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 任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考用途，並不構成收購、購買或認購本公司證券的邀請或要約。 本公告並非亦不構成於美國或任何其他未有根據任何有關司法權區證券法例辦理 登記或取得資格前作出有關要約、游說或出售則屬違法的司法權區購買或出售任 何證券的要約或要約購買或出售該等證券的游說的任何部分。本公告所述證券不 曾亦不會根據一九三三年美國證券法登記，而證券在未辦理登記或未獲豁免登記 的情況下不得在美國發售、出售或以其他方式轉讓。將於美國公開發售的任何證 券將以售股章程形式作出。該售股章程將載有關於作出要約的公司及其管理層以 及 財 務 報 表 的 詳 細 資 料 。 本 公 司 並 無 計 劃 在 美 國 登 記 本 公 告 所 述 發 售 的 任 何 部 分。 CHINA SCE GROUP HOLDINGS LIMITED 中 駿 集 團 控 股 有 限 公 司 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中駿集團控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01966 | 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 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | 本月底法 ...

Core Viewpoint - Zhongjun Group Holdings reported a significant decline in revenue and a narrowed loss for the six months ending June 30, 2025, indicating ongoing challenges in the market [1] Financial Performance - The company's revenue for the period was RMB 18.521 billion, representing a year-on-year decrease of 25.37% [1] - Shareholders' loss amounted to RMB 3.48 billion, which is a 5.51% reduction compared to the previous year [1] - The loss per share was reported at 82.4 cents [1]

Group 1 - The core viewpoint of the announcement is that Zhongjun Group Holdings reported a significant decline in contract sales and property sales prices for the first half of 2025, indicating challenges in the current market environment [1][2] - The total contract sales amount reached approximately RMB 37.43 billion, with a year-on-year decrease of about 38.9%, and the contract sales area was approximately 460,000 square meters, down 32.1% year-on-year [1][2] - The average property sales price during the period was RMB 8,120 per square meter [1] Group 2 - The loss attributable to the parent company decreased to approximately RMB 34.80 billion [2] - The company and its joint ventures had over 80 projects for sale across more than 50 cities, primarily concentrated in second-tier and core areas of third and fourth-tier cities [2] - Hangzhou showed the best contract sales performance among first and second-tier cities, with a sales amount of approximately RMB 4.48 billion [2] Group 3 - The total planned land reserve area for the company and its joint ventures is approximately 23.34 million square meters, with the company’s share being about 19.52 million square meters, distributed across 56 cities [2] - The land reserve costs in various economic zones are as follows: Yangtze River Delta Economic Circle (38.1%), Bohai Rim Economic Circle (20.8%), Central and Western Regions (19.0%), West Coast Economic Circle (11.2%), and Guangdong-Hong Kong-Macao Greater Bay Area (10.9%) [2] - The land reserve costs by city tier are: first-tier cities (11.6%), second-tier cities (51.8%), and third and fourth-tier cities (36.6%) [2]

Performance Summary - SF Holding reported a revenue of 146.858 billion yuan, a year-on-year increase of 9.26%, and a net profit of 5.738 billion yuan, up 19.37% year-on-year [2] - Shanghai Pharmaceuticals achieved a revenue of 141.593 billion yuan, a growth of 1.56%, with a net profit of 4.459 billion yuan, increasing by 51.56% [2] - New China Life Insurance's revenue reached 69.429 billion yuan, a 25.5% increase, and a net profit of 14.799 billion yuan, up 33.5% [2] - Huadian International Power's revenue was 59.953 billion yuan, down 8.98%, while net profit increased by 13.15% to 3.904 billion yuan [2] - China Pacific Insurance reported a revenue of 55.964 billion yuan, a slight increase of 0.2%, and a net profit of 6.764 billion yuan, up 12.2% [2] - CITIC Securities had a revenue of 46.552 billion yuan, a 16.28% increase, and a net profit of 13.719 billion yuan, up 29.79% [2] - Beijing Enterprises Holdings reported a revenue of 44.529 billion yuan, a 5.2% increase, and a net profit of 3.404 billion yuan, up 8.1% [2] - Li Auto's vehicle sales revenue for Q2 2025 was 28.9 billion yuan, down 4.7%, with a net profit of 1.093 billion yuan, a decrease of 0.9% [2] - Huishang Bank reported a revenue of 21.157 billion yuan, a 2.25% increase, and a net profit of 9.109 billion yuan, up 5.55% [2] - SMIC achieved a revenue of 4.456 billion USD, a 22% increase, with a net profit of 320 million USD, up 35.6% [2] - China Galaxy Securities reported a total revenue of 18.798 billion yuan, an 18.92% increase, and a net profit of 6.488 billion yuan, up 47.86% [2] - Zhongjun Group Holdings had a revenue of 18.521 billion yuan, down 25.4%, with a net loss of 3.48 billion yuan, a narrowing of 5.5% [2] - BeiGene reported a revenue of 2.433 billion USD, a 44.7% increase, and a net profit of 95.59 million USD, turning from a loss of 372 million USD [2] - SF Express City reported a revenue of 10.236 billion yuan, up 48.8%, and a net profit of 137 million yuan, up 120.4% [2] - China Shipbuilding Defense reported a revenue of 10.173 billion yuan, a 16.54% increase, and a net profit of 526 million yuan, up 258.46% [2] - Qingdao Port reported a revenue of 9.434 billion yuan, a 4.04% increase, and a net profit of 2.842 billion yuan, up 7.58% [2] - Shanghai Industrial Holdings reported a revenue of 9.476 billion yuan, down 8.6%, and a net profit of 1.042 billion yuan, down 13.2% [2] - Everbright Securities reported a revenue of 7.481 billion yuan, a 17.7% increase, and a net profit of 1.683 billion yuan, up 21% [2] - Baozun reported a revenue of 4.617 billion yuan, a 5.63% increase, with a net loss of 97.04 million yuan, narrowing [2] - Sichuan Chengyu Expressway reported a revenue of 4.08 billion yuan, down 23.3%, and a net profit of 838 million yuan, up 20.1% [2] - Baideli Holdings reported a revenue of approximately 3.813 billion yuan, down 10.9%, and a net profit of 7.1 million yuan, down 79.1% [2] - Tigermed reported a revenue of 3.25 billion yuan, down 3.21%, and a net profit of 383 million yuan, down 22.22% [2] - Zhengli New Energy reported a revenue of 3.172 billion yuan, a 71.9% increase, and a net profit of 220 million yuan, turning from a loss of 130 million yuan [2] - Sensong International reported a revenue of 2.687 billion yuan, down 22.7%, and a net profit of 338 million yuan, down 10.15% [2] - Dasheng Holdings reported a revenue of approximately 2.593 billion yuan, a 27% increase, and a net profit of 65.924 million yuan, up 504.4% [2] - SenseTime reported a revenue of 2.358 billion yuan, a 35.6% increase, with a gross profit of 908 million yuan, up 18.4%, and an adjusted net loss of 1.162 billion yuan, narrowing by 50% [2] - Ruian Real Estate reported a revenue of 2.074 billion yuan, flat year-on-year, with a net profit of 51 million yuan, down 29.2% [2] - Shangri-La Asia reported a revenue of 1.056 billion USD, a 0.7% increase, and a net profit of 57.9 million USD, down 38.7% [2] - Quanfeng Holdings reported a revenue of 912 million USD, an 11.9% increase, and a net profit of 95.217 million USD, up 54.8% [2] - COSCO Shipping Ports reported a revenue of 806 million USD, a 13.6% increase, and a net profit of approximately 182 million USD, up 30.6% [2] - Tianjin Development reported a revenue of 1.719 billion yuan, down 5.59%, and a net profit of 344 million yuan, up 19.57% [2] Company News - Sillodic Pharmaceuticals successfully administered the new radiolabeled drug 3D1015 to patients with PSMA-positive metastatic castration-resistant prostate cancer, demonstrating safety and preliminary efficacy [2] - Shoucheng Holdings signed a strategic cooperation framework agreement with Alter and Alrite to jointly promote breakthroughs in robotics technology, scene implementation, and industrial chain collaboration [2]

Core Viewpoint - Zhongjun Group Holdings reported a significant decline in revenue and increased losses in the first half of 2025, primarily due to reduced property deliveries and fair value losses on investment properties [1][2] Financial Performance - In the first half of 2025, the company's revenue was RMB 18.521 billion, a decrease of 25.4% year-on-year [1] - The loss attributable to equity holders of the parent was RMB 3.480 billion, compared to a loss of RMB 3.682 billion in the same period last year [1] - The average property sales price during this period was RMB 8,120 per square meter [1] Sales and Contracts - The group, along with its joint ventures and associates, achieved a contract sales amount of approximately RMB 3.743 billion, with a significant year-on-year decline of about 38.9% [1] - The total contract sales area was approximately 460,000 square meters, down 32.1% year-on-year [1] Project and Land Bank - As of June 30, 2025, the total planned gross floor area of land reserves held by the group and its joint ventures and associates was approximately 23.34 million square meters, with the group's attributable share being about 19.52 million square meters [2] - The land reserve costs are distributed across various economic regions, with the Yangtze River Delta accounting for 38.1% of total land reserve costs [2] - The land reserve costs in first-tier, second-tier, and third/fourth-tier cities accounted for 11.6%, 51.8%, and 36.6% of total land reserve costs, respectively [2]

Group 1 - The core point of the article is that Zhongjun Group Holdings (01966) reported a significant decline in revenue and a narrowed loss for the six months ending June 30, 2025 [1] Group 2 - The company's revenue for the period was RMB 18.521 billion, representing a year-on-year decrease of 25.37% [1] - The loss attributable to shareholders was RMB 3.48 billion, which is a year-on-year reduction of 5.51% [1] - The loss per share was reported at 82.4 cents [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section presents the key financial performance indicators for the six months ended June 30, 2025 H1 2025 Financial Highlights | Metric | Amount (RMB) | | :--- | :--- | | Contracted Sales Amount | 3,743,289,000 RMB | | Revenue | 18,520,559,000 RMB | | Gross Profit Margin | 20.8% (Increased) | | Loss Attributable to Owners of the Parent | 3,479,512,000 RMB (Decreased) | [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the company's revenue, gross profit, and net loss for the six months ended June 30, 2025 H1 2025 Consolidated Statement of Profit or Loss Key Data | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 18,520,559 | 24,816,532 | -25.4% | | Cost of sales | (14,670,816) | (20,356,550) | -27.9% | | Gross profit | 3,849,743 | 4,459,982 | -13.7% | | Net fair value change of investment properties | (2,280,862) | (3,088,113) | -26.1% | | Loss before tax | (3,015,052) | (2,727,689) | +10.5% | | Loss for the period | (3,938,384) | (3,424,126) | +15.0% | | Loss Attributable to Owners of the Parent | (3,479,512) | (3,682,268) | -5.5% | | Basic loss per share | (82.4) cents | (87.2) cents | -5.5% | [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the company's assets, liabilities, and equity as of June 30, 2025 H1 2025 Consolidated Statement of Financial Position Key Data | Metric | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 35,133,971 | 37,923,422 | | Total current assets | 74,376,047 | 90,361,804 | | Total current liabilities | 91,341,085 | 104,018,008 | | Total non-current liabilities | 11,171,787 | 13,697,345 | | Net assets | 6,997,146 | 10,569,873 | | Equity attributable to owners of the parent | (1,438,053) | 1,696,028 | | Non-controlling interests | 8,435,199 | 8,873,845 | [Notes to the Interim Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section details the interim financial statements' basis, accounting policies, and key financial items [1. Basis of Preparation](index=7&type=section&id=1.%20Basis%20of%20Preparation) This section outlines the basis of preparation for the interim condensed consolidated financial statements [Going Concern Basis](index=7&type=section&id=Going%20Concern%20Basis) The group faces significant going concern uncertainties but management has a restructuring plan in place - As of June 30, 2025, the Group recorded loss attributable to owners of the parent of approximately **RMB34.80 billion**[13](index=13&type=chunk) Debt and Cash Position as of June 30, 2025 | Metric | Amount (RMB) | | :--- | :--- | | Interest-bearing bank and other borrowings, senior notes and domestic bonds | 34.57 billion | | Cash and cash equivalents | 2.50 billion | | Principal in default or cross-default | 17.45 billion | - The Group signed a restructuring support agreement with the ad hoc group of creditors, which is a significant milestone for offshore debt restructuring[14](index=14&type=chunk) - Continued operation depends on successful offshore debt restructuring, refinancing or extension of bank loans, accelerated property sales collection, and successful disposal of investment properties and non-core businesses[16](index=16&type=chunk) - The Group has **not early adopted** any new standards, interpretations, or amendments that have been issued but are not yet effective[11](index=11&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=9&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) This section details changes in accounting policies and disclosures, with no significant impact on the financial statements - The application of HKAS 21 (Amendment) "Lack of Exchangeability" has **no material impact** on the Group's unaudited interim condensed consolidated financial statements[19](index=19&type=chunk) [3. Operating Segment Information](index=9&type=section&id=3.%20Operating%20Segment%20Information) The group primarily engages in property development and investment, with other segments consolidated due to size - The Group primarily engages in **property development, property investment, property management, and project management businesses**[20](index=20&type=chunk) - Property management and project management segments are consolidated with property development and investment segments as they account for **less than 10%** of the Group's consolidated revenue, loss, and assets[20](index=20&type=chunk) - The Group's revenue from external customers and the vast majority of its non-current assets are located in **Mainland China**[21](index=21&type=chunk) [4. Revenue, Other Income and Gains](index=10&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) This section details the group's total revenue and other income and gains for the period H1 2025 Revenue Composition | Revenue Source | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Property sales | 17,482,222 | 23,925,857 | -26.9% | | Property management fees | 629,537 | 603,302 | +4.3% | | Project management income | 125,222 | 21,848 | +473.1% | | Rental income from operating leases of investment properties | 283,578 | 265,525 | +6.8% | | **Total Revenue** | **18,520,559** | **24,816,532** | **-25.4%** | H1 2025 Other Income and Gains | Other Income and Gains | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Bank interest income | 8,101 | 18,379 | -55.9% | | Consultancy service income | 19,713 | 15,673 | +25.8% | | Income from forfeiture of deposits | 4,282 | 708 | +504.8% | | Net gain on disposal of a joint venture | 4,910 | 972 | +405.1% | | Net exchange differences | – | 127,186 | -100.0% | | Government grants | 1,052 | 9,512 | -88.9% | | **Total other income and gains** | **67,855** | **201,550** | **-66.3%** | [5. Finance Costs](index=11&type=section&id=5.%20Finance%20Costs) This section outlines the group's finance costs, primarily from borrowings, for the six months ended June 30, 2025 H1 2025 Finance Costs | Finance Costs Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Interest on bank and other borrowings, senior notes and domestic bonds | 1,193,868 | 1,350,657 | -11.6% | | Interest on lease liabilities | 221 | 482 | -54.1% | | Accretion of discount on provision for major overhaul due to passage of time | 2,464 | 2,211 | +11.4% | | Total interest on financial liabilities at FVTPL | 1,196,553 | 1,353,350 | -11.6% | | Less: Interest capitalised | (350,449) | (491,966) | -28.8% | | **Total** | **846,104** | **861,384** | **-1.8%** | [6. Loss Before Tax](index=12&type=section&id=6.%20Loss%20Before%20Tax) This section details the group's loss before tax, influenced by various cost and impairment factors H1 2025 Loss Before Tax Main Components | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of properties sold | 14,106,825 | 19,864,405 | | Cost of services provided | 563,908 | 492,062 | | Total employee benefit expenses | 366,562 | 280,238 | | Net fair value loss on financial assets at FVTPL | 2,740 | 35,617 | | Net exchange differences | 66,834 | (127,186) | | Impairment loss on investments in joint ventures | – | 521,294 | | Impairment loss on amounts due from related parties | – | 439,842 | [7. Income Tax](index=13&type=section&id=7.%20Income%20Tax) This section details the group's income tax expense, which significantly increased due to higher gross profit margin H1 2025 Income Tax Expense | Tax Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | PRC corporate income tax | 607,854 | 532,338 | +14.2% | | PRC land appreciation tax | 468,409 | 279,035 | +67.9% | | Deferred tax | (152,931) | (190,268) | -19.6% | | **Total tax expense for the period** | **923,332** | **696,437** | **+32.6%** | [8. Dividends](index=13&type=section&id=8.%20Dividends) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved **not to declare any interim dividend** for the six months ended June 30, 2025[29](index=29&type=chunk) [9. Loss Per Share Attributable to Ordinary Equity Holders of the Parent](index=13&type=section&id=9.%20Loss%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) This section details the basic loss per share attributable to ordinary equity holders of the parent for the period Loss Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic and diluted loss per share | RMB(82.4) cents | RMB(87.2) cents | - The weighted average number of ordinary shares outstanding during the period was **4,222,986,126** shares[30](index=30&type=chunk) - Unexercised share options had **no dilutive effect** on the basic loss per share[30](index=30&type=chunk) [10. Trade Receivables](index=14&type=section&id=10.%20Trade%20Receivables) This section details the group's trade receivables, primarily from property sales and property management services - Trade receivables arise from **property sales, leasing of investment properties, and provision of property management services**[31](index=31&type=chunk) - Customers are diversified, with **no significant concentration of credit risk**, and **no collateral is held**[31](index=31&type=chunk) Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current to 90 days | 75,670 | 52,746 | | 91 to 180 days | 46,307 | 62,299 | | 181 to 365 days | 75,694 | 61,140 | | Over 365 days | 68,876 | 105,725 | | **Total** | **266,547** | **281,910** | [11. Trade Payables and Bills](index=14&type=section&id=11.%20Trade%20Payables%20and%20Bills) This section details the group's trade payables and bills, mostly short-term and unsecured Trade Payables and Bills Ageing Analysis | Ageing | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 13,552,866 | 13,487,076 | | Over 1 year | 500,520 | 506,201 | | **Total** | **14,053,386** | **13,993,277** | - Trade payables and bills are **unsecured, interest-free**, and generally settled according to **construction progress**[33](index=33&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the H1 2025 market, business operations, financial performance, and future outlook [Market Review](index=15&type=section&id=Market%20Review) The H1 2025 real estate market continued its adjustment, with varied performance across city tiers - The H1 2025 real estate market **continued its adjustment**, with sales stabilizing in **first-tier and strong second-tier cities**, but **third- and fourth-tier cities faced greater pressure**[34](index=34&type=chunk) H1 2025 New Commercial Property Sales Data | Metric | Amount/Area | | :--- | :--- | | Sales Amount | approximately RMB4,424.1 billion (YoY decreased **5.5%**) | | Residential Sales Amount | YoY decreased **5.2%** | | Sales Area | approximately 459 million sq m (YoY decreased **3.5%**) | | Residential Sales Area | YoY decreased **3.7%** | [Business Review](index=15&type=section&id=Business%20Review) This section reviews the group's H1 2025 contracted sales, land bank, and investment properties [Contracted Sales](index=15&type=section&id=Contracted%20Sales) The group's H1 2025 contracted sales significantly decreased, with Hangzhou and the Yangtze River Delta performing well H1 2025 Contracted Sales Data | Metric | Amount/Area | | :--- | :--- | | Contracted Sales Amount | approximately RMB3.74 billion (YoY decreased **38.9%**) | | Contracted Sales Area | approximately 0.46 million sq m (YoY decreased **32.1%**) | | Average Property Selling Price | RMB8,120 per sq m | - The Group ranked **18th** in the "H1 2025 China Typical Property Developers Delivery Ranking", demonstrating its commitment to "**guaranteed delivery**"[36](index=36&type=chunk) - The Group has **over 80 projects** on sale, primarily concentrated in **second-tier cities** and core areas of **third- and fourth-tier cities**[37](index=37&type=chunk) H1 2025 Contracted Sales City and Regional Distribution | City/Region | Contracted Sales Amount (RMB million) | Proportion (%) | | :--- | :--- | :--- | | Hangzhou | 448 | **12.0%** | | Yangtze River Delta Economic Zone | 1,120 | **29.9%** | | Second-tier cities | 1,527 | **40.8%** | | Third- and fourth-tier cities | 1,925 | **51.4%** | [Land Bank](index=18&type=section&id=Land%20Bank) The group holds a substantial land bank across 56 cities, primarily in the Yangtze River Delta and second-tier cities - As of June 30, 2025, the Group and its joint ventures and associates held a total planned GFA of approximately **23.34 million square meters** (Group's attributable share: approximately **19.52 million square meters**) in **56 cities**[40](index=40&type=chunk) Land Bank Cost Distribution by Region and City Tier | Distribution Type | Proportion (%) | | :--- | :--- | | Yangtze River Delta Economic Zone | **38.1%** | | Bohai Rim Economic Zone | **20.8%** | | Central and Western Regions | **19.0%** | | West Coast Economic Zone of the Straits | **11.2%** | | Guangdong-Hong Kong-Macao Greater Bay Area | **10.9%** | | First-tier cities | **11.6%** | | Second-tier cities | **51.8%** | | Third- and fourth-tier cities | **36.6%** | [Investment Properties](index=18&type=section&id=Investment%20Properties) The group holds 46 investment properties across 26 cities, with 28 already operational - As of June 30, 2025, the Group and its joint ventures and associates held **46 investment properties** with a total GFA of approximately **3.6 million square meters** (attributable share: approximately **3.28 million square meters**), of which **28 have commenced operations**[41](index=41&type=chunk) - Investment properties are located in **26 cities**, covering formats such as **shopping malls, long-term rental apartments, office buildings, commercial streets, and retail shops**[41](index=41&type=chunk) [Outlook](index=18&type=section&id=Outlook) The group anticipates increased policy support for the real estate market and will focus on pricing and cost control - The central government is expected to **intensify efforts** in H2 to introduce a "policy package" for real estate, aiming to **stabilize the market and halt the decline**[42](index=42&type=chunk) - In H2, the Group will focus on "**price**" as its operational guide, intensifying **inventory reduction** through precise pricing strategies and strictly controlling **engineering costs** through refined bidding and procurement to **stabilize gross profit margin**[43](index=43&type=chunk) - The "**Two Wings**" businesses (**SCE World City shopping malls and long-term rental apartments**) will focus on **in-depth operations and proactive adjustments**, continuously optimizing business layout to **enhance corporate operating efficiency and brand value**[43](index=43&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) This section reviews the group's H1 2025 financial performance, including revenue, gross profit, and net loss [Revenue](index=19&type=section&id=Revenue) Group revenue decreased in H1 2025, primarily due to reduced property sales income Revenue Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 18,520,559,000 | 24,816,532,000 | -25.4% | [Property Sales Revenue](index=19&type=section&id=Property%20Sales%20Revenue) Property sales revenue declined due to decreased delivery area and lower average selling prices Property Sales Revenue Change | Metric | H1 2025 | H1 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Property Sales Revenue | 17,482,222,000 RMB | 23,925,857,000 RMB | -26.9% | | Delivery Area | 1,461,452 sq m | 1,513,368 sq m | -3.4% | | Average Selling Price | 11,962 RMB/sq m | 15,810 RMB/sq m | -24.3% | [Property Management Fees](index=20&type=section&id=Property%20Management%20Fees) Property management fees increased due to a rise in the number and area of managed properties Property Management Fees Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Property Management Fees | 629,537,000 | 603,302,000 | +4.3% | [Rental Income](index=20&type=section&id=Rental%20Income) Rental income increased, primarily driven by new shopping malls opened in late 2024 Rental Income Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Rental Income | 283,578,000 | 265,525,000 | +6.8% | [Gross Profit](index=20&type=section&id=Gross%20Profit) Gross profit decreased, but the gross profit margin improved due to higher-margin projects delivered Gross Profit and Gross Profit Margin Change | Metric | H1 2025 | H1 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Gross Profit | 3,849,743,000 RMB | 4,459,982,000 RMB | -13.7% | | Gross Profit Margin | **20.8%** | **18.0%** | +2.8 percentage points | [Net Fair Value Change of Investment Properties](index=20&type=section&id=Net%20Fair%20Value%20Change%20of%20Investment%20Properties) Fair value loss on investment properties decreased, mainly due to impairment of certain commercial properties Fair Value Loss on Investment Properties Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Fair Value Loss | 2,280,862,000 | 3,088,113,000 | -26.1% | [Selling and Marketing Expenses](index=20&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses decreased due to a reduction in the number of projects on sale Selling and Marketing Expenses Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 353,722,000 | 395,676,000 | -10.6% | [Administrative Expenses](index=20&type=section&id=Administrative%20Expenses) Administrative expenses slightly increased in H1 2025 Administrative Expenses Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Administrative Expenses | 629,726,000 | 627,537,000 | +0.3% | [Finance Costs](index=21&type=section&id=Finance%20Costs) Finance costs slightly decreased in H1 2025 Finance Costs Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Finance Costs | 846,104,000 | 861,384,000 | -1.8% | [Tax Expense](index=21&type=section&id=Tax%20Expense) Tax expense significantly increased due to higher land appreciation tax and corporate income tax from improved gross margin Tax Expense Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Tax Expense | 923,332,000 | 696,437,000 | +32.6% | [Loss Attributable to Owners of the Parent](index=21&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Parent) Loss attributable to owners of the parent decreased, primarily due to fewer property deliveries and fair value losses Loss Attributable to Owners of the Parent Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Parent | 3,479,512,000 | 3,682,268,000 | -5.5% | [Liquidity, Financial and Capital Resources](index=21&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) This section details the group's cash position, borrowings, gearing ratio, and foreign exchange risk management [Cash Position](index=21&type=section&id=Cash%20Position) The group's cash and bank balances decreased, with a portion restricted for property development guarantees Cash and Bank Balances | Currency | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | RMB | 3,411,746 | 3,975,285 | | HKD | 17,099 | 17,429 | | USD | 26,939 | 52,303 | | **Total** | **3,455,784** | **4,045,017** | Restricted Cash | Metric | June 30, 2025 (RMB) | Dec 31, 2024 (RMB) | | :--- | :--- | :--- | | Restricted Cash | 959,753,000 | 1,124,479,000 | [Borrowings](index=22&type=section&id=Borrowings) The group's total borrowings slightly decreased, with a significant portion due within one year or on demand Borrowings Repayment Schedule | Borrowing Type | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Bank and Other Borrowings | 19,145,456 | 19,804,099 | | Total Senior Notes and Domestic Bonds | 15,424,747 | 15,614,467 | | **Total Borrowings** | **34,570,203** | **35,418,566** | Borrowings Denominated by Currency | Currency | Bank and Other Borrowings (RMB thousand) | Senior Notes and Domestic Bonds (RMB thousand) | | :--- | :--- | :--- | | RMB | 14,704,054 | 2,706,019 | | HKD | 1,155,842 | – | | USD | 3,285,560 | 12,718,728 | [Gearing Ratio](index=23&type=section&id=Gearing%20Ratio) The net gearing ratio significantly increased as of June 30, 2025 Net Gearing Ratio | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Net Gearing Ratio | **444.7%** | **296.8%** | [Exchange Rate Fluctuation Risk](index=23&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) The group monitors exchange rate fluctuation risk, with most operations in RMB and no foreign currency hedging arrangements - The majority of the Group's revenue, operating expenses, assets, and liabilities are denominated in **RMB**[58](index=58&type=chunk) - As of June 30, 2025, the Group has **not entered into any foreign currency hedging arrangements** and will continue to **closely monitor foreign currency exchange rate fluctuation risk**[58](index=58&type=chunk) [Corporate Governance and Other Information](index=23&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section outlines the company's corporate governance practices, audit committee review, and other relevant information [Corporate Governance](index=23&type=section&id=Corporate%20Governance) The company complies with corporate governance code provisions, with the Chairman and CEO roles combined for efficiency - The Company and its Board have consistently complied with the code provisions of the **Corporate Governance Code**, although the roles of Chairman and Chief Executive Officer are combined and held by **Mr. Huang Chaoyang**[59](index=59&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer facilitates **efficiency and consistency in the execution of the Company's business plans and decisions**[59](index=59&type=chunk) [Audit Committee and Review of Interim Results](index=24&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising independent non-executive directors, reviewed the interim financial statements and results - The Audit Committee comprises **three independent non-executive directors**, with **Mr. Ding Lianghui** as Chairman and **Mr. Dai Yiyi** and **Mr. Mao Zhenhua** as members[60](index=60&type=chunk) - The Chairman of the Audit Committee, **Mr. Ding Lianghui**, possesses **expertise in accounting and financial management**, meeting the Listing Rules requirements[60](index=60&type=chunk) - The Audit Committee has reviewed the Group's **accounting policies, interim condensed consolidated financial statements, and this interim results announcement**[60](index=60&type=chunk) [Model Code for Securities Transactions by Directors](index=24&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) All directors confirmed strict compliance with the Model Code for Securities Transactions by Directors during the review period - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as the standard for directors' securities transactions[61](index=61&type=chunk) - All directors confirmed strict compliance with the **Model Code** during the review period[61](index=61&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=24&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, redeemed, or sold any listed securities during the six months ended June 30, 2025 - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries **purchased, redeemed, or sold any of the Company's listed securities**[62](index=62&type=chunk) [Interim Dividend](index=24&type=section&id=Interim%20Dividend) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved **not to declare any interim dividend** for the six months ended June 30, 2025[63](index=63&type=chunk) [Publication of Interim Results and Interim Report](index=25&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) The interim results announcement is published on the company and HKEX websites, with the full interim report to follow - This interim results announcement has been published on the Company's website (**www.sce-re.com**) and the HKEX website (**www.hkexnews.hk**)[64](index=64&type=chunk) - All relevant information regarding the 2025 Interim Report will be published on the Company's and HKEX websites in due course[64](index=64&type=chunk)

Core Viewpoint - Zhongjun Group Holdings (01966.HK) announced a board meeting scheduled for August 28, 2025, to discuss various financial matters, including the approval of interim results and potential dividend distribution [1] Group 1: Financial Matters - The board will consider and approve the unaudited interim results for the six months ending June 30, 2025 [1] - The board will also review and approve the interim results announcement and interim report for the same period [1] - The possibility of declaring an interim dividend will be discussed during the meeting [1] - Any other business matters will also be addressed as necessary [1]

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 通 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通告全部或 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。 CHINA SCE GROUP HOLDINGS LIMITED 中 駿 集 團 控 股 有 限 公 司 承董事會命 中駿集團控股有限公司 主席 黃朝陽 香港，二零二五年八月十五日 於本通告刊發日期，執行董事為黃朝陽先生、鄭曉樂先生、黃攸權先生及張海濤 女士，及獨立非執行董事為丁良輝先生、戴亦一先生及毛振華先生。 1. 考慮及批准本集團截至二零二五年六月三十日止六個月未經審核中期業績； 2. 考慮及批准本集團截至二零二五年六月三十日止六個月中期業績公告及中期 報告； 3. 考慮派發中期股息，如有；及 4. 處理任何其他事項，如有。 （於開曼群島註冊成立的有限公司） （股份代號：1966） 董事會會議通告 中駿集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「 董 事 會 」）謹 此 宣 佈 ， 將 於 二 ...