股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 德信服务集团有限公司 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02215 | | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 917,881,000 | | 0 | | 917,881,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 917,881,000 | | 0 | | 917,881,000 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 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，並明確表示概不會就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Dexin Services Group Limited 德信服務集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2215） 有關2025年收購股權之 須予披露交易 及全球發售所得款項用途之最新情況 之補充公告 茲提述本公司日期為2021年6月29日的招股章程（「招股章程」）、本公司截至2024年 12月31日止年度的年報（「2024年年報」）、本公司日期為2023年3月22日的公告及本 公司日期為2025年7月31日的公告（「該公告」）。除另有界定外，本公告所用詞彙與 招股章程及該公告所界定者具有相同涵義。董事會謹此補充以下有關該公告所載變 更所得款項用途的資料。 評估及物色潛在收購目標所做的工作 自上市以來，本公司已採取以下措施評估及物色潛在收購目標： – 2 – (i) 業務多元化：該收購使本集團能夠擴大其業務規模，減少對現有收入來源的依 賴。 (ii) 品牌提升：該物業位於著名旅遊區 ...

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，並明確表示概不會就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Dexin Services Group Limited 德信服務集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2215） 有關2024年報之補充公告 茲提述德信服務集團有限公司（「本公司」）刊發的截至2024年12月31日止年度之年報 （「2024年報」）。除另有界定外，本公告所用詞彙與2024年報所界定者具有相同涵 義。 本公告提供2024年報的補充資料，內容有關截至2024年12月31日止年度本集團確認 的貿易及其他應收款項及應收貸款的減值虧損。 貿易及其他應收款項及應收貸款的減值虧損 誠如2024年報第107頁所披露，本公司確認截至2024年12月31日止年度(i)貿易及其 他應收款項之減值虧損約人民幣36.2百萬元，及(ii)應收貸款之減值虧損約人民幣 21.4百萬元。 本集團截至2023年及2024年12月31日止兩個年度的貿易及其他應收款項及應收貸 款的減值虧損明細呈列如下： ...

呈交日期: 2025年10月3日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 德信服务集团有限公司 | 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) | 02215 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | 本月底法定/註冊股 ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) The company's corporate information includes its board of directors, committee compositions, and fundamental company details [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The Board of Directors comprises three executive directors and three independent non-executive directors, with Dr. Wang Yongquan appointed as Nomination Committee Chairman from June 25, 2025 - Board members include **three executive directors** (Hu Yiping, Tang Junjie, Zheng Peng) and **three independent non-executive directors** (Rui Meng, Yang Xi, Dr. Wang Yongquan)[4](index=4&type=chunk)[5](index=5&type=chunk) - Dr. Wang Yongquan assumed the role of Chairman of the Nomination Committee from **June 25, 2025**, with Mr. Hu Yiping ceasing to hold this position on the same date[4](index=4&type=chunk)[5](index=5&type=chunk) [Committees](index=3&type=section&id=Committees) The Audit Committee is chaired by Rui Meng, the Remuneration Committee by Dr. Wang Yongquan, and the Nomination Committee by Dr. Wang Yongquan - The Audit Committee is chaired by Rui Meng, the Remuneration Committee by Dr. Wang Yongquan, and the Nomination Committee by **Dr. Wang Yongquan**[4](index=4&type=chunk)[5](index=5&type=chunk) [Company Details](index=4&type=section&id=Company%20Details) The company is registered in the Cayman Islands with its China headquarters in Hangzhou, listed on the Stock Exchange with stock code 2215 since July 15, 2021 - The company's registered office is in the Cayman Islands, with its China headquarters located in Yuhang District, Hangzhou, Zhejiang Province[7](index=7&type=chunk)[8](index=8&type=chunk) - The company's stock code is **2215**, and it was listed on the Stock Exchange on **July 15, 2021**[10](index=10&type=chunk) - The auditor is Zhonghui Anda Certified Public Accountants Limited[9](index=9&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) The financial highlights cover key financial data, ratios, and property management metrics for the period ended June 30, 2025 [Key Financial Information](index=6&type=section&id=Key%20Financial%20Information) For the six months ended June 30, 2025, revenue decreased by 6.4% to RMB 443.0 million, and profit for the period decreased by 18.6% to RMB 34.6 million 2025 H1 Key Financial Data | Indicator | June 2025 (RMB '000) | June 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 442,992 | 473,228 | -6.4% | | Gross Profit | 94,413 | 101,531 | -7.0% | | Profit for the Period | 34,644 | 42,484 | -18.6% | | Profit for the Period Attributable to Owners of the Company | 34,138 | 42,169 | -19.0% | | Total Assets (End of Period) | 1,388,250 | 1,341,107 | 3.5% | | Total Liabilities (End of Period) | 663,483 | 650,874 | 1.9% | | Cash and Bank Balances (End of Period) | 169,603 | 202,181 | -16.1% | | Total Equity (End of Period) | 724,767 | 690,233 | 4.9% | [Key Financial Ratios](index=6&type=section&id=Key%20Financial%20Ratios) For the six months ended June 30, 2025, gross profit margin slightly decreased to 21.3%, and net profit margin fell to 7.8% 2025 H1 Key Financial Ratios | Indicator | June 2025 | June 2024 | | :--- | :--- | :--- | | Gross Profit Margin | 21.3% | 21.5% | | Net Profit Margin | 7.8% | 9.0% | | Net Profit Margin Attributable to Owners of the Company | 7.7% | 8.9% | | Basic and Diluted Earnings Per Share (RMB) | 0.039 | 0.045 | [Property Management Metrics](index=6&type=section&id=Property%20Management%20Metrics) As of June 30, 2025, total contracted GFA for property management was 41,417 thousand sq.m., and total GFA under management was 38,291 thousand sq.m., both decreasing year-on-year 2025 H1 Property Management Area | Indicator | June 2025 (Thousand sq.m.) | June 2024 (Thousand sq.m.) | | :--- | :--- | :--- | | Total Contracted GFA for Property Management | 41,417 | 44,851 | | Total GFA Under Management for Property Management | 38,291 | 39,563 | [Chairman's Statement](index=7&type=section&id=Chairman's%20Statement) The Chairman's Statement reviews industry trends, company performance, strategic expansion, service quality, internal management, and future outlook [Industry Overview and Company Performance](index=7&type=section&id=Industry%20Overview%20and%20Company%20Performance) In H1 2025, the property industry entered a new phase of "quality and efficiency restructuring," with Dexin Services maintaining resilience and ranking 19th among China's Top 100 Property Service Enterprises - The property industry accelerated into a new phase of **"quality and efficiency restructuring"** in H1 2025, characterized by cooling M&A, project exits, and residential fee reductions[14](index=14&type=chunk)[16](index=16&type=chunk) - Dexin Services was recognized as one of **"China's Top 100 Property Service Enterprises"** for 12 consecutive years, rising to **19th place**, and also received honors such as "Top 100 Comprehensive Strength Property Enterprises in China" and "Top 30 Property Enterprises in East China"[14](index=14&type=chunk)[16](index=16&type=chunk) [Strategic Expansion and Diversification](index=7&type=section&id=Strategic%20Expansion%20and%20Diversification) The company focuses on regional market penetration, expanding second-hand residential projects and achieving breakthroughs in non-residential sectors, while deepening cooperation with state-owned enterprises - The Group is committed to expanding **high-quality second-hand residential projects**, forming a virtuous cycle of "management benchmark demonstration—local reputation building—market-based competition in existing stock," and successfully winning the bid for the Ningbo Cixi Wangyue Mansion project[15](index=15&type=chunk)[17](index=17&type=chunk) - The non-residential sector is a key focus for diversification, with the company winning the bid for the **Hangzhou Xiaoshan District Youth Palace project** and customizing smart operation and management solutions[19](index=19&type=chunk)[22](index=22&type=chunk) - Deepening joint ventures and cooperation with state-owned enterprises like Quzhou Jiaotou to expand management formats such as **transportation hubs and group catering**[20](index=20&type=chunk)[22](index=22&type=chunk) - Professional service brand Shengjie Environment won bids for multiple landscaping maintenance projects, including **Hangzhou Fuyang Sports Center** and **Hangzhou Canal Wealth Town**[21](index=21&type=chunk)[23](index=23&type=chunk) [Service Quality and Innovation](index=9&type=section&id=Service%20Quality%20and%20Innovation) The company completed 1,929 community upgrade projects, launched a high-end commercial office service brand, and implemented smart service scenarios and a rooftop photovoltaic renovation project - The Group adheres to the philosophy of "good houses, good communities, good living," completing **1,929 community upgrade projects** nationwide through a customer visit mechanism and the "Zhi Ji Song Chun Feng" quality improvement initiative[24](index=24&type=chunk)[27](index=27&type=chunk) - Launched **"Shipu Lianhang,"** a high-end commercial office service brand, focusing on full lifecycle asset operation and management for buildings[25](index=25&type=chunk)[27](index=27&type=chunk) - Applied technology in commercial office buildings and industrial park IFM integrated facility management services, deploying smart service scenarios such as **cleaning robots and smart delivery robots**[26](index=26&type=chunk)[28](index=28&type=chunk) - Completed the **Dexin Center rooftop photovoltaic renovation project**, expected to generate **700,000 kWh of electricity annually** and reduce carbon emissions by **700 tons**, providing a "green renovation" model for high-energy-consuming complexes[26](index=26&type=chunk)[28](index=28&type=chunk) [Internal Management and Digitalization](index=10&type=section&id=Internal%20Management%20and%20Digitalization) The company prioritizes employee development, implements organizational reforms for cost reduction and efficiency, and advances digitalization to transition from experience-driven to data-driven management - The Group values employees as precious resources, aiding injured staff through the **"Blue Ribbon" fund** and emphasizing employee development rights via star butler certification and cultural salons[29](index=29&type=chunk)[32](index=32&type=chunk) - Management implemented organizational reforms focused on **"lean headquarters, strong frontline"** to compress hierarchies and accelerate decision-making, while piloting **"project cloud warehouses"** to enhance efficiency and reduce costs[30](index=30&type=chunk)[32](index=32&type=chunk) - Continued digital transformation, integrating an employee digital portal, utilizing data dashboards for management insights, and implementing **dynamic budgeting and full-lifecycle cash flow monitoring** to ensure stable operations and financial health[31](index=31&type=chunk)[33](index=33&type=chunk) [Future Prospects](index=11&type=section&id=Future%20Prospects) Facing industry reforms and intense competition, the company will maintain strategic focus, cultivate core strengths, refine products, and embrace AI technology to transform into a value creator - Facing supply-side reforms and intense competition, the company will maintain strategic focus, cultivate core strengths, drive development through practical efforts, refine products, and reasonably **reduce costs and enhance efficiency**[35](index=35&type=chunk)[37](index=37&type=chunk) - Actively respond to the disruptive changes in service scenarios brought by the **AI technology revolution**, seizing opportunities to break through growth bottlenecks and achieve leapfrog development[35](index=35&type=chunk)[37](index=37&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the company's business, a detailed financial review, and insights into liquidity, risk management, investments, and employee policies - Total revenue was **RMB 443.0 million**, a **6.4% decrease** from the same period in 2024, primarily due to reduced revenue from value-added services to non-property owners and community value-added services[42](index=42&type=chunk)[44](index=44&type=chunk) - Profit for the period was **RMB 34.6 million**, a **18.6% year-on-year decrease**; net profit margin was **7.8%**, down 1.2% from the same period in 2024[101](index=101&type=chunk)[106](index=106&type=chunk) - Impairment losses on trade and other receivables increased from **RMB 11.0 million to RMB 13.2 million**, reflecting changes in credit risk due to the downturn in the real estate industry[92](index=92&type=chunk)[98](index=98&type=chunk) - Net finance income significantly decreased from **RMB 9.1 million to RMB 0.4 million**, mainly due to no interest income from loans to third parties in the current period[93](index=93&type=chunk)[99](index=99&type=chunk) [Business Overview](index=12&type=section&id=Business%20Overview) Dexin Services, a leading integrated property management service provider in Zhejiang Province, maintained stable operations in H1 2025, improving efficiency and ranking TOP19 among China's Top 100 Property Service Enterprises - Dexin Services is a leading integrated property management service provider in Zhejiang Province, maintaining stable operations and steadily improving efficiency and quality in H1 2025[41](index=41&type=chunk)[43](index=43&type=chunk) - The company was recognized by China Index Academy as a **TOP19** enterprise among **China's Top 100 Property Service Enterprises in 2025**[41](index=41&type=chunk)[43](index=43&type=chunk) - Its main businesses include property management services, value-added services to non-property owners, and community value-added services, comprehensively covering the property management value chain[41](index=41&type=chunk)[43](index=43&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) In H1 2025, the Group's total revenue decreased by 6.4% to RMB 443.0 million, and profit for the period fell by 18.6% to RMB 34.6 million, with net profit margin at 7.8% [Revenue Breakdown](index=12&type=section&id=Revenue%20Breakdown) Property management services revenue increased its proportion to 92.2%, while value-added services to non-property owners and community value-added services both saw their proportions decrease Revenue Breakdown by Business Line | Business Line | June 30, 2025 (RMB '000) | Proportion (%) | June 30, 2024 (RMB '000) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 408,417 | 92.2% | 413,438 | 87.4% | | Value-added Services to Non-property Owners | 13,813 | 3.1% | 19,835 | 4.2% | | Community Value-added Services | 20,762 | 4.7% | 39,955 | 8.4% | | **Total** | **442,992** | **100.0%** | **473,228** | **100.0%** | [Property Management Services Performance](index=13&type=section&id=Property%20Management%20Services%20Performance) Property management services revenue slightly decreased by 1.2% to RMB 408.4 million, with GFA under management reducing by 3.2% due to project portfolio optimization - Property management services revenue was approximately **RMB 408.4 million**, a **1.2% decrease** compared to the same period in 2024[47](index=47&type=chunk)[48](index=48&type=chunk) - As of June 30, 2025, total GFA under management was approximately **38.3 million sq.m.**, a **3.2% decrease** from the same period in 2024, primarily due to the company optimizing its project portfolio[47](index=47&type=chunk)[48](index=48&type=chunk) GFA Under Management by Developer Type | Developer Type | June 30, 2025 (Thousand sq.m.) | Revenue (RMB '000) | Proportion (%) | | :--- | :--- | :--- | :--- | | Properties Developed by Dexin Group | 13,638 | 151,948 | 37.2% | | Jointly Developed Properties | 4,383 | 60,058 | 14.7% | | Independent Third-party Properties | 20,270 | 196,411 | 48.1% | | **Total** | **38,291** | **408,417** | **100.0%** | GFA Under Management by Region | Region | June 30, 2025 (Thousand sq.m.) | Revenue (RMB '000) | Proportion (%) | | :--- | :--- | :--- | :--- | | Zhejiang Province | 26,170 | 295,602 | 72.4% | | Yangtze River Delta Region (excluding Zhejiang Province) | 7,169 | 69,881 | 17.1% | | Other Regions | 4,952 | 42,934 | 10.5% | | **Total** | **38,291** | **408,417** | **100.0%** | GFA Under Management by Property Type | Property Type | June 30, 2025 (Thousand sq.m.) | Revenue (RMB '000) | Proportion (%) | | :--- | :--- | :--- | :--- | | Residential Properties | 31,139 | 300,403 | 73.6% | | Non-residential Properties | 7,152 | 108,014 | 26.4% | | **Total** | **38,291** | **408,417** | **100.0%** | [Value-added Services to Non-property Owners](index=16&type=section&id=Value-added%20Services%20to%20Non-property%20Owners) Revenue from value-added services to non-property owners decreased by 30.4% to RMB 13.8 million, primarily due to the ongoing downturn in the real estate industry - Revenue from value-added services to non-property owners was approximately **RMB 13.8 million**, a **30.4% decrease** compared to the same period in 2024, mainly due to reduced service demand from the ongoing downturn in the real estate industry[64](index=64&type=chunk)[65](index=65&type=chunk) Revenue Breakdown of Value-added Services to Non-property Owners | Service Type | June 30, 2025 (RMB '000) | Proportion (%) | June 30, 2024 (RMB '000) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | On-site Services | 3,720 | 26.9% | 13,147 | 66.3% | | Pre-delivery Services | 6,934 | 50.2% | 4,735 | 23.9% | | Property Inspection and Repair Services | 1,121 | 8.1% | 1,623 | 8.1% | | Commercial Consulting Services | 2,038 | 14.8% | 330 | 1.7% | | **Total** | **13,813** | **100.0%** | **19,835** | **100.0%** | [Community Value-added Services](index=17&type=section&id=Community%20Value-added%20Services) Community value-added services revenue significantly decreased by 48.0% to RMB 20.8 million, impacted by fewer property deliveries, intense market competition, and strategic adjustments - Community value-added services revenue was approximately **RMB 20.8 million**, a **48.0% decrease** compared to the same period in 2024[67](index=67&type=chunk)[68](index=68&type=chunk) - Revenue from smart community solutions decreased by **RMB 7.6 million**, mainly due to a significant decline in property delivery projects and a corresponding drop in demand[69](index=69&type=chunk)[70](index=70&type=chunk) - Home improvement services revenue decreased by **RMB 1.2 million**, primarily due to the continued downturn in the real estate market and a significant reduction in delivered projects[73](index=73&type=chunk)[76](index=76&type=chunk) - Community retail and home services revenue decreased by **RMB 10.1 million**, mainly due to the company's strategic positioning, insufficient resource allocation, and intense market competition[74](index=74&type=chunk)[77](index=77&type=chunk) Revenue Breakdown of Community Value-added Services | Service Type | June 30, 2025 (RMB '000) | Proportion (%) | June 30, 2024 (RMB '000) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Smart Community Solutions | 1,792 | 8.6% | 9,380 | 23.5% | | Property Sales and Co-sales Services | 366 | 1.8% | 507 | 1.3% | | Community Resource Value-added Services | 13,556 | 65.2% | 13,892 | 34.8% | | Clubhouse Services | 957 | 4.6% | 815 | 2.0% | | Home Improvement Services | 342 | 1.7% | 1,482 | 3.7% | | Community Retail and Home Services | 3,749 | 18.1% | 13,879 | 34.7% | | **Total** | **20,762** | **100.0%** | **39,955** | **100.0%** | [Cost of Sales and Gross Profit](index=18&type=section&id=Cost%20of%20Sales%20and%20Gross%20Profit) Cost of sales decreased by RMB 23.1 million to RMB 348.6 million, while gross profit decreased by RMB 7.1 million to RMB 94.4 million, with gross profit margin slightly down to 21.3% - Cost of sales was **RMB 348.6 million**, a decrease of **RMB 23.1 million** from the same period in 2024, primarily due to a corresponding decline in business service revenue[75](index=75&type=chunk)[78](index=78&type=chunk) - Gross profit was **RMB 94.4 million**, a decrease of **RMB 7.1 million** from the same period in 2024; gross profit margin decreased from 21.5% to **21.3%**[79](index=79&type=chunk)[80](index=80&type=chunk) - Gross profit margin for value-added services to non-property owners increased from 19.2% to **26.4%**, and for community value-added services from 44.0% to **62.3%**, mainly due to personnel structure adjustments and reduced labor costs[83](index=83&type=chunk)[86](index=86&type=chunk) Gross Profit Margin by Business Segment | Business Segment | June 2025 (%) | June 2024 (%) | Change (%) | | :--- | :--- | :--- | :--- | | Property Management Services | 19.1% | 19.4% | -0.3% | | Value-added Services to Non-property Owners | 26.4% | 19.2% | 7.2% | | Community Value-added Services | 62.3% | 44.0% | 18.3% | | **Total** | **21.3%** | **21.5%** | **-0.2%** | [Expenses and Profitability](index=19&type=section&id=Expenses%20and%20Profitability) Other income decreased, net other losses increased, while selling and marketing expenses and administrative expenses significantly declined due to business scaling down and organizational optimization - Other income decreased from **RMB 1.4 million to RMB 0.8 million**, primarily due to reduced government subsidies[84](index=84&type=chunk)[87](index=87&type=chunk) - Recorded **net other losses of RMB 1.2 million** (2024 H1: net gains of RMB 0.7 million), mainly due to losses from derecognition of subsidiaries and associates[89](index=89&type=chunk)[95](index=95&type=chunk) - Selling and marketing expenses decreased by **63.5% to RMB 2.2 million**, primarily due to the scaling down of value-added services to non-property owners and community value-added services[90](index=90&type=chunk)[96](index=96&type=chunk) - Administrative expenses decreased by **RMB 8.0 million to RMB 31.7 million**, mainly due to organizational framework adjustments and optimized personnel allocation[91](index=91&type=chunk)[97](index=97&type=chunk) - Basic and diluted earnings per share were **RMB 0.039 per share**[101](index=101&type=chunk)[107](index=107&type=chunk) [Balance Sheet Items](index=21&type=section&id=Balance%20Sheet%20Items) Total trade and other receivables and prepayments decreased by RMB 161.2 million to RMB 916.2 million, while trade and other payables slightly increased by 2.0% to RMB 417.3 million - As of June 30, 2025, trade and other receivables and prepayments totaled **RMB 916.2 million**, a decrease of **RMB 161.2 million** from December 31, 2024[102](index=102&type=chunk)[108](index=108&type=chunk) - Trade receivables increased by **RMB 76.3 million to RMB 506.4 million**, and other receivables increased by **RMB 10.9 million to RMB 360.5 million**, primarily due to the economic environment impacting residents' willingness to pay[103](index=103&type=chunk)[108](index=108&type=chunk) - Trade and other payables were **RMB 417.3 million**, an increase of **2.0%** from December 31, 2024[104](index=104&type=chunk)[109](index=109&type=chunk) [Liquidity and Capital Resources](index=21&type=section&id=Liquidity%20and%20Capital%20Resources) The Group's liquidity primarily stems from operations; as of June 30, 2025, cash and bank balances were RMB 169.6 million, with a current ratio of 1.9 times and a capital gearing ratio of 0.01 - As of June 30, 2025, cash and cash equivalents were **RMB 169.6 million**, a **16.1% decrease** from December 31, 2024[112](index=112&type=chunk)[117](index=117&type=chunk) - The current ratio was **1.9 times** (December 31, 2024: 2.0 times)[112](index=112&type=chunk)[118](index=118&type=chunk) - Total borrowings were **RMB 10.0 million** (December 31, 2024: RMB 17.0 million), and the capital gearing ratio was **0.01** (December 31, 2024: 0.02)[113](index=113&type=chunk)[118](index=118&type=chunk) [Risk Management and Commitments](index=22&type=section&id=Risk%20Management%20and%20Commitments) The Group's income and expenses are primarily denominated in RMB, with no foreign exchange hedging, and no significant capital commitments or contingent liabilities as of June 30, 2025 - The vast majority of the Group's income and expenses are denominated in RMB, and no hedging transactions were entered into as of June 30, 2025[114](index=114&type=chunk)[119](index=119&type=chunk) - As of June 30, 2025, the Group had **no significant capital commitments** contracted but not provided for[115](index=115&type=chunk)[120](index=120&type=chunk) - As of June 30, 2025, the company, its subsidiaries, and associates had **no financial guarantees, loan guarantees, or mortgages**, nor any other significant contingent liabilities[116](index=116&type=chunk)[121](index=121&type=chunk) [Significant Investments and Events](index=22&type=section&id=Significant%20Investments%20and%20Events) Dexin Shengquan Property Services Co., Ltd. received RMB 0.52 million from the liquidation of a joint venture, and the company plans to acquire 100% equity of Deqing Moganshan Ruijing Real Estate Co., Ltd. for RMB 78.0 million - Dexin Shengquan Property Services Co., Ltd.'s investment in Shandong Land Group (Heze) Dexin Asset Operation Co., Ltd. was dissolved and liquidated, with Dexin Shengquan receiving an allocation of **RMB 0.52 million**[122](index=122&type=chunk)[123](index=123&type=chunk)[126](index=126&type=chunk) - The Group intends to use part of the net proceeds from the listing to acquire or invest in other property management companies to expand its business scale and market share[124](index=124&type=chunk)[127](index=127&type=chunk) - On July 31, 2025, the company signed an equity transfer agreement to acquire **100% equity of Deqing Moganshan Ruijing Real Estate Co., Ltd.** for a total consideration of **RMB 78.0 million**, whose main asset is the Moganshan Yungude Dexin Kaiyuan Mingting Hotel[125](index=125&type=chunk)[128](index=128&type=chunk) - This acquisition will be partially funded by **HK$82.4 million** (approximately **RMB 75.0 million**) from the unutilized net proceeds and the company's internal resources[125](index=125&type=chunk)[128](index=128&type=chunk) [Employee and Remuneration Policy](index=24&type=section&id=Employee%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 2,770 employees with total staff costs of RMB 124.8 million, implementing organizational adjustments and a competitive remuneration and training system - As of June 30, 2025, the Group had a total of **2,770 employees**, with total staff costs for the first half of the year amounting to **RMB 124.8 million**[131](index=131&type=chunk)[136](index=136&type=chunk) - The Group underwent organizational reform, merging the original Jiangsu, Shanghai, and Anhui city companies into the **"Su-Hu-Wan Regional Company"** and establishing a new **Zhengzhou City Company** to optimize organizational structure and operational efficiency[132](index=132&type=chunk)[136](index=136&type=chunk) - The remuneration system considers local salaries, industry trends, company performance, and employee performance, offering **competitive salaries and comprehensive social security benefits**[133](index=133&type=chunk)[136](index=136&type=chunk) - Established a comprehensive training system covering the entire employee career cycle, including executive team visits to benchmark enterprises, "Reserve Project Manager Training Program," "New Torchbearer Management Trainee Program," and "Star Butler Certification" system[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[143](index=143&type=chunk) - Conducted semi-annual **"talent inventory"** to systematically evaluate employee capabilities and potential, used for training needs analysis, development plan formulation, and promotion pathway design[142](index=142&type=chunk)[144](index=144&type=chunk) [Share Option Scheme and Interim Dividend](index=26&type=section&id=Share%20Option%20Scheme%20and%20Interim%20Dividend) The company adopted a share option scheme on June 21, 2021, with a maximum issuance of 100 million shares, but no options were granted or exercised during the period, and no interim dividend is recommended - The company adopted a share option scheme on **June 21, 2021**, aimed at recognizing employee contributions, incentivizing performance, and attracting and retaining talent[146](index=146&type=chunk)[150](index=150&type=chunk) - The total number of shares that may be issued under the share option scheme shall not exceed **100 million shares**, representing **10%** of the issued shares on the listing date[147](index=147&type=chunk)[150](index=150&type=chunk) - During the reporting period and up to the date of this report, **no share options were granted, exercised, cancelled, or lapsed**, and there were no outstanding share options[153](index=153&type=chunk)[156](index=156&type=chunk) - The Board does not recommend the payment of an interim dividend for the first half of 2025[154](index=154&type=chunk)[158](index=158&type=chunk) [Corporate Governance and Other Information](index=28&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the use of global offering proceeds, directors' and substantial shareholders' interests, public float, share repurchases, and corporate governance compliance [Use of Proceeds from Global Offering](index=28&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) The net proceeds from the global offering were HK$763.5 million, with HK$138.0 million unutilized as of December 31, 2024, and the expected timeline for utilizing all proceeds extended to June 2026 - The net proceeds from the global offering amounted to **HK$763.5 million**[159](index=159&type=chunk)[160](index=160&type=chunk) - As of December 31, 2024, approximately **HK$138.0 million** of the net proceeds remained unutilized, with **HK$82.4 million** intended for expanding business scale and market share, and **HK$55.6 million** for investing in information technology and internal management systems[166](index=166&type=chunk)[168](index=168&type=chunk) - The company previously provided loans up to **RMB 315 million** to third parties and, upon borrower default, enforced **1,400 parking spaces** as collateral to offset part of the outstanding loans[161](index=161&type=chunk)[162](index=162&type=chunk)[164](index=164&type=chunk) - The company has agreed to acquire the right to use additional assets (**783 underground parking spaces**) to offset the remaining outstanding loan of **RMB 99,040,000** on an equivalent basis[165](index=165&type=chunk)[179](index=179&type=chunk) - The acquisition of Deqing Moganshan Ruijing Real Estate Co., Ltd. in 2025 will be partially funded by **HK$82.4 million** from the aforementioned unutilized net proceeds[170](index=170&type=chunk)[172](index=172&type=chunk) - The expected timeline for utilizing all unutilized net proceeds has been extended to **on or before June 2026**[171](index=171&type=chunk)[172](index=172&type=chunk) Use of Net Proceeds and Revised Status (As of June 30, 2025) | Purpose | Planned Use in Prospectus (HK$ million) | Unutilized as of Jan 1, 2025 (HK$ million) | Utilized During Reporting Period (HK$ million) | Unutilized as of June 30, 2025 (HK$ million) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Expand business scale and increase market share | 496 | 82.4 | 0 | 82.4 | Before June 2026 | | Diversify and expand service offerings | 76.4 | 0 | 0 | 0 | N/A | | Invest in information technology and internal management systems | 76.4 | 55.6 | 0.6 | 55.0 | Before June 2026 | | Improve human resource management and enhance corporate culture | 38.3 | 0 | 0 | 0 | N/A | | Working capital and other general corporate purposes | 76.4 | 0 | 0 | 0 | N/A | | Loans to borrowers | N/A | 0 | 0 | 0 | N/A | | **Total** | **763.5** | **138.0** | **0.6** | **137.4** | | [Directors' and Substantial Shareholders' Interests](index=33&type=section&id=Directors'%20and%20Substantial%20Shareholders'%20Interests) As of June 30, 2025, Executive Director Mr. Hu Yiping and his spouse held 57.65% of the company's shares through Shengfu International, with other substantial shareholders also noted Directors' Interests in the Company's Shares (As of June 30, 2025) | Director Name | Nature of Interest | Number of Shares Held (L) | Approximate Percentage of Interest (%) | | :--- | :--- | :--- | :--- | | Mr. Hu Yiping | Interest in controlled corporation/Spouse's interest | 529,202,279 | 57.65% | | Mr. Tang Junjie | Beneficial owner | 14,265,741 | 1.55% | Substantial Shareholders' Interests in the Company's Shares (As of June 30, 2025) | Company Name/Person Name | Nature of Interest | Number of Shares Held (L) | Approximate Percentage of Interest (%) | | :--- | :--- | :--- | :--- | | Shengfu International | Beneficial owner | 529,202,279 | 57.65% | | Mr. Hu Yiping | Interest in controlled corporation | 529,202,279 | 57.65% | | Ms. Wei Peifen | Spouse's interest | 529,202,279 | 57.65% | | Kaibang International Limited | Beneficial owner | 115,363,889 | 12.57% | | Hong Kong Meilun International Limited | Beneficial owner | 53,418,803 | 5.82% | | Ms. Shen Yuehua | Interest in controlled corporation | 53,418,803 | 5.82% | | Mr. Jin Liang | Spouse's interest | 53,418,803 | 5.82% | [Public Float and Share Repurchase](index=36&type=section&id=Public%20Float%20and%20Share%20Repurchase) The company maintained the required public float and repurchased 270,000 shares for HK$205,200 during the six months ended June 30, 2025, with 35,588,000 shares pending cancellation - The company has maintained the public float required by the Listing Rules[199](index=199&type=chunk)[200](index=200&type=chunk)[203](index=203&type=chunk) - For the six months ended June 30, 2025, the company repurchased a total of **270,000 shares** on the Stock Exchange for a total consideration of **HK$205,200**[201](index=201&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk) - As of the reporting date, **35,588,000 shares** were intended for cancellation but had not yet been cancelled[201](index=201&type=chunk)[204](index=204&type=chunk) [Corporate Governance Compliance](index=37&type=section&id=Corporate%20Governance%20Compliance) The company is committed to high corporate governance standards, complying with all applicable code provisions of the Corporate Governance Code and confirming directors' compliance with securities trading standards - The company has complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules[207](index=207&type=chunk)[208](index=208&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk) - All directors have confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period[209](index=209&type=chunk)[210](index=210&type=chunk)[214](index=214&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim results and interim report, confirming compliance with all applicable accounting principles, standards, and requirements[211](index=211&type=chunk)[215](index=215&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=38&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the Group's financial performance, including revenue, gross profit, and profit for the period, for the six months ended June 30, 2025 [Profit or Loss Summary](index=38&type=section&id=Profit%20or%20Loss%20Summary) For the six months ended June 30, 2025, the company reported revenue of RMB 442,992 thousand, gross profit of RMB 94,413 thousand, and total profit and comprehensive income of RMB 34,644 thousand Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30, 2025) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 442,992 | 473,228 | | Cost of sales | (348,579) | (371,697) | | Gross profit | 94,413 | 101,531 | | Other income | 818 | 1,354 | | Other (losses)/gains, net | (1,190) | 667 | | Selling and marketing expenses | (2,158) | (5,908) | | Administrative expenses | (31,698) | (39,748) | | Impairment losses on trade and other receivables | (13,239) | (10,964) | | Operating profit | 47,122 | 46,783 | | Net finance income | 401 | 9,056 | | Profit before tax | 47,523 | 55,839 | | Income tax expense | (12,879) | (13,355) | | Profit and total comprehensive income for the period | 34,644 | 42,484 | | Profit for the period attributable to owners of the Company | 34,138 | 42,169 | | Basic and diluted earnings per share (RMB) | 0.039 | 0.045 | [Condensed Consolidated Statement of Financial Position](index=39&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the Group's assets, liabilities, and equity as of June 30, 2025, highlighting total assets of RMB 1,388,250 thousand and total equity of RMB 724,767 thousand [Financial Position Summary](index=39&type=section&id=Financial%20Position%20Summary) As of June 30, 2025, total assets were RMB 1,388,250 thousand, with current assets at RMB 1,210,915 thousand, and total liabilities and equity amounting to RMB 663,483 thousand and RMB 724,767 thousand, respectively Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment and right-of-use assets | 6,184 | 7,501 | | Investment properties | 135,574 | — | | Intangible assets | 2,659 | 2,790 | | Deferred income tax assets | 31,920 | 28,610 | | Investments in associates | — | 353 | | Investment in a joint venture | 998 | 493 | | **Total non-current assets** | **177,335** | **39,747** | | **Current assets** | | | | Financial assets at fair value through profit or loss | 2,007 | — | | Inventories | 123,097 | 21,734 | | Trade and other receivables and prepayments | 916,208 | 1,077,445 | | Cash and cash equivalents | 169,603 | 202,181 | | **Total current assets** | **1,210,915** | **1,301,360** | | **Current liabilities** | | | | Trade and other payables | 417,335 | 409,237 | | Contract liabilities | 156,387 | 148,442 | | Borrowings | — | 7,000 | | Lease liabilities | 235 | 175 | | Current income tax liabilities | 79,391 | 76,020 | | **Total current liabilities** | **653,348** | **640,874** | | **Net current assets** | **557,567** | **660,486** | | **Total assets less current liabilities** | **734,902** | **700,233** | | **Non-current liabilities** | | | | Borrowings | 10,000 | 10,000 | | Lease liabilities | 135 | — | | **Total non-current liabilities** | **10,135** | **10,000** | | **Net assets** | **724,767** | **690,233** | | **Total equity** | **724,767** | **690,233** | [Condensed Consolidated Statement of Changes in Equity](index=40&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines the changes in the Group's equity for the period, including profit for the period, share repurchases, and non-controlling interest contributions [Equity Changes Summary](index=40&type=section&id=Equity%20Changes%20Summary) As of June 30, 2025, equity attributable to owners of the company was RMB 714,858 thousand, reflecting profit for the period, non-controlling interest contributions, and a reduction from share repurchases Condensed Consolidated Statement of Changes in Equity (As of June 30, 2025) | Item | Share Capital (RMB '000) | Share Premium (RMB '000) | Capital Reserve (RMB '000) | Statutory Reserve (RMB '000) | Retained Profits (RMB '000) | Total Attributable to Owners of the Company (RMB '000) | Non-controlling Interests (RMB '000) | Total Equity (RMB '000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | At January 1, 2025 (Audited) | 7,564 | 415,272 | (105,591) | 25,900 | 337,785 | 680,930 | 9,303 | 690,233 | | Profit and total comprehensive income for the period (Unaudited) | — | — | — | — | 34,138 | 34,138 | 506 | 34,644 | | Repurchase and cancellation of shares (Unaudited) | — | — | (210) | — | — | (210) | — | (210) | | Contribution from non-controlling interests (Unaudited) | — | — | — | — | — | — | 100 | 100 | | Transfer from statutory reserve (Unaudited) | — | — | — | (1,757) | 1,757 | — | — | — | | At June 30, 2025 (Unaudited) | 7,564 | 415,272 | (105,801) | 24,143 | 373,680 | 714,858 | 9,909 | 724,767 | [Condensed Consolidated Statement of Cash Flows](index=41&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes the Group's cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 [Cash Flow Summary](index=41&type=section&id=Cash%20Flow%20Summary) For the six months ended June 30, 2025, net cash used in operating activities was RMB 25,608 thousand, net cash from investing activities was RMB 780 thousand, and net cash used in financing activities was RMB 7,750 thousand Condensed Consolidated Statement of Cash Flows (For the six months ended June 30, 2025) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net cash used in operating activities | (25,608) | (12,788) | | Net cash from investing activities | 780 | 23,804 | | Net cash used in financing activities | (7,750) | (38,646) | | Net decrease in cash and cash equivalents | (32,578) | (27,630) | | Cash and cash equivalents at beginning of period | 202,181 | 229,728 | | Cash and cash equivalents at end of period | 169,603 | 202,098 | [Notes to the Condensed Consolidated Financial Statements](index=42&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) These notes provide additional information and details regarding the Group's accounting policies, revenue recognition, segment information, and other financial disclosures [General Information](index=42&type=section&id=General%20Information) Dexin Services Group Limited, incorporated in the Cayman Islands, primarily provides property management services in China, with Mr. Hu Yiping as the ultimate controlling shareholder - The company was incorporated in the Cayman Islands on **October 22, 2020**, and its shares were listed on the Main Board of the Hong Kong Stock Exchange on **July 15, 2021**[223](index=223&type=chunk)[228](index=228&type=chunk) - The Group is principally engaged in providing property management services, value-added services to non-property owners, and community value-added services in China[224](index=224&type=chunk)[228](index=228&type=chunk) - The ultimate controlling shareholder is **Mr. Hu Yiping**[224](index=224&type=chunk)[228](index=228&type=chunk) - The condensed consolidated financial statements are presented in RMB and prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"**[225](index=225&type=chunk)[226](index=226&type=chunk)[229](index=229&type=chunk) [Adoption of New and Revised HKFRS Accounting Standards](index=43&type=section&id=Adoption%20of%20New%20and%20Revised%20HKFRS%20Accounting%20Standards) The Group adopted all new and revised HKFRS accounting standards effective January 1, 2025, with no significant changes to accounting policies or financial statement presentation - The Group has adopted all new and revised HKFRS accounting standards relevant to its operations and effective on **January 1, 2025**[230](index=230&type=chunk)[233](index=233&type=chunk) - The adoption of these standards did not result in significant changes to the Group's accounting policies, the presentation of its consolidated financial statements, or the reported amounts[230](index=230&type=chunk)[233](index=233&type=chunk) [Revenue Recognition](index=43&type=section&id=Revenue%20Recognition) Group revenue primarily derives from property management, non-owner value-added, and community value-added services, with RMB 438,676 thousand recognized over time and RMB 4,316 thousand at a point in time - Revenue refers to income from property management services, value-added services to non-property owners, and community value-added services[232](index=232&type=chunk)[234](index=234&type=chunk) Revenue Recognition Timing | Revenue Recognition Timing | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Over time | 438,676 | 452,535 | | At a point in time | 4,316 | 20,693 | | **Total** | **442,992** | **473,228** | - All of the Group's revenue is derived from China[237](index=237&type=chunk)[244](index=244&type=chunk) [Segment Information](index=44&type=section&id=Segment%20Information) Management reviews business operating results as a single operating segment for resource allocation, with all revenue and non-current assets located in China - Management reviews business operating results as a single operating segment to determine resource allocation, thus the chief operating decision-maker considers only one segment for strategic decisions[240](index=240&type=chunk)[241](index=241&type=chunk)[243](index=243&type=chunk) - As of June 30, 2025, all of the Group's revenue and non-current assets were located in China[242](index=242&type=chunk)[243](index=243&type=chunk) [Other Income and Losses](index=45&type=section&id=Other%20Income%20and%20Losses) Other income, primarily government grants and VAT deductions, decreased to RMB 818 thousand, while net other losses of RMB 1,190 thousand were recorded, mainly due to derecognition losses of subsidiaries and associates Other Income Breakdown | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Government grants | 721 | 1,141 | | VAT deductions | 97 | 213 | | **Total** | **818** | **1,354** | Other (Losses)/Gains, Net Breakdown | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Exchange losses | (33) | (894) | | Loss on derecognition of a subsidiary | (651) | — | | Loss on derecognition of an associate | (524) | — | | Others | 18 | 1,561 | | **Total** | **(1,190)** | **667** | [Finance Income and Costs](index=46&type=section&id=Finance%20Income%20and%20Costs) For the six months ended June 30, 2025, net finance income significantly decreased to RMB 401 thousand, primarily due to reduced interest income from loans Net Finance Income Breakdown | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | **Finance income** | | | | Interest income from bank deposits | 119 | 251 | | Interest income from loans | 711 | 9,378 | | **Finance costs** | | | | Interest expense on borrowings | (419) | (473) | | Interest expense on lease liabilities | (10) | (100) | | **Net finance income** | **401** | **9,056** | [Income Tax Expenses](index=46&type=section&id=Income%20Tax%20Expenses) Income tax expense for the six months ended June 30, 2025, was RMB 12,879 thousand, with a general corporate income tax rate of 25% in China, and no withholding tax accrued on undistributed earnings Income Tax Expense Breakdown | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current tax — China corporate income tax | 16,189 | 16,096 | | Deferred tax | (3,310) | (2,741) | | **Total** | **12,879** | **13,355** | - The general corporate income tax rate in China is **25%**, but Hangzhou Xier Technology Co., Ltd., as a high-tech enterprise, enjoys a preferential income tax rate of **15%**[256](index=256&type=chunk)[258](index=258&type=chunk) - The company has not accrued any withholding income tax on the undistributed earnings of its PRC subsidiaries, as there are no plans to distribute such earnings[257](index=257&type=chunk)[258](index=258&type=chunk) [Profit and Earnings Per Share](index=48&type=section&id=Profit%20and%20Earnings%20Per%20Share) For the six months ended June 30, 2025, profit attributable to owners of the company was approximately RMB 34,138 thousand, with basic and diluted earnings per share at RMB 0.039 - Profit for the period attributable to owners of the company was approximately **RMB 34,138 thousand**[263](index=263&type=chunk)[265](index=265&type=chunk) - Basic and diluted earnings per share were **RMB 0.039 per share**[263](index=263&type=chunk)[265](index=265&type=chunk) Profit for the Period Deductions | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Directors' emoluments | 1,113 | 1,797 | | Depreciation of property, plant and equipment and right-of-use assets | 2,027 | 5,394 | | Depreciation of investment properties | 3,476 | — | | Amortisation of intangible assets | 327 | 291 | | Loss on disposal/write-off of property, plant and equipment | 383 | 60 | [Property, Plant and Equipment and Investment Properties](index=49&type=section&id=Property%2C%20Plant%20and%20Equipment%20and%20Investment%20Properties) As of June 30, 2025, total property, plant and equipment and right-of-use assets were RMB 6,184 thousand, with new investment properties of RMB 135,574 thousand primarily from enforcing collateral Property, Plant and Equipment, Right-of-Use Assets (As of June 30, 2025) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Property, plant and equipment | 5,813 | 7,011 | | Right-of-use assets | 371 | 490 | | **Total** | **6,184** | **7,501** | - During the period, acquisitions of property, plant and equipment amounted to approximately **RMB 711 thousand**, and right-of-use assets to approximately **RMB 406 thousand**[267](index=267&type=chunk)[269](index=269&type=chunk) - As of June 30, 2025, investment properties amounted to **RMB 135,574 thousand**, primarily from enforcing **1,400 parking spaces** as collateral to offset part of the outstanding loans[268](index=268&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk) [Inventories](index=49&type=section&id=Inventories) As of June 30, 2025, total inventories significantly increased to RMB 123,097 thousand, mainly due to an increase in properties held for sale Inventories Breakdown (As of June 30, 2025) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Raw materials | 2,083 | 2,087 | | Finished goods | 2,810 | 3,276 | | Properties held for sale | 118,204 | 16,371 | | **Total** | **123,097** | **21,734** | [Trade and Other Receivables and Prepayments](index=50&type=section&id=Trade%20and%20Other%20Receivables%20and%20Prepayments) As of June 30, 2025, total trade and other receivables and prepayments were RMB 916,208 thousand, with trade receivables at RMB 506,357 thousand and other receivables at RMB 360,464 thousand Trade and Other Receivables and Prepayments (As of June 30, 2025) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade receivables (net) | 506,357 | 430,135 | | Other receivables (net) | 360,464 | 349,574 | | Prepayments | 43,999 | 50,918 | | Loans receivable (net) | 5,388 | 246,818 | | **Total** | **916,208** | **1,077,445** | Ageing Analysis of Trade Receivables (As of June 30, 2025) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | 0 to 180 days | 230,020 | 223,164 | | 181 to 365 days | 173,042 | 61,410 | | 1 to 2 years | 77,631 | 120,911 | | 2 to 3 years | 48,726 | 78,685 | | 3 to 4 years | 51,875 | 14,025 | | Over 4 years | 18,142 | 8,081 | | **Total** | **599,436** | **506,276** | - As of June 30, 2025, loans to third parties with a principal amount of approximately **RMB 5,388 thousand** were unsecured, bore interest at **10% per annum**, and were repayable within one year[278](index=278&type=chunk)[280](index=280&type=chunk) - During the period, the company exercised its right to realize collateral assets of **1,400 parking spaces** valued at **RMB 139,050 thousand** to offset part of the outstanding loans receivable[279](index=279&type=chunk)[280](index=280&type=chunk) [Trade and Other Payables](index=52&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were RMB 417,335 thousand, comprising trade payables of RMB 192,992 thousand and other payables of RMB 224,343 thousand Trade and Other Payables (As of June 30, 2025) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade payables | 192,992 | 195,442 | | Other payables | 224,343 | 213,795 | | **Total** | **417,335** | **409,237** | Ageing Analysis of Trade Payables (As of June 30, 2025) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 1 year | 177,727 | 185,353 | | After 1 year but within 2 years | 10,471 | 4,378 | | After 2 years but within 3 years | 350 | 3,504 | | Over 3 years | 4,444 | 2,207 | | **Total** | **192,992** | **195,442** | [Share Capital](index=53&type=section&id=Share%20Capital) As of June 30, 2025, issued and fully paid share capital comprised 917,881,000 shares with a par value of RMB 7,564 thousand, following the repurchase of 270,000 ordinary shares Share Capital Movement (As of June 30, 2025) | Item | Number of Ordinary Shares | Equivalent Amount (RMB '000) | | :--- | :--- | :--- | | At January 1, 2025 | 917,881,000 | 7,564 | | Repurchase and cancellation of shares | — | — | | At June 30, 2025 | 917,881,000 | 7,564 | - During the period ended June 30, 2025, the Group repurchased a total of **270,000 ordinary shares** listed on the Stock Exchange for a total consideration of approximately **RMB 210 thousand**[287](index=287&type=chunk) [Capital Commitments and Contingent Liabilities](index=54&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant capital commitments or contingent liabilities - As of June 30, 2025, the Group had **no significant capital commitments**[288](index=288&type=chunk)[291](index=291&type=chunk) - As of June 30, 2025, the Group had **no significant contingent liabilities**[289](index=289&type=chunk)[292](index=292&type=chunk) [Related Party Transactions](index=54&type=section&id=Related%20Party%20Transactions) The Group engages in various transactions with related parties, including Dexin China Group and entities controlled by Mr. Hu Yiping, with key management personnel remuneration totaling RMB 1,953 thousand - Key management personnel remuneration (including amounts paid to the company's directors and other key management personnel) amounted to **RMB 1,953 thousand**[296](index=296&type=chunk)[297](index=297&type=chunk) Significant Related Party Transactions (For the six months ended June 30, 2025) | Transaction Type | Related Party | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | :--- | | Provision of services | Dexin China Group and its joint ventures and associates | 19,659 | 17,184 | | Provision of services | Other entities controlled by Mr. Hu | — | 10,077 | | Lease expenses | Dexin China Group and its joint ventures and associates | — | 33 | Balances with Related Parties (As of June 30, 2025) | Item | Related Party | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | :--- | | Trade receivables | Dexin China Group and its joint ventures and associates | 114,992 | 105,500 | | Trade receivables | Other entities controlled by Mr. Hu | 4,691 | 5,514 | | Other receivables | Dexin China Group and its joint ventures and associates | 1,815 | 1,514 | | Other receivables | Other entities controlled by Mr. Hu | 13,597 | 13,867 | | Trade payables | Dexin China Group and its joint ventures and associates | 1,041 | 381 | | Other payables | Dexin China Group and its joint ventures and associates | 1,972 | 2,165 | | Other payables | Other entities controlled by Mr. Hu | 25 | 28 | | Contract liabilities | Dexin China Group and its joint ventures and associates | 567 | 835 | | Deposits paid for parking space rental and sales agency services | Dexin China Group and its joint ventures and associates | 250,000 | 250,000 | [Events After the Reporting Period](index=57&type=section&id=Events%20After%20the%20Reporting%20Period) On July 31, 2025, the Group's indirect wholly-owned subsidiary signed an equity transfer agreement to acquire 100% equity of Deqing Moganshan Ruijing Real Estate Co., Ltd. for RMB 78,000 thousand - On **July 31, 2025**, Dexin Shengquan Property Services Co., Ltd. and Shanghai Xiquan Commercial and Trading Co., Ltd. signed an equity transfer agreement to conditionally acquire **95% and 5% equity** of Deqing Moganshan Ruijing Real Estate Co., Ltd. for considerations of **RMB 74,100 thousand and RMB 3,900 thousand**, respectively[304](index=304&type=chunk)[306](index=306&type=chunk) - Deqing Moganshan Ruijing Real Estate Co., Ltd. is primarily engaged in **hotel operation and management** and providing catering services[304](index=304&type=chunk)[306](index=306&type=chunk)

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: 德信服务集团有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02215 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | 本月底法定/註冊股本 ...

Group 1 - The company, Dexin Services Group (02215), reported a revenue of 443 million RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 6.39% [1] - The profit attributable to shareholders was 34.138 million RMB, which is a year-on-year decline of 19.04% [1] - The basic earnings per share were 0.039 RMB [1]

Group 1 - The core viewpoint of the article is that Dexin Services Group (02215) reported a decline in both revenue and profit for the six months ending June 30, 2025 [1] Group 2 - The company's revenue for the period was 443 million RMB, representing a year-on-year decrease of 6.39% [1] - The profit attributable to shareholders was 34.138 million RMB, which is a year-on-year decrease of 19.04% [1] - The basic earnings per share were 0.039 RMB [1]

Core Insights - Dexin Services Group (02215.HK) reported a revenue of approximately RMB 443.0 million for the six months ending June 30, 2025, representing a decline of 6.4% compared to RMB 473.2 million for the same period in 2024 [1] - The gross profit margin for the reporting period was 21.3%, a slight decrease of 0.2% from 21.5% in the mid-2024 period [1] - The profit for the period was approximately RMB 34.6 million, down 18.6% from RMB 42.5 million in the mid-2024 period [1] Operational Metrics - As of June 30, 2025, the total managed building area was 38.3 million square meters, a decrease of 3.2% compared to June 30, 2024 [1] - The contracted building area was 41.4 million square meters, reflecting a year-on-year decline of 7.7% [1]

[Financial Summary](index=1&type=section&id=Financial%20Summary) [Key Financial and Operational Highlights](index=1&type=section&id=Key%20Financial%20and%20Operational%20Highlights) Dexin Services Group Co., Ltd. faced challenges in the first half of 2025, with declines in revenue, profit, and gross margin, alongside decreases in GFA under management and contracted GFA, and no interim dividend recommended Key Financial and Operational Data for H1 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 443.0 | 473.2 | -6.4% | | Gross Profit | 94.4 | 101.5 | -7.0% | | Gross Margin | 21.3% | 21.5% | -0.2% | | Profit | 34.6 | 42.5 | -18.6% | | Basic EPS | RMB 0.039 | RMB 0.045 | -13.3% | | GFA Under Management (million sq.m.) | 38.3 | 39.6 | -3.2% | | Contracted GFA (million sq.m.) | 41.4 | 44.8 | -7.7% | | Interim Dividend | None | None | - | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group experienced declines in both revenue and profit in H1 2025, primarily due to increased cost of sales, net other losses, and a significant reduction in finance income, resulting in an **18.6%** year-on-year decrease in profit for the period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 442,992 | 473,228 | -6.4% | | Cost of sales | (348,579) | (371,697) | -6.2% | | Gross profit | 94,413 | 101,531 | -7.0% | | Other income | 818 | 1,354 | -39.6% | | Net other (losses) / gains | (1,190) | 667 | -278.4% | | Selling and marketing expenses | (2,158) | (5,908) | -63.5% | | Administrative expenses | (31,698) | (39,748) | -20.2% | | Impairment loss on trade and other receivables | (13,239) | (10,964) | 20.8% | | Operating profit | 47,122 | 46,783 | 0.7% | | Net finance income | 401 | 9,056 | -95.6% | | Profit before tax | 47,523 | 55,839 | -14.9% | | Income tax expense | (12,879) | (13,355) | -3.6% | | Profit and total comprehensive income for the period | 34,644 | 42,484 | -18.6% | | Profit attributable to owners of the Company | 34,138 | 42,169 | -19.0% | | Basic earnings per share (RMB) | 0.039 | 0.045 | -13.3% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets slightly decreased, and net current assets declined, but total assets less current liabilities and net assets both increased, indicating financial stability Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 177,335 | 39,747 | 346.1% | | Current assets | 1,210,915 | 1,301,360 | -7.0% | | Current liabilities | 653,348 | 640,874 | 2.0% | | Net current assets | 557,567 | 660,486 | -15.6% | | Total assets less current liabilities | 734,902 | 700,233 | 4.9% | | Non-current liabilities | 10,135 | 10,000 | 1.3% | | Net assets | 724,767 | 690,233 | 5.0% | | Total equity | 724,767 | 690,233 | 5.0% | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [General Information and Accounting Policies](index=6&type=section&id=General%20Information%20and%20Accounting%20Policies) Dexin Services Group Co., Ltd. was incorporated in the Cayman Islands in 2020, listed on the HKEX in 2021, and primarily provides property management and value-added services in China; this period's financial statements adopt 2024 accounting policies and new HKFRS effective January 1, 2025, without significant changes - The Company was incorporated in the Cayman Islands on October 22, 2020, and listed on the Main Board of the Hong Kong Stock Exchange on July 15, 2021[9](index=9&type=chunk) - The Group is primarily engaged in providing property management services, non-owner value-added services, and community value-added services in China[9](index=9&type=chunk) - The adoption of new and revised Hong Kong Financial Reporting Standards in the current period did not result in significant changes to accounting policies, financial statement presentation, or reported amounts[11](index=11&type=chunk) [Revenue Breakdown](index=7&type=section&id=Revenue%20Breakdown) The Group's total revenue for H1 2025 was **RMB 443.0 million**, a **6.4%** year-on-year decrease, with property management services remaining the primary source, but non-owner and community value-added services revenue significantly declined Revenue by Service Type (For the six months ended June 30) | Service Type | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Property management services | 408,417 | 413,438 | -1.2% | | Non-owner value-added services | 13,813 | 19,835 | -30.4% | | Community value-added services | 20,762 | 39,955 | -48.0% | | **Total** | **442,992** | **473,228** | **-6.4%** | Revenue by Timing of Recognition (For the six months ended June 30) | Timing of Recognition | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Over time | 438,676 | 452,535 | -3.0% | | At a point in time | 4,316 | 20,693 | -79.1% | | **Total** | **442,992** | **473,228** | **-6.4%** | - All of the Group's revenue is derived from China[14](index=14&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) Management reviews the Group's business operations as a single operating segment, with all revenue and non-current assets located in China - The Group is primarily engaged in providing property management services, community value-added services, and non-owner value-added services, which management reviews as a single operating segment[16](index=16&type=chunk) - All of the Group's revenue and non-current assets are located in China[16](index=16&type=chunk)[17](index=17&type=chunk) [Other Income and Expenses](index=8&type=section&id=Other%20Income%20and%20Expenses) The Group's other income, primarily from government grants, decreased in H1 2025, while net other losses significantly increased due to losses from derecognizing subsidiaries and associates Other Income (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Government grants | 721 | 1,141 | -36.9% | | VAT deductions | 97 | 213 | -54.4% | | **Total** | **818** | **1,354** | **-39.6%** | Net Other (Losses) / Gains (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Exchange losses | (33) | (894) | -96.3% | | Loss on derecognition of a subsidiary | (651) | — | - | | Loss on derecognition of an associate | (524) | — | - | | Others | 18 | 1,561 | -98.8% | | **Total** | **(1,190)** | **667** | **-278.4%** | [Net Finance Income](index=9&type=section&id=Net%20Finance%20Income) The Group's net finance income significantly decreased by **95.6%** in H1 2025, primarily due to a sharp reduction in interest income from loans Net Finance Income (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest income from bank deposits | 119 | 251 | -52.6% | | Interest income from loans | 711 | 9,378 | -92.4% | | Interest expense on borrowings | (419) | (473) | -11.4% | | Interest expense on lease liabilities | (10) | (100) | -90.0% | | **Net finance income** | **401** | **9,056** | **-95.6%** | [Income Tax Expense](index=9&type=section&id=Income%20Tax%20Expense) The Group's income tax expense slightly decreased in H1 2025, mainly due to deferred tax, with the Company exempt in Cayman Islands and BVI, while mainland China operations are taxed at applicable rates, and some high-tech enterprises enjoy a **15%** preferential rate Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Current tax | 16,189 | 16,096 | 0.6% | | Deferred tax | (3,310) | (2,741) | 20.7% | | **Total** | **12,879** | **13,355** | **-3.6%** | - The Company is exempt from income tax in the Cayman Islands and British Virgin Islands, and its Hong Kong operations have no assessable profits[21](index=21&type=chunk)[22](index=22&type=chunk) - The general corporate income tax rate in mainland China is **25%**, while high-tech enterprises, such as Hangzhou Xier Technology Co., Ltd., enjoy a **15%** preferential tax rate[23](index=23&type=chunk) [Profit and Total Comprehensive Income for the Period](index=10&type=section&id=Profit%20and%20Total%20Comprehensive%20Income%20for%20the%20Period) The Group's profit for the period is accounted for after deducting various expenses, including significant changes in directors' remuneration and depreciation of property, plant, and equipment Profit Deductions for the Period (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Directors' remuneration | 1,113 | 1,797 | -38.1% | | Depreciation of property, plant and equipment and right-of-use assets | 2,027 | 5,394 | -62.5% | | Depreciation of investment properties | 3,476 | — | - | | Amortisation of intangible assets | 327 | 291 | 12.4% | | Loss on disposal of property, plant and equipment / write-off of property, plant and equipment | 383 | 60 | 538.3% | [Dividends and Earnings Per Share](index=10&type=section&id=Dividends%20and%20Earnings%20Per%20Share) The Board does not recommend an interim dividend for H1 2025, and basic earnings per share were **RMB 0.039**, a **13.3%** year-on-year decrease - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024 interim: none)[25](index=25&type=chunk) Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (RMB thousand) | 34,138 | 42,169 | -19.0% | | Weighted average number of ordinary shares in issue (thousand shares) | 882,554 | 930,360 | -5.1% | | Basic earnings per share (RMB) | 0.039 | 0.045 | -13.3% | - Diluted loss per share is not presented as the Company has no outstanding potential ordinary shares[26](index=26&type=chunk) [Trade and Other Receivables and Prepayments](index=11&type=section&id=Trade%20and%20Other%20Receivables%20and%20Prepayments) As of June 30, 2025, total trade and other receivables and prepayments were **RMB 916.2 million**, a **15%** decrease from year-end 2024, with increased impairment provisions for trade receivables and loans reflecting credit risk from the real estate downturn Trade and Other Receivables and Prepayments (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables (net of impairment) | 506,357 | 430,135 | 17.7% | | Other receivables (net of impairment) | 360,464 | 349,574 | 3.1% | | Prepayments | 43,999 | 50,918 | -13.6% | | Loans receivable (net of impairment) | 5,388 | 246,818 | -97.8% | | **Total** | **916,208** | **1,077,445** | **-15.0%** | Ageing Analysis of Trade Receivables (As of June 30) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | 0 to 180 days | 230,020 | 223,164 | 3.1% | | 181 to 365 days | 173,042 | 61,410 | 181.8% | | 1 to 2 years | 77,631 | 120,911 | -35.8% | | 2 to 3 years | 48,726 | 78,685 | -38.0% | | 3 to 4 years | 51,875 | 14,025 | 269.9% | | Over 4 years | 18,142 | 8,081 | 124.5% | | **Total** | **599,436** | **506,276** | **18.4%** | - Due to the borrower's failure to repay loans, the Company realized **RMB 139.05 million** from mortgaged parking spaces and acquired properties to offset the remaining **RMB 99.04 million** in loans[29](index=29&type=chunk) [Trade and Other Payables](index=13&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables were **RMB 417.3 million**, a slight increase of **2.0%** from year-end 2024 Trade and Other Payables (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 192,992 | 195,442 | -1.2% | | Other payables | 224,343 | 213,795 | 4.9% | | **Total** | **417,335** | **409,237** | **2.0%** | Ageing Analysis of Trade Payables (As of June 30) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within 1 year | 177,727 | 185,353 | -4.1% | | 1 to 2 years | 10,471 | 4,378 | 139.2% | | 2 to 3 years | 350 | 3,504 | -90.0% | | Over 3 years | 4,444 | 2,207 | 101.4% | | **Total** | **192,992** | **195,442** | **-1.2%** | [Share Capital and Repurchases](index=14&type=section&id=Share%20Capital%20and%20Repurchases) As of June 30, 2025, the Company's issued and fully paid share capital comprised **917,881,000 shares** with a par value of **RMB 7,564 thousand**; during the period, the Company repurchased **270,000 shares** for a total consideration of **HKD 205,200** Issued and Fully Paid Share Capital (As of June 30) | Date | Number of Ordinary Shares (shares) | Par Value of Ordinary Shares (HKD) | Equivalent Amount (RMB thousand) | | :--- | :--- | :--- | :--- | | January 1, 2024 | 937,308,000 | 9,373,080 | 7,738 | | Shares repurchased and cancelled | (19,427,000) | (194,270) | (174) | | December 31, 2024 and January 1, 2025 | 917,881,000 | 9,178,810 | 7,564 | | June 30, 2025 | 917,881,000 | 9,178,810 | 7,564 | - For the period ended June 30, 2025, the Group repurchased a total of **270,000 ordinary shares** listed on the Stock Exchange for a total consideration of approximately **RMB 210,000**[34](index=34&type=chunk) [Events After Reporting Period](index=14&type=section&id=Events%20After%20Reporting%20Period) Subsequent to the reporting period, the Group, through its wholly-owned subsidiary, entered into an agreement to acquire **100% equity** in Deqing Moganshan Ruijing Real Estate Co., Ltd., primarily engaged in hotel operations and management, for **RMB 78 million** - On July 31, 2025, a subsidiary of the Group agreed to acquire **95% and 5% equity** in Deqing Moganshan Ruijing Real Estate Co., Ltd. for **RMB 78 million**[33](index=33&type=chunk) - Deqing Moganshan is primarily engaged in hotel operations and management, as well as providing catering services[33](index=33&type=chunk) - As of the date of this announcement, the transaction has not yet been completed[33](index=33&type=chunk) [Chairman's Report](index=15&type=section&id=Chairman's%20Report) [Industry Landscape and Company Performance](index=15&type=section&id=Industry%20Landscape%20and%20Company%20Performance) In H1 2025, as the property industry entered a new phase of "quality and efficiency restructuring," Dexin Services Group advanced against the trend, ranking **19th** among "China's Top 100 Property Service Enterprises" for the **12th consecutive year**, demonstrating resilience and vitality with multiple accolades - The property management industry is rapidly entering a new phase of "quality and efficiency restructuring," with cooling M&A activity and a surge in project exits and residential fee reductions[35](index=35&type=chunk) - Dexin Services has been recognized by China Index Academy as one of "China's Top 100 Property Service Enterprises" for **12 consecutive years**, with its ranking rising to **19th**[35](index=35&type=chunk) - The Group also received honors such as "Top 100 Comprehensive Strength Chinese Property Enterprises" and "Top 30 East China Property Enterprises"[35](index=35&type=chunk) [Strategic Expansion and Diversification](index=15&type=section&id=Strategic%20Expansion%20and%20Diversification) The Group focuses on deep cultivation in regional markets, expands high-quality second-hand residential projects, continuously diversifies into non-residential sectors, successfully bid for public construction projects like Hangzhou Xiaoshan Youth Palace, and deepens joint ventures with state-owned enterprises - The Group insists on expanding quality second-hand residential projects, forming a virtuous expansion model of "management benchmark demonstration—local reputation building—stock market competition"[36](index=36&type=chunk) - In the first half of the year, the Group successfully bid for key public construction projects such as Hangzhou Xiaoshan Youth Palace and customized intelligent operation and management solutions[36](index=36&type=chunk) - The Group deepened cooperation with Quzhou Jiaotou, a state-owned enterprise controlled by Quzhou SASAC in Zhejiang, taking over projects like Quzhou East Bus Station and the Science and Education Industrial Park canteen, expanding into transportation hubs and canteen catering sectors[37](index=37&type=chunk) - Professional service brand Shengjie Environment successfully bid for multiple landscaping maintenance projects, including Hangzhou Fuyang Sports Center[37](index=37&type=chunk) [Service Innovation and Digital Transformation](index=16&type=section&id=Service%20Innovation%20and%20Digital%20Transformation) The Group prioritizes service, enhancing satisfaction through customer visits and quality improvement initiatives, enriching residential home services, and launching a high-end commercial property service brand in the non-residential sector; concurrently, it actively promotes green and technological transformation, implements smart service scenarios, and strengthens digitalization for operational management decisions - Adhering to the "Good House, Good Community, Good Life" philosophy, the Group completed **1,929 community upgrade projects** through customer home visits and the "Zhi Ji Song Chun Feng" quality improvement initiative[38](index=38&type=chunk) - The residential home service system has been enriched to include in-home cleaning, plumbing and electrical repairs, and pet feeding; in the non-residential sector, the high-end commercial property service brand "Shi Pu Lian Hang" has been launched[38](index=38&type=chunk) - Promoting green and technological transformation, the Group has implemented smart service scenarios such as cleaning robots, smart delivery robots, and smart inspection systems in commercial office buildings and industrial parks[39](index=39&type=chunk) - The Hangzhou Dexin Center rooftop photovoltaic renovation project has been completed, expected to generate **700,000 kWh** annually and reduce carbon emissions by **700 tons**[39](index=39&type=chunk) - Strengthening digitalization, the Group integrated an employee digital portal to enhance agile response to emergencies and achieved data-driven management and full-lifecycle cash flow monitoring through business-finance integration[41](index=41&type=chunk) [Organizational Development and Future Outlook](index=17&type=section&id=Organizational%20Development%20and%20Future%20Outlook) The Group values employee care and development, fostering a "Zhi Ji" culture through the "Blue Ribbon" fund and star butler certification system, while enhancing efficiency through organizational reform, cost reduction, and risk compliance; looking ahead, the Company will focus on core capabilities, refine products, reasonably reduce costs, and seize opportunities from AI technology - The Group regards employees as valuable resources, caring for frontline service personnel through the "Blue Ribbon" fund and emphasizing employee development rights, encouraging learning through systems like the star butler certification[40](index=40&type=chunk) - Organizational reform is being carried out with a focus on "lean headquarters, strong frontline" to streamline hierarchy, enable rapid decision-making, and prioritize cost reduction and efficiency improvement, with pilot project cloud warehouses achieving efficient operation[40](index=40&type=chunk) - In the future, the Group will leverage its flexibility as a private enterprise to build core capabilities, refine products, reasonably reduce costs and enhance efficiency, and seize opportunities presented by the AI technology revolution[42](index=42&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) [Overview and Financial Review](index=19&type=section&id=Overview%20and%20Financial%20Review) Dexin Services, a leading integrated property management service provider in Zhejiang Province, maintained stable operations in H1 2025, but total revenue decreased by **6.4%** year-on-year, primarily due to declines in non-owner and community value-added services revenue - Dexin Services was recognized by China Index Academy as a TOP **19** China Property Service Hundred Enterprises in 2025[43](index=43&type=chunk) - The Group's main businesses include property management services, non-owner value-added services, and community value-added services[43](index=43&type=chunk) Revenue Breakdown by Business Line (For the six months ended June 30) | Business Line | 2025 (RMB thousand) | % of Total | 2024 (RMB thousand) | % of Total | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Property management services | 408,417 | 92.2% | 413,438 | 87.4% | -1.2% | | Non-owner value-added services | 13,813 | 3.1% | 19,835 | 4.2% | -30.4% | | Community value-added services | 20,762 | 4.7% | 39,955 | 8.4% | -48.0% | | **Total** | **442,992** | **100.0%** | **473,228** | **100.0%** | **-6.4%** | [Property Management Services](index=20&type=section&id=Property%20Management%20Services) Property management services revenue decreased by **1.2%** year-on-year to **RMB 408.4 million**, with GFA under management declining by **3.2%** to **38.3 million sq.m.**, primarily due to project structure optimization, and independent third-party developed properties accounting for the largest share of GFA under management - Property management services revenue was approximately **RMB 408.4 million**, a **1.2%** year-on-year decrease[46](index=46&type=chunk) - Total GFA under management was approximately **38.3 million sq.m.**, a **3.2%** year-on-year decrease, primarily due to the Company optimizing its project structure to retain high-quality projects[46](index=46&type=chunk) Contracted GFA and GFA Under Management (As of June 30) | Indicator | 2025 (thousand sq.m.) | 2024 (thousand sq.m.) | Change (%) | | :--- | :--- | :--- | :--- | | Contracted GFA at period-end | 41,417 | 44,851 | -7.7% | | GFA under management at period-end | 38,291 | 39,563 | -3.2% | Total GFA Under Management and Revenue by Property Type (As of June 30) | Property Type | 2025 GFA (thousand sq.m.) | 2025 Revenue (RMB thousand) | 2024 GFA (thousand sq.m.) | 2024 Revenue (RMB thousand) | | :--- | :--- | :--- | :--- | | Properties developed by Dexin Group | 13,638 | 151,948 | 13,793 | 149,198 | | Jointly developed properties | 4,383 | 60,058 | 4,693 | 61,398 | | Independent third-party properties | 20,270 | 196,411 | 21,077 | 202,842 | | **Total** | **38,291** | **408,417** | **39,563** | **413,438** | Total GFA Under Management and Revenue by Region (As of June 30) | Region | 2025 GFA (thousand sq.m.) | 2025 Revenue (RMB thousand) | 2024 GFA (thousand sq.m.) | 2024 Revenue (RMB thousand) | | :--- | :--- | :--- | :--- | | Zhejiang Province | 26,170 | 295,602 | 26,064 | 304,742 | | Yangtze River Delta Region (excluding Zhejiang Province) | 7,169 | 69,881 | 8,439 | 67,885 | | Other regions | 4,952 | 42,934 | 5,060 | 40,811 | | **Total** | **38,291** | **408,417** | **39,563** | **413,438** | Total GFA Under Management and Revenue by Property Type (As of June 30) | Property Type | 2025 GFA (thousand sq.m.) | 2025 Revenue (RMB thousand) | 2024 GFA (thousand sq.m.) | 2024 Revenue (RMB thousand) | | :--- | :--- | :--- | :--- | | Residential properties | 31,139 | 300,403 | 30,405 | 283,945 | | Non-residential properties | 7,152 | 108,014 | 9,158 | 129,493 | | **Total** | **38,291** | **408,417** | **39,563** | **413,438** | [Non-Owner Value-Added Services](index=23&type=section&id=Non-Owner%20Value-Added%20Services) Non-owner value-added services revenue decreased by **30.4%** year-on-year to **RMB 13.8 million**, primarily due to the ongoing downturn in the real estate industry, leading to a significant reduction in sales venue services revenue - Non-owner value-added services revenue was approximately **RMB 13.8 million**, a **30.4%** year-on-year decrease, primarily due to the continuous downturn in the real estate industry and decreasing service demand from partner property developers[54](index=54&type=chunk) Non-Owner Value-Added Services Revenue Breakdown (For the six months ended June 30) | Service Type | 2025 Revenue (RMB thousand) | % of Total | 2024 Revenue (RMB thousand) | % of Total | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Sales venue services | 3,720 | 26.9% | 13,147 | 66.3% | -71.7% | | Pre-delivery inspection services | 6,934 | 50.2% | 4,735 | 23.9% | 46.4% | | Property inspection and repair services | 1,121 | 8.1% | 1,623 | 8.1% | -30.9% | | Commercial consulting services | 2,038 | 14.8% | 330 | 1.7% | 517.6% | | **Total** | **13,813** | **100.0%** | **19,835** | **100.0%** | **-30.4%** | [Community Value-Added Services](index=24&type=section&id=Community%20Value-Added%20Services) Community value-added services revenue sharply decreased by **48.0%** year-on-year to **RMB 20.8 million**, primarily due to significant reductions in smart community solutions, home beautification services, and community retail and home services revenue, reflecting fewer property delivery projects and intensified market competition - Community value-added services revenue was approximately **RMB 20.8 million**, a **48.0%** year-on-year decrease[56](index=56&type=chunk) Community Value-Added Services Revenue Breakdown (For the six months ended June 30) | Service Type | 2025 Revenue (RMB thousand) | % of Total | 2024 Revenue (RMB thousand) | % of Total | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Smart community solutions | 1,792 | 8.6% | 9,380 | 23.5% | -80.9% | | Property sales and co-sales services | 366 | 1.8% | 507 | 1.3% | -27.8% | | Community resource value-added services | 13,556 | 65.2% | 13,892 | 34.8% | -2.4% | | Club services | 957 | 4.6% | 815 | 2.0% | 17.4% | | Home beautification services | 342 | 1.7% | 1,482 | 3.7% | -76.9% | | Community retail and home services | 3,749 | 18.1% | 13,879 | 34.7% | -73.0% | | **Total** | **20,762** | **100.0%** | **39,955** | **100.0%** | **-48.0%** | - The decline in smart community solutions revenue is primarily due to a significant decrease in property delivery projects, leading to a corresponding drop in demand[57](index=57&type=chunk) - The decrease in home beautification services revenue is mainly due to the continuous downturn in the real estate market and a significant reduction in delivered projects[59](index=59&type=chunk) - The decline in community retail and home services revenue is primarily attributed to insufficient strategic positioning and resource allocation, decreased business development capabilities, and intense market competition in the retail sector[59](index=59&type=chunk) [Cost of Sales, Gross Profit and Gross Margin](index=25&type=section&id=Cost%20of%20Sales%2C%20Gross%20Profit%20and%20Gross%20Margin) Cost of sales decreased by **6.2%** year-on-year to **RMB 348.6 million**, gross profit declined by **7.0%** to **RMB 94.4 million**, and gross margin slightly decreased by **0.2%** to **21.3%**; gross margins for non-owner and community value-added services significantly increased, primarily due to personnel restructuring and cost control - Cost of sales was **RMB 348.6 million**, a **6.2%** year-on-year decrease, primarily due to a corresponding decline in costs as business service revenue decreased[60](index=60&type=chunk) - Gross profit was **RMB 94.4 million**, a **7.0%** year-on-year decrease; gross margin was **21.3%**, a **0.2%** year-on-year decrease[61](index=61&type=chunk) Gross Margin by Business Segment (For the year ended June 30) | Business Segment | 2025 Gross Margin (%) | 2024 Gross Margin (%) | Change (%) | | :--- | :--- | :--- | :--- | | Property management services | 19.1% | 19.4% | -0.3% | | Non-owner value-added services | 26.4% | 19.2% | 7.2% | | Community value-added services | 62.3% | 44.0% | 18.3% | | **Total** | **21.3%** | **21.5%** | **-0.2%** | - Gross margin for non-owner value-added services increased by **7.2%**, and for community value-added services by **18.3%**, primarily due to personnel restructuring and reduced labor costs[63](index=63&type=chunk) [Operating Expenses and Profitability](index=26&type=section&id=Operating%20Expenses%20and%20Profitability) Other income decreased, and net other losses increased; selling and marketing expenses and administrative expenses both significantly declined, but impairment loss on trade and other receivables increased, while net finance income sharply reduced, leading to an **18.6%** year-on-year decrease in net profit for the period - Other income decreased by **39.6%** to **RMB 0.8 million**, primarily due to a decline in government grant income[64](index=64&type=chunk) - Net other losses were **RMB 1.2 million** (H1 2024: net gains of **RMB 0.7 million**), primarily due to losses from derecognizing subsidiaries and associates[65](index=65&type=chunk) - Selling and marketing expenses decreased by **63.5%** to **RMB 2.2 million**, mainly due to the scaling down of non-owner value-added services and community value-added services businesses[66](index=66&type=chunk) - Administrative expenses decreased by **20.2%** to **RMB 31.7 million**, primarily due to organizational restructuring and optimized staffing[67](index=67&type=chunk) - Impairment loss on trade and other receivables increased by **20.8%** to **RMB 13.2 million**, primarily due to increased credit risk from the ongoing downturn in the real estate industry[68](index=68&type=chunk) - Net finance income decreased by **95.6%** to **RMB 0.4 million**, mainly because there was no interest income from loans provided to third parties in the current period[69](index=69&type=chunk) - Net profit for the period was **RMB 34.6 million**, an **18.6%** year-on-year decrease; net profit margin was **7.8%**, a **1.2%** year-on-year decrease[71](index=71&type=chunk) - Basic and diluted earnings per share were **RMB 0.039** per share[72](index=72&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the Group's cash and cash equivalents decreased by **16.1%** to **RMB 169.6 million**, with a current ratio of **1.9 times** and a gearing ratio of **0.01**, indicating a stable financial position - Cash and cash equivalents were **RMB 169.6 million**, a **16.1%** decrease compared to December 31, 2024[75](index=75&type=chunk) - The current ratio (current assets / current liabilities) was **1.9 times** (December 31, 2024: **2.0 times**)[75](index=75&type=chunk) - Borrowings were **RMB 10.0 million** (December 31, 2024: **RMB 17.0 million**), and the gearing ratio was **0.01** (December 31, 2024: **0.02**)[75](index=75&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) [Risk Management and Commitments](index=29&type=section&id=Risk%20Management%20and%20Commitments) The Group's operations are primarily denominated in RMB, with foreign exchange risk managed by closely monitoring exchange rate fluctuations; as of the reporting period, there were no capital commitments, financial guarantees, or other significant contingent liabilities - The vast majority of the Group's income and expenses are denominated in RMB, and foreign exchange risk is managed by closely monitoring exchange rate fluctuations[76](index=76&type=chunk) - As of June 30, 2025, the Group had no contracted capital commitments for which no provision had been made[77](index=77&type=chunk) - As of June 30, 2025, the Company, its subsidiaries, and associates had not provided any financial guarantees, guarantees for loans, or mortgages, nor did they have any other significant contingent liabilities[78](index=78&type=chunk) [Significant Investments and Subsequent Events](index=29&type=section&id=Significant%20Investments%20and%20Subsequent%20Events) During the reporting period, the Group disposed of a **49% stake** in Shandong Land Group (Heze) Dexin Asset Operation Co., Ltd., realizing **RMB 0.52 million**; subsequent to the period, the Group plans to use net proceeds from the global offering to acquire **100% equity** in Deqing Moganshan Ruijing Real Estate Co., Ltd. to expand business scale and diversify - During the reporting period, the Group disposed of a **49% stake** in Shandong Land Group (Heze) Dexin Asset Operation Co., Ltd., realizing **RMB 0.52 million**[79](index=79&type=chunk) - The Group intends to use part of the net proceeds from the listing to acquire property management companies to expand its business scale and market share[80](index=80&type=chunk) - On July 31, 2025, a subsidiary of the Group agreed to acquire **100% equity** in Deqing Moganshan Ruijing Real Estate Co., Ltd., primarily engaged in hotel operations and management, for **RMB 78 million**[81](index=81&type=chunk) - This acquisition will utilize **HKD 82.4 million** (approximately **RMB 75.0 million**) from the unutilized net proceeds of the global offering, with the remainder funded by internal resources[81](index=81&type=chunk) [Employees and Remuneration Policy](index=30&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **2,770 employees**, with total staff costs of **RMB 124.8 million** for H1; the Company underwent organizational reform, optimized its structure, and established a comprehensive remuneration and multi-level training system to enhance service quality and organizational efficiency - As of June 30, 2025, the Group's total number of employees remained at **2,770**, with total staff costs for the first half of the year amounting to **RMB 124.8 million**[83](index=83&type=chunk) - In 2025, the Group underwent organizational reform, merging Jiangsu, Shanghai, and Anhui city companies to form the Su-Hu-Wan Regional Company and establishing a new Zhengzhou city company to optimize organizational structure and enhance operational efficiency[83](index=83&type=chunk) - The Group's remuneration system comprehensively considers local salary levels, industry trends, economic inflation, company operational efficiency, and individual employee performance, while providing comprehensive social insurance coverage[84](index=84&type=chunk) - The Group has established a comprehensive, multi-level, and multi-dimensional training system covering the entire employee career cycle, including the "Reserve Project Manager Training Program" and "New Torchbearer Management Trainee Program," and implemented a "Star Butler Certification" system[85](index=85&type=chunk)[86](index=86&type=chunk) [Share Option Scheme and Use of Proceeds](index=32&type=section&id=Share%20Option%20Scheme%20and%20Use%20of%20Proceeds) The Company adopted a share option scheme in 2021, but no options have been granted, exercised, cancelled, or lapsed since its adoption; the use of net proceeds from the global offering has been revised, with some allocated to loans for business partners, and remaining funds planned for business expansion and IT investments, with the expected utilization period extended to June 2026 - The Company adopted a share option scheme on June 21, 2021, but no share options have been granted, exercised, cancelled, or lapsed since its adoption date[87](index=87&type=chunk) - The net proceeds from the global offering were originally **HKD 763.5 million**, with approximately **65.0%** intended for expanding business scale and market share[88](index=88&type=chunk) - The Company previously provided a loan of up to **RMB 315 million** to business partner Hangzhou Ruiyang Supply Chain Management Co., Ltd., with part repaid and the remainder offset by realizing mortgaged assets and acquiring properties[89](index=89&type=chunk)[90](index=90&type=chunk) - As of December 31, 2024, unutilized net proceeds from the global offering amounted to approximately **HKD 138.0 million**, with **HKD 82.4 million** intended for business expansion and **HKD 55.6 million** for information technology investments[91](index=91&type=chunk) - The Directors believe that the acquisition of **100% equity** in Deqing Moganshan Ruijing Real Estate Co., Ltd. aligns with the intended use of proceeds for business expansion and diversification[92](index=92&type=chunk) - The expected timetable for all utilized net proceeds has been extended to on or before June 2026[92](index=92&type=chunk) Use of Net Proceeds from Global Offering and Revised Status (As of June 30, 2025) | Use of Proceeds | IPO Plan (HKD million) | Revised Allocation Dec 16, 2022 (HKD million) | Unutilized Jan 1, 2025 (HKD million) | Utilized During Period (HKD million) | Unutilized June 30, 2025 (HKD million) | Expected Timetable | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Expand business scale and market share | 496.0 | 83.7 | 82.4 | 0 | 82.4 | Before June 2026 | | Diversify and expand service offerings | 76.4 | 7.1 | 0 | 0 | 0 | N/A | | Invest in information technology and internal management systems | 76.4 | 70.2 | 55.6 | 0.6 | 55.0 | Before June 2026 | | Improve human resource management | 38.3 | 12.7 | 0 | 0 | 0 | N/A | | Working capital and general corporate purposes | 76.4 | 7.5 | 0 | 0 | 0 | N/A | | Loans to borrowers | N/A | 342.9 | 0 | 0 | 0 | N/A | | **Total** | **763.5** | **524.1** | **138.0** | **0.6** | **137.4** | | [Corporate Governance and Compliance](index=36&type=section&id=Corporate%20Governance%20and%20Compliance) The Board does not recommend an interim dividend, and the Company repurchased **270,000 shares** during the period; the Group is committed to maintaining high corporate governance standards, complying with the Corporate Governance Code and the Model Code for Securities Transactions by Directors, and its financial statements have been reviewed by the Audit Committee - The Board does not recommend the payment of any interim dividend for the reporting period (H1 2024: none)[94](index=94&type=chunk) - During the reporting period, the Company repurchased a total of **270,000 shares** on the Stock Exchange for a total consideration of **HKD 205,200**[95](index=95&type=chunk)[96](index=96&type=chunk) - The Company has complied with all applicable code provisions set out in the Corporate Governance Code[97](index=97&type=chunk) - All Directors confirm that they have complied with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period[98](index=98&type=chunk) - The Company's Audit Committee has reviewed the accounting principles and policies adopted by the Group and discussed internal controls and financial reporting matters for the reporting period[99](index=99&type=chunk)