Group 1 - The core point of the article is that Jingrui Holdings (01862.HK) reported its contract sales figures for August 2025, indicating a total contract sales amount of approximately RMB 0.52 billion, with a contract sales area of about 2,284 square meters and an average contract sales price of approximately RMB 22,767 per square meter [1] - For the seven months ending August 31, 2025, the company achieved cumulative contract sales of approximately RMB 6.23 billion, with a total contract sales area of about 41,505 square meters and an average contract sales price of approximately RMB 15,010 per square meter [1]

（股份代號：01862） 2025年8月未經審計的營運數據 景瑞控股有限公司*（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬公司（「本集團」）2025年8月 未經審計的營運數據。 本集團於2025年8月的合約簽約銷售額（連合營企業及聯營企業的銷售額）約為人民幣0.52億元，合同 銷售面積約為2,284平方米，合同銷售均價約人民幣22,767元╱平方米。 截至2025年8月31日止七個月，本集團累計合約簽約銷售額（連合營企業及聯營企業的銷售額）約為人 民幣6.23億元，合同銷售面積約為41,505平方米，合同銷售均價約人民幣15,010元╱平方米。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容所產生或因依賴該等內 容而引致的任何損失承擔任何責任。 JINGRUI HOLDINGS LIMITED 景瑞控股有限公司* （於開曼群島註冊成立的有限公司） 承董事會命 Jingrui Holdings Limited 景瑞控股有限公司* 主席 閆浩 香港，2025年9月2日 於本公告日期，本公司董事會 ...

致：香港交易及結算所有限公司 公司名稱: 景瑞控股有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月1日 FF301 I. 法定/註冊股本變動 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 | 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) | 01862 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.01 USD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.01 USD | | 100,000,000 | ...

Core Viewpoint - Jingrui Holdings (01862) reported a significant decline in revenue and an increase in losses for the first half of 2025, indicating ongoing challenges in the real estate market [1] Financial Performance - The company's revenue for the first half of 2025 was approximately 587 million, representing a year-on-year decrease of 76.21% [1] - The loss attributable to equity holders was about 2.006 billion, which is a 35.23% increase compared to the previous year [1] - Basic loss per share was reported at 1.3 yuan [1] Sales Performance - Revenue from property sales was around 150 million, a substantial decrease of approximately 92.5% compared to the same period last year [1] - The decline in sales revenue was primarily due to a reduction in the area of properties delivered during the reporting period [1] Land Reserves - As of June 30, 2025, the total land reserves of the group amounted to approximately 1,291,272 square meters, with an equity area of about 820,372 square meters [1]

Group 1 - The core viewpoint of the article highlights that Jingrui Holdings (01862) reported a significant decline in revenue and an increase in losses for the first half of 2025 [1] - The company's revenue for the first half of 2025 was approximately 587 million, representing a year-on-year decrease of 76.21% [1] - The loss attributable to equity holders was approximately 2.006 billion, which is a year-on-year increase of 35.23% [1] Group 2 - The revenue from property sales for the first half of 2025 was about 150 million, a decrease of approximately 92.5% compared to the same period last year [1] - The primary reason for the decline in property sales revenue was a reduction in the area of properties delivered during the review period [1] - As of June 30, 2025, the company's total land reserves amounted to approximately 1,291,272 square meters, with an equity area of about 820,372 square meters [1]

[Interim Results Summary](index=1&type=section&id=Interim%20Results%20Summary) The Company reported significant declines in sales and revenue, a net loss of RMB2.112 billion, and no interim dividend Key Financial Indicators | Indicator | Six Months Ended June 30, 2025 (RMB million) | YoY Change | | :--- | :--- | :--- | | Contracted Sales | 472.0 | -48.4% | | Revenue | 586.8 | -76.2% | | Gross Loss | 70.2 | (Gross profit of 140.2 in 2024) | | Net Loss | 2,112.1 | Loss widened from RMB1,571.9 million in 2024 | | Total Assets (Period-end) | 28,375.7 | - | | Land Bank (Period-end) | 1,291,272 sq.m. | - | - The Board resolved not to declare any interim dividend[4](index=4&type=chunk) [Financial Statements](index=2&type=section&id=Financial%20Statements) This chapter outlines the Company's H1 2025 condensed consolidated financial statements, detailing its financial position [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) H1 2025 revenue significantly decreased, gross profit turned to loss, and net loss reached RMB2.112 billion Condensed Consolidated Statement of Profit or Loss | Indicator | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 586,761 | 2,466,291 | -76.2% | | Cost of Sales | (656,934) | (2,326,078) | -71.8% | | Gross (Loss)/Profit | (70,173) | 140,213 | From profit to loss | | Operating Loss | (1,394,262) | (1,157,186) | Loss widened | | Net Finance Costs | (390,067) | (389,769) | Largely stable | | Loss for the Period | (2,112,069) | (1,571,946) | Loss widened | | Loss Attributable to Owners of the Company | (2,005,751) | (1,483,247) | Loss widened | | Basic Loss Per Share | RMB(1.30) | RMB(0.96) | Loss widened | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) H1 2025 total comprehensive loss expanded to RMB2.107 billion, driven by increased loss Condensed Consolidated Statement of Comprehensive Income | Indicator | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the Period | (2,112,069) | (1,571,946) | | Fair value change of equity investments measured at fair value through other comprehensive income (net of tax) | 5,250 | (22,500) | | Total Comprehensive Loss for the Period (net of tax) | (2,106,819) | (1,594,446) | | Total Comprehensive Loss Attributable to Owners of the Company | (2,000,501) | (1,505,747) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets decreased, and total equity turned into a RMB1.424 billion deficit Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 28,375,740 | 30,617,773 | -7.3% | | Non-current Assets | 7,218,283 | 7,960,355 | -9.3% | | Current Assets | 21,157,457 | 22,657,418 | -6.7% | | Total Liabilities | 29,799,764 | 29,933,034 | -0.4% | | Non-current Liabilities | 3,723,603 | 3,504,629 | +6.2% | | Current Liabilities | 26,076,161 | 26,428,405 | -1.3% | | Total (Deficit)/Equity | (1,424,024) | 684,739 | From surplus to deficit | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This chapter provides essential background and details for understanding the financial statements [General Information](index=6&type=section&id=General%20Information) CIFI Holdings (Group) Co. Ltd. is a Cayman Islands-registered property developer in China - The Company primarily engages in **property development** in China[9](index=9&type=chunk) - The ultimate controlling shareholder of the Company is **Mr. Yan Hao**[10](index=10&type=chunk) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) H1 2025 significant loss and overdue borrowings raise material uncertainties about going concern - For the six months ended June 30, 2025, the Group recorded a loss for the period of approximately **RMB2,112,069,000**[13](index=13&type=chunk) - As of June 30, 2025, the Group had net current liabilities of **RMB4,918,704,000**[13](index=13&type=chunk) - As of June 30, 2025, the Group defaulted on borrowings of **RMB11,903,932,000** and corresponding interest of **RMB2,715,927,000** due to overdue principal and interest repayments, with legal actions initiated by certain lenders[14](index=14&type=chunk) - Management has formulated plans, including active negotiations with creditors, accelerating property sales and collections, and controlling administrative expenses, to alleviate liquidity pressure[15](index=15&type=chunk)[16](index=16&type=chunk) [Accounting Policies](index=8&type=section&id=Accounting%20Policies) H1 2025 accounting policies are consistent with 2024, with no material impact from new HKFRS - The accounting policies adopted are consistent with the 2024 annual financial statements, except for the initial adoption of amended HKFRS[17](index=17&type=chunk) - The application of HKAS 21 (Amendments) "Lack of Exchangeability" had no material impact on these condensed consolidated financial statements[18](index=18&type=chunk) [Revenue and Segment Information](index=8&type=section&id=Revenue%20and%20Segment%20Information) The Group manages performance across property development, investment, and other platforms - The Group's business is divided into **property development platform**, **property investment platform**, and **all other platforms** (including property management, design and decoration, investment, etc.)[19](index=19&type=chunk)[20](index=20&type=chunk) - The Group's revenue and non-current assets are primarily located in **China**[21](index=21&type=chunk) [Revenue Breakdown](index=9&type=section&id=Revenue%20Breakdown) H1 2025 total revenue was RMB586.76 million, with property sales down 92.5% Revenue Breakdown | Revenue Source | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Property Sales | 149,832 | 2,001,831 | -92.5% | | Property Management Services | 383,959 | 392,034 | -2.1% | | Rental Income | 48,709 | 60,518 | -19.5% | | Others | 4,261 | 11,908 | -64.2% | | **Total Revenue** | **586,761** | **2,466,291** | **-76.2%** | [Segment Results](index=10&type=section&id=Segment%20Results) H1 2025 saw all segments report losses, with property development recording a RMB1.647 billion loss Segment Revenue and Loss Before Income Tax | Segment | Six Months Ended June 30, 2025 Segment Revenue (RMB thousand) | Six Months Ended June 30, 2025 Segment Loss Before Income Tax (RMB thousand) | | :--- | :--- | :--- | | Property Development Platform | 156,180 | (1,647,424) | | Property Investment Platform | 46,436 | (59,627) | | All Other Platforms | 392,649 | (89,204) | | **Total Segments** | **595,265** | **(1,796,255)** | - As of June 30, 2025, the property development platform had assets of **RMB49.89 billion** and liabilities of **RMB52.50 billion**[23](index=23&type=chunk) [Trade and Other Receivables and Prepayments](index=12&type=section&id=Trade%20and%20Other%20Receivables%20and%20Prepayments) As of June 30, 2025, total receivables decreased to RMB6.829 billion, with increased impairment Trade and Other Receivables and Prepayments | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables – Net | 640,954 | 626,682 | | Amounts Due from Related Parties | 905,475 | 923,938 | | Amounts Due from Non-controlling Interests of Subsidiaries | 2,308,638 | 2,319,895 | | Other Receivables | 1,586,264 | 1,652,671 | | Less: Impairment Provision | (1,663,495) | (886,729) | | **Total** | **6,829,374** | **7,664,092** | - Trade receivables with an aging of less than one year amounted to **RMB5.212 billion**[26](index=26&type=chunk) - Trade and other receivables and prepayments are primarily denominated in **RMB**[27](index=27&type=chunk) [Trade and Other Payables](index=14&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total payables were RMB7.506 billion, including high interest payable Trade and Other Payables | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade and Bills Payables | 1,528,427 | 1,873,420 | | Amounts Due to Related Parties | 1,412,187 | 1,400,670 | | Interest Payable | 3,168,349 | 2,763,448 | | **Total** | **7,505,681** | **7,628,469** | - Trade and bills payables with an aging of less than one year amounted to **RMB1.278 billion**[29](index=29&type=chunk) - Trade and other payables are primarily denominated in **RMB and USD**[30](index=30&type=chunk) [Other Income](index=15&type=section&id=Other%20Income) H1 2025 other income significantly decreased to RMB596 thousand, mainly from government grants Other Income | Income Source | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Government Grants | 596 | 5,042 | | Compensation Income | – | 406 | | **Total** | **596** | **5,448** | [Other Gains or Losses – Net](index=15&type=section&id=Other%20Gains%20or%20Losses%20%E2%80%93%20Net) H1 2025 net other loss was RMB224.017 million, mainly from financial asset fair value losses Other Gains or Losses – Net | Loss Source | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net fair value loss on financial assets measured at fair value through profit or loss | (196,344) | (360,911) | | Net exchange (loss)/gain | (13,402) | 12,415 | | Goodwill impairment | (7,389) | – | | **Total** | **(224,017)** | **(616,249)** | [Analysis of Expenses](index=16&type=section&id=Analysis%20of%20Expenses) H1 2025 total expenses decreased, but impairment losses on financial assets increased Analysis of Expenses | Expense Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of Properties Sold | 174,444 | 1,922,316 | | Property Management Costs | 300,988 | 285,126 | | Impairment Provision for Properties Under Development and Properties Held for Sale | 166,976 | 101,869 | | Net Impairment Loss on Financial Assets | 809,374 | 182,576 | | Staff Costs | 100,931 | 128,069 | | **Total** | **1,678,695** | **2,789,085** | [Net Finance Costs](index=17&type=section&id=Net%20Finance%20Costs) H1 2025 finance income increased, and net finance costs were RMB390.067 million, largely stable Net Finance Costs | Indicator | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Finance Income | 41,422 | 7,291 | | Finance Costs | (431,489) | (397,060) | | **Net Finance Costs** | **(390,067)** | **(389,769)** | [Income Tax Expense](index=17&type=section&id=Income%20Tax%20Expense) H1 2025 income tax expense significantly increased due to deferred tax asset reversal Income Tax Expense | Tax Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Income Tax | (6,376) | (77,393) | | Deferred Income Tax | (309,438) | 66,093 | | **Total Income Tax Expense for the Period** | **(315,814)** | **(11,300)** | - The increase in income tax expense is primarily due to the **reversal of deferred tax assets** resulting from the Group's continuous losses[67](index=67&type=chunk) - China's corporate income tax rate is **25%**, and land appreciation tax is levied at progressive rates of **30% to 60%**[35](index=35&type=chunk)[37](index=37&type=chunk) [Loss Per Share](index=18&type=section&id=Loss%20Per%20Share) H1 2025 basic loss per share widened to RMB1.30, with no dilutive effects included Loss Per Share | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (RMB thousand) | (2,005,751) | (1,483,247) | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 1,538,813 | 1,538,813 | | **Basic Loss Per Share (RMB)** | **(1.30)** | **(0.96)** | - Due to the Group's loss, the potential dilutive effect of the share award scheme was not included in the calculation of diluted loss per share[40](index=40&type=chunk) [Dividends](index=18&type=section&id=Dividends) The Board resolved not to declare any interim dividend for H1 2025 - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[41](index=41&type=chunk) [Business Review and Outlook](index=19&type=section&id=Business%20Review%20and%20Outlook) This chapter reviews China's H1 2025 market and CIFI Holdings' business platforms [Market Overview](index=19&type=section&id=Market%20Overview) H1 2025 China's GDP grew, but the real estate market faced continued pressure - China's GDP grew approximately **5.2% to 5.4%** in H1 2025, with the economy maintaining steady progress[42](index=42&type=chunk) - National new commercial housing sales area and value decreased by **2.9% and 3.8%** year-on-year, respectively, with the decline narrowing compared to full-year 2024[42](index=42&type=chunk) - Real estate policies continued the "stabilize the property market" tone, with multiple central and local measures, but sales recovery fell short of expectations, leading to immense operating pressure for property enterprises[43](index=43&type=chunk) [CIFI Property](index=20&type=section&id=CIFI%20Property) H1 2025 contracted sales significantly decreased, and property sales revenue was down 92.5% [Contracted Sales](index=20&type=section&id=Contracted%20Sales) H1 2025 contracted sales were RMB472 million, a 48.4% decrease Contracted Sales Performance | Indicator | H1 2025 | | :--- | :--- | | Contracted Sales | RMB472.0 million | | Total Contracted GFA | 32,775 sq.m. | | Average Selling Price | RMB14,401/sq.m. | - Contracted sales primarily originated from **Jiangsu region** (approximately **RMB274.2 million**, accounting for **58.1%**) and **Zhejiang region** (approximately **RMB76.4 million**, accounting for **16.2%**)[44](index=44&type=chunk) [Land Bank](index=22&type=section&id=Land%20Bank) As of June 30, 2025, the Group's total land bank was 1.2913 million sq.m. Land Bank by City Region | City Region | Total GFA (sq.m.) | % of Group's Total GFA | Attributable GFA (sq.m.) | % of Group's Attributable GFA | | :--- | :--- | :--- | :--- | :--- | | Municipalities Directly Under the Central Government | 250,196 | 19.4 | 225,768 | 27.5 | | Zhejiang Region | 126,613 | 9.7 | 97,632 | 11.9 | | Jiangsu Region | 327,365 | 25.4 | 163,858 | 20.0 | | Other Regions (mainly Wuhan) | 587,098 | 45.5 | 333,474 | 40.6 | | **Total** | **1,291,272** | **100.0** | **820,732** | **100.0** | [Revenue from Property Sales](index=23&type=section&id=Revenue%20from%20Property%20Sales) H1 2025 revenue from property sales was RMB149.832 million, a 92.5% decrease Revenue from Property Sales by Project | Project Name | Revenue (RMB thousand) | % of Total Revenue | GFA (sq.m.) | Average Selling Price (RMB/sq.m.) | | :--- | :--- | :--- | :--- | :--- | | Suzhou CIFI • Huyu Shangyuan | 59,309 | 39.6 | 4,523 | 13,113 | | Tianjin CIFI • Yujing Tiandi | 22,393 | 14.9 | 1,198 | 18,692 | | **Subtotal** | **147,369** | **98.3** | **11,318** | **13,021** | - Revenue from property sales decreased by **92.5%** year-on-year, primarily due to a reduction in GFA delivered during the review period[49](index=49&type=chunk)[55](index=55&type=chunk) [CIFI Real Estate](index=24&type=section&id=CIFI%20Real%20Estate) CIFI Real Estate focuses on long-term rental apartments and office buildings, achieving high occupancy - CIFI Real Estate platform is dedicated to holding, managing, and operating **long-term rental apartments and office properties**[50](index=50&type=chunk) Occupancy Rates at Period-end | Project Type | Occupancy Rate at June 30, 2025 | | :--- | :--- | | Apartment Projects | 96.9% | | Office Projects | 94.6% | [CIFI Services](index=24&type=section&id=CIFI%20Services) CIFI Services provides property management across 34 cities, managing over 20 million sq.m. - CIFI Services' business footprint spans **34 cities**, with a contracted GFA exceeding **20 million sq.m.**[51](index=51&type=chunk) - Services cover various property types, including residential, commercial complexes, office buildings, industrial parks, schools, banks, hospitals, and government public construction projects[51](index=51&type=chunk) [Employees and Remuneration](index=25&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the Group employed 2,575 full-time employees, with decreasing staff costs Employee Headcount | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Full-time Employees | 2,575 | 2,661 | | Employees in Property Development Business | 177 | - | | Employees in Property Management | 2,356 | - | | Employees in Customer Service and Other Related Businesses | 42 | - | Staff Costs | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | | :--- | :--- | :--- | | Staff Costs | 100.9 | 128.1 | - The Company manages and incentivizes employees through an annual evaluation system, competitive compensation and benefits, and systematic training programs[52](index=52&type=chunk)[53](index=53&type=chunk) [Financial Performance Analysis](index=26&type=section&id=Financial%20Performance%20Analysis) This chapter analyzes CIFI Holdings' H1 2025 financial performance, revealing reasons for decline [Revenue Analysis](index=26&type=section&id=Revenue%20Analysis) H1 2025 Group revenue significantly decreased by 76.2%, primarily from property sales Revenue Analysis | Revenue Source | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Property Sales | 149,832 | 2,001,831 | (92.5) | | Property Management Services | 383,959 | 392,034 | (2.1) | | Rental Income | 48,709 | 60,518 | (19.5) | | Others | 4,261 | 11,908 | (64.2) | | **Total** | **586,761** | **2,466,291** | **(76.2)** | - The decrease in property sales revenue was primarily due to a **reduction in GFA delivered** during the review period[55](index=55&type=chunk) - The decrease in rental income was primarily due to **renovations of certain commercial projects**[56](index=56&type=chunk) [Cost of Sales Analysis](index=27&type=section&id=Cost%20of%20Sales%20Analysis) H1 2025 cost of sales decreased by 71.8%, but impairment provision for properties increased Cost of Sales Breakdown | Cost Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Construction Costs | 72,765 | 690,365 | | Land Use Rights Costs | 85,465 | 1,009,487 | | Capitalized Interest | 16,214 | 222,464 | | Impairment Provision for Properties Completed for Sale or Under Development, Net | 166,976 | 101,869 | | **Total** | **656,934** | **2,326,078** | - Cost of sales decreased by **71.8%** year-on-year, consistent with the decrease in revenue[57](index=57&type=chunk) [Gross Loss/Profit and Gross Loss/Profit Margin](index=28&type=section&id=Gross%20Loss%2FProfit%20and%20Gross%20Loss%2FProfit%20Margin) H1 2025 saw a shift from gross profit to a gross loss of RMB70.173 million Gross Loss/Profit and Margin | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Gross (Loss)/Profit | RMB(70.2) million | RMB140.2 million | | Gross Loss/Profit Margin | (12.0)% | 5.7% | - The gross loss was primarily due to the **increased impairment provisions** for property projects based on the Group's prudence principle[59](index=59&type=chunk) [Fair Value Changes of Investment Properties](index=28&type=section&id=Fair%20Value%20Changes%20of%20Investment%20Properties) This chapter analyzes fair value changes of investment properties, showing expanded loss for one platform [Fair Value Loss of Investment Properties Under Property Investment Platform](index=28&type=section&id=Fair%20Value%20Loss%20of%20Investment%20Properties%20Under%20Property%20Investment%20Platform) H1 2025 fair value loss expanded to RMB79.907 million, mainly due to project impairment Fair Value Loss of Investment Properties | Indicator | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Fair Value Loss of Investment Properties | (79,907) | (50,591) | - The expanded loss was primarily due to impairment of projects such as **Beijing CIFI • Sanquan Apartment**, **Shanghai CIFI • Yinqiao Apartment**, and **Beijing CIFI • Zhongguancun Qianhai Zhongjin**[60](index=60&type=chunk) [Fair Value Gain/(Loss) of Investment Properties Under Other Platforms](index=29&type=section&id=Fair%20Value%20Gain%2F%28Loss%29%20of%20Investment%20Properties%20Under%20Other%20Platforms) H1 2025 fair value of investment properties under other platforms shifted from loss to gain Fair Value Gain/(Loss) of Investment Properties | Indicator | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Fair Value Gain/(Loss) of Investment Properties | 1,000 | (173,000) | [Selling and Marketing Costs](index=29&type=section&id=Selling%20and%20Marketing%20Costs) H1 2025 selling and marketing costs decreased by 23.0%, consistent with declining sales Selling and Marketing Costs | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Selling and Marketing Costs | 114.4 | 148.6 | (23.0) | - The decrease in selling and marketing costs is consistent with the **decline in the Group's contracted sales**[62](index=62&type=chunk) [Administrative Expenses](index=29&type=section&id=Administrative%20Expenses) H1 2025 administrative expenses significantly increased due to increased bad debt provisions Administrative Expenses | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 907.4 | 314.4 | 188.6 | - Administrative expenses increased primarily due to the **increased bad debt provisions for receivables** based on the Group's prudence principle[63](index=63&type=chunk) [Other Income and Other Gains or Losses – Net](index=29&type=section&id=Other%20Income%20and%20Other%20Gains%20or%20Losses%20%E2%80%93%20Net) H1 2025 other income was RMB0.6 million, and net other loss was RMB224.0 million Other Income and Other Gains or Losses – Net | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | | :--- | :--- | :--- | | Other Income | 0.6 | 5.4 | | Other Net Loss | (224.0) | (616.2) | - The other net loss primarily resulted from **fair value losses on financial assets measured at fair value through profit or loss**[64](index=64&type=chunk) [Net Finance Costs](index=29&type=section&id=Net%20Finance%20Costs) H1 2025 finance income increased, and net finance costs were RMB390.1 million Net Finance Costs | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | | :--- | :--- | :--- | | Finance Income | 41.4 | 7.3 | | Finance Costs | (431.5) | (397.1) | | **Net Finance Costs** | **(390.1)** | **(389.8)** | [Share of Results of Joint Ventures/Associates](index=29&type=section&id=Share%20of%20Results%20of%20Joint%20Ventures%2FAssociates) H1 2025 share of results was a loss of RMB11.9 million, primarily due to market downturn Share of Results of Joint Ventures/Associates | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | | :--- | :--- | :--- | | Share of Results of Joint Ventures/Associates | (11.9) | (13.7) | - The loss was primarily due to **operating losses incurred by certain joint ventures/associates** affected by the downturn in the real estate market[66](index=66&type=chunk) [Income Tax Expense](index=30&type=section&id=Income%20Tax%20Expense) H1 2025 income tax expense significantly increased due to deferred tax asset reversal Income Tax Expense | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | | :--- | :--- | :--- | | Income Tax Expense | (315.8) | (11.3) | - The increase in income tax expense is primarily due to the **reversal of deferred tax assets** resulting from the Group's continuous losses[67](index=67&type=chunk) [Loss for the Period](index=30&type=section&id=Loss%20for%20the%20Period) H1 2025 loss for the period widened to RMB2.112 billion Loss for the Period | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | | :--- | :--- | :--- | | Loss for the Period | (2,112.1) | (1,571.9) | | Loss Attributable to Owners of the Company | (2,005.8) | (1,483.2) | [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) This chapter details CIFI Holdings' liquidity, borrowing, and risks, highlighting severe challenges [Cash Position](index=30&type=section&id=Cash%20Position) As of June 30, 2025, bank balances and cash were RMB231.1 million Bank Balances and Cash on Hand | Indicator | June 30, 2025 (RMB million) | | :--- | :--- | | Bank Balances and Cash on Hand | 231.1 | - Restricted cash is primarily for **guarantees provided for mortgage financing** of certain property buyers of the Group[70](index=70&type=chunk) [Borrowings](index=30&type=section&id=Borrowings) As of June 30, 2025, total outstanding borrowings were RMB15.858 billion, with 81.2% current Borrowings | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Current Borrowings | 12,879,038 | 13,206,007 | (2.5) | | Total Non-current Borrowings | 2,978,756 | 2,736,256 | 8.9 | | **Total** | **15,857,794** | **15,942,263** | **(0.5)** | - As of June 30, 2025, the Group's long-term borrowings accounted for approximately **18.8%** of total borrowings[73](index=73&type=chunk) - All secured borrowings are collateralized or guaranteed by **land use rights, properties under development, investment properties, properties completed for sale, shares of subsidiaries, and/or guarantees from subsidiaries**[71](index=71&type=chunk) [Net Debt to Equity Ratio](index=32&type=section&id=Net%20Debt%20to%20Equity%20Ratio) As of June 30, 2025, the net debt to equity ratio was -1,097% due to equity deficit Net Debt to Equity Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Debt to Equity Ratio | -1,097% | 2,281% | - The net debt to equity ratio is calculated by dividing net debt at period-end by total (deficit)/equity and multiplying by 100%[75](index=75&type=chunk) [Contingent Liabilities](index=33&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group provided RMB876.2 million in mortgage guarantees Contingent Liabilities | Contingent Liability Type | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Mortgage Guarantees for Property Buyers | 876.2 | 1,327.5 | | Bank Loan Guarantees for Joint Ventures/Associates | 680.9 | 294.3 | - The directors confirmed no significant buyer defaults, which have not had a material adverse impact on the financial position and operating results[76](index=76&type=chunk) [Off-Balance Sheet Commitments and Arrangements](index=33&type=section&id=Off-Balance%20Sheet%20Commitments%20and%20Arrangements) As of June 30, 2025, the Group had no other significant off-balance sheet commitments - As of June 30, 2025, the Group had no other significant off-balance sheet commitments and arrangements[77](index=77&type=chunk) [Interest Rate Risk](index=33&type=section&id=Interest%20Rate%20Risk) The Group faces interest rate risk from borrowings and bonds, does not hedge, and anticipates no material impact - Interest rate risk primarily arises from **borrowings from banks, trust financing providers, preference shares, and corporate bonds**[78](index=78&type=chunk) - The Company does not hedge cash flow or fair value interest rate risk[78](index=78&type=chunk) [Foreign Currency Risk](index=34&type=section&id=Foreign%20Currency%20Risk) The Group's foreign currency risk is minimal, primarily from USD assets, with no hedging policy - Almost all of the Group's transactions, assets, and liabilities are denominated in **RMB**, resulting in minimal foreign currency risk[79](index=79&type=chunk) - The primary foreign currency risk arises from **USD bank deposits and USD-denominated preference shares**[79](index=79&type=chunk) - The Company currently has no foreign currency hedging policy[79](index=79&type=chunk) [Financial Assets Measured at Fair Value Through Profit or Loss/Other Comprehensive Income](index=34&type=section&id=Financial%20Assets%20Measured%20at%20Fair%20Value%20Through%20Profit%20or%20Loss%2FOther%20Comprehensive%20Income) H1 2025 financial assets measured at fair value include liquidity funds and unlisted equity securities - Financial assets measured at fair value through profit or loss primarily include **investments in liquidity opportunity funds, wealth management products, and other private equity investments**[80](index=80&type=chunk) - Financial assets measured at fair value through other comprehensive income primarily include **investments in unlisted equity securities**[80](index=80&type=chunk) [Other Important Matters](index=34&type=section&id=Other%20Important%20Matters) This chapter discloses no significant acquisitions, limited investment plans, no dividend, and a winding-up petition [Material Acquisitions and Disposals](index=34&type=section&id=Material%20Acquisitions%20and%20Disposals) For H1 2025, the Group had no material acquisitions or disposals - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals[81](index=81&type=chunk) [Major Future Investment Plans](index=34&type=section&id=Major%20Future%20Investment%20Plans) Apart from ordinary business, there are currently no intentions for any major investments - Apart from ordinary business and seeking investors for project companies, there are currently **no major investment plans**[82](index=82&type=chunk) [Interim Dividend](index=34&type=section&id=Interim%20Dividend) The Board resolved not to declare any interim dividend for H1 2025 - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[83](index=83&type=chunk) [Winding-Up Petition](index=35&type=section&id=Winding-Up%20Petition) A winding-up petition for USD108 million was filed, which the Company is strongly opposing - China CITIC Financial Asset International Holdings Limited filed a winding-up petition against the Company, involving a loan debt of approximately **USD108 million**[84](index=84&type=chunk) - The petition hearing has been repeatedly adjourned, and the Company will **strongly oppose it** and take all necessary measures to protect its legal rights[84](index=84&type=chunk)[85](index=85&type=chunk) [Corporate Governance](index=35&type=section&id=Corporate%20Governance) This chapter outlines CIFI Holdings' corporate governance practices and auditor's going concern statement [Corporate Governance Practices](index=35&type=section&id=Corporate%20Governance%20Practices) The Company complies with the Corporate Governance Code, except for the combined Chairman and CEO roles - The Company complies with the Corporate Governance Code, but deviates from Code Provision C.2.1, where **Mr. Yan Hao holds both the roles of Chairman and Chief Executive Officer**[86](index=86&type=chunk)[87](index=87&type=chunk) - The Board believes Mr. Yan Hao's dual role facilitates efficient execution of business strategies, and the high proportion of non-executive directors ensures independent judgment[88](index=88&type=chunk) [Audit Committee Review of Interim Results](index=36&type=section&id=Audit%20Committee%20Review%20of%20Interim%20Results) The Audit Committee reviewed the H1 2025 unaudited interim results and accounting principles - The Audit Committee, composed of three independent non-executive directors, has reviewed the Group's unaudited interim results and accounting principles[89](index=89&type=chunk) [Excerpt from Independent Auditor's Report](index=36&type=section&id=Excerpt%20from%20Independent%20Auditor%27s%20Report) The auditor disclaimed a conclusion due to material uncertainties about going concern - The independent auditor disclaimed a conclusion on the condensed consolidated financial statements due to **material uncertainties related to going concern**[90](index=90&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk) - The Group reported a **loss for the period**, **net current liabilities of RMB4.919 billion**, and **extensive overdue borrowings and interest defaults**[90](index=90&type=chunk)[91](index=91&type=chunk) - The auditor was unable to obtain sufficient appropriate evidence to support the reasonableness of the plans and measures underlying management's cash flow forecasts for its going concern assessment[92](index=92&type=chunk) [Model Code for Securities Transactions](index=37&type=section&id=Model%20Code%20for%20Securities%20Transactions) The Company adopted the Model Code for Securities Transactions, and all directors confirmed compliance - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors have confirmed compliance during the reporting period[94](index=94&type=chunk) [Repurchase, Sale or Redemption of the Company's Listed Securities](index=38&type=section&id=Repurchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For H1 2025, neither the Company nor its subsidiaries repurchased or sold listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities[95](index=95&type=chunk) - As of June 30, 2025, the Company held no treasury shares[95](index=95&type=chunk) [Publication of Report](index=38&type=section&id=Publication%20of%20Report) This interim results announcement has been published on the HKEX and the Company's website [Publication of Unaudited Interim Results and 2025 Interim Report on HKEX and Company Website](index=38&type=section&id=Publication%20of%20Unaudited%20Interim%20Results%20and%202025%20Interim%20Report%20on%20HKEX%20and%20Company%20Website) This interim results announcement has been published on the HKEX and the Company's website - This interim results announcement has been published on the **HKEX and the Company's website**[96](index=96&type=chunk) - The 2025 interim report will be dispatched to shareholders and published on the website in due course[96](index=96&type=chunk) [By Order of the Board](index=38&type=section&id=By%20Order%20of%20the%20Board) This announcement was issued by Mr. Yan Hao, Chairman, on August 28, 2025 - This announcement was issued by **Mr. Yan Hao, Chairman of the Board**, on **August 28, 2025**[97](index=97&type=chunk) - The Board comprises **three executive directors** (including Mr. Yan Hao), **one non-executive director**, and **three independent non-executive directors**[97](index=97&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容所產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 JINGRUI HOLDINGS LIMITED 景瑞控股有限公司* （於開曼群島註冊成立的有限公司） （股份代號：01862） 有關實行消除無法發表意見之行動計劃的季度最新情況 的補充公告 本公告乃由景瑞控股有限公司*（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會（「董事 會」）根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.09條以及香港法例第 571章證券及期貨條例第XIVA部而作出。 茲提述本公司截至2024年12月31日止年度的年報（「該年報」）以及本公司日期為 2025年6月30日內容 為有關實行消除無法發表意見之行動計劃的季度最新情況的公告（「該公告」）。除非文義另有所指， 否則本公告所用詞彙與該年報及該公告所界定者具有相同涵義。 本公告旨在向本公司股東及潛在投資者提供有關本公司解決無法發表意見的計劃及措施的其他資 料。 (i) 繼續與7名本集團 ...

格隆汇8月15日丨景瑞控股(01862.HK)公布，公司将于2025年8月28日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

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，概不對因本公告的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。 董事會會議召開日期 景瑞控股有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於2025年8月28日（星期四）舉行董事 會會議，藉以審議及批准（其中包括）本公司及其附屬公司截至2025年6月30日止6個月之中期業績及 其發佈，以及考慮派發中期股息（如有）。 承董事會命 Jingrui Holdings Limited 景瑞控股有限公司* 主席 閆浩 香港，2025年8月15日 JINGRUI HOLDINGS LIMITED 景瑞控股有限公司* （於開曼群島註冊成立的有限公司） （股份代號：01862） 於本公告日期，本公司董事會由執行董事閆浩、徐海峰及陳超；非執行董事陳新戈；獨立非執行董 事劉天民、吳繼蘭及項婷組成。 * 僅供識別 ...

Performance Highlights - BeiGene (06160.HK) reported a revenue of 17.518 billion yuan for the first half of the year, a year-on-year increase of 46%; product revenue was 17.36 billion yuan, up 45.8%; net profit was 450 million yuan, turning from loss to profit [2] - Uni-President China (00220.HK) achieved approximately 17.087 billion yuan in revenue for the first half, a year-on-year increase of 10.6%; net profit was about 1.287 billion yuan, up 33.2% [2] - Zhiyu City Technology (09911.HK) announced a positive profit forecast, expecting mid-term revenue of approximately 3.135 to 3.215 billion yuan, a year-on-year increase of about 38.0% to 41.5%; net profit is expected to be around 470 to 510 million yuan, a year-on-year growth of approximately 108.9% to 126.7% [2] Earnings Forecasts - New World Development Company (00086.HK) expects mid-term net profit to increase to no less than 800 million HKD year-on-year [3] - Weizhi Jinkou (02003.HK) anticipates mid-term net profit exceeding 200 million HKD, a significant increase year-on-year [3] - Wing Chan Industrial (01596.HK) forecasts mid-term net profit of approximately 48.7 million HKD, turning from loss to profit [3] - Huaxian Optoelectronics (00334.HK) expects mid-term net profit to exceed 48.8 million HKD, a year-on-year increase of over 600% [3] - Maifushi (02556.HK) predicts mid-term net profit of approximately 31.8 to 41 million HKD, turning from loss to profit [4] - Xinwei Medical-B (06609.HK) expects mid-term net profit to exceed 40 million HKD, turning from loss to profit [5] - China Nuclear Technology (00611.HK) anticipates mid-term net profit growth of over 15% [6] Earnings Warnings - Hongxing Printing Group (00450.HK) expects mid-term net loss of approximately 49 million HKD, a significant increase year-on-year [7] - Zhongyu Land (01224.HK) forecasts mid-term net loss of approximately 40 million HKD, turning from profit to loss [7] - Beihai Group (00701.HK) anticipates mid-term net loss of 36 to 40 million HKD [8] Real Estate Sales Data - China Overseas Development (00688.HK) reported cumulative contract property sales of approximately 132 billion yuan for the first seven months, a year-on-year decrease of 18.3% [9] - Yuexiu Property (00123.HK) achieved cumulative contract sales of approximately 67.506 billion yuan for the first seven months, a year-on-year increase of about 11.7% [9] - Poly Property Group (00119.HK) reported contract sales of approximately 29.5 billion yuan for the first seven months, a year-on-year decrease of 13.49% [10] - China Overseas Hongyang Group (00081.HK) reported cumulative contract sales of 18.649 billion yuan for the first seven months, a year-on-year decrease of 12.2% [10] - Jindi Commercial Real Estate (00535.HK) reported cumulative contract sales of approximately 6.98 billion yuan for the first seven months, a year-on-year decrease of 37.37% [10] - Agile Group (03383.HK) reported pre-sale amount of approximately 5.69 billion yuan for the first seven months [11] - Hongyang Real Estate (01996.HK) reported cumulative contract sales of 3.208 billion yuan for the first seven months, a year-on-year decrease of 41.6% [12] - Zhengrong Real Estate (06158.HK) reported cumulative contract sales of approximately 2.701 billion yuan for the first seven months, a year-on-year decrease of 30.6% [12] - Jingrui Holdings (01862.HK) reported cumulative contract sales of approximately 571 million yuan for the first seven months, a year-on-year decrease of 52.54% [13] Company News - CITIC Securities (06030.HK) reported that its subsidiary, Huaxia Fund, achieved revenue of 4.258 billion yuan and net profit of 1.123 billion yuan in the first half, with assets under management totaling 285.1237 billion yuan [14] - Xinyi International (00732.HK) reported a cumulative operating revenue of approximately 9.566 billion HKD for the first seven months, a year-on-year decrease of about 5.3% [15] - Heng Rui Pharmaceutical (01276.HK) received orphan drug designation from the US FDA for its injection of Rikan Trastuzumab combined with Adebali for gastric cancer or gastroesophageal junction adenocarcinoma indications [15] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a Phase II clinical study of HLX79 injection combined with Hanlikang® for active renal glomerulonephritis in China [15] - China Biopharmaceutical (01177.HK) announced that its self-developed TQ05105 (JAK/ROCK inhibitor) has been included in the breakthrough therapy designation program for the treatment of chronic graft-versus-host disease [15] Buyback Activities - HSBC Holdings (00005.HK) repurchased approximately 1.65 billion HKD worth of about 1.714 million shares at a price of 95.8 to 96.75 HKD [16] - Hang Seng Bank (00011.HK) spent approximately 22.6347 million HKD to repurchase 200,000 shares at a price of 112.8 to 113.6 HKD [17] - Yum China (09987.HK) repurchased approximately 6.264 million HKD worth of 16,800 shares at a price of 369.8 to 376 HKD [17]