Economic Overview - In the first half of 2025, China's GDP reached RMB 66,053.6 billion, reflecting a year-on-year growth of approximately 5.3%[12]. - The real estate sector showed signs of stabilization, with over 160 cities implementing stimulus policies to support housing sales[13]. - The central bank's measures included cutting reserve requirements and interest rates, resulting in historic lows for the 5-year LPR and housing provident fund rates[13]. - The real estate industry is expected to see intensified policies in the second half of 2025 to facilitate a smooth transition[13]. - The company is committed to the "dual-circulation" strategy to expand domestic demand and deepen opening-up in response to economic conditions[12]. Company Performance - As of June 30, 2025, the Group's revenue decreased by approximately RMB76.0 million to RMB822.0 million, representing a decrease of approximately 8.5% compared to the same period in 2024[22]. - The consolidated net profit increased by approximately RMB2.7 million to RMB53.4 million, representing an increase of approximately 5.3% compared to the same period in 2024[23]. - Profit attributable to owners of the Company increased by approximately RMB3.5 million to RMB47.8 million, representing an increase of approximately 7.9% compared to the same period in 2024[23]. - Revenue from property management services amounted to RMB694.7 million, while revenue from value-added services to property owners was RMB80.3 million, and revenue from value-added services to non-property owners was RMB47.0 million[25]. - The revenue from property management services for the six months ended June 30, 2025, was approximately RMB 694.7 million, reflecting a decrease of about 1.8% compared to the previous period[72]. Property Management and Services - The property management industry is undergoing transformation with new standards promoting transparency and eliminating unreasonable fees[16]. - Kaisa Prosperity is transitioning towards an "operations + services" model, focusing on urban renewal and high-quality development[13]. - The Group's property management services are provided across 77 cities in 20 provinces, municipalities, and autonomous regions in China[54]. - The management scale remained stable, with a GFA under management of approximately 99.9 million square meters across 707 projects in 77 cities within 20 provinces[19]. - The Group's value-added services aim to improve customer satisfaction and provide a healthier lifestyle for property owners and residents[73]. Financial Metrics - Overall gross profit decreased by approximately 20.2% from approximately RMB255.4 million to approximately RMB203.9 million, with gross profit margin declining by approximately 3.6 percentage points from 28.4% to 24.8%[103]. - The gross profit margin for property management services decreased by approximately 2.7 percentage points from 24.2% to 21.5% due to increased subcontracting costs[106]. - The gross profit margin for value-added services to property owners decreased by approximately 4.6 percentage points from 64.7% to 60.1% due to a downturn in resident consumption[106]. - Selling and marketing expenses increased by approximately 15.6% from RMB4.5 million to RMB5.2 million due to more marketing activities[107]. - Administrative expenses decreased by approximately 13.1% from RMB89.3 million to RMB77.6 million due to strengthened expense control[108]. Community Engagement and Initiatives - The Group's initiatives included the "Firefly Public Welfare Program" and "Shared Space Governance" to promote sustainability and community engagement[27]. - In 2025, the Group organized over 14 community cultural activities under the "12+2+X" framework, focusing on key demographic groups[27]. - Kaisa Prosperity achieved over 50% growth in both daily active user rate and repurchase rate through its K-Series Living Platform, which focuses on high-frequency services[38]. - The Home Services Department launched comprehensive solutions targeting active elderly groups, focusing on health needs, social needs, and daily life services[43]. - Kaisa Prosperity's community operations attracted over 10,000 registered distributors through its "Save by Self-Purchasing, Earn by Sharing" community economy model[38]. Strategic Developments - Kaisa Prosperity aims to establish a quality ethos of "Sincerity, Rigour, Pragmatism and Efficiency" to improve service standards continuously[17]. - The Group launched new service systems, including the "Kaisa Prosperity Service Five-star '1+3+5'" standardization manual, covering 9 property types[26]. - The company is transitioning from a space operator to a community quality-of-life service provider, focusing on user-driven market dynamics[37]. - The Group aims to accelerate the development of public urban services and transform into a holistic management services provider[54]. - The strategic withdrawal from underperforming projects contributed to the reduction in GFA under management[72]. Human Resources and Governance - The Group had 11,737 employees as of June 30, 2025, down from 12,013 employees as of December 31, 2024[153]. - The company has complied with all applicable code provisions of the Corporate Governance Code during the review period[159]. - Changes in the Board composition include the appointment of Mr. Liu Lihao as an executive director and the resignation of Mr. Li Haiming, both effective July 10, 2025[172]. - The company has established guidelines for employees likely to possess inside information, in line with the Model Code[163]. - There were no significant subsequent events reported since the end of the reporting period[154]. Share Option Scheme - The maximum number of shares available for issuance under the Share Option Scheme is 14,000,000 shares, representing 10% of the total shares in issue on the Adoption Date[179]. - As of June 30, 2025, the maximum number of shares that may be allotted under the Share Option Scheme was 13,890,000 shares, representing approximately 9.0% of the issued share capital[180]. - No options were granted under the Share Option Scheme during the six months ended June 30, 2025[180]. - The options must be exercised within a period not exceeding ten years from the grant date[186]. - The Share Option Scheme will remain valid until June 18, 2029, after which no further options will be offered[194].

致：香港交易及結算所有限公司 公司名稱: 佳兆業美好集團有限公司 呈交日期: 2025年9月2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) | 02168 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | HKD | | 0.01 | HKD | | 5,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 500,000,000 | HKD | | 0.01 | HKD | | 5,000,000 | 本月底法定/註冊股本總額： HKD 5,000,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8 ...

Core Viewpoint - Kaisa Group Holdings Limited (佳兆业美好) reported a decrease in revenue and gross profit for the first half of 2025, while net profit attributable to shareholders increased, indicating a mixed performance amidst strategic adjustments and market challenges [1] Financial Performance - Total revenue for the period was approximately 822 million yuan, a year-on-year decrease of about 8.5% [1] - Gross profit was around 204 million yuan, reflecting a year-on-year decline of approximately 20.2% [1] - Net profit attributable to shareholders was 47.82 million yuan, showing a year-on-year increase of 7.84% [1] - Earnings per share stood at 0.31 yuan [1] Segment Performance - Revenue from property management services was approximately 695 million yuan, a year-on-year decrease of about 1.8%, primarily due to the strategic exit from underperforming projects [1] - Revenue from value-added services to owners totaled approximately 80.3 million yuan, down 5.3% year-on-year, attributed to sluggish consumer spending and intensified industry competition [1] - Non-owner value-added service revenue decreased significantly by 55.6% to 47 million yuan [1] Operational Highlights - As of June 30, 2025, the company’s property management services covered 77 cities across 20 provinces, municipalities, and autonomous regions in China [1] - The total managed building area reached 99.9 million square meters, with a total of 707 properties under management, including 334 residential communities and 373 non-residential properties [1] - The company aims to accelerate the development of public urban services and transition into a comprehensive management service provider [1]

Core Viewpoint - Kaisa Group Holdings Limited (佳兆业美好) reported a decline in total revenue for the six months ending June 30, 2025, with a year-on-year decrease of approximately 8.5% to around RMB 822 million, while net profit and total comprehensive income increased by approximately 5.3% to around RMB 53.4 million [1] Financial Performance - Total revenue decreased by approximately 8.5% to around RMB 822 million [1] - Gross profit decreased by approximately 20.2% to around RMB 203.9 million [1] - Net profit and total comprehensive income increased by approximately 5.3% to around RMB 53.4 million [1] Property Management Metrics - As of June 30, 2025, the total contracted gross floor area and total managed gross floor area were approximately 126.2 million square meters and 99.9 million square meters, respectively [1] - These figures represent a decrease of approximately 2.2% and 2.7% compared to December 31, 2024, when they were approximately 129.1 million square meters and 102.7 million square meters [1]

Core Viewpoint - Kaisa Group Holdings Limited reported a decrease in revenue and gross profit for the first half of 2025, while net profit attributable to owners showed a slight increase, indicating mixed performance amid strategic adjustments and market challenges [1]. Financial Performance - Total revenue for the first half of 2025 was approximately 822 million yuan, a year-on-year decrease of about 8.5% [1] - Gross profit was around 204 million yuan, reflecting a year-on-year decline of approximately 20.2% [1] - Profit attributable to owners was 47.82 million yuan, representing a year-on-year increase of 7.84% [1] - Earnings per share stood at 0.31 yuan [1]. Segment Performance - Revenue from property management services totaled approximately 695 million yuan, a year-on-year decrease of about 1.8%, primarily due to the strategic exit from underperforming projects, resulting in a reduction in managed area [1]. - Revenue from owner-added services was approximately 80.3 million yuan, down 5.3% year-on-year, attributed to sluggish consumer spending and intensified industry competition [1]. - Non-owner added services revenue decreased significantly by 55.6% to 47 million yuan [1]. Operational Highlights - As of June 30, 2025, the group’s property management services covered 77 cities across 20 provinces, municipalities, and autonomous regions in China, with a total managed area of 99.9 million square meters [1]. - The total number of managed properties reached 707, including 334 residential communities and 373 non-residential properties, showcasing a diversified property portfolio [1]. - The company aims to accelerate the development of public urban services and transition into a comprehensive management service provider [1].

[Interim Results Summary](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) Key Financial and Operational Indicators for H1 2025 | Indicator | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 822.0 | 898.0 | -8.5 | | Gross Profit | 203.9 | 255.4 | -20.2 | | Profit and Total Comprehensive Income | 53.4 | 50.7 | +5.3 | | Total Contracted GFA of Property Management (million sq.m.) | 126.2 | 129.1 (As of Dec 31, 2024) | -2.2 | | Total GFA Under Management of Property Management (million sq.m.) | 99.9 | 102.7 (As of Dec 31, 2024) | -2.7 | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Total revenue and gross profit declined by 8.5% and 20.2% respectively, while net profit grew 5.3% due to reduced fair value losses and optimized expenses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue | 822,001 | 897,997 | | Direct operating expenses | (618,105) | (642,570) | | Gross profit | 203,896 | 255,427 | | Operating profit | 71,359 | 104,487 | | Change in fair value loss of financial assets at FVTPL | (3,000) | (42,706) | | Profit before income tax | 73,610 | 65,418 | | Income tax expense | (20,221) | (14,714) | | Profit and total comprehensive income for the period | 53,389 | 50,704 | | Profit and total comprehensive income for the period attributable to owners of the Company | 47,821 | 44,346 | | Basic and diluted earnings per share (RMB) | 0.31 | 0.29 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) Net assets increased to RMB 1.004 billion with improved net current assets, though cash equivalents decreased while trade receivables rose Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (RMB in thousands) | Dec 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Non-current assets | 859,113 | 842,638 | | Current assets | 859,576 | 862,331 | | Current liabilities | 697,877 | 735,296 | | Net current assets | 161,699 | 127,035 | | Net assets | 1,003,811 | 955,140 | | Cash and cash equivalents | 188,197 | 243,300 | | Trade receivables | 526,883 | 455,570 | | Other payables (current) | 304,812 | 329,500 | [Notes to the Condensed Consolidated Interim Financial Statements](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [1. Corporate Information](index=5&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Kaisa Prosperity Holdings Limited was incorporated in the Cayman Islands in 2017 and primarily engages in a range of property management services - The company was incorporated in the Cayman Islands on October 13, 2017, with Kaisa Group Holdings Ltd as its ultimate holding company[9](index=9&type=chunk) - Its principal business is providing property management services, including building maintenance, security, parking management, and consultancy[9](index=9&type=chunk) [2. Basis of Preparation](index=5&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim financial information is prepared in accordance with HKAS 34 and the Listing Rules of the Stock Exchange - The unaudited condensed consolidated interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the Listing Rules of the Stock Exchange[11](index=11&type=chunk) [3. Application of Amendments to Hong Kong Financial Reporting Standards](index=5&type=section&id=3.%20%E6%87%89%E7%94%A8%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E7%9A%84%E4%BF%AE%E8%A8%82%E6%9C%AC) The adoption of amendments to HKFRS effective January 1, 2025 did not have a material impact on the Group's results and financial position - The adoption of amendments to Hong Kong Financial Reporting Standards **did not have a material impact** on the results and financial position for the current and prior periods[13](index=13&type=chunk) [4. Segment Information](index=6&type=section&id=4.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's business is managed as a single operating segment, with all revenue and non-current assets derived from China - Management regards the business as a single operating segment, with all revenue and non-current assets derived from China[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) - Revenue from Kaisa Group and its associates and joint ventures **decreased from 12.2%** of total revenue in H1 2024 **to 7.3%** in H1 2025[17](index=17&type=chunk) [5. Revenue](index=6&type=section&id=5.%20%E6%94%B6%E7%9B%8A) The Group's revenue primarily comes from property management, value-added services to owners, and non-owners, with total revenue declining 8.5% - Revenue mainly comprises property management services, value-added services to owners, and value-added services to non-owners[19](index=19&type=chunk) Revenue by Major Product Lines and Business Segments (For the six months ended June 30) | Service Type | 2025 Revenue (RMB in thousands) | 2024 Revenue (RMB in thousands) | | :--- | :--- | :--- | | Property management services | 694,653 | 707,257 | | Value-added services to owners | 80,339 | 84,843 | | Value-added services to non-owners | 47,009 | 105,897 | | **Total Revenue** | **822,001** | **897,997** | - Regarding the timing of revenue recognition, the majority of revenue (approximately **98.5%**) is recognized over time[22](index=22&type=chunk) [6. Other Income, Gains and Losses, Net](index=8&type=section&id=6.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E3%80%81%E6%94%B6%E7%9B%8A%E5%8F%8A%E8%99%A7%E6%90%8D%E6%B7%A8%E9%A1%8D) A net loss of RMB 1.64 million was recorded in H1 2025, a shift from a net gain in H1 2024, mainly due to increased write-offs of receivables Other Income, Gains and Losses, Net (For the six months ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Unconditional government grants income | 1,268 | 1,315 | | Write-off of uncollectible receivables | (1,394) | (627) | | Others | (1,374) | 93 | | **Total** | **(1,639)** | **808** | [7. Profit Before Income Tax](index=8&type=section&id=7.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) Profit before income tax increased by 12.5% to RMB 73.61 million, driven by lower staff costs and a significantly narrowed fair value loss on financial assets Components of Profit Before Income Tax (For the six months ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Staff costs | 351,229 | 403,092 | | Amortisation and depreciation | 14,302 | 14,938 | | Impairment of financial and contract assets | 48,054 | 58,014 | | Change in fair value of financial assets at FVTPL | 3,000 | 42,706 | [8. Income Tax Expense](index=9&type=section&id=8.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense increased by 37.4% to RMB 20.22 million, primarily due to the increase in profit before income tax Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Current income tax | 33,670 | 40,605 | | Deferred tax credit | (13,449) | (25,891) | | **Total** | **20,221** | **14,714** | [9. Earnings Per Share](index=9&type=section&id=9.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic and diluted earnings per share attributable to owners of the Company increased to RMB 0.31 from RMB 0.29 in the prior period Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit and total comprehensive income for the period attributable to owners of the Company (RMB in thousands) | 47,821 | 44,346 | | Weighted average number of ordinary shares in issue (in thousands) | 154,110 | 154,110 | | Basic and diluted earnings per share (RMB) | 0.31 | 0.29 | [10. Dividend](index=9&type=section&id=10.%20%E8%82%A1%E6%81%AF) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025[30](index=30&type=chunk) [11. Property, Plant and Equipment](index=9&type=section&id=11.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) The Group's additions to property, plant and equipment decreased year-on-year, and a loss was recorded on the disposal of related assets - Additions to property, plant and equipment amounted to **RMB 1,606,000** (2024: RMB 3,880,000)[31](index=31&type=chunk) - A loss on disposal of property, plant and equipment of **RMB 111,000** was recognized (2024: gain of RMB 37,000)[31](index=31&type=chunk) [12. Financial Assets](index=10&type=section&id=12.%20%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) Financial assets at FVTPL stood at RMB 91.48 million, with a further fair value loss of RMB 3 million recognized due to China's slow economic recovery Financial Assets (As of June 30) | Item | 2025 (RMB in thousands) | Dec 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Financial assets at FVTPL - contractual rights to properties | 91,481 | 94,481 | - For the six months ended June 30, 2025, a further fair value loss of approximately **RMB 3,000,000** was recognized in profit or loss due to the slower-than-expected economic recovery in China (2024: RMB 42,706,000)[34](index=34&type=chunk) [13. Trade and Other Receivables](index=11&type=section&id=13.%20%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Trade receivables increased to RMB 527 million due to slow collection from real estate developers, while other receivables slightly decreased Trade and Other Receivables (As of June 30) | Item | 2025 (RMB in thousands) | Dec 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Trade receivables (net) | 526,883 | 455,570 | | Other receivables (net) | 85,124 | 87,813 | | Loss allowance for trade receivables | (1,026,971) | (988,288) | Ageing Analysis of Trade Receivables (As of June 30) | Ageing | 2025 (RMB in thousands) | Dec 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Within 180 days | 438,042 | 455,227 | | 181 to 365 days | 206,106 | 214,781 | | 1 to 2 years | 303,696 | 286,923 | | 2 to 3 years | 223,000 | 218,876 | | Over 3 years | 383,010 | 268,051 | | **Total** | **1,553,854** | **1,443,858** | [14. Trade and Other Payables](index=12&type=section&id=14.%20%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Trade payables increased to RMB 231.5 million, while other payables decreased to RMB 312.2 million mainly due to settlement of receipts on behalf of residents Trade and Other Payables (As of June 30) | Item | 2025 (RMB in thousands) | Dec 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Trade payables | 231,490 | 206,574 | | Total other payables | 312,205 | 333,933 | Ageing Analysis of Trade Payables (As of June 30) | Ageing | 2025 (RMB in thousands) | Dec 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Within 90 days | 104,224 | 101,798 | | 91 to 180 days | 45,711 | 41,644 | | 181 to 270 days | 26,080 | 18,502 | | 271 to 365 days | 13,324 | 13,506 | | Over 365 days | 42,151 | 31,124 | | **Total** | **231,490** | **206,574** | [15. Lease Commitments](index=13&type=section&id=15.%20%E7%A7%9F%E8%B3%83%E6%89%BF%E6%93%94) The Group's short-term lease commitments as a lessee are mainly for staff quarters and offices, while future minimum rentals receivable as a lessor have decreased - The Group leases staff quarters and offices with lease terms of one to twelve months[41](index=41&type=chunk) Future Minimum Rentals Receivable as Lessor (As of June 30) | Period | 2025 (RMB in thousands) | Dec 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Not later than one year | 1,792 | 1,442 | | In the second to fifth years | 237 | 1,652 | | **Total** | **2,029** | **3,094** | [Business Review and Prospects](index=14&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%89%8D%E6%99%AF) [Macroeconomic and Industry Overview](index=14&type=section&id=%E5%AE%8F%E8%A7%80%E7%B6%93%E6%BF%9F%E5%8F%8A%E8%A1%8C%E6%A5%AD%E6%A6%82%E8%A6%BD) China's economy grew steadily with a 5.3% GDP increase in H1 2025, while the property management industry undergoes deep transformation amid policy shifts - In the first half of 2025, China's Gross Domestic Product (GDP) grew by approximately **5.3% year-on-year**, maintaining steady economic growth[43](index=43&type=chunk) - The real estate market saw continued policy support, but new home sales remained under pressure, accelerating the industry's shift towards an "operation + service" model[44](index=44&type=chunk) - Policies are driving the property management industry towards transparency and standardization, with accelerated adoption of technology shifting the focus from "fee-oriented" to "service value-oriented"[45](index=45&type=chunk) [Corporate Strategy and Operations](index=15&type=section&id=%E5%85%AC%E5%8F%B8%E6%88%B0%E7%95%A5%E8%88%87%E9%81%8B%E7%87%9F) The company maintained a stable management scale of approximately 99.9 million sq.m. across 707 projects, driven by a dual-engine growth strategy - Guided by the "Better is Happening" philosophy, the company enhances property management with intelligent technology[46](index=46&type=chunk) - Through a dual-engine strategy of "organic growth + independent expansion," the management scale remains stable with **99.9 million sq.m. under management** across 707 projects in 77 cities[46](index=46&type=chunk) - The company received multiple accolades, including "TOP 17 of 2025 Top 100 Property Management Companies in Service Quality" and "2025 China's Leading Enterprise in Property Service Quality"[47](index=47&type=chunk) [Financial Summary](index=15&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's operating revenue decreased by 8.5% to RMB 822.0 million, while comprehensive net profit increased by 5.3% to RMB 53.4 million Financial Performance for H1 2025 | Indicator | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 822.0 | 898.0 | -8.5 | | Comprehensive Net Profit | 53.4 | 50.7 | +5.3 | | Profit Attributable to Owners of the Company | 47.8 | 44.3 | +7.9 | [Enriching Service System and Consolidating Basic Services](index=16&type=section&id=%E8%B1%90%E5%AF%8C%E6%9C%8D%E5%8B%99%E9%AB%94%E7%B3%BB%EF%BC%8C%E5%A4%AF%E5%AF%A6%E5%9F%BA%E7%A4%8E%E6%9C%8D%E5%8B%99) The company enhanced its service system across nine property types, focusing on customer experience, community safety, and technological optimization - Released a standardized service manual covering 9 major property types, including residential, commercial, and office buildings[49](index=49&type=chunk) - Launched "Better FUN" community cultural services targeting children, seniors, youth, and pets with "12+2+X" themed activities[50](index=50&type=chunk) - Implemented service experience enhancement and safety campaigns to improve quality and ensure a secure environment[51](index=51&type=chunk)[52](index=52&type=chunk) - Continuously optimized the "K-Service Technology Product Operation and Control" platform to improve inspection efficiency[53](index=53&type=chunk) - Achieved significant annual energy consumption reduction through energy-saving technologies and refined operational management[54](index=54&type=chunk) [Transforming from a Space Operator to a Community Quality Living Service Provider](index=17&type=section&id=%E5%BE%9E%E7%A9%BA%E9%96%93%E9%81%8B%E7%87%9F%E5%95%86%E8%BD%89%E5%9E%8B%E7%A4%BE%E5%8D%80%E5%93%81%E8%B3%AA%E7%94%9F%E6%B4%BB%E6%9C%8D%E5%8B%99%E5%95%86) The company is transitioning to a community service provider, leveraging its "Little K Life Platform" to boost user engagement and expand high-value services - The "Little K Life Platform" focuses on high-frequency services, achieving **over 50% growth in daily active users and repurchase rates**[56](index=56&type=chunk) - Promoted a universal marketing and distribution model, with registered distributors **exceeding 10,000**[56](index=56&type=chunk) - Increased penetration of low-frequency, high-value services such as home rental/sales and renovation services[57](index=57&type=chunk) [Diversified Services for Precise Outreach and Closed-Loop Ecosystem for Revenue Growth](index=18&type=section&id=%E5%A4%9A%E5%85%83%E6%9C%8D%E5%8B%99%E7%B2%BE%E6%BA%96%E8%A7%B8%E9%81%94%EF%BC%8C%E9%96%89%E7%92%B0%E7%94%9F%E6%85%8B%E5%89%B5%E6%94%B6%E5%A2%9E%E6%95%88) The company offers diversified services targeting seniors and pet owners and is piloting a digital elderly care service platform - Launched comprehensive solutions for seniors covering health, social activities, and home modifications, along with services for pet owners[58](index=58&type=chunk) - Pet business orders, service counts, and user registrations all increased in H1 2025[58](index=58&type=chunk) - Established the first elderly care business pilot in Shenzhen Central Plaza, with plans to build a digital platform to empower communities[59](index=59&type=chunk)[60](index=60&type=chunk) [Future Prospects](index=19&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The company will focus on high-quality growth and sustainable development by consolidating basic services and expanding into commercial operations and urban services - The company will align with national strategies for high-quality development, improving people's well-being, and fostering new productive forces[61](index=61&type=chunk) - Future plans include consolidating basic services, expanding commercial operations and urban services, and strengthening management and talent development for sustainable growth[61](index=61&type=chunk) [Management Discussion and Analysis](index=19&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) [Business Review](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group operates as an integrated property management service provider with three main business lines covering the entire value chain - With over 26 years of experience, the Group's business covers the Guangdong-Hong Kong-Macao Greater Bay Area and other major economic zones[62](index=62&type=chunk) - The three existing business lines—property management services, value-added services to owners, and value-added services to non-owners—form an integrated service scope[63](index=63&type=chunk) [Property Management Services](index=19&type=section&id=%E7%89%A9%E6%A5%AD%E7%AE%A1%E7%90%86%E6%9C%8D%E5%8B%99) The Group's GFA under management decreased by 2.7% to 99.9 million sq.m. due to the strategic withdrawal from underperforming projects - As of June 30, 2025, the Group managed **707 properties** with a total GFA of **99.9 million sq.m.** across 77 cities in 20 provinces[64](index=64&type=chunk) Key Operational Indicators for Property Management | Indicator | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Contracted GFA (thousand sq.m.) | 126,214 | 129,067 | | GFA Under Management (thousand sq.m.) | 99,900 | 102,697 | | Number of Properties Under Management | 707 | 728 | Changes in GFA Under Management and Number of Projects | Change Type | GFA Under Management (thousand sq.m.) | Number of Projects | | :--- | :--- | :--- | | As of January 1 | 102,697 | 728 | | New engagements | 1,561 | 37 | | Terminations | (4,358) | (58) | | **Total** | **99,900** | **707** | - The portfolio includes a diverse range of residential and non-residential properties, operating under lump-sum or commission-based models[69](index=69&type=chunk)[70](index=70&type=chunk) - Total revenue from property management services was approximately **RMB 695 million**, a year-on-year decrease of about **1.8%**, mainly due to the strategic withdrawal from underperforming projects[72](index=72&type=chunk) [Value-added Services to Owners](index=23&type=section&id=%E6%A5%AD%E4%B8%BB%E5%A2%9E%E5%80%BC%E6%9C%8D%E5%8B%99) Revenue from value-added services to owners decreased by 5.3% to RMB 80.3 million, impacted by weak consumer spending and increased competition - The Group offers diversified products and services through the "Little K Life" platform, covering four main areas: Little K Space, Little K Retail, Little K Rental and Sales, and Little K Home Decoration[74](index=74&type=chunk) - "Little K Life Showrooms" have been established in 11 major cities, including Guangzhou, Shenzhen, and Shanghai, to explore community lifestyle service circles[75](index=75&type=chunk) - Total revenue from value-added services to owners was approximately **RMB 80.3 million**, a year-on-year decrease of about **5.3%**, mainly due to sluggish consumer spending and intensified industry competition[76](index=76&type=chunk) [Value-added Services to Non-owners](index=24&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-owners fell sharply by 55.6% to RMB 47.0 million due to adverse macroeconomic and real estate market conditions - The Group provides services to non-owners, including construction site management, sales office management, consultancy, and smart solutions[77](index=77&type=chunk)[78](index=78&type=chunk) - Total revenue from value-added services to non-owners was approximately **RMB 47.0 million**, a significant year-on-year decrease of about **55.6%**, mainly due to reduced demand caused by national macroeconomic policies and the real estate market conditions[78](index=78&type=chunk) [Financial Performance Analysis](index=25&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) The Group's total revenue and gross profit decreased by 8.5% and 20.2% respectively, while profit for the period grew 5.3% due to cost controls [Revenue](index=25&type=section&id=%E6%94%B6%E7%9B%8A) Total revenue decreased by 8.5% to RMB 822.0 million, with the sharpest decline of 55.6% seen in value-added services to non-owners Revenue Contribution by Business Segment (For the six months ended June 30) | Business Segment | 2025 (RMB in thousands) | 2025 (%) | 2024 (RMB in thousands) | 2024 (%) | Change (RMB in thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property management services | 694,653 | 84.5 | 707,257 | 78.8 | (12,604) | (1.8) | | Value-added services to owners | 80,339 | 9.8 | 84,843 | 9.4 | (4,504) | (5.3) | | Value-added services to non-owners | 47,009 | 5.7 | 105,897 | 11.8 | (58,888) | (55.6) | | **Total** | **822,001** | **100.0** | **897,997** | **100.0** | **(75,996)** | **(8.5)** | - The decrease in property management services revenue was mainly due to the **strategic withdrawal from underperforming projects**[81](index=81&type=chunk) - The decrease in revenue from value-added services to owners was primarily due to **sluggish consumer spending and intensified industry competition**[82](index=82&type=chunk) - The significant decrease in revenue from value-added services to non-owners was mainly attributable to the **impact of national macroeconomic policies and the real estate market conditions**[83](index=83&type=chunk) [Direct Operating Expenses](index=26&type=section&id=%E7%9B%B4%E6%8E%A5%E7%B6%93%E7%87%9F%E9%96%8B%E6%94%AF) Direct operating expenses decreased by 3.8% to RMB 618 million, primarily consisting of staff costs and subcontracting costs - Direct operating expenses decreased by **3.8%** from RMB 643 million to **RMB 618 million**[84](index=84&type=chunk) [Gross Profit and Gross Profit Margin](index=26&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Overall gross profit decreased by 20.2% to RMB 204 million, with the gross profit margin declining by 3.6 percentage points to 24.8% Gross Profit and Gross Profit Margin by Business Segment (For the six months ended June 30) | Business Segment | 2025 Gross Profit (RMB in thousands) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB in thousands) | 2024 Gross Profit Margin (%) | Change (RMB in thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property management services | 149,373 | 21.5 | 171,012 | 24.2 | (21,639) | (12.7) | | Value-added services to owners | 48,291 | 60.1 | 54,870 | 64.7 | (6,579) | (12.0) | | Value-added services to non-owners | 6,232 | 13.3 | 29,545 | 27.9 | (23,313) | (78.9) | | **Total** | **203,896** | **24.8** | **255,427** | **28.4** | **(51,531)** | **(20.2)** | - The decrease in gross profit margin for property management services was mainly due to **increased subcontracting costs** to improve service quality[87](index=87&type=chunk) - The decrease in gross profit margin for value-added services to owners was primarily due to **sluggish consumer spending and intensified industry competition**[88](index=88&type=chunk) - The decrease in gross profit margin for value-added services to non-owners was mainly due to a **lower revenue contribution from projects with higher gross profit margins**[89](index=89&type=chunk) [Selling and Marketing Expenses](index=27&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%B8%82%E5%A0%B4%E6%8E%A8%E5%BB%A3%E9%96%8B%E6%94%AF) Selling and marketing expenses increased by 15.6% to RMB 5.2 million due to an increase in marketing activities - Selling and marketing expenses increased by approximately **15.6% to RMB 5.2 million**, mainly due to an increase in marketing activities[90](index=90&type=chunk) [Administrative Expenses](index=27&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses decreased by 13.1% to RMB 77.6 million, primarily due to enhanced cost control and personnel structure optimization - Administrative expenses decreased by approximately **13.1% to RMB 77.6 million**, mainly due to enhanced cost control and optimization of personnel structure[91](index=91&type=chunk) [Income Tax Expense](index=27&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense increased by 37.4% to RMB 20.2 million, mainly due to the increase in profit before income tax - Income tax expense increased by approximately **37.4% to RMB 20.2 million**, mainly due to the increase in profit before income tax[92](index=92&type=chunk) [Profit and Total Comprehensive Income for the Period](index=28&type=section&id=%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9%E5%8F%8A%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E7%B8%BD%E9%A1%8D) Profit and total comprehensive income for the period increased by 5.3% to RMB 53.4 million, driven by reduced provisions and administrative expenses - Profit and total comprehensive income for the period increased by approximately **5.3% to RMB 53.4 million**, mainly due to the decrease in loss allowance for trade receivables and administrative expenses[93](index=93&type=chunk) [Liquidity, Capital Structure and Financial Resources](index=28&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) Cash and cash equivalents decreased to RMB 188 million, while the net current asset position improved, and the Group remained free of interest-bearing debt - Cash and cash equivalents were approximately **RMB 188 million**, a decrease of about RMB 55.1 million from December 31, 2024, mainly due to slow collection of trade receivables and settlement of consideration for acquisitions[94](index=94&type=chunk) - Net current assets were approximately **RMB 162 million** (Dec 31, 2024: RMB 127 million), with a current ratio of about **1.19 times** (Dec 31, 2024: 1.15 times)[94](index=94&type=chunk) - The Group had **no other loans or borrowings** as of June 30, 2025[95](index=95&type=chunk) [Other Financial Information](index=28&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%A1%E5%8B%99%E4%BF%A1%E6%81%AF) The Group's financial position remained stable with no significant capital commitments or contingent liabilities and a gearing ratio of zero - Goodwill was approximately **RMB 136.5 million**, with no signs of impairment[96](index=96&type=chunk) - Right-of-use assets were approximately **RMB 166.1 million**, mainly for providing property management services and subleasing non-residential properties[97](index=97&type=chunk) - Trade receivables increased by approximately **RMB 71.3 million to RMB 527 million**, mainly due to slow progress in collecting receivables from real estate developers[98](index=98&type=chunk) - Payments on behalf of residents under the commission basis increased by approximately **RMB 21.7 million to RMB 158 million**, mainly due to a slowdown in the collection of such payments[99](index=99&type=chunk) - Trade payables increased by approximately **RMB 24.9 million to RMB 232 million**[100](index=100&type=chunk) - Other payables decreased by approximately **RMB 21.7 million to RMB 312 million**, mainly due to the settlement of receipts on behalf of residents[101](index=101&type=chunk) - The Group had **no significant capital commitments, charges on assets, or contingent liabilities**, and the gearing ratio was **zero**[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - Foreign exchange risk arises mainly from cash and cash equivalents denominated in HKD and USD, which are currently unhedged but continuously monitored[107](index=107&type=chunk) [Other Information](index=30&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Employees and Remuneration Policy](index=30&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E7%A6%8F%E5%88%A9%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group employed 11,737 people, with remuneration based on performance, skills, and market trends - As of June 30, 2025, the Group had **11,737 employees** (December 31, 2024: 12,013)[108](index=108&type=chunk) - Employee remuneration is based on performance, skills, knowledge, experience, and market trends, with training and share option schemes available[108](index=108&type=chunk) [Events After the Reporting Period](index=31&type=section&id=%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) There were no other significant subsequent events from the end of the reporting period up to the date of this announcement - From the end of the reporting period up to the date of this announcement, there were **no other significant subsequent events**[109](index=109&type=chunk) [2024 Annual Report](index=31&type=section&id=2024%E5%B9%B4%E5%B9%B4%E5%A0%B1) The maximum number of share options available for grant under the 2019 scheme was 4,820,000, representing approximately 3.13% of issued share capital - The maximum number of share options available for grant under the share option scheme was **4,820,000**, representing approximately **3.13%** of the Company's issued share capital on the relevant dates[110](index=110&type=chunk) [Compliance with the Corporate Governance Code](index=31&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 Company has adopted and complied with all applicable code provisions of the Corporate Governance Code during the reporting period - The Company has adopted and complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules for the six months ended June 30, 2025[111](index=111&type=chunk) [Review of Interim Results](index=31&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%AF%A9%E9%96%B1) The Audit Committee has reviewed the Group's accounting policies and the unaudited interim financial statements for the period - The Audit Committee has reviewed the accounting policies adopted by the Group and the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025[112](index=112&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=31&type=section&id=%E9%81%B5%E5%AE%88%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted the Model Code and confirmed that all directors have complied with its required standards during the reporting period - Specific enquiry has been made of all Directors, and they have all confirmed their compliance with the required standards set out in the Model Code during the six months ended June 30, 2025[113](index=113&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&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) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities during the six months ended June 30, 2025[115](index=115&type=chunk) [Interim Dividend](index=32&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board has resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board has resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025[116](index=116&type=chunk) [Publication of 2025 Interim Report on the Websites of the Stock Exchange and the Company](index=32&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%85%A7%E5%88%8A%E7%99%BB2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The 2025 interim report will be published on the websites of the Stock Exchange and the Company in due course - The interim report for the six months ended June 30, 2025 will be published on the websites of the Stock Exchange (www.hkex.com.hk) and the Company (www.jzywy.com) in due course[117](index=117&type=chunk) [Acknowledgement](index=32&type=section&id=%E8%87%B4%E8%AC%9D) The Board extends its gratitude to all staff for their diligence and integrity, and to stakeholders for their trust and support - The Board would like to express its sincere gratitude to all staff for their diligence, loyalty and integrity, and to thank our shareholders, customers, business partners and other business associates for their trust and support[118](index=118&type=chunk) [Board of Directors Information](index=32&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E8%B3%87%E6%96%99) As of the announcement date, the Board of Directors comprises six executive directors and three independent non-executive directors - As of the date of this announcement, the Board of Directors comprises **six executive Directors** and **three independent non-executive Directors**[120](index=120&type=chunk)

Group 1 - The company Kaisa Group Holdings (02168.HK) will hold a board meeting on August 26, 2025, to review and approve its interim results for the six months ending June 30, 2025, and to discuss the proposal for an interim dividend distribution, if any [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 Kaisa Prosperity Holdings Limited 佳兆業美好集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2168） 郭英成 香 港，二 零 二 五 年 八 月 十 三 日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 郭 英 成 先 生、廖 傳 強 先 生、劉 立 好 先 生、 郭 曉 群 先 生、趙 建 華 先 生 及 牟 朝 輝 女 士；及 獨 立 非 執 行 董 事 劉 洪 柏 先 生、 馬 秀 敏 女 士 及 陳 斌 先 生。 承董事會命 佳兆業美好集團有限公司 主 席 董事會會議通告 佳兆業美好集團有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱 為「本集團」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，董 事 會 會 議 謹 訂 於 二 零 ...

Core Viewpoint - The article discusses the challenges and solutions related to food delivery in high-end residential communities, highlighting the balance between efficiency and safety in delivery processes [2][5]. Group 1: Delivery Challenges - The high-end community Rinheng Park Century in Shanghai has faced criticism from delivery riders due to a lengthy delivery process involving a shuttle service, which has led to delays and penalties for the riders [2][4]. - The community's delivery protocol has been in place for several years, aiming to manage the entry of delivery personnel while ensuring resident safety [4][5]. - The increasing prevalence of "people-vehicle separation" communities has created widespread delivery challenges, with no unified standards for managing deliveries in such environments [5][7]. Group 2: Solutions and Innovations - Successful management cases exist where property management companies collaborate with delivery platforms to enhance delivery efficiency and rider access [2][9]. - Some high-end properties, like the "融创外滩壹号院," have implemented comprehensive management systems for deliveries, ensuring timely and secure delivery processes [10]. - Various property management companies are exploring innovative solutions, such as dedicated delivery vehicles and technology partnerships, to streamline the delivery process and reduce wait times for riders [11][12]. Group 3: Government and Community Initiatives - Local governments are increasingly recognizing the importance of creating "rider-friendly communities" and have begun implementing measures to improve delivery conditions [13][14]. - Initiatives like the "三色分类管理" system in Dongyang City categorize communities based on delivery access, helping riders understand entry protocols [13]. - The establishment of "rider-friendly communities" in cities like Shanghai has led to improved delivery efficiency and enhanced support for delivery personnel, fostering a sense of community [14].

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7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: 佳兆業美好集團有限公司 呈交日期: 2025年8月4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) | 02168 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | HKD | | 0.01 | HKD | | 5,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 500,000,000 | HKD | | 0.01 | HKD | | 5,000,000 | 本月底法定/註冊股本總額： H ...