Group 1 - The core point of the article is that Yuzhou Group reported a significant decline in contract sales and revenue for the six months ending June 30, 2025, with a loss attributed to the parent company [1] - The contract sales amount reached RMB 3.72851 billion, representing a year-on-year decrease of 14.21% [1] - The revenue for the period was RMB 2.39652 billion, showing a substantial year-on-year decline of 62.42% [1] Group 2 - The loss attributable to the parent company was RMB 5.63206 billion, compared to a loss of RMB 6.25598 billion in the same period last year [1]

Core Viewpoint - Yuzhou Group (01628) reported a mid-year performance for 2025, highlighting a total revenue of 2.3965 billion RMB, with property sales accounting for approximately 90.73% of total revenue [1] Group 1: Financial Performance - The total revenue for the period was 2.3965 billion RMB, with property sales revenue around 2.174 billion RMB [1] - The group achieved a cumulative contract sales amount of 3.7285 billion RMB, with a contract sales area of 254,600 square meters and an average contract sales price of approximately 14,645 RMB per square meter [1] Group 2: Property Investment and Development - Yuzhou Group's property investment segment includes various commercial property types, focusing on the "Yuyue" brand shopping centers and "Yuzhou Plaza" brand office buildings and commercial streets [1] - The group has established a presence in major economic regions, including the Haixi Economic Zone, Yangtze River Delta, and Greater Bay Area, with 32 operational projects and 7 projects in preparation, totaling 39 projects and over 1.53 million square meters of commercial space [1] Group 3: Land Reserves and Expansion Strategy - The group adheres to a regional deep cultivation strategy, focusing on six metropolitan areas, including the Yangtze River Delta and Greater Bay Area [2] - As of June 30, 2025, the total land reserve available for sale is approximately 10.35 million square meters across 161 projects in 38 cities, with an average floor cost of about 5,943 RMB per square meter [2] - The company believes that its current land reserves are sufficient to meet development needs for the next two to three years [2]

Group 1 - The core viewpoint of the news is that Yuzhou Group reported its mid-year performance for 2025, highlighting significant revenue from property sales and a diverse portfolio of investment properties [1] - The total revenue for the period was 2.3965 billion RMB, with property sales contributing approximately 2.174 billion RMB, accounting for 90.73% of total revenue [1] - The group achieved a cumulative contract sales amount of 3.7285 billion RMB, with a contract sales area of 254,600 square meters and an average contract sales price of approximately 14,645 RMB per square meter [1] Group 2 - Yuzhou Group's investment property segment includes various commercial property types, focusing on developing the "Yuyue" brand shopping centers and "Yuzhou Plaza" brand office buildings and commercial streets [1] - The group has established a presence in major economic regions such as the Haixi Economic Zone, Yangtze River Delta, and the Greater Bay Area, with 32 operational projects and 7 projects in preparation, totaling 39 projects and over 1.53 million square meters of commercial space [1] - The company adheres to a regional deep cultivation strategy, with a total land reserve of approximately 10.35 million square meters across 161 projects in six major metropolitan areas, with an average floor cost of 5,943 RMB per square meter [2]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Yuzhou Group's H1 2025 unaudited results show a **14.21% decline in contracted sales** to **RMB 3.72851 billion** and a **62.42% revenue drop** to **RMB 2.39652 billion**, while loss attributable to owners of the parent narrowed by **9.97%** to **RMB 5.63206 billion** 2025 H1 Key Financial Indicators Comparison | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Contracted Sales | 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 income statement, statement of comprehensive income, and statement of financial position for the six months ended June 30, 2025, revealing significant revenue decline, continued losses, and increased net current liabilities and net liabilities, reflecting severe operational and financial pressures [Condensed Consolidated Income Statement](index=2&type=section&id=Condensed%20Consolidated%20Income%20Statement) For H1 2025, Yuzhou Group's revenue decreased by **62.42%** to **RMB 2.39652 billion**, gross profit significantly narrowed to **RMB 22.55 million**, and loss for the period was **RMB 7.39153 billion**, impacted by increased fair value losses on investment properties and administrative expenses Condensed Consolidated Income Statement Key Data (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 realisable 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 H1 2025, Yuzhou Group's total comprehensive loss narrowed to **RMB 7.29357 billion** from **RMB 8.31998 billion** in the prior year, primarily due to a positive shift in exchange differences from overseas operations Condensed Consolidated Statement of Comprehensive Income Key Data (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 (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 declined, with net current liabilities and net liabilities worsening, and capital deficiency expanding to **RMB 19.44661 billion**, indicating severe liquidity and solvency pressures Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | 2025 June 30 (RMB thousand) | 2024 Dec 31 (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 (deterioration) | | Net liabilities | (19,446,614) | (11,735,686) | 65.71 (deterioration) | | Equity attributable to owners of the parent | (18,214,103) | (12,547,450) | 45.16 (deterioration) | | Capital deficiency | (19,446,614) | (11,735,686) | 65.71 (deterioration) | [Notes](index=6&type=section&id=Notes) This section details Yuzhou Group's financial statement preparation, accounting policies, revenue and expense components, segment information, and key financial liabilities, highlighting ongoing operational challenges, including senior note defaults, increased net current liabilities and net liabilities, and implemented debt restructuring and operational measures - The Group's condensed consolidated financial statements are prepared on a going concern basis, despite having defaulted on senior notes, with all senior notes reclassified as current liabilities[13](index=13&type=chunk) - As of June 30, 2025, the Group's total principal of interest-bearing bank and other borrowings, corporate bonds, and senior notes amounted to **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 multiple measures to alleviate cash flow pressure, including an offshore debt restructuring plan (effective August 29, 2025), promoting sales to reduce inventory, ensuring project delivery, asset disposal, continuous cash flow monitoring, and implementing cost controls[13](index=13&type=chunk)[17](index=17&type=chunk) [Company and Group Information](index=6&type=section&id=Company%20and%20Group%20Information) Yuzhou Group Holdings Company Limited, a Cayman Islands-incorporated entity listed on the HKEX, primarily engages in property development, investment, management, and hotel operations in mainland China and Hong Kong, with Mr. Lam Lung On and Ms. Kwok Ying Lan as controlling shareholders - 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 senior note defaults and severe liquidity challenges, with an offshore debt restructuring plan implemented and measures taken to ensure sufficient working capital for at least the next 12 months [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, despite facing senior note defaults and significant increases in net current liabilities and net liabilities, with an offshore debt restructuring plan implemented and measures taken to ensure sufficient working capital for the next 12 months - The Group failed to pay principal and interest on certain senior notes when due and after the expiry of the relevant grace periods, resulting in default events, with all senior notes reclassified as current liabilities[13](index=13&type=chunk) 2025 June 30 Key Financial Position | Indicator | Amount (RMB thousand) | | :--- | :--- | | Total principal of interest-bearing bank and other borrowings, corporate bonds, and senior 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) | - The Group has formulated and implemented multiple measures to alleviate cash flow pressure, including an offshore debt restructuring plan (effective August 29, 2025), which will replace original debts with short-term notes, cash consideration, medium-term notes, new equity, and long-term notes[13](index=13&type=chunk) [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and HKEX Listing Rules Appendix D2, using consistent accounting policies and methods as the 2024 annual financial statements, except for changes due to amendments to HKFRS accounting standards - The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and the applicable disclosure requirements of Appendix D2 of the HKEX Listing Rules[15](index=15&type=chunk) - Accounting policies remain consistent with the 2024 annual financial statements, except for changes due to amendments to HKFRS accounting standards[15](index=15&type=chunk) [Application of Amendments to HKFRS Accounting Standards](index=7&type=section&id=Application%20of%20Amendments%20to%20HKFRS%20Accounting%20Standards) During this interim period, the Group first applied amendments to HKAS 21 "Lack of Exchangeability," which became effective on January 1, 2025, but these amendments did not significantly alter the Group's accounting policies, financial position, or performance presentation or disclosure - The Group first applied amendments to HKAS 21 "Lack of Exchangeability", effective January 1, 2025[16](index=16&type=chunk) - The amendments did not result in significant changes to the Group's accounting policies, financial position, and performance presentation and/or disclosure[16](index=16&type=chunk) [Revenue, Other Income and Gains](index=8&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) For H1 2025, Yuzhou Group's total revenue significantly decreased by **62.42%** to **RMB 2.39652 billion**, primarily due to a **64.52% drop** in property sales revenue, while other income and gains also declined by **38.09%** due to reduced bank interest income Revenue, Other Income and Gains Analysis (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | | | | | Property sales | 2,174,382 | 6,128,391 | -64.52 | | Rental income from investment properties | 116,897 | 122,619 | -4.67 | | Property management fee income | 105,234 | 125,423 | -16.09 | | Hotel operation 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, property investment, property management, hotel operations, and others; in H1 2025, property development and investment incurred significant losses, with only property management achieving profitability, and over **90%** of external customer revenue and segment assets originating from mainland China - 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) Segment Revenue and Results (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)** | - Over **90%** of the Group's external customer revenue and segment assets are from mainland China, thus no geographical information is presented[23](index=23&type=chunk) [Finance Costs](index=10&type=section&id=Finance%20Costs) For H1 2025, Yuzhou Group's finance costs slightly decreased by **1.26%** to **RMB 1.87421 billion**, primarily due to reduced total interest on interest-bearing bank and other borrowings, corporate bonds, and senior notes, alongside a decrease in capitalized interest Finance Costs Analysis (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on interest-bearing bank and other borrowings, corporate bonds and senior 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 H1 2025, Yuzhou Group's loss before tax narrowed to **RMB 7.57822 billion**, primarily influenced by cost of properties sold, cost of services provided, depreciation, employee benefit expenses, and direct operating expenses from investment properties earning rental income Loss Before Tax Components (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 from investment properties earning 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 H1 2025, Yuzhou Group recorded an income tax credit of **RMB 186.69 million**, a shift from an income tax expense of **RMB 122.69 million** in the prior year, primarily due to a decrease in deferred tax liabilities and a reduction from over-provision in prior years Income Tax (Credit)/Expense Analysis (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Current: PRC corporate 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)** | - No provision for Hong Kong profits tax was made due to no assessable profits for the period[29](index=29&type=chunk) [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, and 2024 - The Board does not recommend the payment of an interim dividend for H1 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 H1 2025, Yuzhou Group's basic and diluted loss per share both narrowed to **RMB 0.8828**, from **RMB 0.9779** in the prior year, calculated based on loss attributable to owners of the parent (adjusted for distributions on senior perpetual securities) and the weighted average number of ordinary shares outstanding Loss Per Share Calculation Data (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss attributable to owners of the parent for the period | (5,632,062) | (6,255,983) | | Distributions on 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 (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 decreased to **RMB 7.33214 billion** from **RMB 7.96000 billion** at end-2024, with the largest portion due within 1 year, and all trade payables being non-interest-bearing and unsecured Trade Payables Ageing Analysis (As of June 30) | Ageing | 2025 June 30 (RMB thousand) | 2024 Dec 31 (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** | - Trade payables are non-interest-bearing and unsecured[35](index=35&type=chunk) [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 **RMB 269.75 million** classified as current liabilities; the Group has adjusted coupon rates and extended maturity dates for multiple corporate bonds to alleviate repayment pressure and repaid part of the principal Corporate Bonds Balance and Classification (As of June 30) | Item | 2025 June 30 (RMB thousand) | 2024 Dec 31 (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 | - 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 Series Two and Three issued in 2020 have been approved for maturity extension, with principal to be settled in installments from July 2025 to 2028, and coupon rate adjusted to **4%** per annum[36](index=36&type=chunk)[37](index=37&type=chunk) [Senior Notes](index=15&type=section&id=Senior%20Notes) As of June 30, 2025, Yuzhou Group's total senior notes amounted to **RMB 38.61815 billion**, all classified as current liabilities, due to unpaid interest and principal, which constituted an event of default under the senior note agreements Senior Notes Balance (As of June 30) | Item | 2025 June 30 (RMB thousand) | 2024 Dec 31 (RMB thousand) | | :--- | :--- | :--- | | Total senior notes | 38,618,153 | 38,789,815 | | Portion classified as current liabilities | (38,618,153) | (38,789,815) | | Non-current portion | – | – | - As of June 30, 2025, the Group had unpaid senior note interest of **US$227.328 million** (approximately **RMB 1.605742 billion**) and unpaid senior note principal of **US$886 million** (approximately **RMB 6.258315 billion**)[39](index=39&type=chunk) - The related unpaid interest or overdue principal has constituted an event of default under the senior note agreements, with all senior notes classified as current liabilities[39](index=39&type=chunk) [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, continued losses amid a challenging real estate market, and the Group's proactive marketing adjustments, product optimization, debt restructuring, and cost control measures to address liquidity pressures, while emphasizing regional focus and talent development for long-term sustainability [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' contracted sales declining by double digits despite supportive policies; market differentiation intensified, with first-tier and strong second-tier cities showing stronger recovery, while weaker second-tier and third/fourth-tier cities underperformed, and real estate investment decreased by **11.2%** year-on-year - In H1 2025, the real estate market experienced a downward trend, with TOP-100 developers' cumulative contracted sales declining 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, while weaker second-tier and third/fourth-tier cities underperformed[43](index=43&type=chunk) H1 2025 Real Estate Investment Amount | Indicator | Amount (RMB) | Year-on-year Change (%) | | :--- | :--- | :--- | | Real estate investment amount | 4.67 trillion | -11.2 | [Overall Performance](index=17&type=section&id=Overall%20Performance) In H1 2025, Yuzhou Group's revenue was **RMB 2.39652 billion**, with a loss for the period of **RMB 7.39153 billion** and a capital deficiency of **RMB 19.44661 billion**, reflecting severe financial challenges, with the Board not recommending an interim dividend 2025 H1 Overall Financial Performance | Indicator | Amount (RMB) | | :--- | :--- | | Revenue | 2.39652 billion | | Loss for the period | 7.39153 billion | | Capital deficiency | 19.44661 billion | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[44](index=44&type=chunk) [Property Sales](index=17&type=section&id=Property%20Sales) In H1 2025, Yuzhou Group's property sales revenue was **RMB 2.17438 billion**, a significant year-on-year decrease of **64.52%**, accounting for **90.73%** of total revenue, with approximately **278,399 square meters** of properties delivered at an average selling price of **RMB 7,810 per square meter**, and the Central China region being the primary revenue contributor, as the Group continues to deepen its presence in key regions Property Sales Revenue and Area (H1 2025) | Indicator | H1 2025 | H1 2024 | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Property sales revenue (RMB thousand) | 2,174,382 | 6,128,391 | -64.52 | | Total GFA delivered (sqm) | 278,399 | 442,612 | -37.11 | | Average selling price (RMB/sqm) | 7,810 | 13,846 | -43.60 | - The decrease in property sales revenue was primarily due to a reduction in the area of properties delivered during the period[45](index=45&type=chunk) - The Central China, Bohai Rim, and Yangtze River Delta regions were the main contributors to recognized revenue[45](index=45&type=chunk) [Contracted Sales](index=19&type=section&id=Contracted%20Sales) In H1 2025, Yuzhou Group's cumulative contracted sales amounted to **RMB 3.72851 billion**, with a contracted sales area of **254,589 square meters** and an average selling price of approximately **RMB 14,645 per square meter**; the Yangtze River Delta and Greater Bay Area were the primary contributors to contracted sales, as the Group actively responded to market downturns by adjusting marketing strategies and expanding customer acquisition channels through digital marketing Contracted Sales Amount and Area (H1 2025) | Indicator | H1 2025 | H1 2024 | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Contracted sales amount (RMB thousand) | 3,728,510 | 4,346,239 | -14.21 | | Contracted sales area (sqm) | 254,589 | 279,311 | -8.85 | | Average contracted selling price (RMB/sqm) | 14,645 | 15,561 | -5.90 | - The Yangtze River Delta region contributed the Group's overall contracted sales of **54.16%**, 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" streamer matrix, and expanded digital marketing customer acquisition channels through platforms such as WeChat, Weibo, Douyin, and Xiaohongshu[48](index=48&type=chunk) [Property Investment](index=20&type=section&id=Property%20Investment) Yuzhou Group's property investment segment includes "Yuyue" shopping centers and "Yuzhou Plaza" office buildings and commercial streets, with **39 projects** across 9 cities, totaling over **1.53 million square meters** of commercial area; in 2025, the Group launched its Minnan culture promotion strategy and provides comprehensive business platform services to tenants through its U-Square service system - The property investment segment has three product lines: "Yuyue" shopping centers and "Yuzhou Plaza" office buildings and commercial streets[51](index=51&type=chunk) - There are **32 operational projects** and **7 projects under preparation**, totaling **39 projects**, creating over **1.53 million square meters** of commercial area[51](index=51&type=chunk) - In 2025, the Minnan culture promotion strategy was launched, 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, a comprehensive business platform centered on assurance services, warm services, and functional services is built, offering "Yuzhou Professional, Yuzhou Secure, Yuzhou Butler, Yuzhou Colorful, Yuzhou Space, Yuzhou Resources" six major service systems[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 8 thousand**, a significant year-on-year decrease; the Group continues to optimize its operational management system, enhance service quality and consumer experience, with several hotels under construction, adhering to the service philosophy of "caring for you like family" Hotel Operations Revenue (H1 2025) | Indicator | H1 2025 (RMB ten thousand) | H1 2024 (RMB ten thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Hotel operations revenue | 0.8 | 110.3 | -99.27 | - The Group's hotels adopt diversified and innovative operational management models, focusing on service quality, consumer experience, and customer 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) [Quality and Safety and Product Line Design](index=21&type=section&id=Quality%20and%20Safety%20and%20Product%20Line%20Design) Yuzhou Group adheres to low-carbon and green development principles, with **145 projects** totaling over **21 million square meters** meeting green building standards as of June 30, 2025; the Group has refined its product system based on the "Yong," "Lang," and "Jia" residential product series, innovating and iterating the "Warm Space" series to provide high-quality, refined living experiences - The Group adheres to low-carbon and green development principles, 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 properties 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 product system has been refined, top-level design clarified, and the "Warm Space" series innovated and iterated, 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 total land bank had a saleable GFA of approximately **10.35 million square meters**, distributed across **161 projects** in **38 cities** within six major metropolitan areas, with an average floor area cost of approximately **RMB 5,943 per square meter**, which the Group believes is sufficient for the next two to three years of development needs Land Bank Overview (As of June 30, 2025) | Indicator | Data | | :--- | :--- | | Total saleable GFA | Approximately 10.35 million sqm | | Number of projects | 161 | | Cities covered | 38 | | Average floor area cost | Approximately RMB 5,943/sqm | - The land bank is primarily distributed across six major metropolitan areas: the West Strait 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 the next two to three years of development needs[57](index=57&type=chunk) [Financial Performance Analysis](index=24&type=section&id=Financial%20Performance%20Analysis) This section details the changes in Yuzhou Group's financial indicators for H1 2025, showing significant declines in revenue and gross profit due to reduced property deliveries, a substantial increase in fair value losses on investment properties, and a surge in administrative expenses due to exchange losses, though sales and distribution costs, other expenses, and finance costs decreased, with the Group's loss for the period primarily impacted by impairment provisions, fair value losses, and reduced revenue [Revenue](index=24&type=section&id=Revenue) In H1 2025, Yuzhou Group's total revenue was **RMB 2.39652 billion**, a year-on-year decrease of **62.42%**, primarily due to reduced recognized property sales revenue from fewer delivered properties; property sales revenue accounted for **90.73%** of total revenue, decreasing by **64.52%** year-on-year Revenue Composition and Change (H1 2025) | Revenue Source | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Property sales | 2,174,382 | 6,128,391 | -64.52 | | Property management fee income | 105,234 | 125,423 | -16.10 | | Rental income from investment properties | 116,900 | 122,619 | -4.67 | | Hotel operation 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 was **RMB 2.37397 billion**, a year-on-year decrease of **62.13%**, primarily due to a reduction in the gross floor area of properties delivered during the period; cost of sales mainly included land costs, construction costs, capitalized interest, and fair value adjustments of properties Cost of Sales Change (H1 2025) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Cost of sales | 2,373,971 | 6,269,505 | -62.13 | - The decrease in cost of sales was primarily due to a reduction in the gross floor area of properties delivered during the period[61](index=61&type=chunk) [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 was **RMB 22.55 million**, with a gross profit margin of **0.94%**, both significantly declining primarily due to a reduction in the gross floor area of properties delivered during the period Gross Profit and Gross Profit Margin Change (H1 2025) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Gross profit | 22,550 | 108,031 | -79.13 | | Gross profit margin | 0.94% | 1.70% | -44.71 (decrease) | - The decrease in gross profit was primarily due to a reduction in the gross floor area of properties delivered during the period[62](index=62&type=chunk) [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 significant increase of **110.07%** from **RMB 346.27 million** in the prior year, primarily from investment properties located in Xiamen, Hefei, and Shenzhen Fair Value Loss on Investment Properties Change (H1 2025) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Fair value loss on investment properties | (727,389) | (346,271) | 110.07 (loss widened) | - The loss was primarily due to fair value losses on investment properties located in Xiamen, Hefei, and Shenzhen[63](index=63&type=chunk) [Other Income and Gains](index=24&type=section&id=Other%20Income%20and%20Gains) In H1 2025, Yuzhou Group's other income and gains amounted to **RMB 19.63 million**, a year-on-year decrease of **38.09%**, primarily due to reduced bank interest income Other Income and Gains Change (H1 2025) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Other income and gains | 19,631 | 31,708 | -38.09 | - The decrease was primarily due to reduced bank interest income[64](index=64&type=chunk) [Selling and Distribution Costs](index=24&type=section&id=Selling%20and%20Distribution%20Costs) In H1 2025, Yuzhou Group's selling and distribution costs were **RMB 73.08 million**, a year-on-year decrease of **46.17%**, primarily attributable to effective cost control measures and reduced marketing and promotion expenses Selling and Distribution Costs Change (H1 2025) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Selling and distribution costs | 73,083 | 135,754 | -46.17 | - The decrease was primarily due to effective cost control measures and marketing and promotion expenses reduction[65](index=65&type=chunk) [Administrative Expenses](index=25&type=section&id=Administrative%20Expenses) In H1 2025, Yuzhou Group's administrative expenses were **RMB 684.85 million**, a significant year-on-year increase of **239.55%**, primarily due to increased exchange losses during the period Administrative Expenses Change (H1 2025) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 684,847 | 201,699 | 239.55 | - The increase was primarily due to increased exchange losses during the period[66](index=66&type=chunk) [Other Expenses](index=25&type=section&id=Other%20Expenses) In H1 2025, Yuzhou Group's other expenses were **RMB 26.64 million**, a significant year-on-year decrease of **85.72%**, primarily due to reduced impairment of goodwill and fair value losses on financial assets at fair value through profit or loss Other Expenses Change (H1 2025) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Other expenses | 26,643 | 186,430 | -85.72 | - 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) [Finance Costs](index=25&type=section&id=Finance%20Costs) In H1 2025, Yuzhou Group's finance costs were **RMB 1.87421 billion**, a year-on-year decrease of **1.26%**, primarily due to a reduction in domestic loan amounts Finance Costs Change (H1 2025) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 1,874,212 | 1,898,184 | -1.26 | - The decrease was primarily due to a reduction in domestic loan amounts[68](index=68&type=chunk) [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 of joint ventures was **RMB 285.27 million**, a shift from a share of profits of **RMB 45.07 million** in the prior year; joint ventures' total revenue was **RMB 282.25 million**, with a gross profit margin of **-5.47%** Share of Profits and Losses of Joint Ventures Change (H1 2025) | 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) (from profit to loss) | - 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 Associates](index=25&type=section&id=Share%20of%20Profits%20and%20Losses%20of%20Associates) In H1 2025, Yuzhou Group's share of losses of associates expanded to **RMB 254.50 million**, from **RMB 155.33 million** in the prior year; associates' total revenue was **RMB 1.34125 billion**, with a gross profit margin of **-12.06%** Share of Profits and Losses of Associates Change (H1 2025) | 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) | - Associates' total revenue was **RMB 1.34125 billion**, with a gross profit margin of **-12.06%**[70](index=70&type=chunk) [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 income tax expense of **RMB 122.69 million** in the prior year, primarily due to a decrease in deferred tax liabilities Income Tax (Credit)/Expense Change (H1 2025) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Income tax (credit)/expense | (186,690) | 122,692 | (309,382) (from expense to credit) | - The decrease in income tax expense was primarily due to a decrease in deferred tax liabilities during the period[71](index=71&type=chunk) [Loss for the Period](index=25&type=section&id=Loss%20for%20the%20Period) In H1 2025, Yuzhou Group's loss for the period was **RMB 7.39153 billion**, narrowing from **RMB 8.01280 billion** in the prior year, primarily due to impairment loss provisions, fair value losses on investment properties, and reduced revenue Loss for the Period Change (H1 2025) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period | (7,391,533) | (8,012,801) | 7.75 (loss narrowed) | - 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 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 **RMB 1.75682 billion** in the prior year, primarily due to impairment of properties under development, fair value losses on investment properties, and losses from certain non-wholly owned projects Loss Attributable to Non-controlling Interests Change (H1 2025) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Loss attributable to non-controlling interests | (1,759,471) | (1,756,818) | 0.15 (loss slightly increased) | - 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) [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 (H1 2025) | 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 managed its debt, with cash and cash equivalents and restricted cash totaling approximately **RMB 2.80824 billion** as of June 30, 2025; total borrowings were **RMB 51.97164 billion**, a **1.23%** decrease from end-2024, with a weighted average interest rate of **7.91%**, while the asset-liability ratio excluding pre-receipts rose to **127.83%** and net gearing ratio was **-252.81%**, indicating severe liquidity pressure, with the Group providing various guarantees and most borrowings denominated in HKD and USD, posing currency risk [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 interest-bearing bank and other borrowings, corporate bonds, and senior notes totaled **RMB 51.97164 billion**, a **1.23%** decrease from end-2024; the weighted average interest rate was **7.91%**, a **0.16 percentage point** decrease from end-2024, while the asset-liability ratio excluding pre-receipts was **127.83%**, an increase of **12.73 percentage points** from end-2024 Borrowings Overview (As of June 30, 2025) | Indicator | 2025 June 30 (RMB thousand) | 2024 Dec 31 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Balance of interest-bearing bank and other borrowings, corporate bonds and senior notes | 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) | - The decrease in borrowings was due to the repayment of bank and other borrowings during the period[77](index=77&type=chunk) [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%**, reflecting 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 of **RMB 52.92 million** and **RMB 1.17004 billion** respectively, in addition to financing guarantees for certain contractors and independent third parties Guarantee Amounts (As of June 30, 2025) | Guaranteed Party | 2025 June 30 (RMB thousand) | 2024 Dec 31 (RMB thousand) | | :--- | :--- | :--- | | Mortgage loans for property buyers | 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, with RMB accounting for **16.38%**; the Group will regularly monitor exchange rate risk but currently deems no foreign exchange hedging necessary 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** | - Approximately **83.62%** of borrowings are denominated in HKD and USD, posing exchange rate risk[80](index=80&type=chunk) - The Group will regularly monitor exchange rate risk but currently deems no foreign exchange hedging arrangements necessary[81](index=81&type=chunk) [Employees and Remuneration Policy](index=28&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, Yuzhou Group had **981 employees**; the Group adheres to its core values of "Responsibility, Pragmatism, Synergy, Win-win," focusing on the annual theme "Acting with Integrity" to continuously enhance organizational efficiency, invigorate teams, integrate cultural assessment into talent selection and retention, and prioritize employee well-being and professional development through various care activities [Employee Numbers and Corporate Culture](index=28&type=section&id=Employee%20Numbers%20and%20Corporate%20Culture) As of June 30, 2025, Yuzhou Group had **981 employees**; the Group upholds the spirit of "Yu's Flood Control, Deserts into Oases," with core values of "Responsibility, Pragmatism, Synergy, Win-win," focusing on the annual theme "Acting with Integrity" to select and motivate talent through cultural assessment, and conduct employee care activities Employee Numbers (As of June 30, 2025) | Indicator | Quantity | | :--- | :--- | | Total employees | 981 | - The Group's core values are "Responsibility, Pragmatism, Synergy, Win-win," with the annual theme "Acting with Integrity"[82](index=82&type=chunk) - Cultural assessment is integrated into talent selection and retention to develop responsible and pragmatic talent, and continuously motivate employees[82](index=82&type=chunk) [Employment and Remuneration Policy](index=28&type=section&id=Employment%20and%20Remuneration%20Policy) Yuzhou Group's employee remuneration is primarily determined by market salary levels, individual performance, and work experience, with bonuses distributed based on performance - Employee remuneration is determined by 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) After the reporting period, Yuzhou Group completed a rights issue, raising approximately **HKD 92.2 million** net proceeds for restructuring fees and general working capital; the offshore debt restructuring plan became effective on August 29, 2025, resolving approximately **US$6.68 billion** in debt in exchange for cash, new shares, and new notes, significantly improving the Group's capital structure and liquidity, with short-term note terms also revised to match future cash flow projections - 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 **US$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, right to pay interest in kind, removal of mandatory redemption dates, and reduction of minimum principal amount, 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 other important information for Yuzhou Group, including no interim dividend recommendation, no significant acquisitions or disposals during the reporting period, details of financial assistance to affiliated companies, sufficient public float, no material business changes, no trading in listed securities, directors' compliance with the standard code for securities transactions, corporate governance status, updates on share option and share award schemes, and the review of accounts and publication of results announcements [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; these advances are unsecured, interest-free, and without fixed repayment terms, and the affiliated companies' consolidated net assets were **RMB 25.02238 billion** 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** | - Advances are unsecured, interest-free, and without fixed repayment terms[93](index=93&type=chunk) Consolidated Financial Position of Affiliated Companies and 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 date of this announcement, 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 any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and the Company held no treasury shares at the end of the reporting period - 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) - At 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 securities transactions by directors no less stringent than the standard set out in Appendix C3 of the Listing Rules, and directors have confirmed compliance with its provisions throughout the period - The Company has adopted a stringent code for securities transactions by directors, 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 is committed to maintaining good corporate governance practices, complying with Appendix C1 of the Listing Rules' Corporate Governance Code during the reporting period, though the roles of Chairman and CEO are combined in Ms. Kwok Ying Lan, a deviation from code provision C.2.1, which the Board believes has sufficient balance of power and safeguards and will be regularly reviewed - 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 in Ms. Kwok Ying Lan, deviating from code provision C.2.1[99](index=99&type=chunk) - The Board believes there is sufficient balance of power and safeguards in place and will regularly review and monitor it[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 at its discretion select employees to participate and grant awarded shares; as of June 30, 2025, the total number of shares available for award was **10,324,504**, representing approximately **0.16%** of issued shares, with the maximum number of shares that may be awarded to a selected employee not exceeding **1%** of the Company's issued share capital from time to time - The Board may at its sole discretion select employees to participate in the Share Award Scheme and grant awarded shares[101](index=101&type=chunk) Total Shares in 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% | - 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) [Review of Accounts](index=35&type=section&id=Review%20of%20Accounts) The Company's Audit Committee has reviewed the Group's adopted accounting policies and the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, with no disagreements between the Board and the Audit Committee - 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 website and the HKEX website; the Company's 2025 interim report will be dispatched to shareholders and published on the aforementioned websites in due course - 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 in due course[106](index=106&type=chunk) [Outlook](index=36&type=section&id=Outlook) Yuzhou Group anticipates a bottoming-out and recovery trend in the real estate market in H2 2025, with continued loose national policies to stimulate demand; facing deep industry adjustments, the Group will adhere to principles of "Strategic Clarity, Innovative Breakthroughs, All-Staff Progress," focusing on sales and capital management, accelerating the revitalization of existing assets, optimizing its talent system, and enhancing service quality to ensure healthy and sustainable corporate development - The real estate market is expected to show a bottoming-out and recovery trend in H2 2025, with national policies remaining loose to stimulate demand[107](index=107&type=chunk) - The Group will address industry challenges with three core principles: "Strategic Clarity, Innovative Breakthroughs, All-Staff Progress"[108](index=108&type=chunk) - The Group will continue to promote sales and capital management, drive marketing innovation, strictly manage capital meticulously, accelerate the revitalization of existing assets, optimize its talent management system, and enhance service quality[108](index=108&type=chunk)

Group 1 - Yuzhou Group (01628) announced the issuance of 5.645 billion shares to plan creditors [1] - The issuance is based on a special authorization sought from independent shareholders at the extraordinary general meeting on December 30, 2024 [1]

Core Viewpoint - Yuzhou Group (01628) announced plans to seek special authorization from independent shareholders at the extraordinary general meeting on December 30, 2024, to issue and allocate 5.645 billion shares to planned creditors by August 29, 2025 [1] Group 1 - The company intends to issue 5.645 billion shares [1] - The special authorization is aimed at addressing the needs of planned creditors [1] - The timeline for the issuance is set for August 29, 2025 [1] Group 2 - The extraordinary general meeting is scheduled for December 30, 2024 [1] - The issuance of shares is part of the company's strategy to manage its financial obligations [1] - The move reflects the company's ongoing efforts to restructure and stabilize its financial position [1]

董事会谨此宣佈，林怀汉先生已获委任为非执行董事，自2025年9月1日起生效。 禹洲集团(01628)发布公告，于2025年8月29日，梁兴超先生考虑到重组生效日期落实后于公司持有可观 持股比例的少数股东股权发生变动而辞任非执行董事，即日起生效。 ...

董事会谨此宣佈，林怀汉先生已获委任为非执行董事，自2025年9月1日起生效。 智通财经APP讯，禹洲集团(01628)发布公告，于2025年8月29日，梁兴超先生考虑到重组生效日期落实 后于公司持有可观持股比例的少数股东股权发生变动而辞任非执行董事，即日起生效。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 禹洲集團控股有限公司 呈交日期： 2025年8月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01628 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包括 ...

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） （股本股份代號： （股份代號：0162801628 ） ） （債務股份代號：40112，40343，40517及05287） 董事名單與其角色和職能 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 非執行董事 林龍安先生 獨立非執行董事 禹洲集團控股有限公司（「本公司」）董事會（「董事會」）成員如下。 C 相關董事會委員會的主席 M 相關董事會委員會的成員 香港，2025年8月29日 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 | | ...