FF301 | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | - | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 270,000,000 RMB | | | 1 RMB | | 270,000,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 270,000,000 RMB | | | 1 RMB | | 270,000,000 | 本月底法定/註冊股本總額： RMB 373,500,000 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10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: 金融街物業股份有限公司 呈交日期: 2025年11月5日 I. ...

金 融 街 物 業 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1502） 若中文版本與英文版本存有歧義，概以中文版本為準。 FINANCIAL STREET PROPERTY CO., LIMITED （以下稱「公司」） 釋義 – 1 – 1 公司 指 金融街物業股份有限公司 2 香港聯交所 指 香港聯合交易所有限公司 3 董事會 指 本公司董事會 4 《公司章程》 指 不時修訂並經股東會審議通過的《金融街物業 股份有限公司章程》 5 《公司法》 指 《中華人民共和國公司法》 6 《上市規則》 指 香港聯交所頒佈並不時更新的《香港聯合交易 所有限公司證券上市規則》、指引信、上市決策 等規範性文件 7 公司股票上市地規則 指 公司股票上市地監管機構、交易所頒佈並不時 更新的要求公司必須遵守的規則、規定、指引 等規範性文件，包括但不限於香港證券及期貨 事務監察委員會頒佈的規範性文件、《上市規 則》等 8 法律法規 指 中國已經正式公佈並實施且未被廢止的法律、 法規、規章和規範性法律文件 9 中國 指 中華人民共和國，但就本文而言，且僅作地區 參考，除文意所指外，本文中凡題述「 ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金融街物業股份有限公司 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01502 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 103,500,000 | RMB | | 1 | RMB | | 103,500,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 103,500,000 | RMB | | 1 | RMB | | 103,500,000 | | 2. 股份分類 | ...

[Company Information](index=3&type=section&id=Company%20Information) During the reporting period, the company's board of directors saw changes, with Ms. Lü Min appointed as an employee representative director, Mr. Meng Chunying and Mr. Han Fengxiang as non-executive directors, and Ms. Xue Rui, Ms. Hu Yuxia, and Mr. Li Liang retiring as directors; the registered office is in Beijing, China, and the principal place of business in Hong Kong is at Hopewell Centre, Wan Chai - Board members changed, with Ms. Lü Min, Mr. Meng Chunying, and Mr. Han Fengxiang appointed, while Ms. Xue Rui, Ms. Hu Yuxia, and Mr. Li Liang retired[4](index=4&type=chunk)[64](index=64&type=chunk) - The company's registered office is located at No. 33 Financial Street, Xicheng District, Beijing, China[4](index=4&type=chunk) - The principal place of business in Hong Kong is located at 46/F, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong[6](index=6&type=chunk) - The auditor is Grant Thornton Hong Kong Limited[6](index=6&type=chunk) [Chairman's Statement](index=5&type=section&id=Chairman's%20Statement) Chairman Mr. Sun Jie presented the unaudited consolidated results for the six months ended June 30, 2025, highlighting stable development, business expansion in high-tier regions, diversified service offerings, technology empowerment for efficiency, and a focus on service quality - In the first half of 2025, the property management industry maintained diversified development, with high-quality services and standardized governance becoming key focuses[7](index=7&type=chunk) - The Group continued to deepen its presence in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Greater Bay Area, as well as first and second-tier high-tier cities' property management markets[8](index=8&type=chunk) - New projects include the Huairou Party School and Disaster Recovery Center of China Development Bank, the Management Cadre College of the National Forestry and Grassland Administration, and the Chinese People's Liberation Army Navy Museum[8](index=8&type=chunk) - A "1+N" business layout has been formed, with property management as the core business and value-added services developing synergistically, optimizing the operating mechanism for value-added services[9](index=9&type=chunk) - Increased application of digital technology, upgraded the headquarters budget system's permission management module, and promoted intelligent transformation of power distribution rooms in managed projects[10](index=10&type=chunk) - Awarded "2025 China Property Service Top 100 Enterprises TOP14" and "2025 China Office Property Management Excellent Enterprise" among other honors[11](index=11&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This chapter reviews the Group's business operations and financial performance for the first half of 2025, noting significant growth in managed area and projects, particularly in non-residential and independent third-party segments, alongside increased revenue but decreased gross margin due to market competition and cost pressures - The Group's managed area was approximately **49.59 million square meters**, a year-on-year increase of **12.8%**, with **391 managed projects**, an increase of **65** year-on-year[14](index=14&type=chunk) - Non-residential property managed area was approximately **28.49 million square meters**, accounting for approximately **57.4%**[14](index=14&type=chunk) - Among the newly added managed area in the first half of the year, projects from independent third parties accounted for **90.7%**[14](index=14&type=chunk) - Revenue increased from RMB813.69 million in the first half of 2024 to **RMB951.38 million** in the first half of 2025, an increase of approximately **16.92%**[38](index=38&type=chunk)[39](index=39&type=chunk) - Overall gross margin decreased from **15.71%** in the first half of 2024 to **13.51%** in the first half of 2025, a decrease of **2.20 percentage points**[42](index=42&type=chunk) [Business Review](index=8&type=section&id=Business%20Review) As a comprehensive property management service provider for commercial properties, the Group continued to expand in first and second-tier cities and key regional markets in the first half of 2025, consolidating its advantages in commercial office and public building sectors, achieving significant growth in managed area and projects, with independent third-party projects contributing prominently - The Group has provided property management services for over **31 years**, with operations extending to **26** provinces and cities across **seven** major regions[14](index=14&type=chunk) - As of June 30, 2025, the managed area was approximately **49.59 million square meters**, a year-on-year increase of **12.8%**[14](index=14&type=chunk) - There were **391** managed projects, an increase of **65** year-on-year[14](index=14&type=chunk) - Non-residential property managed area was approximately **28.49 million square meters**, accounting for approximately **57.4%**[14](index=14&type=chunk) - In the first half of the year, newly added managed area from independent third-party projects accounted for **90.7%**[14](index=14&type=chunk) [Overview and Business Development](index=8&type=section&id=Overview%20and%20Business%20Development) The Group, as a leading comprehensive property management service provider for commercial properties, continues to deepen its presence in first and second-tier cities and key regional markets, excelling in commercial office and public building sectors, successfully expanding with new projects across various property types - The Group specializes in high-end property management services, with over **31 years** of experience[14](index=14&type=chunk) - Operations cover seven major regions: North China, Southwest, East China, South China, Northeast, Central China, and Northwest[14](index=14&type=chunk) - Newly added representative projects include the Huairou Party School and Disaster Recovery Center of China Development Bank, the Management Cadre College of the National Forestry and Grassland Administration, the Chinese People's Liberation Army Navy Museum, China Industrial and Commercial Bank Huaian Branch, and Hong Kong Fu Bao Garden project[15](index=15&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk)[24](index=24&type=chunk) [Property Management and Related Services](index=11&type=section&id=Property%20Management%20and%20Related%20Services) As of June 30, 2025, the Group's property management and related services covered 26 provinces, municipalities, autonomous regions, and special administrative regions across seven major regions of China, with a total managed gross floor area of 49.59 million square meters and 391 managed properties, showing growth in both contracted and managed areas, with independent third-party projects exceeding 57% Managed Gross Floor Area and Number of Properties (as of June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Contracted Gross Floor Area (thousand square meters) | 50,892 | 45,912 | | Managed Gross Floor Area (thousand square meters) | 49,586 | 43,956 | | Number of Managed Properties | 391 | 326 | Managed Gross Floor Area and Number of Properties by Region (as of June 30, 2025) | Region | Managed Gross Floor Area (thousand square meters) | Number of Managed Properties | | :--- | :--- | :--- | | North China | 20,656 | 172 | | Southwest | 6,932 | 37 | | East China | 7,339 | 48 | | South China | 9,474 | 105 | | Northeast | 2,020 | 14 | | Central China | 1,566 | 9 | | Northwest | 1,599 | 6 | | **Total** | **49,586** | **391** | Managed Gross Floor Area and Number of Properties by Property Type (as of June 30, 2025) | Property Type | Managed Gross Floor Area (thousand square meters) | Percentage (%) | Number of Managed Properties | | :--- | :--- | :--- | :--- | | Retail Commercial Buildings and Hotels | 461 | 0.9 | 9 | | Office Buildings | 8,319 | 16.8 | 77 | | Integrated Complexes | 1,200 | 2.4 | 5 | | Residential Properties | 21,100 | 42.6 | 150 | | Public Properties, Hospitals, Educational Properties and Others | 18,506 | 37.3 | 150 | | **Total** | **49,586** | **100** | **391** | Managed Gross Floor Area by Revenue Model (as of June 30) | Revenue Model | 2025 (thousand square meters) | Percentage (%) | 2024 (thousand square meters) | Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Lump Sum Basis | 45,143 | 91.0 | 39,875 | 90.7 | | Commission Basis | 4,443 | 9.0 | 4,081 | 9.3 | | **Total** | **49,586** | **100** | **43,956** | **100** | Managed Gross Floor Area and Number of Properties by Property Developer (as of June 30) | Developer Type | 2025 (thousand square meters) | Percentage (%) | 2025 Number of Properties | 2024 (thousand square meters) | Percentage (%) | 2024 Number of Properties | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Street Affiliated Group | 20,976 | 42.3 | 141 | 20,066 | 45.7 | 136 | | Independent Third Parties | 28,610 | 57.7 | 250 | 23,890 | 54.3 | 190 | | **Total** | **49,586** | **100** | **391** | **43,956** | **100** | **326** | [Value-Added Services](index=14&type=section&id=Value-Added%20Services) The Group's value-added services comprise six segments, including operational business, consulting services, asset operation, resource management, customized services, and other income, with its own brand "IZEE" covering property brokerage, lifestyle services, and business support, leveraging the "Financial Street Property Life Online" platform to enhance customer engagement - Value-added services consist of six segments: operational business, consulting services, asset operation, resource management, customized services, and other income[36](index=36&type=chunk) - Established its own value-added service brand "IZEE", covering property brokerage, lifestyle services, and business support[36](index=36&type=chunk) - Built the "Financial Street Property Life Online" platform to integrate smart operations with value-added services[36](index=36&type=chunk) [Future Outlook](index=15&type=section&id=Future%20Outlook) The Group will continue to prioritize service, consolidate and deepen its core advantages in commercial office and public building sectors, strengthen market expansion in core city clusters, enhance service quality through refined operations, standards improvement, and process optimization, and build a unique and competitive value-added service system for commercial properties to promote long-term healthy and stable development - Adhere to service-oriented principles, deepening core advantages in commercial office and public building sectors[37](index=37&type=chunk) - Focus on first and second-tier core city clusters, strengthening market expansion efforts[37](index=37&type=chunk) - Enhance customer satisfaction through refined operations, standards improvement, and process optimization[37](index=37&type=chunk) - Explore and build a unique and competitive value-added service system tailored for commercial property types[37](index=37&type=chunk) [Financial Review](index=15&type=section&id=Financial%20Review) The Group's revenue increased by 16.92% in the first half of 2025, primarily driven by property management services, but catering service revenue declined; cost of sales and services increased with business expansion, leading to a decrease in gross margin, while profit and total comprehensive income for the period slightly decreased due to market conditions, rising costs, and exchange losses, though the Group's financial position remains stable with sufficient cash and bank balances, despite increases in trade and other receivables and payables Key Financial Indicators Comparison (for the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 951,377 | 813,694 | +16.92% | | Cost of Sales and Services | (822,842) | (685,829) | +19.98% | | Gross Profit | 128,535 | 127,865 | +0.52% | | Gross Margin | 13.51% | 15.71% | -2.20pp | | Administrative Expenses | (42,657) | (37,983) | +12.32% | | Income Tax Expense | (22,171) | (20,848) | +6.35% | | Profit for the Period | 70,134 | 71,345 | -1.71% | | Total Comprehensive Income | 68,419 | 71,572 | -4.40% | - As of June 30, 2025, cash and bank balances were approximately **RMB1,603.17 million**, a decrease of approximately **RMB36.04 million** compared to December 31, 2024[48](index=48&type=chunk) - Net current assets were approximately **RMB1,151.26 million**, and the current ratio was approximately **2.13 times**[48](index=48&type=chunk) - Bills and trade receivables were approximately **RMB458.03 million**, an increase of **32.52%** compared to December 31, 2024[50](index=50&type=chunk) - Trade payables balance was approximately **RMB289.14 million**, an increase of **17.98%** compared to December 31, 2024[51](index=51&type=chunk) [Revenue](index=15&type=section&id=Revenue) The Group's revenue primarily derives from property management and related services, as well as catering services; for the six months ended June 30, 2025, total revenue increased by 16.92% to RMB951.38 million, driven by property management and value-added services, while catering service revenue decreased due to business model optimization Revenue Breakdown (for the six months ended June 30) | Service Type | 2025 (RMB thousand) | Percentage (%) | 2024 (RMB thousand) | Percentage (%) | Change (RMB thousand) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 765,341 | 80.45 | 631,968 | 77.67 | 133,373 | 21.10 | | Value-Added Services | 153,653 | 16.15 | 147,446 | 18.12 | 6,207 | 4.21 | | Leasing Services | 4,088 | 0.43 | 4,638 | 0.57 | (550) | (11.86) | | Catering Services | 28,295 | 2.97 | 29,642 | 3.64 | (1,347) | (4.54) | | **Total** | **951,377** | **100** | **813,694** | **100** | **137,683** | **16.92** | - Revenue from property management and related services increased by **17.73%**, primarily due to an increase in managed projects[39](index=39&type=chunk) - Catering service revenue decreased due to optimization and adjustment of the catering business model[40](index=40&type=chunk) [Cost of Sales and Services](index=16&type=section&id=Cost%20of%20Sales%20and%20Services) The Group's cost of sales and services, primarily comprising subcontracting costs, employee benefits, utilities, and raw materials, increased by 19.98% to RMB822.84 million for the six months ended June 30, 2025, reflecting business expansion - Cost of sales and services increased from **RMB685.83 million** in the first half of 2024 to **RMB822.84 million** in the first half of 2025, an increase of approximately **19.98%**[41](index=41&type=chunk) - Costs increased with business expansion[41](index=41&type=chunk) [Gross Profit and Gross Margin](index=16&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's overall gross profit increased by 0.52% to RMB128.54 million for the six months ended June 30, 2025, but the overall gross margin decreased by 2.20 percentage points to 13.51%, primarily due to market conditions and increased competition, despite an improvement in catering service gross margin Gross Profit and Gross Margin (for the six months ended June 30) | Service Type | 2025 Gross Profit (RMB thousand) | 2025 Gross Margin (%) | 2024 Gross Profit (RMB thousand) | 2024 Gross Margin (%) | Change Amount (RMB thousand) | Gross Margin Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commercial Properties | 94,127 | 21.00 | 96,162 | 22.57 | (2,035) | (1.57) | | Non-Commercial Properties | 34,731 | 7.31 | 34,065 | 9.52 | 666 | (2.21) | | Catering Services | (323) | (1.14) | (2,362) | (7.97) | 2,039 | 6.83 | | **Total** | **128,535** | **13.51** | **127,865** | **15.71** | **670** | **(2.20)** | - Revenue continued to grow, but gross margin remained under pressure due to market conditions and increased competition[42](index=42&type=chunk) [Administrative Expenses](index=17&type=section&id=Administrative%20Expenses) The Group's administrative expenses increased by approximately 12.32% to RMB42.66 million for the six months ended June 30, 2025, primarily due to the expansion of business scale - Administrative expenses increased from **RMB37.98 million** in the first half of 2024 to **RMB42.66 million** in the first half of 2025, an increase of approximately **12.32%**[44](index=44&type=chunk) - Administrative expenses increased with the expansion of business scale[44](index=44&type=chunk) [Income Tax Expense](index=17&type=section&id=Income%20Tax%20Expense) The Group's income tax expense increased from RMB20.85 million in the first half of 2024 to RMB22.17 million in the first half of 2025, despite profit before tax remaining largely stable, due to varying applicable tax rates across companies and tax adjustments - Income tax expense increased from **RMB20.85 million** in the first half of 2024 to **RMB22.17 million** in the first half of 2025[45](index=45&type=chunk) - Profit before tax remained largely stable, with the slight increase in income tax expense influenced by varying applicable tax rates across companies and tax adjustments[45](index=45&type=chunk) [Profit for the Period](index=17&type=section&id=Profit%20for%20the%20Period) The Group's profit for the period decreased by approximately 1.71% to RMB70.13 million for the six months ended June 30, 2025, primarily due to market conditions, rigid cost increases, and a decline in gross margin, leading to lower profitability - Profit for the period decreased from **RMB71.35 million** in the first half of 2024 to **RMB70.13 million** in the first half of 2025, a decrease of approximately **1.71%**[46](index=46&type=chunk) - The decrease in profitability was mainly due to market conditions, rigid cost increases, and a decline in gross margin[46](index=46&type=chunk) [Total Comprehensive Income for the Period](index=17&type=section&id=Total%20Comprehensive%20Income%20for%20the%20Period) The Group's total comprehensive income for the period decreased by approximately 4.40% to RMB68.42 million for the six months ended June 30, 2025, primarily due to exchange losses from the translation of foreign currency financial statements - Total comprehensive income decreased from **RMB71.57 million** in the first half of 2024 to **RMB68.42 million** in the first half of 2025, a decrease of approximately **4.40%**[47](index=47&type=chunk) - The change was primarily due to exchange losses arising from the translation of foreign currency financial statements[47](index=47&type=chunk) [Liquidity, Capital Structure and Financial Resources](index=17&type=section&id=Liquidity,%20Capital%20Structure%20and%20Financial%20Resources) As of June 30, 2025, the Group's cash and bank balances were approximately RMB1,603.17 million, a decrease of RMB36.04 million from December 31, 2024; the Group maintained a stable financial position with net current assets of approximately RMB1,151.26 million and a current ratio of approximately 2.13 times, with no borrowings during the reporting period Liquidity Indicators (as of June 30) | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 1,603.17 | 1,639.21 | (36.04) | | Net Current Assets | 1,151.26 | 1,169.46 | (18.20) | | Current Ratio (times) | 2.13 | 2.31 | (0.18) | - As of June 30, 2025, the Group had no borrowings[49](index=49&type=chunk) [Bills and Trade Receivables and Other Financial Assets Measured at Amortized Cost](index=18&type=section&id=Bills%20and%20Trade%20Receivables%20and%20Other%20Financial%20Assets%20Measured%20at%20Amortized%20Cost) As of June 30, 2025, the Group's bills and trade receivables increased by 32.52% to approximately RMB458.03 million, mainly due to increased managed gross floor area and unexpired trade receivables; other financial assets measured at amortized cost increased by approximately RMB75.07 million to RMB155.78 million, primarily from finance lease receivables related to asset operation businesses Bills and Trade Receivables (as of June 30) | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Bills and Trade Receivables | 458.03 | 345.64 | +32.52% | - The increase was mainly due to increased trade receivables from property management services resulting from the increase in total managed gross floor area, and unexpired trade receivables[50](index=50&type=chunk) Other Financial Assets Measured at Amortized Cost (as of June 30) | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Total Other Financial Assets | 155.78 | 80.71 | +75.07 | - The increase was mainly due to finance lease receivables arising from undertaking asset operation businesses[50](index=50&type=chunk) [Trade and Other Payables](index=18&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's trade payables increased by 17.98% to approximately RMB289.14 million due to business expansion; salaries and welfare payables increased by 9.54% to RMB111.99 million due to accrued bonuses, and other payables increased by 0.81% to RMB326.35 million, reflecting normal business fluctuations Trade and Other Payables (as of June 30) | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 289.14 | 245.07 | +17.98% | | Salaries and Welfare Payables | 111.99 | 102.24 | +9.54% | | Other Payables | 326.35 | 323.72 | +0.81% | - The increase in trade payables was mainly due to the expansion of business scale[51](index=51&type=chunk) - The increase in salaries and welfare payables was mainly due to the accrual of bonuses during the reporting period[51](index=51&type=chunk) [Use of Proceeds from Listing](index=19&type=section&id=Use%20of%20Proceeds%20from%20Listing) The net proceeds from the Company's H-share listing were approximately HKD710.48 million (equivalent to RMB648.36 million); the Board resolved to change the use of the unutilized portion to continue market expansion, joint ventures, and investment acquisitions; as of June 30, 2025, RMB191.49 million had been utilized, with RMB456.87 million unutilized, expected to be fully utilized by December 31, 2026 - The net proceeds from the listing were approximately **HKD710.48 million** (equivalent to approximately **RMB648.36 million**)[52](index=52&type=chunk) - The Board resolved to change the use of the unutilized portion of the net proceeds to continue market expansion, joint ventures, and investment acquisitions[52](index=52&type=chunk) Analysis of Use of Net Proceeds from Listing (as of June 30, 2025) | Use | Net Proceeds After Reallocation (RMB million) | Actual Utilized (RMB million) | Utilized During Reporting Period (RMB million) | Unutilized Net Proceeds (RMB million) | Expected Timeline for Full Utilization of Remaining Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Seeking strategic acquisition and investment opportunities and establishing new branches and subsidiaries to expand the Group's business scale | 517.87 | 142.89 | 0.16 | 374.98 | By December 31, 2026 | | Developing the Group's value-added services business | 49.12 | 40.63 | — | 8.49 | By December 31, 2026 | | Information technology and smart facility system construction and upgrade | 16.53 | 7.97 | 0.33 | 8.56 | By December 31, 2026 | | The Group's working capital and general corporate purposes | 64.84 | — | — | 64.84 | By December 31, 2026 | | **Total** | **648.36** | **191.49** | **0.49** | **456.87** | | [Pledge of Assets](index=20&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no assets pledged - As of June 30, 2025, the Group had no assets pledged[55](index=55&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=20&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries,%20Associates%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[56](index=56&type=chunk) [Future Plans for Material Investments, Disposals and Capital Assets](index=20&type=section&id=Future%20Plans%20for%20Material%20Investments,%20Disposals%20and%20Capital%20Assets) For the six months ended June 30, 2025, the Group had no material investments, disposals, or additions to capital assets, nor any related plans - For the six months ended June 30, 2025, the Group had no material investments, disposals, or additions to capital assets, nor any related plans[57](index=57&type=chunk) [Gearing Ratio](index=20&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was 0.45, an increase from 0.41 as of December 31, 2024; the capital gearing ratio is not applicable as the Group had no interest-bearing borrowings Gearing Ratio (as of June 30) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 0.45 | 0.41 | - As of June 30, 2025, and December 31, 2024, the Group had no interest-bearing borrowings, thus the capital gearing ratio is not applicable[58](index=58&type=chunk) [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities[59](index=59&type=chunk) [Financial Policy](index=20&type=section&id=Financial%20Policy) The Group adopts a prudent financial management approach, maintaining a stable liquidity position throughout the year, with the Board closely monitoring liquidity to ensure the capital structure of assets, liabilities, and commitments meets funding requirements - The Group adopts a prudent financial management approach and has maintained a stable liquidity position throughout the year[60](index=60&type=chunk) - The Board closely monitors the Group's liquidity position to ensure that the liquidity structure of its assets, liabilities, and commitments can meet its funding requirements at all times[60](index=60&type=chunk) [Foreign Exchange Risk and Other Risks](index=20&type=section&id=Foreign%20Exchange%20Risk%20and%20Other%20Risks) Operating primarily in China and Hong Kong with transactions in RMB and HKD, the Group faces foreign exchange risk, currently without a hedging policy but with management monitoring and considering hedging; additionally, the property management industry's close ties to the macroeconomy and real estate sector expose the Group to external uncertainties, which it mitigates by enhancing service quality to boost competitiveness - The Group's business is primarily conducted in RMB and HKD in China and Hong Kong, facing foreign exchange risk[61](index=61&type=chunk) - The Group currently has no foreign currency hedging policy, but management closely monitors and considers hedging[62](index=62&type=chunk) - The property management industry is closely related to China's macroeconomic development and the real estate industry, and the Group may be affected by external environmental uncertainties[62](index=62&type=chunk) - The Group continuously strengthens service quality and enhances its competitiveness to minimize external risks[62](index=62&type=chunk) [Employees and Remuneration Policy](index=21&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 5,283 staff, with remuneration based on performance, skills, knowledge, experience, and market trends, subject to regular review, including discretionary bonuses; the Group also provides training to enhance employee skills and production techniques - As of June 30, 2025, the Group employed **5,283** staff[63](index=63&type=chunk) - Employee remuneration is based on performance, skills, knowledge, experience, and market trends, and is reviewed regularly[63](index=63&type=chunk) - Employees may receive discretionary bonuses based on individual performance[63](index=63&type=chunk) - The Group provides training to employees to acquire basic skills and enhance production techniques for new employees[63](index=63&type=chunk) [Corporate Governance and Other Information](index=22&type=section&id=Corporate%20Governance%20and%20Other%20Information) This chapter details the company's corporate governance matters and compliance during the reporting period, including changes in the board composition, amendments to the articles of association, and changes in joint company secretaries; the company adheres to high standards of corporate governance, complying with the Listing Rules and the Model Code for Securities Transactions by Directors, and discloses interests of major shareholders, the audit committee's composition, and the decision not to declare an interim dividend - Board composition changed, with Ms. Lü Min, Mr. Meng Chunying, and Mr. Han Fengxiang appointed, while Ms. Xue Rui, Ms. Hu Yuxia, and Mr. Li Liang retired[64](index=64&type=chunk) - Certain clauses of the company's articles of association were approved for amendment by shareholders at the annual general meeting held on June 5, 2025[65](index=65&type=chunk) - Mr. Chen Xi resigned as joint company secretary, and Ms. Zhang Jing was appointed[66](index=66&type=chunk) - The company has complied with the code provisions set out in Appendix C1 to the Listing Rules, "Corporate Governance Code," during the reporting period[71](index=71&type=chunk) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[81](index=81&type=chunk) [Significant Events](index=22&type=section&id=Significant%20Events) During the reporting period, the company's board of directors saw changes, with Ms. Lü Min appointed as an employee representative director, Mr. Meng Chunying and Mr. Han Fengxiang as non-executive directors, and Ms. Xue Rui, Ms. Hu Yuxia, and Mr. Li Liang retiring; amendments to the articles of association were approved, and there was a change in joint company secretaries, with no other significant events post-reporting period - Board composition changed, with Ms. Lü Min elected as an employee representative director, Mr. Meng Chunying and Mr. Han Fengxiang appointed as non-executive directors, and Ms. Xue Rui, Ms. Hu Yuxia, and Mr. Li Liang retiring as directors[64](index=64&type=chunk) - Certain clauses of the company's articles of association were approved for amendment by shareholders at the annual general meeting held on June 5, 2025[65](index=65&type=chunk) - Mr. Chen Xi resigned as joint company secretary, and Ms. Zhang Jing was appointed[66](index=66&type=chunk) - No other significant events occurred after the reporting period and up to the date of this report[67](index=67&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities or Redeemable Securities](index=23&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities%20or%20Redeemable%20Securities) For the six months ended June 30, 2025, 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 - For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[69](index=69&type=chunk) - As of June 30, 2025, the Company held no treasury shares[69](index=69&type=chunk) [Compliance with Corporate Governance Code](index=23&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Board is committed to achieving a high standard of corporate governance to meet stakeholders' needs and promote sustainable development, believing that good governance forms the foundation for effective management, business growth, and a healthy corporate culture; during the reporting period, the Company consistently complied with the code provisions of Appendix C1 to the Listing Rules, "Corporate Governance Code" - The Board is committed to achieving a high standard of corporate governance to meet the needs of the Group's stakeholders, build their confidence in the Group, and enable the Group's sustainable development[70](index=70&type=chunk) - During the reporting period, the Company consistently complied with the code provisions set out in Appendix C1 to the Listing Rules, "Corporate Governance Code"[71](index=71&type=chunk) [Compliance with Securities Dealing Code](index=23&type=section&id=Compliance%20with%20Securities%20Dealing%20Code) The Company has adopted Appendix C3 to the Listing Rules, "Model Code for Securities Transactions by Directors of Listed Issuers," as a code of conduct for all directors and supervisors regarding the Company's securities transactions; all directors and supervisors confirmed compliance during the reporting period, and no breaches by relevant management personnel or employees were noted - The Company has adopted Appendix C3 to the Listing Rules, "Model Code for Securities Transactions by Directors of Listed Issuers," as a code of conduct governing securities transactions by all directors and supervisors of the Company[72](index=72&type=chunk) - Following specific inquiries to all directors and supervisors, they confirmed compliance with the standard requirements set out in the Model Code during the reporting period[72](index=72&type=chunk) - The Company was not aware of any breaches of the Model Code by relevant personnel and employees during the reporting period[72](index=72&type=chunk) [Changes in Information of Directors and Senior Management](index=23&type=section&id=Changes%20in%20Information%20of%20Directors%20and%20Senior%20Management) During the reporting period, the Company had no changes in information of directors and senior management requiring disclosure under Rule 13.51B(1) of the Listing Rules - During the reporting period, the Company had no changes in information of directors and senior management requiring disclosure under Rule 13.51B(1) of the Listing Rules[73](index=73&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company](index=24&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company) As of June 30, 2025, none of the Company's directors or chief executive had any interests or short positions in the shares, underlying shares, or debentures of the Company or any of its associated corporations that were required to be disclosed to the Company and the Hong Kong Stock Exchange under Part XV of the Securities and Futures Ordinance, or recorded in the register referred to in that Ordinance, or notified to the Company and the Hong Kong Stock Exchange under the Model Code - As of June 30, 2025, none of the Company's directors or chief executive had any disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or any of its associated corporations[74](index=74&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares of the Company](index=24&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, substantial shareholders and other persons held interests or short positions in the Company's shares or underlying shares requiring disclosure or recording under Part XV of the Securities and Futures Ordinance, including Beijing Huarong Comprehensive Investment Co., Ltd. and its affiliates, Beijing Tiantai Real Estate Co., Ltd. and its affiliates, and Beijing Rongxin Hetai Enterprise Management Co., Ltd. as major domestic shareholders, and UBS Asset Management (Hong Kong) Ltd, UBS Group AG, Barings LLC, Northern Trust Fiduciary Services (Ireland) Limited, FIL Limited, Pandanus Associates Inc., Pandanus Partners L.P., FIDELITY FUNDS, and Liu Haiyan as major H-share shareholders Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares of the Company (as of June 30, 2025) | Shareholder Name | Share Class | Capacity | Number of Shares/Underlying Shares Held (shares) | Percentage of Relevant Share Class (%) | Percentage of Total Shares (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Huarong Comprehensive Investment Co., Ltd. | Domestic Shares | Beneficial Owner | 128,299,270(L) | 47.52 | 34.35 | | Beijing Financial Street Investment (Group) Co., Ltd. | Domestic Shares | Interest in Controlled Corporation | 128,299,270(L) | 47.52 | 34.35 | | Beijing Financial Street Capital Operation Group Co., Ltd. | Domestic Shares | Interest in Controlled Corporation | 128,299,270(L) | 47.52 | 34.35 | | Beijing Tiantai Real Estate Co., Ltd. | Domestic Shares | Beneficial Owner | 79,620,438(L) | 29.49 | 21.32 | | China Life Real Estate Investment Management Co., Ltd. | Domestic Shares | Interest in Controlled Corporation | 79,620,438(L) | 29.49 | 21.32 | | China Life Investment Insurance Asset Management Co., Ltd. | Domestic Shares | Interest in Controlled Corporation | 79,620,438(L) | 29.49 | 21.32 | | China Life Insurance (Group) Company | Domestic Shares | Interest in Controlled Corporation | 79,620,438(L) | 29.49 | 21.32 | | Beijing Rongxin Hetai Enterprise Management Co., Ltd. | Domestic Shares | Beneficial Owner | 62,080,292(L) | 22.99 | 16.62 | | UBS Asset Management (Hong Kong) Ltd | H Shares | Investment Manager | 6,292,000(L) | 6.08 | 1.68 | | UBS Group AG | H Shares | Interest in Controlled Corporation | 17,547,268(L) | 16.95 | 4.70 | | Barings LLC | H Shares | Investment Manager | 6,972,000(L) | 6.73 | 1.87 | | Northern Trust Fiduciary Services (Ireland) Limited | H Shares | Trustee | 6,705,000(L) | 6.47 | 1.80 | | FIL Limited | H Shares | Interest in Controlled Corporation | 10,350,000(L) | 10.00 | 2.77 | | Pandanus Associates Inc. | H Shares | Interest in Controlled Corporation | 10,350,000(L) | 10.00 | 2.77 | | Pandanus Partners L.P. | H Shares | Interest in Controlled Corporation | 10,350,000(L) | 10.00 | 2.77 | | FIDELITY FUNDS | H Shares | Beneficial Owner | 5,532,000(L) | 5.34 | 1.48 | | Liu Haiyan | H Shares | Beneficial Owner | 7,280,000(L) | 7.03 | 1.95 | [Audit Committee](index=27&type=section&id=Audit%20Committee) The Company has established an Audit Committee in compliance with the Listing Rules and the Corporate Governance Code, comprising three members: Ms. Tong Yan (Chairperson), Mr. Guo Mingming, and Mr. Song Baocheng; the Committee has reviewed the unaudited interim results and interim report for the six months ended June 30, 2025, and the condensed consolidated interim financial statements have been reviewed by the independent auditor, Grant Thornton Hong Kong Limited - The Audit Committee consists of three members: Ms. Tong Yan (Chairperson), Mr. Guo Mingming, and Mr. Song Baocheng[80](index=80&type=chunk) - The Audit Committee has reviewed the unaudited interim results and interim report for the six months ended June 30, 2025[80](index=80&type=chunk) - The independent auditor, Grant Thornton Hong Kong Limited, has reviewed the condensed consolidated interim financial statements[80](index=80&type=chunk) [Interim Dividend](index=27&type=section&id=Interim%20Dividend) 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[81](index=81&type=chunk) [Independent Review Report](index=28&type=section&id=Independent%20Review%20Report) Grant Thornton Hong Kong Limited reviewed the condensed consolidated interim financial statements of Financial Street Property Co., Ltd. and its subsidiaries for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410; the review scope is less than an audit, thus no audit opinion is expressed, and based on the review, no matters were found to suggest that the condensed consolidated interim financial statements are not prepared in all material respects in accordance with Hong Kong Accounting Standard 34 - The auditor has reviewed the condensed consolidated interim financial statements in accordance with Hong Kong Standard on Review Engagements 2410[84](index=84&type=chunk) - The scope of a review is substantially less than that of an audit conducted in accordance with Hong Kong Standards on Auditing, and consequently, no audit opinion is expressed[84](index=84&type=chunk) - The auditor has not found anything that causes them to believe that the condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[85](index=85&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=30&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue was RMB951.38 million, a 16.92% year-on-year increase, but rising cost of sales and services led to a decrease in gross margin; profit for the period was RMB70.13 million, down 1.71% year-on-year, and total comprehensive income was RMB68.42 million, down 4.40% year-on-year, with basic earnings per share at RMB0.154 Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (for the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 951,377 | 813,694 | +16.92% | | Cost of Sales and Services | (822,842) | (685,829) | +19.98% | | Gross Profit | 128,535 | 127,865 | +0.52% | | Operating Profit | 86,689 | 86,969 | -0.32% | | Profit Before Income Tax | 92,305 | 92,193 | +0.12% | | Profit for the Period | 70,134 | 71,345 | -1.71% | | Profit Attributable to Owners of the Company for the Period | 57,607 | 63,467 | -9.10% | | Basic Earnings Per Share (RMB) | 0.154 | 0.170 | -9.39% | | Total Comprehensive Income for the Period | 68,419 | 71,572 | -4.40% | - Other comprehensive loss for the period mainly arose from exchange differences on translation of financial statements of overseas operations[89](index=89&type=chunk) [Condensed Consolidated Statement of Financial Position](index=32&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were RMB2,484.79 million, a 6.67% increase from December 31, 2024, driven by a 17.97% rise in non-current assets due to increased investment properties and other financial assets measured at amortized cost, and a 5.20% increase in current assets, notably bills and trade receivables; total equity was RMB1,375.91 million, and total liabilities were RMB1,108.88 million, up 15.46% from year-end Summary of Condensed Consolidated Statement of Financial Position (as of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 315,962 | 267,829 | +17.97% | | Total Current Assets | 2,168,829 | 2,061,672 | +5.20% | | **Total Assets** | **2,484,791** | **2,329,501** | **+6.67%** | | Total Equity | 1,375,912 | 1,369,073 | +0.50% | | Total Non-Current Liabilities | 91,311 | 68,213 | +33.85% | | Total Current Liabilities | 1,017,568 | 892,215 | +14.05% | | **Total Liabilities** | **1,108,879** | **960,428** | **+15.46%** | - Investment properties increased to **RMB32.28 million**, while property, plant and equipment decreased to **RMB43.48 million**[91](index=91&type=chunk) - Bills and trade receivables increased to **RMB458.03 million**[91](index=91&type=chunk) - Trade and other payables (current) increased to **RMB844.90 million**[92](index=92&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=34&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the Company was RMB1,295.63 million, a slight decrease from the beginning of the period; profit for the period was RMB57.61 million, but dividends declared of RMB58.64 million and other comprehensive losses led to a small reduction in total equity, while non-controlling interests increased Summary of Condensed Consolidated Statement of Changes in Equity (for the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Balance at January 1, 2025 (Attributable to Owners of the Company) | 1,297,861 | 1,245,824 | | Profit for the Period (Attributable to Owners of the Company) | 57,607 | 63,467 | | Total Comprehensive Income/(Loss) for the Period (Attributable to Owners of the Company) | 56,407 | 63,592 | | Dividends Declared (Attributable to Owners of the Company) | (58,640) | (64,616) | | Balance at June 30, 2025 (Attributable to Owners of the Company) | 1,295,628 | 1,244,800 | | Non-Controlling Interests (End of Period) | 80,284 | 54,484 | | Total Equity (End of Period) | 1,375,912 | 1,299,284 | - Dividends declared of **RMB58.64 million** led to a decrease in retained earnings attributable to owners of the Company[94](index=94&type=chunk) - Exchange reserve decreased due to other comprehensive loss for the period[94](index=94&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=35&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was RMB(22.30) million, a deterioration from net cash generated of RMB36.45 million in the prior year; net cash generated from investing activities was RMB8.41 million, and net cash used in financing activities was RMB(19.29) million, resulting in a decrease in cash and cash equivalents to RMB1,424.37 million at period-end Summary of Condensed Consolidated Statement of Cash Flows (for the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash (Used in)/Generated from Operating Activities | (22,297) | 36,453 | | Net Cash Generated from Investing Activities | 8,413 | 68,209 | | Net Cash Used in Financing Activities | (19,287) | (17,547) | | Net (Decrease)/Increase in Cash and Cash Equivalents | (33,171) | 87,115 | | Cash and Cash Equivalents at End of Period | 1,424,365 | 1,403,839 | - Operating cash flow shifted from net inflow to net outflow, mainly due to decreased cash generated from operations and increased income tax paid[95](index=95&type=chunk) - Net cash generated from investing activities significantly decreased, primarily due to an increase in bank deposits with maturities over three months reducing cash inflow, and dividend income from associates in the prior period[95](index=95&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=36&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This chapter provides detailed notes to the condensed consolidated interim financial statements, covering the basis of preparation, accounting policy revisions, key accounting estimates and judgments, financial risk management, segment information, revenue composition, other income and gains, finance income, income tax expense, dividends, earnings per share, investment properties and property, plant and equipment, interests in associates and joint ventures, bills and trade receivables, other financial assets, share capital, reserves, and trade and other payables, along with disclosures on related party transactions and balances - The condensed consolidated interim financial statements are prepared in accordance with the applicable disclosure requirements of the Listing Rules of the Stock Exchange and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[99](index=99&type=chunk) - For the six months ended June 30, 2025, there was only one operating segment[106](index=106&type=chunk) - For the six months ended June 30, 2025, transactions with Financial Street Affiliated Group accounted for **6%** of the Group's revenue (2024: 9%)[107](index=107&type=chunk) - Expected credit loss provision for trade receivables increased by **RMB4.095 million** during the period[114](index=114&type=chunk)[131](index=131&type=chunk) - As of June 30, 2025, the present value of finance lease receivables was **RMB77.10 million**, a significant increase from **RMB16.97 million** as of December 31, 2024[132](index=132&type=chunk)[134](index=134&type=chunk) [Basis of Preparation of Interim Financial Statements](index=36&type=section&id=Basis%20of%20Preparation%20of%20Interim%20Financial%20Statements) The condensed consolidated interim financial statements for the six months ended June 30, 2025, are prepared in accordance with the applicable disclosure requirements of the Listing Rules of the Stock Exchange and Hong Kong Accounting Standard 34 "Interim Financial Reporting"; the Group adopted revised Hong Kong Financial Reporting Standards effective January 1, 2025, with no significant impact on results or financial position - The condensed consolidated interim financial statements are prepared in accordance with the applicable disclosure requirements of the Listing Rules of the Stock Exchange and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[99](index=99&type=chunk) - Revised Hong Kong Financial Reporting Standards effective January 1, 2025, have been adopted, but are not expected to have any significant impact on the preparation and presentation of the Group's results and financial position for the current and prior periods[101](index=101&type=chunk)[102](index=102&type=chunk) [Critical Accounting Estimates and Judgements](index=37&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgements) In preparing the interim financial statements, management is required to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses; the significant judgments and key sources of estimation uncertainty made in these condensed consolidated interim financial statements are the same as those applied in the consolidated financial statements for the year ended December 31, 2024 - In preparing the interim financial statements, management is required to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses[103](index=103&type=chunk) - Critical accounting estimates and judgments are the same as those applied in the consolidated financial statements for the year ended December 31, 2024[103](index=103&type=chunk) [Financial Risk Management](index=37&type=section&id=Financial%20Risk%20Management) The Group's activities are exposed to various financial risks, including market risk (foreign exchange risk and interest rate risk), credit risk, and liquidity risk; there have been no significant changes in the Group's risk management policies since the year ended December 31, 2024 - The Group's activities are exposed to various financial risks: market risk (including foreign exchange risk and interest rate risk), credit risk, and liquidity risk[104](index=104&type=chunk) - There have been no significant changes in the Group's risk management policies since the year ended December 31, 2024[105](index=105&type=chunk) [Segments](index=38&type=section&id=Segments) The Board, as the chief operating decision-maker, identifies operating segments for resource allocation and performance assessment; for the six months ended June 30, 2025 and 2024, the Group was primarily engaged in providing property management and related services in China and Hong Kong, and the Board considers there to be only one operating segment - For the six months ended June 30, 2025 and 2024, the Group was primarily engaged in providing property management and related services in China and Hong Kong[106](index=106&type=chunk) - The Board considers that, in accordance with Hong Kong Financial Reporting Standard 8, there was only one operating segment for the six months ended June 30, 2025 and 2024[106](index=106&type=chunk) [Revenue](index=38&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's total revenue was RMB951.38 million, primarily from property management and related services (including lump sum and commission-based property management services, community value-added services), as well as catering services and rental income; mainland China contributed the vast majority of external revenue, and transactions with Financial Street Affiliated Group accounted for 6% of the Group's revenue Revenue Sources Breakdown (for the six months ended June 30) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Property Management Service Revenue Recognized on a Lump Sum Basis | 754,157 | 623,463 | | Property Management Service Revenue Recognized on a Commission Basis | 11,184 | 8,505 | | Community Value-Added Services | 153,653 | 147,446 | | Catering Services | 28,295 | 29,642 | | Rental Income | 4,088 | 4,638 | | **Total** | **951,377** | **813,694** | External Revenue by Region (for the six months ended June 30) | Region | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Mainland China | 869,352 | 755,186 | | Hong Kong | 82,025 | 58,508 | | **Total** | **951,377** | **813,694** | - For the six months ended June 30, 2025, transactions with Financial Street Affiliated Group accounted for **6%** of the Group's revenue (2024: 9%)[107](index=107&type=chunk) [Other Income](index=40&type=section&id=Other%20Income) For the six months ended June 30, 2025, the Group's other income was RMB251 thousand, primarily from government grants, a decrease compared to RMB928 thousand in the same period of 2024 Other Income Breakdown (for the six months ended June 30) | Income Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Government Grants | 251 | 867 | | Recognized VAT Input Deduction | — | 61 | | **Total** | **251** | **928** | - Government grants are discretionary receipts from local Chinese government authorities for local business development and employment[110](index=110&type=chunk) [Other Gains/(Losses), Net](index=40&type=section&id=Other%20Gains/(Losses),%20Net) For the six months ended June 30, 2025, the Group recorded net other gains of RMB6,397 thousand, primarily from gains on disposal of right-of-use assets, a significant improvement from a net loss of RMB36 thousand in the same period of 2024 Other Gains/(Losses), Net (for the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Gain on Disposal of Right-of-Use Assets | 6,413 | — | | Net Loss on Derecognition upon Early Lease Termination | — | (29) | | Net Loss on Disposal of Property, Plant and Equipment | (57) | (82) | | Others | 41 | 75 | | **Total** | **6,397** | **(36)** | [Finance Income, Net](index=41&type=section&id=Finance%20Income,%20Net) For the six months ended June 30, 2025, the Group's net finance income was RMB5,564 thousand, a slight decrease from RMB5,794 thousand in the same period of 2024; finance income mainly comprised interest from bank deposits, interest income from fellow subsidiaries, and finance lease interest income, while finance costs primarily included interest expense on lease liabilities and imputed interest expense on consideration payable related to subsidiary acquisitions Finance Income, Net (for the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Income from Bank Deposits | 4,302 | 5,251 | | Interest Income from a Fellow Subsidiary | 2,706 | 1,997 | | Interest Income from Finance Leases | 1,208 | 538 | | Interest Expense on Lease Liabilities | (1,960) | (1,378) | | Imputed Interest Expense on Consideration Payable Related to Acquisition of a Subsidiary | (644) | (614) | | Net Interest Expense on Retirement Benefit Obligations | (48) | — | | **Finance Income, Net** | **5,564** | **5,794** | [Profit Before Income Tax](index=42&type=section&id=Profit%20Before%20Income%20Tax) For the six months ended June 30, 2025, the Group's profit before income tax was RMB92.31 million, largely consistent with RMB92.19 million in the same period of 2024; this profit calculation includes staff costs, cleaning, security and maintenance service costs, depreciation, amortization of intangible assets, expected credit loss provisions, catering service raw material costs, lease expenses, and professional service fees Profit Before Income Tax Components (for the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Staff Costs — Included in Cost of Sales and Services | 308,676 | 275,387 | | Staff Costs — Included in Administrative Expenses | 25,608 | 22,228 | | Cleaning, Security and Maintenance Service Costs | 407,861 | 306,413 | | Depreciation of Property, Plant and Equipment | 12,474 | 12,571 | | Depreciation of Investment Properties | 4,359 | 2,752 | | Amortization of Intangible Assets | 1,944 | 1,722 | | Expected Credit Loss Provision for Trade Receivables | 4,095 | 4,001 | | Expected Credit Loss Provision for Other Financial Assets Measured at Amortized Cost | 1,742 | (196) | | Cost of Raw Materials and Consumables Used in Catering Services | 14,509 | 16,736 | | Short-Term Lease Expenses | 3,578 | 3,800 | | Lease Expenses for Low-Value Items | 3,912 | 3,725 | | Professional Service Fees | 1,871 | 2,866 | | Taxes and Surcharges | 4,326 | 3,596 | | Auditor's Remuneration — Audit Services | 521 | 521 | | Exchange Loss/(Gain), Net | 2 | (3) | [Income Tax Expense](index=43&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense increased to RMB22.17 million from RMB20.85 million in the prior year; China's corporate income tax rate is 25%, with some small and micro enterprises enjoying a 5% preferential rate and Chongqing Jiangbeizui Property Service Co., Ltd. benefiting from a 15% preferential rate under the Western Development policy, while Hong Kong profits tax is calculated at 16.5%, with a two-tiered tax system for eligible entities Income Tax Expense Breakdown (for the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | China Corporate Income Tax | 25,360 | 31,494 | | Hong Kong Profits Tax | 1,804 | 805 | | Deferred Tax | (4,993) | (11,451) | | **Total Income Tax Expense** | **22,171** | **20,848** | - The general corporate income tax rate in China is **25%**[117](index=117&type=chunk) - Some small and micro enterprises are approved to enjoy a preferential income tax rate of **5%**[117](index=117&type=chunk) - Chongqing Jiangbeizui Property Service Co., Ltd. qualifies for the Western Development income tax preferential policy and enjoys a preferential income tax rate of **15%**[117](index=117&type=chunk) - Hong Kong profits tax provision is calculated at **16.5%** of the estimated assessable profits for the period, with a two-tiered tax system applicable to certain eligible entities[118](index=118&type=chunk) [Dividends](index=44&type=section&id=Dividends) The Board recommended a dividend distribution of RMB58.64 million on March 27, 2025, which was approved at the shareholders' meeting on June 5, 2025; the Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - At the Board meeting on March 27, 2025, a dividend distribution of **RMB58,640,000** was proposed and approved at the shareholders' meeting on June 5, 2025[119](index=119&type=chunk) - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025[120](index=120&type=chunk) [Earnings Per Share](index=44&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share decreased to RMB0.154 from RMB0.170 in the prior year; diluted earnings per share were the same as basic earnings per share as the Group had no potential dilutive ordinary shares during the reporting period Basic Earnings Per Share (for the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (RMB thousand) | 57,607 | 63,467 | | Weighted Average Number of Ordinary Shares Issued (thousand shares) | 373,500 | 373,500 | | **Basic Earnings Per Share (RMB)** | **0.154** | **0.170** | - As the Group had no potential dilutive ordinary shares for the six months ended June 30, 2025 and 2024, diluted earnings per share were the same as basic earnings per share[123](index=123&type=chunk) [Investment Properties and Property, Plant and Equipment](index=45&type=section&id=Investment%20Properties%20and%20Property,%20Plant%20and%20Equipment) As of June 30, 2025, the net book value of investment properties increased to RMB32.28 million, while the net book value of property, plant and equipment decreased to RMB43.48 million; additions to investment properties during the period amounted to RMB6.26 million, and additions to property, plant and equipment were RMB4.47 million Net Book Value of Investment Properties and Property, Plant and Equipment (as of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Book Value of Investment Properties | 32,282 | 34,106 | | Net Book Value of Property, Plant and Equipment | 43,480 | 46,133 | - Additions to investment properties during the period amounted to **RMB6,260 thousand**[124](index=124&type=chunk) - Additions to property, plant and equipment during the period amounted to **RMB4,474 thousand**[124](index=124&type=chunk) [Interests in Associates](index=47&type=section&id=Interests%20in%20Associates) As of June 30, 2025, the Group's interests in associates increased slightly to RMB7.55 million; profit attributable to associates after acquisition for the period was RMB26 thousand Changes in Interests in Associates (for the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Beginning of Period | 7,526 | 16,204 | | Share of Post-Acquisition Profit/(Loss) and Other Comprehensive Loss, Net of Dividends Received | 26 | (6,310) | | **End of Period** | **7,552** | **9,894** | [Interests in Joint Ventures](index=47&type=section&id=Interests%20in%20Joint%20Ventures) As of June 30, 2025, the Group's interests in joint ventures increased slightly to RMB2.89 million; profit attributable to joint ventures after acquisition for the period was RMB28 thousand Changes in Interests in Joint Ventures (for the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Beginning of Period | 2,857 | 2,552 | | Share of Post-Acquisition Profit and Other Comprehensive Income, Net of Dividends Received | 28 | 153 | | **End of Period** | **2,885** | **2,705** | [Bills and Trade Receivables](index=48&type=section&id=Bills%20and%20Trade%20Receivables) As of June 30, 2025, the Group's net bills and trade receivables significantly increased to RMB458.03 million from December 31, 2024; trade receivables (before loss allowance) were RMB492.85 million, mainly from third parties, with most amounts due within one year; an expected credit loss provision of RMB4.095 million was recognized during the period Bills and Trade Receivables (as of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables (Related Parties) | 112,848 | 110,745 | | Trade Receivables (Third Parties) | 380,002 | 268,406 | | Less: Expected Credit Loss Provision for Trade Receivables | (37,350) | (33,511) | | Trade Receivables, Net | 455,500 | 345,640 | | Bills Receivable | 2,532 | — | | **Bills and Trade Receivables, Net** | **458,032** | **345,640** | - The credit period granted to trade customers r

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 第 1 頁 共 11 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 金融街物業股份有限公司 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 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01502 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 103,500,000 | RMB | | 1 | RMB | | 103,500,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 103,500,000 | RMB | | 1 | RMB | | 103,50 ...

Core Viewpoint - Financial Street Properties (01502) reported a revenue of RMB 951 million for the six months ending June 30, 2025, reflecting a year-on-year growth of 16.92%. However, the profit attributable to shareholders decreased by 9.23% to RMB 57.607 million, with earnings per share at RMB 0.154 [1] Group 1 - The company achieved a revenue of RMB 951 million, which is a 16.92% increase compared to the previous year [1] - The profit attributable to shareholders was RMB 57.607 million, showing a decline of 9.23% year-on-year [1] - Earnings per share stood at RMB 0.154 [1]

金融街物业(01502)发布截至2025年6月30日止6个月中期业绩，集团收入人民币9.51亿元，同比增长 16.92%;股东应占盈利5760.7万元，同比减少9.23%;每股盈利0.154元。 ...

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) For the six months ended June 30, 2025, revenue grew **16.92%** to **RMB 951.38 million**, while profit for the period and attributable profit decreased, and gross floor area under management expanded **12.81%** Financial Highlights for H1 2025 | Metric | June 30, 2025 (RMB million) | June 30, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 951.38 | 813.69 | +16.92% | | Profit for the period | 70.13 | 71.35 | -1.70% | | Profit attributable to owners of the Company | 57.61 | 63.47 | -9.23% | | Gross Floor Area Under Management (million sq.m.) | 49.59 | 43.96 | +12.81% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, revenue increased by **16.92%**, but a higher growth in cost of sales and services led to a marginal **0.52%** gross profit increase and a decline in period and attributable profits Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 951,377 | 813,694 | +16.92% | | Cost of sales and services | (822,842) | (685,829) | +19.98% | | Gross profit | 128,535 | 127,865 | +0.52% | | Operating profit | 86,689 | 86,969 | -0.32% | | Profit for the period | 70,134 | 71,345 | -1.70% | | Profit attributable to owners of the Company for the period | 57,607 | 63,467 | -9.23% | | Earnings per share, basic and diluted (RMB) | 0.154 | 0.170 | -9.41% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%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, total assets increased to **RMB 2,484.79 million**, with growth in both non-current and current assets, while total equity slightly increased and total liabilities rose significantly Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **ASSETS** | | | | | Total non-current assets | 315,962 | 267,829 | +18.00% | | Total current assets | 2,168,829 | 2,061,672 | +5.20% | | Total assets | 2,484,791 | 2,329,501 | +6.67% | | **EQUITY AND LIABILITIES** | | | | | Total equity | 1,375,912 | 1,369,073 | +0.50% | | Total non-current liabilities | 91,311 | 68,213 | +33.86% | | Total current liabilities | 1,017,568 | 892,215 | +14.05% | | Total liabilities | 1,108,879 | 960,428 | +15.46% | | Total equity and liabilities | 2,484,791 | 2,329,501 | +6.67% | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed information on the basis of preparation, key accounting estimates, financial risk management, segment information, and the composition and changes of various financial items [1. General Information](index=6&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Financial Street Property Co., Ltd., established in China in 1994 and listed on the HKEX in 2020, primarily provides property management services in China and Hong Kong, with its ultimate controlling entity being Beijing Financial Street Investment (Group) Co., Ltd - The Company was established in China in 1994, restructured into a joint stock company in 2019, and listed on the Main Board of the Hong Kong Stock Exchange on July 6, 2020[9](index=9&type=chunk)[10](index=10&type=chunk) - The Group is principally engaged in the provision of property management and related services in China and Hong Kong[11](index=11&type=chunk) - The ultimate controlling company is Beijing Financial Street Investment (Group) Co., Ltd., controlled by the State-owned Assets Supervision and Administration Commission of Xicheng District, Beijing[10](index=10&type=chunk) [2. Basis of Preparation of the Interim Financial Statements](index=6&type=section&id=2.%20%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E4%B9%8B%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated interim financial statements are prepared in accordance with HKEX Listing Rules and HKAS 34, adopting revised HKFRS accounting standards effective January 1, 2025, with no significant impact on results or financial position expected - The condensed consolidated interim financial statements are prepared in accordance with the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[12](index=12&type=chunk) - Revised HKFRS accounting standards effective January 1, 2025, have been adopted, and the Directors do not expect any significant impact on the preparation and presentation of the Group's results and financial position for the current and prior periods[13](index=13&type=chunk)[15](index=15&type=chunk) [3. Critical Accounting Estimates and Judgements](index=7&type=section&id=3.%20%E9%97%9C%E9%8D%B5%E6%9C%83%E8%A8%88%E4%BC%B0%E8%A8%88%E5%8F%8A%E5%88%A4%E6%96%B7) The significant judgements and key sources of estimation uncertainty applied by management in preparing the interim financial statements are consistent with those used in the consolidated financial statements for the year ended December 31, 2024 - The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty in preparing these condensed consolidated interim financial statements were the same as those applied to the consolidated financial statements for the year ended December 31, 2024[16](index=16&type=chunk) [4. Financial Risk Management](index=7&type=section&id=4.%20%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E8%A8%88%E9%87%8F) The Group is exposed to market risks (foreign exchange and interest rate), credit risk, and liquidity risk, with no significant changes in risk management policies since December 31, 2024, and the interim report does not include all annual financial statement risk disclosures - The Group's activities expose it to a variety of financial risks: market risk (including foreign exchange risk and interest rate risk), credit risk, and liquidity risk[17](index=17&type=chunk) - There have been no significant changes in the Group's risk management policies since the year ended December 31, 2024[18](index=18&type=chunk) [5. Segments](index=7&type=section&id=5.%20%E5%88%86%E9%83%A8) The Board considers the Group to operate as a single operating segment, primarily providing property management and related services in China and Hong Kong, with resource allocation focused on enhancing overall Group value - The Group is principally engaged in the provision of property management and related services in China and Hong Kong, and the Board considers there to be only one operating segment[19](index=19&type=chunk) [6. Revenue](index=8&type=section&id=6.%20%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, the Group's revenue increased by **16.92%** to **RMB 951.38 million**, primarily from property management and related services, with transactions from Financial Street associates accounting for **6%** of total revenue, a decrease from the prior period Revenue Breakdown (For the six months ended June 30) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Property management and related services (lump sum basis) | 754,157 | 623,463 | +20.97% | | Property management and related services (remuneration basis) | 11,184 | 8,505 | +31.50% | | Community value-added services | 153,653 | 147,446 | +4.21% | | Catering services | 28,295 | 29,642 | -4.54% | | Rental income | 4,088 | 4,638 | -11.86% | | **Total Revenue** | **951,377** | **813,694** | **+16.92%** | - For the six months ended June 30, 2025, transactions with Financial Street associates accounted for **6%** of the Group's revenue (2024: 9%)[20](index=20&type=chunk) External Revenue by Geographical Region (For the six months ended June 30) | Region | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Mainland China | 869,352 | 755,186 | | Hong Kong | 82,025 | 58,508 | | **Total** | **951,377** | **813,694** | [7. Other Income](index=10&type=section&id=7.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income for the period was **RMB 251 thousand**, primarily from government grants, a decrease from **RMB 928 thousand** in the prior period, with no recognized VAT input deduction for the current period Other Income Breakdown (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Government grants | 251 | 867 | | Recognized VAT input deduction | — | 61 | | **Total** | **251** | **928** | - Government grants are discretionary receipts from local Chinese government authorities for local business development and employment, with no unfulfilled conditions or contingencies attached to their receipt[23](index=23&type=chunk)[24](index=24&type=chunk) [8. Other Gains/(Losses), Net](index=10&type=section&id=8.%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%EF%BC%8F%EF%BC%88%E虧%E6%90%8D%EF%BC%89%EF%BC%8C%E6%B7%A8%E9%A1%8D) Net other gains for the period amounted to **RMB 6,397 thousand**, primarily due to gains from the disposal of right-of-use assets, compared to a net loss of **RMB 36 thousand** in the prior period Other Gains/(Losses), Net (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Gain on disposal of right-of-use assets | 6,413 | — | | Net loss on derecognition upon early termination of leases | — | (29) | | Net loss on disposal of property, plant and equipment | (57) | (82) | | Others | 41 | 75 | | **Total** | **6,397** | **(36)** | [9. Finance Income, Net](index=11&type=section&id=9.%20%E8%9E%8D%E8%B3%87%E6%94%B6%E5%85%A5%EF%BC%8C%E6%B7%A8%E9%A1%8D) Net finance income for the period was **RMB 5,564 thousand**, a decrease from **RMB 5,794 thousand** in the prior period, mainly due to lower bank deposit interest income despite an increase in finance lease interest income Finance Income, Net (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | **Finance income** | | | | Interest income from bank deposits | 4,302 | 5,251 | | Interest income from a fellow subsidiary | 2,706 | 1,997 | | Interest income from finance leases | 1,208 | 538 | | **Total finance income** | **8,216** | **7,786** | | **Finance costs** | | | | Interest expense on lease liabilities | (1,960) | (1,378) | | Imputed interest expense on consideration payable for acquisition of a subsidiary | (644) | (614) | | Net interest expense on retirement benefit obligations | (48) | — | | **Total finance costs** | **(2,652)** | **(1,992)** | | **Net finance income** | **5,564** | **5,794** | [10. Profit Before Income Tax](index=12&type=section&id=10.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E5%88%A9%E6%BD%A4) Profit before income tax for the period was **RMB 92,305 thousand**, largely consistent with the prior period, with significant increases in staff costs and cleaning, security, and maintenance service costs, offset by a decrease in catering service raw material costs Profit Before Income Tax Components (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Staff costs (included in cost of sales and services) | 308,676 | 275,387 | +12.09% | | Staff costs (included in administrative expenses) | 25,608 | 22,228 | +15.21% | | Cleaning, security and maintenance service costs | 407,861 | 306,413 | +33.10% | | Depreciation (property, plant and equipment) | 12,474 | 12,571 | -0.77% | | Depreciation (investment properties) | 4,359 | 2,752 | +58.40% | | Amortisation of intangible assets | 1,944 | 1,722 | +12.89% | | Expected credit loss allowance (trade receivables) | 4,095 | 4,001 | +2.35% | | Expected credit loss allowance (other financial assets) | 1,742 | (196) | N/A | | Cost of raw materials and consumables used in catering services | 14,509 | 16,736 | -13.29% | [11. Income Tax Expense](index=13&type=section&id=11.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense for the period increased to **RMB 22,171 thousand**, primarily due to higher PRC corporate income tax and Hong Kong profits tax, despite a decrease in deferred tax, with some subsidiaries benefiting from preferential tax rates Total Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Current income tax (PRC corporate income tax) | 25,360 | 31,494 | -19.48% | | Current income tax (Hong Kong profits tax) | 1,804 | 805 | +124.10% | | Deferred tax | (4,993) | (11,451) | -56.40% | | **Total income tax expense** | **22,171** | **20,848** | **+6.35%** | - The general PRC corporate income tax rate is **25%**, with some small-profit enterprises enjoying a **5%** preferential tax rate, and Chongqing Jiangbeizui Property Services Co., Ltd. benefiting from a **15%** preferential tax rate under the Western Development Policy[29](index=29&type=chunk) - Hong Kong profits tax is calculated at **16.5%**, with eligible entities taxed at **8.25%** on the first **HKD 2,000,000** of assessable profits[30](index=30&type=chunk) [12. Dividends](index=14&type=section&id=12.%20%E8%82%A1%E6%81%AF) The Company declared a final dividend of **RMB 58,640 thousand** for 2024, approved by shareholders on June 5, 2025, and the Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Company declared a final dividend of **RMB 58,640 thousand** (2024: RMB 64,616 thousand), which was approved at the annual general meeting on June 5, 2025[32](index=32&type=chunk) - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 (2024: nil)[32](index=32&type=chunk)[95](index=95&type=chunk) [13. Earnings Per Share](index=14&type=section&id=13.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, basic earnings per share decreased to **RMB 0.154** from **RMB 0.170** in the prior period, with diluted earnings per share being the same as basic earnings per share due to the absence of potential dilutive ordinary shares Basic Earnings Per Share (For the six months ended June 30) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Profit attributable to owners of the Company (RMB thousand) | 57,607 | 63,467 | -9.23% | | Weighted average number of ordinary shares in issue (thousand shares) | 373,500 | 373,500 | 0% | | **Basic earnings per share (RMB)** | **0.154** | **0.170** | **-9.41%** | - As the Group had no potential dilutive ordinary shares for the six months ended June 30, 2025 and 2024, the diluted earnings per share were the same as the basic earnings per share[35](index=35&type=chunk) [14. Bills Receivable and Trade Receivables](index=14&type=section&id=14.%20%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A%E5%8F%8A%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, net bills receivable and trade receivables increased by **32.52%** to **RMB 458.03 million**, primarily due to increased trade receivables from property management services driven by expanded gross floor area under management, with an increase in expected credit loss allowance for trade receivables to **RMB 37,350 thousand** Bills Receivable and Trade Receivables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables (related parties) | 112,848 | 110,745 | +1.90% | | Trade receivables (third parties) | 380,002 | 268,406 | +41.95% | | Less: Expected credit loss allowance | (37,350) | (33,511) | +11.45% | | Trade receivables, net | 455,500 | 345,640 | +31.78% | | Bills receivable | 2,532 | — | N/A | | **Total** | **458,032** | **345,640** | **+32.52%** | - The increase in trade receivables was mainly due to the increase in trade receivables from property management services resulting from the increase in total gross floor area under management; and trade receivables not yet due for collection[71](index=71&type=chunk) Changes in Expected Credit Loss Allowance for Trade Receivables (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | At January 1 | 33,511 | 21,126 | | Expected credit loss allowance recognized during the period | 4,095 | 4,001 | | Amounts written off during the period | (256) | — | | **Balance at June 30** | **37,350** | **25,127** | [15. Other Financial Assets Measured at Amortised Cost](index=15&type=section&id=15.%20%E6%8C%89%E6%攤%E9%8A%B7%E6%88%90%E6%9C%AC%E8%A8%88%E9%87%8F%E4%B9%8B%E5%85%B6%E4%BB%96%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) As of June 30, 2025, total other financial assets measured at amortised cost increased by approximately **RMB 75.07 million** to **RMB 155.78 million**, primarily due to an increase in finance lease receivables from asset operation businesses Other Financial Assets Measured at Amortised Cost (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Finance lease receivables | 77,098 | 16,971 | +354.20% | | Payments on behalf of property owners, tenants and property developers | 26,390 | 19,883 | +32.72% | | Deposits (related parties) | 4,767 | 4,475 | +6.52% | | Deposits (third parties) | 37,277 | 27,986 | +33.19% | | Amounts due from a non-controlling interest | 10,487 | 10,649 | -1.49% | | Others | 3,074 | 2,314 | +32.84% | | Less: Expected credit loss allowance | (3,314) | (1,572) | +110.81% | | **Total** | **155,779** | **80,706** | **+93.02%** | - The increase in other financial assets was mainly due to finance lease receivables arising from undertaking asset operation businesses[72](index=72&type=chunk) Maturity Analysis of Finance Lease Receivables (As of June 30, 2025) | Maturity Period | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within one year | 9,878 | 8,339 | | One to two years | 14,333 | 5,887 | | Two to three years | 9,043 | 3,434 | | Over three years | 57,043 | — | | **Total undiscounted lease payments receivable** | **90,297** | **17,660** | [16. Share Capital](index=18&type=section&id=16.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Company's issued and fully paid share capital remained at **RMB 373,500 thousand**, with **373,500 thousand** shares, consistent with the prior period and year-end Share Capital (As of June 30, 2025) | Item | June 30, 2025 (thousand shares) | June 30, 2025 (RMB thousand) | June 30, 2024 (thousand shares) | June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Issued and fully paid share capital | 373,500 | 373,500 | 373,500 | 373,500 | [17. Trade and Other Payables](index=18&type=section&id=17.%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and other payables increased to **RMB 844.90 million**, an increase of approximately **15.46%** from December 31, 2024, primarily due to increased trade payables and salaries and welfare payables driven by business expansion and bonus accruals Trade and Other Payables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 289,140 | 245,065 | +17.98% | | Collections on behalf of property owners, tenants and property developers | 205,571 | 216,446 | -5.03% | | Deposits | 108,927 | 98,764 | +10.29% | | Salaries and welfare payables | 111,993 | 102,240 | +9.54% | | Consideration payable for acquisition of a subsidiary | 27,492 | 26,848 | +2.40% | | Dividends payable | 80,477 | 21,837 | +268.54% | | **Total current portion** | **844,895** | **702,675** | **+20.24%** | - The increase in trade payables was mainly due to the expansion of business operations[73](index=73&type=chunk) - The increase in salaries and welfare payables was mainly due to the accrual of bonuses during the reporting period[73](index=73&type=chunk) - Consideration payable refers to the fair value of contingent consideration payable to existing shareholders of an acquired subsidiary for the year ended December 31, 2024, to be paid in 2025[44](index=44&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section reviews the company's H1 2025 business performance and financial position, highlighting continued growth in gross floor area under management and projects, particularly in non-residential and independent third-party segments, alongside revenue growth, declining gross margins, and stable liquidity [Business Review](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The company adhered to its "Quality First, Focus on Core Business, Deep Cultivation of Strengths" strategy in H1, achieving a **12.8%** year-on-year increase in gross floor area under management to **49.59 million sq.m.** and expanding to **391** projects, with non-residential properties accounting for **57.4%** and independent third-party projects contributing **90.7%** of new gross floor area [Overview](index=20&type=section&id=%E6%A6%82%E8%BF%B0) Financial Street Property, a leading integrated property management service provider for business properties nationwide, maintained its "Quality First, Focus on Core Business, Deep Cultivation of Strengths" strategy in H1, achieving significant growth in gross floor area under management and projects, with a high proportion of non-residential and independent third-party projects - The Group is one of the leading integrated property management service providers for business properties nationwide, focusing on mid-to-high-end property management services[46](index=46&type=chunk) - In H1 2025, the Group adhered to its business development strategy of "Quality First, Focus on Core Business, Deep Cultivation of Strengths," continuously expanding and consolidating its market presence in first- and second-tier cities and key regions[46](index=46&type=chunk) Gross Floor Area Under Management and Number of Projects (As of June 30, 2025) | Metric | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Gross Floor Area Under Management (million sq.m.) | 49.59 | 43.96 | +12.8% | | Number of projects under management | 391 | 326 | +19.94% | | Proportion of non-residential gross floor area under management | 57.4% | N/A | N/A | | Proportion of new gross floor area under management from independent third-party projects in H1 | 90.7% | N/A | N/A | [Property Management and Related Services](index=21&type=section&id=%E7%89%A9%E6%A5%AD%E7%AE%A1%E7%90%86%E5%8F%8A%E7%9B%B8%E9%97%9C%E6%9C%8D%E5%8B%99) As of June 30, 2025, property management and related services covered 26 provinces and cities across seven regions in China, with a total gross floor area under management of **49.59 million sq.m.** across **391** properties, showing growth in both contracted and managed areas, with the North China region having the largest managed area, residential properties accounting for **42.6%**, and lump-sum basis remaining the primary revenue model - The Group's property management and related services cover 26 provinces, municipalities, autonomous regions, and special administrative regions across seven regions in China[48](index=48&type=chunk) Contracted and Gross Floor Area Under Management and Number of Properties (As of June 30, 2025) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Contracted gross floor area (thousand sq.m.) | 50,892 | 45,912 | | Gross floor area under management (thousand sq.m.) | 49,586 | 43,956 | | Number of properties under management | 391 | 326 | Gross Floor Area Under Management by Property Type (As of June 30, 2025) | Property Type | June 30, 2025 (thousand sq.m.) | Proportion (%) | June 30, 2024 (thousand sq.m.) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Residential properties | 21,100 | 42.6 | 18,582 | 42.3 | | Public properties, hospitals, educational properties and others | 18,506 | 37.3 | 15,379 | 35.0 | | Office buildings | 8,319 | 16.8 | 8,419 | 19.2 | | Retail commercial buildings and hotels | 461 | 0.9 | 376 | 0.9 | | Integrated complexes | 1,200 | 2.4 | 1,200 | 2.7 | | **Total** | **49,586** | **100** | **43,956** | **100** | Gross Floor Area Under Management by Revenue Model (As of June 30, 2025) | Revenue Model | June 30, 2025 (thousand sq.m.) | Proportion (%) | June 30, 2024 (thousand sq.m.) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Lump sum basis | 45,143 | 91.0 | 39,875 | 90.7 | | Remuneration basis | 4,443 | 9.0 | 4,081 | 9.3 | | **Total** | **49,586** | **100** | **43,956** | **100** | Gross Floor Area Under Management by Property Developer (As of June 30, 2025) | Property Developer | June 30, 2025 (thousand sq.m.) | Proportion (%) | June 30, 2024 (thousand sq.m.) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Developed by Financial Street associates | 20,976 | 42.3 | 20,066 | 45.7 | | Developed by independent third parties | 28,610 | 57.7 | 23,890 | 54.3 | | **Total** | **49,586** | **100** | **43,956** | **100** | [Value-Added Services](index=26&type=section&id=%E5%A2%9E%E5%80%BC%E6%9C%8D%E5%8B%99) The Group's value-added services comprise six segments: operational services, consulting services, asset operation, resource management, customized services, and other income, with its proprietary brand "IZEE" and the "Financial Street Property Life Online" platform enhancing smart operations and customer engagement - The Group's value-added services primarily consist of six segments: operational services, consulting services, asset operation, resource management, customized services, and other income[59](index=59&type=chunk) - The Group has created its own value-added service brand "IZEE," covering real estate brokerage, lifestyle services, business support, and other series of services[59](index=59&type=chunk) - The "Financial Street Property Life Online" platform has been established and continuously improved to enable smart operations and value-added service functions, strengthen value-added service touchpoints, enhance the connection between property services and value-added services, and continuously innovate service content around diverse customer needs to increase customer stickiness[59](index=59&type=chunk) [Future Outlook](index=26&type=section&id=%E6%9C%AA%E4%BE%86%E9%A1%98%E6%99%AF) The Group will continue to prioritize service, consolidate its core strengths in business office and public construction sectors, focus on core first- and second-tier city clusters, and strengthen market expansion, while enhancing service quality through refined operations and exploring unique value-added service systems for business formats to promote long-term stable development - The Group will always adhere to service as its foundation, continuously consolidate and deepen its core strengths in the business office and public construction sectors, further focus on core first- and second-tier city clusters, and strengthen market expansion efforts[60](index=60&type=chunk) - The Group will further solidify service quality through refined operations, standard enhancement, and process optimization, effectively improving customer satisfaction and recognition, thereby building a solid foundation for development[60](index=60&type=chunk) - The Group will explore and build a unique and competitive value-added service system for business formats, comprehensively enhancing its overall competitiveness and promoting the long-term healthy and stable development of the enterprise[60](index=60&type=chunk) [Financial Review](index=26&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section analyzes the company's H1 2025 financial performance, noting a **16.92%** revenue increase driven by property management services, but a decline in catering revenue, increased cost of sales and services leading to lower gross margins, higher administrative and income tax expenses, and a slight decrease in profit and total comprehensive income, while maintaining a stable liquidity position [Revenue](index=26&type=section&id=%E6%94%B6%E5%85%A5) The Group's revenue increased by approximately **16.92%** from **RMB 813.69 million** in H1 2024 to **RMB 951.38 million** in H1 2025, with property management service revenue growing **21.10%** and value-added service revenue growing **4.21%**, but catering service revenue decreased **4.54%** and leasing service revenue decreased **11.86%** - The Group's revenue increased by approximately **16.92%** from approximately **RMB 813.69 million** for the six months ended June 30, 2024, to approximately **RMB 951.38 million** for the six months ended June 30, 2025[61](index=61&type=chunk) Revenue by Service Type (For the six months ended June 30) | Service Type | 2025 (RMB thousand) | Proportion (%) | 2024 (RMB thousand) | Proportion (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Property management services | 765,341 | 80.45% | 631,968 | 77.67% | +21.10% | | Value-added services | 153,653 | 16.15% | 147,446 | 18.12% | +4.21% | | Leasing services | 4,088 | 0.43% | 4,638 | 0.57% | -11.86% | | Catering services | 28,295 | 2.97% | 29,642 | 3.64% | -4.54% | | **Total** | **951,377** | **100%** | **813,694** | **100%** | **+16.92%** | - Revenue from property management and related services maintained growth, benefiting from an increase in managed projects[62](index=62&type=chunk) - The decrease in catering service revenue resulted from optimizing the catering business model[62](index=62&type=chunk) [Cost of Sales and Services](index=27&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E6%9C%8D%E5%8B%99%E6%88%90%E6%9C%AC) The Group's cost of sales and services increased by approximately **19.98%** from **RMB 685.83 million** in H1 2024 to **RMB 822.84 million** in H1 2025, primarily due to business expansion - The Group's cost of sales and services increased by approximately **19.98%** from approximately **RMB 685.83 million** for the six months ended June 30, 2024, to approximately **RMB 822.84 million** for the six months ended June 30, 2025[63](index=63&type=chunk) - Costs increased with business expansion[63](index=63&type=chunk) [Gross Profit](index=28&type=section&id=%E6%AF%9B%E5%88%A9) The Group's overall gross profit slightly increased by **0.52%** to **RMB 128.54 million**, but the overall gross profit margin decreased from **15.71%** to **13.51%**, primarily due to market conditions and increased competitive pressure, with declines in both commercial and non-commercial property gross margins - The Group's overall gross profit increased by approximately **0.52%** from approximately **RMB 127.87 million** for the six months ended June 30, 2024, to approximately **RMB 128.54 million** for the six months ended June 30, 2025[64](index=64&type=chunk) - The overall gross profit margin was approximately **13.51%**, a decrease compared to the overall gross profit margin of **15.71%** for the six months ended June 30, 2024, as gross profit margins continued to be under pressure due to market conditions and increased competitive pressure[64](index=64&type=chunk) Gross Profit and Gross Profit Margin by Service Type (For the six months ended June 30) | Service Type | 2025 Gross Profit (RMB thousand) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB thousand) | 2024 Gross Profit Margin (%) | Gross Profit Margin Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Commercial properties | 94,127 | 21.00 | 96,162 | 22.57 | (1.57) | | Non-commercial properties | 34,731 | 7.31 | 34,065 | 9.52 | (2.21) | | Catering services | (323) | (1.14) | (2,362) | (7.97) | 6.83 | | **Total** | **128,535** | **13.51** | **127,865** | **15.71** | (2.20) | [Administrative Expenses](index=28&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) The Group's administrative expenses increased by approximately **12.32%** from **RMB 37.98 million** in H1 2024 to **RMB 42.66 million** in H1 2025, primarily due to the expansion of business scale - The Group's administrative expenses increased by approximately **12.32%** from approximately **RMB 37.98 million** for the six months ended June 30, 2024, to approximately **RMB 42.66 million** for the six months ended June 30, 2025[65](index=65&type=chunk) - Administrative expenses increased with the expansion of business scale[65](index=65&type=chunk) [Income Tax Expense](index=28&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) The Group's income tax expense increased from approximately **RMB 20.85 million** in H1 2024 to **RMB 22.17 million** in H1 2025, primarily due to the combined effect of varying applicable tax rates for different companies and tax adjustments - The Group's income tax expense increased from approximately **RMB 20.85 million** for the six months ended June 30, 2024, to approximately **RMB 22.17 million** for the six months ended June 30, 2025[66](index=66&type=chunk) - Despite largely stable total profit, income tax expense slightly increased due to the combined effect of varying applicable tax rates for different companies and tax adjustments[66](index=66&type=chunk) [Profit for the Period](index=29&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E5%88%A9%E6%BD%A4) The Group's profit for the period decreased by approximately **1.71%** from **RMB 71.35 million** in H1 2024 to **RMB 70.13 million** in H1 2025, primarily due to market conditions, rigid cost increases, and declining gross margins leading to reduced profitability - The Group's profit decreased by approximately **1.71%** from approximately **RMB 71.35 million** for the six months ended June 30, 2024, to approximately **RMB 70.13 million** for the six months ended June 30, 2025[67](index=67&type=chunk) - Profitability decreased due to market conditions, rigid cost increases, and declining gross margins[67](index=67&type=chunk) [Total Comprehensive Income for the Period](index=29&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E7%B8%BD%E9%A1%8D) The Group's total comprehensive income for the period decreased by approximately **4.40%** from **RMB 71.57 million** in H1 2024 to **RMB 68.42 million** in H1 2025, primarily due to exchange losses on the translation of foreign currency financial statements - The Group's total comprehensive income decreased by approximately **4.40%** from approximately **RMB 71.57 million** for the six months ended June 30, 2024, to approximately **RMB 68.42 million** for the six months ended June 30, 2025[68](index=68&type=chunk) - This change was due to exchange losses on the translation of foreign currency financial statements[68](index=68&type=chunk) [Liquidity, Capital Structure and Financial Resources](index=29&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group's cash and bank balances were approximately **RMB 1,603.17 million**, a slight decrease, while net current assets remained stable, with a current ratio of approximately **2.13 times**, indicating a sound financial position and no borrowings - As of June 30, 2025, the Group's cash and bank balances were approximately **RMB 1,603.17 million**, a decrease of approximately **RMB 36.04 million** compared to approximately **RMB 1,639.21 million** as of December 31, 2024[69](index=69&type=chunk) - The Group's financial position remained sound, with net current assets of approximately **RMB 1,151.26 million** and a current ratio of approximately **2.13 times** (December 31, 2024: approximately 2.31 times)[69](index=69&type=chunk) - As of June 30, 2025, the Group had no borrowings (December 31, 2024: nil)[70](index=70&type=chunk) [Bills Receivable and Trade Receivables and Other Financial Assets Measured at Amortised Cost](index=29&type=section&id=%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A%E5%8F%8A%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%8C%89%E6%攤%E9%8A%B7%E6%88%90%E6%9C%AC%E8%A8%88%E9%87%8F%E4%B9%8B%E5%85%B6%E4%BB%96%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) As of June 30, 2025, bills receivable and trade receivables increased by **32.52%** to **RMB 458.03 million**, primarily due to expanded gross floor area under management, while other financial assets measured at amortised cost increased by approximately **RMB 75.07 million** to **RMB 155.78 million**, mainly due to finance lease receivables from asset operation businesses - As of June 30, 2025, the Group's bills receivable and trade receivables were approximately **RMB 458.03 million**, an increase of **32.52%** compared to approximately **RMB 345.64 million** as of December 31, 2024, mainly due to the increase in trade receivables from property management services resulting from the increase in total gross floor area under management; and trade receivables not yet due for collection[71](index=71&type=chunk) - As of June 30, 2025, the Group's total other financial assets measured at amortised cost were approximately **RMB 155.78 million**, an increase of approximately **RMB 75.07 million** compared to approximately **RMB 80.71 million** as of December 31, 2024, mainly due to finance lease receivables arising from undertaking asset operation businesses[72](index=72&type=chunk) [Trade and Other Payables](index=30&type=section&id=%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, trade payables increased by **17.98%** to **RMB 289.14 million** due to business expansion, salaries and welfare payables increased by **9.54%** to **RMB 111.99 million** due to bonus accruals, and other payables slightly increased by **0.81%** to **RMB 326.35 million** - As of June 30, 2025, the Group's trade payables balance was approximately **RMB 289.14 million**, an increase of approximately **17.98%** compared to approximately **RMB 245.07 million** as of December 31, 2024, mainly due to the expansion of business operations[73](index=73&type=chunk) - As of June 30, 2025, the Group's salaries and welfare payables were approximately **RMB 111.99 million**, an increase of **9.54%** compared to approximately **RMB 102.24 million** as of December 31, 2024, mainly due to the accrual of bonuses during the reporting period[73](index=73&type=chunk) - Other payables increased by approximately **0.81%** from approximately **RMB 323.72 million** as of December 31, 2024, to approximately **RMB 326.35 million** as of June 30, 2025, mainly due to normal business fluctuations[73](index=73&type=chunk) [Use of Proceeds from Listing](index=30&type=section&id=%E4%B8%8A%E5%B8%82%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The Company's net proceeds from listing were approximately **RMB 648.36 million**, with the Board resolving to reallocate the unused portion to support market expansion, joint ventures, and mergers and acquisitions; as of June 30, 2025, **RMB 191.49 million** had been utilized, with the remaining **RMB 456.87 million** expected to be fully utilized by December 31, 2026 - The net proceeds from the listing were approximately **HKD 710.48 million** (equivalent to approximately **RMB 648.36 million**)[74](index=74&type=chunk) - The Board resolved to change the use of the unutilized portion of the net proceeds to provide sufficient financial support for continuous market expansion, joint ventures, and investment in mergers and acquisitions[74](index=74&type=chunk) Analysis of Use of Net Proceeds from Listing (As of June 30, 2025) | Use | Net Proceeds after Reallocation (RMB million) | Actual Utilized as of June 30, 2025 (RMB million) | Utilized during Reporting Period (RMB million) | Unutilized as of June 30, 2025 (RMB million) | Expected Timeline for Full Utilization of Remaining Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Seeking strategic acquisition and investment opportunities and establishing new branches and subsidiaries to expand the Group's business scale | 517.87 | 142.89 | 0.16 | 374.98 | On or before December 31, 2026 | | Developing the Group's value-added service business | 49.12 | 40.63 | — | 8.49 | On or before December 31, 2026 | | Construction and upgrade of information technology and smart facility systems | 16.53 | 7.97 | 0.33 | 8.56 | On or before December 31, 2026 | | The Group's working capital and general corporate purposes | 64.84 | — | — | 64.84 | On or before December 31, 2026 | | **Total** | **648.36** | **191.49** | **0.49** | **456.87** | | [Pledge of Assets](index=31&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group had no assets pledged - As of June 30, 2025, the Group had no assets pledged (December 31, 2024: nil)[77](index=77&type=chunk) [Material Acquisitions and Disposals of Assets](index=31&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E8%B3%87%E7%94%A2%E5%87%BA%E5%94%AE) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of assets - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of assets[78](index=78&type=chunk) [Material Investments Held, Disposals and Future Plans for Material Investments in Capital Assets](index=32&type=section&id=%E6%8C%81%E6%9C%89%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%8A%E6%9C%89%E9%97%9C%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E4%B9%8B%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) For the six months ended June 30, 2025, the Group had no material investments, disposals, or additions to capital assets, nor any related plans - For the six months ended June 30, 2025, the Group had no material investments, disposals, or additions to capital assets, nor any related plans[79](index=79&type=chunk) [Gearing Ratio](index=32&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's gearing ratio was **0.45**, an increase from **0.41** as of December 31, 2024, with the capital gearing ratio not applicable due to the absence of interest-bearing borrowings - As of June 30, 2025, our gearing ratio was **0.45**, compared to **0.41** as of December 31, 2024[80](index=80&type=chunk) - As of June 30, 2025, and December 31, 2024, the Group had no interest-bearing borrowings, thus the capital gearing ratio is not applicable[80](index=80&type=chunk) [Contingent Liabilities](index=32&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities (December 31, 2024: nil)[81](index=81&type=chunk) [Financial Policy](index=32&type=section&id=%E8%B2%A1%E5%8B%99%E6%94%BF%E7%AD%96) The Group adopts a prudent financial management approach, closely monitoring its liquidity position to ensure that the liquidity structure of its assets, liabilities, and commitments meets funding requirements - The Group adopts a prudent financial management approach and has maintained a sound liquidity position throughout the year[82](index=82&type=chunk) - The Board closely monitors the Group's liquidity position to ensure that the liquidity structure of the Group's assets, liabilities, and commitments can meet its funding requirements at all times[82](index=82&type=chunk) [Foreign Exchange Risk and Other Risks](index=32&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA%E5%8F%8A%E5%85%B6%E4%BB%96%E9%A2%A8%E9%9A%AA) Operating primarily in China and Hong Kong with transactions in RMB and HKD, the Group faces foreign exchange risk and currently has no hedging policy but monitors and considers hedging; the property management industry is also exposed to macroeconomic and real estate market uncertainties and intense competition, which the Group mitigates by enhancing service quality - The Group's business is primarily conducted in RMB and HKD, with foreign exchange risk arising from foreign currency deposit accounts and commercial transactions, recognized assets, and liabilities denominated in HKD[83](index=83&type=chunk) - The Group currently has no foreign currency hedging policy, but management closely monitors these risks and considers hedging significant foreign currency exposures when necessary[83](index=83&type=chunk) - The property management industry is closely related to China's macroeconomic development and the real estate industry, and the Group may be affected by uncertainties in the aforementioned external environment; facing intense market competition, the Group continuously strengthens service quality and enhances its competitiveness to minimize the impact of such external risks on its business[84](index=84&type=chunk) [Employees and Welfare Policy](index=33&type=section&id=%E5%93%A1%E5%B7%A5%E5%8F%8A%E7%A6%8F%E5%88%A9%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group employed **5,283** staff, with remuneration based on performance, skills, knowledge, experience, and market trends, supplemented by discretionary bonuses and training programs to enhance skills and productivity - As of June 30, 2025, the Group employed **5,283** staff[85](index=85&type=chunk) - Employee remuneration is determined based on employee performance, skills, knowledge, experience, and market trends; the Group regularly reviews its remuneration policies and schemes and makes necessary adjustments to align them with industry remuneration levels[85](index=85&type=chunk) - The Group provides training to its employees to equip new staff with basic skills to perform their duties and to enhance or improve their production techniques[85](index=85&type=chunk) [Other Information](index=33&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers significant corporate governance and compliance information for the reporting period and post-reporting period, including changes in the Board composition, amendments to the Articles of Association, changes in joint company secretaries, trading of listed securities, compliance with corporate governance and securities dealing codes, and the work of the audit committee [Significant Matters](index=33&type=section&id=%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A0%85) During the reporting period, the Board composition changed with Ms. Lv Min elected as an employee representative Director, several Directors retired or were re-elected/appointed, the Articles of Association were amended and approved by shareholders, and Mr. Chen Xi resigned as joint company secretary, with Ms. Zhang Jing appointed - Ms. Lv Min was elected as an employee representative Director of the Company, effective from the date of the annual general meeting on June 5, 2025; Ms. Xue Rui, Ms. Hu Yuxia, and Mr. Li Liang retired as Directors[86](index=86&type=chunk) - Mr. Sun Jie and Mr. Song Ronghua were re-elected as executive Directors, Mr. Guo Mingming was re-elected as a non-executive Director, Mr. Song Baocheng, Ms. Tong Yan, and Ms. Lu Qing were re-elected as independent non-executive Directors, and Mr. Meng Chunying and Mr. Han Fengxiang were appointed as non-executive Directors[86](index=86&type=chunk) - Certain provisions of the Articles of Association were amended and approved by shareholders at the annual general meeting held on June 5, 2025[87](index=87&type=chunk) - Mr. Chen Xi resigned as joint company secretary of the Company, effective June 5, 2025, and Ms. Zhang Jing was appointed as joint company secretary on the same day[88](index=88&type=chunk) [Events After the Reporting Period](index=34&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The Group had no other significant events after the reporting period - The Group had no other significant events after the reporting period[89](index=89&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities or Redeemable Securities](index=34&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%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8%E6%88%96%E5%8F%AF%E8%B4%96%E5%9B%9E%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and no treasury shares were held as of that date - For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities at any time[90](index=90&type=chunk) - As of June 30, 2025, the Company held no treasury shares[90](index=90&type=chunk) [Compliance with Corporate Governance Code](index=34&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99) The Company is committed to high standards of corporate governance to address stakeholder needs and promote sustainable development, having complied with the Code Provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules throughout the reporting period - The Board is committed to achieving high standards of corporate governance to address the needs of the Group's stakeholders, build their confidence in the Group, and enable the Group's sustainable development[91](index=91&type=chunk) - During the reporting period, the Company has complied with the Code Provisions set out in Appendix C1 "Corporate Governance Code" of the Listing Rules[92](index=92&type=chunk) [Compliance with Securities Dealing Code](index=35&type=section&id=%E9%81%B5%E5%AE%88%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E5%AE%88%E5%88%99) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules, and all Directors and Supervisors have confirmed compliance with the Model Code during the reporting period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules as the code of conduct and rules governing securities transactions by all Directors and Supervisors of the Company[93](index=93&type=chunk) - Following specific enquiries made to all Directors and Supervisors, they have confirmed that they have complied with the required standards set out in the Model Code during the period from January 1, 2025, and up to the date of their retirement as Supervisors (as the case may be) or June 30, 2025 (as the case may be)[93](index=93&type=chunk) [Audit Committee](index=35&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three members with Ms. Tong Yan as Chair, has reviewed the unaudited interim results and interim report for the six months ended June 30, 2025, which were also reviewed by the independent auditor, Grant Thornton Hong Kong Limited - The Audit Committee comprises three members, namely Ms. Tong Yan (Independent Non-executive Director), Mr. Guo Mingming (Non-executive Director), and Mr. Song Baocheng (Independent Non-executive Director); Ms. Tong Yan is the Chair of the Audit Committee[94](index=94&type=chunk) - The Audit Committee has reviewed the unaudited interim results and interim report for the six months ended June 30, 2025[94](index=94&type=chunk) - The Company's independent auditor, Grant Thornton Hong Kong Limited, has reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[94](index=94&type=chunk) [Interim Dividend](index=35&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) 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 (for the six months ended June 30, 2024: nil)[95](index=95&type=chunk) [Publication of Interim Results and Interim Report](index=35&type=section&id=%E5%88%8A%E7%99%BB%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This announcement has been published on the HKEX website and the Company's website; the interim report containing all applicable Listing Rules requirements will be dispatched to shareholders and published on the aforementioned websites in due course - This announcement is available on the HKEX website (http://www.hkexnews.hk) and the Company's website (http://www.jrjlife.com)[96](index=96&type=chunk) - The Company's interim report for the six months ended June 30, 2025, containing all information required by the applicable Listing Rules, will be dispatched to shareholders who have indicated their wish to receive printed versions of company communications and published on the aforementioned websites in due course[96](index=96&type=chunk) [Acknowledgements](index=36&type=section&id=%E8%87%B4%E8%AC%9D) Chairman Sun Jie, on behalf of the Board, expresses gratitude to all colleagues for their diligent work, dedication, and integrity, and thanks shareholders, customers, banks, and other parties for their trust and support - Chairman Sun Jie, on behalf of the Board, expresses gratitude to all colleagues for their diligent work, dedication, and integrity[97](index=97&type=chunk) - Appreciation is extended to all shareholders, customers, banks, and other parties for their friendly trust and support[97](index=97&type=chunk) [Board Members](index=36&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%93%A1) As of the date of this announcement, the Board of Directors includes Executive Directors Mr. Sun Jie and Mr. Song Ronghua; Non-executive Directors Mr. Meng Chunying, Mr. Han Fengxiang, and Mr. Guo Mingming; Independent Non-executive Directors Mr. Song Baocheng, Ms. Tong Yan, and Ms. Lu Qing; and Employee Representative Director Ms. Lv Min - As of the date of this announcement, the Board of Directors comprises Executive Directors Mr. Sun Jie and Mr. Song Ronghua; Non-executive Directors Mr. Meng Chunying, Mr. Han Fengxiang, and Mr. Guo Mingming; Independent Non-executive Directors Mr. Song Baocheng, Ms. Tong Yan, and Ms. Lu Qing; and Employee Representative Director Ms. Lv Min[98](index=98&type=chunk)

FINANCIAL STREET PROPERTY CO., LIMITED 金 融 街 物 業 股 份 有 限 公 司 (A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號: 1502) Dear non-registered shareholder(s), Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications With reference to the notification letter dated 22 August 2024 titled "Arrangement of Electronic Dissemination of Corporate Communications", Financial Street Property Co., Limit ...

FINANCIAL STREET PROPERTY CO., LIMITED 金 融 街 物 業 股 份 有 限 公 司 (A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） Please note that both the English and Chinese versions of all future Corporate Communications will be available electronically on the website of the Company at www.jrjlife.com and the HKEXnews website at www.hkexnews.hk in place of printed copies. Solicitation of electronic contact details The Company has not received your email addr ...