截至2025年8月份未經審核營運數據 （於開曼群島註冊成立的有限公司） （股份代號：01628） 禹洲集團控股有限公司（「本公司」）欣然公佈本公司、附屬公司及聯屬公司（「本集團」） 2025年8月份的合約銷售金額為人民幣4.03億元；銷售面積為29,723平方米；平均銷售價 格為每平方米人民幣13,559元。 2025年前八個月，本集團實現累計銷售金額為人民幣45.52億元；累計銷售面積為313,818 平方米；平均銷售價格為每平方米人民幣14,507元。 上述已披露初步數據或會變更並可能與本集團按年度或半年度刊發的經審核或未經審核 綜合財務報表所呈現的數字存在差異。據此，有關數據僅供參閱而不作其他目的。投資者 在買賣本公司證券時務須小心謹慎，不可依賴前述已披露信息。投資者如有任何疑問應 向專業顧問徵求意見。 承董事會命 禹洲集團控股有限公司 主席 郭英蘭 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 香港，2025年9月10日 於本公告日期，本公 ...

52周新低排行 | 股票名称 | 收盘价 | 最低价 | 创低率 | | --- | --- | --- | --- | | 万马控股股权(02935) | 0.035 | 0.024 | -20.00% | | 中深建业(02503) | 0.550 | 0.465 | -12.26% | | 禹洲集团(01628) | 0.031 | 0.030 | -11.76% | | 力高集团(01622) | 0.087 | 0.080 | -10.11% | | 瑞斯康集团股权(02941) | 0.041 | 0.038 | -5.00% | | 百乐皇宫(02536) | 2.380 | 2.100 | -4.15% | | 美中嘉和(02453) | 4.740 | 4.650 | -3.53% | | 新矿资源(01231) | 0.199 | 0.192 | -3.52% | | 冠城钟表珠宝(00256) | 0.295 | 0.290 | -3.33% | | 翠华控股(01314) | 0.185 | 0.174 | -3.33% | | 中华燃气(08246) | 0.075 | 0.066 ...

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 致：香港交易及結算所有限公司 公司名稱: 禹洲集團控股有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01628 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,000,000 | 本月底法定/註冊股本總額： HKD 10, ...

Core Viewpoint - Multiple real estate companies are making significant progress in debt restructuring, indicating a shift towards improved capital structures and risk mitigation within the industry [1][2]. Group 1: Company-Specific Developments - Kaisa Group announced key advancements in its offshore debt restructuring plan, with an expected effective date by the end of September, aiming to reduce debt by approximately $8.6 billion and extend the average debt maturity by five years [1]. - Yuzhou Group successfully completed its offshore debt restructuring, resolving about $6.68 billion in debt risk and reducing debt by approximately $3.5 billion, with over 99% support from offshore creditors [1]. - Country Garden has made breakthroughs in its debt restructuring, with over 77% of holders of its public notes participating in the restructuring agreement, aiming to reduce debt by about $11.7 billion [2]. Group 2: Industry Trends and Insights - As of August 2025, 20 real estate companies have completed debt restructuring or reorganization, involving a total scale exceeding 1.2 trillion yuan [2]. - The trend is shifting from merely extending debt maturities to more comprehensive measures such as debt reduction and debt-to-equity swaps, indicating a significant adjustment in the debt scale of real estate companies [2]. - Experts suggest that while debt restructuring provides a "time window" for companies, achieving sustainable operational recovery requires stabilizing cash flow, ensuring delivery, and restoring market confidence [3].

Core Viewpoint - Multiple real estate companies are making significant progress in debt restructuring, indicating a key step in self-rescue and overall risk mitigation in the industry [1][2]. Group 1: Company-Specific Developments - Kaisa Group announced a critical advancement in its offshore debt restructuring plan, with an expected effective date by the end of September, aiming to reduce debt by approximately $8.6 billion and extend the average debt maturity by five years [1]. - Yuzhou Group's offshore debt restructuring plan has successfully resolved about $6.68 billion in debt risks, with over 99% of offshore creditors voting in favor of the plan, resulting in a debt reduction of approximately $3.5 billion [1]. - Country Garden has made breakthroughs in its debt restructuring, with over 77% of holders of its existing public notes participating in the restructuring agreement, aiming for a total debt reduction of about $11.7 billion [2]. Group 2: Industry Trends - As of August 2025, 20 real estate companies have completed debt restructuring or reorganization, involving a total scale exceeding 1.2 trillion yuan [2]. - The trend is shifting from merely extending debt maturities to more comprehensive measures such as debt reduction and debt-to-equity swaps, indicating a significant adjustment in the debt scale of real estate companies [2]. - Experts believe that while debt restructuring provides a "time window" for companies, achieving sustainable operational recovery requires stabilizing cash flow, ensuring delivery, and restoring market confidence [3].

Group 1 - New World Development clarifies that it has not received any funding injection proposals as speculated by media reports, and is only in discussions for a loan financing arrangement led by Deutsche Bank AG [1] - The Zheng family of New World Development is reportedly considering a funding injection for the company by the end of 2025, following a delay in the payment of a $3.4 billion perpetual bond and ongoing liquidity issues [2] Group 2 - Yuzhou Group has successfully completed a debt restructuring that resolves approximately $6.68 billion in offshore debt, reducing its debt burden by about $3.5 billion, with no rigid repayment pressure until the end of 2026 [2] - In the first half of 2025, Yuzhou Group reported contract sales of 3.729 billion yuan, a year-on-year decrease of 14.21%, with a sales area of 254,600 square meters, down 8.85% from the previous year [3] Group 3 - The Shanghai Stock Exchange issued a written warning to Changsha Xingcheng Development Group for inaccuracies in its periodic report disclosures, which included corrections to financial statements from 2021 to 2024 [3] - Changsha Xingcheng has 11 outstanding bonds totaling 7.08 billion yuan [3] Group 4 - Fujian Sunshine Group reported multiple asset restrictions, including equity freezes totaling approximately 374 million yuan, with most restrictions lasting two to three years [4] - Fujian Sunshine Group has seven outstanding offshore bonds with a total balance of $1.3919 billion, all of which are in default [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） 董事名單與其角色和職能 禹洲集團控股有限公司（「本公司」）董事會（「董事會」）成員如下。 執行董事兼首席執行官 郭英蘭女士 （主席） 執行董事 林聰輝先生 （股份代號：01628） 獨立非執行董事 林廣兆先生 黃循強先生 于上游先生 本公司保留了四個董事會委員會，並訂明了職權範圍。下表提供了每位董事會成員所任 職的這些委員會的成員信息。 | | 董事會委員會 | | | 可持續發展委 | | --- | --- | --- | --- | --- | | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | 員會 | | 郭英蘭女士 | | M | M | C | | 林聰輝先生 | | | | M | | 林龍安先生 | | | | M | | 林懷漢先生 | | | | | | 林廣兆先生 | M | C | C | | | 黃循強先生 | C | M | M ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) Yuzhou Group announced its unaudited consolidated results for the six months ended June 30, 2025, with contract sales down 14.21% to **RMB 3.72851 billion** and revenue down 62.42% to **RMB 2.39652 billion**, while loss attributable to owners of the parent narrowed to **RMB 5.63206 billion** 2025 H1 Key Financial Indicators Comparison | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Contract Sales Amount | 3,728,510 | 4,346,239 | -14.21 | | Revenue | 2,396,521 | 6,377,536 | -62.42 | | Loss Attributable to Owners of the Parent | (5,632,062) | (6,255,983) | 9.97 (Loss narrowed) | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents Yuzhou Group's condensed consolidated statement of profit or loss, statement of comprehensive income, and statement of financial position for the six months ended June 30, 2025, detailing the company's financial performance in terms of revenue, profit, assets, liabilities, and equity [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, Yuzhou Group's revenue decreased by 62.42% year-on-year to **RMB 2.39652 billion**, with gross profit significantly reduced to **RMB 22.55 million** Condensed Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,396,521 | 6,377,536 | -62.42 | | Cost of Sales | (2,373,971) | (6,269,505) | -62.13 | | Gross Profit | 22,550 | 108,031 | -79.13 | | Net Fair Value Loss on Investment Properties | (727,389) | (346,271) | 110.07 | | Administrative Expenses | (684,847) | (201,699) | 239.55 | | Write-down of Properties Held for Sale and Properties Under Development to Net Realizable Value | (2,923,061) | (3,300,538) | -11.44 | | Loss Before Tax | (7,578,223) | (7,890,109) | 3.95 (Loss narrowed) | | Loss for the Period | (7,391,533) | (8,012,801) | 7.75 (Loss narrowed) | | Loss Attributable to Owners of the Parent | (5,632,062) | (6,255,983) | 9.97 (Loss narrowed) | | Basic Loss Per Share (RMB cents) | (88.28) | (97.79) | 9.72 (Loss narrowed) | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, Yuzhou Group recorded a total comprehensive loss of **RMB 7.29357 billion**, a narrowing from **RMB 8.31998 billion** in the prior year period Condensed Consolidated Statement of Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period | (7,391,533) | (8,012,801) | 7.75 (Loss narrowed) | | Exchange Differences on Translation of Overseas Operations | 97,959 | (307,178) | 131.89 (Turned from loss to gain) | | Total Comprehensive Loss for the Period | (7,293,574) | (8,319,979) | 12.34 (Loss narrowed) | | Total Comprehensive Loss Attributable to Owners of the Parent | (5,534,103) | (6,563,161) | 15.68 (Loss narrowed) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, Yuzhou Group's total non-current and current assets both decreased, with significant reductions in properties under development and prepayments, leading to an expanded capital deficit of **RMB 19.44661 billion** Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 19,592,612 | 20,891,513 | -6.22 | | Total Current Assets | 54,944,885 | 62,175,342 | -11.63 | | Properties Under Development | 13,526,029 | 18,112,748 | -25.32 | | Prepayments, Other Receivables and Other Assets | 22,452,918 | 24,856,097 | -9.67 | | Total Current Liabilities | 85,698,233 | 85,976,898 | -0.32 | | Net Current Liabilities | (30,753,348) | (23,801,556) | 29.21 (Worsened) | | Net Liabilities | (19,446,614) | (11,735,686) | 65.71 (Worsened) | | Equity Attributable to Owners of the Parent | (18,214,103) | (12,547,450) | 45.16 (Worsened) | | Capital Deficit | (19,446,614) | (11,735,686) | 65.71 (Worsened) | [Notes](index=6&type=section&id=Notes) This section details Yuzhou Group's financial statement preparation basis, accounting policies, revenue and expense components, segment information, and key financial liabilities [Company and Group Information](index=6&type=section&id=Company%20and%20Group%20Information) Yuzhou Group Holdings Company Limited, listed on the HKEX, primarily engages in property development, investment, management, and hotel operations in mainland China and Hong Kong - Company's main businesses include property development, property investment, property management, and hotel operations, primarily in mainland China and Hong Kong[11](index=11&type=chunk) - Mr. Lam Lung On and Ms. Kwok Ying Lan are the controlling shareholders of the Company[12](index=12&type=chunk) [Basis of Presentation and Preparation](index=6&type=section&id=Basis%20of%20Presentation%20and%20Preparation) The Group's condensed consolidated financial statements are prepared on a going concern basis, despite facing significant liquidity challenges and implementing an offshore debt restructuring plan - The Group's condensed consolidated financial statements are prepared on a going concern basis, despite priority note defaults and all priority notes being reclassified as current liabilities[13](index=13&type=chunk) - As of June 30, 2025, the Group's total principal amount of interest-bearing bank and other borrowings, corporate bonds, and priority notes was **RMB 51.971635 billion**, while cash and cash equivalents were only **RMB 1.29684 billion**[13](index=13&type=chunk) - The Group has formulated and implemented various measures to alleviate cash flow pressure, including an offshore debt restructuring plan (effective August 29, 2025), promoting sales to reduce inventory, ensuring property delivery, asset disposal, continuous cash flow monitoring, and cost control[13](index=13&type=chunk)[17](index=17&type=chunk) [Basis of Presentation](index=6&type=section&id=Basis%20of%20Presentation) The Group's condensed consolidated financial statements are prepared on a going concern basis, addressing challenges like priority note defaults and increased net current liabilities through debt restructuring 2025 H1 Key Financial Position | Indicator | Amount (RMB thousand) | | :--- | :--- | | Total Principal Amount of Interest-bearing Bank and Other Borrowings, Corporate Bonds and Priority Notes | 51,971,635 | | Cash and Cash Equivalents | 1,296,840 | | Loss Attributable to Owners of the Parent | (5,632,062) | | Net Current Liabilities | (30,753,348) | | Net Liabilities | (19,446,614) | [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and HKEX Listing Rules, maintaining consistency with 2024 annual financial statements, except for HKFRS amendments - The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and the applicable disclosure requirements of Appendix D2 to the HKEX Listing Rules[15](index=15&type=chunk) - Except for changes due to the application of amendments to HKFRSs, accounting policies remain consistent with the 2024 annual financial statements[15](index=15&type=chunk) [Application of Amendments to HKFRSs](index=7&type=section&id=Application%20of%20Amendments%20to%20HKFRSs) The Group first applied HKAS 21 amendment "Lack of Exchangeability" in this interim period, which did not result in significant changes to accounting policies or financial presentation - The Group first applied the amendment to HKAS 21 "Lack of Exchangeability", effective January 1, 2025[16](index=16&type=chunk) - This amendment did not result in significant changes to the Group's accounting policies, financial position, and performance presentation and/or disclosures[16](index=16&type=chunk) [Revenue, Other Income and Gains](index=8&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) For the six months ended June 30, 2025, Yuzhou Group's total revenue was **RMB 2.39652 billion**, a 62.42% year-on-year decrease, primarily due to a significant drop in property sales Revenue, Other Income and Gains Analysis (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | | | | | Property Sales | 2,174,382 | 6,128,391 | -64.52 | | Investment Property Rental Income | 116,897 | 122,619 | -4.67 | | Property Management Fee Income | 105,234 | 125,423 | -16.09 | | Hotel Operations Income | 8 | 1,103 | -99.27 | | **Total Revenue** | **2,396,521** | **6,377,536** | **-62.42** | | **Other Income and Gains** | | | | | Bank Interest Income | 13,834 | 27,398 | -49.51 | | Others | 5,797 | 4,310 | 34.50 | | **Total Other Income and Gains** | **19,631** | **31,708** | **-38.09** | [Operating Segment Information](index=8&type=section&id=Operating%20Segment%20Information) Yuzhou Group's operating segments include property development, investment, management, hotel operations, and others, with property development being the largest revenue contributor but also incurring significant losses - The Group is divided into five reportable operating segments: property development, property investment, property management, hotel operations, and others[19](index=19&type=chunk)[20](index=20&type=chunk) - Over **90%** of the Group's external customer revenue and segment assets are derived from mainland China, thus no geographical information is presented[23](index=23&type=chunk) Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Segment Revenue (RMB thousand) | 2025 Segment Results (RMB thousand) | 2024 Segment Revenue (RMB thousand) | 2024 Segment Results (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Property Development | 2,179,662 | (5,122,374) | 6,131,727 | (5,849,235) | | Property Investment | 117,351 | (619,394) | 123,250 | (291,290) | | Property Management | 105,287 | 33,945 | 125,440 | 117,917 | | Hotel Operations | 8 | (162) | 1,103 | 954 | | Others | 10 | (9,860) | 326 | 2,331 | | **Total** | **2,402,318** | **(5,717,845)** | **6,381,846** | **(6,019,323)** | [Finance Costs](index=10&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, Yuzhou Group's finance costs were **RMB 1.87421 billion**, a slight decrease from the prior year, mainly due to reduced interest on borrowings Finance Costs Analysis (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on Interest-bearing Bank and Other Borrowings, Corporate Bonds and Priority Notes | 2,062,908 | 2,132,214 | -3.25 | | Less: Capitalized Interest | (188,696) | (234,030) | -19.37 | | **Total Finance Costs** | **1,874,212** | **1,898,184** | **-1.26** | [Loss Before Tax](index=11&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, Yuzhou Group's loss before tax was **RMB 7.57822 billion**, a narrowing from the prior year, influenced by property costs, service costs, and administrative expenses Loss Before Tax Components (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of Properties Sold | 2,306,839 | 6,185,653 | -62.69 | | Cost of Services Provided | 67,132 | 79,071 | -15.09 | | Depreciation | 25,342 | 25,945 | -2.32 | | Employee Benefit Expenses (Net) | 64,681 | 63,473 | 1.90 | | Direct Operating Expenses Arising from Investment Properties That Generate Rental Income | 7,387 | 6,016 | 22.79 | | Fair Value Loss on Financial Assets at Fair Value Through Profit or Loss | – | 55,792 | -100.00 | | Impairment of Goodwill | – | 65,963 | -100.00 | [Income Tax](index=12&type=section&id=Income%20Tax) For the six months ended June 30, 2025, Yuzhou Group recorded an income tax credit of **RMB 186.69 million**, a shift from an expense in the prior year, primarily due to a decrease in deferred tax liabilities - No provision for Hong Kong profits tax was made due to no assessable profits for the period[29](index=29&type=chunk) Income Tax (Credit)/Expense Analysis (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Current: PRC Enterprise Income Tax | 108,375 | 103,346 | 5,029 | | Current: Over-provision in Prior Years | (80,774) | (78,718) | (2,056) | | Current: PRC Land Appreciation Tax | 18,120 | 11,354 | 6,766 | | Deferred: For the Period | (232,411) | 86,710 | (319,121) | | **Total Tax (Credit)/Expense for the Period** | **(186,690)** | **122,692** | **(309,382)** | [Dividends](index=12&type=section&id=Dividends) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025, or 2024 - The Board does not recommend the payment of an interim dividend for the first half of 2025 and 2024[31](index=31&type=chunk) [Loss Per Share Attributable to Ordinary Equity Holders of the Parent](index=12&type=section&id=Loss%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) For the six months ended June 30, 2025, Yuzhou Group's basic and diluted loss per share was **RMB 0.8828**, a narrowing from **RMB 0.9779** in the prior year Loss Per Share Calculation Data (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Parent | (5,632,062) | (6,255,983) | | Distribution in Respect of Senior Perpetual Securities | (135,503) | (133,044) | | Loss Used in Calculating Basic and Diluted Loss Per Share | (5,767,565) | (6,389,027) | | Basic and Diluted Loss Per Share (RMB cents) | (88.28) | (97.79) | Number of Shares (For the six months ended June 30) | Item | 2025 (Shares) | 2024 (Shares) | | :--- | :--- | :--- | | Weighted Average Number Used in Calculating Basic Loss Per Share | 6,533,584,996 | 6,533,584,996 | | Weighted Average Number Used in Calculating Diluted Loss Per Share | 6,533,584,996 | 6,533,584,996 | [Trade Payables](index=13&type=section&id=Trade%20Payables) As of June 30, 2025, Yuzhou Group's total trade payables were **RMB 7.33214 billion**, a decrease from December 31, 2024, with the majority due within one year - Trade payables are non-interest bearing and unsecured[35](index=35&type=chunk) Trade Payables Ageing Analysis (As of June 30) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 4,116,582 | 4,784,145 | | 1 to 2 years | 3,215,562 | 3,175,858 | | **Total** | **7,332,144** | **7,960,003** | [Corporate Bonds](index=14&type=section&id=Corporate%20Bonds) As of June 30, 2025, Yuzhou Group's total corporate bonds amounted to **RMB 2.839 billion**, with a portion classified as current liabilities, and several bonds having extended maturities and adjusted interest rates - The 6.5% corporate bonds issued in 2019 have been approved for maturity extension, with principal to be settled in installments in April 2026, October 2026, and 2027[36](index=36&type=chunk) - The 6.5% corporate bonds II and III issued in 2020 have been approved for maturity extension, with principal to be settled in installments from July 2025 to 2028, and the coupon rate adjusted to **4% per annum**[36](index=36&type=chunk)[37](index=37&type=chunk) Corporate Bonds Balance and Classification (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Corporate Bonds Due in 2024 | 1,075,000 | 1,075,000 | | Corporate Bonds Due in 2025 | 1,764,000 | 1,800,000 | | **Total** | **2,839,000** | **2,875,000** | | Portion Classified as Current Liabilities | (269,750) | (900,000) | | Non-current Liabilities | 2,569,250 | 1,975,000 | [Priority Notes](index=15&type=section&id=Priority%20Notes) As of June 30, 2025, Yuzhou Group's total priority notes were **RMB 38.61815 billion**, all classified as current liabilities due to defaults on interest and principal payments - As of June 30, 2025, the Group had unpaid priority note interest of **USD 227.328 million** (approximately **RMB 1.605742 billion**) and unpaid priority note principal of **USD 886 million** (approximately **RMB 6.258315 billion**)[39](index=39&type=chunk) - The related unpaid interest or overdue principal constituted an event of default under the priority note agreements, resulting in all priority notes being classified as current liabilities[39](index=39&type=chunk) Priority Notes Balance (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Priority Notes | 38,618,153 | 38,789,815 | | Portion Classified as Current Liabilities | (38,618,153) | (38,789,815) | | Non-current Portion | – | – | [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes Yuzhou Group's H1 2025 market environment, operating performance, and financial position, highlighting significant revenue and gross profit declines amid a challenging real estate market [Market and Business Review](index=17&type=section&id=Market%20and%20Business%20Review) In H1 2025, China's real estate market continued its downward trend, with TOP-100 developers experiencing double-digit contract sales declines despite government support policies - In H1 2025, the real estate market experienced a volatile downturn, with cumulative contract sales of TOP-100 developers decreasing by double digits year-on-year[43](index=43&type=chunk) - Market differentiation intensified, with first-tier and strong second-tier cities showing stronger recovery capabilities, while weaker second-tier and third/fourth-tier cities performed below expectations[43](index=43&type=chunk) 2025 H1 Real Estate Investment Amount | Indicator | Amount (RMB) | YoY Change (%) | | :--- | :--- | :--- | | Real Estate Investment Amount | 4.67 trillion | -11.2 | [Overall Performance](index=17&type=section&id=Overall%20Performance) In H1 2025, Yuzhou Group reported revenue of **RMB 2.39652 billion**, a loss for the period of **RMB 7.39153 billion**, and a capital deficit of **RMB 19.44661 billion**, reflecting severe financial challenges - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[44](index=44&type=chunk) 2025 H1 Overall Financial Performance | Indicator | Amount (RMB) | | :--- | :--- | | Revenue | 2.39652 billion | | Loss for the Period | 7.39153 billion | | Capital Deficit | 19.44661 billion | [Property Sales](index=17&type=section&id=Property%20Sales) In H1 2025, Yuzhou Group's property sales revenue significantly decreased by 64.52% to **RMB 2.17438 billion**, with a total GFA delivered of approximately **278,399 square meters** - The decrease in property sales revenue was primarily due to a reduction in the GFA of properties delivered during the period[45](index=45&type=chunk) - The Central China region, Bohai Rim region, and Yangtze River Delta region were the main contributors to recognized revenue[45](index=45&type=chunk) Property Sales Revenue and Area (2025 H1) | Indicator | 2025 H1 | 2024 H1 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Property Sales Revenue (RMB thousand) | 2,174,382 | 6,128,391 | -64.52 | | Total GFA Delivered (square meters) | 278,399 | 442,612 | -37.11 | | Average Selling Price (RMB/square meter) | 7,810 | 13,846 | -43.60 | [Contract Sales](index=19&type=section&id=Contract%20Sales) In H1 2025, Yuzhou Group's cumulative contract sales amounted to **RMB 3.72851 billion**, with a GFA of **254,589 square meters**, as the Group actively adjusted marketing strategies to counter market downturns - The Yangtze River Delta region contributed **54.16%** of the Group's total contract sales, and the Greater Bay Area contributed **25.31%**[47](index=47&type=chunk) - The Group actively adjusted its marketing strategies, strengthened its "Yuzhou Star Power" anchor matrix, and expanded digital marketing channels through platforms such as WeChat, Weibo, Douyin, and Xiaohongshu[48](index=48&type=chunk) Contract Sales Amount and Area (2025 H1) | Indicator | 2025 H1 | 2024 H1 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Contract Sales Amount (RMB thousand) | 3,728,510 | 4,346,239 | -14.21 | | Contract Sales Area (square meters) | 254,589 | 279,311 | -8.85 | | Average Contract Sales Price (RMB/square meter) | 14,645 | 15,561 | -5.90 | [Property Investment](index=20&type=section&id=Property%20Investment) Yuzhou Group's property investment portfolio includes "Yue" shopping centers and "Yuzhou Plaza" offices, with 39 projects across 9 cities, totaling over **1.53 million square meters** of commercial area - The property investment segment features three product lines: "Yue" shopping centers and "Yuzhou Plaza" office buildings and commercial streets[51](index=51&type=chunk) - There are **32** operational projects and **7** projects in the preparation phase, totaling **39** projects, creating over **1.53 million square meters** of commercial area[51](index=51&type=chunk) - In 2025, the Group launched its Minnan culture dissemination strategy, with "Super New Highlights" as the quarterly theme, hosting diverse cultural events that attracted nearly **10 million** participants[52](index=52&type=chunk) - Through the U-Square service system, the Group has built a comprehensive business platform centered on assurance services, warm services, and functional services, offering six major service systems: "Yuzhou Professional, Yuzhou Secure, Yuzhou Butler, Yuzhou Colorful, Yuzhou Space, Yuzhou Resources"[53](index=53&type=chunk) [Hotel Operations](index=21&type=section&id=Hotel%20Operations) In H1 2025, Yuzhou Group's hotel business revenue was approximately **RMB 0.008 million**, a significant year-on-year decrease, as the Group focuses on optimizing operations and enhancing service quality - The Group's hotels adopt diversified and innovative operational management models, focusing on service quality, customer experience, and reputation enhancement[54](index=54&type=chunk) - Several hotels, including Xiamen Tong'an Jiamelun Hot Spring Hotel and Quanzhou Hui'an Jiamelun Business Hotel, are currently under construction[54](index=54&type=chunk) Hotel Operations Revenue (2025 H1) | Indicator | 2025 H1 (RMB ten thousand) | 2024 H1 (RMB ten thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Hotel Operations Revenue | 0.8 | 110.3 | -99.27 | [Quality and Safety and Product Line Design](index=21&type=section&id=Quality%20and%20Safety%20and%20Product%20Line%20Design) Yuzhou Group adheres to green development principles, with 145 projects exceeding **21 million square meters** meeting green building standards, and continuously innovates its "Temperature Space" residential product series - The Group adheres to low-carbon environmental protection and green development concepts, responding to national "dual carbon" goals by creating green premium projects[55](index=55&type=chunk) - As of June 30, 2025, **145** projects, totaling over **21 million square meters** of property, met green building standards, with approximately **5.55 million square meters** achieving Green Building Two-Star rating or above[55](index=55&type=chunk) - Based on the "Yong", "Lang", and "Jia" three major residential product series, the Group has refined its product system, clarified top-level design, and innovatively iterated the "Temperature Space" series, built around "1 core, 3 spaces, 5 product propositions, and 6 product values"[56](index=56&type=chunk) [Land Bank](index=22&type=section&id=Land%20Bank) As of June 30, 2025, Yuzhou Group's land bank comprised approximately **10.35 million square meters** of saleable GFA across 161 projects in 38 cities, with an average floor cost of **RMB 5,943 per square meter** - The land bank is primarily distributed across six major metropolitan areas: the West Coast Economic Zone, Yangtze River Delta region, Bohai Rim region, Central China region, Greater Bay Area, and Southwest region[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - The Group believes its existing land bank is sufficient for two to three years of future development needs[57](index=57&type=chunk) Land Bank Overview (As of June 30, 2025) | Indicator | Data | | :--- | :--- | | Total Saleable GFA | Approximately 10.35 million square meters | | Number of Projects | 161 | | Cities Covered | 38 | | Average Floor Cost | Approximately RMB 5,943/square meter | [Financial Performance Analysis](index=24&type=section&id=Financial%20Performance%20Analysis) This section analyzes Yuzhou Group's H1 2025 financial performance, detailing significant declines in revenue and gross profit, increased fair value losses on investment properties, and changes in various expenses [Revenue](index=24&type=section&id=Revenue) In H1 2025, Yuzhou Group's total revenue decreased by 62.42% to **RMB 2.39652 billion**, primarily due to reduced property sales Revenue Composition and Change (2025 H1) | Revenue Source | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Property Sales | 2,174,382 | 6,128,391 | -64.52 | | Property Management Fee Income | 105,234 | 125,423 | -16.10 | | Investment Property Rental Income | 116,900 | 122,619 | -4.67 | | Hotel Operations Income | 8 | 1,103 | -99.27 | | **Total Revenue** | **2,396,521** | **6,377,536** | **-62.42** | [Cost of Sales](index=24&type=section&id=Cost%20of%20Sales) In H1 2025, Yuzhou Group's cost of sales decreased by 62.13% to **RMB 2.37397 billion**, mainly attributable to a reduction in the GFA of properties delivered - The decrease in cost of sales was primarily due to a reduction in the GFA of properties delivered during the period[61](index=61&type=chunk) Cost of Sales Change (2025 H1) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 2,373,971 | 6,269,505 | -62.13 | [Gross Profit and Gross Profit Margin](index=24&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) In H1 2025, Yuzhou Group's gross profit significantly decreased to **RMB 22.55 million**, with a gross profit margin of **0.94%**, primarily due to fewer properties delivered - The decrease in gross profit was primarily due to a reduction in the GFA of properties delivered during the period[62](index=62&type=chunk) Gross Profit and Gross Profit Margin Change (2025 H1) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 22,550 | 108,031 | -79.13 | | Gross Profit Margin | 0.94% | 1.70% | -44.71 (Decrease) | [Fair Value Loss on Investment Properties](index=24&type=section&id=Fair%20Value%20Loss%20on%20Investment%20Properties) In H1 2025, Yuzhou Group recorded a fair value loss on investment properties of **RMB 727.39 million**, a 110.07% increase from the prior year, mainly from properties in Xiamen, Hefei, and Shenzhen - The loss was primarily due to fair value losses on investment properties located in Xiamen, Hefei, and Shenzhen[63](index=63&type=chunk) Fair Value Loss on Investment Properties Change (2025 H1) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Fair Value Loss on Investment Properties | (727,389) | (346,271) | 110.07 (Loss widened) | [Other Income and Gains](index=24&type=section&id=Other%20Income%20and%20Gains) In H1 2025, Yuzhou Group's other income and gains decreased by 38.09% to **RMB 19.63 million**, primarily due to a reduction in bank interest income - The decrease was primarily due to a reduction in bank interest income[64](index=64&type=chunk) Other Income and Gains Change (2025 H1) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other Income and Gains | 19,631 | 31,708 | -38.09 | [Selling and Distribution Costs](index=24&type=section&id=Selling%20and%20Distribution%20Costs) In H1 2025, Yuzhou Group's selling and distribution costs decreased by 46.17% to **RMB 73.08 million**, mainly due to effective cost control measures and reduced marketing expenses - The decrease was primarily due to effective cost control measures and reduced marketing and promotion expenses[65](index=65&type=chunk) Selling and Distribution Costs Change (2025 H1) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Costs | 73,083 | 135,754 | -46.17 | [Administrative Expenses](index=25&type=section&id=Administrative%20Expenses) In H1 2025, Yuzhou Group's administrative expenses significantly increased by 239.55% to **RMB 684.85 million**, primarily driven by higher exchange losses during the period - The increase was primarily due to increased exchange losses during the period[66](index=66&type=chunk) Administrative Expenses Change (2025 H1) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 684,847 | 201,699 | 239.55 | [Other Expenses](index=25&type=section&id=Other%20Expenses) In H1 2025, Yuzhou Group's other expenses significantly decreased by 85.72% to **RMB 26.64 million**, mainly due to reduced impairment of goodwill and fair value losses on financial assets - The decrease was primarily due to reduced impairment of goodwill and fair value losses on financial assets at fair value through profit or loss[67](index=67&type=chunk) Other Expenses Change (2025 H1) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other Expenses | 26,643 | 186,430 | -85.72 | [Finance Costs](index=25&type=section&id=Finance%20Costs) In H1 2025, Yuzhou Group's finance costs decreased by 1.26% to **RMB 1.87421 billion**, primarily due to a reduction in domestic loan amounts - The decrease was primarily due to a reduction in domestic loan amounts[68](index=68&type=chunk) Finance Costs Change (2025 H1) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 1,874,212 | 1,898,184 | -1.26 | [Share of Profits and Losses of Joint Ventures](index=25&type=section&id=Share%20of%20Profits%20and%20Losses%20of%20Joint%20Ventures) In H1 2025, Yuzhou Group's share of losses from joint ventures was **RMB 285.27 million**, a reversal from a profit in the prior year, with joint ventures reporting a negative gross profit margin - Joint ventures' total revenue was **RMB 282.25 million**, with a gross profit margin of **-5.47%**[69](index=69&type=chunk) Share of Profits and Losses of Joint Ventures Change (2025 H1) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Share of Profits and Losses of Joint Ventures | (285,266) | 45,070 | (330,336) (Turned from profit to loss) | [Share of Profits and Losses of Associates](index=25&type=section&id=Share%20of%20Profits%20and%20Losses%20of%20Associates) In H1 2025, Yuzhou Group's share of losses from associates expanded to **RMB 254.50 million**, with associates reporting a negative gross profit margin - Associates' total revenue was **RMB 1.34125 billion**, with a gross profit margin of **-12.06%**[70](index=70&type=chunk) Share of Profits and Losses of Associates Change (2025 H1) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Share of Profits and Losses of Associates | (254,504) | (155,334) | (99,170) (Loss widened) | [Income Tax](index=25&type=section&id=Income%20Tax) In H1 2025, Yuzhou Group recorded an income tax credit of **RMB 186.69 million**, a shift from an expense in the prior year, primarily due to a decrease in deferred tax liabilities - The decrease in income tax expense was primarily due to a reduction in deferred tax liabilities during the period[71](index=71&type=chunk) Income Tax (Credit)/Expense Change (2025 H1) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Income Tax (Credit)/Expense | (186,690) | 122,692 | (309,382) (Turned from expense to credit) | [Loss for the Period](index=25&type=section&id=Loss%20for%20the%20Period) In H1 2025, Yuzhou Group's loss for the period narrowed to **RMB 7.39153 billion**, primarily due to impairment provisions, fair value losses on investment properties, and reduced revenue - The loss was primarily due to impairment loss provisions, fair value losses on investment properties, and reduced revenue during the period[72](index=72&type=chunk) Loss for the Period Change (2025 H1) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period | (7,391,533) | (8,012,801) | 7.75 (Loss narrowed) | [Loss Attributable to Non-controlling Interests](index=26&type=section&id=Loss%20Attributable%20to%20Non-controlling%20Interests) In H1 2025, Yuzhou Group's loss attributable to non-controlling interests was **RMB 1.75947 billion**, largely consistent with the prior year, driven by impairment of properties under development and fair value losses - The loss was primarily due to impairment of properties under development, fair value losses on investment properties, and losses from certain non-wholly owned projects[73](index=73&type=chunk) Loss Attributable to Non-controlling Interests Change (2025 H1) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss Attributable to Non-controlling Interests | (1,759,471) | (1,756,818) | 0.15 (Loss slightly increased) | [Basic Loss Per Share](index=26&type=section&id=Basic%20Loss%20Per%20Share) For the period ended June 30, 2025, Yuzhou Group's basic loss per share was **RMB 0.88** Basic Loss Per Share (2025 H1) | Indicator | 2025 H1 (RMB) | | :--- | :--- | | Basic Loss Per Share | 0.88 | [Liquidity and Financial Resources](index=26&type=section&id=Liquidity%20and%20Financial%20Resources) Yuzhou Group actively manages its debt, with cash and restricted cash totaling **RMB 2.80824 billion** as of June 30, 2025, and total borrowings of **RMB 51.97164 billion**, indicating severe liquidity pressure [Cash Position](index=26&type=section&id=Cash%20Position) As of June 30, 2025, Yuzhou Group's cash and cash equivalents and restricted cash totaled approximately **RMB 2.80824 billion** Cash and Cash Equivalents and Restricted Cash (As of June 30, 2025) | Indicator | Amount (RMB thousand) | | :--- | :--- | | Cash and Cash Equivalents and Restricted Cash | 2,808,240 | [Borrowings](index=26&type=section&id=Borrowings) As of June 30, 2025, Yuzhou Group's total interest-bearing bank and other borrowings, corporate bonds, and priority notes amounted to **RMB 51.97164 billion**, with a weighted average interest rate of **7.91%** - The decrease in borrowings was due to the repayment of bank and other borrowings during the period[77](index=77&type=chunk) Borrowings Overview (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest-bearing Bank and Other Borrowings, Corporate Bonds and Priority Notes Balance | 51,971,640 | 52,620,220 | -1.23 | | Weighted Average Interest Rate | 7.91% | 8.07% | -0.16 percentage points | | Asset-Liability Ratio Excluding Pre-receipts | 127.83% | 115.10% | 12.73 percentage points (Increase) | [Net Gearing Ratio](index=26&type=section&id=Net%20Gearing%20Ratio) As of June 30, 2025, Yuzhou Group's net gearing ratio was **-252.81%**, indicating negative equity and extremely high financial leverage Net Gearing Ratio (As of June 30, 2025) | Indicator | Ratio | | :--- | :--- | | Net Gearing Ratio | -252.81% | [Guarantees](index=27&type=section&id=Guarantees) As of June 30, 2025, Yuzhou Group provided mortgage loan guarantees to banks totaling **RMB 12.81392 billion** and financing guarantees to joint ventures and associates Guarantee Amounts (As of June 30, 2025) | Guaranteed Party | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Mortgage Loans to Property Purchasers | 12,813,920 | 11,450,960 | | Financing for Joint Ventures | 52,920 | 52,920 | | Financing for Associates | 1,170,040 | 888,940 | | Financing for Contractors | 10,020 | 6,760 | | Financing for Independent Third Parties | 4,774,860 | 4,798,420 | [Currency Risk](index=27&type=section&id=Currency%20Risk) As of June 30, 2025, approximately **83.62%** of Yuzhou Group's total borrowings were denominated in HKD and USD, exposing the Group to currency risk - Approximately **83.62%** of borrowings were denominated in HKD and USD, posing exchange rate risk[80](index=80&type=chunk) - The Group regularly monitors exchange rate risk but currently deems no foreign exchange hedging arrangements necessary[81](index=81&type=chunk) Borrowings and Cash Balance by Currency (As of June 30, 2025) | Currency | Borrowings Balance (RMB thousand) | Cash Balance (RMB thousand) | | :--- | :--- | :--- | | HKD | 608,057 | 36,574 | | RMB | 8,510,643 | 2,653,331 | | USD | 42,852,935 | 118,335 | | **Total** | **51,971,635** | **2,808,240** | [Employees and Remuneration Policy](index=28&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, Yuzhou Group had **981** employees, focusing on enhancing organizational effectiveness, fostering team vitality, and integrating cultural assessment into talent selection and retention [Number of Employees and Corporate Culture](index=28&type=section&id=Number%20of%20Employees%20and%20Corporate%20Culture) As of June 30, 2025, Yuzhou Group had **981** employees, guided by core values of "Responsibility, Pragmatism, Synergy, Win-win" and an annual theme of "Acting with Integrity" - The Group's core values are "Responsibility, Pragmatism, Synergy, Win-win", with an annual theme of "Acting with Integrity"[82](index=82&type=chunk) - Cultural assessment is integrated into talent selection and retention to develop responsible and pragmatic talent, and to continuously motivate employees[82](index=82&type=chunk) Number of Employees (As of June 30, 2025) | Indicator | Quantity | | :--- | :--- | | Total Employees | 981 | [Employment and Remuneration Policy](index=28&type=section&id=Employment%20and%20Remuneration%20Policy) Yuzhou Group's employee remuneration is determined by market levels, individual performance, and experience, with bonuses distributed based on performance - Employee remuneration is determined based on market salary levels, individual performance, and work experience[84](index=84&type=chunk) - The Group distributes bonuses based on employee performance[84](index=84&type=chunk) [Events After Reporting Period](index=16&type=section&id=Events%20After%20Reporting%20Period) Post-reporting period, Yuzhou Group completed a rights issue raising approximately **HKD 92.2 million** and implemented an offshore debt restructuring plan, resolving approximately **USD 6.68 billion** in debt to improve capital structure and liquidity - The rights issue has been completed, with **2,690,960,456** rights shares allotted and issued, raising net proceeds of approximately **HKD 92.2 million** for restructuring support agreement fees, creditor fees, and general working capital[42](index=42&type=chunk)[85](index=85&type=chunk) - The offshore debt restructuring plan became effective on August 29, 2025, with approximately **USD 6.68 billion** of debt (together with related accrued interest) fully discharged and released in exchange for cash, new shares, and new notes[42](index=42&type=chunk)[87](index=87&type=chunk) - After the restructuring effective date, a total of **5,645,000,000** new shares (representing approximately **37.9%** of the total issued shares immediately after the allotment of new equity) were issued to scheme creditors[42](index=42&type=chunk) - The terms of the short-term notes have been revised, including capitalization of accrued interest, the right to pay interest in kind, removal of mandatory redemption dates, and reduction of minimum principal amounts, to enhance the Group's financial stability after the restructuring effective date[86](index=86&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) This section covers Yuzhou Group's other key information, including no interim dividend, no significant acquisitions or disposals, financial assistance to affiliates, public float, and corporate governance updates [Interim Dividend](index=30&type=section&id=Interim%20Dividend) The Board of Directors 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[89](index=89&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Joint Ventures and Associates](index=30&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Joint%20Ventures%20and%20Associates) During the reporting period, the Company did not undertake any significant acquisitions or disposals - During the period, the Company did not undertake any significant acquisitions or disposals[90](index=90&type=chunk) [Financial Assistance to Affiliated Companies](index=31&type=section&id=Financial%20Assistance%20to%20Affiliated%20Companies) As of June 30, 2025, Yuzhou Group provided total financial assistance of **RMB 8.18949 billion** to affiliated companies, including advances and financing guarantees - Advances are unsecured, interest-free, and have no fixed repayment terms[93](index=93&type=chunk) Total Financial Assistance to Affiliated Companies (As of June 30, 2025) | Item | Amount (RMB thousand) | | :--- | :--- | | Advances to Affiliated Companies | 6,966,534 | | Financing Guarantees to Affiliated Companies | 1,222,959 | | **Total** | **8,189,493** | Consolidated Financial Position of Affiliated Companies and the Group's Share of Equity (As of June 30, 2025) | Indicator | Consolidated Financial Position (RMB thousand) | Group's Share of Equity (RMB thousand) | | :--- | :--- | :--- | | Net Assets | 25,022,376 | 8,392,503 | [Sufficient Public Float](index=33&type=section&id=Sufficient%20Public%20Float) As of the announcement date, the Company has maintained a sufficient public float as required by the Listing Rules - The Company has maintained a sufficient public float as required by the Listing Rules[94](index=94&type=chunk) [No Material Changes](index=33&type=section&id=No%20Material%20Changes) There have been no material changes in the Company's business since the publication of its most recent annual report for the year ended December 31, 2024 - There have been no material changes in the Company's business since the publication of the 2024 annual report[95](index=95&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=33&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and no treasury shares were held - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[96](index=96&type=chunk) - As of the end of the reporting period, the Company held no treasury shares[96](index=96&type=chunk) [Standard Code for Securities Transactions by Directors](index=33&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a code for directors' securities transactions no less stringent than the Listing Rules, and directors confirmed compliance during the period - The Company has adopted a stringent code for directors' securities transactions, and directors have confirmed compliance with its provisions throughout the period[97](index=97&type=chunk) [Corporate Governance](index=33&type=section&id=Corporate%20Governance) Yuzhou Group adheres to the Corporate Governance Code, with the Chairman and CEO roles combined, a deviation from the code, but the Board ensures sufficient balance of power - The Group has consistently adopted, applied, and complied with the Corporate Governance Code in Appendix C1 of the Listing Rules[98](index=98&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Ms. Kwok Ying Lan, which deviates from Code Provision C.2.1[99](index=99&type=chunk) - The Board believes that sufficient balance of power and safeguards are in place and will be regularly reviewed and monitored[99](index=99&type=chunk) [Share Option Scheme](index=34&type=section&id=Share%20Option%20Scheme) No share options were granted by the Company during the six months ended June 30, 2025 - No share options were granted by the Company during the six months ended June 30, 2025[100](index=100&type=chunk) [Share Award Scheme](index=34&type=section&id=Share%20Award%20Scheme) Under the Share Award Scheme, the Board may grant awarded shares to selected employees, with a total of **10,324,504** shares available for award as of June 30, 2025 - The Board may, at its discretion, select employees to participate in the Share Award Scheme and grant awarded shares[101](index=101&type=chunk) - The maximum number of shares that may be awarded to a selected employee shall not exceed **1%** of the Company's issued share capital from time to time[103](index=103&type=chunk) Total Shares Under Share Award Scheme (As of June 30, 2025) | Indicator | Quantity | | :--- | :--- | | Total Shares Available for Award | 10,324,504 shares | | Percentage of Issued Shares | Approximately 0.16% | [Review of Accounts](index=35&type=section&id=Review%20of%20Accounts) The Company's Audit Committee reviewed the Group's accounting policies and the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, with no disagreements with the Board - The Audit Committee has reviewed the Group's accounting policies and interim financial statements[105](index=105&type=chunk) - There were no disagreements between the Board and the Audit Committee[105](index=105&type=chunk) [Publication of Results Announcement and Interim Report](index=35&type=section&id=Publication%20of%20Results%20Announcement%20and%20Interim%20Report) This announcement has been published on the Company's and HKEX websites, and the 2025 interim report will be dispatched to shareholders and published accordingly - This announcement has been published on the Company's website (http://yuzhou-group.com/) and the HKEX website (www.hkexnews.hk)[106](index=106&type=chunk) - The 2025 interim report will be dispatched to shareholders and published on the aforementioned websites at the appropriate time[106](index=106&type=chunk) [Outlook](index=36&type=section&id=Outlook) Yuzhou Group anticipates a bottoming-out and recovery in the H2 2025 real estate market, with continued supportive national policies, and will focus on sales, cash management, asset revitalization, and talent development - The real estate market is expected to bottom out and recover in H2 2025, with national policies continuing to be relaxed to stimulate demand[107](index=107&type=chunk) - The Group will address industry challenges with three core principles: "Strategic Clarity, Innovative Breakthroughs, and Collective Progress"[108](index=108&type=chunk) - The Group will continue to prioritize sales and cash management, promote marketing innovation, strictly manage cash flow, accelerate the revitalization of existing assets, optimize its talent management system, and enhance service quality[108](index=108&type=chunk)

Group 1: Real Estate Market Trends - In the first eight months of 2025, the total land acquisition amount by the top 100 real estate companies reached 605.6 billion yuan, representing a year-on-year increase of 28.0%, although the growth rate has slowed by 6.3 percentage points compared to the previous period [1] - The sales total for the top 100 real estate companies in the same period was 2,327.05 billion yuan, showing a year-on-year decline of 13.3%, with the decline rate remaining consistent with the previous period [2] - The real estate market continues to be in an adjustment phase, with weak buyer sentiment attributed to concerns over economic conditions and housing price trends [2] Group 2: Corporate Developments - Yuzhou Group has completed a restructuring of its offshore debt, involving a total debt amount of approximately 6.68 billion USD, with over 99% support from offshore creditors [3] - The restructuring is expected to alleviate approximately 3.5 billion USD of debt repayment pressure, marking a transition from a "debt crisis" to a "survival battle" for the company [3] - Red Star Macalline announced the resignation of its deputy general manager, Che Guoxing, due to personal reasons, which reflects the company's ongoing efforts to build a market-oriented and professional management team [5] Group 3: Land Development Initiatives - Shanghai plans to auction a historical preservation project in Yangpu District with a starting price of 2.847 billion yuan, covering an area of 28,600 square meters [4] - The project requires a minimum of 5% of the housing to be designated for affordable rental housing and mandates 100% full decoration [4] - The development is expected to reshape the residential value in Yangpu and provide a replicable integrated solution for urban renewal in Shanghai, although it poses challenges due to high historical preservation costs and complex approval processes [4]

Core Insights - Yuzhou Group reported a contract sales amount of RMB 3.72851 billion for the six months ending June 30, 2025, representing a year-on-year decline of 14.21% [1] - The company's revenue for the same period was RMB 2.39652 billion, showing a significant year-on-year decrease of 62.42% [1] - The loss attributable to the owners of the parent company was RMB 5.63206 billion, compared to a loss of RMB 6.25598 billion in the same period last year [1]