股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 | 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) | 01895 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 38,000,000,000 | HKD | | 0.00001 | HKD | | 380,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 38,000,000,000 | HKD | | 0.00001 | HKD | | 380,000 | 本月底法定/註冊股本總額： HKD 380,000 FF301 致：香港交易及結算所有限公司 公司名稱: 鑫苑物業服務集團有限公司 呈交日期: 2025年10月8日 ...

Xinyuan Property Management Service (Cayman) Ltd. 鑫苑物業服務集團有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公 司） (Stock Code 股 份 代 號: 1895) NOTIFICATION LETTER 通知信函 25 September 2025 Dear Non-registered Holder(s)(Note 1), Xinyuan Property Management Service (Cayman) Ltd. (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Compa ...

Xinyuan Property Management Service (Cayman) Ltd. 鑫苑物業服務集團有限公司 It is the responsibility of registered shareholders to provide a functional email address. If you have not provided your email address to the Company or need to update your email address, the Company recommends you to provide your email address by completing, signing the enclosed Reply Form and returning to the Branch Share Registrar at the above-mentioned address by post or by email to 1895-ecom@vistra.com. If the Company does not have your fun ...

Company Information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section lists the executive directors, non-executive directors, independent non-executive directors, and the composition of the audit, remuneration, and nomination committees of Xinyuan Property Management Group Co., Ltd. - Executive Directors include **Mr. Shen Yuanqing** (Chairman of the Board), **Mr. Feng Bo**, and **Mr. Wang Yong** (Chief Financial Officer)[3](index=3&type=chunk) - Independent Non-Executive Directors include **Mr. Li Yifan**, **Mr. Ling Chenkai**, **Mr. Lan Ye**, and **Ms. Zhao Xia**[3](index=3&type=chunk) - **Ms. Zhao Xia** was appointed as a member of the Nomination Committee on **June 30, 2025**[3](index=3&type=chunk) [Company Contact and Service Institutions](index=3&type=section&id=Company%20Contact%20and%20Service%20Institutions) This section details the company's registered office, principal place of business, group headquarters, share registrar, legal counsel, principal bankers, auditors, overseas banks, stock code, and company website address. - The Cayman Islands registered office is located at **P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands**[4](index=4&type=chunk) - The principal place of business in Hong Kong is located at **Unit B, 17th Floor, United Centre, 95 Queensway, Admiralty, Hong Kong**[4](index=4&type=chunk) - The Company's stock code is **1895**, and its website address is **www.xypm.hk**[5](index=5&type=chunk) Management Discussion and Analysis [Overall Performance](index=5&type=section&id=Overall%20Performance) For the six months ended June 30, 2025, the company achieved significant growth in both total revenue and net profit, demonstrating robust operational performance. 2025 H1 Financial Performance | Indicator | 2025 H1 (RMB millions) | 2024 H1 (RMB millions) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 450.0 | 405.4 | 11.0 | | Net Profit | 60.9 | 52.7 | 15.6 | [Business Review](index=5&type=section&id=Business%20Review) As a comprehensive property management service provider, the Group achieved steady growth in the first half of 2025 by focusing on three growth drivers: "scaling management services, building an ecosystem for value-added scenarios, and leveraging technology for value." - The Group is committed to becoming a leading provider of quality-of-life services driven by new productivity in the large property management sector[9](index=9&type=chunk) - In the first half of 2025, the Group continued to focus on three growth curves: **"scaling management services, building an ecosystem for value-added scenarios, and leveraging technology for value,"** achieving steady growth[9](index=9&type=chunk) - As of **June 30, 2025**, property management services covered **71 cities** in China, with **7.3 million sq.m.** of new contracted area and **3.07 million sq.m.** of new managed area in the first half of the year[9](index=9&type=chunk) [Overview](index=5&type=section&id=Overview) The Group achieved steady performance growth in the first half of the year, enhancing management scale and quality through a "four-wheel drive" model, focusing on five core scenario services, and achieving digital collaborative development. - Management services deepened the **"local intensive cultivation, strategic cooperation, regional specialized expansion, and market bidding" four-wheel drive model** to ensure the quality of market expansion projects[9](index=9&type=chunk) - Scenario services focused on **five core businesses: leasing, home improvement, retail, purified water, and home services**, promoting collaborative development through digital tools[10](index=10&type=chunk) 2025 H1 Scenario Services Revenue YoY Growth | Business Type | YoY Growth (%) | | :--- | :--- | | Home Improvement Services | 23 | | Leasing Services | 129 | | Purified Water Services | 17 | - Scenario technology, centered on **"IoT platform + intelligent agent platform + data platform,"** pioneered the application of AI technology in property scenarios, launching **"Customer Service Intelligent Agent" and "Butler Intelligent Agent"**[11](index=11&type=chunk) - The Group received multiple honors, including **TOP 8 in Leju Finance's 2025 China Property Service Satisfaction Top 100 Enterprises** and **TOP 15 in China Index Academy's 2025 China Property Service Top 100 Enterprises**[12](index=12&type=chunk) [Property Management Services](index=7&type=section&id=Property%20Management%20Services) The Group adheres to a quality-driven development strategy, signing contracts for 7.3 million square meters in the first half of the year, with an increased proportion of non-residential properties. - In the first half of 2025, the Group signed contracts for a total of **7.3 million sq.m.**, including **3.34 million sq.m. of residential** and **3.96 million sq.m. of non-residential**, with the proportion of non-residential properties further increasing[14](index=14&type=chunk) Contracted and Managed Area and Project Count | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Contracted GFA (thousand sq.m.) | 67,404 | 60,924 | | Number of Contracted Projects (units) | 390 | 342 | | Managed GFA (thousand sq.m.) | 40,179 | 35,718 | | Number of Managed Projects (units) | 271 | 240 | - As of **June 30, 2025**, the Group's property management services covered **71 cities** nationwide, continuously expanding its national footprint[16](index=16&type=chunk) GFA and Property Management Services Revenue by Geographical Region | Region | 2025 GFA (thousand sq.m.) | 2025 Revenue (thousand RMB) | 2025 Revenue Share (%) | 2024 GFA (thousand sq.m.) | 2024 Revenue (thousand RMB) | 2024 Revenue Share (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Central China | 21,164 | 159,947 | 50.7 | 20,759 | 153,441 | 55.1 | | East China | 9,287 | 69,870 | 22.2 | 6,516 | 62,234 | 22.3 | | West China | 5,303 | 39,457 | 12.5 | 7,117 | 40,648 | 14.6 | | North China | 1,603 | 18,462 | 5.9 | 776 | 11,908 | 4.3 | | South China | 2,822 | 27,559 | 8.7 | 550 | 10,379 | 3.7 | | Total | 40,179 | 315,295 | 100.0 | 35,718 | 278,610 | 100.0 | - As of **June 30, 2025**, **59%** of the Group's managed GFA was from third parties, and **68%** of contracted GFA was from third parties[24](index=24&type=chunk) Managed Area and Property Management Services Revenue Share by Property Developer Type | Developer Type | 2025 Revenue (thousand RMB) | 2025 Revenue Share (%) | 2025 Managed GFA (thousand sq.m.) | 2025 Managed GFA Share (%) | 2024 Revenue (thousand RMB) | 2024 Revenue Share (%) | 2024 Managed GFA (thousand sq.m.) | 2024 Managed GFA Share (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinyuan Real Estate Group | 188,863 | 59.9 | 16,496 | 41.1 | 188,446 | 67.6 | 16,175 | 45.3 | | Independent Third Parties | 126,432 | 40.1 | 23,683 | 58.9 | 90,164 | 32.4 | 19,543 | 54.7 | | Total | 315,295 | 100.0 | 40,179 | 100.0 | 278,610 | 100.0 | 35,718 | 100.0 | Property Management Services Revenue and Managed Area by Property Type | Property Type | 2025 Revenue (thousand RMB) | 2025 Revenue Share (%) | 2025 Managed GFA (thousand sq.m.) | 2025 Managed GFA Share (%) | 2024 Revenue (thousand RMB) | 2024 Revenue Share (%) | 2024 Managed GFA (thousand sq.m.) | 2024 Managed GFA Share (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Residential Properties | 237,795 | 75.4 | 28,326 | 70.5 | 223,144 | 80.1 | 25,562 | 71.6 | | Non-Residential Properties | 77,500 | 24.6 | 11,853 | 29.5 | 55,466 | 19.9 | 10,156 | 28.4 | | Total | 315,295 | 100.0 | 40,179 | 100.0 | 278,610 | 100.0 | 35,718 | 100.0 | [Value-Added Services](index=12&type=section&id=Value-Added%20Services) In the first half of 2025, the Group's community value-added services revenue reached RMB 102.7 million, a year-on-year increase of 23.6%, with significant growth in leasing, home improvement, and purified water businesses. - For the six months ended **June 30, 2025**, community value-added revenue reached **RMB 102.7 million**, a year-on-year increase of **23.6%**[30](index=30&type=chunk) - **Leasing services revenue** increased by **129%** year-on-year, **home improvement business revenue** increased by **23%** year-on-year, and **purified water business revenue** increased by **17%** year-on-year[30](index=30&type=chunk)[31](index=31&type=chunk) - Retail business innovated the **"procurement + operation + delivery" iron triangle model**, expanding community private domain groups[31](index=31&type=chunk) Community Value-Added Services Revenue Breakdown | Value-Added Business | 2025 (thousand RMB) | 2025 Share (%) | 2024 (thousand RMB) | 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Third-Party Services Revenue | 14,108 | 13.8 | 10,659 | 12.8 | | Space Resource Management | 53,207 | 51.8 | 42,834 | 51.6 | | Home Life Services | 35,345 | 34.4 | 29,558 | 35.6 | | Total | 102,660 | 100.0 | 83,051 | 100.0 | [Pre-delivery and Consulting Services](index=13&type=section&id=Pre-delivery%20and%20Consulting%20Services) The Group's pre-delivery and consulting services revenue continued to decline, primarily due to strengthened risk control over business partners. - Pre-delivery and consulting services revenue continued to decline, mainly due to **strengthened risk control over partners**[35](index=35&type=chunk) Pre-delivery and Consulting Services Revenue Breakdown | Service Source | 2025 (thousand RMB) | 2025 Share (%) | 2024 (thousand RMB) | 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Xinyuan Real Estate Group | 918 | 31.6 | 3,969 | 56.8 | | Third-Party Property Developers | 1,991 | 68.4 | 3,022 | 43.2 | | Total | 2,909 | 100.0 | 6,991 | 100.0 | [Property Engineering Services](index=14&type=section&id=Property%20Engineering%20Services) Property engineering services include fire protection, intelligent construction, landscaping, and smart community planning, with the Group also participating in government-led urban renewal projects. - Property engineering services cover **fire protection, intelligent construction, landscaping and landscape construction, smart community planning and construction**, among others[37](index=37&type=chunk) - The Group participates in **government-led urban renewal projects** and **renovation projects for old communities**[37](index=37&type=chunk) Property Engineering Services Revenue Breakdown | Service Source | 2025 (thousand RMB) | 2025 Share (%) | 2024 (thousand RMB) | 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Xinyuan Real Estate Group | 14,353 | 49.2 | 24,844 | 67.6 | | Third-Party Property Developers | 14,799 | 50.8 | 11,913 | 32.4 | | Total | 29,152 | 100.0 | 36,757 | 100.0 | [Outlook](index=15&type=section&id=Outlook) The Group is committed to becoming a leading provider of quality-of-life services driven by new productivity in the large property management sector, and will continue to focus on this area, leveraging data-driven operations and deep integration of technology and business. - The Group is committed to becoming a **leading provider of quality-of-life services driven by new productivity in the large property management sector**[40](index=40&type=chunk) - Future focus will remain on the **large property management sector**, with **data-driven operations** and **deep integration of technology and business**[40](index=40&type=chunk) - The company will continuously upgrade its three development curves: **management services, scenario value-added services, and technology empowerment**, to achieve sustained growth in operational efficiency and business scale[40](index=40&type=chunk) [I. Management Services](index=15&type=section&id=I.%20Management%20Services) Management services will focus on high-quality development, solidifying service quality and continuously expanding scale from residential properties to non-residential, public buildings, and extending to commercial management and asset services. - Management services will focus on **high-quality development**, continuously extending from residential properties to **non-residential, public buildings**, and expanding into **commercial management and asset services**[41](index=41&type=chunk) - Scale expansion will center on **market-oriented growth**, innovating diverse cooperation models, extending from incremental to existing, and from residential to non-residential, urban, and specialized services[41](index=41&type=chunk) - Basic service capabilities will be enhanced through **data-driven management efficiency improvements**, strengthening refined and differentiated management and service capabilities, and improving operational efficiency and customer living experience[41](index=41&type=chunk) [II. Scenario Services](index=15&type=section&id=II.%20Scenario%20Services) Diversified business operations will deepen the "technology empowerment + scenario extension + model replication" strategy, utilizing intelligent agents to analyze user behavior and AI to generate marketing materials, thereby improving business quality and efficiency. - Diversified business operations will deepen the **"technology empowerment + scenario extension + model replication" strategy** around five core businesses[42](index=42&type=chunk) - Increased integration of technology will use **intelligent agents to analyze user behavior for precise lead generation** and **AI to generate marketing materials** to enhance promotional efficiency[42](index=42&type=chunk) - Promotion of deep integration between **leasing, home improvement, and the Xinyi Family and Xinduo Duo platforms** will build a **"service + commerce" smart community ecosystem**, supporting dual growth in diversified business revenue and profit[42](index=42&type=chunk) [III. Scenario Technology](index=16&type=section&id=III.%20Scenario%20Technology) Technology business will focus on building new productivity for large property management, with a core positioning of "technology empowerment for large property enterprises and diversified business support for small and medium property enterprises," continuously improving and optimizing the intelligent agent platform. - Technology business focuses on building **new productivity for large property management**, with a core positioning of **"technology empowerment for large property enterprises and diversified business support for small and medium property enterprises"**[43](index=43&type=chunk) - Continuous improvement and optimization of the **intelligent agent platform** will create an intelligent agent development base suitable for the property industry, promoting deep integration of technology and business[43](index=43&type=chunk) - Building a **digital intelligence-driven smart operation and management system** will create a smart property technology ecosystem with independent core capabilities, comprehensively enhancing enterprise management, operation, and service capabilities[43](index=43&type=chunk) [Financial Review](index=16&type=section&id=Financial%20Review) The Group demonstrated robust financial performance in the first half of 2025, with total revenue increasing by 11.0% year-on-year to RMB 450.0 million and net profit growing by 15.6% to RMB 60.9 million. 2025 H1 Key Financial Indicators | Indicator | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 450,016 | 405,409 | 11.0 | | Gross Profit | 155,443 | 132,227 | 17.5 | | Gross Profit Margin | 34.5% | 32.6% | +1.9pp | | Net Profit | 60,927 | 52,661 | 15.6 | | Profit Attributable to Equity Holders of the Company | 59,411 | 50,850 | 16.7 | | Basic Earnings Per Share (RMB cents) | 10.29 | 8.96 | 14.8 | | Current Assets | 990,871 | 1,039,832 (Dec 31, 2024) | -4.7 | | Total Equity | 634,843 | 588,680 (Dec 31, 2024) | 7.8 | [Revenue](index=16&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's total revenue was approximately RMB 450.0 million, a year-on-year increase of 11.0%. Property management services remained the primary revenue source, accounting for 70.1% of total revenue. Revenue by Business Line | Business Line | 2025 Revenue (thousand RMB) | 2025 Share (%) | 2024 Revenue (thousand RMB) | 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 315,295 | 70.1 | 278,610 | 68.7 | | Value-Added Services | 102,660 | 22.8 | 83,051 | 20.5 | | Pre-delivery and Consulting Services | 2,909 | 0.6 | 6,991 | 1.7 | | Property Engineering Services | 29,152 | 6.5 | 36,757 | 9.1 | | Total | 450,016 | 100.0 | 405,409 | 100.0 | [Gross Profit and Gross Profit Margin](index=17&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) The Group's gross profit increased by 17.5% year-on-year to RMB 155.4 million, with the gross profit margin rising from 32.6% in 2024 to 34.5%. Gross Profit and Gross Profit Margin by Business Line | Business Line | 2025 Gross Profit (thousand RMB) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (thousand RMB) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 102,542 | 32.5 | 84,211 | 30.2 | | Value-Added Services | 49,239 | 48.0 | 39,417 | 47.5 | | Pre-delivery and Consulting Services | 482 | 16.6 | 2,514 | 36.0 | | Property Engineering Services | 3,180 | 10.9 | 6,085 | 16.6 | | Total | 155,443 | 34.5 | 132,227 | 32.6 | - Property management services gross profit margin increased by **2.3 percentage points to 32.5%**, mainly due to **improved economies of scale, better cost-saving measures, and enhanced operational efficiency**[47](index=47&type=chunk) - Pre-delivery and consulting services gross profit margin decreased by **19.4 percentage points to 16.6%**, primarily due to a **reduction in asset co-sales business, such as parking spaces**[47](index=47&type=chunk) [Administrative Expenses](index=18&type=section&id=Administrative%20Expenses) For the six months ended June 30, 2025, administrative expenses were RMB 42.0 million, an increase of 19.7% year-on-year, accounting for 9.3% of revenue. Administrative Expenses | Indicator | 2025 H1 (RMB millions) | 2024 H1 (RMB millions) | YoY Change (%) | Share of Revenue (2025) | Share of Revenue (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses | 42.0 | 35.1 | 19.7 | 9.3% | 8.7% | [Other Income, Gains and Losses, Net](index=18&type=section&id=Other%20Income%2C%20Gains%20and%20Losses%2C%20Net) For the six months ended June 30, 2025, other income was a net negative RMB 1.0 million, a significant decrease of 103.0% from RMB 32.8 million in the prior period. Other Income, Gains and Losses, Net | Indicator | 2025 H1 (RMB millions) | 2024 H1 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other Income, Gains and Losses, Net | -1.0 | 32.8 | -103.0 | - The decrease was primarily attributable to **lower interest income in the current period**[49](index=49&type=chunk) [Income Tax Expense](index=18&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was RMB 14.0 million, a decrease of RMB 7.5 million from RMB 21.5 million in the prior period. Income Tax Expense | Indicator | 2025 H1 (RMB millions) | 2024 H1 (RMB millions) | YoY Change (RMB millions) | | :--- | :--- | :--- | :--- | | Income Tax Expense | 14.0 | 21.5 | -7.5 | - The decrease was primarily attributable to a **reduction in deferred tax liabilities recognized and a decrease in non-deductible expenses** in the current period[50](index=50&type=chunk) [Profit](index=18&type=section&id=Profit) For the six months ended June 30, 2025, the Group's net profit for the period was RMB 60.9 million, a year-on-year increase of 15.6%, mainly due to business growth driven by increased GFA under management. Net Profit and Earnings Per Share | Indicator | 2025 H1 (RMB millions) | 2024 H1 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit for the Period | 60.9 | 52.7 | 15.6 | | Profit Attributable to Equity Holders of the Company | 59.4 | 50.9 | 16.7 | | Basic Earnings Per Share (RMB cents) | 10.29 | 8.96 | 14.8 | - The increase in net profit was primarily due to **business growth driven by the Group's increased GFA under management**[51](index=51&type=chunk) [Current Assets, Reserves and Capital Structure](index=19&type=section&id=Current%20Assets%2C%20Reserves%20and%20Capital%20Structure) As of June 30, 2025, the Group's current assets were RMB 990.9 million, a 4.7% decrease from December 31, 2024. Total equity was RMB 634.8 million, a 7.8% increase from December 31, 2024. Current Assets and Total Equity | Indicator | June 30, 2025 (RMB millions) | Dec 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Current Assets | 990.9 | 1,039.8 | -4.7 | | Total Equity | 634.8 | 588.7 | 7.8 | - The increase in total equity was primarily due to **profit for the period offset by dividends paid**[54](index=54&type=chunk) [Property, Plant and Equipment](index=19&type=section&id=Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the Group's net property, plant and equipment was RMB 13.0 million, a 2.3% decrease from December 31, 2024. Net Property, Plant and Equipment | Indicator | June 30, 2025 (RMB millions) | Dec 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Net Property, Plant and Equipment | 13.0 | 13.3 | -2.3 | - The decrease was primarily due to **increased purchases of office equipment and machinery for business development, partially offset by depreciation for the period**[55](index=55&type=chunk) [Intangible Assets](index=19&type=section&id=Intangible%20Assets) As of June 30, 2025, the carrying value of the Group's other intangible assets was RMB 36.3 million, a 6.7% decrease from December 31, 2024. Carrying Value of Intangible Assets | Indicator | June 30, 2025 (RMB millions) | Dec 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Carrying Value of Intangible Assets | 36.3 | 38.9 | -6.7 | - Key intangible assets include the **Xinyuan Property unified management platform system, call center system, electronic invoice tax control server invoicing system, FanRuan reporting software, expense management system, and property operating rights**[56](index=56&type=chunk) [Trade Receivables](index=19&type=section&id=Trade%20Receivables) As of June 30, 2025, trade receivables reached RMB 361.8 million, an 11.4% increase from December 31, 2024, primarily due to business growth driven by increased GFA under management. Trade Receivables | Indicator | June 30, 2025 (RMB millions) | Dec 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables | 361.8 | 324.8 | 11.4 | - The increase was primarily due to **business growth driven by the Group's increased GFA under management**[57](index=57&type=chunk) [Prepayments and Other Receivables](index=19&type=section&id=Prepayments%20and%20Other%20Receivables) As of June 30, 2025, prepayments and other receivables were approximately RMB 384.9 million, a decrease of approximately RMB 11.4 million from December 31, 2024. Prepayments and Other Receivables | Indicator | June 30, 2025 (RMB millions) | Dec 31, 2024 (RMB millions) | Change (RMB millions) | | :--- | :--- | :--- | :--- | | Prepayments and Other Receivables | 384.9 | 396.3 | -11.4 | - The decrease was primarily due to a **reduction in amounts due from and prepaid to related parties**[58](index=58&type=chunk) [Trade Payables](index=20&type=section&id=Trade%20Payables) As of June 30, 2025, trade payables reached RMB 121.6 million, a 16.1% decrease from December 31, 2024. Trade Payables | Indicator | June 30, 2025 (RMB millions) | Dec 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 121.6 | 145.0 | -16.1 | - The decrease was primarily due to a **reduction in goods payments temporarily unpaid during the period**[59](index=59&type=chunk) [Other Payables and Accrued Expenses](index=20&type=section&id=Other%20Payables%20and%20Accrued%20Expenses) As of June 30, 2025, other payables and accrued expenses were approximately RMB 232.9 million, a decrease of approximately 11.8% from December 31, 2024. Other Payables and Accrued Expenses | Indicator | June 30, 2025 (RMB millions) | Dec 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Other Payables and Accrued Expenses | 232.9 | 264.2 | -11.8 | - The decrease was primarily due to a **reduction in non-trade amounts payable to related parties and normal refunds of deposits and temporary receipts from property owners**[60](index=60&type=chunk) [Contract Liabilities](index=20&type=section&id=Contract%20Liabilities) As of June 30, 2025, contract liabilities were approximately RMB 131.8 million, an 8.8% decrease from December 31, 2024. Contract Liabilities | Indicator | June 30, 2025 (RMB millions) | Dec 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Contract Liabilities | 131.8 | 144.5 | -8.8 | - The decrease was primarily due to the Group's focus on **enhancing owner service quality, leading to a slowdown in property fee prepayment activities**[61](index=61&type=chunk) [Borrowings and Gearing Ratio](index=20&type=section&id=Borrowings%20and%20Gearing%20Ratio) As of June 30, 2025, the Group had no borrowings or bank loans, resulting in a zero gearing ratio, indicating a robust financial position. - As of **June 30, 2025**, the Group had **no borrowings or bank loans**[62](index=62&type=chunk) - As of **June 30, 2025**, the **gearing ratio was zero**[63](index=63&type=chunk) [Pledge of Assets, Major Acquisitions, Disposals and Investments](index=20&type=section&id=Pledge%20of%20Assets%2C%20Major%20Acquisitions%2C%20Disposals%20and%20Investments) For the six months ended June 30, 2025, the Group had no assets pledged, nor any major acquisitions, disposals, or investments concerning subsidiaries, associates, or joint ventures. - As of **June 30, 2025**, **no assets of the Group were pledged**[64](index=64&type=chunk) - For the six months ended **June 30, 2025**, the Group had **no major acquisitions** concerning subsidiaries, associates, or joint ventures[65](index=65&type=chunk) - For the six months ended **June 30, 2025**, the Group had **no major disposals or investments** concerning subsidiaries, associates, or joint ventures[67](index=67&type=chunk)[68](index=68&type=chunk) [Contingent Liabilities and Foreign Exchange Risk](index=21&type=section&id=Contingent%20Liabilities%20and%20Foreign%20Exchange%20Risk) As of June 30, 2025, the Group had no significant contingent liabilities. As its principal operations are conducted in China and most income and expenses are denominated in RMB, the Group's foreign exchange risk is not significant. - As of **June 30, 2025**, the Group had **no significant contingent liabilities**[69](index=69&type=chunk) - The Group's principal operations are conducted in China, with most income and expenses denominated in RMB, thus **foreign exchange risk is not significant**[70](index=70&type=chunk) - The Group currently has **not entered into any forward contracts to hedge its foreign exchange risk**[70](index=70&type=chunk) [Employment and Remuneration Policies](index=21&type=section&id=Employment%20and%20Remuneration%20Policies) As of June 30, 2025, the Group employed 2,139 staff, a slight increase from the prior period. The company adopts remuneration policies similar to its peers, determining compensation based on responsibilities and market levels. Employee Count | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Employee Count | 2,139 | 2,104 | - Remuneration policies are **similar to industry peers**, determined by reference to **responsibilities and current market levels** in the region[71](index=71&type=chunk) - Discretionary performance bonuses are paid to employees, and the Group participates in various social welfare schemes for employees[71](index=71&type=chunk) [Use of Proceeds from Listing](index=21&type=section&id=Use%20of%20Proceeds%20from%20Listing) The net proceeds from the Company's listing were approximately RMB 197.2 million. As of June 23, 2022, approximately RMB 79.3 million had been utilized, with RMB 117.9 million remaining unutilized. - Net proceeds from the listing were approximately **RMB 197.2 million**[72](index=72&type=chunk) Use of Net Proceeds from Listing and Utilization (as of June 23, 2022) | Purpose | Intended Use (RMB millions) | Actual Use as of Dec 31, 2021 (RMB millions) | Actual Use as of June 23, 2022 (RMB millions) | Unutilized as of June 23, 2022 (RMB millions) | | :--- | :--- | :--- | :--- | :--- | | Expand property management services, seek strategic acquisition and investment opportunities | 118.3 | 22.2 | 0.8 | 95.3 | | Expand types of services offered by value-added services business line | 29.6 | 22.8 | 2.0 | 4.8 | | Upgrade and develop proprietary information technology and smart systems | 29.6 | 6.6 | 5.2 | 17.8 | | Working capital needs and other general corporate purposes | 19.7 | 19.7 | – | – | | Total | 197.2 | 71.3 | 8.0 | 117.9 | [Use of Proceeds from 2020 Placing](index=23&type=section&id=Use%20of%20Proceeds%20from%202020%20Placing) The net proceeds from the 2020 placing were approximately RMB 115.0 million. As of June 23, 2022, approximately RMB 11.5 million had been utilized, with RMB 103.5 million remaining unutilized. - Net proceeds from the 2020 placing were approximately **RMB 115.0 million**[76](index=76&type=chunk) Use of Net Proceeds from 2020 Placing and Utilization (as of June 23, 2022) | Purpose | Intended Use (RMB millions) | Actual Use as of Dec 31, 2021 (RMB millions) | Actual Use as of June 23, 2022 (RMB millions) | Unutilized as of June 23, 2022 (RMB millions) | | :--- | :--- | :--- | :--- | :--- | | Business development (diversified services and smart system upgrades) | 69.0 | – | – | 69.0 | | Strategic investments related to the Group's principal business | 34.5 | – | – | 34.5 | | General working capital | 11.5 | 11.5 | – | – | | Total | 115.0 | 11.5 | – | 103.5 | [Use of Proceeds from Subscription](index=25&type=section&id=Use%20of%20Proceeds%20from%20Subscription) The net proceeds from the subscription were approximately HKD 31.2 million (approximately RMB 28.5 million). As of June 23, 2022, approximately RMB 7.8 million had been utilized, with RMB 23.4 million remaining unutilized. - Net proceeds from the subscription were approximately **HKD 31.2 million**[79](index=79&type=chunk) Use of Net Proceeds from Subscription and Utilization (as of June 23, 2022) | Purpose | Intended Use (RMB millions) | Actual Use as of Dec 31, 2021 (RMB millions) | Actual Use as of June 23, 2022 (RMB millions) | Unutilized as of June 23, 2022 (RMB millions) | | :--- | :--- | :--- | :--- | :--- | | Approx. 75% for strategic investments related to property management services | 23.4 | – | – | 23.4 | | Approx. 25% for the Group's general working capital | 7.8 | 7.8 | – | – | | Total | 31.2 | 7.8 | – | 23.4 | [Change in Use of Proceeds](index=27&type=section&id=Change%20in%20Use%20of%20Proceeds) The Board has resolved to change the use of the unutilized aggregate proceeds from the listing, 2020 placing, and subscription (approximately RMB 244.8 million). As of June 30, 2025, approximately RMB 156.0 million had been utilized. - The Board has resolved to change the use of the **unutilized aggregate proceeds from the listing, 2020 placing, and subscription (approximately RMB 244.8 million)**[80](index=80&type=chunk) - As of **June 30, 2025**, approximately **RMB 156.0 million** of the unutilized aggregate proceeds had been utilized[80](index=80&type=chunk) - The expected utilization time for the unutilized portion of the aggregate proceeds has been **extended from September 30, 2025, to September 30, 2026**[83](index=83&type=chunk) Revised Use of Unutilized Aggregate Proceeds and Utilization (as of June 30, 2025) | Revised Purpose | Allocation Percentage (%) | Allocated as of June 23, 2022 (RMB millions) | Allocated as of Jan 1, 2024 (RMB millions) | Actual Use in 2024 (RMB millions) | Unutilized as of Dec 31, 2024 (RMB millions) | Actual Use in 2025 (RMB millions) | Unutilized as of June 30, 2025 (RMB millions) | Expected Utilization Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Seize strategic investment opportunities, prioritize M&A, expand business scale | 30 | 73.4 | 73.4 | 3.0 | 70.4 | 1.9 | 68.5 | Sep 30, 2026 | | Further develop value-added services | 20 | 49.0 | 41.5 | 26.7 | 14.8 | 10.9 | 3.9 | Sep 30, 2026 | | Upgrade digital and smart management systems | 30 | 73.4 | 54.6 | 29.4 | 25.2 | 8.8 | 16.4 | Sep 30, 2026 | | Working capital and general corporate purposes | 20 | 49.0 | – | – | – | – | – | – | | Total | 100.0 | 244.8 | 169.5 | 59.1 | 110.4 | 21.6 | 88.8 | | Other Information [Directors' and Chief Executive's Interests](index=30&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests) As of June 30, 2025, Mr. Shen Yuanqing and Mr. Wang Yong, as directors and chief executives, held shares in the Company through controlled corporations and owner's interests. Directors' and Chief Executive's Interests in the Company | Name | Nature of Interest | Number of Shares or Related Shares | Approximate Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Mr. Shen Yuanqing | Interest in controlled corporation | 61,488,000 | 10.37% | | Mr. Wang Yong | Interest in controlled corporation | 8,512,500 | 1.52% | | | Owner's interest | 488,000 | | - All interests are **long positions**, and the shareholding percentages are calculated based on **593,037,500 issued shares** as of June 30, 2025[86](index=86&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=31&type=section&id=Directors%27%20Rights%20to%20Acquire%20Shares%20or%20Debentures) For the six months ended June 30, 2025, no rights were granted to any director or their spouse or children under 18 years of age to acquire benefits by purchasing shares or debentures of the Company, nor were any such rights exercised. - For the six months ended **June 30, 2025**, no rights to acquire shares or debentures were granted to or exercised by any director or their spouse or children under 18 years of age[88](index=88&type=chunk) [Substantial Shareholders' Interests](index=31&type=section&id=Substantial%20Shareholders%20Interests) As of June 30, 2025, Xinyuan Real Estate Co., Ltd. and Xinyuan Real Estate Holdings Co., Ltd. were substantial shareholders of the Company, each holding 43.07% of the shares. Substantial Shareholders' Interests in Shares and Related Shares | Name | Capacity/Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Xinyuan Real Estate Co., Ltd. | Beneficial owner | 255,402,000 | 43.07% | | Xinyuan Real Estate Holdings Co., Ltd. | Interest in controlled corporation | 255,402,000 | 43.07% | - Xinyuan Real Estate Co., Ltd. is **wholly owned by Xinyuan Real Estate Holdings Co., Ltd.**[91](index=91&type=chunk) - Xinyuan Real Estate Holdings Co., Ltd.'s shares are **listed on the New York Stock Exchange**[91](index=91&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the period from January 1, 2025, to June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities listed on the Stock Exchange, and the Company held no treasury shares. - For the period from **January 1, 2025, to June 30, 2025**, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities listed on the Stock Exchange[92](index=92&type=chunk) - As of **June 30, 2025**, the Company held **no treasury shares**[92](index=92&type=chunk) [Interim Dividend](index=32&type=section&id=Interim%20Dividend) The Board recommends paying an interim dividend of 2.77 HK cents per share for the year ended June 30, 2025, to shareholders whose names appear on the register of members on September 15, 2025. - The Board recommends paying an interim dividend of **2.77 HK cents per share** for the year ended June 30, 2025[93](index=93&type=chunk) - The proposed interim dividend will be paid on **September 22, 2025**, to shareholders whose names appear on the Company's register of members on **September 15, 2025**[93](index=93&type=chunk) [Corporate Governance and Directors' Code of Conduct](index=32&type=section&id=Corporate%20Governance%20and%20Directors%27%20Code%20of%20Conduct) The Company is committed to high standards of corporate governance and has adopted the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules. - The Company has adopted the **Corporate Governance Code** set out in Appendix C1 of the HKEX Listing Rules[94](index=94&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by **Mr. Shen Yuanqing**, which the Board believes facilitates business strategy execution, promotes operational efficiency, and enhances overall strategic planning efficiency[94](index=94&type=chunk) - The Company has adopted a **code of conduct for directors' securities transactions**, and all directors confirm compliance[97](index=97&type=chunk) [Update on Directors' Information and Review of Financial Statements](index=33&type=section&id=Update%20on%20Directors%27%20Information%20and%20Review%20of%20Financial%20Statements) In accordance with Listing Rule 13.51B(1), Ms. Zhao Xia was appointed as a member of the Company's Nomination Committee effective June 30, 2025. The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, with management. - **Ms. Zhao Xia** was appointed as a member of the Company's Nomination Committee, effective **June 30, 2025**[98](index=98&type=chunk) - The Audit Committee has reviewed the Group's **unaudited interim results** for the six months ended June 30, 2025, together with management[99](index=99&type=chunk) Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Profit or Loss and Total Comprehensive Income](index=34&type=section&id=Profit%20or%20Loss%20and%20Total%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue was RMB 450.0 million, and gross profit was RMB 155.4 million. Profit and total comprehensive income for the period was RMB 60.9 million, with profit attributable to equity holders of the Company at RMB 59.4 million, and basic earnings per share at RMB 10.29 cents. Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Indicator | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | | :--- | :--- | :--- | | Revenue | 450,016 | 405,409 | | Cost of Sales | (294,573) | (273,182) | | Gross Profit | 155,443 | 132,227 | | Other Income, Gains and Losses, Net | (1,039) | 32,753 | | Administrative Expenses | (42,005) | (35,133) | | Selling and Marketing Expenses | (14,918) | (11,363) | | Research and Development Expenses | (8,698) | (7,746) | | Impairment Provisions for Financial Assets and Contract Assets (excluding related parties) | (31,555) | (65,373) | | Impairment Reversals for Financial Assets and Contract Assets (related parties) | 19,125 | 30,414 | | Profit Before Income Tax | 74,881 | 74,144 | | Income Tax Expense | (13,954) | (21,483) | | Profit and Total Comprehensive Income for the Period | 60,927 | 52,661 | | Profit Attributable to Equity Holders of the Company | 59,411 | 50,850 | | Non-controlling Interests | 1,516 | 1,811 | | Basic Earnings Per Share (RMB cents) | 10.29 | 8.96 | Interim Condensed Consolidated Statement of Financial Position [Assets and Liabilities](index=35&type=section&id=Assets%20and%20Liabilities) As of June 30, 2025, the Group's total non-current assets were RMB 258.9 million, and total current assets were RMB 990.9 million. Total current liabilities were RMB 588.0 million, and total non-current liabilities were RMB 26.9 million. Interim Condensed Consolidated Statement of Financial Position Summary | Indicator | June 30, 2025 (thousand RMB) | Dec 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | **Non-Current Assets** | | | | Property, Plant and Equipment | 12,954 | 13,335 | | Right-of-Use Assets | 31,225 | 38,692 | | Intangible Assets | 36,270 | 38,929 | | Investment Properties | 70,052 | 49,574 | | Deferred Tax Assets | 53,129 | 45,273 | | **Total Non-Current Assets** | **258,863** | **240,884** | | **Current Assets** | | | | Inventories | 50,579 | 43,710 | | Trade and Bills Receivables | 361,790 | 324,826 | | Cash and Cash Equivalents | 192,338 | 264,018 | | **Total Current Assets** | **990,871** | **1,039,832** | | **Current Liabilities** | | | | Trade Payables | 121,578 | 144,963 | | Other Payables and Accrued Expenses | 232,880 | 264,179 | | Contract Liabilities | 131,766 | 144,489 | | Tax Payable | 88,276 | 84,450 | | **Total Current Liabilities** | **588,019** | **652,350** | | **Non-Current Liabilities** | | | | Lease Liabilities | 21,322 | 32,781 | | Deferred Tax Liabilities | 5,550 | 6,905 | | **Total Non-Current Liabilities** | **26,872** | **39,686** | | **Net Assets** | **634,843** | **588,680** | | **Total Equity** | **634,843** | **588,680** | Interim Condensed Consolidated Statement of Changes in Equity [Changes in Equity](index=37&type=section&id=Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to equity holders of the Company increased from approximately RMB 584.0 million as of January 1, 2025, to approximately RMB 628.6 million, primarily driven by profit and total comprehensive income of RMB 59.4 million for the period. Interim Condensed Consolidated Statement of Changes in Equity Summary | Indicator | As of Jan 1, 2024 (thousand RMB) | As of June 30, 2024 (thousand RMB) | As of Jan 1, 2025 (thousand RMB) | As of June 30, 2025 (thousand RMB) | | :--- | :--- | :--- | :--- | :--- | | Total Equity Attributable to Equity Holders of the Company | 538,632 | 569,511 | 583,987 | 628,634 | | Non-controlling Interests | 3,094 | 4,905 | 4,693 | 6,209 | | Total Equity | 541,726 | 574,416 | 588,680 | 634,843 | | Dividends Distributed | (19,971) | (19,971) | (14,764) | (14,764) | | Profit and Total Comprehensive Income for the Period | 50,850 | 50,850 | 59,411 | 59,411 | Interim Condensed Consolidated Statement of Cash Flows [Cash Flow Analysis](index=38&type=section&id=Cash%20Flow%20Analysis) For the six months ended June 30, 2025, net cash used in operating activities was RMB 56.0 million, net cash used in investing activities was RMB 1.1 million, and net cash used in financing activities was RMB 13.4 million. Interim Condensed Consolidated Statement of Cash Flows Summary | Indicator | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (56,025) | (15,006) | | Net Cash (Used in)/Generated from Investing Activities | (1,054) | 14,646 | | Net Cash Used in Financing Activities | (13,421) | (24,036) | | Net Decrease in Cash and Cash Equivalents | (70,500) | (24,396) | | Cash and Cash Equivalents at Beginning of Period | 264,018 | 258,957 | | Cash and Cash Equivalents at End of Period | 192,338 | 234,383 | Notes to the Interim Condensed Consolidated Financial Information [1. Company and Group Information](index=40&type=section&id=1.%20Company%20and%20Group%20Information) The Company was incorporated in the Cayman Islands on December 13, 2018, and its shares are listed on the Main Board of the Hong Kong Stock Exchange. The Company is an investment holding company, and its subsidiaries are primarily engaged in property management services, value-added services, pre-delivery and consulting services, and property engineering services. - The Company was **incorporated in the Cayman Islands on December 13, 2018**, and its shares are **listed on the Main Board of the Hong Kong Stock Exchange**[110](index=110&type=chunk) - The Company's subsidiaries are primarily engaged in **property management services, value-added services, pre-delivery and consulting services, and property engineering services**[112](index=112&type=chunk) - The Company's ultimate controlling company is **Xinyuan Real Estate Holdings Co., Ltd.**, whose shares are **listed on the New York Stock Exchange**[111](index=111&type=chunk) [2.1 Basis of Preparation](index=41&type=section&id=2.1%20Basis%20of%20Preparation) The interim condensed consolidated financial statements are prepared in accordance with the applicable disclosure requirements of the HKEX Listing Rules and International Accounting Standard 34, with accounting policies consistent with the 2024 annual consolidated financial statements, and the presentation currency is RMB. - The interim condensed consolidated financial statements are prepared in accordance with the **applicable disclosure requirements of the HKEX Listing Rules** and **International Accounting Standard 34 Interim Financial Reporting**[113](index=113&type=chunk) - The accounting policies and methods of computation adopted are **consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024**[115](index=115&type=chunk) - **RMB** is used as the presentation currency for the interim condensed consolidated financial information[114](index=114&type=chunk) [2.2 Changes in Accounting Policies and Disclosures](index=42&type=section&id=2.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) During the period, new or amended standards such as IFRS 16 (amended), IAS 7 and IFRS 7 (amended), and IAS 1 (amended) were adopted for the first time, with no significant financial impact on the Group's interim condensed consolidated financial statements. - New or amended standards adopted for the first time during the period include **IFRS 16 (amended) Lease Liability in a Sale and Leaseback, IAS 7 and IFRS 7 (amended) Supplier Finance Arrangements, and IAS 1 (amended) Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants**[115](index=115&type=chunk) - The adoption of these new or amended IFRSs had **no significant financial impact** on the Group's interim condensed consolidated financial statements and/or disclosures contained therein[115](index=115&type=chunk) [2.3 International Financial Reporting Standards Issued But Not Yet Effective](index=42&type=section&id=2.3%20International%20Financial%20Reporting%20Standards%20Issued%20But%20Not%20Yet%20Effective) The Group has not adopted any other new or amended International Financial Reporting Standards that have been issued but are not yet effective for this interim period, and directors believe their adoption is unlikely to have a significant financial impact. - The Group has **not adopted any other new or amended International Financial Reporting Standards** that have been issued but are not yet effective for this interim period[116](index=116&type=chunk) - The Company's directors believe that the adoption of these standards is **unlikely to have a significant financial impact** on these interim condensed consolidated financial statements[116](index=116&type=chunk) [3. Operating Segment Information](index=43&type=section&id=3.%20Operating%20Segment%20Information) Management reviews the operating results of the business as a single operating segment to make decisions about resource allocation, thus the Company's chief operating decision-maker considers there to be only one segment for strategic decision-making. - Management reviews the operating results of the business as a **single operating segment** to make decisions on resource allocation[117](index=117&type=chunk) - All of the Group's **revenue and non-current assets are derived from China**[117](index=117&type=chunk) [4. Revenue](index=43&type=section&id=4.%20Revenue) The Group's revenue primarily derives from property management services, value-added services, pre-delivery and consulting services, and property engineering services. For the six months ended June 30, 2025, total revenue was RMB 450.0 million. Revenue by Service Type | Service Type | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | | :--- | :--- | :--- | | Property Management Services | 315,295 | 278,610 | | Value-Added Services | 102,660 | 83,051 | | Pre-delivery and Consulting Services | 2,909 | 6,991 | | Property Engineering Services | 29,152 | 36,757 | | Total | 450,016 | 405,409 | - For the six months ended **June 30, 2025**, revenue from entities controlled by the ultimate controlling company was **RMB 17,258,000**, accounting for **4% of the Group's total revenue**[119](index=119&type=chunk) Recognized Revenue Related to Contract Liabilities Carried Forward | Indicator | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | | :--- | :--- | :--- | | Revenue recognized included in the balance of contract liabilities at the beginning of the reporting period | 144,489 | 106,502 | [5. Other Income, Gains and Losses, Net](index=45&type=section&id=5.%20Other%20Income%2C%20Gains%20and%20Losses%2C%20Net) For the six months ended June 30, 2025, other income, gains and losses, net, was a negative RMB 1.039 million, a significant decrease from RMB 32.753 million in the prior period, primarily due to lower interest income and the absence of recovery of interest income from pledged matters. Other Income, Gains and Losses, Net Breakdown | Item | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | | :--- | :--- | :--- | | Recovery of interest income loss from pledged matters | – | 24,438 | | Net loss from partial settlement of other receivables related to pledged matters | – | (6,489) | | Bank interest income | 525 | 678 | | Government grants | 55 | 210 | | Exchange differences, net | (1,180) | (178) | | Write-off of bad debts from related party payments | (1,362) | – | | Others | 923 | 14,094 | | Total | (1,039) | 32,753 | - The decrease was primarily attributable to **lower interest income in the current period**, and the **recovery of interest income loss from pledged matters in the corresponding period of 2024**[122](index=122&type=chunk) [6. Profit Before Income Tax](index=46&type=section&id=6.%20Profit%20Before%20Income%20Tax) For the six months ended June 30, 2025, profit before income tax was RMB 74.881 million. Key costs included cost of services provided of RMB 294.573 million and employee benefit expenses of RMB 120.496 million. Profit Before Income Tax Components | Item | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | | :--- | :--- | :--- | | Cost of services provided | 294,573 | 273,182 | | Employee benefit expenses | 120,496 | 117,131 | | Total depreciation and amortization | 12,837 | 6,674 | | Of which: Depreciation of right-of-use assets | 7,821 | 2,156 | | Impairment provisions for financial assets and contract assets (excluding related parties) | 31,555 | 65,373 | | Impairment reversals for financial assets and contract assets (related parties), net | (19,125) | (30,414) | [7. Income Tax Expense](index=48&type=section&id=7.%20Income%20Tax%20Expense) For the six months ended June 30, 2025, total tax expense for the period was RMB 13.954 million, a decrease from the prior period. China's corporate income tax rate is 25%, with some Chinese entities enjoying reduced rates as small low-profit enterprises. Income Tax Expense Breakdown | Item | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | | :--- | :--- | :--- | | Current income tax – China | 23,165 | 31,408 | | Deferred income tax – China | (9,211) | (9,925) | | Total tax expense for the period | 13,954 | 21,483 | - The Company is **exempt from Cayman Islands income tax** under the Cayman Islands Companies Act[126](index=126&type=chunk) - The Group's Chinese entities are subject to **Corporate Income Tax at a rate of 25%** on their assessable income, with small low-profit enterprises enjoying reduced tax rates[129](index=129&type=chunk) [8. Dividends](index=49&type=section&id=8.%20Dividends) The Board recommends an interim dividend of 2.77 HK cents per ordinary share for the six months ended June 30, 2025, totaling approximately HKD 16.427 million (approximately RMB 14.990 million). - On **August 28, 2025**, the Board recommended an interim dividend of **2.77 HK cents per ordinary share** for the six months ended June 30, 2025, totaling approximately **HKD 16,427,000 (equivalent to RMB 14,990,000)**[130](index=130&type=chunk) - On **June 8, 2025**, the Board recommended a final dividend of **2.73 HK cents per ordinary share** for the year ended December 31, 2024, totaling approximately **HKD 16,190,000 (equivalent to RMB 14,764,000)**, which was paid in July 2025[130](index=130&type=chunk) [9. Earnings Per Share Attributable to Equity Holders of the Company](index=49&type=section&id=9.%20Earnings%20Per%20Share%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) For the six months ended June 30, 2025, basic earnings per share were RMB 10.29 cents, an increase from RMB 8.96 cents in the prior period. Earnings Per Share | Indicator | 2025 H1 (RMB cents) | 2024 H1 (RMB cents) | | :--- | :--- | :--- | | Basic Earnings Per Share | 10.29 | 8.96 | | Diluted Earnings Per Share | 10.29 | 8.96 | - Basic earnings per share are calculated by dividing the **profit for the period attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period (577,268,400 shares)**[131](index=131&type=chunk) - There was **no difference between basic and diluted earnings per share** as there were no potentially dilutive ordinary shares outstanding during the period[131](index=131&type=chunk) [10. Leases](index=50&type=section&id=10.%20Leases) The Group has lease contracts for its offices in China and Hong Kong, with lease terms ranging from 2 to 15 years. As of June 30, 2025, the carrying value of right-of-use assets was RMB 31.225 million, and lease liabilities were RMB 34.841 million. - The Group has lease contracts for its **offices in China and Hong Kong** used for its operations, with lease terms ranging from **2 to 15 years**[132](index=132&type=chunk) Carrying Value of Right-of-Use Assets | Indicator | June 30, 2025 (thousand RMB) | Dec 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Carrying Value of Right-of-Use Assets | 31,225 | 38,692 | Carrying Value of Lease Liabilities | Indicator | June 30, 2025 (thousand RMB) | Dec 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Carrying Value of Lease Liabilities | 34,841 | 47,050 | | Of which: Current portion | 13,519 | 14,269 | | Of which: Non-current portion | 21,322 | 32,781 | Lease Amounts Recognized in Profit or Loss | Item | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | | :--- | :--- | :--- | | Interest on lease liabilities | 858 | 189 | | Depreciation expense of right-of-use assets | 7,821 | 2,156 | | Expenses relating to short-term leases | 201 | 8,071 | | Total recognized in profit or loss | 8,880 | 10,416 | [11. Intangible Assets](index=53&type=section&id=11.%20Intangible%20Assets) As of June 30, 2025, the net carrying value of intangible assets was RMB 36.270 million, primarily comprising property operating rights and computer software. Net Carrying Value of Intangible Assets | Item | June 30, 2025 (thousand RMB) | Dec 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Operating Rights – Premises | 34,125 | 36,075 | | Computer Software | 2,145 | 2,854 | | Total | 36,270 | 38,929 | - Intangible assets represent **property operating rights** arising from the acquisition of a subsidiary due to a partial settlement of an arbitration award on **April 1, 2024** from the ultimate controlling company[138](index=138&type=chunk) - These property operating rights have a **finite useful life** and are amortized on a **straight-line basis over 10 years**[138](index=138&type=chunk) [12. Investment Properties](index=54&type=section&id=12.%20Investment%20Properties) As of June 30, 2025, the carrying value of investment properties was RMB 70.052 million, an increase from RMB 49.574 million as of December 31, 2024. Carrying Value of Investment Properties | Item | June 30, 2025 (thousand RMB) | Dec 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Leased Parking Spaces – Right-of-Use Assets | 9,581 | 9,827 | | Leased Clubhouses – Right-of-Use Assets | 39,062 | 39,747 | | Duplex Villas, Residential and Commercial Properties | 21,409 | – | | Total | 70,052 | 49,574 | - On **May 19, 2025**, the Group entered into debt offset agreements with subsidiaries and associates of the ultimate controlling company, acquiring **certain duplex villas, residential and commercial properties, parking spaces, and storage rooms**[142](index=142&type=chunk) - The Group owns **547 leased parking spaces (20-year lease term)** and **six leased clubhouses (30-year lease term)**[143](index=143&type=chunk) [13. Trade and Bills Receivables](index=57&type=section&id=13.%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables amounted to RMB 361.790 million, an 11.4% increase from December 31, 2024. Trade and Bills Receivables Breakdown | Item | June 30, 2025 (thousand RMB) | Dec 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Trade receivables – Related parties | 214,149 | 235,973 | | Trade receivables – Third parties | 353,883 | 267,790 | | Less: Impairment provision for trade receivables | (207,417) | (180,497) | | Bills receivables | 1,175 | 1,560 | | Total | 361,790 | 324,826 | - Trade receivables for property management services are collected **monthly or quarterly**, typically due upon issuance of payment notices, with **no credit period**[144](index=144&type=chunk) Aging Analysis of Trade Receivables (net of impairment) | Aging | June 30, 2025 (thousand RMB) | Dec 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Within 1 year | 152,279 | 151,493 | | 1 to 2 years | 78,749 | 90,305 | | 2 to 3 years | 59,726 | 51,196 | | 3 to 4 years | 39,615 | 31,832 | | 4 to 5 years | 31,421 | – | | Total | 361,790 | 324,826 | [14. Prepayments to a Related Party, Payments to Related Parties, Deposits, Prepayments and Other Receivables](index=59&type=section&id=14.%20Prepayments%20to%20a%20Related%20Party%2C%20Payments%20to%20Related%20Parties%2C%20Deposits%2C%20Prepayments%20and%20Other%20Receivables) As of June 30, 2025, non-current prepayments were RMB 47.336 million, and current payments (related parties) were RMB 97.634 million. Other receivables totaled RMB 382.038 million, including RMB 302.714 million related to pledged matters. Prepayments and Other Receivables Breakdown | Item | June 30, 2025 (thousand RMB) | Dec 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Non-current prepayments – Related parties (net of impairment) | 47,336 | 47,336 | | Current payments – Related parties (net of impairment) | 97,634 | 99,297 | | Current prepayments | 5,166 | 26,343 | | Deposits (net of impairment) | 23,054 | 18,037 | | Other receivables – Related parties | 60,179 | 66,137 | | Other receivables – Related parties – Related to pledged matters | 302,714 | 302,714 | | Other receivables – Third parties | 19,145 | 7,320 | | Less: Impairment provision for other receivables | (211,693) | (205,250) | | Total (current portion) | 239,913 | 249,630 | - Non-current prepayments represent prepayments for the purchase of **342 units in Xinyuan Mingcheng, a property development project in Henan Province**, with an impairment provision of **RMB 41,737,000**[148](index=148&type=chunk)[149](index=149&type=chunk) - Current payments primarily represent amounts paid to certain subsidiaries of the ultimate controlling company for **exclusive sales rights of parking spaces**, with a provision of **RMB 93,939,000**[149](index=149&type=chunk)[152](index=152&type=chunk) - Receivables related to pledged matters primarily represent **unauthorized pledged bank deposits previously obtained by the borrower for bank borrowings**, with a provision of approximately **RMB 153,884,000**[155](index=155&type=chunk)[156](index=156&type=chunk) [15. Trade Payables](index=63&type=section&id=15.%20Trade%20Payables) As of June 30, 2025, total trade payables were RMB 121.578 million, a 16.1% decrease from December 31, 2024. Trade payables are interest-free, with a general credit period of 30 to 90 days. Trade Payables Breakdown | Item | June 30, 2025 (thousand RMB) | Dec 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Trade payables – Related parties | 83,394 | 30,066 | | Trade payables – Third parties | 38,184 | 114,897 | | Total | 121,578 | 144,963 | - Trade payables are **interest-free**, and the general credit period is **30 to 90 days**[157](index=157&type=chunk) Aging Analysis of Trade Payables | Aging | June 30, 2025 (thousand RMB) | Dec 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Within 1 year | 55,286 | 73,593 | | 1 to 2 years | 28,342 | 58,553 | | 2 to 3 years | 26,956 | 4,269 | | Over 3 years | 10,994 | 8,548 | | Total | 121,578 | 144,963 | [16. Other Payables and Accrued Expenses and Contract Liabilities](index=64&type=section&id=16.%20Other%20Payables%20and%20Accrued%20Expenses%20and%20Contract%20Liabilities) As of June 30, 2025, total other payables and accrued expenses were RMB 232.880 million, and total contract liabilities were RMB 131.766 million. Other Payables and Accrued Expenses and Contract Liabilities Breakdown | Item | June 30, 2025 (thousand RMB) | Dec 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Other payables and accrued expenses – Related parties | 61,156 | 42,294 | | Other payables and accrued expenses – Deposits and temporary receipts from third parties | 54,489 | 131,984 | | Other payables and accrued expenses – Others | 58,937 | 27,746 | | Dividends payable | 14,804 | 40 | | Accrued staff costs | 29,351 | 48,146 | | Other taxes payable | 14,143 | 13,969 | | Contract liabilities – Related parties | 27 | 54 | | Contract liabilities – Third parties | 131,739 | 144,435 | | Total (Other Payables and Accrued Expenses) | 232,880 | 264,179 | | Total (Contract Liabilities) | 131,766 | 144,489 | [17. Related Party Transactions](index=64&type=section&id=17.%20Related%20Party%20Transactions) The Group engages in various related party transactions with its ultimate controlling company and its subsidiaries, including revenue from property management services, value-added services, pre-delivery and consulting services, property engineering services, and costs for commercial asset entrusted operation services. - As of **June 30, 2025**, the ultimate controlling company held approximately **43.07% of the Company's equity**[160](index=160&type=chunk) Significant Transactions with Related Parties | Transaction Type | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | | :--- | :--- | :--- | | Property management service fee income | 1,076 | 2,952 | | Value-added service fee income | 2,360 | 2,445 | | Value-added service fees (cinema leasing services) | 1,114 | – | | Cost of services (commercial asset entrusted operation services) | 7,946 | – | | Recovery of interest income loss from pledged matters | – | 24,438 | | Pre-delivery and consulting service fee income | 1,152 | 4,819 | | Property engineering service income | 11,556 | 18,667 | - The aforementioned related party transactions also constitute **continuing connected transactions** as defined in Chapter 14A of the Listing Rules[164](index=164&type=chunk) Key Management Personnel Compensation | Item | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | | :--- | :--- | :--- | | Salaries, allowances and benefits | 2,998 | 4,028 | | Pension scheme contributions | 146 | 163 | | Total | 3,144 | 4,191 | Balances with Related Parties (net of impairment) | Item | June 30, 2025 (thousand RMB) | Dec 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Trade receivables from related parties | 124,738 | 133,388 | | Contract assets from related parties | 32,904 | 45,199 | | Other receivables from related parties (incl. payments to related parties and pledged matters related) | 297,062 | 300,977 | | Prepayments to related parties (non-current) | 47,336 | 47,336 | | Prepayments to related parties (current) | 1,992 | 12,617 | | Trade payables to related parties | 83,394 | 30,066 | | Other payables to related parties | 61,156 | 42,294 | | Contract liabilities from related parties | 27 | 54 | [18. Fair Value and Fair Value Hierarchy o

Core Viewpoint - The property management sector has seen a shift in focus alongside market trends, with companies demonstrating stable fundamentals and intrinsic growth potential being of particular interest. XinYuan Services (01895.HK) has shown robust mid-year performance, with total revenue increasing by 11% year-on-year to approximately 450 million RMB, and profit attributable to shareholders rising by 16.7% to about 59 million RMB [1]. Financial Performance - XinYuan Services reported a gross margin increase of 1.9 percentage points to 34.5% compared to the same period in 2024, despite overall industry pressure on margins [1]. - The company’s contracted area reached 67.4 million square meters, with managed area at 40.2 million square meters, both showing steady growth [1]. Business Structure and Growth - The proportion of non-residential managed area has increased to 29.5%, covering diverse sectors such as commercial offices, industrial parks, schools, and hospitals, enhancing the company's profitability and resilience against market fluctuations [1]. - The share of third-party management in the managed area has risen to 59%, and in the contracted area, it stands at 68%, indicating a strong shift towards market-oriented operations and robust internal growth momentum [1]. Value-Added Services - In the first half of 2025, XinYuan Services experienced significant growth in value-added services, with revenues from home services, rental sales, and pure water services increasing by 23%, 129%, and 17% respectively [2]. - The company is developing a service ecosystem characterized by "space operation + scenario services + digital technology," which broadens revenue channels and balances the overall income structure, facilitating non-linear growth in future performance [2]. Technological Advancements - XinYuan Services has established a comprehensive technology service product system, enhancing traditional service models and creating a digital "flywheel effect" that drives quality upgrades, efficiency improvements, cost optimization, and profit growth [2]. - The company has launched "customer service AI agents & housekeeper AI agents," marking the beginning of a new era in property management integrated with AI technology [2]. Market Position and Valuation - The property management market is experiencing significant differentiation, with companies that combine stable profitability and forward-looking strategies poised for opportunities. XinYuan Services is noted for its resilience and growth potential, although its valuation remains low, with a TTM P/E ratio of approximately 3.5 times and a P/B ratio of about 0.5 times [3]. - The board has proposed an interim dividend of 2.77 HK cents per share for 2025, reflecting management's confidence in the company's performance [3]. Overall Assessment - XinYuan Services has successfully transitioned its role, leveraging strong service capabilities and technological advancements to reshape its growth trajectory. The company's solid financial foundation and optimized structure enhance its resilience, while its early adoption of AI technology opens new growth avenues [3].

Group 1 - The company XinYuan Services (01895) announced a proposed interim dividend of 2.77 Hong Kong cents per share for the six months ending June 30, 2025 [1] - The payment date for the interim dividend has been changed to September 22, 2025 (Monday) [1]

Group 1 - The company, Xinyuan Services (01895), announced a proposed interim dividend of 2.77 Hong Kong cents per share for the six months ending June 30, 2025 [1] - The payment date for the interim dividend has been changed to September 22, 2025 [1]

Group 1 - The company XinYuan Services (01895.HK) announced a proposal to distribute an interim dividend of 2.77 Hong Kong cents per share for the six months ending June 30, 2025 [1] - The payment date for the interim dividend has been changed to September 22, 2025 (Monday) [1]

EF001 免責聲明 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，董事會包括執行董事申元慶先生、馮波先生及王勇先生; 非執行董事田文智先生; 以及獨立非執行董事李軼梵先生、 藍燁先生、凌晨凱先生及趙霞女士。 | 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 鑫苑物業服務集團有限公司 | | 股份代號 | 01895 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年9月5日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更改中期股息派付日期 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性 ...

承董事會命 鑫苑物業服務集團有限公司 主 席、執 行 董 事 兼 行 政 總 裁 申元慶 更改派付中期股息日期 茲 提 述 鑫 苑 物 業 服 務 集 團 有 限 公 司（「本公司」）日 期 為2025年8月28日之截至2025 年6 月30日 止 六 個 月 之 中 期 業 績 公 告（「中期業績公告」）。除 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 中 期 業 績 公 告 所 界 定 者 具 有 相 同 涵 義。 誠 如 中 期 業 績 公 告 所 披 露，董 事 會 建 議 就 截 至2025年6月30日止六個月派發每 股普通股2.77港 仙 之 中 期 股 息（「中期股息」）。本 公 司 謹 此 宣 佈，中 期 股 息 之 派 付日期將更改為2025年9月22日（星 期 一）。 除 上 文 所 披 露 者 外，中 期 業 績 公 告 所 載 之 所 有 其 他 資 料 及 內 容（包 括 但 不 限 於 暫 停 辦 理 股 份 過 戶 期 間 及 中 期 股 息 的 記 錄 日 期）均 維 持 不 變。 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 ...