Financial Performance - The contracted sales amount for the year ended December 31, 2025, was approximately RMB 160.6 million, representing a decrease of about 26.3% year-on-year[2]. - The group's revenue for the reporting period was approximately RMB 152.9 million, with property development revenue accounting for approximately RMB 151.6 million[2]. - The gross loss for the group during the reporting period was approximately RMB 63.3 million, with a gross loss from property development of approximately RMB 64.6 million[2]. - The net loss for the group was approximately RMB 271.6 million, with the loss attributable to equity holders of the parent company being approximately RMB 271.3 million[2]. - Revenue from customer contracts decreased to RMB 151,596,000 in 2025 from RMB 1,197,272,000 in 2024, indicating a significant decline in business performance[22]. - Total rental income from investment properties was RMB 152,898,000 in 2025, down from RMB 1,198,596,000 in 2024[22]. - The pre-tax loss for 2025 is RMB 271,250 thousand, compared to a loss of RMB 162,190 thousand in 2024[34]. - The total income tax expense for 2025 is a credit of RMB 25,640 thousand, compared to an expense of RMB 1,741 thousand in 2024[31]. - The company reported a total of RMB 98,947 thousand in cost of sold properties for 2025, down from RMB 1,018,339 thousand in 2024[26]. - The total loss and comprehensive income for the period increased by about 109.7% to approximately RMB 274.0 million from RMB 130.7 million in the previous year[100]. Assets and Liabilities - The total assets less current liabilities amounted to approximately RMB 1,104.1 million[7]. - The net asset value of the company was approximately RMB 953.3 million at the end of the reporting period[7]. - The company has outstanding loans totaling approximately RMB 2,263,280,000 that are classified as current liabilities due to cross-default conditions triggered by unpaid loans[13]. - The net current liabilities as of December 31, 2025, were RMB 1,254,292,000, indicating potential liquidity issues[58]. - The total bank and other borrowings as of December 31, 2025, were RMB 2,617,696,000, down from RMB 2,730,496,000 in 2024[52]. - The capital debt ratio was approximately 274.6% at the end of the reporting period, up from 222.4% on December 31, 2024, primarily due to a larger net loss compared to the decrease in total debt[107]. - The group had collateralized assets of approximately RMB 1,661.0 million securing certain borrowings at the end of the reporting period[104]. Shareholder Information - The basic loss per share for the reporting period was approximately RMB 0.45[2]. - The board of directors resolved not to declare a final dividend for the year ended December 31, 2025[2]. - The company has not declared any interim or final dividends for the year ending December 31, 2025, consistent with 2024[38]. - The board has resolved not to declare a final dividend for the year ending December 31, 2025, consistent with the previous year[116]. Market and Strategic Outlook - The real estate market in China is transitioning towards a new development model, with a focus on quality over quantity, as indicated by government policies[60]. - The demand for improved housing is anticipated to be the main growth point in sales for 2026, driven by stable income expectations and the release of demand for upgraded living spaces[68]. - The company plans to continue optimizing its product structure and enhance core competitiveness by focusing on inventory reduction and expanding the improved housing market[69]. - The company will actively seek diversified financing channels and strategic partners to strengthen the resilience of its capital chain for long-term development[69]. - The real estate industry is expected to see increased concentration, with resources continuing to flow towards companies with strong product capabilities and financial stability[68]. Operational Developments - The company is actively negotiating debt restructuring with lenders to utilize proceeds from new borrowing plans to settle existing debts[17]. - The board has developed a business strategy plan focusing on accelerating the pre-sale and sale of developed properties to generate additional operating cash flow[17]. - The company is seeking opportunities to sell equity in several project development companies to generate additional cash inflow[17]. - The company has taken legal action against a related party for unpaid receivables amounting to RMB 89,697 million, with no recovery expected in the near term[44]. Project and Development Information - The total land reserve area at the end of the reporting period reached approximately 2,116,996 square meters, with an average cost of land reserve of approximately RMB 881.7 per square meter[2]. - The group has a total completed building area of approximately 3,364,119 square meters and land reserves of approximately 2,116,996 square meters[75]. - The ongoing development area is approximately 886,621 square meters, while the planned future development area is approximately 975,839 square meters[75]. - The company has ongoing projects in multiple provinces, including Shanxi and Sichuan, indicating a broad market presence[80]. - The company has planned land use rights for 975,839 square meters across its projects[85]. Compliance and Governance - The audit committee has reviewed the group's accounting principles and policies, confirming compliance with applicable accounting standards and regulations[124]. - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that would significantly impact its current or prior period performance[18]. - The company is evaluating the impact of newly issued but not yet effective financial reporting standards on its financial statements[19]. Personnel Changes - The company secretary, Ms. Li, has resigned effective March 27, 2026, with no disagreements reported with the board[127][128]. - Ms. Qu has been appointed as the new company secretary, authorized representative, and legal process agent effective March 27, 2026[128]. - Ms. Qu has over ten years of experience in corporate secretarial services and holds a Bachelor's degree in Business Administration (Honors)[129]. - The board expressed gratitude for Ms. Li's contributions during her tenure and welcomed Ms. Qu to her new role[129].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何部分內容而產生 或因依賴該等內容而引致的任何損失承擔任何責任。 承董事會命 辰興發展控股有限公司 主席 Chen Xing Development Holdings Limited 辰 興 發 展 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2286） 董事會會議通知 辰興發展控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議 將於二零二六年三月二十七日（星期五）上午十時正假座中華人民共和國（「中 國」）山西省晉中市榆次區安寧大街18號辰興辦公樓一樓會議室舉行，商討下列 事項： 白選奎 中國‧山西，二零二六年三月十七日 於本公告日期，本公司執行董事為白選奎先生、白武魁先生、白國華先生及董世光先生以及 本公司獨立非執行董事為田華先生、裘永清先生及高建華女士。 1. 省覽及酌情通過本公司及其附屬公司截至二零二五年十二月三十一日止 年度之經審核綜合全年業績（「全年業績」），並通過將於香港聯合交易所 ...

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: 2026年2月28日 狀態: 新提交 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) | 02286 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,000,000 致：香港交易及結算所有限公司 公司名稱: 辰興發展控股有限公司 呈交日期: 2026年 ...

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: 2026年1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: 辰興發展控股有限公司 呈交日期: 2026年2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) | 02286 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,000 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12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: 辰興發展控股有限公司 呈交日期: 2026年1月6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) | 02286 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,00 ...

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11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: 辰興發展控股有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02286 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,0 ...

Stock Options - The company has a stock option plan with 50,000,000 options available for grant as of January 1, 2024, which will expire on June 12, 2025, leaving zero options available by June 30, 2025[3] Mid-term Report - The mid-term report for the six months ending June 30, 2025, has been clarified, maintaining the same definitions as previously stated[2] - The board of directors has confirmed that all other information in the mid-term report remains unchanged[4]

致：香港交易及結算所有限公司 公司名稱: 辰興發展控股有限公司 呈交日期: 2025年11月4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10月31日 狀態: 新提交 | 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) | 02286 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 第 1 頁 共 10 頁 v 1.1.1 F ...

致：香港交易及結算所有限公司 公司名稱: 辰興發展控股有限公司 呈交日期: 2025年10月8日 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 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) | 02286 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,00 ...

Financial Performance - The group reported a contracted sales amount of approximately RMB 558 million, a decrease of about 50.6% compared to the same period last year[14]. - Revenue for the period was approximately RMB 833 million, representing a decrease of about 92.2% compared to the previous year[15]. - Revenue from property sales was approximately RMB 819 million, a decrease of about 92.3% year-on-year[15]. - The net loss attributable to the company's shareholders was approximately RMB 908 million, a decrease of about 445.6% compared to the same period last year[15]. - The basic loss per share for the period was approximately RMB 0.15[9]. - The company reported a signed sales amount of approximately RMB 55.8 million for the six months ended June 30, 2025, a decrease of about 50.6% compared to the same period last year[22]. - Revenue for the same period was approximately RMB 83.3 million, reflecting a significant decline of about 92.2% year-on-year, with property sales contributing approximately RMB 81.9 million, down 92.3%[22]. - The gross profit for the reporting period was approximately RMB 33.4 million, while the net loss amounted to approximately RMB 85.2 million, with the loss attributable to the company's owners being approximately RMB 90.8 million[22]. - The group’s revenue for the reporting period was approximately RMB 833 million, a decrease of about 92.2% compared to RMB 1,069.5 million in the same period last year[51]. - Property sales revenue was approximately RMB 819 million, down about 92.3% year-on-year, primarily due to reduced revenue recognition from the Jinhu Courtyard Phase I project[51]. - The group’s gross profit was approximately RMB 334 million, a decrease of about 87.0% from RMB 2,569 million in the previous year, with a gross profit margin of approximately 40.1%[53][54]. - The net loss attributable to the company's owners was approximately RMB 908 million, a decrease of about 445.6% compared to a profit of RMB 263 million in the same period last year[57]. - The total comprehensive loss for the period was RMB 87,209,000, compared to a comprehensive income of RMB 93,106,000 in 2024[103]. Assets and Liabilities - The total land reserve area reached approximately 2,125,308 square meters[16]. - The company holds a total completed building area of approximately 3,364,127 square meters and land reserves of approximately 2,125,308 square meters as of June 30, 2025[27]. - As of June 30, 2025, the outstanding bank borrowings and other loans amounted to approximately RMB 2,712.1 million and RMB 180.3 million, respectively[66]. - As of June 30, 2025, the total secured assets for the group's borrowings amounted to approximately RMB 1,662.0 million, compared to RMB 1,654.3 million as of December 31, 2024[68]. - The group provided guarantees for customer mortgage obligations totaling approximately RMB 930.2 million as of June 30, 2025, down from RMB 988.5 million as of December 31, 2024[69]. - The capital-to-debt ratio at the end of the reporting period was approximately 237.7%, an increase from 222.4% as of December 31, 2024, primarily due to losses during the period[71]. - The group had no significant contingent liabilities as of June 30, 2025[70]. - The total carrying amount of properties under development was RMB 4,982,575,000, an increase from RMB 4,921,678,000 as of December 31, 2024[133]. - The total carrying value of properties held for sale as of June 30, 2025, is approximately RMB 87,784,000, compared to RMB 87,401,000 as of December 31, 2024[135]. - The total interest-bearing bank loans and other borrowings decreased to RMB 2,712,073,000 as of June 30, 2025, from RMB 2,730,496,000 as of December 31, 2024, a reduction of 0.7%[137]. Business Strategy and Market Outlook - The company aims to focus on the development of high-end improvement-type residential properties, enhancing product design, construction quality, and green building standards[20]. - The company plans to actively adjust its business strategy to capture opportunities in the improving residential market and enhance risk control capabilities[19]. - The real estate market is expected to continue its differentiated recovery in the second half of 2025, driven by ongoing policy easing and supply-demand adjustments[18]. - The rental housing market is projected to grow, with an increasing supply of long-term rental apartments and affordable rental housing becoming significant components[19]. - The company is expanding into new markets, including Haikou and Wuzhishan, with multiple residential and commercial projects scheduled for completion between 2025 and 2028[41]. Development Projects - The group has 886,621 square meters of buildings under development and 975,839 square meters planned for future development[32]. - The completed projects include 1,258,097 square meters of high-rise buildings and 875,887 square meters of low-rise buildings[32]. - The group’s completed projects include 249,752 square meters of retail space, with 106,908 square meters currently under development[32]. - The company is developing the Chenxing International Health City in Xishuangbanna, with a total area of 223,826 square meters planned for completion by December 2028[42]. - The company has a significant project in Mianyang, with a total area of 91,695 square meters and a 60% ownership stake[44]. - The total estimated building area for the Jinzhong project phases is 1,000,000 square meters, with significant portions still in the planning and pre-sale stages[39]. - The estimated completion dates for key projects include November 2025 for the first phase of Chenxing Yijun and December 2027 for the second and third phases in Jinzhong[39]. Shareholder Information - As of June 30, 2025, the total number of issued shares of the company is 599,999,989 shares[100]. - Mr. Bai holds 346,944,000 shares, representing 57.82% of the company's equity[90]. - Mr. Bai Wu Kui holds 64,945,000 shares, representing 10.82% of the company's equity[90]. - White Dynasty BVI is the beneficial owner of 346,944,000 shares, representing 57.82% of the company's equity[94]. - Hwabao Trust Co. Ltd. holds 62,160,000 shares, representing 10.36% of the company's equity[94]. - The company has not granted any options under the share option scheme since its adoption in June 2015, with the maximum number of options available being 50,000,000 shares, equivalent to 10% of the issued shares post-global offering[97]. - The share option scheme is valid for a period of ten years from its adoption date, expiring on June 12, 2025[97]. - The company has a family trust structure involving Mr. Bai and his family members, with significant shareholdings concentrated within this trust[100]. Operational Efficiency - The group’s selling and distribution expenses decreased by approximately 64.2% to about RMB 98 million, primarily due to a significant decline in sales of the Jinhu Courtyard Phase I project[58]. - Administrative expenses decreased by approximately 29.4% to about RMB 204 million, mainly due to the decline in property sales[59]. - The group employed 199 staff members, with employee costs amounting to approximately RMB 10.0 million during the reporting period[77]. - The audit committee, composed of three independent non-executive directors, reviewed the group's financial reporting and internal controls, confirming compliance with applicable accounting principles[87]. - The company maintained sufficient public float as per the requirements of the stock exchange as of the report date[86]. Cash Flow and Financing - Cash and cash equivalents as of June 30, 2025, were approximately RMB 1,245 million, an increase of about 15.7% from RMB 1,077 million as of December 31, 2024[64]. - The group recorded positive operating cash flow of approximately RMB 535 million during the reporting period, compared to RMB 487 million in the same period last year[65]. - The company’s cash flow from operating activities was positively impacted by an increase in other payables and accrued expenses, which rose by RMB 185,816 thousand[110]. - The company incurred a net cash outflow from investing activities of RMB 1,751 thousand, a decrease from a net inflow of RMB 36,164 thousand in the previous year[112]. - The company’s financing activities resulted in a net cash outflow of RMB 34,212 thousand, compared to RMB 100,081 thousand in the previous year[112].