香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 事件 時間及日期 寄發通函及股東特別大會通告之日期 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2025年9月25日（ 星期四） 或之前 遞交股份過戶文件以符合資格出席股東特別大會 並於會上投票之最後日期及時間 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2025年10月13日（ 星期一） 下午四時三十分 本公司暫停辦理股份過戶登記手續 （包括首尾兩日）................................. . . . . . . . . . . . . . . . . . 2025年10月14日（ 星期二）至 2025年10月17日（ 星期五） 遞交股東特別大會代表委任表格之 最後日期及時間..... ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國綠地博大綠澤集團有限公司 (於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01253 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 0.025 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.025 | ...

[Company Information and Disclaimer](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF%E8%88%87%E5%85%8D%E8%B2%AC%E8%81%B2%E6%98%8E) [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's unaudited interim results for the six months ended June 30, 2025, show significant revenue growth, but a substantial increase in net loss and a decline in gross profit margin due to rising costs and expenses Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 7,154 | 3,532 | 3,622 | 102.5% | | Gross Profit | 2,863 | 1,760 | 1,103 | 62.7% | | Net Loss Attributable to Owners of the Parent | (29,551) | (5,058) | (24,493) | 484.2% | | Gross Profit Margin | 40.0% | 49.8% | (9.8) percentage points | (19.7%) | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The Group experienced significant revenue growth, but increased cost of sales, finance costs, and share of loss from joint ventures led to a substantial expansion of loss before tax and loss for the period Key Data from Interim Condensed Consolidated Statement of Profit or Loss | Metric | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 7,154 | 3,532 | 3,622 | 102.5% | | Cost of Sales | (4,291) | (1,772) | (2,519) | 142.1% | | Gross Profit | 2,863 | 1,760 | 1,103 | 62.7% | | Other Income | 13,816 | 22,461 | (8,645) | (38.5%) | | Administrative Expenses | (11,410) | (12,282) | 872 | (7.1%) | | Finance Costs | (28,897) | (15,187) | (13,710) | 90.3% | | Share of Loss of Joint Ventures | (5,117) | (714) | (4,403) | 616.7% | | Loss Before Tax | (27,899) | (4,016) | (23,883) | 594.7% | | Loss for the Period | (29,374) | (4,066) | (25,308) | 622.4% | | Loss Attributable to Owners of the Parent | (29,551) | (5,058) | (24,493) | 484.2% | | Basic and Diluted Loss Per Share | RMB (0.50) cents | RMB (0.09) cents | RMB (0.41) cents | 455.6% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's total comprehensive loss for the period increased to approximately **RMB 20.0 million** in 2025 from **RMB 15.9 million** in 2024, primarily due to an expanded loss for the period, despite a favorable shift in exchange differences Key Data from Interim Condensed Consolidated Statement of Comprehensive Income | Metric | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Loss for the Period | (29,374) | (4,066) | (25,308) | | Exchange Differences on Translation of Overseas Operations | 9,336 | (11,846) | 21,182 | | Total Comprehensive Loss for the Period | (20,038) | (15,912) | (4,126) | | Total Comprehensive Loss Attributable to Owners of the Parent | (20,215) | (16,904) | (3,311) | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total non-current assets slightly increased, current assets grew, but net current liabilities expanded, resulting in a decrease in net assets Key Data from Interim Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 1,373,049 | 1,369,145 | 3,904 | | Total Current Assets | 718,095 | 682,436 | 35,659 | | Total Current Liabilities | 1,508,731 | 1,460,662 | 48,069 | | Net Current Liabilities | (790,636) | (778,226) | (12,410) | | Net Assets | 129,250 | 141,564 | (12,314) | | Total Equity | 129,250 | 141,564 | (12,314) | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [Basis of Presentation and Going Concern](index=6&type=section&id=1.%20%E5%91%88%E5%88%97%E5%9F%BA%E6%BA%96) The Group's condensed consolidated financial statements, prepared under HKAS 34, face significant going concern uncertainties due to substantial net current liabilities and insufficient cash, though management has secured shareholder financial support - The Group recorded a net loss of approximately **RMB 27,988,000** for the six months ended June 30, 2025[10](index=10&type=chunk) - As of June 30, 2025, the Group's current liabilities exceeded its current assets by approximately **RMB 790,636,000**[10](index=10&type=chunk) - The Group's total interest-bearing bank and other borrowings amounted to approximately **RMB 591,308,000**, of which approximately **RMB 361,783,000** is due for repayment within the next twelve months, while unrestricted cash and cash equivalents were only approximately **RMB 2,452,000**[10](index=10&type=chunk) - Greenland Digital and Greenland Financial have agreed to provide sufficient financial support to the Group for a period of not less than 12 months from the approval date of the Company's audited consolidated financial statements for the period ended June 30, 2025, including debt-to-equity settlement, asset and business injection, etc[10](index=10&type=chunk) - Shareholders and related parties have committed not to demand repayment of borrowings and other payables owed by the Group as of June 30, 2025, until the Group is able to fulfill all other obligations[13](index=13&type=chunk) [Changes in Accounting Policies and Disclosures](index=7&type=section&id=2.%20%E6%9B%B4%E6%94%B9%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E5%8F%8A%E6%8A%AB%E9%9C%B2) The Group first applied HKFRS accounting standard amendments during the interim period, which had no significant impact on its financial position, performance, or disclosures for current or prior periods - The Group has first applied the amendments to HKAS 21 "Lack of Exchangeability"[14](index=14&type=chunk) - The application of the amendments to HKFRS accounting standards had no significant impact on the Group's financial position and performance[14](index=14&type=chunk) [Revenue and Other Income](index=8&type=section&id=3.%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) The Group's revenue from customer contracts more than doubled year-on-year, driven by new hydropower O&M services and growth in design and maintenance, while other income decreased due to reduced interest from contract revenue Revenue Analysis | Category | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue from Contracts with Customers | 7,154 | 3,532 | 3,622 | 102.5% | | Construction Contracts | — | 860 | (860) | (100.0%) | | Design and Maintenance Services | 1,588 | 162 | 1,426 | 879.0% | | Operation and Maintenance Services for Hydropower Stations | 3,433 | — | 3,433 | N/A | | Rental Income | 2,133 | 2,510 | (377) | (15.0%) | | Total Other Income | 13,816 | 22,461 | (8,645) | (38.5%) | | Other Interest Income from Contract Revenue | 11,377 | 20,891 | (9,514) | (45.5%) | | Bargain Purchase Gain | 2,228 | — | 2,228 | N/A | [Finance Costs](index=9&type=section&id=4.%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) The Group's finance costs increased by **90.3%** during the reporting period, primarily due to a substantial rise in interest expenses on bank loans, overdrafts, and other borrowings Finance Costs Analysis | Category | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest on Bank Loans, Overdrafts and Other Borrowings | 21,790 | 7,982 | 13,808 | 173.0% | | Interest on Lease Liabilities | 809 | 689 | 120 | 17.4% | | Interest on Corporate Bonds | 6,298 | 6,516 | (218) | (3.3%) | | Total Interest Expense | 28,897 | 15,187 | 13,710 | 90.3% | [Loss Before Tax](index=10&type=section&id=5.%20%E9%99%A4%E7%A8%85%E5%89%8D%E虧%E6%90%8D) The Group's loss before tax significantly expanded due to increased costs for services, employee benefits, depreciation, and contract asset impairment, alongside reduced interest income from revenue contracts Major Components of Loss Before Tax | Item | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Cost of Services Provided | 4,291 | 947 | 3,344 | | Employee Benefit Expenses | 4,648 | 2,915 | 1,733 | | Depreciation of Property, Plant and Equipment | 3,125 | 2,711 | 414 | | Interest Income from Contract Revenue | (11,377) | (20,891) | 9,514 | | Trade Receivables (Reversal)/Impairment | (7,452) | 3,689 | (11,141) | | Contract Assets Impairment/(Reversal) | 5,220 | (4,356) | 9,576 | [Income Tax](index=10&type=section&id=6.%20%E6%89%80%E5%BE%97%E7%A8%85) The Group's income tax expense significantly increased during the reporting period, primarily driven by higher current tax expenses in mainland China Income Tax Expense Analysis | Category | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Current - China (Expense for the Period) | 1,649 | 50 | 1,599 | | Deferred | (171) | — | (171) | | Total Tax Expense for the Period | 1,475 | 50 | 1,425 | - No provision for Hong Kong profits tax was made as the Group did not generate or earn any assessable profits in Hong Kong during the reporting period[20](index=20&type=chunk) [Dividends](index=11&type=section&id=7.%20%E8%82%A1%E6%81%AF) The Board does not recommend any interim dividend for the reporting period, consistent with the prior year - The Board does not recommend the payment of any interim dividend for the reporting period (six months ended June 30, 2024: nil)[22](index=22&type=chunk) [Loss Per Share Attributable to Owners of the Parent](index=11&type=section&id=8.%20%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E8%82%A1%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) The Group's basic and diluted loss per share attributable to owners of the parent significantly expanded, primarily due to a substantial increase in the loss for the period Loss Per Share Analysis | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Parent (RMB'000) | (29,551) | (5,058) | (24,493) | | Weighted Average Number of Ordinary Shares in Issue for the Period (shares) | 5,939,364,760 | 5,821,809,957 | 117,554,803 | | Basic Loss Per Share (RMB cents) | (0.50) | (0.09) | (0.41) | | Diluted Loss Per Share (RMB cents) | (0.50) | (0.09) | (0.41) | [Trade Receivables](index=12&type=section&id=9.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, the Group's total trade receivables increased, with significant growth in current receivables, though a high proportion remains overdue for over two years Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Current | 21,627 | 14,294 | 7,333 | | Overdue within One Year | 23,267 | 23,267 | 0 | | Overdue between One and Two Years | 3,362 | 3,363 | (1) | | Overdue between Two and Three Years | 5,882 | 5,880 | 2 | | Overdue over Three Years | 2,992 | 2,993 | (1) | | Total | 57,130 | 49,797 | 7,333 | - The Group's trade receivables primarily consist of amounts due from government agencies, with the remainder from real estate companies[27](index=27&type=chunk) [Contract Assets](index=13&type=section&id=10.%20%E5%90%88%E7%B4%84%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group's contract assets balance remained stable, primarily from construction services, despite an increase in impairment provisions Contract Assets Analysis | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Contract Assets from Construction Services | 1,117,036 | 1,108,665 | 8,371 | | Impairment | (420,171) | (414,951) | (5,220) | | Total | 696,865 | 693,714 | 3,151 | - Contract assets are initially recognized for revenue from construction services because consideration is only receivable upon successful completion of construction[28](index=28&type=chunk) - Retention money receivable is included in contract assets for construction services, with maturity dates generally between one and three years after the completion of the relevant construction work[28](index=28&type=chunk) [Trade Payables and Bills Payable](index=13&type=section&id=11.%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A) As of June 30, 2025, the Group's total trade payables and bills payable slightly decreased, with the majority of amounts still overdue for over two years Aging Analysis of Trade Payables and Bills Payable | Aging | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Within One Year | 2,485 | 3,486 | (1,001) | | Over One Year but Less Than Two Years | 603 | 3,976 | (3,373) | | Over Two Years | 547,705 | 566,621 | (18,916) | | Total | 550,793 | 574,083 | (23,290) | - Trade payables are non-interest bearing and generally settled in part within a six-month period based on completion progress[29](index=29&type=chunk) [Acquisition of a Subsidiary](index=14&type=section&id=12.%20%E6%94%B6%E8%B3%BC%E4%B8%80%E9%96%93%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8) The Company completed the acquisition of a **51%** equity interest in ZDX Energy Development Co., Ltd on March 26, 2025, with consideration paid by issuing new shares, resulting in a bargain purchase gain and vendor guarantees for performance and cash flow - The Company completed the acquisition of a **51%** equity interest in ZDX Energy Development Co., Ltd ("ZDX") on March 26, 2025[30](index=30&type=chunk) - The acquisition consideration was satisfied by issuing **219,354,839** new shares of the Company, with a fair value of **RMB 2,871,000**[30](index=30&type=chunk)[32](index=32&type=chunk) - The vendor provided a profit guarantee that the target group's aggregate net profit for the three years ending December 31, 2027, shall not be less than **RMB 11.0 million**[33](index=33&type=chunk) - The vendor further guaranteed that if the target group records a net cash outflow in any financial year during the performance guarantee period, it shall compensate in cash[34](index=34&type=chunk) - The acquisition of ZDX resulted in a bargain purchase gain of **RMB 2,228,000**[40](index=40&type=chunk) [Consideration Transferred](index=14&type=section&id=%E5%B7%B2%E8%BD%89%E8%AE%93%E4%BB%A3%E5%83%B9) The consideration transferred for the ZDX acquisition primarily comprised issued shares, accounting for the fair value of contingent consideration Consideration Transferred Components | Item | Amount (RMB'000) | | :--- | :--- | | Shares Issued | 2,871 | | Fair Value of Contingent Consideration | (47) | | Total | 2,824 | [Performance Guarantee](index=14&type=section&id=%E6%A5%AD%E7%B8%BE%E4%BF%9D%E8%AD%89) The vendor committed to the target group achieving a minimum aggregate net profit during the performance guarantee period, with a compensation mechanism for any shortfall - The vendor guaranteed that the target group's aggregate net profit for the three years ending December 31, 2027, shall not be less than **RMB 11.0 million**[33](index=33&type=chunk) - If the profit guarantee is not met, the vendor shall compensate the shortfall by transferring additional shares of the target company or in cash[33](index=33&type=chunk) [Cash Flow Guarantee](index=15&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E4%BF%9D%E8%AD%89) The vendor committed to providing cash compensation if the target group experiences net cash outflow during any financial year within the performance guarantee period - The vendor guaranteed that if the target group records a net cash outflow in any financial year during the performance guarantee period, it shall compensate in cash[34](index=34&type=chunk) [Company's Right of First Refusal](index=15&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E5%84%AA%E5%85%88%E8%B3%BC%E8%B2%B7%E6%AC%8A) Upon expiry of the performance guarantee period, the Company holds a right of first refusal over the vendor's remaining shares in the target company - Upon the expiry of the performance guarantee period, the Company has a right of first refusal over the remaining **49.0%** shares of the target company that the vendor intends to transfer[35](index=35&type=chunk) [ZDX Business Overview and Acquisition Impact](index=15&type=section&id=ZDX%E4%B8%BB%E8%A6%81%E5%BE%9E%E4%BA%8B%E5%90%91%E4%BD%8D%E6%96%BC%E4%B8%AD%E8%8F%AF%E4%BA%BA%E6%B0%91%E5%85%B1%E5%92%8C%E5%9C%8B%E7%9A%84%E6%B0%B4%E5%8A%9B%E7%99%BC%E9%9B%BB%E7%AB%99%E6%8F%90%E4%BE%9B%E7%87%9F%E9%81%8B%E5%8F%8A%E7%B6%AD%E8%AD%B7%E6%9C%8D%E5%8B%99%E3%80%82) ZDX primarily engages in the operation and maintenance of hydropower stations, and this acquisition brought cash, trade receivables, and prepayments to the Group, generating a bargain purchase gain - ZDX primarily engages in providing operation and maintenance services to hydropower stations located in the People's Republic of China[36](index=36&type=chunk) Impact of ZDX Acquisition on Assets and Liabilities | Item | Amount (RMB'000) | | :--- | :--- | | Cash and Cash Equivalents | 57 | | Trade Receivables | 5,751 | | Prepayments, Other Receivables and Other Assets | 4,115 | | Other Payables and Accrued Charges | (18) | | Total Identifiable Net Assets Acquired | 9,905 | | Non-controlling Interests (49%) | 4,853 | | Bargain Purchase Gain | 2,228 | [Comparative Information](index=16&type=section&id=13.%20%E6%AF%94%E8%BC%83%E8%B3%87%E6%96%99) Certain comparative figures have been reclassified to conform to the current year's presentation - Certain comparative figures have been reclassified to conform to the current year's presentation[41](index=41&type=chunk) [Industry Review](index=17&type=section&id=%E8%A1%8C%E6%A5%AD%E5%9B%9E%E9%A1%A7) China's urban landscape and greening industry is increasingly vital, driven by urbanization and ecological initiatives, accelerating digital transformation with smart garden systems; concurrently, the new energy sector is booming, forming a diversified energy supply system for green and low-carbon urban transformation - Urban landscape and greening are increasingly important in improving living environments, enhancing urban ecology, and promoting sustainable development, accelerating digital transformation with smart garden systems as a key management upgrade tool[42](index=42&type=chunk) - The new energy industry is experiencing vigorous development, with frequent green energy policies, accelerating technological iteration, and broad market prospects[43](index=43&type=chunk) - In the first half of 2025, new photovoltaic installed capacity reached a new high, distributed photovoltaics developed rapidly, energy storage systems were well-matched, charging pile layouts were optimized, and green energy application scenarios continued to expand[43](index=43&type=chunk) [Business Review](index=18&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group advanced project development, expanded new energy businesses, and strengthened compliance, but several PPP projects were suspended due to approval or negotiation issues, impacting revenue and gross profit margin, and expanding net loss, while also focusing on cost control and R&D [Project Progress and Financial Performance](index=18&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E6%8C%81%E7%BA%8C%E9%97%9C%E6%B3%A8%E9%A0%85%E7%9B%AE%E9%80%B2%E5%B1%95%E6%83%85%E6%B3%81) The Group actively advanced project development and new energy businesses, but several PPP projects were suspended due to land use, compliance, settlement, or licensing issues, leading to increased revenue but expanded net loss and a declining gross profit margin - The Group actively expanded into new energy business areas, including photovoltaic projects[44](index=44&type=chunk) - As of June 30, 2025, the Guang'an Lingang Economic Development Zone Guanshenghu Ecological Wetland PPP Project, Kaifeng Xiangfu District Boda Luzhe Huiji River Wetland Park PPP Project, Mianzhu Municipal Tourism Construction PPP Project, and Quanzhou Botanical Garden PPP Project were all in a suspended state of construction[44](index=44&type=chunk)[45](index=45&type=chunk) Key Financial Performance During the Reporting Period | Metric | Amount/Ratio | | :--- | :--- | | Total Revenue | RMB 7.1 million | | Net Loss Attributable to Owners of the Parent | RMB 29.6 million | | Gross Profit Margin | 40.0% (down 9.8 percentage points year-on-year) | [PPP Project Suspension Reasons and Status](index=18&type=section&id=%E4%B8%8A%E8%BF%B0%E9%A0%85%E7%9B%AE%E7%9A%84%E6%9A%AB%E5%81%9C%E5%8E%9F%E5%9B%A0%E8%A9%B3%E6%83%85%E5%A6%82%E4%B8%8B) Multiple PPP projects were suspended due to missing land use approvals, incomplete compliance, ongoing settlement price negotiations, and unobtained logging permits or unresolved villager compensation - The Guang'an Lingang Economic Development Zone Guanshenghu Ecological Wetland PPP Project, involving construction on protected forest land, requires internal land use conversion approval from the local government, which is still being obtained[44](index=44&type=chunk) - The Mianzhu Municipal Tourism Construction PPP Project, involving multiple townships and committee offices, requires all relevant compliance approvals before the remaining construction work can be completed[45](index=45&type=chunk) - The Kaifeng Xiangfu District Huiji River Wetland Park PPP Project is in negotiations with the local government regarding the settlement price for completed works[45](index=45&type=chunk) - The Quanzhou Botanical Garden Project, involving large-scale forest felling and rural cemetery demolition, has not yet obtained the required logging permits, and the local government has not reached a settlement plan with villagers[45](index=45&type=chunk) [Cost Control](index=20&type=section&id=%E6%88%90%E6%9C%AC%E6%8E%A7%E5%88%B6) The Group implemented a refined project cost control model, establishing a unified supplier database, utilizing an OA system for strict budget management, and achieving cost reduction and efficiency through procurement platforms and operational team collaboration - The Group adopted a refined project cost control model, rather than the traditional extensive contracting system[47](index=47&type=chunk) - A unified supplier database for the entire Group was established, utilizing a self-developed project management information platform (OA system) to ensure all expenditures strictly adhere to budgeted management[47](index=47&type=chunk) - Support from well-known domestic enterprise procurement platforms was secured, fully opening up supply chain channels to achieve cost reduction and efficiency improvement[47](index=47&type=chunk) [Research and Development](index=20&type=section&id=%E7%A0%94%E7%A9%B6%E9%96%8B%E7%99%BC) The Group is committed to applying efficient, energy-saving, and clean green technologies, driving ecological projects through innovation, investing in a technology center, and strengthening industry-academia-research collaboration and intellectual property - The Group adheres to a design philosophy guided by efficient, energy-saving, and clean green technologies, aiming for internationally advanced and domestically leading standards[48](index=48&type=chunk) - Increased investment in establishing a technology center, focusing on independent development supplemented by introduction, digestion, and absorption, continuously strengthening industry-academia-research collaboration and intellectual property development[48](index=48&type=chunk) - Collaboration with high-quality technology enterprises in upstream and downstream industries to achieve shared technological resources and empower projects together[49](index=49&type=chunk) [Outlook](index=21&type=section&id=%E5%B1%95%E6%9C%9B) China's new energy installed capacity continues rapid growth, with non-fossil energy generation exceeding **60%** for the first time, while global electricity demand accelerates; the Group will leverage integrated solar storage and charging trends, integrate resources, enhance competitiveness, and commit to green and low-carbon transformation - China's new energy installed capacity continued its rapid growth in the first half of 2025, with non-fossil energy generation capacity exceeding **60%** for the first time by the end of May[50](index=50&type=chunk) - Global electricity demand is accelerating, with global electricity consumption increasing by nearly **1100 TWh** in 2024, a year-on-year growth of **4.3%**[50](index=50&type=chunk) - Renewable energy has become the primary source for meeting new electricity demand growth, accounting for **80%** of the global electricity generation increase in 2024[50](index=50&type=chunk) - Integrated photovoltaic storage and charging is gradually becoming a crucial development direction in the renewable energy sector, with extremely broad market prospects[51](index=51&type=chunk) - The Group will actively seize development trends in the new energy sector, integrate internal and external resources, explore cutting-edge technologies and innovative models, enhance competitiveness, and commit to promoting green and low-carbon transformation[52](index=52&type=chunk) [Bank and Other Borrowings](index=22&type=section&id=%E9%8A%80%E8%A1%8C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%80%9F%E6%AC%BE) As of June 30, 2025, the Group's total outstanding bank and other borrowings increased Total Bank and Other Borrowings | Date | Amount (RMB'000) | | :--- | :--- | | June 30, 2025 | 591,308 | | December 31, 2024 | 576,527 | | Change | 14,781 | [Company Information](index=22&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Company Registration and Listing Information](index=22&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%96%BC2013%E5%B9%B410%E6%9C%8822%E6%97%A5%E5%9C%A8%E9%96%8B%E6%9B%BC%E7%BE%A4%E5%B3%B6%E8%A8%BB%E5%86%8A%E6%88%90%E7%AB%8B) The Company was incorporated in the Cayman Islands in 2013 and listed on the Main Board of the Hong Kong Stock Exchange in 2014 - The Company was incorporated in the Cayman Islands as an exempted company on October 22, 2013[54](index=54&type=chunk) - The Company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on July 21, 2014[54](index=54&type=chunk) [Share Trading Activities](index=22&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, and as of June 30, 2025, the Company held no treasury shares - During the entire reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities on the Stock Exchange[55](index=55&type=chunk) - As of June 30, 2025, the Company held no treasury shares[55](index=55&type=chunk) [Corporate Governance Summary](index=22&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E6%91%98%E8%A6%81) [Compliance with Corporate Governance Code](index=22&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E6%91%98%E8%A6%81) The Company is committed to high corporate governance standards, having adopted HKEX Corporate Governance Code principles and provisions, and complied with all applicable code provisions and Listing Rules' continuing obligations during the reporting period - The Company has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on the Stock Exchange as the basis for its corporate governance practices[56](index=56&type=chunk) - During the entire reporting period, the Company complied with all applicable code provisions of the Corporate Governance Code and the continuing obligations of a listed issuer under the Listing Rules[56](index=56&type=chunk) [Chairman and Chief Executive Officer Roles](index=23&type=section&id=%E6%96%BC2025%E5%B9%B48%E6%9C%885%E6%97%A5%EF%BC%8C%E6%9E%97%E5%85%89%E9%9D%92%E5%85%88%E7%94%9F) Mr. Lin Guangqing was appointed Chairman of the Board on August 5, 2025, also serving as CEO, an arrangement deemed appropriate by the Board to ensure operational stability and enhance decision-making efficiency, subject to periodic review - Mr. Lin Guangqing was appointed Chairman of the Board on August 5, 2025, and concurrently holds both the positions of Chairman of the Board and Chief Executive Officer of the Company[57](index=57&type=chunk) - The Board believes that Mr. Lin concurrently holding both positions is an appropriate arrangement at this stage, helping to ensure operational stability, consistency in leadership and policy formulation, and enhancing decision-making efficiency and flexibility[57](index=57&type=chunk) - The Board will review the structure from time to time and consider appropriate actions when circumstances warrant[57](index=57&type=chunk) [Standard Code for Securities Transactions](index=23&type=section&id=%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company adopted the Standard Code in Appendix C3 of the Listing Rules for securities transactions by directors and employees with inside information, confirming all directors complied during the reporting period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules as the code of conduct for directors' dealings in the Company's securities[58](index=58&type=chunk) - Following specific enquiries with all directors, all directors confirmed their compliance with the Standard Code throughout the reporting period[58](index=58&type=chunk) [Audit Committee and Dividends](index=24&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Audit Committee Review](index=24&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The Company's Audit Committee reviewed the Group's accounting principles, policies, interim report, and unaudited consolidated interim results, deeming them compliant with applicable accounting standards and requirements - The Audit Committee comprises three members: Mr. Yang Yuanguang (Chairman), Mr. Dai Guoqiang, and Ms. Zhang Rui[59](index=59&type=chunk) - The Audit Committee has reviewed the accounting principles and policies adopted by the Group, the interim report, and the unaudited consolidated interim results, and is of the opinion that they were prepared in compliance with applicable accounting standards and requirements[59](index=59&type=chunk) [Interim Dividends](index=24&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend any interim dividend for the reporting period, consistent with the prior year - The Board does not recommend the payment of any interim dividend for the reporting period (six months ended June 30, 2024: nil)[60](index=60&type=chunk) [Events After Reporting Period](index=24&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) [Acquisition of Subsidiary](index=24&type=section&id=%E6%96%BC2025%E5%B9%B48%E6%9C%8815%E6%97%A5%EF%BC%8C%E6%9C%AC%E5%85%AC%E5%8F%B8%E9%96%93%E6%8E%A5%E5%85%A8%E8%B3%87%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8) Subsequent to the reporting period, Hangzhou Beifeng Landscape Design Co., Ltd, an indirect wholly-owned subsidiary, agreed to acquire **100%** equity in Shanghai Greenland Senmao Greening Engineering Co., Ltd, which will become a wholly-owned subsidiary - On August 15, 2025, Hangzhou Beifeng Landscape Design Co., Ltd, an indirect wholly-owned subsidiary of the Company, entered into an equity transfer agreement with Greenland Group Senmao Landscape Co., Ltd to acquire **100%** equity interest in Shanghai Greenland Senmao Greening Engineering Co., Ltd[61](index=61&type=chunk) - Upon completion, Shanghai Greenland Senmao Greening Engineering Co., Ltd will become a wholly-owned subsidiary of the Company, and its financial results will be consolidated into the Group's accounts[61](index=61&type=chunk) [Proposed Share Consolidation and Change of Company Name](index=24&type=section&id=%E6%96%BC%202025%20%E5%B9%B48%20%E6%9C%88%2029%20%E6%97%A5%20%EF%BC%8C%E8%91%A3%20%E4%BA%8B%20%E6%9C%83%E5%BB%BA%20%E8%AD%B0) The Board proposed a share consolidation (ten into one), a change in board lot size, and a change of the Company's Chinese and English names to 'China Green Broad Ecological Technology Company Limited', all subject to shareholder approval - The Board proposed a share consolidation on the basis of consolidating every ten (10) issued and unissued existing shares of HK$0.025 par value each into one (1) consolidated share of HK$0.25 par value each[62](index=62&type=chunk) - It is proposed to change the Company's Chinese name to "中國綠博生態科技集團有限公司" and its English name to "China Green Broad Ecological Technology Company Limited"[62](index=62&type=chunk) - The above matters are subject to shareholder approval at a general meeting[63](index=63&type=chunk) [Publication of Interim Results and Board Information](index=25&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) [Publication of Interim Results](index=25&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This announcement is published on the Company's and HKEX websites, and the 2025 interim report will be published and dispatched to shareholders in due course - This announcement is published on the Company's website (http://www.greenland-broadgreenstate.com.cn) and the HKEX website (http://www.hkexnews.hk)[64](index=64&type=chunk) - The Company's 2025 interim report will be published on the Company's and HKEX websites and dispatched to shareholders in due course in accordance with the Listing Rules[64](index=64&type=chunk) [Board Members Information](index=25&type=section&id=%E6%89%BF%E8%91%A3%E4%BA%8B%E6%9C%83%E5%91%BD) As of the announcement date, the Board comprises two executive directors (Mr. Lin Guangqing, Mr. Wang Yaoming) and three independent non-executive directors (Mr. Dai Guoqiang, Mr. Yang Yuanguang, Ms. Zhang Rui) - The executive directors are Mr. Lin Guangqing and Mr. Wang Yaoming[65](index=65&type=chunk) - The independent non-executive directors are Mr. Dai Guoqiang, Mr. Yang Yuanguang, and Ms. Zhang Rui[65](index=65&type=chunk)

Group 1 - The core viewpoint of the article highlights that China Greenland Broad Greenfield (01253.HK) reported a significant increase in revenue for the first half of 2025, amounting to RMB 715.4 million, which represents a year-on-year growth of 102.55% [1] - The company recorded a net loss attributable to shareholders of RMB 29.55 million, compared to a loss of RMB 5.058 million in the same period last year [1] - The gross profit margin for the company was reported at 40.0%, which is a decrease of 9.8 percentage points compared to the previous year [1] Group 2 - During the reporting period, five investment projects primarily based on the PPP model have entered the operational phase, while the remaining projects are either under construction or in the preparatory stage [1]

Core Viewpoint - China Greenland Broad Greenfield (01253) reported a significant increase in revenue but also experienced a substantial increase in shareholder losses for the six months ending June 30, 2025 [1] Financial Performance - The group's revenue reached RMB 7.154 million, representing a year-on-year growth of 102.55% [1] - Shareholder losses amounted to RMB 29.551 million, which is an increase of 484.24% compared to the previous year [1] - The loss per share was reported at 0.5 cents [1]

Core Viewpoint - China Greenland Broad Greenfield (01253) reported a significant increase in revenue but also a substantial increase in shareholder losses for the six months ending June 30, 2025 [1] Financial Performance - The group's revenue reached RMB 7.154 million, representing a year-on-year growth of 102.55% [1] - Shareholder losses amounted to RMB 29.551 million, which is an increase of 484.24% compared to the previous year [1] - The loss per share was reported at 0.5 cents [1]

Group 1 - The company proposes a share consolidation plan, merging every 10 existing shares with a par value of HKD 0.025 into 1 consolidated share with a par value of HKD 0.25, subject to shareholder approval at a special meeting [1] - After the share consolidation takes effect, the trading unit for the consolidated shares will change from 4,000 existing shares to 12,000 consolidated shares [1] - The board of directors recommends changing the company's Chinese name from "中国绿地博大绿泽集团有限公司" to "中国绿博生态科技集团有限公司" and the English name from "China Greenland Broad Greenstate Group Company Limited" to "China Green Broad Ecological Technology Company Limited" to better reflect the company's focus on specialized development and future strategic direction [1]

Core Viewpoint - China Greenland Broad Greenstate Group Company Limited proposes a share consolidation plan, merging every 10 existing shares with a par value of HKD 0.025 into 1 consolidated share with a par value of HKD 0.25, pending shareholder approval [1] Group 1: Share Consolidation - The company plans to increase the trading unit from 4,000 existing shares to 12,000 consolidated shares after the share consolidation takes effect [1] - The share consolidation requires approval at a special shareholder meeting to be implemented [1] Group 2: Name Change - The board of directors recommends changing the company's Chinese name from "中国绿地博大绿泽集团有限公司" to "中国绿博生态科技集团有限公司" and the English name from "China Greenland Broad Greenstate Group Company Limited" to "China Green Broad Ecological Technology Company Limited" [1] - The proposed name change aims to better reflect the company's focus on specialized development and future strategic direction, aligning with the overall best interests of the company and its shareholders [1]

[Company Information and Financial Summary](index=1&type=section&id=Company%20Information%20and%20Financial%20Summary) This section provides an overview of the company and its key financial performance during the reporting period [Company Overview](index=1&type=section&id=Company%20Overview) China Greenland Broad Greenstate Group Company Limited (Stock Code: 1253) announced its unaudited interim results for the six months ended June 30, 2025 - Company Name: China Greenland Broad Greenstate Group Company Limited[2](index=2&type=chunk) - Stock Code: **1253**[2](index=2&type=chunk) - Reporting Period: Six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) [Financial Summary](index=1&type=section&id=Financial%20Summary) During the reporting period, the company's revenue increased by 102.0% and gross profit by 62.7%, but net loss attributable to owners of the parent significantly widened to RMB 29,551 thousand, with gross margin decreasing by 9.8 percentage points Financial Summary for the Six Months Ended June 30 | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 7,154 | 3,532 | 3,622 | 102.0% | | Gross Profit | 2,863 | 1,760 | 1,103 | 62.7% | | Net Loss Attributable to Owners of the Parent | (29,551) | (5,058) | (24,493) | 484.2% | | Gross Margin | 40.0% | 49.8% | (9.8)% | - | [Financial Statements](index=2&type=section&id=Financial%20Statements) This section presents the company's interim condensed consolidated financial statements, including income, comprehensive income, and financial position [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue increased to RMB 7,154 thousand, but loss for the period expanded from RMB 4,066 thousand in 2024 to RMB 29,374 thousand, mainly due to significantly increased finance costs and enlarged share of loss of a joint venture Key Data from Condensed Consolidated Statement of Profit or Loss | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 7,154 | 3,532 | 3,622 | 102.5% | | Cost of Sales | (4,291) | (1,772) | (2,519) | 142.1% | | Gross Profit | 2,863 | 1,760 | 1,103 | 62.7% | | Other Income | 13,816 | 22,461 | (8,645) | (38.5)% | | Administrative Expenses | (11,410) | (12,282) | 872 | (7.1)% | | Finance Costs | (28,897) | (15,187) | (13,710) | 90.3% | | Share of Loss of a Joint Venture | (5,117) | (714) | (4,403) | 616.7% | | Loss Before Tax | (27,899) | (4,016) | (23,883) | 594.7% | | Loss for the Period | (29,374) | (4,066) | (25,308) | 622.4% | | Loss Attributable to Owners of the Parent | (29,551) | (5,058) | (24,493) | 484.2% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive loss for the period expanded to RMB 20,038 thousand from RMB 15,912 thousand in the prior year, primarily due to increased loss for the period and changes in exchange differences Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | | :--- | :--- | :--- | | Loss for the Period | (29,374) | (4,066) | (25,308) | | Exchange Differences on Translation of Foreign Operations | 9,336 | (11,846) | 21,182 | | Total Comprehensive Loss for the Period | (20,038) | (15,912) | (4,126) | | Comprehensive Loss Attributable to Owners of the Parent | (20,215) | (16,904) | (3,311) | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets slightly increased, but net current liabilities expanded and net assets decreased, indicating persistent liquidity pressure Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Non-current Assets | 1,373,049 | 1,369,145 | 3,904 | 0.3% | | Total Current Assets | 718,095 | 682,436 | 35,659 | 5.2% | | Total Current Liabilities | 1,508,731 | 1,460,662 | 48,069 | 3.3% | | Net Current Liabilities | (790,636) | (778,226) | (12,410) | 1.6% | | Net Assets | 129,250 | 141,564 | (12,314) | (8.7)% | | Total Equity | 129,250 | 141,564 | (12,314) | (8.7)% | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes explaining the accounting policies, financial performance, and financial position of the company [1. Basis of Presentation and Going Concern](index=6&type=section&id=1.%20Basis%20of%20Presentation%20and%20Going%20Concern) The condensed consolidated financial statements are prepared in accordance with HKAS 34. The company faces significant going concern uncertainties, including loss for the period, substantial net current liabilities, and limited cash, but management has formulated measures to address liquidity needs and secured financial support commitments from controlling shareholders - The company prepares its financial statements in accordance with HKAS 34 and the Listing Rules[9](index=9&type=chunk) - The company faces significant going concern uncertainties, with a loss for the period of **RMB 27,988 thousand**, net current liabilities of approximately **RMB 790,636 thousand**, and cash and cash equivalents of only approximately **RMB 2,452 thousand**[10](index=10&type=chunk) - Management has taken measures including accelerating project progress, recovering receivables, reviewing debt structure, seeking external financing, strengthening cost control, negotiating with lenders, and obtaining financial support commitments from Greenland Digital and Greenland Financial[10](index=10&type=chunk)[13](index=13&type=chunk) - The Board believes that, considering the aforementioned plans and measures, the company will have sufficient working capital to continue its operations[11](index=11&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=7&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) Except for the application of amendments to HKFRSs, the accounting policies used in these interim condensed consolidated financial statements are consistent with those of the annual financial statements, and the amendments have no significant impact on financial position and performance - Accounting policies for the current period are substantially the same as those for the previous year, with changes only due to the application of amendments to HKFRSs[12](index=12&type=chunk) - The application of HKAS 21 (Amendment) "Lack of Exchangeability" has no significant impact on the financial position and performance for the current period[14](index=14&type=chunk) [3. Revenue and Other Income](index=8&type=section&id=3.%20Revenue%20and%20Other%20Income) During the reporting period, the company's revenue primarily derived from customer contracts totaled **RMB 7,154 thousand**, with hydropower station operation and maintenance services being the largest contributor. Other income significantly decreased by **38.5%** year-on-year, mainly due to reduced other interest income from contract revenue Revenue Composition | Revenue Category | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Construction Contracts | — | 860 | (860) | (100.0)% | | Design and Maintenance Services | 1,588 | 162 | 1,426 | 879.0% | | Operation and Maintenance Services for Hydropower Stations | 3,433 | — | 3,433 | - | | Rental Income | 2,133 | 2,510 | (377) | (15.0)% | | **Total Revenue** | **7,154** | **3,532** | **3,622** | **102.5%** | Other Income Composition | Other Income Category | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Bank Interest Income | 11 | 18 | (7) | (38.9)% | | Other Interest Income from Contract Revenue | 11,377 | 20,891 | (9,514) | (45.5)% | | Gain on Bargain Purchase | 2,228 | — | 2,228 | - | | Others | 200 | 1,552 | (1,352) | (87.1)% | | **Total Other Income** | **13,816** | **22,461** | **(8,645)** | **(38.5)%** | [4. Finance Costs](index=9&type=section&id=4.%20Finance%20Costs) During the reporting period, the company's finance costs significantly increased by **90.3%** to **RMB 28,897 thousand**, primarily due to a substantial increase in interest on bank loans, overdrafts, and other borrowings Finance Costs Composition | Finance Cost Category | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest on Bank Loans, Overdrafts and Other Borrowings | 21,790 | 7,982 | 13,808 | 173.0% | | Interest on Lease Liabilities | 809 | 689 | 120 | 17.4% | | Interest on Corporate Bonds | 6,298 | 6,516 | (218) | (3.3)% | | **Total Finance Costs** | **28,897** | **15,187** | **13,710** | **90.3%** | [5. Loss Before Tax](index=10&type=section&id=5.%20Loss%20Before%20Tax) During the reporting period, the company's loss before tax expanded to **RMB 27,899 thousand**, primarily impacted by increased finance costs, share of loss of a joint venture, and changes in impairment provisions for trade receivables and contract assets - Cost of services provided increased from **RMB 947 thousand** to **RMB 4,291 thousand**[19](index=19&type=chunk) - Employee benefit expenses increased from **RMB 2,915 thousand** to **RMB 4,648 thousand**[19](index=19&type=chunk) - Impairment of trade receivables changed from an impairment of **RMB 3,689 thousand** in 2024 to a reversal of **RMB 7,452 thousand** in 2025[19](index=19&type=chunk) - Impairment of contract assets changed from a reversal of **RMB 4,356 thousand** in 2024 to an impairment of **RMB 5,220 thousand** in 2025[19](index=19&type=chunk) [6. Income Tax](index=10&type=section&id=6.%20Income%20Tax) During the reporting period, the company's income tax expense was **RMB 1,475 thousand**, primarily from current tax in Mainland China, with no Hong Kong profits tax provision due to no assessable profits - No assessable profits in Hong Kong, thus no provision for Hong Kong profits tax[20](index=20&type=chunk) - Current tax expense in Mainland China was **RMB 1,649 thousand**, with a deferred tax reversal of **RMB 171 thousand**[21](index=21&type=chunk) [7. Dividends](index=11&type=section&id=7.%20Dividends) The Board does not recommend the payment of any interim dividend for the reporting period, consistent with the prior year - No interim dividend is recommended for the 2025 reporting period[22](index=22&type=chunk) [8. Loss Per Share Attributable to Owners of the Parent](index=11&type=section&id=8.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) As of June 30, 2025, basic and diluted loss per share attributable to owners of the parent was **RMB (0.50) cents**, a significant increase from **RMB (0.09) cents** in the prior year, mainly due to increased loss for the period Loss Per Share Details | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss Attributable to Owners of the Parent (RMB '000) | (29,551) | (5,058) | | Weighted Average Number of Ordinary Shares in Issue (Shares) | 5,939,364,760 | 5,821,809,957 | | Basic Loss Per Share (RMB cents) | (0.50) | (0.09) | | Diluted Loss Per Share (RMB cents) | (0.50) | (0.09) | [9. Trade Receivables](index=12&type=section&id=9.%20Trade%20Receivables) As of June 30, 2025, total trade receivables increased to **RMB 57,130 thousand**, primarily comprising current and overdue within one year amounts, mainly from government agencies and real estate companies Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | | :--- | :--- | :--- | :--- | | Current | 21,627 | 14,294 | 7,333 | | Overdue within one year | 23,267 | 23,267 | 0 | | Overdue between one and two years | 3,362 | 3,363 | (1) | | Overdue between two and three years | 5,882 | 5,880 | 2 | | Overdue over three years | 2,992 | 2,993 | (1) | | **Total** | **57,130** | **49,797** | **7,333** | - Trade receivables are mainly from government agencies and real estate companies, with no collateral or credit enhancement[27](index=27&type=chunk) [10. Contract Assets](index=13&type=section&id=10.%20Contract%20Assets) As of June 30, 2025, the closing balance of contract assets remained stable at **RMB 696,865 thousand**, primarily related to construction services and including retention receivables - Contract assets primarily arise from construction services, amounting to **RMB 1,117,036 thousand**, with an impairment provision of **RMB 420,171 thousand**[28](index=28&type=chunk) - The closing balance of contract assets remained stable compared to the end of 2024[28](index=28&type=chunk) - Retention receivables are included in contract assets, with maturity generally between one and three years after completion of construction works[28](index=28&type=chunk) [11. Trade and Bills Payables](index=13&type=section&id=11.%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables amounted to **RMB 550,793 thousand**, a decrease from the end of 2024, with the majority of amounts overdue by more than two years Ageing Analysis of Trade and Bills Payables | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | | :--- | :--- | :--- | :--- | | Within one year | 2,485 | 3,486 | (1,001) | | Over one year but less than two years | 603 | 3,976 | (3,373) | | Over two years | 547,705 | 566,621 | (18,916) | | **Total** | **550,793** | **574,083** | **(23,290)** | - Trade payables are non-interest bearing, typically settled partially within six months, with a portion retained until the end of the retention period[29](index=29&type=chunk) [12. Acquisition of a Subsidiary](index=14&type=section&id=12.%20Acquisition%20of%20a%20Subsidiary) The company completed the acquisition of a **51%** equity interest in ZDX Energy Development Co., Ltd on March 26, 2025, for new shares. The vendor provided performance and cash flow guarantees for ZDX, and the company holds a right of first refusal for the remaining equity. This acquisition was accounted for as a bargain purchase, resulting in a gain of **RMB 2,228 thousand** [12.1 Acquisition Details](index=14&type=section&id=12.1%20Acquisition%20Details) The company completed the acquisition of a **51%** equity interest in ZDX Energy Development Co., Ltd on March 26, 2025, for the issuance of **219,354,839** new shares with a fair value of approximately **RMB 2,871 thousand** - The acquisition of a **51%** equity interest in ZDX Energy Development Co., Ltd (ZDX) was completed on March 26, 2025[30](index=30&type=chunk) - The consideration for the acquisition was the issuance of **219,354,839** new shares with a fair value of approximately **RMB 2,871 thousand**[30](index=30&type=chunk)[32](index=32&type=chunk) - ZDX primarily engages in providing operation and maintenance services to hydropower stations in China[36](index=36&type=chunk) [12.2 Performance and Cash Flow Guarantees](index=14&type=section&id=12.2%20Performance%20and%20Cash%20Flow%20Guarantees) The vendor guaranteed ZDX's performance, with the target group's total net profit for the three years ending December 31, 2027, not less than **RMB 11.0 million**, and provided a cash flow guarantee to compensate for net cash outflows - The vendor guaranteed that the target group's total net profit for the three years ending December 31, 2027, would not be less than **RMB 11.0 million**[33](index=33&type=chunk) - If the profit guarantee is not met, the vendor will compensate the difference by transferring additional shares or cash[33](index=33&type=chunk) - The vendor committed to compensating the target group for any net cash outflow during any financial year within the performance guarantee period[34](index=34&type=chunk) [12.3 Right of First Refusal](index=15&type=section&id=12.3%20Right%20of%20First%20Refusal) Upon expiration of the performance guarantee period, the company holds a right of first refusal for the remaining **49.0%** equity interest in ZDX held by the vendor - The company holds a right of first refusal for the remaining **49.0%** equity interest in ZDX held by the vendor[35](index=35&type=chunk) [12.4 Impact of Acquisition](index=15&type=section&id=12.4%20Impact%20of%20Acquisition) The acquisition of ZDX was accounted for as a bargain purchase, resulting in a gain of **RMB 2,228 thousand**, and recognized ZDX's net assets and non-controlling interests - The acquisition of ZDX resulted in a gain on bargain purchase of **RMB 2,228 thousand**[40](index=40&type=chunk) - The acquisition of ZDX recognized total identifiable net assets of **RMB 9,905 thousand**[38](index=38&type=chunk) - Non-controlling interests (49%) in ZDX were recognized at **RMB 4,853 thousand**[39](index=39&type=chunk) [13. Comparative Information](index=16&type=section&id=13.%20Comparative%20Information) Certain comparative figures have been reclassified to conform with the current year's presentation - Some comparative figures have been reclassified to conform with the current year's presentation[41](index=41&type=chunk) [Business Review and Outlook](index=17&type=section&id=Business%20Review%20and%20Outlook) This section provides an overview of the industry, the company's business performance, cost control, research and development efforts, and future outlook [Industry Review](index=17&type=section&id=Industry%20Review) China's urban landscape greening is increasingly vital in new urbanization and ecological civilization, accelerating towards digital and refined management. The new energy sector is booming, with diversified energy supply systems like solar, wind, and biomass forming, powering urban green and low-carbon transformation - Urban landscape greening is increasingly important for improving living environments, enhancing ecology, and promoting sustainable development, moving towards digital and refined management[42](index=42&type=chunk) - The new energy sector is booming, with record-high new solar installations and diversified energy systems including wind and biomass, supporting urban green and low-carbon transformation[43](index=43&type=chunk) [Business Review](index=18&type=section&id=Business%20Review) The company actively promotes project development and expands new energy businesses, but several PPP projects are suspended due to land use, compliance approvals, settlement prices, and licensing issues. During the reporting period, total revenue was **RMB 7.1 million**, net loss attributable to owners of the parent was **RMB 29.6 million**, and gross margin was **40.0%** - The company actively expands its new energy business, deploying projects such as solar power[44](index=44&type=chunk) - Several PPP projects (Guang'an Guanshenghu, Mianzhu Municipal Tourism, Kaifeng Huiji River, Quanzhou Botanical Garden) are suspended due to issues such as government approvals, compliance, settlement negotiations, logging permits, and demolition settlements[44](index=44&type=chunk)[45](index=45&type=chunk) - During the reporting period, total revenue was **RMB 7.1 million**, net loss attributable to owners of the parent was **RMB 29.6 million**, and gross margin was **40.0%**, a **9.8 percentage point** decrease from the prior year[46](index=46&type=chunk) - Company management will regularly monitor the progress of suspended projects and seek settlement solutions and debt recovery[46](index=46&type=chunk) [Cost Control](index=20&type=section&id=Cost%20Control) The company adopts a refined project cost control model, establishes a unified supplier database, strictly manages budgets using an OA system, and leverages support from renowned enterprise procurement platforms to achieve cost reduction and efficiency improvement - Adopting a refined project cost control model instead of traditional extensive contracting[47](index=47&type=chunk) - Establishing a group-wide unified supplier database and utilizing a self-developed OA system for budgetary management[47](index=47&type=chunk) - Gaining support from renowned domestic enterprise procurement platforms to fully open supply chain channels, achieving cost reduction and efficiency improvement[47](index=47&type=chunk) [Research and Development](index=20&type=section&id=Research%20and%20Development) The company adheres to applying efficient, energy-saving, and clean green technologies in design, driving ecological and environmental protection project development through technological innovation, investing in establishing technology centers, strengthening industry-academia-research cooperation and intellectual property construction, and actively realizing technological industrialization - Adhering to applying efficient, energy-saving, and clean green technologies in design to promote the development of ecological and environmental protection projects[48](index=48&type=chunk) - Investing in establishing technology centers, prioritizing independent development, supplemented by introduction, digestion, and absorption[48](index=48&type=chunk) - Strengthening industry-academia-research cooperation and intellectual property construction, actively realizing technological industrialization, and collaborating with upstream and downstream enterprises to share technological resources[49](index=49&type=chunk) [Outlook](index=21&type=section&id=Outlook) China's new energy installed capacity continues rapid growth, with non-fossil fuel power generation exceeding **60%** for the first time. Global electricity demand accelerates, with renewable energy becoming the dominant force. The company will actively seize new energy development trends, integrate resources, enhance competitiveness, and promote green and low-carbon transformation - China's new energy installed capacity continues rapid growth, with non-fossil fuel power generation accounting for over **60%** for the first time[50](index=50&type=chunk) - Global electricity demand is accelerating, with renewable energy becoming the primary source for meeting new electricity demand growth[50](index=50&type=chunk) - Integrated solar storage and charging is becoming an important development direction in the renewable energy sector, with broad market prospects[51](index=51&type=chunk) - The company will actively seize new energy development trends, integrate resources, explore cutting-edge technologies and innovative models, enhance competitiveness, and promote green and low-carbon transformation[52](index=52&type=chunk) [Corporate Governance and Other Information](index=22&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the company's corporate governance practices, share transactions, audit committee review, post-reporting period events, and publication details [Bank and Other Borrowings](index=22&type=section&id=Bank%20and%20Other%20Borrowings) As of June 30, 2025, the company's total outstanding bank and other borrowings amounted to **RMB 591,308 thousand**, an increase from the end of 2024 Total Bank and Other Borrowings | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Outstanding Bank and Other Borrowings | 591,308 | 576,527 | 14,781 | 2.6% | [Purchase, Sale or Redemption of the Company's Shares](index=22&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Shares) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and as of June 30, 2025, the company held no treasury shares - Neither the company nor its subsidiaries conducted any share purchases, sales, or redemptions during the reporting period[55](index=55&type=chunk) - As of June 30, 2025, the company held no treasury shares[55](index=55&type=chunk) [Corporate Governance Summary](index=22&type=section&id=Corporate%20Governance%20Summary) The company is committed to maintaining high standards of corporate governance, complying with the Listing Rules' Corporate Governance Code. Mr. Lin Guangqing was appointed Chairman of the Board and Chief Executive Officer, an arrangement the Board deems appropriate at this stage to ensure operational stability and decision-making efficiency, overseen by independent non-executive directors - The company complies with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[56](index=56&type=chunk) - Mr. Lin Guangqing was appointed Chairman of the Board and Chief Executive Officer on August 5, 2025, deviating from the code's requirement for separation of these roles[57](index=57&type=chunk) - The Board considers this arrangement appropriate at this stage to ensure operational stability, consistent leadership, enhanced decision-making efficiency and flexibility, and is overseen by three independent non-executive directors[57](index=57&type=chunk) - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the code of conduct for securities transactions by directors and employees who may possess inside information, and confirmed directors' compliance[58](index=58&type=chunk) [Audit Committee and Review of Interim Financial Statements](index=24&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Financial%20Statements) The Audit Committee, comprising three members, has reviewed the Group's accounting principles, policies, and interim financial report, deeming them compliant with applicable accounting standards and requirements - The Audit Committee comprises Mr. Yang Yuanguang (Chairman), Mr. Dai Guoqiang, and Ms. Zhang Rui[59](index=59&type=chunk) - The Audit Committee has reviewed the interim report and the unaudited condensed consolidated interim results, deeming them compliant with applicable accounting standards and requirements[59](index=59&type=chunk) [Events After the Reporting Period](index=24&type=section&id=Events%20After%20the%20Reporting%20Period) After the reporting period, Hangzhou Beifeng Landscape Design Co., Ltd., an indirect wholly-owned subsidiary, agreed to acquire a **100%** equity interest in Shanghai Greenland Senmao Greening Engineering Co., Ltd. Additionally, the Board proposed a share consolidation, a change of company name to "China Green Broad Ecological Technology Company Limited," and amendments to the Articles of Association, all subject to shareholder approval - On August 15, 2025, the company's indirect wholly-owned subsidiary agreed to acquire a **100%** equity interest in Shanghai Greenland Senmao Greening Engineering Co., Ltd[61](index=61&type=chunk) - On August 29, 2025, the Board proposed a share consolidation (10-for-1) and a change in the board lot size to **12,000** consolidated shares[62](index=62&type=chunk) - The Board proposed changing the company's Chinese name to "中国绿博生态科技集团有限公司" and its English name to "China Green Broad Ecological Technology Company Limited"[62](index=62&type=chunk) - The aforementioned share consolidation and change of company name are subject to shareholder approval[63](index=63&type=chunk) [Publication of Interim Results and 2025 Interim Report](index=25&type=section&id=Publication%20of%20Interim%20Results%20and%202025%20Interim%20Report) This announcement has been published on the company's website and the HKEX website, and the 2025 Interim Report will be published and dispatched to shareholders in due course - This announcement has been published on the company's website and the HKEX website[64](index=64&type=chunk) - The 2025 Interim Report will be published and dispatched to shareholders in due course[64](index=64&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份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。 公告 建議股份合併、 更改每手買賣單位、 建議更改公司名稱 及 China Greenland Broad Greenstate Group Company Limited 中 國 綠 地 博 大 綠 澤 集 團 有 限 公 司 （ 於開曼群島註冊成立的有限公司） （股份代號：1253） 建議採納新修訂及重列組織章程大綱及細則 建議股份合併 中 國 綠 地 博 大 綠 澤 集 團 有 限 公 司（「 本 公 司 」）董 事 會（「 董 事 會 」）建 議 按 本 公 司 股 本 中 每 十(10)股每股面值0.025港元的已發行及未發行現有股份合併為一(1)股每股面值0.25港元的 合併股份之基準實行股份合併。股份合併須待（ 其中包括 ）股東於股東特別大會上批准後方 可作實。 股份合併的影響 於本公告日期，本公司法定股本為200,000,000港元，分為8,000,000,000股每股面值0.025港元 ...