Core Viewpoint - Hongyang Real Estate (01996.HK) has exercised its discretion to extend the deadline for the restructuring support agreement fee from September 5, 2025, to September 19, 2025, and the base restructuring support agreement fee deadline from September 19, 2025, to October 3, 2025 [1] Group 1 - The company has announced the extension of the restructuring support agreement fee deadline [1] - The new deadline for the base restructuring support agreement fee is now set for October 3, 2025 [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公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。於美國或任何其他 根據任何有關司法權區證券法例登記或合資格前作出有關提呈、招攬或出售則屬不合法的 司法權區，本公告並非亦不構成提呈購買或出售或招攬購買或出售任何證券的要約的任何 部 分。本 公 告 所 述 證 券 未 曾 亦 不 會 根 據1933年 美 國 證 券 法 登 記，未 辦 理 登 記 或 未 獲 豁 免 登 記前，不得在美國境內發售、出售或以其他方式轉讓。於美國公開發售任何證券將以發售章 程 形 式 進 行，有 關 發 售 章 程 可 向 本 公 司 獲 取，並 將 載 有 關 於 本 公 司 及 其 管 理 層 以 及 財 務 報 表的詳盡資料。本公司無意於美國登記本公告所述任何發售的任何部分。 Redsun Properties Group Limited 尚未加入重組支持協議的所有現有債務持有人可盡快考慮重組支持協議的條款 ...

Company News - Sun Hung Kai Properties (00016.HK) reported a revenue of HKD 79.721 billion for the fiscal year 2025, an increase of 11.5% year-on-year; net profit reached HKD 19.277 billion, up 1.2% year-on-year [2] - Sincere Watch International (00732.HK) recorded a net operating revenue of approximately HKD 11.011 billion for the first eight months, a decrease of 5.5% year-on-year; in August, the net operating revenue was about HKD 1.445 billion, down 6.5% year-on-year [2] Financial Activities - China Construction Bank (00939.HK) announced that CCB Financial Leasing plans to increase its capital by HKD 3 billion to CCB Shipping and Aviation [3] Pharmaceutical Developments - Heng Rui Medicine (01276.HK) received approval to conduct clinical trials for RSS0393 ointment, which can alleviate tissue damage and inflammation related to atopic dermatitis [4] - Heng Rui Medicine (01276.HK) also received approval for clinical trials of HRS-4729 injection, a tri-agonist for GLP-1R/GIPR/GCGR [4] Real Estate Sales Performance - China Overseas Land & Investment (00688.HK) reported a contracted sales amount of HKD 150.331 billion for the first eight months, a decline of 16.5% year-on-year; August contracted sales were HKD 18.33 billion, down 0.7% year-on-year [5] - Sunac China (01918.HK) recorded a contracted sales amount of approximately HKD 30.47 billion for the first eight months, a decrease of 13% year-on-year; August contracted sales were HKD 5.39 billion, down 26.7% year-on-year [5] - China Overseas Grand Oceans Group (00081.HK) reported a contracted sales amount of HKD 20.783 billion for the first eight months, a decline of 10.6% year-on-year; August contracted sales were HKD 2.133 billion, an increase of 6.1% year-on-year [5] - Gemdale Corporation (00535.HK) reported a total contracted sales of approximately HKD 7.588 billion for the first eight months, a decrease of 39% year-on-year; August contracted sales were HKD 608 million, down 52.9% year-on-year [5] - Hongyang Real Estate (01996.HK) reported a contracted sales amount of HKD 3.506 billion for the first eight months, a decrease of 42.2% year-on-year; August contracted sales were HKD 299 million, down 48.5% year-on-year [5] - Ronshine China Holdings (03301.HK) reported a contracted sales amount of approximately HKD 2.7 billion for the first eight months, a decline of 46.4% year-on-year; August contracted sales were about HKD 130 million, down 87.9% year-on-year [5] Share Buyback Activities - HSBC Holdings (00005.HK) repurchased 2.01 million shares at a cost of approximately HKD 200 million, with prices ranging from HKD 98.75 to HKD 100.3 [6] - Midea Group (00300.HK) repurchased 310,000 shares at a cost of approximately HKD 25.849 million, with prices ranging from HKD 83.3 to HKD 83.5 [6] - Hang Seng Bank (00011.HK) repurchased 210,000 shares at a cost of approximately HKD 23.799 million, with prices ranging from HKD 112.9 to HKD 113.7 [6] - MGM China Holdings (02282.HK) repurchased 1 million shares at a cost of approximately HKD 15.687 million, with prices ranging from HKD 15.58 to HKD 15.97 [6] Shareholding Changes - Kanglong Chemical (03759.HK) completed a share reduction plan, with a total of 26.6729 million shares reduced [6] - Sinopec Limited (00386.HK) canceled 67.624 million shares that had been repurchased [6]

Core Viewpoint - Hongyang Real Estate (01996) reported a significant decline in contract sales for August 2025, indicating ongoing challenges in the real estate market [1] Group 1: Sales Performance - The contract sales amount for August 2025 was RMB 299 million, representing a year-on-year decrease of 48.54% [1] - The sales area for the same month was 23,200 square meters, with an average selling price of RMB 12,853 per square meter [1] Group 2: Cumulative Sales Data - From January to August 2025, the total contract sales amounted to RMB 3.506 billion, down 42.24% year-on-year [1] - The cumulative sales area during this period was 262,100 square meters, with an average selling price of RMB 13,377 per square meter [1]

2025年1月–8月，集团实现累计合约销售金额为人民币35.06亿元，同比减少42.24%;累计销售面积为 26.21万平方米;平均销售价格为每平方米人民币13377元。 智通财经APP讯，弘阳地产(01996)发布公告，2025年8月份的合约销售金额为人民币2.99亿元，同比减 少48.54%;销售面积为2.32万平方米;平均销售价格为每平方米人民币12853元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 Redsun Properties Group Limited 弘陽地產集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1996） 截 至2025年8月31日未經審核營運數據 弘 陽 地 產 集 團 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 然 公 佈 本 公 司、附 屬 公 司 及 聯 營 公 司（「本集團」）2025年8月份的合約銷售金額為人民幣2.99億 元；銷 售 面 積 為23,249平方米；平均銷售價格為每平方米人民幣12,853元。 主 席 香港，2025年9月4日 截 至 本 公 告 日 期，曾 煥 沙 先 生、陳 彬 先 生 及 胡 芳 女 士 為 執 行 董 事；及 李 國 棟 先 生、梁 又 穩 先生及歐陽寶豐先生為獨立非執行董事。 2025年1月–8月，本集團實現累計合約銷售金額為人民幣35.06億元；累計銷售面 積 為262,129平方米；平均銷售價格為 ...

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: 弘陽地產集團有限公司 II. 已發行股份及/或庫存股份變動 | 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) | 01996 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 3,338,898,000 | | 0 | | 3,338,898,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 3,338,898,000 | | 0 | | 3,338,898,000 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | ...

Group 1 - The company reported a revenue of approximately RMB 2.712 billion for the first half of 2025, representing a decrease of 54.8% compared to the same period in 2024 [1] - The loss attributable to the parent company was approximately RMB 1.884 billion, an increase of 5.59% year-on-year, with a loss per share of 56 cents [1] - The group achieved contracted sales of approximately RMB 2.870 billion in the first half of 2025, a decline of 40.4% from RMB 4.812 billion in the same period last year [2] Group 2 - The company delivered 12 batches of new homes, totaling 2,453 units and covering an area of over 380,000 square meters [2] - As of June 30, 2025, the total land reserve of the group was approximately 7,475,064 square meters, including completed properties of 2,542,866 square meters and investment properties available for lease of 1,025,377 square meters [2] - The company has 3,906,821 square meters of properties under development [2]

[2025 Interim Results Summary](index=1&type=section&id=2025%20Interim%20Results%20Summary) Hongyang Group Co., Ltd. announced its unaudited interim results for the six months ended June 30, 2025, showing the company faces severe challenges with significant declines in contracted sales and revenue, and a substantial net loss, with the board not recommending an interim dividend 2025 Interim Key Financial Data | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Contracted Sales | 2,870.0 | 4,812.0 | -40.4 | | Revenue | 2,712.3 | 6,006.4 | -54.8 | | Commercial and Hotel Operation Revenue | 167.0 | 283.3 | -41.1 | | Gross Loss / Gross Profit | (222.1) | 532.0 | -141.7 | | Net Loss | (2,320.6) | (1,710.3) | +35.7 | | Interim Dividend | Nil | Nil | - | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated financial statements, including the statement of profit or loss and other comprehensive income, and the statement of financial position, reflecting significant declines in revenue and profitability, and worsening liquidity [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue significantly decreased by 54.8% to RMB 2,712.3 million, turning from a gross profit to a gross loss of RMB 222.1 million, with net loss expanding to RMB 2,320.6 million due to increased cost of sales, fair value losses on investment properties, and increased share of losses from joint ventures/associates Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 2,712,287 | 6,006,436 | | Cost of sales | (2,934,402) | (5,474,410) | | Gross (loss) / profit | (222,115) | 532,026 | | Other income and gains | 232,607 | 8,324 | | Selling and distribution expenses | (76,281) | (157,605) | | Administrative expenses | (61,253) | (140,810) | | Other expenses | (53,980) | (258,508) | | Net fair value loss on investment properties | (19,660) | (412,136) | | Finance costs | (540,165) | (826,715) | | Share of profits and losses of joint ventures | (624,754) | (119,925) | | Share of profits and losses of associates | (610,003) | (209,519) | | Loss before tax | (1,975,604) | (1,584,868) | | Tax | (344,977) | (125,446) | | Loss and total comprehensive loss for the period | (2,320,581) | (1,710,314) | | Loss attributable to owners of the parent | (1,883,732) | (1,784,029) | | Loss attributable to non-controlling interests | (436,849) | 73,715 | | Basic and diluted loss per share (RMB cents) | (56) | (53) | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and liabilities decreased, but net current liabilities expanded to RMB 6,771.1 million, indicating persistent liquidity pressure, with total equity significantly reduced due to the period's losses Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current assets** | | | | Investment properties | 10,497,665 | 10,748,460 | | Investments in joint ventures | 1,965,649 | 2,666,125 | | Investments in associates | 5,025,990 | 5,673,189 | | Total non-current assets | 17,764,215 | 19,394,843 | | **Current assets** | | | | Properties under development | 6,387,735 | 10,244,722 | | Completed properties held for sale | 8,844,852 | 7,569,461 | | Cash and bank balances | 824,297 | 1,242,346 | | Total current assets | 36,539,876 | 40,610,531 | | **Current liabilities** | | | | Trade and bills payables | 6,845,023 | 6,952,638 | | Contract liabilities | 3,455,470 | 5,645,521 | | Interest-bearing bank and other borrowings (current) | 6,049,473 | 6,852,939 | | Senior notes (current) | 10,566,954 | 10,609,906 | | Total current liabilities | 43,310,979 | 46,866,126 | | Net current liabilities | (6,771,103) | (6,255,595) | | **Non-current liabilities** | | | | Interest-bearing bank and other borrowings (non-current) | 4,073,222 | 3,683,716 | | Total non-current liabilities | 6,199,127 | 5,965,534 | | Net assets | 4,793,985 | 7,173,714 | | Total equity | 4,793,985 | 7,173,714 | [Notes to the Condensed Consolidated Financial Information](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes to the condensed consolidated financial information, covering company background, accounting policies, segment data, revenue breakdown, finance costs, taxation, dividends, loss per share, and trade receivables/payables [Company Information](index=5&type=section&id=Company%20Information) Hongyang Group Co., Ltd. was incorporated in the Cayman Islands, listed on the HKEX main board on July 12, 2018, primarily engaging in property development and management, commercial property investment and operation, and hotel operation, with Mr. Zeng Huansha as the ultimate controlling party - The company is an investment holding company, with principal activities including property development and management services, commercial property investment and operation, and hotel operation[6](index=6&type=chunk) - The ultimate controlling party is Mr. Zeng Huansha, an executive director of the company[6](index=6&type=chunk) [Basis of Preparation and Going Concern](index=5&type=section&id=Basis%20of%20Preparation%20and%20Going%20Concern) The condensed consolidated financial information is prepared in accordance with IAS 34; the company faces severe going concern uncertainties, including net loss, current liabilities exceeding current assets by approximately RMB 6.77 billion, and defaults on interest-bearing bank borrowings and senior notes, with management's liquidity improvement plans subject to significant uncertainty - The Group recorded a net loss of approximately **RMB 2.32 billion** for the period ended June 30, 2025[8](index=8&type=chunk) - As of June 30, 2025, the Group's current liabilities exceeded its current assets by approximately **RMB 6.77 billion**[8](index=8&type=chunk) - Interest-bearing bank and other borrowings of approximately **RMB 2.52 billion** and senior notes and accrued interest of approximately **RMB 13.48 billion** were in default, entitling lenders to demand immediate repayment[8](index=8&type=chunk) - The company has formulated several plans to improve liquidity, including negotiating repayment extensions with banks, seeking new loans, accelerating property sales, expediting sales proceeds collection, controlling costs, and disposing of equity interests, but the successful implementation of these plans is subject to significant uncertainty[9](index=9&type=chunk)[10](index=10&type=chunk) [Changes in Accounting Policies and Disclosures](index=7&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) Revised IFRS accounting standards, including IAS 21 amendments on lack of exchangeability, were first adopted this period; these amendments have no material impact on the condensed consolidated financial statements as the Group's transaction currencies are all exchangeable - The amendments to IAS 21, concerning the assessment of currency exchangeability and estimation of spot exchange rates, were first adopted[13](index=13&type=chunk) - These amendments have no material impact on the condensed consolidated financial statements as the Group's transaction currencies are all exchangeable[13](index=13&type=chunk) [Operating Segment Information](index=7&type=section&id=Operating%20Segment%20Information) The Group has three reportable operating segments: property development and management services, commercial property investment and operation, and hotel operation, with all revenue and major non-current assets derived from mainland China; property development and management services saw significant declines in both revenue and results, commercial property investment and operation revenue also decreased, and hotel operation generated no revenue - The Group has three reportable operating segments: property development and management services, commercial property investment and operation, and hotel operation[14](index=14&type=chunk) - All revenue from external customers and major non-current assets are derived from mainland China, with no reportable geographical segments[15](index=15&type=chunk) Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (RMB thousand) | 2024 Revenue (RMB thousand) | 2025 Results (RMB thousand) | 2024 Results (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Property development and management services | 2,545,316 | 5,723,157 | (1,384,283) | (439,503) | | Commercial property investment and operation | 166,971 | 270,104 | (62,500) | (290,603) | | Hotel operation | – | 13,175 | (902) | 1,408 | | **Total** | **2,712,287** | **6,006,436** | **(1,447,685)** | **(728,698)** | Segment Assets and Liabilities (As of June 30) | Segment | June 30, 2025 Assets (RMB thousand) | December 31, 2024 Assets (RMB thousand) | June 30, 2025 Liabilities (RMB thousand) | December 31, 2024 Liabilities (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Property development and management services | 45,873,971 | 46,368,219 | 47,736,659 | 51,162,038 | | Commercial property investment and operation | 8,217,834 | 13,308,555 | 1,701,293 | 1,604,175 | | Hotel operation | 95,294 | – | 5,583 | – | | **Total** | **54,304,091** | **60,005,374** | **49,510,106** | **52,831,660** | [Revenue, Other Income and Gains](index=11&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) The Group's total revenue decreased by 54.8% year-on-year to RMB 2,712.3 million, primarily due to a significant 55.5% drop in property sales revenue, while other income and gains increased substantially, mainly from net reversal of impairment losses on financial assets and gain on settlement of borrowings Revenue Analysis (For the six months ended June 30) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue from contracts with customers | 2,548,408 | 5,746,877 | | Gross rental income | 163,879 | 259,559 | | **Total** | **2,712,287** | **6,006,436** | Revenue from Contracts with Customers Breakdown (H1 2025) | Type of Goods or Services | Property Development and Management Services (RMB thousand) | Commercial Property Investment and Operation (RMB thousand) | Hotel Operation (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Property sales | 2,533,070 | – | – | 2,533,070 | | Project management services | 12,246 | – | – | 12,246 | | Others | – | 3,092 | – | 3,092 | | **Total** | **2,545,316** | **3,092** | **–** | **2,548,408** | Other Income and Gains Analysis (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank interest income | 994 | 4,200 | | Net reversal of impairment losses on financial assets | 143,375 | – | | Gain on settlement of borrowings | 83,435 | – | | **Total** | **232,607** | **8,324** | - Gain on settlement of borrowings of **RMB 83.4 million** was primarily due to pledged investment properties used to settle defaulted borrowings[23](index=23&type=chunk) Items Deducted From / (Credited to) Loss Before Tax (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of inventories sold | 2,521,297 | 5,043,536 | | Net impairment losses recognized on properties under development and completed properties held for sale | 354,683 | 300,339 | | Net (reversal of) / impairment losses recognized on financial assets | (143,375) | 201,597 | | Net fair value loss on investment properties | 19,660 | 412,136 | | Share of profits and losses of joint ventures | 624,754 | 119,925 | | Share of profits and losses of associates | 610,003 | 209,519 | | Employee benefit expenses | 62,928 | 87,041 | [Finance Costs](index=14&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs decreased by 34.7% year-on-year to RMB 540.2 million, primarily due to reduced exchange losses on USD borrowings and a decrease in total borrowings Finance Costs Analysis (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on bank and other borrowings and senior notes | 757,291 | 923,372 | | Interest expense on contract liabilities | 20,625 | 147,946 | | Less: Net foreign exchange (gain) / loss on financing activities | (48,384) | 77,559 | | Less: Interest capitalized | (204,953) | (347,631) | | **Total** | **540,165** | **826,715** | [Taxation](index=14&type=section&id=Taxation) The Group's taxation includes corporate income tax and land appreciation tax; while income tax slightly decreased, a significant increase in land appreciation tax provision and additional expenses from prior year's insufficient land appreciation tax provision led to a substantial rise in total tax expenses - Mainland China subsidiaries are subject to corporate income tax at a rate of **25%**, and land appreciation tax is levied at progressive rates from **30% to 60%**[26](index=26&type=chunk)[27](index=27&type=chunk) Taxation Analysis (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax: Corporate income tax | 32,274 | 62,537 | | Current tax: Land appreciation tax | 68,598 | 45,956 | | Under-provision in prior years: Land appreciation tax | 201,026 | – | | Deferred tax | 43,079 | 16,953 | | **Total tax expense for the period** | **344,977** | **125,446** | [Dividends](index=15&type=section&id=Dividends) The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[28](index=28&type=chunk) [Loss Per Share Attributable to Owners of the Parent](index=16&type=section&id=Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the parent expanded to RMB 56 cents, up from RMB 53 cents in the prior period, with diluted loss per share being the same as basic loss per share due to the anti-dilutive effect of share options Loss Per Share Calculation (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the parent (RMB thousand) | (1,883,732) | (1,784,029) | | Weighted average number of ordinary shares in issue (shares) | 3,338,898,000 | 3,338,614,000 | | Basic and diluted loss per share (RMB cents) | (56) | (53) | - The share option scheme expired and terminated in the second half of the year ended December 31, 2024, with no outstanding share options thereafter[31](index=31&type=chunk) [Trade and Bills Receivables](index=17&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables significantly decreased to RMB 2,891 thousand from RMB 9,180 thousand on December 31, 2024, with the company's directors considering expected credit losses immaterial and no loss allowance recognized Ageing Analysis of Trade and Bills Receivables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | – | 8,885 | | 6 to 12 months | 2,891 | 220 | | **Total** | **2,891** | **9,180** | - The company applies the simplified approach to provide for expected credit losses and considers the expected credit losses on these balances to be immaterial[32](index=32&type=chunk) [Trade and Bills Payables](index=17&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables slightly decreased to RMB 6,845,023 thousand from December 31, 2024, with over 80% of payables due in more than one year Ageing Analysis of Trade and Bills Payables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year | 1,255,974 | 1,573,609 | | Over 1 year | 5,589,049 | 5,379,029 | | **Total** | **6,845,023** | **6,952,638** | - Trade payables are unsecured and interest-free, generally settled based on construction progress[33](index=33&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's review of the Group's performance and financial position for the period, including an overview of the operating environment, business segment performance, financial results, and liquidity, along with future outlook and strategies [H1 2025 Review and Outlook](index=18&type=section&id=H1%202025%20Review%20and%20Outlook) In H1 2025, China's economy remained stable, with the real estate market moving towards stabilization under policy adjustments, yet showing divergence as first-tier cities stabilized while third- and fourth-tier cities remained weak; the company adhered to its "preserve assets, reduce debt, control risks" strategy, successfully delivering 12 batches of new homes, and anticipates continued loose real estate policies in H2, focusing on destocking, accelerating cash collection, debt resolution, and ensuring delivery - In H1 2025, China's GDP grew by **5.3%** year-on-year, and the real estate market progressed towards stabilization under policy adjustments, though market differentiation persisted, with first-tier cities showing stability while third- and fourth-tier cities had not yet bottomed out[34](index=34&type=chunk)[35](index=35&type=chunk) H1 2025 Real Estate Market Data | Indicator | H1 2025 | YoY Change (%) | | :--- | :--- | :--- | | Sales area of new commercial housing | 458.51 million sq.m. | -3.5 | | Sales area of residential housing | - | -3.7 | | Sales value of new commercial housing | RMB 4.42 trillion | -5.5 | | Sales value of residential housing | - | -5.2 | | Commercial housing for sale at end of June | 769.48 million sq.m. | Decreased by 4.79 million sq.m. from end of May | - The company adhered to its "preserve assets, reduce debt, control risks" operating strategy, focusing on dynamic project cash flow and asset management, and successfully delivered **12 batches** totaling **2,453 new homes**, covering over **380,000 sq.m.**[36](index=36&type=chunk) - Looking ahead to H2 2025, the real estate policy environment is expected to remain loose, and the company will actively respond to policies, focusing on destocking, accelerating cash collection, debt resolution, and ensuring delivery, while deepening asset optimization and debt restructuring[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) [Business Review](index=21&type=section&id=Business%20Review) The Group's real estate sales decreased by 40.4% year-on-year in the first half, with total land reserve GFA of approximately 7.475 million sq.m.; commercial operation revenue declined by 38.2%, and hotel operation generated no revenue due to business suspension [Property Sales](index=21&type=section&id=Property%20Sales) For the six months ended June 30, 2025, the Group achieved contracted sales of approximately RMB 2.87 billion, a 40.4% decrease from the prior period Contracted Sales Details (For the six months ended June 30, 2025) | Region | Total Contracted Sales GFA (sq.m.) | Contracted Sales Value (RMB thousand) | Average Contracted Sales Price (RMB/sq.m.) | | :--- | :--- | :--- | :--- | | Nanjing | 39,946 | 919,286 | 23,013 | | Xuzhou | 33,601 | 230,542 | 6,861 | | Ningbo | 16,548 | 291,603 | 17,622 | | Suzhou | 16,057 | 227,175 | 14,148 | | **Total** | **213,600** | **2,870,445** | **13,438** | [Land Reserve](index=22&type=section&id=Land%20Reserve) As of June 30, 2025, the Group's total land reserve GFA was approximately 7,475,064 sq.m., comprising 2,542,866 sq.m. of completed properties, 1,025,377 sq.m. of leasable area held for investment, and 3,906,821 sq.m. of properties under development Land Reserve Overview (As of June 30, 2025) | Category | Total GFA (sq.m.) | | :--- | :--- | | Completed properties | 2,542,866 | | Leasable area held for investment | 1,025,377 | | Properties under development | 3,906,821 | | **Total Land Reserve** | **7,475,064** | - Land reserves are distributed across multiple cities, including Nanjing, Changzhou, Chengdu, Foshan, Hefei, Nanchang, Nantong, Suzhou, Wuhan, Xuzhou, and Chongqing[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) [Commercial Operations](index=34&type=section&id=Commercial%20Operations) For the six months ended June 30, 2025, the Group's commercial operation revenue was approximately RMB 167.0 million, a 38.2% decrease year-on-year, primarily due to the closure of some stores - Commercial operation revenue decreased by **38.2%** year-on-year to **RMB 167.0 million**[56](index=56&type=chunk) - The decrease in revenue was primarily due to the closure of some stores[57](index=57&type=chunk) [Hotel Operations](index=35&type=section&id=Hotel%20Operations) For the six months ended June 30, 2025, the Group had no hotel operation revenue due to the suspension of hotel operations during the period - There was no hotel operation revenue during the period due to the suspension of hotel operations[58](index=58&type=chunk)[59](index=59&type=chunk) [Financial Review](index=35&type=section&id=Financial%20Review) The Group experienced a significant revenue decline, a shift from gross profit to gross loss, and an expanded net loss; while selling and administrative expenses decreased notably, share of losses from joint ventures and associates increased substantially, finance costs decreased, and tax expenses rose due to increased land appreciation tax provisions Recognized Revenue Details (For the six months ended June 30) | Revenue Source | 2025 (RMB thousand) | % of Total | 2024 (RMB thousand) | % of Total | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Property sales | 2,545,316 | 93.8 | 5,723,157 | 95.3 | -55.5 | | Commercial operations | 166,971 | 6.2 | 270,104 | 4.5 | -38.2 | | Hotel operations | – | – | 13,175 | 0.2 | -100.0 | | **Total** | **2,712,287** | **100.0** | **6,006,436** | **100.0** | **-54.8** | - Cost of sales decreased by **46.4%** year-on-year to **RMB 2,934.4 million**, primarily due to a reduction in the number of projects delivered during the period[62](index=62&type=chunk) - A gross loss of **RMB 222.1 million** was recorded, with a gross loss margin of **8.2%**, turning from a profit to a loss, mainly due to market factors leading to a decrease in selling prices[63](index=63&type=chunk)[64](index=64&type=chunk) - Fair value loss on investment properties was approximately **RMB 19.7 million**, primarily due to a decline in overall capital value[65](index=65&type=chunk) - Selling and distribution expenses decreased by **51.6%** to **RMB 76.3 million**, and administrative expenses decreased by **56.5%** to **RMB 61.3 million**, mainly due to fewer new property projects and enhanced cost control[66](index=66&type=chunk)[67](index=67&type=chunk) - Share of losses from joint ventures and associates expanded to **RMB 1,234.8 million**, primarily due to increased losses from these entities[68](index=68&type=chunk) - Finance costs decreased by **34.7%** to **RMB 540.2 million**, mainly due to reduced exchange losses on USD borrowings and a decrease in total borrowings[69](index=69&type=chunk) - Total tax expense for the period was **RMB 344.977 million**, a significant increase from **RMB 125.446 million** in the prior period, primarily due to land appreciation tax provisions and under-provision in prior years[70](index=70&type=chunk)[28](index=28&type=chunk) - The Group's loss before tax was **RMB 1,975.6 million**, an increase from **RMB 1,584.9 million** in the prior period[71](index=71&type=chunk) [Liquidity, Financial Resources and Capital](index=38&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital) As of June 30, 2025, the Group's cash and bank balances decreased, and total borrowings slightly declined but remained high; both net gearing ratio and debt-to-asset ratio worsened, while current ratio and cash-to-short-term debt ratio remained low, indicating significant liquidity pressure Cash Position (As of June 30) | Indicator | June 30, 2025 (RMB billion) | December 31, 2024 (RMB billion) | | :--- | :--- | :--- | | Cash and bank balances | 0.82 | 1.24 | | Restricted cash | 0.48 | 0.58 | | Pledged deposits | 0.02 | 0.02 | Total Borrowings Repayment (As of June 30) | Borrowing Type | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest-bearing bank and other borrowings (total) | 10,122,695 | 10,536,655 | | Senior notes (repayable on demand) | 10,566,954 | 10,609,906 | | **Total Borrowings** | **20,689,649** | **21,146,561** | - Approximately **RMB 12.06 billion** of borrowings were denominated in USD, with the remainder in RMB, and most bank and other borrowings bore interest at floating rates[75](index=75&type=chunk) - Assets of approximately **RMB 14.62 billion** were pledged to banks and other financial institutions[75](index=75&type=chunk) Debt Ratios (As of June 30) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net gearing ratio | 414.4% | 277.5% | | Debt-to-asset ratio | 91.2% | 88.0% | | Current ratio | 0.84 times | 0.87 times | | Cash to short-term debt ratio | 0.05 times | 0.07 times | - Capital and property development expenditure commitments amounted to approximately **RMB 2.71 billion**[77](index=77&type=chunk) [Corporate Governance and Other Information](index=40&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the Group's corporate governance practices, including material acquisitions and disposals, employee and remuneration policies, post-reporting period events, dividend policy, securities transactions, foreign currency risk, legal matters, and audit committee review [Material Acquisitions and Disposals](index=40&type=section&id=Material%20Acquisitions%20and%20Disposals) During the reporting period, the Group undertook several material disposals, including the sale of parking space titles or usage rights to Hongyang Services Group Co., Ltd., and the disposal of equity interests in three target companies, all approved by shareholders - The company entered into a framework agreement with Hongyang Services Group Co., Ltd. for the transfer of parking space titles or usage rights, with a total consideration of approximately **RMB 230.92 million**[78](index=78&type=chunk) - Equity interests in target companies A, B, and C held by Chengdu Hongyang Jinxing, Xuzhou Hongqi, and Nanjing Hongtai Puyang were disposed of for total considerations of approximately **RMB 142.4 million**, **RMB 73.95 million**, and **RMB 41.34 million**, respectively[79](index=79&type=chunk) - These disposals were approved at an extraordinary general meeting of shareholders on May 21, 2025[80](index=80&type=chunk) [Employees and Remuneration Policy](index=41&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 588 employees, with 514 in property development and 74 in commercial property operations; remuneration policy is based on market levels, individual performance, and experience, offering career development, medical benefits, and specialized training Employee Distribution (As of June 30, 2025) | Business | Number of Employees | | :--- | :--- | | Property development | 514 | | Commercial property operations | 74 | | **Total** | **588** | - Remuneration is primarily determined by prevailing market salary levels, individual employee performance, and work experience, with career development opportunities, medical benefits, and specialized training programs also provided[82](index=82&type=chunk) [Events After Reporting Period](index=41&type=section&id=Events%20After%20Reporting%20Period) The Company did not undertake any significant events after June 30, 2025 - The Company did not undertake any significant events after June 30, 2025[83](index=83&type=chunk) [Interim Dividend](index=41&type=section&id=Interim%20Dividend) The Board has resolved that the Company will not declare any interim dividend for the reporting period - The Board has resolved that the Company will not declare any interim dividend for the reporting period[84](index=84&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=41&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, the Group neither purchased, sold, nor redeemed any of the Company's listed securities, and as of the end of the reporting period, the Company held no treasury shares - During the reporting period, the Group neither purchased, sold, nor redeemed any of the Company's listed securities[85](index=85&type=chunk) - As of the end of the reporting period, the Company held no treasury shares[85](index=85&type=chunk) [Foreign Currency Risk](index=42&type=section&id=Foreign%20Currency%20Risk) The Group primarily operates in China, with the vast majority of transactions denominated and settled in RMB - The Group primarily operates in China, with the vast majority of transactions denominated and settled in RMB[86](index=86&type=chunk) [Material Legal and Litigation Matters](index=42&type=section&id=Material%20Legal%20and%20Litigation%20Matters) A winding-up petition was filed against the Company on February 14, 2024, involving financial obligations of no less than USD 228.5 million, with the hearing adjourned to September 22, 2025; the company is actively pursuing restructuring and appreciates creditor support - A winding-up petition was filed against the Company on February 14, 2024, involving financial obligations of no less than **USD 228.5 million**[87](index=87&type=chunk) - The hearing for the petition has been adjourned to September 22, 2025[87](index=87&type=chunk) - The High Court has not yet issued a winding-up order against the Company, which will continue to advance its restructuring in an orderly manner[87](index=87&type=chunk) [Corporate Governance](index=42&type=section&id=Corporate%20Governance) The Group has adopted the HKEX Corporate Governance Code and complied with all applicable code provisions during the reporting period, except for the unseparated roles of Chairman and Chief Executive Officer; the Board believes Mr. Zeng Huansha's dual role aids business planning and will be regularly reviewed - The Company has adopted the Corporate Governance Code of the HKEX[88](index=88&type=chunk) - During the reporting period, the Company complied with all applicable code provisions, except for the unseparated roles of Chairman and Chief Executive Officer[88](index=88&type=chunk)[89](index=89&type=chunk) - Mr. Zeng Huansha serves as both the Chairman of the Board and the Chief Executive Officer, an arrangement the Board believes facilitates business planning and will be regularly reviewed[89](index=89&type=chunk) [Standard Securities Dealing Code for Directors of Listed Issuers](index=43&type=section&id=Standard%20Securities%20Dealing%20Code%20for%20Directors%20of%20Listed%20Issuers) The Company has adopted the Standard Securities Dealing Code for Directors of Listed Issuers, and following inquiry, directors confirmed compliance with the code throughout the reporting period - The Company has adopted the Standard Securities Dealing Code for Directors of Listed Issuers[90](index=90&type=chunk) - Directors confirmed compliance with the required standards set out in the Standard Code throughout the reporting period[90](index=90&type=chunk) [Audit Committee Review of Interim Results](index=43&type=section&id=Audit%20Committee%20Review%20of%20Interim%20Results) The Audit Committee reviewed the Company's unaudited condensed consolidated interim results for the six months ended June 30, 2025, confirming compliance with all applicable accounting principles, standards, and requirements, and adequate disclosures - The Audit Committee has reviewed the Company's unaudited condensed consolidated interim results for the six months ended June 30, 2025[91](index=91&type=chunk) - The Audit Committee confirmed compliance with all applicable accounting principles, standards, and requirements, and that adequate disclosures have been made[91](index=91&type=chunk) [Publication of Interim Results and Interim Report](index=44&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This announcement has been published on the HKEX and Company websites; the Company's interim report for the six months ended June 30, 2025, will be made available to shareholders and published on the aforementioned websites in due course - This announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.rsunproperty.hk)[92](index=92&type=chunk) - The interim report will be made available to shareholders and published on the aforementioned websites in due course[92](index=92&type=chunk)

Core Viewpoint - Hongyang Real Estate (01996) announced an extension of the restructuring support agreement fee deadline due to several creditors needing additional time to complete their internal procedures for joining the agreement [1] Group 1 - The company exercised its discretion to extend the deadline for the restructuring support agreement fee from August 22, 2025, at 5:00 PM (Hong Kong time) to September 5, 2025, at 5:00 PM (Hong Kong time) [1] - The basic restructuring support agreement fee deadline has also been extended from September 5, 2025, at 5:00 PM (Hong Kong time) to September 19, 2025, at 5:00 PM (Hong Kong time) [1]