佳运置业曾是2022年上海土拍市场"黑马"。据《每日经济新闻》此前报道，佳运置业曾在1999年开发了 浦东川沙镇的佳运公寓项目，此后陆续在川沙、康桥、松江等地开发住宅项目，2022年斥资40亿元摘下 上海3宗地块。 据中指研究院计算，佳运置业摘得的地块综合楼面价为29913元/平方米，住宅用地楼面价为36927元/平 方米，稍低于附近华润观宸润府和陆家嘴锦绣云澜的楼面价。每经记者查阅第三方购房平台发现，目前 观宸润府均价为63457元/平方米，锦绣云澜均价为65333元/平方米，与之相比，未来该地块的定价仍具 有一定挑战性。 11月24日，上海2025年第九批次土拍9宗地块全部出让，总出让建筑面积55.26万平方米（含商办用地约 2.03万平方米），共计揽金约173.33亿元。 《每日经济新闻》记者（以下简称每经记者）注意到，本场土拍整体有所降温，热度最高的浦东川沙地 块溢价15.76%、青浦徐泾地块溢价率5.17%；其余7宗地块底价成交。9宗地块吸引了16家企业参拍，其 中有3家央企以及宝业集团、佳运置业、大华集团等民企。 中指研究院上海数据总经理张文静分析指出，本场土拍参拍主体多元，受出让地块位置以及年底 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年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: 寶業集團股份有限公司 (於中華人民共和國註冊成立之股份有限公司) 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 FF301 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02355 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 169,886,000 | RMB | | 1 RMB | | 169,886,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 169,886,000 | RMB | | 1 RMB | | 169,886,000 | | 2. ...

FF301 第 1 頁 共 10 頁 v 1.1.1 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: 寶業集團股份有限公司 (於中華人民共和國註冊成立之股份有限公司) 呈交日期: 2025年10月2日 本月底法定/註冊股本總額： RMB 520,628,053 FF301 II. 已發行股份及/或庫存股份變動 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02355 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 169,886,000 | RMB | | 1 RMB | | 169,886,000 | | 增加 / 減少 (-) | | | 0 | | | R ...

Financial Performance - For the six months ended June 30, 2025, the company reported revenue of approximately RMB 8,502,567,000, a decrease of about 33% compared to the same period last year[32]. - Operating profit for the same period was approximately RMB 253,587,000, representing a significant decline of about 59% year-on-year[32]. - Profit attributable to owners of the company was approximately RMB 140,981,000, a substantial decrease of about 62% compared to the previous year[32]. - Earnings per share for the period was approximately RMB 0.27, down about 63% from the same period last year[32]. - Revenue for the six months ended June 30, 2025, was RMB 8,502,567 thousand, a decrease of 33.5% compared to RMB 12,770,676 thousand in 2024[112]. - Gross profit for the same period was RMB 508,699 thousand, down 47.4% from RMB 965,277 thousand in 2024[112]. - Net profit for the period was RMB 143,431 thousand, representing a 66.1% decrease from RMB 423,265 thousand in 2024[112]. - The company reported a total of RMB 1,431,012,000 in other receivables as of June 30, 2025, slightly down from RMB 1,467,616,000 as of December 31, 2024[154]. Assets and Liabilities - Total assets as of June 30, 2025, were RMB 44,346,227,000, while total liabilities were RMB 30,787,101,000[17]. - The company's equity increased to RMB 13,559,126,000 as of June 30, 2025, compared to RMB 13,333,534,000 in the previous year[17]. - The total amount of loans secured by the company is 9.9%, a significant decrease from 36.9% in the same period last year[59]. - The company's debt-to-equity ratio was approximately 2.3 as of June 30, 2025, unchanged from December 31, 2024[59]. - The group's cash and cash equivalents stood at RMB 8,247,942,000 as of June 30, 2025, compared to RMB 8,009,474,000 as of December 31, 2024, indicating an increase of approximately 3%[109]. - Trade and other payables amounted to RMB 15,549,573 thousand, with no amounts due in the 1 to 5 years category[127]. - The total financial liabilities as of June 30, 2025, were RMB 19,624,453 thousand, compared to RMB 19,928,774 thousand as of December 31, 2024, indicating a decrease[128]. Revenue Segments - The construction segment generated revenue of RMB 5,657,138,000, down 34% year-on-year, with operating profit of RMB 166,581,000, a decline of 49%[36]. - The real estate development segment reported revenue of RMB 1,616,348,000, a significant drop of 46%, and operating profit of RMB 105,034,000, down 67% compared to the previous year[38]. - New contracts in the construction business amounted to RMB 5,240,000,000, a decrease of 36% from RMB 8,140,000,000 in the same period last year[37]. - The company confirmed property sales revenue of approximately RMB 1,780,000,000, with a sales area of about 195,859 square meters during the first half of 2025[41]. Strategic Focus and Market Conditions - The company experienced a significant decline in revenue and profit due to the downturn in the industry affecting its construction and property development businesses[32]. - The company aims to lead the construction industry in China towards industrialization, focusing on new strategies and market expansion[3]. - The company is focusing on deepening cooperation with state-owned enterprises and expanding into large construction projects amid increasing competition in the market[37]. - The company plans to focus on quality and efficiency improvements in its construction business to adapt to the changing market conditions[54]. Cash Flow and Financing - The company's operating cash inflow for the six months ended June 30, 2025, was approximately RMB 475.63 million, an increase of RMB 619.68 million compared to the previous year[62]. - The company's financing activities generated a net cash inflow of approximately RMB 232.70 million, an increase of RMB 346.79 million compared to the previous year[62]. - The company has an unused bank credit line of approximately RMB 7 billion as of June 30, 2025[59]. - The group reported a net increase in cash and cash equivalents of RMB 240,993 thousand, compared to a decrease of RMB 533,908 thousand in the prior year[116]. Corporate Governance and Shareholder Information - The board proposed a final dividend of RMB 0.12 per ordinary share for the year ended December 31, 2024, which was approved at the annual general meeting[71]. - The board decided not to declare an interim dividend for the six months ended June 30, 2025, consistent with the previous year[72]. - Major shareholders include Wu Xueqin and Zhu Yicai, each holding 29,304,000 H shares, representing 17.25% of the issued H shares and 5.63% of the total registered capital[88]. - The company has established an ESG committee to oversee the development and review of ESG management policies and strategies[83]. Employee and Operational Metrics - As of June 30, 2025, the group employed 5,866 staff, a decrease from 6,236 staff as of June 30, 2024, while indirect construction personnel numbered approximately 44,946, down from about 62,659[96]. - Employee benefits expenses for the six months ended June 30, 2025, amounted to approximately RMB 1,595,142,000, compared to RMB 2,363,570,000 for the same period in 2024, reflecting a decrease of about 32.4%[96]. - The company has maintained a net cash position with a net cash ratio of 54% as of June 30, 2025, consistent with the previous year[60]. Risk Management - The group has not made any significant changes to its risk management policies since the end of last year[125]. - The group has sufficient financial resources to repay its debts when they become due[128]. - The group’s financial risk management includes market risk, credit risk, and liquidity risk, which are detailed in the interim financial data[124].

FF301 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: 寶業集團股份有限公司 (於中華人民共和國註冊成立之股份有限公司) 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02355 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 169,886,000 | RMB | | 1 | RMB | | 169,886,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 169,886,000 | RMB | | 1 | RMB | | 16 ...

Core Viewpoint - Baoye Group (02355) reported a significant decline in both revenue and profit for the six months ending June 30, 2025, primarily due to a downturn in the real estate investment market and increased competition in the industry [1] Financial Performance - The company achieved a revenue of RMB 8.503 billion, representing a year-on-year decrease of 33.42% [1] - The profit attributable to owners was RMB 141 million, down 62.29% compared to the previous year [1] - Basic earnings per share were RMB 0.27 [1] Business Segment Analysis - The construction segment generated revenue of approximately RMB 5.657 billion, a decline of about 34% year-on-year [1] - Operating profit for the construction business was approximately RMB 167 million, a significant drop of about 49% from the previous year [1] - The decline in revenue and operating profit in the construction segment is attributed to the ongoing decrease in real estate investment, leading to a sharp market contraction and intensified competition [1]

Core Viewpoint - Baoye Group (02355) reported a significant decline in revenue and profit for the six months ending June 30, 2025, primarily due to a downturn in the real estate investment market and increased competition in the construction industry [1] Financial Performance - The company achieved a revenue of RMB 8.503 billion, representing a year-on-year decrease of 33.42% [1] - Profit attributable to owners was RMB 141 million, down 62.29% compared to the previous year [1] - Basic earnings per share were RMB 0.27 [1] Construction Business - The construction segment generated revenue of approximately RMB 5.657 billion, a decline of about 34% year-on-year [1] - Operating profit for the construction business was approximately RMB 167 million, a significant drop of about 49% from the previous year [1] - The decline in revenue and operating profit in the construction segment is attributed to the ongoing decrease in real estate investment, leading to a sharp market contraction and intensified industry competition [1]

Core Viewpoint - Baoye Group (02355.HK) reported a significant decline in its mid-year performance for 2025, reflecting the challenges faced by the construction and real estate development sectors due to industry downturns [1] Financial Performance - The company's revenue for the first half of 2025 was RMB 8.503 billion, a decrease of 33.42% year-on-year [1] - Gross profit amounted to RMB 509 million, down 47.30% compared to the same period in 2024 [1] - Profit attributable to owners was RMB 141 million, representing a 62.29% decline year-on-year, with basic earnings per share at RMB 0.27 [1] Industry Context - The decline in revenue and operating profit is primarily attributed to the downturn in the industry, which has significantly impacted the income and profits from the company's construction and real estate development businesses compared to the same period in 2024 [1]

[Announcement Information](index=1&type=section&id=Announcement%20Information) [Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) Baoye Group Co., Ltd. announced its unaudited interim results for the six months ended June 30, 2025, reviewed by the audit committee and approved by the board - The announcement presents unaudited interim results for the six months ended June **30**, **2025**, with comparative data for the same period in **2024**[2](index=2&type=chunk) - The interim results have been reviewed by the company's audit committee and approved by the board of directors[2](index=2&type=chunk) [Financial Statements](index=2&type=section&id=Financial%20Statements) [Interim Condensed Consolidated Income Statement](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company experienced significant declines in both turnover and profit, with turnover down 33% and profit attributable to owners down 62% year-on-year Interim Condensed Consolidated Income Statement Key Data | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Turnover | 8,502,567 | 12,770,676 | | Gross Profit | 508,699 | 965,277 | | Operating Profit | 253,587 | 624,434 | | Profit Before Income Tax | 245,328 | 640,867 | | Profit for the Period | 143,431 | 423,265 | | Profit Attributable to Owners of the Company | 140,981 | 373,845 | | Basic Earnings Per Share (RMB) | 0.27 | 0.72 | - Turnover decreased by **33%** year-on-year, operating profit by **59%**, and profit attributable to owners of the company by **62%**[4](index=4&type=chunk)[40](index=40&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive income significantly decreased to RMB 69,548 thousands, primarily due to fair value changes in financial assets Interim Condensed Consolidated Statement of Comprehensive Income Key Data | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 143,431 | 423,265 | | Currency Translation Differences | 273 | 58 | | Fair value changes of financial assets measured at fair value through other comprehensive income | (74,156) | (103,010) | | Other comprehensive income/(loss) for the period, net of tax | (73,883) | (102,952) | | Total comprehensive income for the period | 69,548 | 320,313 | | Total comprehensive income attributable to owners of the Company | 67,098 | 270,893 | | Total comprehensive income attributable to non-controlling interests | 2,450 | 49,420 | - Total comprehensive income for the period decreased by **78.3%** year-on-year, mainly due to fair value losses on financial assets measured at fair value through other comprehensive income[6](index=6&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and liabilities slightly decreased, while total equity remained stable, maintaining a net cash ratio of 54% Interim Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Assets | 44,346,227 | 45,202,576 | | Total Equity | 13,559,126 | 13,547,523 | | Total Liabilities | 30,787,101 | 31,655,053 | | Debt Ratio | 2.3 | 2.3 | | Net Cash Ratio | 54% | 54% | - Total assets decreased by approximately **1.9%** year-on-year, primarily due to reductions in properties under development and trade and other receivables within current assets[10](index=10&type=chunk) - The company maintained a net cash position with a net cash ratio of **54%** and approximately RMB **7 billion** in unutilized bank credit facilities[70](index=70&type=chunk)[71](index=71&type=chunk) [Notes to Financial Statements](index=6&type=section&id=Notes%20to%20Financial%20Statements) [General Information](index=6&type=section&id=General%20Information) Baoye Group Co., Ltd. is incorporated in China, with H-shares listed on the Hong Kong Stock Exchange, primarily engaged in construction engineering, building materials, and property development - The company's H-shares were listed on the Main Board of the Hong Kong Stock Exchange on June **30**, **2003**[13](index=13&type=chunk) - Its principal businesses include providing construction engineering services, selling and installing building materials, and developing and selling properties[14](index=14&type=chunk) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) The interim financial report is prepared in accordance with HKAS 34 and should be read in conjunction with the 2024 consolidated financial statements and company announcements - The interim financial report is prepared in accordance with Hong Kong Accounting Standard **34** "Interim Financial Reporting"[15](index=15&type=chunk) - The interim financial information should be read in conjunction with the company's annual consolidated financial statements for the year ended December **31**, **2024**, and announcements published during this interim reporting period[15](index=15&type=chunk) [Significant Accounting Policies](index=6&type=section&id=Significant%20Accounting%20Policies) The accounting policies adopted for this interim financial information are consistent with the 2024 annual financial report, with no significant changes or retrospective adjustments from newly adopted standards - The accounting policies adopted for the preparation of this interim financial information are consistent with those applied in the **2024** annual financial report[16](index=16&type=chunk) - Certain new and amended standards effective during this reporting period did not require the Group to change its accounting policies or make retrospective adjustments upon adoption[17](index=17&type=chunk) - New and revised standards issued but not yet effective are not expected to have a significant impact on the Group in current or future reporting periods[18](index=18&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) For the six months ended June 30, 2025, external turnover and operating profit for construction and property development businesses significantly declined, while building materials turnover slightly increased but operating loss widened Segment External Turnover (RMB thousands) | Business Segment | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Construction Business | 5,657,138 | 8,596,299 | -34% | | Property Development Business | 1,616,348 | 3,002,236 | -46% | | Building Materials Business | 1,048,357 | 1,001,350 | 5% | | Other Businesses | 180,724 | 170,791 | 6% | | **Total** | **8,502,567** | **12,770,676** | **-33%** | Segment Operating Profit/(Loss) (RMB thousands) | Business Segment | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Construction Business | 166,581 | 324,535 | -49% | | Property Development Business | 105,034 | 320,526 | -67% | | Building Materials Business | (34,731) | (22,768) | -53% | | Other Businesses | 16,703 | 2,141 | 680% | | **Total** | **253,587** | **624,434** | **-59%** | [Other Gains – Net](index=8&type=section&id=Other%20Gains%20%E2%80%93%20Net) For the six months ended June 30, 2025, other gains – net significantly increased to RMB 29,051 thousands, primarily driven by gains on disposal of land use rights and property, plant, and equipment Other Gains – Net (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Gain on disposal of land use rights | 7,219 | – | | Government grants | 9,987 | 7,226 | | Gain on disposal of property, plant and equipment | 10,157 | 1,544 | | **Total** | **29,051** | **10,151** | - Other gains – net increased by **186.2%** year-on-year, primarily contributed by gains on disposal of land use rights and property, plant, and equipment[21](index=21&type=chunk) [Income Tax](index=8&type=section&id=Income%20Tax) For the six months ended June 30, 2025, income tax significantly decreased to RMB 101,897 thousands, mainly due to reduced revenue and profit from construction and property development businesses Income Tax Components (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current income tax – PRC corporate income tax | 57,524 | 174,606 | | Current income tax – Land appreciation tax | 44,026 | 73,540 | | Deferred tax | 347 | (30,544) | | **Total** | **101,897** | **217,602** | - Income tax decreased by **53.1%** year-on-year, primarily due to a significant decline in revenue and profit from construction and property development businesses amidst an industry downturn[24](index=24&type=chunk)[79](index=79&type=chunk) [Earnings Per Share](index=9&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were RMB 0.27, a significant decrease of 62.5% year-on-year, consistent with the decline in profit attributable to owners Earnings Per Share Data | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (RMB thousands) | 140,981 | 373,845 | | Weighted Average Number of Ordinary Shares Issued (thousands of shares) | 520,663 | 520,756 | | Basic Earnings Per Share (RMB) | 0.27 | 0.72 | - Basic earnings per share decreased by **62.5%** year-on-year, largely consistent with the decline in profit attributable to owners of the company[26](index=26&type=chunk) - There were no potentially dilutive shares during the period, thus diluted earnings per share were consistent with basic earnings per share[26](index=26&type=chunk) [Investments Accounted for Using the Equity Method](index=9&type=section&id=Investments%20Accounted%20for%20Using%20the%20Equity%20Method) As of June 30, 2025, total investments accounted for using the equity method were RMB 498,845 thousands, a slight decrease from year-end 2024, mainly due to reduced operating performance contributions and dividend payments from joint ventures and associates Investments Accounted for Using the Equity Method (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Investments in joint ventures | 474,849 | 481,671 | | Investments in associates | 23,996 | 33,056 | | **Total** | **498,845** | **514,727** | - Share of operating results from joint ventures for the period was RMB **2,499** thousands, a significant decrease from RMB **17,755** thousands in the prior year[28](index=28&type=chunk) - Share of operating results from associates for the period was a loss of RMB **7,060** thousands, an increase in loss from RMB **2,384** thousands in the prior year[29](index=29&type=chunk) [Trade and Other Receivables](index=10&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables were RMB 8,764,595 thousands, a decrease from year-end 2024, mainly due to reductions in trade receivables and other receivables and prepayments Trade and Other Receivables (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current assets: Loans to joint ventures | 398,747 | 398,116 | | Current assets: Trade receivables | 5,836,228 | 6,148,448 | | Current assets: Other receivables and prepayments | 2,600,156 | 3,027,276 | | Current assets: Loans to joint ventures | 190,909 | 47,936 | | Current assets: Loans to associates | 137,302 | 137,302 | | **Total** | **8,764,595** | **9,360,962** | - Impairment provision for trade receivables increased to RMB **767,207** thousands, indicating pressure on credit risk management[33](index=33&type=chunk) - Prepayments within other receivables and prepayments (prepayments for land use rights for property development, prepayments to suppliers) both significantly decreased[35](index=35&type=chunk) [Trade and Other Payables](index=14&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were RMB 16,150,018 thousands, a slight decrease from year-end 2024, with reductions in trade payables and project manager deposits Trade and Other Payables (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 10,617,897 | 11,173,249 | | Other payables | 5,532,121 | 5,599,800 | | **Total** | **16,150,018** | **16,773,049** | - Trade payables decreased by **4.97%** year-on-year, with a slight increase in trade payables within **3** months, but decreases in payables from **3** months to **1** year and over **1** year[37](index=37&type=chunk) - Within other payables, project manager deposits and amounts due to non-controlling interests decreased, while advance payments from property purchasers significantly increased[38](index=38&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Performance Review](index=15&type=section&id=Performance%20Review) For the six months ended June 30, 2025, the Group's turnover, operating profit, and profit attributable to owners all significantly declined, primarily due to the industry downturn affecting construction and property development H1 2025 Performance Overview | Indicator | Amount (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | | Turnover | 8,502,567 | -33% | | Operating Profit | 253,587 | -59% | | Profit Attributable to Owners of the Company | 140,981 | -62% | | Basic Earnings Per Share (RMB) | 0.27 | -63% | - The decline in performance was primarily attributed to the industry downturn, leading to significant reductions in revenue and profit from construction and property development businesses[40](index=40&type=chunk) [Revenue](index=15&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's total turnover decreased by 33% year-on-year, with construction and property development down 34% and 46% respectively, while building materials and other businesses saw slight growth Segment Turnover and Changes | Business Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Construction Business | 5,657,138 | 8,596,299 | -34% | | Property Development Business | 1,616,348 | 3,002,236 | -46% | | Building Materials Business | 1,048,357 | 1,001,350 | 5% | | Other | 180,724 | 170,791 | 6% | | **Total** | **8,502,567** | **12,770,676** | **-33%** | - The decline in turnover from construction and property development businesses was the main reason for the overall turnover decrease[41](index=41&type=chunk) [Operating Profit/(Loss)](index=15&type=section&id=Operating%20Profit%2F%28Loss%29) For the six months ended June 30, 2025, the Group's operating profit significantly decreased by 59% year-on-year, mainly due to a substantial decline in profitability of construction and property development, and an expanded loss in building materials Segment Operating Profit/(Loss) and Changes | Business Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Construction Business | 166,581 | 324,535 | -49% | | Property Development Business | 105,034 | 320,526 | -67% | | Building Materials Business | (34,731) | (22,768) | -53% | | Other | 16,703 | 2,141 | 680% | | **Total** | **253,587** | **624,434** | **-59%** | - Property development business operating profit decreased by **67%**, being the largest contributor to the overall decline in operating profit[43](index=43&type=chunk) - Building materials business operating loss increased by **53%** year-on-year, reflecting intensified industry competition[43](index=43&type=chunk)[61](index=61&type=chunk) [Construction Business](index=16&type=section&id=Construction%20Business) For the six months ended June 30, 2025, construction business turnover and operating profit decreased by 34% and 49% respectively, due to falling real estate investment, market contraction, and increased competition; new contract value declined by 36% - Construction business turnover was approximately RMB **5,657,138** thousands, a year-on-year decrease of **34%**[44](index=44&type=chunk) - Operating profit was approximately RMB **166,581** thousands, a significant year-on-year decrease of **49%**[44](index=44&type=chunk) - New construction contract value was approximately RMB **5.24 billion**, a year-on-year decrease of **36%**, mainly due to sharp market contraction and the company's cautious project risk assessment[46](index=46&type=chunk) [Property Development Business](index=17&type=section&id=Property%20Development%20Business) For the six months ended June 30, 2025, property development business turnover and operating profit significantly decreased by 46% and 67% respectively, primarily due to fewer property projects recognized for revenue and lower profit margins; contract sales amounted to approximately RMB 1.78 billion - Property development business turnover was approximately RMB **1,616,348** thousands, a significant year-on-year decrease of **46%**[47](index=47&type=chunk) - Operating profit was approximately RMB **105,034** thousands, a significant year-on-year decrease of **67%**[47](index=47&type=chunk) - Contract sales for the period amounted to approximately RMB **1.78 billion**, with a sales area of approximately **195,859** square meters[48](index=48&type=chunk) [Property Sales](index=17&type=section&id=Property%20Sales) Property sales revenue during the period primarily came from Baoye Biao Jia Yuan in Lishui, Baoye Siji Yuan in Shaoxing, and Baoye Binhe Lv Yuan in Bozhou, with Baoye Biao Jia Yuan being the largest contributor Major Property Sales Projects | Project Name | Location | Average Selling Price (RMB/sqm) | Sales Area (square meters) | Sales Amount (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Baoye Biao Jia Yuan | Lishui | 8,297 | 52,379 | 434,600 | | Baoye Siji Yuan | Shaoxing | 16,151 | 22,018 | 355,625 | | Baoye Binhe Lv Yuan | Bozhou | 4,755 | 29,402 | 139,818 | | Baoye Yunxi Li | Shaoxing | 19,322 | 5,132 | 99,166 | | Baoye Jiangnan Fu | Fuyang | 6,569 | 12,148 | 79,798 | [Properties Under Development](index=18&type=section&id=Properties%20Under%20Development) As of June 30, 2025, the Group had multiple properties under development in various cities, with some projects achieving good sales and others in planning or construction - Shaoxing Daban Green Carbon Park project commenced sales in April **2025**, with good sales performance, expected delivery in **2027**[50](index=50&type=chunk) - Wuhan Baoye Puyuan project completed completion filing in March **2025**, with good sales performance, expected delivery to commence in September **2025**[53](index=53&type=chunk) - Yichang Baoye Qinyuan project Phase I sold out and was the top seller in Yichang City in **2024**, with Phase II pre-sales commencing in January **2025**, also ranking as the top seller in Yichang City in Q**2** **2025**[54](index=54&type=chunk) - Jieshou Guangwu Yuxiu Garden project will be fully repurchased by Jieshou Municipal Government platform company upon completion, with expected delivery in **2026**[59](index=59&type=chunk) [New Land Reserves](index=21&type=section&id=New%20Land%20Reserves) The Group did not acquire new land reserves during the period and will adopt a cautious yet proactive approach, focusing on economically strong central cities while assessing local factors - The Group did not acquire any new land reserves during the period[60](index=60&type=chunk) - Future land acquisition strategy will adhere to prudent operation and innovative business models, cautiously evaluating comprehensive regional factors[60](index=60&type=chunk) - Focus will be primarily on central cities with extensive business coverage and favorable economic conditions, such as Shanghai, Zhejiang, and Hubei[60](index=60&type=chunk) [Building Materials Business](index=22&type=section&id=Building%20Materials%20Business) For the six months ended June 30, 2025, building materials business turnover increased by 5% year-on-year, but operating loss significantly widened by 53%, mainly due to intensified industry competition; curtain wall business grew significantly, while ready-

Core Viewpoint - The company, Baoye Group (02355), anticipates a significant decline in both owner profit and revenue for the six months ending June 30, 2025, primarily due to industry downturns affecting its construction and property development segments [1] Financial Performance - The company's owner profit is expected to decrease by approximately 63% compared to the same period in 2024 [1] - The group's revenue is projected to decline by around 33% compared to the same period in 2024 [1] Industry Impact - The anticipated declines in profit and revenue are attributed to a substantial decrease in income and profit from the company's construction and property development businesses, driven by a downturn in the industry [1]