股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 花樣年控股集團有限公司 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) | 01777 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 0.1 | HKD | | 800,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.1 | HKD | | 800,000,000 | 本月底法定/註冊股 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 本公告僅供參考，並不構成提呈收購、購買或認購本公司證券之邀請或要約。 於美國或任何其他根據任何有關司法權區證券法例登記或合資格前作出有關 提呈、招攬或出售則屬不合法的司法權區，本公告並非亦不構成提呈購買或 出售或招攬購買或出售任何證券的要約的任何部分。本公告提及的證券並無 且將不會根據1933年美國證券法登記，倘無登記或獲豁免登記，則不得在美國 境內提呈、出售或以其他方式轉讓。於美國公開發售任何證券將須以招股章 程形式作出，該招股章程可向本公司索取，並將載有關於本公司及管理層以 及財務報表的詳細資料。本公司無意於美國登記本公告所述任何發售的任何 部分。 Fantasia Holdings Group Co., Limited 花樣年控股集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代 號：1777） 有關建議境外債務重組之 進一步資料 1 茲提述花樣年控股集團有限公司（「本公司」，連同其附屬 ...

Core Viewpoint - The company reported a revenue of approximately RMB 1.883 billion for the first half of the year, representing an increase of about 14.8% compared to the same period last year [2] - The loss attributable to the company's owners was approximately RMB 3.171 billion, which is an increase in loss of about 0.3% compared to the same period last year [2] Financial Performance - Revenue for the first half of the year reached approximately RMB 1.883 billion [2] - Year-on-year revenue growth was approximately 14.8% [2] - The loss attributable to owners was approximately RMB 3.171 billion [2] - The increase in loss compared to the previous year was about 0.3% [2]

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group reported a 14.8% revenue increase to RMB 1.883 billion for the six months ended June 30, 2025, alongside a 0.3% rise in loss attributable to owners and a 17.8% reduction in selling and administrative expenses | Metric | Six Months Ended June 30, 2025 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | | Revenue | RMB 1.883 billion | Increased by 14.8% | | Loss Attributable to Owners of the Company | RMB 3.171 billion | Loss increased by 0.3% | | Selling and Distribution Expenses and Administrative Expenses | RMB 322 million | Decreased by 17.8% | | Land Reserve Gross Floor Area (End of Period) | 7,263,455 sq.m. | - | | Interim Dividend | Not Recommended for Distribution | - | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, total revenue increased by 14.8% to RMB 1.883 billion, but gross profit decreased by 9.1%, with loss for the period expanding to RMB 3.343 billion and loss attributable to owners of the company at RMB 3.171 billion, resulting in basic and diluted loss per share of RMB 54.93 cents | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue | 1,883,432 | 1,641,280 | Increased by 14.8% | | Cost of Sales and Services | (1,554,381) | (1,279,197) | Increased by 21.5% | | Gross Profit | 329,051 | 362,083 | Decreased by 9.1% | | Other Income and Losses | 190,002 | (344,185) | Turned from Loss to Profit | | Write-down of Properties Held for Sale | (643,431) | (499,873) | Increased by 28.7% | | Selling and Distribution Expenses | (28,353) | (44,062) | Decreased by 35.7% | | Administrative Expenses | (293,753) | (347,727) | Decreased by 15.5% | | Finance Costs | (2,217,949) | (1,975,237) | Increased by 12.3% | | Loss Before Tax | (3,249,430) | (3,052,380) | Increased by 6.5% | | Loss for the Period | (3,342,578) | (3,151,929) | Increased by 6.1% | | Loss for the Period Attributable to Owners of the Company | (3,171,041) | (3,161,480) | Increased by 0.3% | | Basic and Diluted Loss Per Share (RMB cents) | (54.93) | (54.77) | Increased by 0.3% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets slightly decreased, while net current liabilities and net liabilities significantly increased, indicating escalating liquidity pressure, with properties held for sale remaining the largest asset but bank balances and cash notably reduced | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 71,932,729 | 73,205,941 | Decreased by 1.7% | | Non-current Assets | 14,599,681 | 15,167,246 | Decreased by 3.7% | | Current Assets | 57,333,048 | 58,038,695 | Decreased by 1.2% | | Properties Held for Sale | 38,781,654 | 37,854,149 | Increased by 2.4% | | Bank Balances and Cash | 820,314 | 1,156,153 | Decreased by 29.1% | | Current Liabilities | 76,858,501 | 74,152,556 | Increased by 3.6% | | Net Current Liabilities | (19,525,453) | (16,113,861) | Deficit increased by 21.2% | | Net Liabilities | (14,332,187) | (11,033,107) | Deficit increased by 29.9% | | Deficit Attributable to Owners of the Company | (16,920,084) | (13,749,253) | Deficit increased by 23.1% | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Basis of Preparation](index=6&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA and applicable Listing Rules disclosure requirements - Financial statements are prepared in accordance with HKAS 34 and Listing Rules disclosure requirements[9](index=9&type=chunk) [Going Concern Basis](index=6&type=section&id=2.%20%E6%8C%81%E7%BA%8C%E7%B6%93%E7%87%9F%E5%9F%BA%E6%BA%96) The Group faces significant going concern uncertainties, including a net loss of RMB 3.343 billion for the period, net current liabilities of RMB 19.525 billion, net liabilities of RMB 14.332 billion, and approximately RMB 43.995 billion in defaulted interest-bearing borrowings, with management having formulated various mitigation measures, but their successful implementation remains highly uncertain - The Group faces significant going concern uncertainties, primarily due to substantial net losses, high net current liabilities and net liabilities, and approximately **RMB 43.995 billion** in defaulted interest-bearing borrowings[10](index=10&type=chunk)[36](index=36&type=chunk) - Management has formulated several mitigation measures, including appointing financial advisors for offshore debt restructuring, negotiating extensions with lenders, seeking new financing or accelerating asset disposals, expediting property pre-sales and sales, selling project equity, and controlling administrative costs and capital expenditures[10](index=10&type=chunk)[12](index=12&type=chunk) - Despite mitigation measures, uncertainties in the volatile Mainland China property market and creditor support raise significant doubts about the Group's ability to continue as a going concern[11](index=11&type=chunk)[37](index=37&type=chunk) [Accounting Policies](index=8&type=section&id=3.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are primarily prepared on a historical cost basis, except for investment properties and certain financial instruments measured at fair value, with the first-time application of HKFRS amendments in the current period having no significant impact on financial position or performance - Financial statements are primarily prepared on a historical cost basis, with investment properties and some financial instruments measured at fair value[13](index=13&type=chunk) - Application of HKFRS amendments (e.g., HKAS 21 amendment) in the current period had no significant impact on financial position or performance[14](index=14&type=chunk) [Revenue from Contracts with Customers](index=9&type=section&id=4.%20%E5%AE%A2%E6%88%B6%E5%90%88%E7%B4%84%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, total revenue from contracts with customers was RMB 1.773 billion, primarily from property operating services (RMB 1.385 billion) and property development (RMB 380 million), with property development revenue significantly increasing by 128.5% year-on-year and property operating services also showing a slight increase | Type of Goods and Services | 2025 (RMB '000) | 2024 (RMB '000) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Sale of Completed Properties (Property Development) | 379,710 | 166,188 | Increased by 128.5% | | Provision of Property Management Services | 1,339,579 | 1,287,440 | Increased by 4.0% | | Provision of Value-added Services | 43,460 | 40,933 | Increased by 6.2% | | Provision of Engineering Services | 1,947 | 3,713 | Decreased by 47.5% | | Provision of Hotel Accommodation Services | 8,039 | 25,605 | Decreased by 68.6% | | Property Project Management and Other Related Services | 244 | 2,678 | Decreased by 90.9% | | **Total Revenue from Contracts with Customers** | **1,772,979** | **1,526,557** | **Increased by 16.1%** | - In terms of revenue recognition timing, revenue recognized over time accounted for the largest proportion, totaling **RMB 1.39 billion** in 2025, primarily from property operating services and hotel operations[15](index=15&type=chunk)[16](index=16&type=chunk) [Segment Information](index=11&type=section&id=5.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) For the six months ended June 30, 2025, the Group's total revenue was RMB 1.886 billion, with property operating services being the largest contributor, while the property development segment's loss expanded to RMB 882 million, and property operating services remained profitable, with total Group assets at RMB 71.933 billion, property development assets accounting for the highest proportion Segment Revenue and Results | Segment | 2025 Revenue (RMB '000) | 2024 Revenue (RMB '000) | 2025 Results (RMB '000) | 2024 Results (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | Property Development | 379,710 | 166,188 | (881,505) | (808,078) | | Property Investment | 110,453 | 114,723 | (96,560) | (30,909) | | Services (Property Operating Services) | 1,387,084 | 1,333,711 | 127,146 | 142,076 | | Hotel Operations | 8,039 | 25,605 | (6,526) | (80,653) | | Others | 244 | 2,678 | 10 | (4,089) | | **Total** | **1,885,530** | **1,642,905** | **(857,435)** | **(781,653)** | Segment Assets | Segment Assets | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Property Development | 47,458,827 | 47,863,818 | | Property Investment | 6,349,078 | 6,475,598 | | Property Operating Services | 4,633,502 | 4,514,380 | | Hotel Operations | 19,297 | 28,098 | | Others | 73,535 | 66,806 | | **Total Segment Assets** | **58,534,239** | **58,948,700** | | Total Unallocated Assets | 13,398,490 | 14,257,241 | | **Total Group Assets** | **71,932,729** | **73,205,941** | [Income Tax](index=13&type=section&id=6.%20%E6%89%80%E5%BE%97%E7%A8%85) For the six months ended June 30, 2025, the Group's income tax expense was approximately RMB 93 million, a slight decrease from RMB 100 million in the prior period, primarily comprising PRC current tax and deferred tax | Tax Type | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | PRC Current Tax | 50,538 | 109,295 | | Deferred Tax | 42,610 | (9,746) | | **Total Income Tax** | **93,148** | **99,549** | [Loss for the Period](index=14&type=section&id=7.%20%E6%9C%9F%E5%85%A7%E虧%E6%90%8D) Loss for the period was primarily impacted by write-down of properties held for sale (RMB 643 million) and increased finance costs, partially offset by net exchange gains (RMB 185 million) and gain on debt restructuring (RMB 8 million) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Government grants and partial exemption from PRC value-added tax | (2,707) | (4,122) | | Interest income | (8,394) | (4,672) | | Net exchange (gain)/loss | (185,127) | 247,893 | | Net (profit)/loss on disposal of associates and joint ventures | (486) | 34,987 | | Write-down of properties held for sale | 643,431 | 499,873 | | Gain on debt restructuring | (8,186) | – | [Dividends](index=14&type=section&id=8.%20%E8%82%A1%E6%81%AF) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[26](index=26&type=chunk) [Loss Per Share](index=15&type=section&id=9.%20%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) For the six months ended June 30, 2025, basic and diluted loss per share was RMB 54.93 cents, slightly higher than RMB 54.77 cents in the prior period, primarily due to an increase in loss attributable to owners of the company | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Loss for the purpose of calculating basic and diluted loss per share (Loss for the period attributable to owners of the Company) | (3,171,041) | (3,161,480) | | Weighted average number of ordinary shares (thousands) | 5,772,598 | 5,772,598 | | **Loss per share - basic and diluted (RMB cents)** | **(54.93)** | **(54.77)** | - The exercise of share options was not assumed in calculating diluted loss per share as it would result in a decrease in loss per share[27](index=27&type=chunk) [Trade and Other Receivables](index=16&type=section&id=10.%20%E6%87%89%E6%94%B6%E8%B3%AC%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and other receivables amounted to RMB 10.441 billion, a decrease from RMB 11.542 billion at the end of 2024, with trade receivables (net of impairment loss provision) at RMB 1.832 billion and an increase in trade receivables over 1 year old Trade and Other Receivables Summary | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade receivables - from contracts with customers | 1,751,141 | 1,701,752 | | Other receivables | 2,200,858 | 2,570,373 | | Consideration receivable for disposal of equity interests in subsidiaries and an associate | 2,091,752 | 2,661,583 | | **Amounts shown under current assets** | **10,440,717** | **11,541,593** | Ageing of Trade Receivables | Ageing of Trade Receivables | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | 0 to 30 days | 251,592 | 1,208,272 | | 31 to 90 days | 224,271 | 136,741 | | 91 to 180 days | 227,992 | 127,630 | | 181 to 365 days | 889,972 | 112,064 | | Over 1 year | 238,145 | 186,572 | | **Total** | **1,831,972** | **1,771,279** | [Trade and Other Payables](index=17&type=section&id=11.%20%E6%87%89%E4%BB%98%E8%B3%AC%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and other payables amounted to RMB 9.525 billion, an increase from RMB 9.113 billion at the end of 2024, with trade payables at RMB 3.225 billion and a significant increase in trade payables over 1 year old Trade and Other Payables Summary | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade payables | 3,224,654 | 3,284,905 | | Other payables and accrued expenses | 4,982,294 | 4,477,578 | | **Total** | **9,524,761** | **9,113,265** | Ageing of Trade Payables | Ageing of Trade Payables | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 1 year | 483,698 | 3,089,459 | | Over 1 year | 2,740,956 | 195,446 | | **Total** | **3,224,654** | **3,284,905** | - Trade payables primarily comprise unpaid amounts for construction material purchases and subcontracting fees, with an average credit period ranging from two months to one year[34](index=34&type=chunk) [Excerpt from Independent Review Report](index=19&type=section&id=%E7%8D%A8%E7%AB%8B%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A%E6%91%98%E9%8C%84) [Basis for Disclaimer of Conclusion](index=19&type=section&id=%E4%B8%8D%E7%99%BC%E8%A1%A8%E7%B5%90%E8%AB%96%E7%9A%84%E5%9F%BA%E7%A4%8E) The reviewer was unable to express a conclusion due to multiple material uncertainties regarding the Group's ability to continue as a going concern, including substantial net losses, high net current liabilities and net liabilities, and approximately RMB 43.995 billion in defaulted interest-bearing borrowings, with the validity of the going concern assumption dependent on the successful implementation of debt restructuring, accelerated sales, asset disposals, and cost control measures, which remain uncertain - The reviewer was unable to express a conclusion due to material uncertainties regarding the Group's ability to continue as a going concern[36](index=36&type=chunk)[38](index=38&type=chunk) - Key uncertainties include a net loss of **RMB 3.343 billion** for the period, net current liabilities of **RMB 19.525 billion**, net liabilities of **RMB 14.332 billion**, and approximately **RMB 43.995 billion** in defaulted interest-bearing borrowings[36](index=36&type=chunk) - The validity of the going concern assumption depends on the successful implementation of measures such as offshore debt restructuring, accelerated property sales, successful disposal of project equity, and effective cost control, but these measures are subject to multiple uncertainties[37](index=37&type=chunk) [Disclaimer of Conclusion](index=19&type=section&id=%E4%B8%8D%E7%99%BC%E8%A1%A8%E7%B5%90%E8%AB%96) Based on multiple uncertainties related to going concern and their potential cumulative impact, the reviewer disclaims a conclusion on the interim financial information - The reviewer disclaims a conclusion on the interim financial information due to multiple going concern uncertainties and their cumulative impact[38](index=38&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business Review](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group actively addressed liquidity challenges in the first half of 2025, focusing on "ensuring delivery and stable operations," achieving progress in delivery, sales, and funding, with property development contracted sales of RMB 459 million primarily from residential products in key metropolitan areas, while community services enhanced efficiency and customer satisfaction through smart community initiatives and online platforms [Property Development](index=20&type=section&id=%E6%88%BF%E5%9C%B0%E7%94%A2%E9%96%8B%E7%99%BC) In the first half of 2025, the Group's property development achieved contracted sales of RMB 459 million and a contracted sales area of 66,920 square meters, primarily residential products, with sales concentrated in 8 cities including Beijing, Shenzhen, and Chengdu, and the Bohai Rim and Chengdu-Chongqing metropolitan areas being the largest contributors, while one project phase was completed, 13 projects were under construction, 14 projects were awaiting construction, and total land reserves were approximately 7.26 million square meters - From January to June 2025, the Group achieved contracted sales of approximately **RMB 459 million** and a contracted sales area of **66,920 square meters**, primarily from residential products (**99.91%**)[39](index=39&type=chunk)[41](index=41&type=chunk) Contracted Sales by Region | Region | Contracted Sales Amount (RMB million) | Proportion | Contracted Sales Area (sq.m.) | Proportion | | :--- | :--- | :--- | :--- | :--- | | Guangdong-Hong Kong-Macao Greater Bay Area | 126 | 27.45% | 5,747 | 8.59% | | Chengdu-Chongqing Metropolitan Area | 131 | 28.54% | 40,992 | 61.25% | | Central China Metropolitan Area | 25 | 5.45% | 3,669 | 5.48% | | Yangtze River Delta Metropolitan Area | 15 | 3.27% | 4,087 | 6.11% | | Bohai Rim Metropolitan Area | 162 | 35.29% | 12,425 | 18.57% | | **Total** | **459** | **100%** | **66,920** | **100%** | - During the period, **1 project phase was completed** with a total GFA of approximately **15,943 sq.m.**; **13 projects were under construction** with a total GFA of **1,341,547 sq.m.**; and **14 projects were awaiting construction** with a total GFA of **5,921,908 sq.m.**[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - As of June 30, 2025, the Group's total land reserve GFA was approximately **7,263,455 sq.m.**, primarily located in North China, Southwest China, and South China[52](index=52&type=chunk)[53](index=53&type=chunk) [Community Services](index=24&type=section&id=%E7%A4%BE%E5%8D%80%E6%9C%8D%E5%8B%99) Color Life Services Group, a leading property management and community services operator, focuses on basic property services, actively promotes smart community development by introducing AI large models and intelligent robots to enhance service efficiency, and strengthens community cohesion and expands consumption scenarios through community activities and the "Cai Zhi Yun" online platform - Color Life Services Group focuses on property management services, leveraging internet technology to build online and offline service platforms, providing basic "four-guarantee" services[54](index=54&type=chunk) - The Group is actively advancing smart community development, upgrading its "Property Digital Management Platform" with AI large models, and introducing intelligent robots and AI customer service managers to enhance service quality and efficiency[55](index=55&type=chunk) - Through community activities and the "Cai Zhi Yun" online platform, the Group strengthens owner-property relationships, enriches community life, and promotes community cultural brand building and consumption scenario expansion[56](index=56&type=chunk)[57](index=57&type=chunk) [Financial Review](index=26&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) For the six months ended June 30, 2025, the Group's total revenue increased by 14.8% to RMB 1.883 billion, primarily driven by a 128.5% surge in property development revenue, while gross profit declined by 9.1% and gross profit margin fell to 17.5%, with other income turning from loss to gain, selling and administrative expenses significantly decreasing due to cost control, but finance costs rising by 12.3% [Revenue](index=26&type=section&id=%E6%94%B6%E5%85%A5) The Group's total revenue increased by 14.8% year-on-year to RMB 1.883 billion, primarily driven by a 128.5% surge in property development revenue, while property operating services revenue also saw a modest increase, but property investment and hotel operations revenue declined | Revenue Source | 2025 (RMB 100 million) | 2024 (RMB 100 million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue | 18.83 | 16.41 | Increased by 14.8% | | Property Development | 3.80 | 1.66 | Increased by 128.5% | | Property Investment | 1.10 | 1.15 | Decreased by 3.7% | | Property Operating Services | 13.85 | 13.32 | Increased by 4.0% | | Hotel Operations | 0.08 | 0.26 | Decreased by 68.6% | - The increase in property development revenue was primarily attributable to the rise in property area delivered during the year[59](index=59&type=chunk) - The decrease in hotel operations revenue was mainly due to the disposal and reclassification of several hotel assets into investment properties in the second half of 2024[64](index=64&type=chunk) [Gross Profit and Gross Profit Margin](index=28&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) The Group's gross profit decreased by 9.1% year-on-year to RMB 329 million, with the gross profit margin falling from 22.1% to 17.5%, primarily due to a further decline in gross profit from property development | Metric | 2025 (RMB 100 million) | 2024 (RMB 100 million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Gross Profit | 3.29 | 3.62 | Decreased by 9.1% | | Gross Profit Margin | 17.5% | 22.1% | Decreased by 4.6 percentage points | - The decline in gross profit margin was primarily due to a further decrease in gross profit from the property development segment[65](index=65&type=chunk) [Other Income, Gains and Losses](index=28&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E3%80%81%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D) The Group recorded other net gains of approximately RMB 201 million for the period, a significant improvement from a net loss of RMB 329 million in the prior period, primarily attributable to net exchange gains/losses from USD-denominated senior notes | Metric | 2025 (RMB 100 million) | 2024 (RMB 100 million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Other net gains/(losses) | 2.01 (Gain) | (3.29) (Loss) | Turned from Loss to Gain | | Primary Reason | Net exchange gains/losses | Net exchange gains/losses | - | [Selling and Distribution Expenses](index=28&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E8%B2%BB%E7%94%A8) Selling and distribution expenses decreased by 35.7% year-on-year to RMB 28 million, primarily due to reduced advertising and promotion expenses for property sales | Metric | 2025 (RMB 100 million) | 2024 (RMB 100 million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 0.28 | 0.44 | Decreased by 35.7% | | Primary Reason | Reduced advertising and promotion expenses | - | - | [Administrative Expenses](index=28&type=section&id=%E8%A1%8C%E6%94%BF%E8%B2%BB%E7%94%A8) Administrative expenses decreased by 15.5% year-on-year to RMB 294 million, primarily due to the Group's cost control policies and reduced staff costs | Metric | 2025 (RMB 100 million) | 2024 (RMB 100 million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 2.94 | 3.48 | Decreased by 15.5% | | Primary Reason | Cost control policies and reduced staff costs | - | - | [Finance Costs](index=29&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Finance costs increased by 12.3% year-on-year to RMB 2.218 billion, primarily due to a decrease in capitalized interest | Metric | 2025 (RMB 100 million) | 2024 (RMB 100 million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Finance Costs | 22.18 | 19.75 | Increased by 12.3% | | Primary Reason | Decrease in capitalized interest | - | - | [Income Tax Expense](index=29&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense was approximately RMB 93 million, remaining largely stable compared to RMB 100 million in the prior period | Metric | 2025 (RMB 100 million) | 2024 (RMB 100 million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Income Tax Expense | 0.93 | 1.00 | Remained stable | [Liquidity, Financial Resources and Capital Structure](index=29&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B) As of June 30, 2025, the Group's total bank balances and cash decreased by 27.6% to RMB 1.249 billion, with borrowings, senior notes, and bonds remaining high, most of which are due within one year, and the Group's assets are primarily pledged for borrowings, facing approximately RMB 5.925 billion in contingent liabilities [Cash Position](index=29&type=section&id=%E7%8F%BE%E9%87%91%E7%8B%80%E6%B3%81) As of June 30, 2025, the Group's total bank balances and cash were approximately RMB 1.249 billion, a 27.6% decrease from the end of 2024, with some cash being restricted bank deposits primarily for property development use | Metric | June 30, 2025 (RMB 100 million) | December 31, 2024 (RMB 100 million) | Change | | :--- | :--- | :--- | :--- | | Total bank balances and cash | 12.49 | 17.24 | Decreased by 27.6% | | Restricted bank deposits | 4.28 | 5.68 | Decreased by 24.7% | | Bank balances and cash | 8.20 | 11.56 | Decreased by 29.1% | [Borrowings and Pledges of the Group's Assets](index=29&type=section&id=%E5%80%9F%E6%AC%BE%E5%8F%8A%E6%9C%AC%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group's total borrowings were approximately RMB 18.025 billion, senior notes and bonds approximately RMB 48.649 billion, and asset-backed securities issued approximately RMB 298 million, with most borrowings and senior notes due within one year, and the vast majority of borrowings secured by land use rights, properties, and bank deposits, while senior notes are guaranteed by pledges of shares in subsidiaries Borrowings and Senior Notes | Type of Liability | June 30, 2025 (RMB 100 million) | December 31, 2024 (RMB 100 million) | | :--- | :--- | :--- | | Total borrowings | 180.25 | 179.48 | | Borrowings due within one year | 164.30 | 160.41 | | Borrowings due after one year | 15.95 | 19.07 | | Total senior notes and bonds | 486.49 | 470.43 | | Senior notes and bonds due within one year | 410.60 | 391.20 | | Senior notes and bonds due after one year | 75.89 | 79.23 | | Asset-backed securities issued | 2.98 | 2.89 | - The vast majority of borrowings are secured by land use rights, properties, and bank deposits, while senior notes are jointly and severally guaranteed by pledges of shares in certain subsidiaries[73](index=73&type=chunk) [Exchange Rate Risk](index=30&type=section&id=%E5%8C%AF%E5%85%8C%E9%A2%A8%E9%9A%AA) The Group primarily operates in China and does not face other significant direct exchange rate fluctuation risks, except for bank balances, borrowings, and lease liabilities denominated in foreign currencies - The Group primarily operates in China, with exchange rate risk mainly arising from foreign currency-denominated bank balances, borrowings, and lease liabilities[74](index=74&type=chunk) [Commitments](index=30&type=section&id=%E6%89%BF%E8%AB%BE) As of June 30, 2025, the Group had commitments to pay approximately RMB 673 million for construction and property development, a decrease from 2024 | Type of Commitment | June 30, 2025 (RMB 100 million) | 2024 (RMB 100 million) | | :--- | :--- | :--- | | Commitments for construction and property development | 6.73 | 8.80 | [Contingent Liabilities](index=30&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group provided guarantees of approximately RMB 2.575 billion for property buyers' mortgage loans and approximately RMB 5.925 billion for bank borrowings of joint ventures and associates, with directors believing the likelihood of buyer default is remote and the fair value of guarantee contracts is not material | Type of Contingent Liability | June 30, 2025 (RMB 100 million) | 2024 (RMB 100 million) | | :--- | :--- | :--- | | Guarantees for property buyers' mortgage loans | 25.75 | 59.72 | | Guarantees for bank borrowings of joint ventures and associates | 59.25 | - | - Directors believe the likelihood of buyer default is remote, and the fair value of guarantee contracts is not material[76](index=76&type=chunk) [Employees and Remuneration Policy](index=31&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had approximately 17,632 employees, a decrease from the end of 2024, with remuneration determined based on employee performance, skills, qualifications, and market practice, and mandatory provident fund and state-managed retirement benefit schemes provided | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 17,632 | 18,596 | - Remuneration policy is determined based on employee performance, skills, qualifications, and experience, in line with market practice, and includes mandatory provident fund and state-managed retirement benefit schemes[77](index=77&type=chunk) [Dividends](index=31&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[78](index=78&type=chunk) [Purchase, Sale or Redemption of the Company's Securities](index=31&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E9%8A%B7%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and there were no treasury shares - During the period, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities[79](index=79&type=chunk) - As of June 30, 2025, the Company held no treasury shares[79](index=79&type=chunk) [Latest Progress on Debt Restructuring](index=31&type=section&id=%E5%82%B5%E5%8B%99%E9%87%8D%E7%B5%84%E4%B9%8B%E6%9C%80%E6%96%B0%E9%80%B2%E5%B1%95) The Group is actively advancing its offshore debt restructuring plan, having entered into a restructuring support agreement with an ad hoc group of creditors holding over 34.9% of the existing notes' principal, while onshore, the principal and interest payment arrangements for five public bonds have been adjusted to December 31, 2025 - The Company has entered into an offshore debt restructuring support agreement with an ad hoc group of creditors holding over **34.9%** of the existing notes' principal[80](index=80&type=chunk)[81](index=81&type=chunk) - For onshore public bonds, the principal and interest payment arrangements for **five bonds** have been adjusted to **December 31, 2025**[82](index=82&type=chunk) [Material Investments](index=32&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) As of June 30, 2025, the Company had no material investments - As of June 30, 2025, the Company had no material investments[83](index=83&type=chunk) [Material Acquisitions and Disposals](index=32&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) During the period, the Company did not participate in Color Life's rights issue, resulting in its equity interest in Color Life being diluted from approximately 52.44% to approximately 41.95%, with Color Life remaining a subsidiary whose financial performance continues to be consolidated into the Company's statements, and no other material acquisitions or disposals occurred - The Company did not participate in Color Life's rights issue, resulting in its equity interest in Color Life being diluted from approximately **52.44%** to approximately **41.95%**[84](index=84&type=chunk) - Color Life remains a subsidiary of the Company, and its financial performance continues to be consolidated into the Company's financial statements[84](index=84&type=chunk) - Other than the dilution of Color Life's equity interest, there were no other material acquisitions or disposals of subsidiaries, associates, and joint ventures during the period[85](index=85&type=chunk) [Material Events After the Reporting Period](index=33&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E9%96%93%E5%BE%8C%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A0%85) No material events affecting the Group have occurred since the end of the reporting period - No material events affecting the Group have occurred since the end of the period[86](index=86&type=chunk) [Going Concern and Mitigation Measures](index=33&type=section&id=%E6%8C%81%E7%BA%8C%E7%B6%93%E7%87%9F%E5%8F%8A%E7%B7%A9%E5%92%8C%E6%8E%AA%E6%96%BD) The Board confirms it has appropriately considered matters raising significant doubt about going concern and actively proposed measures to improve liquidity and financial position, with the Board, management, and audit committee agreeing to prepare financial statements on a going concern basis, but auditors remain uncertain about management's ability to successfully implement the plans - The Board confirms it has considered going concern issues and proposed measures to improve liquidity and financial position[87](index=87&type=chunk)[88](index=88&type=chunk) - The Board, management, and audit committee agree to prepare financial statements on a going concern basis, assuming successful implementation of mitigation measures[89](index=89&type=chunk) - The auditors have expressed uncertainty regarding management's ability to achieve its plans and measures, and have not expressed an opinion on the financial statements[88](index=88&type=chunk)[89](index=89&type=chunk) [Corporate Governance](index=35&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) [Corporate Governance Code](index=35&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The Company is committed to maintaining high corporate governance standards, complying with the Corporate Governance Code in Appendix C1 of the Listing Rules during the period, but with deviations, including failure to arrange liability insurance for directors and senior management, and non-compliance with board composition requirements due to an independent non-executive director's resignation, which was rectified by appointing a new independent non-executive director on July 11, 2025 - The Company is committed to maintaining high corporate governance standards, complying with the Corporate Governance Code during the period, but with deviations[90](index=90&type=chunk) - Due to the ongoing downturn in the real estate market, the Company was unable to arrange appropriate liability insurance for its directors and senior management[90](index=90&type=chunk) - Due to the resignation of an independent non-executive director, the Company temporarily failed to comply with relevant Listing Rules requirements for board composition, audit committee, and nomination committee, but regained compliance after appointing a new independent non-executive director on **July 11, 2025**[91](index=91&type=chunk) [Standard Securities Dealing Code for Directors](index=36&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted the Standard Securities Dealing Code set out in Appendix C3 of the Listing Rules, and all directors have confirmed compliance throughout the period - The Company has adopted the Standard Securities Dealing Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the period[92](index=92&type=chunk) [Other Information](index=36&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) [Review of Interim Results](index=36&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E7%9A%84%E5%AF%A9%E9%96%B1) The Company's unaudited interim results for the period have been reviewed by the audit committee and external auditors - The unaudited interim results for the period have been reviewed by the audit committee and external auditors[93](index=93&type=chunk) [Publication of Interim Results Announcement](index=36&type=section&id=%E5%88%8A%E8%BC%89%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) This announcement has been published on the HKEX website and the Company's website - This announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.cnfantasia.com)[94](index=94&type=chunk) [By Order of the Board](index=36&type=section&id=%E6%89%BF%E8%91%A3%E4%BA%8B%E6%9C%83%E5%91%BD) This announcement is issued by Ms. Zeng Jianli, Chairman of the Board, and lists the composition of the Board of Directors as of the announcement date - This announcement is issued by Ms. Zeng Jianli, Chairman of the Board[95](index=95&type=chunk) - As of the announcement date, the Board members include Executive Directors Ms. Zeng Jianli, Mr. Timothy David Gildner, Mr. Lin Zhifeng; Non-executive Directors Ms. Zeng Baobao, Mr. Su Boyu; and Independent Non-executive Directors Mr. Leung Yiu Cho, Mr. Kwok Siu Muk, Mr. Ma Youheng[96](index=96&type=chunk)

Core Viewpoint - The company reported a revenue of approximately RMB 1.883 billion for the first half of 2025, reflecting a year-on-year growth of about 14.8% [1] - The loss attributable to the owners of the company was approximately RMB 3.171 billion, which represents an increase in loss of about 0.3% compared to the same period last year [1] Financial Performance - Revenue for the period was approximately RMB 1.883 billion, marking a growth of approximately 14.8% year-on-year [1] - The loss attributable to the owners of the company was approximately RMB 3.171 billion, with a year-on-year increase in loss of about 0.3% [1] Project and Cost Management - As of June 30, 2025, the company had a land reserve for projects under construction and planned projects with a total building area of approximately 7,263,455 square meters [1] - Sales and distribution expenses, as well as administrative expenses, amounted to approximately RMB 322 million, which is a decrease of about 17.8% compared to the same period last year [1]

花样年控股(01777)发布截至2025年6月30日止六个月未经审核中期业绩，总收入18.83亿元(人民币，下 同)，同比增加14.75%;股东应占亏损31.71亿元，同比扩大0.3%;每股基本亏损54.93分。 ...

于2025年6月30日，集团在建及待建项目土地储备建筑面积为约7,263,455平方米。 格隆汇8月29日丨花样年控股(01777.HK)发布公告，截至2025年6月30日止六个月，公司收入约为人民币 18.83亿元，较去年同期增加约14.8%。归属于公司拥有人的亏损约为人民币31.71亿元，较去年同期增 加亏损约0.3%。 ...

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，並表明概不就本公告全部或任何部分內容 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。 Fantasia Holdings Group Co., Limited 花樣年控股集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代 號：1777） 截至2025年6月30日止六個月 未經審核中期業績公告 財務摘要 1 – 本集團收入約為人民幣18.83億元，較去年同期增加約14.8%。 – 歸屬於本公司擁有人的虧損約為人民幣31.71億元，較去年同期增加虧損約 0.3%。 – 於2025年6月30日，本集團在建及待建項目土地儲備建築面積為約7,263,455平 方米。 – 本集團期內銷售及分銷費用以及行政費用為約人民幣3.22億元，較去年同期 減少約17.8%。 – 董事會不建議就截至2025年6月30日止期間派發中期股息。 花樣年控股集團有限公司（以下稱「花樣年」或「本公司」）董事（「董事」）會（「董事會」） 宣佈本公司及其附屬公司（統稱「本集團」）截至2025年6月30日止六個月（「期內」）的 ...

Group 1 - The board meeting of Fantasia Holdings (01777.HK) is scheduled for August 29, 2025, to discuss and consider the approval of the group's interim results for the six months ending June 30, 2025, and the distribution of an interim dividend, if any [1]

Fantasia Holdings Group Co., Limited 花樣年控股集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代 號：1777） 董事會會議通告 花樣年控股集團有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事 （「董事」）會（「董事會」）謹此宣佈，董事會會議將於2025年8月29日（星期五）舉 行，以（其中包括）商討及酌情批准本集團截至2025年6月30日止六個月之中期 業績及派發中期股息（如有）。 承董事會命 花樣年控股集團有限公司 主席 香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告之內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本 公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 程建麗 香港，2025年8月19日 於本公告日期，本公司執行董事為程建麗女士、Timothy David Gildner先生及 林志鋒先生；本公司非執行董事為曾寶寶小姐及蘇波宇先生；及本公司獨立 非執行董事為梁耀祖先生、郭少牧先生及馬有恒先生。 ...