8 remaining for sale and the Group holding a 42% interest - 15 Shouson Hill Road comprises a total of **15 luxury detached houses**, with a total GFA of approximately **88,000 sq ft**[49](index=49&type=chunk) - As of June 30, 2025, **7 houses have been successfully sold**, contributing total sales revenue of approximately **HK$3.9 billion**[49](index=49&type=chunk) - The Group holds a **42% interest** in 15 Shouson Hill Road[50](index=50&type=chunk) [Kowloonbay International Trade & Exhibition Centre (KITEC)](index=13&type=section&id=Kowloonbay%20International%20Trade%20%26%20Exhibition%20Centre%20(KITEC)) Kowloonbay International Trade & Exhibition Centre (KITEC) ceased operations in 2024, and its mixed-use commercial and residential redevelopment plan was approved by the Town Planning Board on July 18, 2025, with the Group holding a **15% effective interest** - Kowloonbay International Trade & Exhibition Centre (KITEC) **ceased operations in 2024**, and its mixed-use property redevelopment plan has been **approved by the Town Planning Board**[51](index=51&type=chunk) - The Group holds a **15% effective interest** in this project[51](index=51&type=chunk) [Mainland China](index=13&type=section&id=Mainland%20China) The Group has two development projects in Mainland China, Yancheng, Jiangsu, and Jiangmen, Guangdong, with Yancheng Phase 1 completed and delivered in 2023, and Jiangmen awaiting infrastructure completion before construction - The Group has two development projects in Mainland China: **Yancheng, Jiangsu**, and **Jiangmen, Guangdong**[52](index=52&type=chunk)[53](index=53&type=chunk) - Phase 1 of the Yancheng, Jiangsu project was **completed and commenced delivery in 2023**[52](index=52&type=chunk) - The Jiangmen, Guangdong project has completed site surveys, with **related road and public utility infrastructure construction** required before building works commence[54](index=54&type=chunk) [Financial Investment Business](index=14&type=section&id=Financial%20Investment%20Business) The financial investment segment recorded a **HK$9.4 million** loss, a reduction from the prior year, with a **HK$10.1 million** fair value gain and **HK$0.3 million** realized gain from unlisted investment fund redemptions totaling **HK$549.4 million** - The financial investment segment recorded a **loss of HK$9.4 million** (2024: loss of HK$21.2 million)[55](index=55&type=chunk) - The investment portfolio recorded a **fair value gain of HK$10.1 million** (2024: fair value loss of HK$21.2 million)[55](index=55&type=chunk) - Realized gain of **HK$0.3 million** from the redemption of unlisted investment funds, with total redemption proceeds of **HK$549.4 million**[55](index=55&type=chunk) [Corporate Strategy and Outlook](index=14&type=section&id=Corporate%20Strategy%20and%20Outlook) Facing a high-interest rate environment, geopolitical tensions, and economic uncertainties, the Group anticipates continued challenges in global and local property markets, adopting a cautious approach to seek quality asset acquisition opportunities while ensuring portfolio stability and a robust balance sheet - The global economy is expected to be **challenging and uncertain**, with the Mainland China and Hong Kong property markets remaining **subdued in the coming years**[56](index=56&type=chunk) - The Group will adopt a **conservative approach**, closely monitoring the market for potential acquisitions of **quality assets and businesses**[56](index=56&type=chunk) - Focus will be on ensuring the **stability and sustainability** of the existing property portfolio and maintaining a **robust balance sheet**[56](index=56&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) The Group maintains a sound financial position, successfully redeeming unlisted investment funds to improve liquidity, with net borrowings slightly increasing to **HK$8.6 billion**, net gearing ratio slightly decreasing to 62.2%, and a weighted average debt cost of 5.5% [Financial Investments](index=14&type=section&id=Financial%20Investments) The financial investment portfolio, comprising listed equity securities and unlisted investment funds, decreased to **HK$266.8 million** due to unlisted fund redemptions, recognizing **HK$10.1 million** in unrealized fair value gains and **HK$112.9 million** in realized cash gains - The Group successfully redeemed unlisted investment funds, realizing total proceeds of **HK$549.4 million**, significantly improving its liquidity position[57](index=57&type=chunk) Financial Assets at Fair Value Through Profit or Loss (As at June 30) | Category | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | | :--- | :--- | :--- | | Listed equity securities | 52.2 | 45.8 | | Unlisted investment funds | 214.6 | 760.0 | | **Total** | 266.8 | 805.8 | - Unrealized fair value gains of **HK$10.1 million** (2024: loss of HK$21.2 million) were recognized during the period, and **HK$112.9 million** in realized cash gains were achieved[58](index=58&type=chunk) [Liquidity and Financial Resources](index=15&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group held **HK$2.2 billion** in cash, with net borrowings slightly increasing to **HK$8.6 billion**, a net gearing ratio of **62.2%**, and total debt of **HK$10.8 billion**, with a weighted average cost of **5.5%** - As of June 30, 2025, the Group held **HK$2.2 billion in cash**, approximately **16% denominated in HKD**, **43% in USD**, and **40% in GBP**[59](index=59&type=chunk) - Net borrowings slightly increased to **HK$8.6 billion** (December 31, 2024: HK$8.4 billion)[59](index=59&type=chunk) - The net gearing ratio slightly decreased from **65.9%** as of December 31, 2024, to **62.2%** as of June 30, 2025[59](index=59&type=chunk) - Total debt amounted to **HK$10.8 billion**, with **HK$3.9 billion repayable within one year** and **HK$6.9 billion repayable after one year**[60](index=60&type=chunk) - The weighted average cost of debt for the period was **5.5% per annum** (2024: 5.9%)[60](index=60&type=chunk) - Net current liabilities were **HK$1.5 billion**, primarily due to notes payable and bank loans reclassified from non-current to current liabilities as their maturity dates approached, supported by **refinancing from the controlling shareholder**[60](index=60&type=chunk) - As of June 30, 2025, shareholders' equity was **HK$13.8 billion** (December 31, 2024: HK$12.8 billion), with **net asset value per share of HK$3.56** (December 31, 2024: HK$3.29)[61](index=61&type=chunk) [Contingent Liabilities / Financial Guarantees](index=16&type=section&id=Contingent%20Liabilities%20/%20Financial%20Guarantees) As of June 30, 2025, the Group provided guarantees of up to **HK$1.305 billion** for loans to an associate and committed up to **HK$1.004 billion** for capital contributions and debt guarantees to a joint venture - Provided guarantees to banks for loans granted to an associate, up to **HK$1.305 billion** (December 31, 2024: HK$1.328 billion)[67](index=67&type=chunk) - Committed up to **HK$1.004 billion** to certain financial institutions for a joint venture's capital contributions, including project development costs, guarantees for operating expense overruns, and certain joint venture liabilities[67](index=67&type=chunk) [Pledged Assets](index=16&type=section&id=Pledged%20Assets) As of June 30, 2025, investment properties valued at **HK$12.3 billion**, bank deposits of **HK$250 million**, property and equipment of **HK$54.7 million**, and equity interests in certain subsidiaries were pledged as collateral for bank financing - As of June 30, 2025, **HK$12.3 billion in investment properties**, **HK$250 million in bank deposits**, **HK$54.7 million in property and equipment**, and equity interests in certain subsidiaries were **pledged as collateral** for bank financing granted to the Group[63](index=63&type=chunk) [Exchange Rate Risk and Hedging](index=16&type=section&id=Exchange%20Rate%20Risk%20and%20Hedging) The Group manages exchange rate risk through a strategic hedging policy, including interest rate swaps, natural hedging with same-currency borrowings, and timely use of forward currency contracts - The Group adopts a **strategic hedging policy** to optimize risk-adjusted returns, including using **interest rate swaps** to hedge borrowing interest rate risk[64](index=64&type=chunk)[68](index=68&type=chunk) - **Same-currency borrowings** are used as a natural hedge to match asset and cash flow currencies[68](index=68&type=chunk) - **Forward currency contracts** are utilized in a timely manner to hedge currency risk[68](index=68&type=chunk) [Employees](index=16&type=section&id=Employees) As of June 30, 2025, the Group employed **108 staff** across Hong Kong, Mainland China, and the UK, with total remuneration costs (excluding directors' emoluments) of approximately **HK$53 million**, offering competitive compensation and benefits - As of June 30, 2025, the Group employed a total of **108 staff**[65](index=65&type=chunk) - Remuneration costs for the period (excluding directors' emoluments) were approximately **HK$53 million**[65](index=65&type=chunk) - Remuneration policy ensures **market competitiveness**, providing mandatory provident fund contributions, medical insurance, and training subsidies[65](index=65&type=chunk) [Share Options](index=16&type=section&id=Share%20Options) The company's 2015 share option scheme expired on May 21, 2025, with no options granted during its term, and a new scheme adopted on May 19, 2025, also had no options granted as of June 30, 2025 - The Company's **2015 Share Option Scheme expired on May 21, 2025**, with **no share options granted** during its tenure[66](index=66&type=chunk) - A **new share option scheme was adopted on May 19, 2025**, with **no share options granted** as of June 30, 2025[69](index=69&type=chunk) [Corporate Governance Practices](index=17&type=section&id=Corporate%20Governance%20Practices) The company has applied and complied with the principles and code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The Company has applied and complied with the **principles and code provisions of the Corporate Governance Code** as set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[70](index=70&type=chunk) [Directors' Securities Transactions](index=17&type=section&id=Directors'%20Securities%20Transactions) The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed compliance for the six months ended June 30, 2025 - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as its code of conduct, as set out in Appendix C3 of the Listing Rules[71](index=71&type=chunk) - All Directors have confirmed compliance with the **required standards** set out in the Model Code for the six months ended June 30, 2025[71](index=71&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=17&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2025, and no treasury shares were held - Neither the Company nor any of its subsidiaries **purchased, sold, or redeemed any of the Company's listed securities** during the six months ended June 30, 2025[72](index=72&type=chunk) - As of June 30, 2025, the Company **held no treasury shares**[72](index=72&type=chunk) [Review of Interim Results](index=17&type=section&id=Review%20of%20Interim%20Results) The Audit Committee discussed and reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, with management - The Audit Committee has discussed and reviewed the Group's **unaudited condensed consolidated interim financial information** for the six months ended June 30, 2025, with management[73](index=73&type=chunk) [Publication of Results Announcement and Interim Report](index=17&type=section&id=Publication%20of%20Results%20Announcement%20and%20Interim%20Report) This results announcement has been published on the company's website and HKEXnews website, with the interim report to be published later on both platforms - This results announcement has been published on the Company's website **www.ccland.com.hk** and the HKEXnews website **www.hkexnews.hk**[74](index=74&type=chunk) - The Company's **2025 interim report** will also be published on both websites at a later date[74](index=74&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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。 中 渝 置 地 控 股 有 限 公 司 （於百慕達註冊成立的有限公司） 網址︰ www.ccland.com.hk （股份代號︰1224） 董 事 會 召 開 日 期 中渝置地控股有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於 2025年8月21日（星期四）舉行董事會會議，藉以（其中包括）批准刊發本公司及其 附屬公司截至2025年6月30日止六個月的中期業績公告，以及考慮派發中期股息。 承董事會命 副主席兼董事總經理 林孝文 香港，2025 年 8 月 8 日 於本公告日期，董事會包括執行董事張松橋先生、林孝文醫生、黃志強先生 、 梁偉輝先生 及張渝翎女士；以及獨立非執行董事林健鋒先生、梁宇銘先生及陸宇經先生。 C C Land Holdings Limited ...

Group 1 - The market capitalization of the Hong Kong securities market increased to HKD 44.9 trillion as of July 2025, representing a year-on-year growth of 44% from HKD 31.1 trillion [1] - The growth is attributed to favorable policies, the return of Chinese concept stocks, and reforms within the Hong Kong stock market, which enhances its financing capabilities and attracts more enterprises and capital [1] Group 2 - Baifu Holdings announced the sale of a 1.71% stake in Guangzhou Yujian Xiaomian for HKD 48 million, reducing its ownership from approximately 17.16% to 15.46% [2] - The company reported a 24.4% decline in revenue and a 59.5% increase in net loss for 2024, indicating financial struggles that may have prompted the sale [2] - Yujian Xiaomian has submitted a prospectus for an IPO on the Hong Kong main board, with CMB International as the sole sponsor [2] Group 3 - Zhongyu Land expects a shareholder loss of approximately HKD 40 million for the first half of the year, a significant decline from a profit of HKD 91 million in the same period last year [3] - The loss is primarily due to reduced contributions from joint ventures and decreased fair value gains from investment properties in the UK, partially offset by exchange gains from the appreciation of GBP against HKD [3] Group 4 - ZTE Corporation completed the issuance of HKD 3.584 billion in zero-coupon convertible bonds, maturing in 2030, with net proceeds of approximately RMB 35.43 billion after expenses [4] - The funds will be used to enhance research and development in computing power products, which is expected to strengthen ZTE's competitiveness in AI and 5G sectors [4] - The bonds have been listed on the Hong Kong Stock Exchange, with trading permissions effective from August 6 [4] Group 5 - The Hang Seng Index closed at 24,910.63, with a slight increase of 0.03% on August 6 [5] - The Hang Seng Tech Index rose by 0.20% to 5,532.17, while the National Enterprises Index decreased by 0.21% to 8,932.68 [5]

Performance Highlights - BeiGene (06160.HK) reported a revenue of 17.518 billion yuan for the first half of the year, a year-on-year increase of 46%; product revenue was 17.36 billion yuan, up 45.8%; net profit was 450 million yuan, turning from loss to profit [2] - Uni-President China (00220.HK) achieved approximately 17.087 billion yuan in revenue for the first half, a year-on-year increase of 10.6%; net profit was about 1.287 billion yuan, up 33.2% [2] - Zhiyu City Technology (09911.HK) announced a positive profit forecast, expecting mid-term revenue of approximately 3.135 to 3.215 billion yuan, a year-on-year increase of about 38.0% to 41.5%; net profit is expected to be around 470 to 510 million yuan, a year-on-year growth of approximately 108.9% to 126.7% [2] Earnings Forecasts - New World Development Company (00086.HK) expects mid-term net profit to increase to no less than 800 million HKD year-on-year [3] - Weizhi Jinkou (02003.HK) anticipates mid-term net profit exceeding 200 million HKD, a significant increase year-on-year [3] - Wing Chan Industrial (01596.HK) forecasts mid-term net profit of approximately 48.7 million HKD, turning from loss to profit [3] - Huaxian Optoelectronics (00334.HK) expects mid-term net profit to exceed 48.8 million HKD, a year-on-year increase of over 600% [3] - Maifushi (02556.HK) predicts mid-term net profit of approximately 31.8 to 41 million HKD, turning from loss to profit [4] - Xinwei Medical-B (06609.HK) expects mid-term net profit to exceed 40 million HKD, turning from loss to profit [5] - China Nuclear Technology (00611.HK) anticipates mid-term net profit growth of over 15% [6] Earnings Warnings - Hongxing Printing Group (00450.HK) expects mid-term net loss of approximately 49 million HKD, a significant increase year-on-year [7] - Zhongyu Land (01224.HK) forecasts mid-term net loss of approximately 40 million HKD, turning from profit to loss [7] - Beihai Group (00701.HK) anticipates mid-term net loss of 36 to 40 million HKD [8] Real Estate Sales Data - China Overseas Development (00688.HK) reported cumulative contract property sales of approximately 132 billion yuan for the first seven months, a year-on-year decrease of 18.3% [9] - Yuexiu Property (00123.HK) achieved cumulative contract sales of approximately 67.506 billion yuan for the first seven months, a year-on-year increase of about 11.7% [9] - Poly Property Group (00119.HK) reported contract sales of approximately 29.5 billion yuan for the first seven months, a year-on-year decrease of 13.49% [10] - China Overseas Hongyang Group (00081.HK) reported cumulative contract sales of 18.649 billion yuan for the first seven months, a year-on-year decrease of 12.2% [10] - Jindi Commercial Real Estate (00535.HK) reported cumulative contract sales of approximately 6.98 billion yuan for the first seven months, a year-on-year decrease of 37.37% [10] - Agile Group (03383.HK) reported pre-sale amount of approximately 5.69 billion yuan for the first seven months [11] - Hongyang Real Estate (01996.HK) reported cumulative contract sales of 3.208 billion yuan for the first seven months, a year-on-year decrease of 41.6% [12] - Zhengrong Real Estate (06158.HK) reported cumulative contract sales of approximately 2.701 billion yuan for the first seven months, a year-on-year decrease of 30.6% [12] - Jingrui Holdings (01862.HK) reported cumulative contract sales of approximately 571 million yuan for the first seven months, a year-on-year decrease of 52.54% [13] Company News - CITIC Securities (06030.HK) reported that its subsidiary, Huaxia Fund, achieved revenue of 4.258 billion yuan and net profit of 1.123 billion yuan in the first half, with assets under management totaling 285.1237 billion yuan [14] - Xinyi International (00732.HK) reported a cumulative operating revenue of approximately 9.566 billion HKD for the first seven months, a year-on-year decrease of about 5.3% [15] - Heng Rui Pharmaceutical (01276.HK) received orphan drug designation from the US FDA for its injection of Rikan Trastuzumab combined with Adebali for gastric cancer or gastroesophageal junction adenocarcinoma indications [15] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a Phase II clinical study of HLX79 injection combined with Hanlikang® for active renal glomerulonephritis in China [15] - China Biopharmaceutical (01177.HK) announced that its self-developed TQ05105 (JAK/ROCK inhibitor) has been included in the breakthrough therapy designation program for the treatment of chronic graft-versus-host disease [15] Buyback Activities - HSBC Holdings (00005.HK) repurchased approximately 1.65 billion HKD worth of about 1.714 million shares at a price of 95.8 to 96.75 HKD [16] - Hang Seng Bank (00011.HK) spent approximately 22.6347 million HKD to repurchase 200,000 shares at a price of 112.8 to 113.6 HKD [17] - Yum China (09987.HK) repurchased approximately 6.264 million HKD worth of 16,800 shares at a price of 369.8 to 376 HKD [17]

Core Viewpoint - The company, Zhongyu Land (01224.HK), anticipates a shareholder loss of approximately HKD 40 million for the six months ending June 30, 2025, a significant decline from a profit of HKD 91 million in the same period last year [1] Financial Performance - The expected loss is primarily attributed to a decrease in contributions from joint ventures and a reduction in fair value gains from the company's investment properties in the UK during the revaluation on June 30, 2025 [1] - Part of the loss has been offset by foreign exchange gains resulting from the appreciation of the British pound against the Hong Kong dollar as of the reporting date [1]

Group 1 - The company, Zhongyu Land (01224), expects to incur a shareholder loss of approximately HKD 40 million for the six months ending June 30, 2025, compared to a profit of HKD 91 million in the same period last year [1] - The loss is primarily attributed to a decrease in contributions from joint venture investments and a reduction in fair value gains from the revaluation of the company's investment properties in the UK as of June 30, 2025 [1] - Part of the loss has been offset by foreign exchange gains resulting from the appreciation of the British Pound against the Hong Kong Dollar at the reporting date [1]

智通财经APP讯，中渝置地(01224)公布，该集团预期于截至2025年6月30日止六个月期间将取得约4000 万港元的股东应占亏损，相比去年同期则取得9100万港元的盈利。本期间的亏损主要是由于集团合资企 业投资的贡献减少，以及于2025年6月30日对集团位于英国的投资物业进行重估时产生的公平值收益减 少所致，当中部分已被于报告日期英镑兑港元升值所产生的汇兑收益所抵销。 ...

（於百慕達註冊成立的有限公司） 網址︰ www.ccland.com.hk （股份代號︰1224） 內幕消息 中渝置地控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據《香港 聯合交易所有限公司證券上市規則》第13.09條及香港法例第571章《證券及期貨條例》 第XIVA部的規定作出本公告。 本公司董事會（「董事會」）謹此通知本公司股東及潛在投資者，根據董事會目前所 得的最新資料，本集團預期於截至2025年6月30日止六個月期間將錄得約40百萬港元的 股東應佔虧損，相比去年同期則錄得91百萬港元的盈利。本期間的虧損主要是由於本 集團合資企業投資的貢獻減少，以及於2025年6月30日對本集團位於英國的投資物業進 行重估時產生的公平值收益減少所致，當中部分已被於報告日期英鎊兌港元升值所產 生的匯兌收益所抵銷。 本公告是基於（其中資料包括）對本集團最新管理賬目的初步審閱及評估而作出。由 於該等管理賬目仍有待本公司進一步審閱及審核委員會的審閱，本公司股東及潛在投 資者務請仔細閱讀於2025年8月底前刊發的本公司截至2025年6月30日止六個月的業績 公告。 1 香港交易及結算所有限公司及香港聯合交易所有限公 ...