股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 康橋悅生活集團有限公司 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) | 02205 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,00 ...

Core Viewpoint - The article discusses the undervalued potential of Kangqiao Yuelife in the property management sector, highlighting three key areas of expectation that the market has overlooked, which are crucial for its valuation recovery. Group 1: Independence Advantage - Kangqiao Yuelife has a significant independence advantage, with approximately 36.2 million square meters (78.3%) of managed area coming from third-party developers, and about 55.7 million square meters (81.5%) of contracted area also from third-party sources, indicating strong market expansion capabilities [2][3]. Group 2: Differentiated Competitiveness and Non-Residential Layout - The company focuses on high-quality service as its core competitive advantage, achieving industry-leading satisfaction and renewal rates, which supports stable business and future expansion [4][5]. - Kangqiao Yuelife has expanded its services to 36 cities, managing 331 projects with a total managed area of approximately 46.2 million square meters, reflecting a year-on-year growth of 6.9% [4]. - The company has made significant progress in non-residential sectors, achieving revenue of 40.2 million yuan in urban services, a year-on-year increase of 7.3%, and has secured multiple large contracts in various sectors, enhancing its revenue and competitive edge [6]. Group 3: Financial Health and Industry Risk Clearance - Kangqiao Yuelife maintains a robust financial position with cash and cash equivalents of 136 million yuan and restricted cash of 213 million yuan, representing a growth of approximately 3.2% from the end of 2024 [7]. - The company's debt-to-asset ratio stands at 49.1%, indicating manageable debt risk, which supports its stability and future growth potential [7]. - The property management industry is experiencing a gradual clearance of operational risks, with reduced impairment pressures expected, which will benefit Kangqiao Yuelife in the valuation recovery process [8].

Core Insights - The property management industry in China is undergoing a "dual transformation" in 2025, facing intense market competition while also responding to increasing public demand for improved living standards [1] - Kangqiao Yuelife Group has demonstrated resilience and stability in its mid-year performance report, reflecting its strategic determination and operational resilience amidst industry challenges [3][11] Financial Performance - For the first half of 2025, the company reported revenue of approximately 455 million RMB, with property management service revenue at about 354 million RMB, value-added services at around 61.28 million RMB, and urban services at approximately 40.21 million RMB [3] - The company achieved a 6.9% year-on-year growth in managed area, marking the fifth consecutive year of growth since its listing [4] Market Expansion and Competitiveness - The company managed 331 projects with a total managed area of 46.2 million square meters and a contracted area of 68.3 million square meters, with independent third-party developers accounting for 78.3% and 81.5% of these areas, respectively [4] - The company has actively reduced transactions with related parties, with the contribution of related transactions to total revenue decreasing from 38.1% in 2021 to just 0.9% in 2025 [4] Service Quality and Customer Satisfaction - The company focuses on enhancing service quality through technology and human touch, implementing regular emergency drills and utilizing smart tools for service precision [6] - Over 2,800 community cultural activities were conducted in the first half of 2025, engaging over 130,000 participants, alongside more than 2,400 convenience service events [7] Community Engagement and Corporate Responsibility - The company integrates community culture into its services through the "Neighborly Gift Exchange" initiative, enhancing community engagement and satisfaction [7] - Kangqiao Yuelife actively promotes "red property" initiatives, enhancing community governance and achieving recognition for its efforts in integrating party leadership with business operations [9][10]

Group 1 - The core viewpoint of the article is that 康桥悦生活 (02205) reported a decline in both revenue and profit for the six months ending June 30, 2025, indicating financial challenges faced by the company [1] - The company's revenue for the period was RMB 455 million, representing a year-on-year decrease of 6.58% [1] - The profit attributable to shareholders was RMB 33.483 million, which reflects a year-on-year decrease of 21.79% [1] - The earnings per share reported a loss of RMB 0.048 [1]

Core Viewpoint - 康桥悦生活集团有限公司 reported a stable performance in its interim results for the period ending June 30, 2025, despite challenges in the real estate market and increased competition [1] Financial Performance - The company achieved a total revenue of approximately 455 million RMB, with property management service revenue around 354 million RMB, non-owner value-added service revenue about 16 million RMB, community value-added service revenue approximately 45 million RMB, and urban service revenue around 40 million RMB [1] - Gross profit for the first half of the year was approximately 98 million RMB, net profit was about 43 million RMB, and attributable net profit was around 33 million RMB [1] Growth and Market Position - The company maintained a healthy fundamental performance despite some fluctuations in key indicators, achieving a 6.9% growth rate in managed building area, marking five consecutive increases since its listing [1] - The total managed building area reached approximately 46.2 million square meters, with contracted building area at about 68.3 million square meters, where the share from third-party developers was 78.3% and 81.5% respectively [1] Service Expansion - In the urban services sector, the company experienced a year-on-year growth of 7.3% in the first half of 2025, reaching 40.2 million RMB [1]

康桥悦生活(02205)发布截至2025年6月30日止六个月中期业绩，集团收入人民币4.55亿元，同比减少 6.58%;股东应占溢利3348.3万元，同比减少21.79%;每股亏损0.048元。 ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Overview of Financial Highlights](index=1&type=section&id=Overview%20of%20Financial%20Highlights) Kangqiao Happy Life Group's total revenue for the six months ended June 30, 2025, decreased by 6.6% year-on-year to RMB 455.2 million, with declines in non-owner and community value-added services despite growth in property management and city services. Gross profit and net profit both decreased, with profit attributable to owners down 21.8%, and the board resolved not to declare an interim dividend Key Financial Data for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 455.2 | 487.3 | -6.6% | | Property Management Services Revenue | 353.7 | - | +5.6% | | Non-owner Value-added Services Revenue | 15.7 | - | -72.3% | | Community Value-added Services Revenue | 45.5 | - | -21.3% | | City Services Revenue | 40.2 | - | +7.3% | | Gross Profit | 98.5 | 105.5 | -6.7% | | Gross Profit Margin | 21.6% | 21.7% | -0.1pp | | Profit for the Period | 43.4 | 53.3 | -18.6% | | Profit Attributable to Owners of the Company | 33.5 | 42.8 | -21.8% | | Contracted GFA for Property Management Services | 68.3 (million sq.m.) | 71.1 (million sq.m.) | -4.0% | | GFA Under Management | 46.2 (million sq.m.) | 43.2 (million sq.m.) | +6.9% | - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[3](index=3&type=chunk) [Interim Condensed Consolidated Financial Statements](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue decreased by 6.6% year-on-year to RMB 455.2 million, with a corresponding decrease in cost of sales, resulting in a gross profit of RMB 98.5 million, operating profit of RMB 55.8 million, and profit for the period of RMB 43.4 million, while profit attributable to owners of the company decreased by 21.8% to RMB 33.5 million, with basic and diluted earnings per share at RMB 0.048 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Indicator (RMB thousand) | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 455,202 | 487,273 | | Cost of sales | (356,713) | (381,726) | | Gross profit | 98,489 | 105,547 | | Administrative expenses | (21,791) | (23,938) | | Selling and marketing expenses | (2,491) | (4,271) | | Net impairment losses on financial assets | (18,071) | (15,130) | | Other income | 179 | 3,622 | | Other (losses)/gains – net | (521) | 1,933 | | Operating profit | 55,794 | 67,763 | | Finance income – net | 1,012 | 781 | | Share of profits of investments accounted for using the equity method | 48 | 667 | | Profit before income tax | 56,854 | 69,211 | | Income tax expense | (13,503) | (15,924) | | Profit for the period | 43,351 | 53,287 | | Profit attributable to: | | | | Owners of the Company | 33,483 | 42,811 | | Non-controlling interests | 9,868 | 10,476 | | Total comprehensive income for the period | 42,552 | 54,052 | | Basic and diluted earnings per share (RMB) | 0.048 | 0.061 | [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets increased to RMB 1,600.1 million from the end of 2024, with current assets rising to RMB 1,385.1 million, while total liabilities increased to RMB 785.7 million, mainly due to higher contract liabilities and litigation provisions within current liabilities, and equity attributable to owners of the company increased to RMB 756.9 million Interim Condensed Consolidated Statement of Financial Position (RMB thousand) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 215,036 | 216,494 | | Total current assets | 1,385,077 | 1,299,854 | | **TOTAL ASSETS** | **1,600,113** | **1,516,348** | | **EQUITY** | | | | Equity attributable to owners of the Company | 756,908 | 724,224 | | Non-controlling interests | 57,543 | 53,896 | | **TOTAL EQUITY** | **814,451** | **778,120** | | **LIABILITIES** | | | | Total non-current liabilities | 22,794 | 16,453 | | Total current liabilities | 762,868 | 721,775 | | **TOTAL LIABILITIES** | **785,662** | **738,228** | | **TOTAL EQUITY AND LIABILITIES** | **1,600,113** | **1,516,348** | [Notes to the Interim Financial Information](index=7&type=section&id=Notes%20to%20the%20Interim%20Financial%20Information) [1 General Information](index=7&type=section&id=1%20General%20Information) Kangqiao Happy Life Group Co., Ltd. is incorporated in the Cayman Islands, primarily providing property management, related value-added, and city services in China, controlled by Mr. Song Gewei, with interim financial information presented in RMB and unaudited - The Company is incorporated in the Cayman Islands, with its principal business being the provision of property management services, related value-added services, and city services in China[8](index=8&type=chunk) - The ultimate controlling entity of the Group is Hung Fai Property Limited, controlled by **Mr. Song Gewei**[8](index=8&type=chunk) - The interim financial information is unaudited and presented in **RMB**[9](index=9&type=chunk)[10](index=10&type=chunk) [2 Basis of Preparation](index=7&type=section&id=2%20Basis%20of%20Preparation) The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024 - The interim financial information is prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"**[11](index=11&type=chunk) [3 Significant Accounting Policies](index=8&type=section&id=3%20Significant%20Accounting%20Policies) The accounting policies for this period are consistent with those applied in the preparation of the 2024 annual consolidated financial statements, except for the initial adoption of amended Hong Kong Financial Reporting Standards, with the amendments to HKAS 21 regarding lack of exchangeability having no impact on the Group's interim financial information - The accounting policies adopted in the preparation of this interim condensed consolidated financial information are consistent with those applied in the Group’s annual consolidated financial statements for the year ended December 31, 2024, except for the initial adoption of amended Hong Kong Financial Reporting Standards[12](index=12&type=chunk) - The amendments to HKAS 21 regarding lack of exchangeability have no impact on the interim financial information, as the functional currencies of the Group entities and the currencies of the Group's transactions are all exchangeable into the Group's presentation currency[13](index=13&type=chunk) [4 Segment Information](index=8&type=section&id=4%20Segment%20Information) The Group's management reviews the operating results of its business as a single reportable segment due to the consistent nature, customer types, service methods, and regulatory environment of its property management, value-added, and city services in China, with all revenue and most assets originating from China - The Company's management reviews the operating results of its business as a single reportable segment, given the consistent nature of services, customer types, service delivery methods, and regulatory environment across different regions[15](index=15&type=chunk) - For the six months ended June 30, 2025, and June 30, 2024, all of the Group's revenue was derived from China, and the majority of its assets are located in China[15](index=15&type=chunk) [5 Revenue](index=9&type=section&id=5%20Revenue) For the six months ended June 30, 2025, the Group's total revenue was RMB 455.2 million, a 6.6% year-on-year decrease, with property management services revenue accounting for 77.7% and growing by 5.6%, while non-owner value-added services and community value-added services revenue significantly declined by 72.3% and 21.3% respectively, and city services revenue increased by 7.3% Revenue Analysis by Category (RMB thousand) | Revenue Category | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Property management services | 353,711 | 335,036 | | Non-owner value-added services | 15,749 | 56,864 | | Community value-added services | 45,534 | 57,887 | | City services | 40,208 | 37,486 | | **Total** | **455,202** | **487,273** | Timing of Revenue Recognition (RMB thousand) | Recognition Method | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Over time | 433,124 | 437,386 | | At a point in time | 22,078 | 49,887 | | **Total** | **455,202** | **487,273** | - Revenue contributed by entities controlled by Mr. Song accounted for **0.9%** of the Group's revenue (2024: 1.6%)[16](index=16&type=chunk) [6 Expenses by Nature](index=10&type=section&id=6%20Expenses%20by%20Nature) For the six months ended June 30, 2025, the Group's total expenses were RMB 381.0 million, a decrease of approximately 7.1% from the same period in 2024, with major expenses including employee benefit expenses, landscaping and cleaning fees, security maintenance costs, and repair and customer service costs Expenses by Nature (RMB thousand) | Expense Category | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Employee benefit expenses | 95,561 | 106,195 | | Landscaping and cleaning fees | 91,137 | 88,201 | | Security maintenance costs | 69,167 | 64,056 | | Repair and customer service costs | 41,160 | 39,048 | | Utilities | 30,598 | 25,563 | | Sales agency service costs | 10,083 | 21,373 | | Cost of goods sold | 9,353 | 10,723 | | Office expenses | 4,657 | 6,491 | | Travel and entertainment expenses | 3,149 | 3,761 | | Decoration business costs | 2,690 | 5,281 | | Amortisation of intangible assets | 2,044 | 1,914 | | Depreciation of property and equipment | 1,774 | 2,282 | | Depreciation of right-of-use assets | 1,195 | 943 | | Depreciation of investment properties | 493 | 740 | | Auditor's remuneration | 725 | 784 | | Others | 17,209 | 32,580 | | **Total** | **380,995** | **409,935** | [7 Income Tax Expense](index=10&type=section&id=7%20Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was RMB 13.5 million, a 15.2% decrease from the same period in 2024, with the statutory corporate income tax rate in China being 25%, while some subsidiaries enjoy a 20% reduction, and no withholding income tax has been provided for undistributed earnings of Chinese subsidiaries Income Tax Expense (RMB thousand) | Tax Category | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Current income tax – PRC corporate income tax | 19,179 | 21,838 | | Deferred income tax – PRC corporate income tax | (5,676) | (5,914) | | **Total** | **13,503** | **15,924** | - The Company's subsidiaries in the Cayman Islands and British Virgin Islands are exempt from income tax, and no Hong Kong profits tax provision is made as Hong Kong operations have no assessable profits[19](index=19&type=chunk) - The statutory tax rate for PRC operations is **25%**, with some subsidiaries qualifying as small low-profit enterprises enjoying a **20%** income tax reduction[19](index=19&type=chunk) - The Group has not provided for any withholding income tax on the undistributed earnings of its PRC subsidiaries for the six months ended June 30, 2025, as these are not expected to be distributed outside China in the near future[20](index=20&type=chunk) [8 Earnings Per Share](index=11&type=section&id=8%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to owners of the company decreased to RMB 0.048 from RMB 0.061 in the same period of 2024, with the weighted average number of ordinary shares outstanding being 700,000 thousand shares and no potential ordinary shares during the period Earnings Per Share Calculation (RMB thousand) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Profit attributable to owners of the Company | 33,483 | 42,811 | | Weighted average number of ordinary shares outstanding (thousand shares) | 700,000 | 700,000 | | **Basic and diluted earnings per share attributable to owners of the Company (RMB per share)** | **0.048** | **0.061** | - For the six months ended June 30, 2025, and June 30, 2024, the Company had no outstanding potential ordinary shares, thus diluted earnings per share equal basic earnings per share[21](index=21&type=chunk) [9 Trade and Other Receivables and Prepayments](index=12&type=section&id=9%20Trade%20and%20Other%20Receivables%20and%20Prepayments) As of June 30, 2025, total trade and other receivables amounted to RMB 997.1 million, a 6.1% increase from the end of 2024, with impairment provisions for trade receivables rising to RMB 200.2 million, and an increased proportion of trade receivables over 1 year indicating slower collection, while the non-current portion of prepayments is primarily for acquiring equity in a property management company Trade and Other Receivables and Prepayments (RMB thousand) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Trade receivables (net of impairment allowance) | 645,552 | 600,839 | | Other receivables (net of impairment allowance) | 351,546 | 338,625 | | Prepayments (current portion) | 3,057 | 1,495 | | **Current portion of trade and other receivables and prepayments** | **1,000,155** | **940,959** | | Impairment allowance for trade receivables | (200,174) | (179,798) | | Impairment allowance for other receivables | (39,862) | (41,355) | Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within 1 year | 285,729 | 378,657 | | 1 to 2 years | 244,104 | 158,437 | | 2 to 3 years | 151,116 | 140,438 | | Over 3 years | 164,777 | 103,105 | | **Total** | **845,726** | **780,637** | - The non-current portion of prepayments primarily consists of **RMB 59,884 thousand**, used for the acquisition of an 80% equity interest in a property management services company[25](index=25&type=chunk) [10 Trade and Other Payables](index=14&type=section&id=10%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables amounted to RMB 337.7 million, a 3.2% decrease from the end of 2024, with third-party payments constituting the largest portion of trade payables, and an increase in amounts overdue for more than one year, while other payables primarily include amounts due to related parties, deposits, and accrued salaries Trade and Other Payables (RMB thousand) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Trade payables | 108,744 | 90,059 | | Other payables | 228,934 | 258,947 | | **Current portion of trade and other payables** | **337,678** | **348,908** | | Less: Non-current portion of other payables | - | (98) | Ageing Analysis of Trade Payables (RMB thousand) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within 1 year | 93,594 | 82,311 | | 1 to 2 years | 12,773 | 6,451 | | 2 to 3 years | 1,347 | 1,262 | | Over 3 years | 1,030 | 35 | | **Total** | **108,744** | **90,059** | [11 Provision for Litigation](index=15&type=section&id=11%20Provision%20for%20Litigation) The Group has recognized a litigation provision of RMB 205.8 million arising from a guarantee liability of its wholly-owned subsidiary in a loan dispute involving Henan Chengqiao (controlled by Mr. Song), where despite a court ruling that the letter of undertaking was invalid, the subsidiary is still liable for 40% of the outstanding debt after collateral realization, and Mr. Song has pledged full compensation for any losses incurred by the Company from this litigation - The Company's wholly-owned subsidiary, Kangqiao Happy Life Services Group Co., Ltd., was sued by a bank for debt assumption in a loan dispute involving Henan Chengqiao, whose controlling shareholder is Mr. Song[28](index=28&type=chunk) - The court ruled that the letter of undertaking issued by the subsidiary as a guarantee was invalid, but due to fault on both the creditor and guarantor, the subsidiary is still liable for **40%** of any remaining debt after the realization of collateral[29](index=29&type=chunk) - As of June 30, 2025, a litigation provision of approximately **RMB 205.8 million** has been recognized, and Mr. Song has undertaken to fully indemnify the Company for any losses it may suffer or incur from this litigation[30](index=30&type=chunk) [12 Dividends](index=16&type=section&id=12%20Dividends) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the same period in 2024 - The Board does not recommend the declaration of any interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: same)[31](index=31&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) [I. Business Review](index=17&type=section&id=I.%20Business%20Review) In the first half of 2025, the property management industry faced deep transformation and intensified competition, with the company advancing its work around "five enhancements," resulting in a 6.6% year-on-year decrease in total revenue, while GFA under management grew by 6.9% to 46.2 million sq.m., but contracted GFA decreased by 4.0% to 68.3 million sq.m - The property management industry is undergoing a deep transformation towards modern services, with a systemic restructuring of its operating environment and development logic, leading to intensified competition and a strategic shift from scale expansion to efficiency pursuit[32](index=32&type=chunk) - The Group's business encompasses residential, non-residential (e.g., commercial, office buildings, industrial parks, hospitals), and city services (e.g., rail transit hygiene and urban environmental sanitation), covering basic property management, non-owner value-added, community value-added, and city services[32](index=32&type=chunk) - As of June 30, 2025, the Group provided services in **36 cities** with **331 projects** under management, a contracted GFA of approximately **68.3 million sq.m.** (down 4.0% year-on-year), and a GFA under management of approximately **46.2 million sq.m.** (up 6.9% year-on-year)[33](index=33&type=chunk) [(1) Business Overview](index=17&type=section&id=(1)%20Business%20Overview) In the first half of 2025, the Group focused on "five enhancements" to improve customer quality of life, employee dignity, organizational management, corporate resilience, and industry standing, achieving a total revenue of RMB 455.2 million, a 6.6% year-on-year decrease - In the first half of 2025, the Group systematically advanced its work around "five enhancements," including improving customer quality of life, employee dignity, organizational management, corporate resilience, and industry standing[32](index=32&type=chunk) - During the reporting period, the Group's revenue was approximately **RMB 455.2 million**, a **6.6% decrease** compared to the same period in 2024[32](index=32&type=chunk) [(2) Performance of Four Business Segments](index=17&type=section&id=(2)%20Performance%20of%20Four%20Business%20Segments) The Group, a reputable integrated property management service provider and a leader in Henan, ranked 23rd in "2025 China Property Service Top 100," saw its property management services revenue grow by 5.6%, while non-owner and community value-added services revenue significantly declined by 72.3% and 21.3% respectively, and city services revenue increased by 7.3% - The Group was awarded the "2025 China Property Service Top 100" by China Index Academy, with its overall industry strength ranking improving by 2 places to **23rd**[34](index=34&type=chunk) - Property management services revenue was approximately **RMB 353.7 million**, accounting for **77.7%** of total revenue, a **5.6% increase** compared to the same period in 2024[34](index=34&type=chunk) - Non-owner value-added services revenue was approximately **RMB 15.7 million**, a **72.3% decrease** compared to the same period in 2024, primarily due to the contraction of the real estate business[35](index=35&type=chunk) - Community value-added services revenue was approximately **RMB 45.5 million**, a **21.3% decrease** compared to the same period in 2024, mainly due to fluctuations in the consumer market and intensified competition[36](index=36&type=chunk) - City services revenue was approximately **RMB 40.2 million**, a **7.3% increase** compared to the same period in 2024[37](index=37&type=chunk) [II. Outlook and Strategies](index=18&type=section&id=II.%20Outlook%20and%20Strategies) The Group aims to become a provider of better living and smart city services, continuously enhancing its product, organizational, operational, digital technology, and brand capabilities, while adhering to service and operational bottom lines, strategically expanding non-residential property management and city service product lines to achieve balanced development across "Happy Life" (residential property management), "Happy Commercial Management" (non-residential property management), and "Happy City Services" (city services), and increasing market capital value through scale expansion and third-party collaborations - The Group is committed to becoming a provider of better living and smart city services, continuously enhancing its product, organizational, operational, digital technology, and brand capabilities[38](index=38&type=chunk) - Strategically, the Group will horizontally expand its non-residential property management and city services product lines, gradually achieving balanced development across "Happy Life" (residential property management), "Happy Commercial Management" (non-residential property management), and "Happy City Services" (city services)[38](index=38&type=chunk)[39](index=39&type=chunk) - Market capital value will be enhanced through continuous scale expansion, securing contracted GFA, increasing GFA from third-party property developers, expanding the proportion of non-residential property management GFA, and growing city services scale[39](index=39&type=chunk) [III. Financial Review](index=20&type=section&id=III.%20Financial%20Review) The Group's total revenue for the first half of 2025 decreased by 6.6% to RMB 455.2 million, primarily due to significant declines in non-owner and community value-added services, with cost of sales decreasing proportionally, but gross profit margin slightly falling to 21.6%, while profit for the period and profit attributable to owners of the company both significantly decreased, and although current assets and cash and cash equivalents increased, trade receivables collection remained slow, and the Board resolved not to declare an interim dividend - The Group's total revenue was approximately **RMB 455.2 million**, a **6.6% decrease** compared to the same period in 2024, primarily due to the decline in non-owner value-added services and community value-added services revenue[40](index=40&type=chunk) - Profit for the period was approximately **RMB 43.4 million**, an **18.6% decrease** year-on-year; profit attributable to owners of the Company was approximately **RMB 33.5 million**, a **21.8% decrease** year-on-year[56](index=56&type=chunk) - As of June 30, 2025, current assets were approximately **RMB 1,385.1 million**, an increase of approximately **6.6%** compared to 2024[57](index=57&type=chunk)[58](index=58&type=chunk) - Cash and cash equivalents amounted to **RMB 136.2 million**, and restricted cash was **RMB 213.2 million**, totaling **RMB 349.4 million**[58](index=58&type=chunk) - Trade and other receivables amounted to approximately **RMB 997.1 million**, a **6.1% increase** year-on-year, primarily due to the slower collection of some trade receivables in the current economic climate[59](index=59&type=chunk) - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[62](index=62&type=chunk) [Revenue](index=20&type=section&id=Revenue) The Group's total revenue decreased by 6.6% to RMB 455.2 million, with property management services revenue growing by 5.6% to RMB 353.7 million and city services revenue increasing by 7.3% to RMB 40.2 million, while non-owner value-added services revenue significantly declined by 72.3% to RMB 15.7 million and community value-added services revenue decreased by 21.3% to RMB 45.5 million Revenue Contribution by Business Segment (RMB thousand) | Business Segment | 2025 | % | 2024 | % | | :--- | :--- | :--- | :--- | :--- | | Property management services | 353,711 | 77.7 | 335,036 | 68.7 | | Non-owner value-added services | 15,749 | 3.5 | 56,864 | 11.7 | | Community value-added services | 45,534 | 10.0 | 57,887 | 11.9 | | City services | 40,208 | 8.8 | 37,486 | 7.7 | | **Total** | **455,202** | **100.0** | **487,273** | **100.0** | - Property management services revenue increased by **5.6%**, primarily due to the Group's business expansion and an increase in total GFA under management[43](index=43&type=chunk) - Non-owner value-added services revenue decreased by **72.3%**, mainly due to the contraction of the real estate business which has not yet recovered[44](index=44&type=chunk) - Community value-added services revenue decreased by **21.3%**, primarily due to fluctuations in the consumer market and intensified competition, leading to a decline in home living services and asset operation services revenue[45](index=45&type=chunk) - City services revenue increased by **7.3%**, mainly due to an increase in business volume within the city services segment[46](index=46&type=chunk) [Cost of Sales](index=21&type=section&id=Cost%20of%20Sales) During the reporting period, the Group's cost of sales was RMB 356.7 million, a 6.6% decrease from the same period in 2024, primarily due to the contraction of non-owner value-added services - The Group's cost of sales was approximately **RMB 356.7 million**, a decrease of approximately **6.6%** compared to the same period in 2024, primarily due to the contraction of the Group's non-owner value-added services[47](index=47&type=chunk) [Gross Profit and Gross Profit Margin](index=21&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) The Group's overall gross profit margin slightly decreased by 0.1 percentage points to 21.6%, with property management services gross profit margin slightly down by 0.2 percentage points due to increased landscaping and engineering renovation costs, while non-owner value-added services gross profit margin improved by 5.1 percentage points to 25.5% by actively abandoning low-margin businesses, and community value-added services gross profit margin increased by 1.6 percentage points to 32.1% through enhanced collaboration with upstream suppliers Gross Profit and Gross Profit Margin by Business Segment (RMB thousand, %) | Business Segment | 2025 Gross Profit | 2025 Gross Profit Margin (%) | 2024 Gross Profit | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Property management services | 74,939 | 21.2 | 71,580 | 21.4 | | Non-owner value-added services | 4,012 | 25.5 | 11,624 | 20.4 | | Community value-added services | 14,603 | 32.1 | 17,648 | 30.5 | | City services | 4,935 | 12.3 | 4,695 | 12.5 | | **Total** | **98,489** | **21.6** | **105,547** | **21.7** | - Property management services gross profit margin decreased by **0.2 percentage points**, primarily due to increased investment in landscaping and engineering renovation costs to ensure service quality[49](index=49&type=chunk) - Non-owner value-added services gross profit margin increased by **5.1 percentage points**, mainly because the Company actively abandoned low-margin businesses with poor collection rates amidst a downturn in the real estate market[49](index=49&type=chunk) - Community value-added services gross profit margin increased by **1.6 percentage points**, primarily due to increased collaboration with upstream suppliers for certain goods[50](index=50&type=chunk) [Other Income](index=22&type=section&id=Other%20Income) The Group's other income was RMB 0.2 million, a significant 95.1% decrease from the same period in 2024, primarily due to reduced government subsidies - The Group's other income was approximately **RMB 0.2 million**, a **95.1% decrease** compared to the same period in 2024, primarily due to a reduction in government subsidies received during the reporting period[52](index=52&type=chunk) [Selling and Marketing Expenses](index=22&type=section&id=Selling%20and%20Marketing%20Expenses) The Group's selling and marketing expenses were RMB 2.5 million, a 41.7% decrease from the same period in 2024, mainly attributable to effective cost control - The Group's selling and marketing expenses were approximately **RMB 2.5 million**, a **41.7% decrease** compared to the same period in 2024, primarily due to the Group's effective cost control[53](index=53&type=chunk) [Administrative Expenses](index=22&type=section&id=Administrative%20Expenses) The Group's administrative expenses were RMB 21.8 million, a 9.0% decrease from the same period in 2024, also primarily due to effective cost control - The Group's administrative expenses were approximately **RMB 21.8 million**, a **9.0% decrease** compared to the same period in 2024, also primarily due to the Group's effective cost control during the reporting period[54](index=54&type=chunk) [Income Tax Expense](index=22&type=section&id=Income%20Tax%20Expense) The Group's income tax expense was RMB 13.5 million, a 15.2% decrease from the same period in 2024 - The Group's income tax expense was approximately **RMB 13.5 million**, a **15.2% decrease** compared to the same period in 2024[55](index=55&type=chunk) [Profit for the Period](index=22&type=section&id=Profit%20for%20the%20Period) The Group's profit for the period was RMB 43.4 million, an 18.6% year-on-year decrease, with a net profit margin of 9.5%, and profit attributable to owners of the company was RMB 33.5 million, a 21.8% year-on-year decrease - The Group's profit for the period was approximately **RMB 43.4 million**, an **18.6% decrease** compared to the same period in 2024, with a net profit margin of **9.5%**, a **1.4% decrease** compared to the same period in 2024[56](index=56&type=chunk) - Profit attributable to owners of the Company was approximately **RMB 33.5 million**, a **21.8% decrease** compared to the same period in 2024[56](index=56&type=chunk) [Liquidity, Reserves and Capital Structure](index=22&type=section&id=Liquidity%2C%20Reserves%20and%20Capital%20Structure) The Group maintains a sound financial position, with current assets of RMB 1,385.1 million as of June 30, 2025, a 6.6% year-on-year increase, and cash and cash equivalents totaling RMB 349.4 million, while the current ratio remained at 1.8, the asset-liability ratio slightly increased to 49.1%, and the capital-to-debt ratio was 0.4% - As of June 30, 2025, current assets were approximately **RMB 1,385.1 million**, an increase of approximately **6.6%** compared to 2024[57](index=57&type=chunk)[58](index=58&type=chunk) - Cash and cash equivalents amounted to **RMB 136.2 million**, and restricted cash was **RMB 213.2 million**, totaling **RMB 349.4 million**[58](index=58&type=chunk) - The current ratio (current assets divided by current liabilities) was **1.8** (December 31, 2024: same)[58](index=58&type=chunk) - The asset-liability ratio (total liabilities divided by total assets) was **49.1%**, a slight increase from **48.7%** as of December 31, 2024, with a capital-to-debt ratio of **0.4%**[58](index=58&type=chunk) [Trade and Other Receivables](index=23&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, trade and other receivables reached RMB 997.1 million, a 6.1% increase from the end of 2024, primarily due to slower collection of some trade receivables, and the Group has strengthened internal control measures to accelerate collection - As of June 30, 2025, the Group's trade and other receivables amounted to approximately **RMB 997.1 million**, a **6.1% increase** compared to December 31, 2024, primarily due to the slower collection of some trade receivables in the current economic climate[59](index=59&type=chunk) - The Group has strengthened relevant internal control measures to improve the collection progress of trade receivables[59](index=59&type=chunk) [Trade and Other Payables](index=23&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, trade and other payables amounted to RMB 337.7 million, a 3.2% decrease from the end of 2024, primarily due to improved payment efficiency - As of June 30, 2025, the Group's trade and other payables amounted to approximately **RMB 337.7 million**, a **3.2% decrease** compared to December 31, 2024, primarily due to improved payment efficiency for trade and other payables[60](index=60&type=chunk) [Foreign Exchange Risk](index=23&type=section&id=Foreign%20Exchange%20Risk) The Group primarily operates in China, with transactions denominated in RMB, and while RMB depreciation could adversely affect the value of dividends paid to overseas shareholders, the Group currently does not engage in foreign exchange hedging activities but will continue to monitor foreign exchange movements - The Group primarily operates in China, with its transaction currency being RMB, and RMB depreciation may adversely affect the value of any dividends paid to shareholders outside China[61](index=61&type=chunk) - The Group currently does not engage in hedging activities aimed at or intended to manage foreign exchange rate risk but will continue to monitor foreign exchange activities[61](index=61&type=chunk) [Interim Dividends](index=23&type=section&id=Interim%20Dividends) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[62](index=62&type=chunk) [Other Financial Information](index=24&type=section&id=Other%20Financial%20Information) During the reporting period, the Group had no significant contingent liabilities, capital commitments, major acquisitions or disposals, nor did it hold any significant investments, with future plans to use net proceeds from the global offering for acquiring property management and professional service companies, and collaborating with local urban investment companies or property developers - As of June 30, 2025, the Group had not provided other guarantees, except for Dingfeng Property's guarantee for a loan from Wugang Rural Commercial Bank of Henan, which has been compensated by Jiatianda through the transfer of parking spaces[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) - As of June 30, 2025, the Group had no significant contingent liabilities or capital commitments[66](index=66&type=chunk) - During the reporting period, the Group had no significant investments, major acquisitions, or disposals of subsidiaries, associates, or joint ventures[67](index=67&type=chunk)[68](index=68&type=chunk) - The Group intends to use the net proceeds from the global offering for acquiring property management companies and professional service companies, and collaborating with local urban investment companies or local property developers through capital injection or forming joint ventures[69](index=69&type=chunk) [Employees and Remuneration Policy](index=25&type=section&id=Employees%20and%20Remuneration%20Policy) [Overview of Employees and Remuneration Policy](index=25&type=section&id=Overview%20of%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 2,322 employees, with employee benefit expenses totaling RMB 95.6 million, and the company attracts and retains talent through competitive compensation, bonuses, benefits, systematic training, and internal promotion, while fostering fair career opportunities, work-life balance, and a happy culture - As of June 30, 2025, the Group had **2,322 employees** (June 30, 2024: 2,108 employees)[70](index=70&type=chunk) - For the six months ended June 30, 2025, the Group's employee benefit expenses (including directors' remuneration) amounted to **RMB 95.6 million** (same period in 2024: RMB 106.2 million)[70](index=70&type=chunk) - The Group attracts talented employees by offering competitive wages, bonuses, benefits, systematic training opportunities, and internal promotions, while committing to embracing diversity, providing equal career opportunities, promoting work-life balance, and fostering a happy culture[70](index=70&type=chunk) [Use of Proceeds from Global Offering](index=25&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) [Overview of Use of Proceeds from Global Offering](index=25&type=section&id=Overview%20of%20Use%20of%20Proceeds%20from%20Global%20Offering) The net proceeds from the Company's global offering, approximately HKD 628.9 million, are primarily allocated to strategic investments and acquisitions (65%), investment in smart operations and internal management systems (10%), enriching and expanding service and product offerings (15%), and working capital and general corporate purposes (10%), with HKD 25.3 million utilized as of June 30, 2025, and the remaining HKD 310.5 million expected to be fully used by December 2025 Use of Net Proceeds from Global Offering (HKD million) | Use | Percentage Disclosed in Prospectus (Approx.) | Net Proceeds Disclosed in Prospectus | Unutilized Amount as of December 31, 2024 | Actual Amount Utilized During Reporting Period | Unutilized Amount as of June 30, 2025 | Expected Timeline for Utilization of Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Seeking selective strategic investment and acquisition opportunities | 65% | 408.8 | 297.6 | 22.4 | 275.2 | Before December 2025 | | Investing in smart operations and internal management systems | 10% | 62.9 | 35.5 | 2.9 | 32.6 | Before December 2025 | | Enriching and expanding service and product offerings | 15% | 94.3 | 0.6 | 0 | 0.6 | Before December 2025 | | Working capital and other general corporate purposes | 10% | 62.9 | 2.1 | 0 | 2.1 | Before December 2025 | | **Total** | **100%** | **628.9** | **335.8** | **25.3** | **310.5** | | - The total net proceeds from the global offering, approximately **HKD 628.9 million**, are deposited in short-term interest-bearing bank accounts with licensed financial institutions both onshore and offshore[71](index=71&type=chunk)[72](index=72&type=chunk) - The proceeds will continue to be used in accordance with the purposes set out in the prospectus and are expected to be fully utilized by **December 2025**[72](index=72&type=chunk) [Corporate Governance and Other Information](index=26&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Significant Events After Reporting Period](index=26&type=section&id=Significant%20Events%20After%20Reporting%20Period) No significant events occurred for the Group from the end of the reporting period up to the date of this announcement - No significant events occurred for the Group from the end of the reporting period up to the date of this announcement[73](index=73&type=chunk) [Corporate Governance Practices](index=26&type=section&id=Corporate%20Governance%20Practices) The Company is committed to maintaining high standards of corporate governance, having adopted the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules, and complied with all applicable principles and code provisions during the reporting period - The Company has adopted the **Corporate Governance Code** set out in Appendix C1 of the HKEX Listing Rules as its governance code[74](index=74&type=chunk) - During the reporting period, the Company has complied with all applicable principles and code provisions under the Corporate Governance Code[74](index=74&type=chunk) [Standard Code for Securities Transactions by Directors](index=26&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code during the reporting period - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** set out in Appendix C3 of the Listing Rules as the code for directors' dealings in the Group's securities[75](index=75&type=chunk) - Each director confirmed that they have complied with the required standards set out in the Model Code throughout the reporting period[75](index=75&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and as of June 30, 2025, the Company held no treasury shares - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[76](index=76&type=chunk) - As of June 30, 2025, the Company held no treasury shares[76](index=76&type=chunk) [Audit Committee](index=26&type=section&id=Audit%20Committee) The Company's Audit Committee, comprising Mr. Song Gewei, Mr. Huang Runbin (Chairman), and Dr. Fan Yun, is responsible for reviewing financial information, overseeing financial reporting, risk management, and internal control procedures, and has reviewed the Group's unaudited interim condensed consolidated results for the six months ended June 30, 2025, confirming compliance with all applicable accounting principles and disclosure requirements - The Audit Committee members include Non-executive Director Mr. Song Gewei, Independent Non-executive Director Mr. Huang Runbin (Chairman), and Dr. Fan Yun[77](index=77&type=chunk) - The primary responsibilities of the Audit Committee are to review the Company's financial information and oversee the Company's financial reporting system, risk management, and internal control procedures[77](index=77&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim condensed consolidated results for the six months ended June 30, 2025, and confirmed their compliance with all applicable accounting principles, standards, and requirements, with adequate disclosures made[77](index=77&type=chunk)[78](index=78&type=chunk) [Publication of Interim Results and 2025 Interim Report](index=27&type=section&id=Publication%20of%20Interim%20Results%20and%202025%20Interim%20Report) This interim results announcement has been published on the HKEX website and the Company's website, and the interim report will be dispatched to shareholders and posted on the aforementioned websites in due course - This interim results announcement is published on the HKEX website (www.hkexnews.hk) and the Company's website (www.kqysh.com.cn)[79](index=79&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and posted on the aforementioned websites in due course[79](index=79&type=chunk) [Board of Directors](index=27&type=section&id=Board%20of%20Directors) As of the date of this announcement, the Board of Directors comprises Mr. Song Gewei (Chairman and Non-executive Director), Mr. Dai Wei, Mr. Kang Weiguo, and Ms. Wang Na (Executive Directors), and Mr. Jin Xiaoxian, Dr. Fan Yun, and Mr. Huang Runbin (Independent Non-executive Directors) - As of the date of this announcement, the Board of Directors comprises Mr. Song Gewei (Chairman and Non-executive Director); Executive Directors Mr. Dai Wei, Mr. Kang Weiguo, and Ms. Wang Na; and Independent Non-executive Directors Mr. Jin Xiaoxian, Dr. Fan Yun, and Mr. Huang Runbin[81](index=81&type=chunk)

Company - 康桥悦生活 (2205.HK) experienced a significant increase of over 29.4%, reaching HKD 0.88 [1] - The company announced a board meeting scheduled for August 27, 2025, to consider and approve its interim results for the six months ending June 30, 2025, and to discuss the potential distribution of an interim dividend [1] Industry - According to data from 克尔瑞物管, the top 50 companies added approximately 69.68 million square meters of new contract area in July 2025, with a third-party expansion scale of 62.42 million square meters, indicating continued expansion among leading companies [1] - 中泰证券 noted that the operational risks stemming from distressed real estate companies and past goodwill impairment risks have significantly diminished, suggesting that the impairment pressure on property management companies will continue to be low [1] - The current property industry is characterized by "high dividends + high yield + high cash flow," with ample contract area reserves ensuring sustained performance growth [1]

Core Viewpoint - 康桥悦生活 (02205.HK) has announced a board meeting scheduled for August 27, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the potential distribution of an interim dividend, if any [1] Group 1 - The board meeting will focus on the approval of the company's interim performance [1] - The meeting will also consider the distribution of an interim dividend [1]

Kangqiao Service Group Limited 康橋悅生活集團有限公司 於本公告日期，董事會成員包括主席兼非執行董事宋革委先生；執行董事戴衛先生、 康衛國先生及王娜女士；以及獨立非執行董事金孝賢先生、樊耘博士及黃潤濱先生。 （於開曼群島註冊成立的有限公司） （股份代號：2205） 董事會會議通告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條而作出。康橋悅生活集 團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司將 於二零二五年八月二十七日（星期三）舉行董事會會議，藉以（其中包括）考慮及批 准本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績及其發佈，並 考慮派發中期股息（如有）。 承董事會命 康橋悅生活集團有限公司 主席 宋革委 香港，二零二五年八月十四日 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。 ...