格隆汇9月15日丨中国新城市(01321.HK)宣布，于2025年9月15日，公司与EXIOGroupLimited订立服务协 议，据此EXIO同意向公司提供代币化服务：法律文件协调、智能合约开发、智能合约审计、钱包解决 方案、代币在EXIO平台的准入、协调完成投资者认识你的客户程序、虚拟资产的首次分销及二级交 易。服务协议自2025年9月15日起生效，初步为期一年，除非按协议条款提前终止。 ...

据悉，EXIO为新浪旗下华盛集团投资的香港持牌虚拟资产交易平台，已于2024年12月获香港证券及期 货事务监察委员会颁发虚拟资产交易平台营运牌照。 公告称，集团将依托香港作为国际金融中心的体系与监管环境，继续深化与数字资产行业领导者的合 作，战略性地研究和布局数字资产，以推动现有资产价值的再释放。 智通财经APP讯，中国新城市(01321)公布，于2025年9月15日，公司与EXIO Group Limited(EXIO)订立 服务协议，据此EXIO同意向公司提供代币化服务：法律文件协调、智能合约开发、智能合约审计、钱 包解决方案、代币在EXIO平台的准入、协调完成投资者认识你的客户程序、虚拟资产的首次分销及二 级交易。 ...

自願性公告 與EX.IO合作推出商業地產RWA項目 本公告乃中國新城市集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願作出。 本公司董事會（「董事會」）欣然宣佈，於2025年9月15日，本公司與EXIO Group Limited（「EXIO」）訂 立服務協議（「服務協議」），據此EXIO同意向本公司提供代幣化服務：法律文件協調、智能合約開 發、智能合約審計、錢包解決方案、代幣在EXIO平台的准入、協調完成投資者認識你的客戶程序、 虛擬資產的首次分銷及二級交易。 服務協議自2025年9月15日起生效，初步為期一年，除非按協議條款提前終止。服務協議期限屆滿 前至少60天如任何一方未有發出書面不續約通知，則自動續約一年。任何一方可發出不少於30天 的書面通知終止服務協議。 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。 China New City Group Limited 中國新城市集團有限公 司 （於開曼群島註冊成立之有限公司） （股份 ...

FF301 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 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 公司名稱: 中國新城市集團有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01321 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,844,023,117 | | 0 | | 1,844,023,117 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,844,023,117 | | 0 | | 1,844,023,117 | 第 ...

Group 1 - The company reported a revenue of approximately 366 million yuan for the first half of 2025, representing a year-on-year decrease of 87.5% [1] - Gross profit was 77.089 million yuan, down 95.1% compared to the previous year [1] - The company experienced a loss attributable to equity holders of 35.522 million yuan, a shift from profit to loss year-on-year, with a loss per share of 1.77 cents [1] Group 2 - The significant decrease in revenue and gross profit is primarily attributed to a substantial decline in property sales business [1]

Core Viewpoint - China New City (01321) reported a significant decline in its mid-year performance for 2025, with a sharp drop in revenue and gross profit, primarily due to a substantial decrease in property sales [1] Financial Performance - Revenue for the period was approximately 366 million yuan, representing a year-on-year decrease of 87.5% [1] - Gross profit stood at 77.1 million yuan, down 95.1% compared to the previous year [1] - The company reported a loss attributable to equity holders of 35.5 million yuan, marking a shift from profit to loss year-on-year [1] - Earnings per share reflected a loss of 1.77 cents [1] Business Operations - The decline in revenue and gross profit was primarily attributed to a significant reduction in the property sales business [1]

Core Viewpoint - China New City (01321.HK) reported a significant decline in financial performance for the six months ending June 30, 2025, with a revenue drop of 87.5% year-on-year [1] Financial Performance - Revenue for the period was RMB 366 million, a decrease of 87.5% compared to the previous year [1] - Gross profit amounted to RMB 77.089 million, reflecting a 95.1% year-on-year decline [1] - The loss attributable to the parent company was RMB 35.522 million, contrasting with a profit of RMB 378 million in the same period last year [1] - Basic loss per share was RMB 0.0177 [1]

[Financial Summary](index=1&type=section&id=Financial%20Summary) The Group experienced a significant decline in revenue and gross profit for the six months ended June 30, 2025, resulting in a net loss and a decrease in total assets and net assets Financial Summary for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 366,307 | 2,921,774 | -87.5% | | Gross Profit | 77,089 | 1,579,596 | -95.1% | | (Loss)/Profit for the Period | (39,448) | 347,502 | -111.4% | | (Loss)/Profit Attributable to Owners of the Parent | (35,522) | 377,789 | -109.4% | | (Loss)/Earnings Per Share Attributable to Ordinary Equity Holders of the Parent - Basic and Diluted | RMB (1.77) cents | RMB 18.79 cents | -109.4% | | **As of June 30, 2025** | **RMB thousand** | **As of December 31, 2024** | **Change** | | Total Assets | 13,282,430 | 13,385,727 | -0.8% | | Net Assets | 5,262,481 | 5,342,134 | -1.5% | | Net Asset Value Per Share | RMB 2.62 | RMB 2.66 | -1.5% | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's interim condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, and financial position, reflecting a shift from profit to loss and changes in asset and liability structures [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 Group turned from profit to loss, recording a net loss of RMB 39,448 thousand, compared to a profit of RMB 347,502 thousand in the prior period, primarily due to an 87.5% revenue decline and 95.1% gross profit reduction from decreased property sales Interim Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 366,307 | 2,921,774 | | Cost of Sales | (289,218) | (1,342,178) | | Gross Profit | 77,089 | 1,579,596 | | Other Income and Gains | 174,232 | 25,876 | | Selling and Distribution Expenses | (53,587) | (66,588) | | Administrative Expenses | (45,165) | (67,991) | | Other Expenses | (79,080) | (5,833) | | Finance Costs | (97,642) | (47,317) | | Fair Value Change of Investment Properties | (8,600) | (535,900) | | (Loss)/Profit Before Tax | (32,753) | 877,358 | | Income Tax Expense | (6,695) | (529,856) | | (Loss)/Profit for the Period | (39,448) | 347,502 | | (Loss)/Profit Attributable to Owners of the Parent | (35,522) | 377,789 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive loss for the period was RMB 75,937 thousand, a significant deterioration from the prior period's total comprehensive income of RMB 362,518 thousand, mainly due to the period's loss and negative impacts from other comprehensive income, including exchange differences and fair value changes in equity investments Interim Condensed Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | (Loss)/Profit for the Period | (39,448) | 347,502 | | Exchange Differences Arising from Translation of Financial Statements of Overseas Subsidiaries | (7,613) | 10,812 | | Exchange Differences Arising from Translation of Overseas Operations | (12,467) | 5,690 | | Equity Investments Designated at Fair Value Through Other Comprehensive Income: Fair Value Changes | (21,879) | (1,982) | | Income Tax Impact | 5,470 | 496 | | Other Comprehensive Income for the Period, Net of Tax | (36,489) | 15,016 | | Total Comprehensive (Loss)/Income for the Period | (75,937) | 362,518 | | Attributable to Owners of the Parent | (72,011) | 392,805 | [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 Group's total assets slightly decreased by 0.8% to RMB 13,282,430 thousand, and net assets decreased by 1.5% to RMB 5,262,481 thousand, with a notable increase in net current assets due to reduced current assets and liabilities Interim Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property and Equipment | 2,128,801 | 2,183,115 | | Investment Properties | 4,328,300 | 4,336,900 | | Properties Under Development | 447,663 | 439,451 | | Investments in Associates | 681,873 | – | | Total Non-current Assets | 7,875,606 | 7,736,991 | | **Current Assets** | | | | Completed Properties Held for Sale | 3,910,663 | 4,085,699 | | Trade Receivables | 75,580 | 61,081 | | Amounts Due from Related Companies | 965,030 | 237,788 | | Cash and Cash Equivalents | 208,647 | 838,999 | | Total Current Assets | 5,406,824 | 5,648,736 | | **Current Liabilities** | | | | Trade Payables | 1,077,301 | 1,543,308 | | Contract Liabilities | 286,895 | 923,714 | | Interest-bearing Bank and Other Borrowings (Current) | 327,079 | 1,072,160 | | Total Current Liabilities | 3,229,136 | 5,055,477 | | Net Current Assets | 2,177,688 | 593,259 | | **Non-current Liabilities** | | | | Interest-bearing Bank and Other Borrowings (Non-current) | 4,127,840 | 2,327,020 | | Total Non-current Liabilities | 4,790,813 | 2,988,116 | | Net Assets | 5,262,481 | 5,342,134 | | Total Equity | 5,262,481 | 5,342,134 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes to the interim condensed consolidated financial information, covering company details, accounting policies, segment information, and specific financial line items [1. Company Information](index=6&type=section&id=1.%20Company%20Information) China New City Group Limited, incorporated in the Cayman Islands in 2013, operates as an investment holding company primarily engaged in commercial property development, leasing, and hotel operations, with Quanhao Management Limited as its ultimate controlling entity - The Company was incorporated in the Cayman Islands on **July 2, 2013**, as an investment holding company[9](index=9&type=chunk) - The Group is principally engaged in **commercial property development, leasing, and hotel operations**[10](index=10&type=chunk) - The ultimate controlling company of the Company is **Quanhao Management Limited**[11](index=11&type=chunk) [2. Basis of Preparation and Accounting Policies](index=6&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and should be read with the 2024 annual consolidated financial statements, with the first-time adoption of revised IAS 21 having no significant financial impact [2.1 Basis of Preparation](index=6&type=section&id=2.1%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and presented in RMB, rounded to the nearest thousand - The interim condensed consolidated financial information is prepared in accordance with **International Accounting Standard 34 "Interim Financial Reporting"** issued by the International Accounting Standards Board[12](index=12&type=chunk) - These financial statements are presented in **RMB** and adjusted to the nearest thousand[12](index=12&type=chunk) [2.2 Changes in Accounting Policies and Disclosures](index=6&type=section&id=2.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The Group adopted revised IAS 21 "Lack of Exchangeability" for the first time during the period, which had no significant financial impact on the financial statements - The Group adopted the revised **International Accounting Standard 21 "Lack of Exchangeability"** for the first time during the period[14](index=14&type=chunk) - The new and revised standards had **no significant financial impact** on these financial statements[14](index=14&type=chunk) [3. Operating Segment Information](index=7&type=section&id=3.%20Operating%20Segment%20Information) The Group operates four reportable segments: commercial property development, property leasing, hotel operations, and other services; in H1 2025, a significant decline in commercial property development revenue led to a sharp drop in overall revenue and segment results, while property leasing revenue increased - The Group has four reportable operating segments: **commercial property development, property leasing, hotel operations, and "other" segments**[17](index=17&type=chunk) [Segment Revenue and Results](index=8&type=section&id=Segment%20Revenue%20and%20Results) Segment revenue and results for the six months ended June 30, showing a substantial decrease in commercial property development revenue and a shift to loss for the segment | Segment | 2025 Revenue (RMB thousand) | 2024 Revenue (RMB thousand) | Change (%) | 2025 Segment Results (RMB thousand) | 2024 Segment Results (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Commercial Property Development | 175,269 | 2,723,530 | -93.6% | (19,071) | 1,403,421 | | Property Leasing | 64,896 | 48,646 | +33.4% | 12,049 | (426,319) | | Hotel Operations | 99,181 | 112,651 | -12.0% | (20,646) | (30,498) | | Other Services | 26,961 | 36,947 | -27.1% | 76,145 | (26,026) | | **Total** | **366,307** | **2,921,774** | **-87.5%** | **48,477** | **920,578** | [Segment Assets and Liabilities](index=10&type=section&id=Segment%20Assets%20and%20Liabilities) Segment assets and liabilities as of June 30, 2025, indicating a slight decrease in total assets and liabilities, with notable changes in commercial property development segment assets and liabilities | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | **13,282,430** | **13,385,727** | **-0.8%** | | Commercial Property Development Segment Assets | 6,015,169 | 6,201,139 | -3.0% | | Property Leasing Segment Assets | 4,644,508 | 4,673,438 | -0.6% | | Hotel Operations Segment Assets | 1,777,294 | 1,913,326 | -7.1% | | Other Services Segment Assets | 1,642,575 | 765,905 | +114.5% | | **Total Liabilities** | **8,019,949** | **8,043,593** | **-0.3%** | | Commercial Property Development Segment Liabilities | 1,471,772 | 2,479,054 | -40.6% | | Property Leasing Segment Liabilities | 376,571 | 371,202 | +1.4% | | Hotel Operations Segment Liabilities | 643,226 | 679,232 | -5.3% | | Other Services Segment Liabilities | 447,718 | 412,300 | +8.6% | [Geographical Information](index=11&type=section&id=Geographical%20Information) Geographical breakdown of revenue from external customers and non-current assets, primarily concentrated in Mainland China | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue from External Customers (Mainland China) | 366,307 | 2,921,774 | | Non-current Assets (Mainland China) | 7,752,031 | 7,299,787 | | Non-current Assets (Other) | 64,245 | 59,891 | [Information about Major Customers](index=11&type=section&id=Information%20about%20Major%20Customers) No single customer or group of customers under common control accounted for 10% or more of the Group's revenue for the six months ended June 30, 2025 and 2024 - No single customer or group of customers under common control accounted for **10% or more of the Group's revenue** for the six months ended June 30, 2025 and 2024[23](index=23&type=chunk) [4. Revenue, Other Income and Gains](index=12&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) Total revenue for the period was RMB 366,307 thousand, an 87.5% year-on-year decrease primarily due to a sharp decline in customer contract revenue, especially property sales, while other income and gains surged by 573.3% mainly from remeasurement of associate investments [Analysis of Revenue](index=12&type=section&id=Analysis%20of%20Revenue) Analysis of revenue sources for the six months ended June 30, showing a significant decrease in customer contract revenue but an increase in gross rental income from investment properties | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from Contracts with Customers | 301,411 | 2,873,128 | -89.5% | | Gross Rental Income from Operating Leases of Investment Properties | 64,896 | 48,646 | +33.4% | | **Total** | **366,307** | **2,921,774** | **-87.5%** | [Disaggregated Revenue Information from Contracts with Customers](index=12&type=section&id=Disaggregated%20Revenue%20Information%20from%20Contracts%20with%20Customers) Disaggregated revenue from contracts with customers for the six months ended June 30, highlighting a substantial decrease in property sales | Type of Goods or Services | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Property Sales | 175,269 | 2,723,530 | -93.6% | | Hotel Operations Revenue | 99,181 | 112,651 | -12.0% | | Other Services | 26,961 | 36,947 | -27.1% | | **Total** | **301,411** | **2,873,128** | **-89.5%** | - The majority of customer contract revenue, including **property sales and hotel operations revenue**, is recognized at a point in time[25](index=25&type=chunk)[26](index=26&type=chunk) [Details of Other Income and Gains](index=13&type=section&id=Details%20of%20Other%20Income%20and%20Gains) Details of other income and gains for the six months ended June 30, showing a significant increase primarily due to a gain from remeasurement of an investment in an associate | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Subsidy Income | 570 | 80 | +612.5% | | Interest Income | 16,412 | 4,097 | +300.6% | | Other Income | 3,852 | 4,137 | -6.9% | | Gain from Remeasurement of an Investment in an Associate | 153,398 | – | N/A | | Gain on Disposal of Items of Property and Equipment | – | 576 | -100% | | Compensation for Lease Termination | – | 2,876 | -100% | | Gain on Disposal of Subsidiaries | – | 2,863 | -100% | | Gain on Disposal of Items of Right-of-use Assets | – | 5,918 | -100% | | Exchange Gain | – | 5,329 | -100% | | **Total** | **174,232** | **25,876** | **+573.3%** | - The significant increase in other income and gains is primarily due to a **gain of approximately RMB 153,398 thousand from the remeasurement of an investment in an associate**[26](index=26&type=chunk)[27](index=27&type=chunk) - This gain resulted from the fair value of Xin Nong Du's identifiable net assets attributable to the buyer exceeding the investment cost after acquiring a **42.50% equity interest** in Xin Nong Du[27](index=27&type=chunk) [5. Profit/Loss Before Tax](index=14&type=section&id=5.%20Profit%2FLoss%20Before%20Tax) The Group's loss before tax was RMB 32,753 thousand, a significant deterioration from the prior period's profit of RMB 877,358 thousand, primarily due to a sharp decrease in property sales costs and reduced fair value losses on investment properties, offset by increased impairment provisions for financial assets and property and equipment Profit/Loss Before Tax Components (For the Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of Properties Sold | 175,036 | 1,217,435 | | Depreciation of Property and Equipment | 57,275 | 62,147 | | Depreciation of Right-of-use Assets | 3,088 | 6,182 | | Staff Costs (Including Directors' and Key Management's Emoluments) | 42,240 | 50,995 | | Fair Value Change of Investment Properties | 8,600 | 535,900 | | Gain from Remeasurement of an Investment in an Associate | (153,398) | – | | Impairment Provision for Financial Assets | 48,367 | – | | Impairment Provision for Property and Equipment | 24,186 | – | | Impairment Provision for Right-of-use Assets | 337 | – | | Impairment of Investment in a Joint Venture | – | 5,626 | [6. Income Tax Expense](index=15&type=section&id=6.%20Income%20Tax%20Expense) Income tax expense for the period was RMB 6,695 thousand, a substantial decrease from RMB 529,856 thousand in the prior period, mainly due to reduced PRC income tax and land appreciation tax, and the impact of deferred tax - Hong Kong-incorporated subsidiaries were **not subject to income tax** during the period[30](index=30&type=chunk) - PRC income tax is provided at a rate of **25%**, and land appreciation tax is levied at progressive rates from **30% to 60%**[30](index=30&type=chunk) Income Tax Expense (For the Six Months Ended June 30) | Tax Category | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | PRC Income Tax for the Period | 14,306 | 295,642 | -95.2% | | PRC Land Appreciation Tax for the Period | 6,006 | 428,946 | -98.6% | | Deferred Tax | (13,617) | (194,732) | -93.0% | | **Total Tax Expense for the Period** | **6,695** | **529,856** | **-98.7%** | [7. Loss/Earnings Per Share Attributable to Ordinary Equity Holders of the Parent](index=15&type=section&id=7.%20Loss%2FEarnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) For the six months ended June 30, 2025, basic loss per share was RMB (1.77) cents, compared to earnings per share of RMB 18.79 cents in the prior period, primarily due to the loss attributable to owners of the parent during the period Loss/Earnings Per Share (For the Six Months Ended June 30) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | (Loss)/Profit Attributable to Ordinary Equity Holders of the Parent | (35,522) thousand RMB | 377,789 thousand RMB | -109.4% | | Basic and Diluted (Loss)/Earnings Per Share | RMB (1.77) cents | RMB 18.79 cents | -109.4% | | Weighted Average Number of Ordinary Shares Outstanding During the Period | 2,010,768,000 shares | 2,010,768,000 shares | 0% | - The Group had **no potentially dilutive ordinary shares** outstanding for the period ended June 30, 2025[33](index=33&type=chunk) [8. Dividends](index=16&type=section&id=8.%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an **interim dividend** for the six months ended June 30, 2025[34](index=34&type=chunk) [9. Trade Receivables](index=16&type=section&id=9.%20Trade%20Receivables) As of June 30, 2025, total trade receivables increased to RMB 75,580 thousand from RMB 61,081 thousand on December 31, 2024, with the largest proportion due within six months Ageing Analysis of Trade Receivables (As of Reporting Period End) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within Six Months | 65,119 | 55,063 | +18.3% | | Over Six Months but Within One Year | 7,180 | 4,802 | +49.5% | | Over One Year but Within Two Years | 3,281 | 1,216 | +169.8% | | **Total** | **75,580** | **61,081** | **+23.7%** | [10. Trade Payables](index=16&type=section&id=10.%20Trade%20Payables) As of June 30, 2025, total trade payables significantly decreased to RMB 1,077,301 thousand from RMB 1,543,308 thousand on December 31, 2024, primarily due to a substantial reduction in amounts due between six months and one year Ageing Analysis of Trade Payables (As of Reporting Period End) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within Six Months | 733,802 | 701,370 | +4.6% | | Over Six Months but Within One Year | 330,547 | 828,857 | -60.1% | | Over One Year but Within Two Years | 5,946 | 3,557 | +67.2% | | Over Two Years but Within Three Years | 7,006 | 9,524 | -26.4% | | **Total** | **1,077,301** | **1,543,308** | **-30.2%** | - The balances are **unsecured and interest-free**, generally payable according to construction progress[36](index=36&type=chunk) [11. Commitments](index=17&type=section&id=11.%20Commitments) As of June 30, 2025, the Group's contracted but unprovided commitments for property development expenditures were RMB 156,839 thousand, a slight decrease from December 31, 2024 Property Development Expenditure Commitments (As of Reporting Period End) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Properties Under Development | 156,839 | 160,697 | -2.4% | [12. Contingent Liabilities](index=17&type=section&id=12.%20Contingent%20Liabilities) As of June 30, 2025, the Group's bank guarantees for property buyers' mortgage loans decreased to RMB 286,410 thousand from December 31, 2024, with directors believing the net realizable value of the properties is sufficient for repayment, thus no provision was made - The Group provides **guarantees for mortgage loans** granted by certain banks to buyers of the Group's properties[38](index=38&type=chunk) - Directors believe that the **net realizable value of the relevant properties is sufficient** to cover the outstanding mortgage loans and any accrued interest and penalties in case of default, thus no provision has been made for these guarantees[38](index=38&type=chunk) Contingent Liabilities (As of Reporting Period End) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Guarantees to Banks for Mortgage Loans Granted to Buyers of the Group's Properties | 286,410 | 359,727 | -20.4% | [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the Group's business performance, financial position, and future outlook, highlighting key operational and financial trends [Overview](index=18&type=section&id=Overview) The Group is a large enterprise integrating commercial development and operations, hotel management, film, education, and cultural tourism, recognized as a leading commercial real estate integrated operator in the Yangtze River Delta region with multiple industry accolades - The Group is a large enterprise integrating **commercial development and operations, hotel management, film, education, and cultural tourism**[40](index=40&type=chunk) - The Group has developed into a leading **commercial real estate integrated operator in the Yangtze River Delta region**, having been recognized as one of the "Top 10 Commercial Real Estate Operators in China"[40](index=40&type=chunk) [Business Review](index=18&type=section&id=Business%20Review) The Group's core business segments include industrial property development, commercial operations, hotel management, and industrial investment, with diversified new industry layouts; consolidated revenue for the period was approximately RMB 366 million, down 87.5% year-on-year, and gross profit was approximately RMB 77 million, down 95.1%, primarily due to a significant reduction in property sales - The Group's core business segments are **industrial property development, commercial operations, hotel management, and industrial investment**, while also diversifying into industrial services, rural cultural tourism, smart agricultural wholesale, film and education, and digital health[41](index=41&type=chunk) Key Financial Data for Business Review (For the Current Period) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 366 | 2,922 | -87.5% | | Gross Profit | 77 | 1,580 | -95.1% | | Gross Profit Margin | 21.0% | 54.1% | -33.1 percentage points | - As of June 30, 2025, the Group's **total equity was approximately RMB 5,262 million**, and **cash book value was approximately RMB 226 million**[41](index=41&type=chunk) [Policies and Outlook](index=18&type=section&id=Policies%20and%20Outlook) China's 2025 real estate policy continues its 'stabilize and recover' approach, fully implementing 'four cancellations, four reductions, and two additions' to support the market and accelerate inventory reduction; the Group will maintain prudent operations, advance urban renewal, and explore new models for the existing market - China's 2025 real estate policy continues its core principle of **"stabilizing decline and achieving recovery"**, fully implementing a policy package of "four cancellations, four reductions, and two additions"[42](index=42&type=chunk) - Policies include **cancelling purchase restrictions, resale restrictions, price caps, and ordinary housing standards**; **reducing down payment ratios, mortgage interest rates, and transaction taxes and fees**; and **adding urban village renovation and "white list" financing for property developers**[42](index=42&type=chunk) - The Group will continue to adhere to a **prudent operating philosophy**, maintain financial stability, effectively integrate Group resources, and intensify business innovation efforts, promoting urban renewal projects and exploring new development models[43](index=43&type=chunk) [Progress of Major Projects](index=19&type=section&id=Progress%20of%20Major%20Projects) The Group's International Office Center (IOC) Plot A2 and Longying Huijinzuo (Binhe Yin) projects in Hangzhou achieved expected sales, with Longying Huijinzuo completed in 2024 [International Office Center (IOC)](index=19&type=section&id=International%20Office%20Center%20%28IOC%29) The International Office Center (IOC) Plot A3 is largely sold out, and Plot A2 sales met expectations during the period - International Office Center (IOC) Plot A3 was completed in **2015** and is largely sold out, except for a small number of units and parking spaces[44](index=44&type=chunk) - Plot A2 commenced construction in **2019**, with sales meeting expectations during the period[44](index=44&type=chunk) [Longying Huijinzuo (Binhe Yin)](index=19&type=section&id=Longying%20Huijinzuo%20%28Binhe%20Yin%29) The Longying Huijinzuo (Binhe Yin) project was completed in 2024, with sales meeting expectations during the current period - The Longying Huijinzuo (Binhe Yin) project was completed in **2024**[45](index=45&type=chunk) - Sales for this project met expectations during the period[45](index=45&type=chunk) [Sales Review](index=20&type=section&id=Sales%20Review) Confirmed sales amount and area significantly decreased during the period, with contracted sales amount and area also declining year-on-year, reflecting a weak property sales market [Confirmed Sales](index=20&type=section&id=Confirmed%20Sales) Confirmed sales amount and total gross floor area delivered for the six months ended June 30, showing a substantial year-on-year decrease Confirmed Sales Data (For the Six Months Ended June 30) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Confirmed Sales Amount | RMB 175,269 thousand | RMB 2,723,530 thousand | -93.6% | | Total Gross Floor Area of Properties Delivered | 10,415 square meters | 73,493 square meters | -85.8% | Confirmed Sales Project Details (H1 2025) | Project | Region | Confirmed Amount (RMB million) | Area (square meters) | | :--- | :--- | :--- | :--- | | Longying Huijinzuo (Binhe Yin) | Hangzhou | 133.8 | 6,212 | | Mingcaicheng | Hangzhou | 28.8 | 2,225 | | Zhong'an Times Square Phase II | Yuyao | 6.9 | 1,200 | | Cixi New City | Cixi | 5.4 | 778 | | Other Remaining Units | Hangzhou | 0.4 | – | | **Total** | | **175.3** | **10,415** | [Contracted Sales](index=20&type=section&id=Contracted%20Sales) Contracted sales area and revenue for the six months ended June 30, both showing a significant year-on-year decrease Contracted Sales Data (For the Six Months Ended June 30) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Contracted Sales Area | 14,981 square meters | 29,997 square meters | -50.0% | | Contracted Sales Revenue | RMB 326,848 thousand | RMB 663,350 thousand | -50.8% | Major Project Contracted Sales Details (H1 2025) | Project | Region | Contracted Amount (RMB million) | Area (square meters) | | :--- | :--- | :--- | :--- | | International Office Center (IOC) A2 | Hangzhou | 195.9 | 4,845 | | Xin Nong Du | Hangzhou | 74.5 | 7,489 | | Longying Huijinzuo (Binhe Yin) | Hangzhou | 48.2 | 1,943 | | Mingcaicheng | Hangzhou | 5.0 | 312 | | Cixi New City | Cixi | 2.8 | 392 | | Zhong'an Times Square Phase II | Yuyao | 0.5 | – | | Chaoyang Ginza | Hangzhou | 0.1 | – | | **Total** | | **326.8** | **14,981** | [Hotel Operations](index=21&type=section&id=Hotel%20Operations) Hotel management revenue for the period was approximately RMB 99,181 thousand, a 12.0% year-on-year decrease, primarily due to a weak market leading to a decline in hotel occupancy rates to approximately 60% - The Group manages **four self-owned hotels**[49](index=49&type=chunk) Hotel Operations Data (For the Six Months Ended June 30) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Hotel Management Revenue | RMB 99,181 thousand | RMB 112,651 thousand | -12.0% | | Hotel Occupancy Rate | Approximately 60% | Approximately 62% | -2 percentage points | - The decrease in revenue is primarily due to a **weak market and a decline in hotel occupancy rates**[49](index=49&type=chunk) [Commercial Operations](index=21&type=section&id=Commercial%20Operations) Total commercial operations revenue for the period was approximately RMB 64,896 thousand, a 33.4% year-on-year increase, primarily benefiting from new community commercial projects, increased occupancy at Yuyao Zhong'an Plaza, and higher per-square-meter rent at Yiwu Zhong'an Plaza, despite a slight decrease in average occupancy rate - The Group's commercial operations revenue primarily derives from **rental income from office buildings, shopping malls, and community commercial complexes**[50](index=50&type=chunk) Commercial Operations Data (For the Six Months Ended June 30) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Commercial Operations Revenue | RMB 64,896 thousand | RMB 48,646 thousand | +33.4% | | Average Occupancy Rate of Leased Properties | Approximately 80% | Approximately 84% | -4 percentage points | - The increase in total revenue primarily benefited from **revenue generation from new community commercial projects, increased occupancy at Yuyao Zhong'an Plaza, and higher per-square-meter rent at Yiwu Zhong'an Plaza**[50](index=50&type=chunk) [Land Bank](index=21&type=section&id=Land%20Bank) As of June 30, 2025, the Group's total land bank for development and/or sale was approximately 3,673,020 square meters, a slight decrease from December 31, 2024 Total Land Bank Gross Floor Area (As of Reporting Period End) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Land Bank Gross Floor Area | 3,673,020 square meters | 3,690,924 square meters | -0.5% | [Financial Performance Analysis](index=21&type=section&id=Financial%20Performance%20Analysis) The Group's financial performance significantly deteriorated during the period, with revenue and gross profit sharply declining due to a substantial drop in property sales, leading to a shift from profit to loss; despite controlled selling and administrative expenses, other expenses and finance costs rose significantly due to increased impairment provisions and interest expenses [Revenue](index=21&type=section&id=Revenue) Consolidated revenue for the six months ended June 30, showing a substantial year-on-year decrease Consolidated Revenue (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 366,307 | 2,921,774 | -87.5% | - The decrease in revenue is primarily due to a **reduction in property sales business** of approximately RMB 2,548,261 thousand compared to the prior period in 2024[52](index=52&type=chunk) [Gross Profit](index=21&type=section&id=Gross%20Profit) Consolidated gross profit and gross profit margin for the six months ended June 30, both showing a significant year-on-year decrease Consolidated Gross Profit and Gross Profit Margin (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Consolidated Gross Profit | 77,089 | 1,579,596 | -95.1% | | Consolidated Gross Profit Margin | 21.0% | 54.1% | -33.1 percentage points | - The decrease in consolidated gross profit is primarily due to a **significant reduction in gross profit from property sales revenue** during the period[53](index=53&type=chunk) [Other Income and Gains](index=22&type=section&id=Other%20Income%20and%20Gains) Other income and gains for the six months ended June 30, showing a substantial year-on-year increase Other Income and Gains (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income and Gains | 174,232 | 25,876 | +573.3% | - The increase is primarily due to a **gain of approximately RMB 153,398 thousand** from the fair net value of an associate's identifiable net assets exceeding the investment cost attributable to the Group[54](index=54&type=chunk) [Selling and Distribution Expenses](index=22&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses for the six months ended June 30, showing a year-on-year decrease Selling and Distribution Expenses (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 53,587 | 66,588 | -19.5% | - The decrease is primarily due to the Group's **effective implementation of cost management strategies**[55](index=55&type=chunk) [Administrative Expenses](index=22&type=section&id=Administrative%20Expenses) Administrative expenses for the six months ended June 30, showing a year-on-year decrease Administrative Expenses (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 45,165 | 67,991 | -33.6% | - The decrease is primarily due to the Group's **effective implementation of cost management strategies**[56](index=56&type=chunk) [Other Expenses](index=22&type=section&id=Other%20Expenses) Other expenses for the six months ended June 30, showing a significant year-on-year increase Other Expenses (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other Expenses | 79,080 | 5,833 | +1,255.7% | - The increase is primarily due to **higher impairment provisions for financial assets, property, and equipment** during the period compared to the prior period in 2024[57](index=57&type=chunk) [Finance Costs](index=22&type=section&id=Finance%20Costs) Finance costs for the six months ended June 30, showing a significant year-on-year increase Finance Costs (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 97,642 | 47,317 | +106.4% | - The increase is primarily due to a **decrease in capitalized interest expenses and an increase in loan balances** during the period[58](index=58&type=chunk) [Loss for the Period](index=22&type=section&id=Loss%20for%20the%20Period) Loss for the period for the six months ended June 30, showing a significant shift from profit to loss (Loss)/Profit for the Period (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | (Loss)/Profit for the Period | (39,448) | 347,502 | -111.4% | - The loss for the period is primarily due to a **significant decrease in revenue generated from the Group's commercial property projects**[59](index=59&type=chunk) [Capital Expenditure](index=22&type=section&id=Capital%20Expenditure) During the period, the Group incurred approximately RMB 31,016 thousand in property and equipment expenditure, an increase compared to the prior period Property and Equipment Capital Expenditure (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Property and Equipment Expenditure | 31,016 | 24,835 | +24.9% | [Significant Investments](index=23&type=section&id=Significant%20Investments) The Group held no significant investments during the period - The Group held **no significant investments** during the period[61](index=61&type=chunk) [Capital Structure](index=23&type=section&id=Capital%20Structure) As of June 30, 2025, the Group's total cash and cash equivalents decreased, while the current ratio rose to 1.67; the gearing ratio increased to 52%, reflecting a higher proportion of net debt relative to capital Key Capital Structure Indicators (As of Reporting Period End) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Cash and Cash Equivalents and Restricted Cash | 225,937 | 886,087 | -74.5% | | Current Ratio | 1.67 | 1.12 | +49.1% | | Gearing Ratio | 52% | 46% | +6 percentage points | - As of June 30, 2025, bank and other borrowings repayable within one year amounted to approximately **RMB 327,079 thousand**, and those repayable after one year amounted to approximately **RMB 4,127,840 thousand**[62](index=62&type=chunk) [Pledge of Assets](index=23&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group's bank and other borrowings of approximately RMB 4,454,919 thousand were secured by pledged assets including property and equipment, investment properties, completed properties held for sale, and investments in associates, with the total value of pledged assets increasing from year-end 2024 - As of June 30, 2025, the Group's bank and other borrowings of approximately **RMB 4,454,919 thousand** were secured by the following pledged assets[64](index=64&type=chunk) Pledged Assets Details (As of Reporting Period End) | Pledged Asset Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Property and Equipment | 1,507,805 | 957,123 | +57.5% | | Investment Properties | 3,005,621 | 3,043,315 | -1.2% | | Completed Properties Held for Sale | 2,377,202 | 2,328,953 | +2.1% | | Investments in Associates | 318,475 | – | N/A | | **Total Pledged Assets** | **7,209,103** | **6,329,391** | **+13.9%** | [Foreign Exchange Risk and Funding Policy](index=23&type=section&id=Foreign%20Exchange%20Risk%20and%20Funding%20Policy) Operating primarily in China with revenues, costs, and borrowings denominated in RMB, the Group faces minimal foreign exchange fluctuation risk; it adopts a prudent funding policy, holding most cash in short-term RMB deposits without hedging - As the Group primarily operates in China, with revenues, operating costs, and borrowings mainly denominated in RMB, the **foreign exchange fluctuation risk undertaken by the Group is minimal**[65](index=65&type=chunk) - The Group adopts a **prudent funding policy** for cash and financial management, with cash typically held in short-term deposits, mostly denominated in RMB[66](index=66&type=chunk) - The Group **did not use any financial instruments for hedging purposes** during the period[66](index=66&type=chunk) [Guarantees and Contingent Liabilities](index=24&type=section&id=Guarantees%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group's contingent liabilities, primarily mortgage loan guarantees for property buyers, amounted to approximately RMB 286,410 thousand, a decrease from year-end 2024 Guarantees and Contingent Liabilities (As of Reporting Period End) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Contingent Liabilities (Mortgage Loan Guarantees) | 286,410 | 359,727 | -20.4% | [Capital Commitments](index=24&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's capital commitments for property development expenditures were approximately RMB 156,839 thousand, expected to be funded by internal resources and bank borrowings Capital Commitments (As of Reporting Period End) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Capital Commitments for Property Development Expenditures | 156,839 | 160,697 | -2.4% | - The Group expects to **fund the relevant capital commitments from its own resources and bank borrowings**[68](index=68&type=chunk) [Human Resources and Remuneration Policy](index=24&type=section&id=Human%20Resources%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 1,147 staff, a decrease from year-end 2024; remuneration policy considers market conditions, industry trends, company performance, and employee performance, alongside providing continuous education and training Number of Employees (As of Reporting Period End) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of Employees | 1,147 persons | 1,232 persons | -7.06% | - Employee remuneration policy is determined by referencing **local market salary conditions**, combined with overall industry salary levels, inflation, corporate operating efficiency, and employee performance[69](index=69&type=chunk) - The Group also provides **continuous education and training programs** to enhance employees' skills and knowledge[69](index=69&type=chunk) [Strategies](index=24&type=section&id=Strategies) The Group will formulate effective marketing strategies, enhance product and service quality, strengthen cost and risk management, internal controls, and sustainable environmental management; growth strategies include identifying viable acquisition projects and improving investor relations management - Formulate **effective marketing strategies and plans** and enhance product and service quality to strengthen the brand[70](index=70&type=chunk) - Intensify efforts to develop **new policies, guidelines, systems, and procedures** to effectively facilitate cost management, risk management, internal controls, and sustainable environmental management[70](index=70&type=chunk) - Committed to identifying **acquirable projects with future development and profitability potential**, improving asset returns, and focusing on investor relations management[70](index=70&type=chunk) [Relationships with Employees, Customers and Suppliers](index=24&type=section&id=Relationships%20with%20Employees%2C%20Customers%20and%20Suppliers) The Group considers employees key to success, having adopted a share option scheme for motivation and continuously exploring mechanisms to align employee interests with Group development; it engages with customers to meet needs and adjusts operating strategies based on market trends - The Group believes that its **talent is a key factor for its success and competitive advantage** in the market[72](index=72&type=chunk) - A **share option scheme was adopted on May 20, 2015**, to incentivize and reward eligible participants, and the Group continues to explore suitable mechanisms to align employee interests with its long-term development[72](index=72&type=chunk) - A professional sales team continuously communicates with customers and potential customers to **identify and meet their needs** and assist them in making informed decisions[72](index=72&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) This section covers additional information including events after the reporting period, environmental policies, interim dividends, audit committee review, securities transactions, corporate governance, and board composition [Events After the Reporting Period](index=25&type=section&id=Events%20After%20the%20Reporting%20Period) In July 2025, the Company repurchased and cancelled 166,744,883 shares arising from the Xin Nong Du acquisition transaction - In July 2025, the Company **repurchased and cancelled 166,744,883 shares** arising from the Xin Nong Du acquisition transaction[73](index=73&type=chunk) [Environmental Policies and Performance](index=25&type=section&id=Environmental%20Policies%20and%20Performance) The Group is committed to environmental protection, ensuring operations meet environmental standards, closely monitoring construction at all project stages, collaborating with suppliers to prevent pollution and reduce waste, and promoting environmental awareness among employees - The Group is committed to **protecting the environment** in its operating regions and ensuring consistent compliance with government environmental standards[74](index=74&type=chunk) - Construction processes are **closely monitored at different project stages** to ensure compliance with environmental and safety laws and regulations[74](index=74&type=chunk) - The Group collaborates with suppliers and contractors to ensure they are aware of environmental importance, **prevent pollution, reduce waste**, and encourages all employees to enhance environmental awareness[74](index=74&type=chunk) [Interim Dividends](index=25&type=section&id=Interim%20Dividends) The Board does not recommend the payment of any interim dividend for the current period - The Board does not recommend the payment of any **interim dividend** for the current period (six months ended June 30, 2024: nil)[75](index=75&type=chunk) [Audit Committee](index=25&type=section&id=Audit%20Committee) The Audit Committee reviewed the Group's unaudited consolidated interim results, discussing accounting standards, internal controls, and financial reporting with management; external auditor Ernst & Young reviewed these results in accordance with HKSAE 2410 - The Company's Audit Committee has reviewed the Group's **unaudited consolidated interim results** for the period, and discussed the accounting standards and practices adopted by the Group, as well as internal controls and financial reporting matters with the Group's management[76](index=76&type=chunk) - The Company's external auditor, Ernst & Young, has reviewed the Group's unaudited consolidated interim results for the period in accordance with **Hong Kong Standard on Review Engagements 2410** issued by the Hong Kong Institute of Certified Public Accountants[76](index=76&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities on the Stock Exchange - During the period, neither the Company nor its subsidiaries **purchased, sold, or redeemed any of the Company's shares** on the Stock Exchange[77](index=77&type=chunk) [Standard Code for Securities Transactions by Directors](index=26&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted a code of conduct for directors' securities transactions no less exacting than the Listing Rules' standard code, with all directors confirming compliance during the reporting period - The Company has adopted a **code of conduct for directors' securities transactions** whose terms are no less exacting than the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules[78](index=78&type=chunk) - All Directors have confirmed that they have **complied with the required standards** set out in the Model Code during the period and up to the date of this announcement[78](index=78&type=chunk) [Compliance with the Corporate Governance Code](index=26&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) The Board adopted and reviewed the Corporate Governance Code, confirming the Company's compliance with the code during the reporting period - The Board has adopted the applicable principles and code provisions set out in the **Corporate Governance Code** in Appendix C1 to the Listing Rules[79](index=79&type=chunk) - The Board has reviewed the Company's corporate governance practices and is satisfied that the Company has **complied with the code provisions** set out in the Corporate Governance Code during the period and up to the date of this announcement[79](index=79&type=chunk) [Publication of Interim Results Announcement and Interim Report on the Company's and HKEX Websites](index=26&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report%20on%20the%20Company%27s%20and%20HKEX%20Websites) This interim results announcement is published on the Company's and HKEX websites, with the interim report to be published and dispatched to shareholders in due course - This announcement is published on the Company's website (www.chinanewcity.com.cn) and the HKEX website (www.hkexnews.hk)[80](index=80&type=chunk) - The Company's interim report for the period, containing relevant information required by the Listing Rules, will be **published on the aforementioned websites and dispatched to the Company's shareholders** in due course[80](index=80&type=chunk) [Board of Directors](index=26&type=section&id=Board%20of%20Directors) As of this announcement date, the Company's Board of Directors comprises Executive Directors Mr. Shi Nanlu, Mr. Jin Jianrong, and Ms. Chen Jing; Non-executive Director Mr. Shi Zhongan; and Independent Non-executive Directors Mr. Xu Chengfa, Mr. Lin Youyao, and Mr. Yuan Yuan - As of the date of this announcement, the Company's Board of Directors comprises **Executive Directors Mr. Shi Nanlu, Mr. Jin Jianrong, and Ms. Chen Jing**; **Non-executive Director Mr. Shi Zhongan**; and **Independent Non-executive Directors Mr. Xu Chengfa, Mr. Lin Youyao, and Mr. Yuan Yuan**[80](index=80&type=chunk)

Core Viewpoint - The company anticipates a net loss of no more than approximately RMB 40 million during the period of 2025, following a net profit of approximately RMB 347.5 million for the six months ending June 30, 2024 [1] Group 1: Financial Performance - For the period ending June 30, 2024, the company expects to achieve a net profit of approximately RMB 347.5 million [1] - The expected shift from profit to loss in 2025 is primarily due to the completion of revenue recognition for the international office center IOC A2.1 project, with approximately 76% of contract sales recognized by December 31, 2024 [1] - Estimated sales revenue to be recognized for the IOC A2.1 project by June 30, 2025, is approximately RMB 300 million [1] Group 2: Revenue Breakdown - The revenue from the commercial property development segment is expected to decline significantly, with a decrease of no more than approximately 94% compared to the 2024 period [1] - Despite the decline in commercial property development revenue, the company expects the property leasing segment's revenue to increase by no less than approximately 30% compared to the 2024 period, providing stable cash flow [1]

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，概不就因本公告全部或任何部分內容產生或因依賴該等 內容而引致的任何損失承擔任何責任。 China New City Group Limited 中國新城市集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代號：1321） 盈利預警 本公告乃中國新城市集團有限公司（「本公司」及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（「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部項 下之內幕消息條文（定義見上市規則）而作出。 2025年期間的預期由盈轉虧主要由於本集團之國際辦公中心IOC A2.1棟項目項目銷售已於2024年 度完成大部分收入確認（截至2024年12月31日止已確認的項目合約銷售約為76%，而截至2025年6 月30日止，估計將予確認的該項目銷售收入約為人民幣3億元），導致本集團商業物業開發業務分 部的收入將較2024年期間預期大幅下滑，降幅不超過約94%。儘管如此，本集團預計物業租賃業務 分部的收入將較2024年期間增加不低於 ...