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10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: 領悅服務集團有限公司（「本公司」） 呈交日期: 2025年11月3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) | 02165 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 600,000,000 | HKD | | 0.01 | HKD | | 6,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 600,000,000 | HKD | | 0.01 | HKD | | 6,000,000 | 本月底 ...

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 致：香港交易及結算所有限公司 公司名稱: 領悅服務集團有限公司（「本公司」） 呈交日期: 2025年9月30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) | 02165 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 600,000,000 | HKD | | 0.01 | HKD | | 6,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 600,000,000 | HKD | | 0.01 | HKD | | 6,000,000 | 本月底法 ...

[Company Information](index=3&type=section&id=Company%20Information) This section details changes in the board of directors and company secretary, along with the company's registered and primary business locations [Board of Directors and Company Secretary](index=3&type=section&id=Board%20of%20Directors%20and%20Company%20Secretary) During the reporting period, there were changes in the company's board members and company secretary, with Mr. Hu Ning appointed as an independent non-executive director and Ms. Ma Yongyi as the new company secretary - Mr. Hu Ning was appointed as an independent non-executive director, audit committee member, remuneration committee chairman, and nomination committee member on February 14, 2025, the same day Ms. Zhang Qian resigned[7](index=7&type=chunk)[58](index=58&type=chunk) - Ms. Ma Yongyi was appointed as company secretary, authorized representative, and agent for service of process on June 16, 2025, the same day Ms. Zhen Kaining resigned[7](index=7&type=chunk)[59](index=59&type=chunk) [Registered and Business Locations](index=3&type=section&id=Registered%20and%20Business%20Locations) The company is registered in the Cayman Islands, with primary business locations in Wan Chai, Hong Kong, and Chengdu, Sichuan Province, China, and its shares are listed under stock code 2165 - The company's registered office and principal share registrar are located in the Cayman Islands[9](index=9&type=chunk) - The principal place of business in Hong Kong is in Dah Sing Financial Centre, Wan Chai, while the China headquarters and principal place of business are in Global Financial Centre, Chengdu, Sichuan Province[8](index=8&type=chunk) - The company's stock code is **2165**, and its website is www.lingyue-service.com[9](index=9&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the group's business strategy, operational performance across various service lines, financial results, balance sheet items, liquidity, and human resources during the reporting period [Business Review and Outlook](index=5&type=section&id=Business%20Review%20and%20Outlook) The Group maintains its "deep cultivation in Southwest, layout in Xinjiang, and national development" strategy, achieving steady growth in managed scale and expanding service offerings across 34 cities in China, with a focus on quality and customer value for future development - The Group adheres to its "deep cultivation in Southwest, layout in Xinjiang, and national development" strategy, forming two growth poles in **Sichuan and Xinjiang**[10](index=10&type=chunk) - As of June 30, 2025, the Group provides property management and value-added services in **34 cities** across China, with a total of **257 contracted projects** (**252 under management**)[10](index=10&type=chunk) - For the second half of the year, the Group will continue to focus on quality and empathetic services, strengthen its operational foundation, create customer value, expand service boundaries, and pursue high-quality development guided by long-term principles[11](index=11&type=chunk) [Group Business Model](index=5&type=section&id=Group%20Business%20Model) The Group operates three business lines—property management, value-added services to non-property owners, and community value-added services—offering integrated services across the property management value chain, with a focus on expanding high-margin community value-added services - The Group's business lines include: (i) property management services, (ii) value-added services to non-property owners, and (iii) community value-added services[12](index=12&type=chunk) - Community value-added services typically generate **higher profit margins**, significantly enhancing the Group's financial performance, and the Group will continue to strengthen this service portfolio and expand market share[13](index=13&type=chunk) [Property Management Services](index=6&type=section&id=Property%20Management%20Services) As of June 30, 2025, the Group's total contracted GFA increased by **1.0%** to approximately **36.0 million square meters**, while GFA under management decreased by **1.0%** to approximately **31.4 million square meters**, with expanded coverage to 34 cities and continued project acquisition from both related and independent developers Key Indicators for Property Management Services | Indicator | June 30, 2025 | June 30, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Number of properties under management | 252 | 267 | -15 | -5.6% | | Number of contracted properties | 257 | 272 | -15 | -5.5% | | GFA under management (thousand sq.m.) | 31,353 | 31,680 | -327 | -1.0% | | Contracted GFA (thousand sq.m.) | 36,024 | 35,665 | +359 | +1.0% | | GFA not yet delivered (thousand sq.m.) | 4,671 | 3,985 | +686 | +17.2% | - The Group has expanded its geographical coverage to **34 cities**, **9 provinces**, **1 autonomous region**, and **1 municipality**[17](index=17&type=chunk) Revenue from Property Management Services by Region | Region | 2025 Revenue (RMB thousands) | 2025 Share (%) | 2024 Revenue (RMB thousands) | 2024 Share (%) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan Province | 231,252 | 78.3 | 217,001 | 78.7 | 14,251 | 6.6 | | Xinjiang Uygur Autonomous Region | 24,658 | 8.3 | 22,161 | 8.0 | 2,497 | 11.2 | | Guangdong Province | 13,367 | 4.5 | 13,325 | 4.8 | 42 | 0.3 | | Jilin Province | 10,841 | 3.7 | 10,312 | 3.7 | 529 | 5.1 | | Hebei Province | 1,237 | 0.4 | 1,221 | 0.4 | 16 | 1.3 | | Henan Province | 3,872 | 1.3 | 4,310 | 1.6 | -438 | -10.2 | | Hubei Province | 3,679 | 1.2 | 3,425 | 1.2 | 254 | 7.4 | | Jiangsu Province | 998 | 0.3 | 762 | 0.3 | 236 | 31.0 | | Guizhou Province | 2,971 | 1.0 | 2,330 | 0.8 | 641 | 27.5 | | Chongqing Municipality | 1,980 | 0.7 | 1,444 | 0.5 | 536 | 37.1 | | Fujian Province | 957 | 0.3 | — | — | 957 | — | | **Total** | **295,812** | **100** | **276,291** | **100** | **19,521** | **7.1** | Source of Properties Under Management and Revenue Contribution | Developer Type | 2025 Revenue (RMB thousands) | 2025 Share (%) | 2024 Revenue (RMB thousands) | 2024 Share (%) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Landsea Holdings Group | 206,724 | 70.0 | 183,358 | 66.4 | 23,366 | 12.7 | | Joint ventures of Landsea Holdings Group | 5,469 | 1.8 | 14,722 | 5.3 | -9,253 | -62.8 | | Non-Landsea Holdings Group and non-joint ventures | 83,619 | 28.2 | 78,211 | 28.3 | 5,408 | 6.9 | | **Total** | **295,812** | **100** | **276,291** | **100** | **19,521** | **7.1** | Type of Properties Under Management and Revenue Contribution | Property Type | 2025 Revenue (RMB thousands) | 2025 Share (%) | 2024 Revenue (RMB thousands) | 2024 Share (%) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Residential properties | 240,242 | 81.2 | 206,108 | 74.6 | 34,134 | 16.6 | | —Early stage | 196,740 | 66.5 | 170,479 | 61.7 | 26,261 | 15.4 | | —Owners' committee stage | 43,502 | 14.7 | 35,629 | 12.9 | 7,873 | 22.1 | | Commercial properties | 27,379 | 9.3 | 38,133 | 13.8 | -10,754 | -28.2 | | Public and other properties | 28,191 | 9.5 | 32,050 | 11.6 | -3,859 | -12.0 | | **Total** | **295,812** | **100** | **276,291** | **100** | **19,521** | **7.1** | [Value-Added Services to Non-Property Owners](index=11&type=section&id=Value-Added%20Services%20to%20Non-Property%20Owners) During the reporting period, revenue from value-added services to non-property owners significantly decreased by **59.2%** to approximately **RMB 4.0 million**, primarily due to lower sales office management service revenue, accounting for **1.3%** of the Group's total revenue - Revenue from value-added services to non-property owners decreased by **59.2%** to approximately **RMB 4.0 million** from approximately **RMB 9.9 million** in the same period of 2024, mainly due to a decrease in sales office management service revenue[28](index=28&type=chunk) - Revenue from value-added services to non-property owners accounted for **1.3%** of the Group's total revenue[28](index=28&type=chunk) Revenue Breakdown of Value-Added Services to Non-Property Owners | Service Type | 2025 Revenue (RMB thousands) | 2025 Share (%) | 2024 Revenue (RMB thousands) | 2024 Share (%) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Preliminary planning and design consulting services | 2,148 | 53.1 | 2,110 | 21.3 | 38 | 1.8 | | Sales office management services | 1,702 | 42.1 | 6,500 | 65.6 | -4,798 | -73.8 | | Pre-delivery services | 9 | 0.2 | 525 | 5.3 | -516 | -98.3 | | Repair and maintenance services | 153 | 3.8 | 505 | 5.1 | -352 | -69.7 | | Property transaction assistance services | 33 | 0.8 | 270 | 2.7 | -237 | -87.8 | | **Total** | **4,045** | **100** | **9,910** | **100** | **-5,865** | **-59.2** | [Community Value-Added Services](index=11&type=section&id=Community%20Value-Added%20Services) During the reporting period, revenue from community value-added services decreased by **22.1%** to approximately **RMB 21.1 million**, primarily due to a decline in move-in services revenue, accounting for **6.6%** of the Group's total revenue - Revenue from community value-added services decreased by **22.1%** to approximately **RMB 21.1 million** from approximately **RMB 27.1 million** in the same period of 2024, mainly due to a decrease in move-in services revenue[30](index=30&type=chunk) - Revenue from community value-added services accounted for **6.6%** of the Group's total revenue[30](index=30&type=chunk) Revenue Breakdown of Community Value-Added Services | Service Type | 2025 Revenue (RMB thousands) | 2025 Share (%) | 2024 Revenue (RMB thousands) | 2024 Share (%) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Community space management services | 3,164 | 15.0 | 3,915 | 14.4 | -751 | -19.2 | | Decoration and move-in services | 6,397 | 30.3 | 16,766 | 61.9 | -10,369 | -61.8 | | Convenient living services | 9,592 | 45.5 | 6,314 | 23.3 | 3,278 | 51.9 | | Community retail services | 1,950 | 9.2 | 98 | 0.4 | 1,852 | 1889.8 | | **Total** | **21,103** | **100** | **27,093** | **100** | **-5,990** | **-22.1** | [Financial Review](index=12&type=section&id=Financial%20Review) During the reporting period, the Group's total revenue increased by **2.4%** to **RMB 321.0 million**, driven by property management services, but gross profit decreased by **4.5%**, with gross margin declining by **2.2 percentage points** to **29.6%** due to increased operating costs, and profit attributable to owners decreased by **14%** to **RMB 49.9 million** Revenue Contribution | Business Segment | 2025 Revenue (RMB thousands) | 2025 Share (%) | 2024 Revenue (RMB thousands) | 2024 Share (%) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property management services | 295,812 | 92.1 | 276,291 | 88.2 | 19,521 | 7.1 | | Value-added services to non-property owners | 4,045 | 1.3 | 9,910 | 3.2 | -5,865 | -59.2 | | Community value-added services | 21,103 | 6.6 | 27,093 | 8.6 | -5,990 | -22.1 | | **Total** | **320,960** | **100** | **313,294** | **100** | **7,666** | **2.4** | - Cost of sales was approximately **RMB 225.9 million**, an increase of approximately **5.7%** compared to the same period in 2024, primarily due to increased infrastructure investment to enhance property quality, leading to higher operating costs[35](index=35&type=chunk) - Gross profit decreased by **4.5%** from approximately **RMB 99.6 million** in the same period of 2024 to approximately **RMB 95.1 million**, with the gross profit margin declining by **2.2 percentage points** from **31.8%** to **29.6%**, mainly due to increased operating costs[36](index=36&type=chunk) Gross Profit Margin by Business Line | Business Line | 2025 Gross Profit Margin (%) | 2024 Gross Profit Margin (%) | Change in Gross Profit Margin (percentage points) | | :--- | :--- | :--- | :--- | | Property management services | 29.4 | 30.2 | -0.8 | | Value-added services to non-property owners | 31.1 | 33.3 | -2.2 | | Community value-added services | 38.0 | 46.9 | -8.9 | | **Total** | **29.6** | **31.8** | **-2.2** | - Administrative expenses increased by approximately **2.2%** from approximately **RMB 27.5 million** in the same period of 2024 to approximately **RMB 28.1 million**, primarily due to increased labor costs[38](index=38&type=chunk) - Income tax expense decreased by approximately **31%** from **RMB 11.2 million** in the same period of 2024 to approximately **RMB 7.8 million**, mainly due to a decrease in taxable profit[39](index=39&type=chunk) - Profit and total comprehensive income attributable to owners of the Company was approximately **RMB 49.9 million**, a decrease of approximately **14%** compared to **RMB 58 million** in the same period of 2024[40](index=40&type=chunk) [Balance Sheet Items Analysis](index=14&type=section&id=Balance%20Sheet%20Items%20Analysis) As of June 30, 2025, trade receivables increased by **4.2%** to **RMB 141.3 million** due to higher total revenue, while prepayments, deposits, and other receivables decreased by **15.6%** to **RMB 44.6 million** mainly from lower in-transit funds, and trade payables decreased by **9.6%** to **RMB 37.1 million** due to adjusted payment schedules - Trade receivables were approximately **RMB 141.3 million**, an increase of approximately **4.2%** compared to December 31, 2024, primarily due to an increase in total revenue[41](index=41&type=chunk) - Prepayments, deposits, and other receivables were approximately **RMB 44.6 million**, a decrease of approximately **15.6%** compared to December 31, 2024, mainly due to a significant decrease in in-transit funds[42](index=42&type=chunk) - Trade payables were approximately **RMB 37.1 million**, a decrease of approximately **9.6%** compared to December 31, 2024, primarily due to the Group's adjustment of payment schedules based on market conditions[43](index=43&type=chunk) [Liquidity and Risk Management](index=14&type=section&id=Liquidity%20and%20Risk%20Management) The Group maintains prudent financial management, closely monitoring liquidity, with cash primarily used for investments, information technology, and working capital, and faces no significant interest rate or foreign exchange risks due to its RMB-denominated operations in China and absence of interest-bearing borrowings or contingent liabilities as of June 30, 2025 - The Group's cash is primarily used for investments, information technology infrastructure, and working capital, mainly funded by operating cash flows[44](index=44&type=chunk) - The Group has no significant interest-bearing assets or liabilities, thus not facing material risks directly related to market interest rate fluctuations[45](index=45&type=chunk) - The Group primarily operates in mainland China, with all transactions denominated and settled in RMB, and currently does not engage in hedging activities to manage foreign exchange rate risks[46](index=46&type=chunk) - As of June 30, 2025, the Group had **zero interest-bearing borrowings**, rendering the gearing ratio meaningless, and no contingent liabilities[47](index=47&type=chunk)[48](index=48&type=chunk) [Investments and Asset Status](index=15&type=section&id=Investments%20and%20Asset%20Status) During the reporting period, the Group made no significant acquisitions or disposals of subsidiaries, associates, or joint ventures, held no material investments, and had no future plans for significant investments or capital assets beyond those disclosed in the prospectus, with pledged deposits of **RMB 0.1 million** as of June 30, 2025 - During the reporting period, the Group made no significant acquisitions or disposals of subsidiaries, associates, or joint ventures, nor did it hold any material investments[49](index=49&type=chunk)[50](index=50&type=chunk) - As of June 30, 2025, the Group had no plans for significant investments or capital assets other than those disclosed in the prospectus[51](index=51&type=chunk) - As of June 30, 2025, the Group's pledged deposits amounted to **RMB 0.1 million**[52](index=52&type=chunk) [Employees and Remuneration Policy](index=16&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **5,260 employees** with total staff costs of approximately **RMB 149.7 million**, and plans to enhance employee training and maintain a remuneration policy aligned with industry peers, considering responsibilities, market levels, and performance, while complying with local social insurance and housing provident fund regulations - As of June 30, 2025, the Group had **5,260 employees** (December 31, 2024: 5,644 employees)[53](index=53&type=chunk) - During the reporting period, total staff costs were approximately **RMB 149.7 million**, compared to approximately **RMB 149.5 million** in the same period of 2024[53](index=53&type=chunk) - The Group will further strengthen its employee training programs using internal and external resources and adopt remuneration policies similar to industry peers, with compensation determined by responsibilities and prevailing market levels in the region[53](index=53&type=chunk) [Corporate Governance and Other Information](index=17&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section outlines the company's adherence to corporate governance standards, changes in key personnel, details of the share option scheme, interests of directors and major shareholders, dividend policy, use of listing proceeds, and the audit committee's review of financial results [Corporate Governance Code and Model Code for Securities Transactions](index=17&type=section&id=Corporate%20Governance%20Code%20and%20Model%20Code%20for%20Securities%20Transactions) The Company is committed to high corporate governance standards, having adopted and complied with the Corporate Governance Code and the Model Code for Securities Transactions by Directors during the reporting period - The Company has adopted the principles and code provisions of the Corporate Governance Code as the basis for its corporate governance practices and complied with all applicable code provisions during the reporting period[55](index=55&type=chunk) - The Company has adopted the Model Code as its code of conduct for directors' securities transactions, and all directors confirmed compliance with the Model Code during the reporting period[56](index=56&type=chunk) [Changes in Directors and Company Secretary](index=17&type=section&id=Changes%20in%20Directors%20and%20Company%20Secretary) During the reporting period, Ms. Zhang Qian resigned as an independent non-executive director, succeeded by Mr. Hu Ning, and Ms. Zhen Kaining resigned as company secretary, with Ms. Ma Yongyi appointed as her replacement and authorized representative - Ms. Zhang Qian resigned as an independent non-executive director, audit committee member, remuneration committee chairman, and nomination committee member, effective February 14, 2025[58](index=58&type=chunk) - Mr. Hu Ning was appointed as an independent non-executive director, audit committee member, remuneration committee chairman, and nomination committee member, effective February 14, 2025[58](index=58&type=chunk) - Ms. Zhen Kaining resigned as company secretary, authorized representative, and agent for service of process, with Ms. Ma Yongyi appointed as her successor, both effective June 16, 2025[59](index=59&type=chunk) [Share Option Scheme](index=17&type=section&id=Share%20Option%20Scheme) The share option scheme acknowledges contributions from eligible participants, with **28,000,000 shares** available for grant as of June 30, 2025, representing **9.80%** of total issued shares, and no options were granted, exercised, cancelled, or lapsed during the reporting period - The share option scheme aims to recognize and reward the contributions of eligible participants, including employees, directors, and other selected individuals, to the Group[60](index=60&type=chunk) - As of June 30, 2025, **28,000,000 shares** were available for grant under the share option scheme, representing **9.80%** of the total issued shares as of the report date[61](index=61&type=chunk) - From the adoption date of the share option scheme until the end of the reporting period, no share options were granted, exercised, cancelled, or lapsed, and there were no outstanding share options under the scheme[61](index=61&type=chunk) [Directors' and Major Shareholders' Interests](index=18&type=section&id=Directors%27%20and%20Major%20Shareholders%27%20Interests) As of June 30, 2025, Mr. Liu Yuqi, Ms. Wang Tao, and Ms. Hou Sanli held approximately **74.67%** of the Company's shares through spousal or controlled company interests, with other ultimate controlling shareholders and their spouses also holding significant shares via controlled entities as parties acting in concert, and Hai Yue Holding Limited holding **7.98%** of shares Directors' Interests in Shares or Underlying Shares of the Company | Director's Name | Nature of Interest | Number of Shares Held | Approximate Percentage of Interest in the Company (%) | | :--- | :--- | :--- | :--- | | Mr. Liu Yuqi | Spouse's interest | 213,313,000 (L) | 74.67 | | Ms. Wang Tao | Interest in controlled corporation | 213,313,000 (L) | 74.67 | | Ms. Hou Sanli | Interest in controlled corporation | 213,313,000 (L) | 74.67 | - Pursuant to the acting in concert deed, the ultimate controlling shareholders (including Mr. Liu Yuqi, Ms. Wang Tao, Ms. Hou Sanli, etc.) agreed and confirmed that they have been and will continue to be parties acting in concert, making joint decisions for the Group[62](index=62&type=chunk) Interests of Persons Other Than Directors and Chief Executive | Shareholder Name/Entity | Nature of Interest/Capacity | Number of Shares Held | Approximate Percentage of Interest in the Company (%) | | :--- | :--- | :--- | :--- | | Mr. Liu Haowei | Interest in controlled corporation | 213,313,000 (L) | 74.67 | | Tianyue Holding | Beneficial owner | 68,960,430 (L) | 24.14 | | Mr. Liu Ce | Interest in controlled corporation | 213,313,000 (L) | 74.67 | | Linghui Holding | Beneficial owner | 68,939,640 (L) | 24.13 | | Ms. Long Yiqin | Interest in controlled corporation | 213,313,000 (L) | 74.67 | | Ms. Chen Aoao | Spouse's interest | 213,313,000 (L) | 74.67 | | Ms. Lan Tian | Spouse's interest | 213,313,000 (L) | 74.67 | | Mr. Liu Yuhui | Interest in controlled corporation | 213,313,000 (L) | 74.67 | | Jin Sha Jiang | Beneficial owner | 74,352,640 (L) | 26.03 | | Mr. Liu Shan | Spouse's interest | 213,313,000 (L) | 74.67 | | Hai Yue Holding Limited | Beneficial owner | 22,781,000 (L) | 7.98 | [Interim Dividend](index=20&type=section&id=Interim%20Dividend) The Board does not recommend paying an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[66](index=66&type=chunk) [Use of Net Proceeds from Listing](index=21&type=section&id=Use%20of%20Net%20Proceeds%20from%20Listing) The Company's net proceeds from listing, approximately **HKD 278.0 million**, were originally allocated for strategic acquisitions (**70%**), information system upgrades (**20%**), and working capital (**10%**), with approximately **HKD 49.7 million** utilized to date, and the remaining unutilized funds held in short-term demand deposits due to a revised timeline for planned uses - The net proceeds from the Company's global offering (including partial exercise of the over-allotment option) amounted to approximately **HKD 278.0 million**[68](index=68&type=chunk) - The original planned uses were: approximately **70.0%** for strategic acquisitions and investments; approximately **20.0%** for upgrading information systems and equipment; and approximately **10.0%** for working capital and general corporate purposes[68](index=68&type=chunk) - As of the date of this report, the Company had utilized approximately **HKD 49.7 million** of the net proceeds from listing, and the expected timeline for the planned use of proceeds has been postponed due to industry changes and current system capabilities meeting management needs[68](index=68&type=chunk)[70](index=70&type=chunk) Details of Use of Net Proceeds from Listing | Planned Use | Approximate Percentage | Planned Amount (HKD millions) | Unutilized as of January 1, 2025 (HKD millions) | Actual Use as of June 30, 2025 (HKD millions) | Unutilized as of June 30, 2025 (HKD millions) | | :--- | :--- | :--- | :--- | :--- | :--- | | Strategic acquisitions and investments — Acquisition and investment in other property management companies | 70.0% | 194.6 | 193.3 | — | 193.3 | | Upgrading information systems and equipment — Upgrading Lingyue Service Smart Property Management Platform | 10.0% | 27.8 | 24.1 | 1.2 | 22.9 | | Upgrading and improving equipment and facilities in managed communities | 10.0% | 27.8 | 13.4 | 1.3 | 12.1 | | Working capital | 10.0% | 27.8 | — | — | — | | **Total** | **100.0%** | **278.0** | **230.8** | **2.5** | **228.3** | [Other Disclosures](index=22&type=section&id=Other%20Disclosures) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, nor did they hold any treasury shares, while maintaining sufficient public float, and no significant post-reporting period events have occurred since June 30, 2025 - During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, nor did they hold any treasury shares[71](index=71&type=chunk) - The Company has maintained a sufficient public float in accordance with the Listing Rules[73](index=73&type=chunk) - No significant events affecting the Company have occurred from June 30, 2025, up to the date of this report[74](index=74&type=chunk) [Audit Committee](index=22&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors with Ms. Zou Dan as chair, is responsible for reviewing and overseeing the Company's financial reporting, risk management, and internal control systems, and has reviewed the Group's unaudited interim results for the six months ended June 30, 2025 - The Audit Committee comprises three independent non-executive directors: Ms. Luo Ying, Mr. Hu Ning, and Ms. Zou Dan, with Ms. Zou Dan serving as the chair[76](index=76&type=chunk) - The Audit Committee is responsible for reviewing and overseeing the Company's financial reporting, risk management, and internal control systems, assisting the Board in fulfilling its audit responsibilities[75](index=75&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and discussed accounting principles, risk management, internal controls, and financial reporting matters with management[76](index=76&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=24&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's revenue increased by **2.4%** to **RMB 320,960 thousand**, but gross profit decreased by **4.5%** to **RMB 95,061 thousand**, and profit for the period declined by **12.2%** to **RMB 52,960 thousand**, with basic and diluted earnings per share attributable to owners of the parent at **RMB 0.17**, down from **RMB 0.20** in the prior year Summary of Interim Condensed Consolidated Statement of Profit or Loss | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 320,960 | 313,294 | 7,666 | 2.4 | | Cost of sales | (225,899) | (213,732) | (12,167) | 5.7 | | Gross profit | 95,061 | 99,562 | (4,501) | -4.5 | | Other income and gains | 5,168 | 3,273 | 1,895 | 57.9 | | Administrative expenses | (28,076) | (27,475) | (601) | 2.2 | | Net impairment losses on financial assets and goodwill | (11,331) | (4,341) | (6,990) | 161.0 | | Profit before tax | 60,726 | 71,575 | (10,849) | -15.2 | | Income tax expense | (7,766) | (11,249) | 3,483 | -31.0 | | Profit for the period | 52,960 | 60,326 | (7,366) | -12.2 | | Profit attributable to owners of the parent | 49,076 | 58,018 | (8,942) | -15.4 | | Profit attributable to non-controlling interests | 3,884 | 2,308 | 1,576 | 68.3 | | Basic and diluted earnings per share (RMB) | 0.17 | 0.20 | -0.03 | -15.0 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=25&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive income for the period was **RMB 53,745 thousand**, a **10.9%** decrease from **RMB 60,311 thousand** in the prior year, primarily due to lower profit for the period, despite a positive fair value change in equity investments designated at fair value through other comprehensive income Summary of Interim Condensed Consolidated Statement of Comprehensive Income | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Profit for the period | 52,960 | 60,326 | (7,366) | -12.2 | | Equity investments designated at fair value through other comprehensive income: Fair value change | 923 | (18) | 941 | -5227.8 | | Income tax effect | (138) | 3 | (141) | -4700.0 | | Other comprehensive income for the period, net of tax | 785 | (15) | 800 | -5333.3 | | **Total comprehensive income for the period** | **53,745** | **60,311** | **(6,566)** | **-10.9** | | Attributable to owners of the parent | 49,861 | 58,003 | (8,142) | -14.0 | | Attributable to non-controlling interests | 3,884 | 2,308 | 1,576 | 68.3 | [Interim Condensed Consolidated Statement of Financial Position](index=26&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total net assets increased by **8.5%** to **RMB 684,474 thousand** from December 31, 2024, with net current assets growing by **9.2%** to **RMB 651,143 thousand**, cash and bank balances increasing by **3.5%** to **RMB 737,816 thousand**, and total equity rising by **8.5%** to **RMB 684,474 thousand** Summary of Interim Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Total non-current assets | 34,165 | 35,793 | (1,628) | -4.5 | | Total current assets | 943,232 | 934,225 | 9,007 | 1.0 | | Total current liabilities | 292,089 | 338,203 | (46,114) | -13.6 | | Net current assets | 651,143 | 596,022 | 55,121 | 9.2 | | Total assets less current liabilities | 685,308 | 631,815 | 53,493 | 8.5 | | Total non-current liabilities | 834 | 936 | (102) | -10.9 | | **Net assets** | **684,474** | **630,879** | **53,595** | **8.5** | | Equity attributable to owners of the parent | 665,320 | 615,460 | 49,860 | 8.1 | | Non-controlling interests | 19,154 | 15,419 | 3,735 | 24.2 | | **Total equity** | **684,474** | **630,879** | **53,595** | **8.5** | - Cash and bank balances increased by **3.5%** from **RMB 712,885 thousand** as of December 31, 2024, to **RMB 737,816 thousand** as of June 30, 2025[80](index=80&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=28&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the Group's total equity increased from **RMB 630,879 thousand** at the beginning of the period to **RMB 686,094 thousand** at the end, primarily driven by a profit for the period of **RMB 52,960 thousand** and a net fair value change of **RMB 2,405 thousand** in equity investments designated at fair value through other comprehensive income Summary of Interim Condensed Consolidated Statement of Changes in Equity | Indicator | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total equity at beginning of period | 630,879 | 549,687 | | Profit for the period | 52,960 | 60,326 | | Other comprehensive income for the period (net of tax) | 2,405 | (15) | | Total comprehensive income for the period | 55,364 | 60,311 | | Contribution from non-controlling interests | — | 45 | | Dividends declared to non-controlling interests | (149) | (75) | | Total equity at end of period | 686,094 | 609,968 | [Interim Condensed Consolidated Statement of Cash Flows](index=30&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash flow from operating activities was **RMB 26,394 thousand**, a **32.2%** year-on-year decrease, with net cash used in investing activities at **RMB 472 thousand** and net cash used in financing activities at **RMB 1,000 thousand**, resulting in cash and cash equivalents of **RMB 737,706 thousand** at period-end, an increase of **RMB 24,922 thousand** from the beginning of the period Summary of Interim Condensed Consolidated Statement of Cash Flows | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Net cash flows from operating activities | 26,394 | 38,891 | (12,497) | -32.1 | | Net cash flows used in investing activities | (472) | (848) | 376 | -44.3 | | Net cash flows used in financing activities | (1,000) | (956) | (44) | 4.6 | | Net increase in cash and cash equivalents | 24,922 | 37,087 | (12,165) | -32.8 | | Cash and cash equivalents at beginning of period | 712,784 | 602,193 | 110,591 | 18.4 | | **Cash and cash equivalents at end of period** | **737,706** | **639,280** | **98,426** | **15.4** | - The decrease in net cash flows from operating activities was primarily influenced by factors such as lower profit before tax, an increase in trade receivables, and a decrease in contract liabilities[87](index=87&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=32&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on the Group's company and operational information, basis of financial statement preparation, revenue breakdown, components of profit before tax, tax expenses, dividend policy, asset details, ageing analyses of receivables and payables, related party transactions, fair value measurements of financial instruments, and subsequent events [Company and Group Information](index=32&type=section&id=Company%20and%20Group%20Information) The Company, incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange since July 12, 2021, primarily provides property management, value-added services to non-property owners, and community value-added services, with its ultimate controlling shareholders being Mr. Liu Yuhui, Mr. Liu Ce, Mr. Liu Haowei, Ms. Wang Tao, Ms. Long Yiqin, and Ms. Hou Sanli - The Company was incorporated in the Cayman Islands, and its shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since **July 12, 2021**[90](index=90&type=chunk) - The Group is principally engaged in providing property management services, value-added services to non-property owners, and community value-added services[90](index=90&type=chunk) - The ultimate controlling shareholders of the Company are Mr. Liu Yuhui, Mr. Liu Ce, Mr. Liu Haowei, Ms. Wang Tao, Ms. Long Yiqin, and Ms. Hou Sanli[90](index=90&type=chunk) [Basis of Preparation and Accounting Policies](index=32&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024, with accounting policies consistent with the prior year, except for the first-time application of amendments to IAS 21 "Lack of Exchangeability," which had no significant impact on current period financial performance - The interim condensed consolidated financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024[92](index=92&type=chunk) - The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024, except for the first-time application of amendments to IAS 21 "Lack of Exchangeability"[93](index=93&type=chunk)[94](index=94&type=chunk) - The application of amendments to IFRS accounting standards had no significant impact on the Group's financial performance and position for the current and prior periods[94](index=94&type=chunk) [Operating Segment Information](index=33&type=section&id=Operating%20Segment%20Information) Management monitors the Group's operating results, including property management and value-added service revenue by project location, consolidating all locations into a single reportable operating segment due to similar economic characteristics and business nature, with all external customer revenue and non-current assets located solely in mainland China, and revenue from Landsea Holdings Group increasing to **13.97%** of total Group revenue from **6.8%** in the prior year - All locations are aggregated into a single reportable operating segment due to their similar economic characteristics and business nature[95](index=95&type=chunk) - The Group's revenue from external customers is solely derived from its operations in mainland China, and no non-current assets are located outside China, thus no geographical information is presented[96](index=96&type=chunk) - For the six months ended June 30, 2025, revenue from Landsea Holdings Group Company Limited and its subsidiaries accounted for **13.97%** of the Group's revenue (June 30, 2024: **6.8%**)[97](index=97&type=chunk) [Revenue Analysis](index=33&type=section&id=Revenue%20Analysis) The Group's revenue primarily stems from property management, value-added services to non-property owners, and community value-added services, totaling **RMB 320,960 thousand** for the six months ended June 30, 2025, with most revenue recognized over time Revenue Analysis from Contracts with Customers | Service Type | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Property management services | 296,356 | 276,291 | 20,065 | 7.3 | | Value-added services to non-property owners | 4,045 | 9,910 | (5,865) | -59.2 | | Community value-added services | 20,559 | 27,093 | (6,534) | -24.1 | | **Total** | **320,960** | **313,294** | **7,666** | **2.4** | Timing of Revenue Recognition | Timing of Recognition | 2025 (RMB thousands) | 2025 Share (%) | 2024 (RMB thousands) | 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue recognized over time | 305,548 | 95.2 | 296,374 | 94.6 | | Revenue recognized at a point in time | 15,412 | 4.8 | 16,920 | 5.4 | | **Total revenue from contracts with customers** | **320,960** | **100** | **313,294** | **100** | [Components of Profit Before Tax](index=35&type=section&id=Components%20of%20Profit%20Before%20Tax) The Group's profit before tax is net of costs of services provided, depreciation of property, plant and equipment, amortization of other intangible assets, and net impairment of financial assets, with net impairment of trade receivables significantly increasing to **RMB 13,041 thousand** compared to the prior year Deductions from Profit Before Tax | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Cost of services provided | 225,899 | 213,732 | 12,167 | 5.7 | | Depreciation of property, plant and equipment | 1,711 | 1,745 | (34) | -2.0 | | Amortization of other intangible assets | 1,984 | 1,038 | 946 | 91.1 | | Net impairment of trade receivables | 13,041 | 4,654 | 8,387 | 180.2 | | Net reversal of impairment of amounts due from related companies | (1,058) | (106) | (952) | 898.1 | | Net impairment of financial assets included in prepayments and other receivables | (652) | (207) | (445) | 215.0 | [Income Tax](index=36&type=section&id=Income%20Tax) The Group is subject to income tax on its profits in mainland China, with rates including **25%**, a western region preferential rate of **15%**, and a small low-profit enterprise preferential rate, resulting in a total income tax expense of **RMB 7,766 thousand** for the six months ended June 30, 2025, a **31.0%** decrease from the prior year, mainly due to lower taxable profit - All of the Group's subsidiaries operating in mainland China are subject to enterprise income tax under the Enterprise Income Tax Law of the People's Republic of China, with tax rates including **25%**, a western region preferential tax rate of **15%**, and a preferential tax rate for small low-profit enterprises[102](index=102&type=chunk) Income Tax Expense | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Current — Mainland China: Expense for the period | 7,868 | 11,627 | (3,759) | -32.3 | | Deferred tax | (102) | (378) | 276 | -73.0 | | **Total tax expense for the period** | **7,766** | **11,249** | **(3,483)** | **-31.0** | [Dividends and Earnings Per Share](index=36&type=section&id=Dividends%20and%20Earnings%20Per%20Share) The Board does not recommend an interim dividend for the six months ended June 30, 2025, and basic earnings per share attributable to ordinary equity holders of the parent decreased to **RMB 0.17** from **RMB 0.20** in the prior year, with no dilutive adjustments as no potentially dilutive ordinary shares were issued during these periods - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[104](index=104&type=chunk) - Basic earnings per share attributable to ordinary equity holders of the parent was **RMB 0.17** (June 30, 2024: **RMB 0.20**)[105](index=105&type=chunk) - No adjustments were made to the basic earnings per share amounts presented for the six months ended June 30, 2025, and June 30, 2024, for dilution, as the Group had no potentially dilutive ordinary shares in issue during these periods[105](index=105&type=chunk) [Property, Plant and Equipment](index=37&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group acquired assets at a cost of **RMB 466,000**, a decrease from **RMB 512,000** in the same period last year - For the six months ended June 30, 2025, the Group acquired assets at a cost of **RMB 466,000** (June 30, 2024: **RMB 512,000**)[107](index=107&type=chunk) [Trade Receivables Ageing Analysis](index=37&type=section&id=Trade%20Receivables%20Ageing%20Analysis) As of June 30, 2025, the Group's total trade receivables amounted to **RMB 141,311 thousand**, with the largest portion, **RMB 102,104 thousand**, due within one year, and an increase in receivables aged one to two years compared to December 31, 2024 Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Within 1 year | 102,104 | 103,024 | (920) | -0.9 | | 1 to 2 years | 29,873 | 21,790 | 8,083 | 37.1 | | 2 to 3 years | 7,487 | 8,102 | (615) | -7.6 | | Over 3 years | 1,847 | 2,693 | (846) | -31.4 | | **Total** | **141,311** | **135,609** | **5,702** | **4.2** | [Trade Payables Ageing Analysis and Share Capital](index=38&type=section&id=Trade%20Payables%20Ageing%20Analysis%20and%20Share%20Capital) As of June 30, 2025, the Group's total trade payables amounted to **RMB 37,132 thousand**, with the largest portion due within one year, showing a decrease from December 31, 2024, while the Company's issued and fully paid share capital remained consistent at **285,685,000 ordinary shares** of **HKD 0.01** each, totaling **RMB 2,382 thousand** Trade Payables Ageing Analysis | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Within 1 year | 28,943 | 37,122 | (8,179) | -22.0 | | Over 1 year | 8,189 | 3,965 | 4,224 | 106.5 | | **Total** | **37,132** | **41,087** | **(3,955)** | **-9.6** | - The Company's issued and fully paid share capital consists of **285,685,000 ordinary shares** with a par value of **HKD 0.01** each, totaling **RMB 2,382 thousand**, consistent with December 31, 2024[109](index=109&type=chunk) [Related Party Transactions](index=38&type=section&id=Related%20Party%20Transactions) During the reporting period, the Group generated **RMB 45,047 thousand** in revenue from property management and value-added services to related companies, a **96.2%** year-on-year increase primarily from companies controlled by the controlling shareholder, while amounts due from related companies totaled **RMB 11,963 thousand**, a decrease from the end of 2024, and key management personnel remuneration decreased by **15.4%** to **RMB 601 thousand** Revenue from Services Provided to Related Companies | Related Party Type | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Companies controlled by controlling shareholders | 42,795 | 21,247 | 21,548 | 101.4 | | Joint ventures of Landsea Holdings Group | 2,252 | 1,190 | 1,062 | 89.2 | | Associates of Landsea Holdings Group | — | 526 | (526) | -100.0 | | **Total** | **45,047** | **22,963** | **22,084** | **96.2** | Outstanding Balances with Related Parties (Receivables) | Related Party Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Companies controlled by controlling shareholders | 16,026 | 32,688 | (16,662) | -51.0 | | Joint ventures of Landsea Holdings Group | 1,029 | 3,393 | (2,364) | -69.7 | | Associates of Landsea Holdings Group | 188 | 188 | 0 | 0.0 | | Joint ventures | 1 | — | 1 | — | | Impairment | (5,281) | (6,339) | 1,058 | -16.7 | | **Net amounts due from related companies** | **11,963** | **29,930** | **(17,967)** | **-60.0** | - Total remuneration for key management personnel was **RMB 601 thousand**, a **15.4%** decrease from **RMB 711 thousand** in the same period of 2024[114](index=114&type=chunk) [Fair Value and Fair Value Hierarchy of Financial Instruments](index=40&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) The fair value of the Group's unlisted equity investments is estimated using the market approach, incorporating a discount for lack of marketability, with equity investments designated at fair value through other comprehensive income totaling **RMB 4,090 thousand** as of June 30, 2025, an increase from the beginning of the period, and all fair value measurements are classified as Level 3 with no transfers between levels during the period - The fair value of unlisted equity investments is estimated using the market approach, taking into account a discount for lack of marketability[115](index=115&type=chunk) - An increase/decrease of **5%** in the discount for lack of marketability would result in a decrease/increase in fair value of **RMB 223,000**[115](index=115&type=chunk) Equity Investments Designated at Fair Value Through Other Comprehensive Income | Date | Amount (RMB thousands) | | :--- | :--- | | As of June 30, 2025 | 4,090 | | As of December 31, 2024 | 3,241 | | As of January 1, 2025 | 3,241 | | Total gains/(losses) recognized in other comprehensive income | 849 | | As of June 30, 2025 | 4,090 | - All of the Group's fair value measurements are classified as **Level 3**, with no transfers between Level 1 and Level 2, or into or out of Level 3 for financial assets and liabilities during the period[116](index=116&type=chunk)[117](index=117&type=chunk) [Events After Reporting Period and Approval of Financial Information](index=42&type=section&id=Events%20After%20Reporting%20Period%20and%20Approval%20of%20Financial%20Information) No significant subsequent events have occurred since June 30, 2025, and the unaudited interim condensed consolidated financial information was approved and authorized for issue by the Company's Board of Directors on August 30, 2025 - No significant subsequent events have occurred after June 30, 2025[118](index=118&type=chunk) - The unaudited interim condensed consolidated financial information was approved and authorized for issue by the Company's Board of Directors on **August 30, 2025**[119](index=119&type=chunk) [Definitions](index=43&type=section&id=Definitions) This section provides definitions for key terms and expressions used throughout the report to ensure a clear understanding of its content

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 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) | 02165 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 600,000,000 | HKD | | 0.01 | HKD | | 6,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 600,000,000 | HKD | | 0.01 | HKD | | 6,000,000 | 本月底法定/註冊股本總額： HKD 6,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年8月31日 狀態: 新提交 致：香港交 ...

Group 1 - The core viewpoint of the article is that Lingyue Service Group (02165.HK) reported its interim results for the first half of 2025, showing mixed performance in revenue and profit metrics [1] - The company's revenue for the first half of 2025 was RMB 321 million, representing a 2.4% increase compared to the same period in 2024 [1] - The gross profit for the same period was RMB 95.1 million, which is a decrease of 4.5% year-on-year [1] - The net profit for the first half of 2025 was RMB 53 million, reflecting a decline of 12.2% compared to the first half of 2024 [1] Group 2 - As of June 30, 2025, the company had signed 257 projects with a total signed construction area of 36 million square meters [1] - The company is managing 252 projects, covering a total management area of 31.4 million square meters [1]

Group 1 - The company reported a revenue of 321 million, representing a year-on-year increase of 2.45% [1] - Profit attributable to the parent company was 49.08 million, showing a year-on-year decrease of 15.41% [1] - Earnings per share stood at 0.17 [1] Group 2 - As of June 30, 2025, the company had signed 257 projects with a total signed construction area of 36 million square meters [1] - The company managed 252 projects with a total managed construction area of 31.4 million square meters [1]

Group 1 - The company reported a revenue of 321 million, representing a year-on-year increase of 2.45% [1] - Profit attributable to the parent company was 49.08 million, showing a year-on-year decrease of 15.41% [1] - Earnings per share stood at 0.17 yuan [1] Group 2 - As of June 30, 2025, the company had signed 257 projects with a total signed construction area of 36 million square meters [1] - The company managed 252 projects with a total managed construction area of 31.4 million square meters [1]

[Interim Results and Operations Overview](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E7%87%9F%E9%81%8B%E6%A6%82%E8%A6%81) Lingyue Service Group announced unaudited interim results for the six months ended June 30, 2025, with revenue increasing by 2.4% to RMB 321.0 million, but gross profit and net profit decreased by 4.5% and 12.2% respectively; managed area slightly decreased while contracted area continued to grow Interim Financial Performance | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 321.0 | 313.3 | +2.4% | | Gross Profit | 95.1 | 99.6 | -4.5% | | Net Profit | 53.0 | 60.3 | -12.2% | - As of June 30, 2025, the Group had **257 contracted projects** with a contracted gross floor area of **36.0 million square meters**, and **252 managed projects** with a managed gross floor area of **31.4 million square meters**[4](index=4&type=chunk) [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) During the reporting period, the company's revenue slightly increased, but changes in cost of sales, impairment losses on financial assets, and income tax expense led to a year-on-year decrease in net profit Interim Consolidated Statement of Profit or Loss | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 320,960 | 313,294 | | Cost of sales | (225,899) | (213,732) | | Gross profit | 95,061 | 99,562 | | Other income and gains | 5,168 | 3,273 | | Administrative expenses | (28,076) | (27,475) | | Net impairment losses on financial assets and goodwill | (11,331) | (4,341) | | Other expenses | (114) | (153) | | Share of profits of a joint venture | 18 | 709 | | Profit before tax | 60,726 | 71,575 | | Income tax expense | (7,766) | (11,249) | | Profit for the period | 52,960 | 60,326 | | Profit attributable to owners of the parent | 49,076 | 58,018 | | Profit attributable to non-controlling interests | 3,884 | 2,308 | | Basic and diluted earnings per share attributable to ordinary equity holders of the parent | RMB 0.17 | RMB 0.20 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) In addition to profit for the period, other comprehensive income was mainly affected by fair value changes of equity investments designated at fair value, showing a positive gain this period compared to a loss in the prior period Interim Consolidated Statement of Comprehensive Income | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 52,960 | 60,326 | | Other comprehensive income, net of tax | 785 | (15) | | Total comprehensive income for the period | 53,745 | 60,311 | | Total comprehensive income attributable to owners of the parent | 49,861 | 58,003 | | Total comprehensive income attributable to non-controlling interests | 3,884 | 2,308 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%85%8B%E8%A1%A8) As of June 30, 2025, the company's net current assets and total equity both increased, while non-current assets slightly decreased and current liabilities reduced Interim Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Assets** | | | | Total non-current assets | 34,165 | 35,793 | | Total current assets | 943,232 | 934,225 | | **Liabilities** | | | | Total current liabilities | 292,089 | 338,203 | | Total non-current liabilities | 834 | 936 | | **Equity** | | | | Net assets | 684,474 | 630,879 | | Equity attributable to owners of the parent | 665,320 | 615,460 | | Non-controlling interests | 19,154 | 15,419 | | Total equity | 684,474 | 630,879 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [1. Company and Group Information](index=6&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E5%92%8C%E9%9B%86%E5%9C%98%E8%B3%87%E6%96%99) Lingyue Service Group, incorporated in the Cayman Islands and listed on HKEX in July 2021, primarily provides property management, value-added services to non-property owners, and community value-added services, with its ultimate controlling shareholders being six individuals including Mr. Liu Yuhui - The company was incorporated in the Cayman Islands and listed on the Main Board of The Stock Exchange of Hong Kong Limited since **July 12, 2021**[10](index=10&type=chunk) - The Group primarily engages in providing property management services, value-added services to non-property owners, and community value-added services[10](index=10&type=chunk) - The ultimate controlling shareholders of the company are Mr. Liu Yu Hui, Mr. Liu Ce, Mr. Liu Hao Wei, Ms. Wang Tao, Ms. Long Yi Qin, and Ms. Hou San Li[10](index=10&type=chunk) [2. Accounting Policies](index=6&type=section&id=2.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared on a historical cost basis, except for equity investments designated at fair value, with no significant impact from new IFRS amendments applied this period - The condensed consolidated financial statements are prepared on a historical cost basis, except for equity investments designated at fair value through other comprehensive income[12](index=12&type=chunk) - The application of amendments to International Financial Reporting Standards during this interim period had no significant impact on the Group's financial performance and position for the current and prior periods[13](index=13&type=chunk) [3. Revenue](index=7&type=section&id=3.%20%E6%94%B6%E7%9B%8A) Total revenue for the reporting period increased by 2.4% year-on-year, with significant growth in property management services revenue, while value-added services to non-property owners and community value-added services revenue both decreased Revenue by Service Type | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Property management services | 296,356 | 276,291 | | Value-added services to non-property owners | 4,045 | 9,910 | | Community value-added services | 20,559 | 27,093 | | **Total** | **320,960** | **313,294** | [4. Profit Before Tax](index=8&type=section&id=4.%20%E7%A8%85%E5%89%8D%E5%88%A9%E6%BD%A4) Profit before tax decreased during the reporting period, mainly due to increased cost of services provided, higher amortization of other intangible assets, and a significant increase in net impairment losses on trade receivables Profit Before Tax Components | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of services provided | 225,899 | 213,732 | | Depreciation of property, plant and equipment | 1,711 | 1,745 | | Amortisation of other intangible assets | 1,984 | 1,038 | | Net impairment losses on financial assets: | | | | Net impairment losses on trade receivables | 13,041 | 4,654 | | Net reversal of impairment losses on amounts due from related companies | (1,058) | (106) | | Net impairment losses on financial assets included in prepayments and other receivables | (652) | (207) | [5. Income Tax Expense](index=9&type=section&id=5.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense decreased by 31% year-on-year, primarily due to lower taxable profit, with the company applying 25%, 15% (western region preferential), and small-profit enterprise preferential tax rates in mainland China - Income tax expense decreased by approximately **31%** from RMB **11.2 million** in the prior period of 2024 to approximately **RMB 7.8 million**, primarily due to a decrease in taxable profit[22](index=22&type=chunk)[61](index=61&type=chunk) - The Group applied three types of tax rates during the reporting period, including a **25%** tax rate, a **15%** tax rate under the Western Region Preferential Tax Policy, and a preferential tax rate for small-profit enterprises[20](index=20&type=chunk) [6. Dividends](index=9&type=section&id=6.%20%E8%82%A1%E6%81%AF) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[23](index=23&type=chunk) [7. Earnings Per Share Attributable to Ordinary Equity Holders of the Parent](index=10&type=section&id=7.%20%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic earnings per share attributable to ordinary equity holders of the parent was RMB 0.17, lower than RMB 0.20 in the prior period, primarily due to decreased profit Earnings Per Share | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent for the purpose of calculating basic earnings per share | 49,076 | 58,018 | | Weighted average number of ordinary shares in issue for the purpose of calculating basic earnings per share | 285,685,000 | 285,685,000 | | Basic earnings per share | RMB 0.17 | RMB 0.20 | [8. Trade Receivables](index=11&type=section&id=8.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade receivables increased by 4.2% to RMB 141.3 million from the end of 2024, mainly due to increased total revenue, with a notable increase in receivables aged 1-2 years Trade Receivables by Ageing | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 102,104 | 103,024 | | 1 to 2 years | 29,873 | 21,790 | | 2 to 3 years | 7,487 | 8,102 | | Over 3 years | 1,847 | 2,693 | | **Total** | **141,311** | **135,609** | - Trade receivables amounted to approximately **RMB 141.3 million**, an increase of approximately **RMB 5.7 million** or **4.2%** compared to approximately **RMB 135.6 million** as of December 31, 2024, primarily due to an increase in total revenue[63](index=63&type=chunk) [9. Trade Payables](index=11&type=section&id=9.%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade payables decreased by 9.6% to RMB 37.1 million, primarily due to the company's adjustment of payment schedules Trade Payables by Ageing | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 28,943 | 37,122 | | Over 1 year | 8,189 | 3,965 | | **Total** | **37,132** | **41,087** | - Trade payables amounted to approximately **RMB 37.1 million**, a decrease of approximately **9.6%** compared to approximately **RMB 41.1 million** as of December 31, 2024, mainly due to the Group adjusting its payment schedule based on market conditions[65](index=65&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Development Strategy and Outlook](index=12&type=section&id=%E7%99%BC%E5%B1%95%E6%88%B0%E7%95%A5%E8%88%87%E5%B1%95%E6%9C%9B) The company adheres to its "deep cultivation in Southwest, layout in Xinjiang, and national development" strategy, forming "Sichuan + Xinjiang" as dual growth poles, steadily increasing managed scale, and expanding into diverse property types like schools, industrial parks, and public buildings - The Group adheres to its development strategy of "deep cultivation in Southwest, layout in Xinjiang, and national development," fostering "Sichuan + Xinjiang" as dual growth poles, achieving steady growth in managed scale, and deepening its presence in various property types such as schools, industrial parks, and public buildings, gradually moving towards a comprehensive and diversified market[29](index=29&type=chunk) - Looking ahead to the second half of 2025, the Group will steadfastly uphold its service philosophy of "Kindness and Companionship, Touching Hearts," continuously building its foundation on quality, focusing on warm services, solidifying its operational base, concentrating on creating customer value, actively expanding its service boundaries, and guiding high-quality enterprise development with a long-term perspective[30](index=30&type=chunk) [Business Model of the Group](index=13&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E6%A5%AD%E5%8B%99%E6%A8%A1%E5%BC%8F) The Group operates three business lines: property management, value-added services to non-property owners, and community value-added services, offering comprehensive services across the property management value chain - The Group operates three business lines: (i) property management services, (ii) value-added services to non-property owners, and (iii) community value-added services, providing comprehensive services covering the entire property management value chain for its customers[31](index=31&type=chunk) - Community value-added services typically generate higher profit margins, thus continuously enhancing the Group's financial performance[32](index=32&type=chunk) [Property Management Services](index=13&type=section&id=%E7%89%A9%E6%A5%AD%E7%AE%A1%E7%90%86%E6%9C%8D%E5%8B%99) Property management services, the Group's core business, include security, cleaning, and maintenance for a diverse property portfolio; total contracted GFA increased by 1.0% while total managed GFA slightly decreased by 1.0% as of June 30, 2025 - The Group provides a wide range of property management services, including security, cleaning and landscaping, and repair and maintenance services, to property owners, residents, property developers, and tenants of managed non-residential properties[33](index=33&type=chunk) - The Group manages a diversified property portfolio, including residential properties, commercial properties, and public and other properties[33](index=33&type=chunk) - As of June 30, 2025, the Group's total contracted gross floor area was approximately **36.0 million square meters**, an increase of **1.0%** compared to the same period in 2024, while total managed gross floor area was approximately **31.4 million square meters**, a decrease of **1.0%** compared to the same period in 2024[34](index=34&type=chunk) [Scope of Services and Property Portfolio](index=13&type=section&id=%E6%9C%8D%E5%8B%99%E7%AF%84%E5%9C%8D%E8%88%87%E7%89%A9%E6%A5%AD%E7%B5%84%E5%90%88) The Group has provided property management services since 2002, managing 252 projects and contracting 257 projects as of June 30, 2025, with 4.671 million square meters of undelivered GFA expected to be delivered between August 2025 and August 2031 Property Management Portfolio | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of managed properties | 252 | 267 | | Number of contracted properties | 257 | 272 | | Managed GFA (thousand sq.m.) | 31,353 | 31,680 | | Contracted GFA (thousand sq.m.) | 36,024 | 35,665 | | Undelivered GFA (thousand sq.m.) | 4,671 | 3,985 | - The estimated time for delivery and revenue generation of undelivered projects as of June 30, 2025, ranges from **August 2025 to August 2031**[35](index=35&type=chunk) [Geographical Coverage and Revenue Breakdown](index=15&type=section&id=%E5%9C%B0%E5%8D%80%E8%A6%86%E8%93%8B%E8%88%87%E6%94%B6%E7%9B%8A%E6%98%8E%E7%B4%B0) The Group has expanded its geographical coverage to 34 cities across 9 provinces, 1 autonomous region, and 1 municipality in China, with Sichuan Province remaining the primary market contributing 78.3% of property management service revenue - The Group has expanded its geographical coverage to **34 cities**, **9 provinces**, **1 autonomous region**, and **1 municipality** in China[36](index=36&type=chunk) Property Management Revenue by Region | Region | 2025 Property Management Revenue (RMB thousand) | 2025 Property Management Revenue Share (%) | 2024 Property Management Revenue (RMB thousand) | 2024 Property Management Revenue Share (%) | | :--- | :--- | :--- | :--- | :--- | | Sichuan Province | 231,252 | 78.3 | 217,001 | 78.7 | | Xinjiang Uygur Autonomous Region | 24,658 | 8.3 | 22,161 | 8.0 | | Guangdong Province | 13,367 | 4.5 | 13,325 | 4.8 | | Jilin Province | 10,841 | 3.7 | 10,312 | 3.7 | | Hebei Province | 1,237 | 0.4 | 1,221 | 0.4 | | Henan Province | 3,872 | 1.3 | 4,310 | 1.6 | | Hubei Province | 3,679 | 1.2 | 3,425 | 1.2 | | Jiangsu Province | 998 | 0.3 | 762 | 0.3 | | Guizhou Province | 2,971 | 1.0 | 2,330 | 0.8 | | Chongqing Municipality | 1,980 | 0.7 | 1,444 | 0.5 | | Fujian Province | 957 | 0.3 | — | — | | **Total** | **295,812** | **100** | **276,291** | **100** | [Source of Managed Properties](index=17&type=section&id=%E5%9C%A8%E7%AE%A1%E7%89%A9%E6%A5%AD%E4%BE%86%E6%BA%90) The Group primarily serves properties developed by Landsea Holdings Group, but the number of managed projects and revenue contribution from non-Landsea Holdings Group and non-joint venture entities have increased, indicating enhanced third-party expansion capabilities Property Management Revenue by Developer Type | Developer Type | 2025 Property Management Revenue (RMB thousand) | 2025 Property Management Revenue Share (%) | 2024 Property Management Revenue (RMB thousand) | 2024 Property Management Revenue Share (%) | | :--- | :--- | :--- | :--- | :--- | | Landsea Holdings Group | 206,724 | 70.0 | 183,358 | 66.4 | | Joint ventures of Landsea Holdings Group | 5,469 | 1.8 | 14,722 | 5.3 | | Non-Landsea Holdings Group and non-joint ventures | 83,619 | 28.2 | 78,211 | 28.3 | | **Total** | **295,812** | **100** | **276,291** | **100** | Contracted Projects and GFA by Developer Type | Developer Type | 2025 Number of Contracted Projects | 2025 Contracted GFA (thousand sq.m.) | 2024 Number of Contracted Projects | 2024 Contracted GFA (thousand sq.m.) | | :--- | :--- | :--- | :--- | :--- | | Landsea Holdings Group | 94 | 19,514 | 97 | 18,169 | | Joint ventures of Landsea Holdings Group | 4 | 427 | 10 | 2,028 | | Non-Landsea Holdings Group and non-joint ventures | 159 | 16,083 | 165 | 15,468 | | **Total** | **257** | **36,024** | **272** | **35,665** | [Types of Managed Properties](index=19&type=section&id=%E5%9C%A8%E7%AE%A1%E7%89%A9%E6%A5%AD%E9%A1%9E%E5%9E%8B) Residential properties remain the dominant managed property type, contributing 81.2% of property management service revenue, with pre-delivery stage residential properties accounting for the largest share, while commercial and public/other property revenue contributions decreased Property Management Revenue by Property Type | Property Type | 2025 Property Management Revenue (RMB thousand) | 2025 Property Management Revenue Share (%) | 2024 Property Management Revenue (RMB thousand) | 2024 Property Management Revenue Share (%) | | :--- | :--- | :--- | :--- | :--- | | Residential properties | 240,242 | 81.2 | 206,108 | 74.6 | | —Pre-delivery stage | 196,740 | 66.5 | 170,479 | 61.7 | | —Owners' committee stage | 43,502 | 14.7 | 35,629 | 12.9 | | Commercial properties | 27,379 | 9.3 | 38,133 | 13.8 | | Public and other properties | 28,191 | 9.5 | 32,050 | 11.6 | | **Total** | **295,812** | **100** | **276,291** | **100** | [Value-Added Services to Non-Property Owners](index=20&type=section&id=%E9%9D%9E%E6%A5%AD%E4%B8%BB%E5%A2%9E%E5%80%BC%E6%9C%8D%E5%8B%99) Revenue from value-added services to non-property owners, including preliminary planning and sales office management, significantly decreased by 59.2% year-on-year to RMB 4.0 million, primarily due to a decline in sales office management services - Revenue from value-added services to non-property owners decreased by **59.2%** to approximately **RMB 4.0 million** compared to approximately **RMB 9.9 million** in the prior period of 2024[49](index=49&type=chunk) - The decrease in revenue was primarily due to a decline in sales office management services[49](index=49&type=chunk) Revenue from Value-Added Services to Non-Property Owners | Service Type | 2025 (RMB thousand) | 2025 Share (%) | 2024 (RMB thousand) | 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Preliminary planning and design consultancy services | 2,148 | 53.1 | 2,110 | 21.3 | | Sales office management services | 1,702 | 42.1 | 6,500 | 65.6 | | Pre-delivery services | 9 | 0.2 | 525 | 5.3 | | Repair and maintenance services | 153 | 3.8 | 505 | 5.1 | | Property transaction assistance services | 33 | 0.8 | 270 | 2.7 | | **Total** | **4,045** | **100** | **9,910** | **100** | [Community Value-Added Services](index=20&type=section&id=%E7%A4%BE%E5%8D%80%E5%A2%9E%E5%80%BC%E6%9C%8D%E5%8B%99) Revenue from community value-added services, including community space management and renovation, decreased by 22.1% year-on-year to RMB 21.1 million, mainly due to a decline in "move-in ready" services, despite significant growth in convenience living and community retail services - Revenue from community value-added services decreased by **22.1%** to approximately **RMB 21.1 million** compared to approximately **RMB 27.1 million** in the prior period of 2024[51](index=51&type=chunk) - The decrease in revenue was primarily due to a decline in "move-in ready" services[51](index=51&type=chunk) Revenue from Community Value-Added Services | Service Type | 2025 (RMB thousand) | 2025 Share (%) | 2024 (RMB thousand) | 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Community space management services | 3,164 | 15.0 | 3,915 | 14.4 | | Renovation and "move-in ready" services | 6,397 | 30.3 | 16,766 | 61.9 | | Convenience living services | 9,592 | 45.5 | 6,314 | 23.3 | | Community retail services | 1,950 | 9.2 | 98 | 0.4 | | **Total** | **21,103** | **100** | **27,093** | **100** | [Financial Review](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) During the reporting period, the Group's total revenue slightly increased, but higher cost of sales led to a decrease in gross profit and gross profit margin; administrative expenses rose due to increased labor costs, while income tax expense decreased due to lower taxable profit, resulting in a 14% year-on-year decline in profit attributable to owners of the parent - The Group's revenue was approximately **RMB 321.0 million**, an increase of approximately **2.4%** compared to **RMB 313.3 million** in the prior period of 2024[54](index=54&type=chunk) - The Group's gross profit decreased by **4.5%** from approximately **RMB 99.6 million** in the prior period of 2024 to approximately **RMB 95.1 million**, and the gross profit margin decreased by **2.2 percentage points** from **31.8% to 29.6%**[58](index=58&type=chunk) - Profit and total comprehensive income attributable to owners of the parent was approximately **RMB 49.9 million**, a decrease of approximately **14%** compared to **RMB 58 million** in the prior period of 2024[62](index=62&type=chunk) [Revenue Analysis](index=21&type=section&id=%E6%94%B6%E7%9B%8A%E5%88%86%E6%9E%90) Total revenue increased by 2.4% year-on-year to RMB 321.0 million, with property management services remaining the largest revenue source at 92.1%, driven by higher average unit prices for newly delivered properties, while non-property owner and community value-added services revenue both declined Revenue by Business Segment | Business Segment | 2025 (RMB thousand) | 2025 Revenue Percentage (%) | 2024 (RMB thousand) | 2024 Revenue Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Property management services | 295,812 | 92.1 | 276,291 | 88.2 | | Value-added services to non-property owners | 4,045 | 1.3 | 9,910 | 3.2 | | Community value-added services | 21,103 | 6.6 | 27,093 | 8.6 | | **Total** | **320,960** | **100** | **313,294** | **100** | - The increase in property management services revenue was attributable to higher average unit prices for newly delivered properties[56](index=56&type=chunk) - The decrease in revenue from value-added services to non-property owners was mainly due to a reduction in sales office management services; the decrease in revenue from community value-added services was mainly due to a decline in "move-in ready" services[56](index=56&type=chunk) [Cost of Sales](index=22&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales increased by 5.7% year-on-year to RMB 225.9 million, primarily due to increased operational costs from greater investment in infrastructure to enhance property management quality - The Group's cost of sales was approximately **RMB 225.9 million**, an increase of approximately **5.7%** compared to approximately **RMB 213.7 million** in the prior period of 2024[57](index=57&type=chunk) - The main reason for the increase in cost of sales was the Group's increased investment in infrastructure to enhance property quality, leading to higher operating costs[57](index=57&type=chunk) [Gross Profit and Gross Profit Margin](index=22&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross profit decreased by 4.5% year-on-year to RMB 95.1 million, and the gross profit margin declined by 2.2 percentage points to 29.6%, mainly due to increased operating costs, with community value-added services experiencing the largest margin decrease - The Group's gross profit decreased by **4.5%** from approximately **RMB 99.6 million** in the prior period of 2024 to approximately **RMB 95.1 million**[58](index=58&type=chunk) - The Group's gross profit margin decreased by **2.2 percentage points** from **31.8%** in the prior period of 2024 to **29.6%**, primarily due to increased operating costs[58](index=58&type=chunk) Gross Profit Margin by Business Segment | Business Segment | 2025 Gross Profit Margin (%) | 2024 Gross Profit Margin (%) | Gross Profit Margin Change (%) | | :--- | :--- | :--- | :--- | | Property management services | 29.4 | 30.2 | -0.8 | | Value-added services to non-property owners | 31.1 | 33.3 | -2.2 | | Community value-added services | 38.0 | 46.9 | -8.9 | | **Total** | **29.6** | **31.8** | **-2.2** | [Administrative Expenses](index=23&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses increased by 2.2% year-on-year to RMB 28.1 million, primarily attributable to higher labor costs - The Group's administrative expenses increased by approximately **2.2%** from approximately **RMB 27.5 million** in the prior period of 2024 to approximately **RMB 28.1 million**, mainly due to increased labor costs[60](index=60&type=chunk) [Income Tax Expense](index=23&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense decreased by 31% year-on-year to RMB 7.8 million, mainly due to a reduction in taxable profit - The Group's income tax expense decreased by approximately **31%** from **RMB 11.2 million** in the prior period of 2024 to approximately **RMB 7.8 million**, primarily due to a decrease in taxable profit[61](index=61&type=chunk) [Profit Attributable to Owners of the Parent](index=23&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E5%88%A9%E6%BD%A4) Profit and total comprehensive income attributable to owners of the parent decreased by 14% year-on-year to RMB 49.9 million - Profit and total comprehensive income attributable to owners of the parent was approximately **RMB 49.9 million**, a decrease of approximately **14%** compared to **RMB 58 million** in the prior period of 2024[62](index=62&type=chunk) [Trade Receivables](index=24&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Trade receivables increased to RMB 141.3 million, up 4.2% from the end of 2024, primarily driven by an increase in total revenue - As of June 30, 2025, the Group's trade receivables were approximately **RMB 141.3 million**, an increase of approximately **RMB 5.7 million** or **4.2%** compared to approximately **RMB 135.6 million** as of December 31, 2024, primarily due to an increase in total revenue[63](index=63&type=chunk) [Prepayments, Deposits and Other Receivables](index=24&type=section&id=%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Prepayments, deposits, and other receivables decreased by 15.6% to RMB 44.6 million, mainly due to a significant reduction in cash in transit balances - As of June 30, 2025, the Group's prepayments, deposits, and other receivables were approximately **RMB 44.6 million**, a decrease of approximately **15.6%** compared to approximately **RMB 52.8 million** as of December 31, 2024, primarily due to a significant decrease in cash in transit balances[64](index=64&type=chunk) [Trade Payables](index=24&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Trade payables decreased by 9.6% to RMB 37.1 million, primarily due to the company's adjustment of payment schedules based on market conditions - As of June 30, 2025, the Group's trade payables were approximately **RMB 37.1 million**, a decrease of approximately **9.6%** compared to approximately **RMB 41.1 million** as of December 31, 2024, mainly due to the Group adjusting its payment schedule based on market conditions[65](index=65&type=chunk) [Liquidity and Financial Resources](index=24&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group maintains prudent financial management, closely monitoring its liquidity to ensure future funding needs are met, with cash primarily used for investments, information technology, and working capital - The Board of Directors closely monitors the Group's liquidity position to ensure that the liquidity structure of the Group's assets, liabilities, and other commitments can meet its funding needs in the foreseeable future[66](index=66&type=chunk) - During the reporting period, the Group's cash was primarily used for investments, information technology construction, and working capital, mainly funded by proceeds from the company's operations[66](index=66&type=chunk) [Interest Rate Risk](index=24&type=section&id=%E5%88%A9%E7%8E%87%E9%A2%A8%E9%9A%AA) The Group faces no significant direct risks from market interest rate fluctuations as it has no material interest-bearing assets or liabilities - As the Group has no material interest-bearing assets and liabilities, it does not face significant direct risks related to changes in market interest rates[67](index=67&type=chunk) [Foreign Exchange Risk](index=25&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) Operating primarily in China with all transactions denominated and settled in RMB, the Group does not engage in foreign exchange hedging, though RMB depreciation could adversely affect the value of dividends paid to overseas shareholders - The Group primarily conducts its business operations in China, with all transactions denominated and settled in RMB[68](index=68&type=chunk) - Any depreciation of the RMB would adversely affect the value of any dividends paid by the company to its shareholders outside China[68](index=68&type=chunk) - The Group currently does not engage in hedging activities aimed at or intended to manage foreign exchange rate risk[68](index=68&type=chunk) [Gearing Ratio](index=25&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) The gearing ratio is not meaningful as of June 30, 2025, due to zero interest-bearing borrowings - The gearing ratio as of June 30, 2025, is not meaningful as the Group had zero interest-bearing borrowings on the same date (December 31, 2024: zero)[69](index=69&type=chunk) [Contingent Liabilities](index=25&type=section&id=%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities[70](index=70&type=chunk) [Material Acquisitions and Disposals](index=25&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) During the reporting period, the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures[71](index=71&type=chunk) [Material Investments](index=25&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) During the reporting period, the Group held no material investments - During the reporting period, the Group held no material investments[72](index=72&type=chunk) [Future Investments and Capital Asset Plans](index=25&type=section&id=%E6%9C%AA%E4%BE%86%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E8%A8%88%E5%8A%83) As of June 30, 2025, the Group had no significant future investment or capital asset plans beyond those disclosed in its prospectus - Except for those disclosed in the "Future Plans and Use of Proceeds" section of the company's prospectus dated June 29, 2021, the Group had no significant plans for investments and capital assets as of June 30, 2025[73](index=73&type=chunk) [Pledge of Assets](index=25&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group's pledged deposits amounted to RMB 0.1 million, consistent with the end of 2024 - As of June 30, 2025, the Group's pledged deposits amounted to **RMB 0.1 million** (December 31, 2024: RMB 0.1 million)[74](index=74&type=chunk) [Other Information](index=26&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) [Staff](index=26&type=section&id=%E5%93%A1%E5%B7%A5) As of June 30, 2025, the Group had 5,260 employees, a decrease from the end of 2024, with total staff costs remaining largely stable year-on-year, and plans to enhance training and adhere to local social security and provident fund regulations - As of June 30, 2025, the Group had **5,260 employees** (December 31, 2024: 5,644 employees)[75](index=75&type=chunk) - During the reporting period, total staff costs were approximately **RMB 149.7 million**, compared to approximately **RMB 149.5 million** in the prior period of 2024[75](index=75&type=chunk) - The Group will further strengthen its employee training programs using internal and external resources, adopt remuneration policies similar to its peers, and comply with local government regulations for social insurance contribution schemes or other retirement schemes[75](index=75&type=chunk) [Significant Post-Reporting Period Events](index=26&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) There have been no significant post-reporting period events affecting the company from June 30, 2025, up to the announcement date - There have been no significant events affecting the company from June 30, 2025, up to the date of this announcement[76](index=76&type=chunk) [Compliance with Corporate Governance Code](index=26&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The Group is committed to maintaining high standards of corporate governance, having adopted and complied with all applicable provisions of the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules during the reporting period - The Group is committed to maintaining and enhancing high standards of corporate governance to safeguard shareholders' interests, enhance corporate value, and improve accountability[77](index=77&type=chunk) - The company has adopted the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and has complied with all applicable code provisions during the reporting period[77](index=77&type=chunk) [Standard Code for Securities Transactions by Directors](index=27&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, with all directors confirming compliance during the reporting period - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules[78](index=78&type=chunk) - Following specific enquiries made to all directors, they confirmed that they have complied with the standards for securities transactions by directors as set out in the Standard Code during the reporting period[78](index=78&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=27&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and no treasury shares were held as of June 30, 2025 - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[79](index=79&type=chunk) - As of June 30, 2025, the company held no treasury shares[79](index=79&type=chunk) [Interim Dividends](index=27&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[80](index=80&type=chunk) [Audit Committee Review of Unaudited Interim Results](index=27&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%AF%A9%E9%96%B1%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%9A%84%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) The Audit Committee reviewed the Group's unaudited interim results for the six months ended June 30, 2025, agreeing with management on accounting principles, risk management, internal controls, and financial reporting, with the committee comprising three independent non-executive directors, including a professionally qualified chair - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and has agreed with the company's management on the accounting principles and practices adopted by the Group, risk management, internal controls, and financial reporting matters[81](index=81&type=chunk) - The Audit Committee comprises three independent non-executive directors, Ms. Luo Ying, Mr. Hu Ning, and Ms. Zou Dan, with Ms. Zou Dan appointed as the chairperson of the Audit Committee, possessing the appropriate professional qualifications or relevant financial management expertise as required by Rule 3.10(2) of the Listing Rules[81](index=81&type=chunk) [Publication of Interim Results Announcement and Interim Report on HKEX and Company Website](index=28&type=section&id=%E6%96%BC%E8%81%AF%E4%BA%A4%E6%89%80%E5%8F%8A%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%B6%B2%E7%AB%99%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The interim results announcement has been published on the websites of HKEX and the company, with the interim report to be made available to shareholders in due course - This interim results announcement will be published on the websites of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk) and the company (www.lingyue-service.com) respectively[82](index=82&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be provided to shareholders in due course and will be available on the aforementioned websites[82](index=82&type=chunk) [Board of Directors](index=28&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) As of the announcement date, the Board of Directors includes executive directors Mr. Liu Yuqi and Ms. Luo Hongping; non-executive directors Ms. Wang Tao and Ms. Hou Sanli; and independent non-executive directors Ms. Luo Ying, Mr. Hu Ning, and Ms. Zou Dan - As of the date of this announcement, the Board of Directors comprises executive directors Mr. Liu Yuqi and Ms. Luo Hongping; non-executive directors Ms. Wang Tao and Ms. Hou Sanli; and independent non-executive directors Ms. Luo Ying, Mr. Hu Ning, and Ms. Zou Dan[84](index=84&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Ling Yue Services Group Limited 領悅服務集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2165） 董事會會議召開日期 領悅服務集團有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會會議 將於2025年8月29日（星期五）舉行，藉以（其中包括）考慮及批准本公司及其附 屬公司截至2025年6月30日止六個月之中期業績及其發佈，並考慮建議派發中 期股息（如有）。 承董事會命 領悅服務集團有限公司 主席 劉玉奇 香港，2025年8月11日 於本公告日期，本公司董事會成員包括執行董事劉玉奇先生及羅紅萍女士；非執行董事王濤 女士及侯三利女士；以及獨立非執行董事羅瑩女士、胡寧先生及鄒丹女士。 ...

Financial Performance - The company reported a revenue of HKD 1.2 billion for the fiscal year 2024, representing a year-on-year increase of 15%[4] - The company achieved a revenue of RMB 652.9 million for the year 2024, representing a 7.2% increase compared to the same period in 2023[24] - The total revenue for the year ended December 31, 2024, was approximately RMB 652.9 million, an increase of about 7.2% compared to RMB 609.1 million in 2023[46] - The total revenue from property management services for the year 2024 was RMB 579.688 million, compared to RMB 519.833 million in 2023, reflecting a growth of approximately 11.5%[31] - The gross profit for the year was approximately RMB 183.5 million, reflecting a decline of 5.7% year-on-year[24] - Net profit for the year was around RMB 86.2 million, which is a decrease of 17.6% compared to 2023[24] - Profit attributable to owners of the company decreased by approximately 19.9% to about RMB 81.5 million from RMB 101.9 million in 2023[53] User Growth and Market Expansion - User data showed an increase in active users by 20%, reaching a total of 500,000 users by the end of 2024[4] - Market expansion plans include entering two new provinces in China by mid-2025, targeting a 5% market share in those regions[4] - The company plans to continue expanding its market share and business layout in China[27] Future Projections and Investments - The company provided a positive outlook for 2025, projecting a revenue growth of 10% to 12%[4] - New product launches are expected to contribute an additional HKD 200 million in revenue in 2025[4] - The company is investing HKD 50 million in R&D for new technologies aimed at enhancing service efficiency[4] - The company is considering strategic acquisitions to enhance its service portfolio, with a budget of up to HKD 300 million allocated for potential deals[4] Operational Efficiency and Management - The company aims to improve operational efficiency by 15% through the implementation of new management software[4] - The company is focusing on the development strategy of "deepening in Southwest, layout in Xinjiang, and national development," establishing two growth poles in Sichuan and Xinjiang[24] - The company is committed to enhancing service quality and customer value creation, aiming for high-quality development[25] - The company has initiated the "Spring Dawn Action" and "Orange Storm" quality improvement plans to strengthen quality management mechanisms[20] Community and Value-Added Services - The company is actively developing new value-added services, focusing on "property services + life services" to meet diverse resident needs[21] - The company aims to further enrich its community value-added services, which typically yield higher profit margins compared to other property management services[27] - Community value-added services revenue increased by 10.6% to approximately RMB 50.9 million, mainly due to growth in community space management and community retail services[43] Corporate Governance and Board Structure - The company has adopted the corporate governance code and has complied with all applicable principles and provisions as of December 31, 2024[90] - The board consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors[92] - The company has established action agreements among major shareholders, including Liu Ce, Liu Haowei, and others, to ensure unified decision-making[76] - The company has a strong board with diverse expertise in finance, accounting, and management, which supports its operational and strategic goals[81] Risk Management - The company has established a risk management framework that is crucial for its success in the Chinese market, addressing key operational risks such as changes in political and economic conditions and regulatory environments in China[121] - The board of directors is responsible for ensuring the effectiveness of the risk management and internal control systems, which are reviewed annually to provide reasonable assurance against significant misstatements or losses[120] - An annual review of the risk management and internal control systems has been conducted, covering all major controls, including financial, operational, and compliance controls, which were deemed effective and sufficient[123] Shareholder Engagement and Communication - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[132] - The company provides multiple channels for ongoing communication with shareholders, including company communications and announcements on the Hong Kong Stock Exchange website[134][135] - The company aims to enhance shareholder engagement through annual general meetings and other platforms for investor relations[140] Employee and Talent Management - The total employee cost for the year was approximately RMB 313.1 million, up from RMB 269.5 million in 2023, with a total of 5,786 employees as of December 31, 2024[67] - The company is implementing talent development programs to optimize organizational structure and enhance internal capabilities[22] Financial Position and Cash Management - Cash and bank balances as of December 31, 2024, were approximately RMB 712.9 million, up from RMB 602.9 million in 2023[58] - The current ratio remained stable at approximately 2.8 as of December 31, 2024, consistent with the previous year[59] - The company has no borrowings as of December 31, 2024, consistent with the previous year[156] Share Options and Equity - The share option plan allows for a total of 28,000,000 shares to be issued, representing 10% of the total shares issued on the date trading commenced on the stock exchange, equivalent to 9.80% of the total shares issued as of the report date[187] - Directors and senior executives hold 74.67% of the company's shares, amounting to 213,313,000 shares each for key individuals[192] - The stock options can be exercised at any time within 10 years from the date of grant, with no specified minimum holding period[191]