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 FF301 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司名稱: 力高健康生活有限公司 呈交日期: 2025年10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) | 02370 | 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 | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 本月 ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) This section details the company's governance structure, key personnel, registered offices, share information, and advisors [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The Board of Directors includes non-executive, executive, and independent non-executive directors, with Mr. Tang Chengyong resigning as President on March 27, 2025 - Mr. Huang Ruoqing serves as non-executive director and chairman[4](index=4&type=chunk) - Mr. Tang Chengyong resigned as President on March 27, 2025, but remains an executive director[4](index=4&type=chunk) [Committees](index=3&type=section&id=Committees) The composition and chairpersons of the Audit, Remuneration, and Nomination Committees are disclosed, with a change in the Nomination Committee chairman on June 20, 2025 - The Audit Committee is chaired by Mr. Zhou Mingsheng[4](index=4&type=chunk) - The Remuneration Committee is chaired by Mr. Liu Yuliang[4](index=4&type=chunk) - The Nomination Committee chairman changed from Mr. Huang Ruoqing to Mr. Shi Ronghuai on June 20, 2025, with Ms. Huang Yanwen appointed as a member on the same day[5](index=5&type=chunk) [Key Personnel and Advisors](index=4&type=section&id=Key%20Personnel%20and%20Advisors) The company secretary and authorized representative is Mr. Chen Yuxuan, with Yongtuo Fuxin Certified Public Accountants Co., Ltd. as auditor and Sidley Austin as legal counsel - Mr. Chen Yuxuan serves as company secretary and authorized representative[7](index=7&type=chunk) - The auditor is Yongtuo Fuxin Certified Public Accountants Co., Ltd[7](index=7&type=chunk) - Legal advisors include Sidley Austin (Hong Kong law) and Conyers Dill & Pearman (Cayman Islands law)[7](index=7&type=chunk) [Registered and Business Offices](index=4&type=section&id=Registered%20and%20Business%20Offices) The company's registered office is in the Cayman Islands, its China headquarters in Shenzhen, and its principal place of business in Hong Kong is in Kowloon Bay - The registered office is located in the Cayman Islands[7](index=7&type=chunk) - The China headquarters and principal place of business are located on the 14th floor, Ligao Building, Block 5, Phase I, Qiaochengfang, No. 4080 Qiaoxiang Road, Nanshan District, Shenzhen[9](index=9&type=chunk) - The principal place of business in Hong Kong is Unit 2001-2, Enterprise Square 3, 39 Wang Chiu Road, Kowloon Bay, Kowloon[9](index=9&type=chunk) [Share Registrars and Banks](index=5&type=section&id=Share%20Registrars%20and%20Banks) The principal share registrar is Conyers Trust Company (Cayman) Limited, with Hong Kong Registrars Limited as the Hong Kong share registrar, and major banks including Bank of China - The principal share registrar is Conyers Trust Company (Cayman) Limited[9](index=9&type=chunk) - The Hong Kong share registrar is Hong Kong Central Securities Registrars Limited[10](index=10&type=chunk) - Major bankers include Bank of China Limited, Bank of China (Hong Kong) Limited, The Bank of East Asia, Limited, Hang Seng Bank Limited, and China Merchants Bank Co., Ltd[12](index=12&type=chunk) [Stock Code and Website](index=6&type=section&id=Stock%20Code%20and%20Website) The company's stock code is 2370, and its official website is www.redcohealthy.com - The stock code is **2370**[12](index=12&type=chunk) - The company website is www.redcohealthy.com[12](index=12&type=chunk) [Financial Highlights](index=7&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the Group's revenue decreased by 1.5% to RMB 209 million, turning from profit to a loss of RMB 0.8 million, with basic and diluted loss per share of RMB 2.87 cents Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 209,005 | 212,119 | (1.5%) | | Gross Profit | 52,244 | 57,179 | (8.6%) | | Gross Profit Margin | 25.0% | 27.0% | (7.4%) | | (Loss)/Profit for the Period | (804) | 7,723 | (174.9%) | | (Loss)/Profit Attributable to Owners of the Company | (5,742) | 1,073 | (635.1%) | | (Loss)/Earnings Per Share (RMB cents) | (2.87) | 0.54 | (631.5%) | | **Balance Sheet (Period End):** | | | | | Total Assets | 598,747 | 591,943 | 1.2% | | Total Liabilities | 302,162 | 287,394 | 5.1% | | Total Equity | 296,585 | 304,099 | (2.5%) | [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This chapter elaborates on the company's operating environment, business performance, financial position, and future outlook for the first half of 2025, highlighting industry transformation, declining revenue and profit, and strategic adjustments towards smart city living services [Market Review](index=8&type=section&id=Market%20Review) In the first half of 2025, the property management industry faced unprecedented market changes, requiring integration into grassroots governance and addressing evolving customer demands for comprehensive living experiences, driven by smart technology - The property management industry is undergoing market transformation, needing to reconcile high government requirements with industry realities and integrate into grassroots governance networks[15](index=15&type=chunk)[18](index=18&type=chunk) - Industry consolidation is accelerating, with leading enterprises expanding through mergers and acquisitions, while small and medium-sized enterprises seek differentiated survival[16](index=16&type=chunk)[18](index=18&type=chunk) - Customer demand is shifting from basic services to high-quality, personalized, and convenient comprehensive living experiences[16](index=16&type=chunk)[18](index=18&type=chunk) - Smart technologies (e.g., AI, smart customer service, intelligent robots, low-carbon new energy technologies) play a crucial role in property management, with data-driven refined management becoming an industry foundation[17](index=17&type=chunk)[19](index=19&type=chunk) [Business Review](index=9&type=section&id=Business%20Review) As a leading property management service provider in Jiangxi Province, the Group's revenue for the first half of 2025 was approximately RMB 209 million, a 1.5% year-on-year decrease, resulting in a net loss of approximately RMB 0.8 million compared to a net profit of RMB 7.7 million in the prior year - The Group's revenue for the first half of 2025 was approximately **RMB 209.0 million**, a year-on-year decrease of **1.5%**[22](index=22&type=chunk)[25](index=25&type=chunk) - A net loss of approximately **RMB 0.8 million** was recorded for the period, compared to a net profit of approximately RMB 7.7 million in the same period of 2024[22](index=22&type=chunk)[25](index=25&type=chunk) Changes in GFA Under Management and Contracted GFA | Indicator | June 30, 2025 (million sq.m.) | Prior Period 2024 (million sq.m.) | Change (%) | | :--- | :--- | :--- | :--- | | Total GFA Under Management | 20.7 | 21.6 | (4.3%) | | Total Contracted GFA | 26.8 | 28.2 | (4.9%) | - The Group's ranking among China's Top 100 Property Management Companies rose from 33rd in 2024 to **31st in 2025**[27](index=27&type=chunk)[31](index=31&type=chunk) [Outlook](index=10&type=section&id=Outlook) The Group will solidify its market positioning as a "City Living Service Provider" with a vision to become "China's leading smart city living service provider," implementing a "One Body, Two Wings" industrial structure and "1+2+N" diversified business layout - The Group's market positioning is "City Living Service Provider," with a vision to become "China's leading smart city living service provider"[28](index=28&type=chunk)[32](index=32&type=chunk) - It will build a "One Body, Two Wings" core industrial structure and a "1+2+N" diversified business layout to consolidate competitive advantages in economically developed regions such as the Greater Bay Area, Central China, East China, North China, and the Bohai Rim[28](index=28&type=chunk)[32](index=32&type=chunk) - In the second half of 2025, the Group will leverage its core competencies, integrate emerging technologies and sustainable development trends, and expand project dimensions through internal growth and resource integration to deepen service innovation[29](index=29&type=chunk)[32](index=32&type=chunk) - More resources will be allocated to promote the construction of community elderly care services and develop technology service products covering community value-added services to enhance customer satisfaction, operational efficiency, and build low-carbon, environmentally friendly communities[30](index=30&type=chunk)[32](index=32&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) The Group's total revenue for the first half of 2025 decreased by 1.5% year-on-year to RMB 209 million, primarily due to reduced revenue from property management, non-owner value-added, and community value-added services [Revenue by Business Segments](index=11&type=section&id=Revenue%20by%20Business%20Segments) The Group's total revenue decreased by 1.5% year-on-year, mainly due to reduced revenue from property management, non-owner value-added, and community value-added services, partially offset by commercial property sales Revenue by Business Segments (RMB thousands) | Business Segment | 2025 | 2024 | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 165,978 | 169,230 | (3,252) | (1.9%) | | Non-owner Value-added Services | 16,278 | 18,302 | (2,024) | (11.1%) | | Community Value-added Services | 22,337 | 24,587 | (2,250) | (9.2%) | | Sales of Commercial Properties | 4,412 | — | 4,412 | — | | **Total** | **209,005** | **212,119** | **(3,114)** | **(1.5%)** | - Revenue from property management services decreased by **1.9%**, primarily due to a reduction in GFA under management caused by the ongoing downturn in China's real estate industry[36](index=36&type=chunk)[37](index=37&type=chunk) - Revenue from non-owner value-added services decreased by **11.1%**, mainly due to a reduction in the number of projects delivered by Redco Properties Group, leading to lower sales office management service revenue[38](index=38&type=chunk)[41](index=41&type=chunk) - Revenue from community value-added services decreased by **9.2%**, primarily due to Redco Property's reduced procurement of elderly care service cards, leading to lower community elderly care service revenue[39](index=39&type=chunk)[42](index=42&type=chunk) - Revenue from sales of commercial properties was **RMB 4.4 million**, a new business in the first half of 2025, resulting from the sale of properties obtained under debt settlement agreements[40](index=40&type=chunk)[43](index=43&type=chunk) [Cost of Sales](index=13&type=section&id=Cost%20of%20Sales) Cost of services increased by 1.2% year-on-year to RMB 156.8 million, mainly due to higher repair and maintenance costs for older property management projects and increased replacement costs for aging facilities and equipment - Cost of services increased by **1.2%** from approximately **RMB 154.9 million** in the same period of 2024 to approximately **RMB 156.8 million** in the first half of 2025[45](index=45&type=chunk)[46](index=46&type=chunk) - This was primarily attributable to increased repair and maintenance costs for older property management projects and higher costs for replacing materials and components of aging or obsolete facilities and equipment[45](index=45&type=chunk)[46](index=46&type=chunk) [Gross Profit Margin](index=13&type=section&id=Gross%20Profit%20Margin) The Group's overall gross profit margin decreased from 27.0% in the same period of 2024 to 25.0% in the first half of 2025, primarily affected by declining gross profit margins in property management, non-owner value-added, and community value-added services Gross Profit Margin by Service Type | Service Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Property Management Services | 23.3% | 24.3% | | Non-owner Value-added Services | 34.0% | 36.6% | | Community Value-added Services | 35.2% | 38.1% | | Sales of Commercial Properties | 2.7% | — | | **Overall Gross Profit Margin** | **25.0%** | **27.0%** | - Property management services gross profit margin decreased by **1.0 percentage point**, mainly due to increased outsourcing costs and higher maintenance costs for older property management projects and replacement costs for facility and equipment components[49](index=49&type=chunk)[53](index=53&type=chunk) - Non-owner value-added services gross profit margin decreased by **2.6 percentage points**, primarily due to reduced contribution from sales office management services, which typically have higher gross profit margins[50](index=50&type=chunk)[54](index=54&type=chunk) - Community value-added services gross profit margin decreased by **2.9 percentage points**, primarily due to lower revenue from community elderly care services, which typically have higher gross profit margins[51](index=51&type=chunk)[55](index=55&type=chunk) [Other Income, Gains and Losses, Net](index=14&type=section&id=Other%20Income,%20Gains%20and%20Losses,%20Net) Other income, gains and losses, net, decreased by 55.6% year-on-year to RMB 0.6 million, primarily due to a reduction in government subsidies received - Other income, gains and losses, net, decreased from approximately **RMB 1.3 million** in the same period of 2024 to approximately **RMB 0.6 million** in the first half of 2025[52](index=52&type=chunk)[56](index=56&type=chunk) - This was primarily attributable to a reduction in government subsidies received in the first half of 2025[52](index=52&type=chunk)[56](index=56&type=chunk) [Selling and Marketing Expenses](index=15&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses increased by 30% year-on-year to RMB 1.3 million, mainly due to increased promotional activities and booths to promote elderly care services to property owners - Selling and marketing expenses increased by approximately **30%** from approximately **RMB 1.0 million** in the same period of 2024 to approximately **RMB 1.3 million** in the first half of 2025[57](index=57&type=chunk)[61](index=61&type=chunk) - This was primarily due to increased promotional activities and booths to promote the sale of elderly care services to property owners[57](index=57&type=chunk)[61](index=61&type=chunk) [General and Administrative Expenses](index=15&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses remained relatively stable at approximately RMB 33 million in the first half of 2025 - General and administrative expenses remained relatively stable at approximately **RMB 33 million** in both the first half of 2025 and the same period of 2024[58](index=58&type=chunk)[62](index=62&type=chunk) [Impairment Losses on Financial Assets, Net of Reversal](index=15&type=section&id=Impairment%20Losses%20on%20Financial%20Assets,%20Net%20of%20Reversal) Net impairment losses on financial assets increased by 15.2% to RMB 15.9 million, primarily due to increased impairment provisions for trade receivables from related parties and third parties amid the deteriorating credit risk in China's real estate sector - Net impairment losses on financial assets increased by approximately **15.2%** from approximately **RMB 13.8 million** in the same period of 2024 to approximately **RMB 15.9 million** in the first half of 2025[59](index=59&type=chunk)[63](index=63&type=chunk) - This was primarily due to increased impairment provisions for trade receivables from related parties and third parties, reflecting the deteriorating credit risk and financial conditions in China's real estate industry[59](index=59&type=chunk)[63](index=63&type=chunk) [Finance Income](index=15&type=section&id=Finance%20Income) Finance income decreased by 28.6% year-on-year to RMB 0.5 million, primarily due to reduced interest income from bank deposits - Finance income decreased by approximately **28.6%** from approximately **RMB 0.7 million** in the same period of 2024 to approximately **RMB 0.5 million** in the first half of 2025[60](index=60&type=chunk)[64](index=64&type=chunk) - This was primarily due to reduced interest income from bank deposits[60](index=60&type=chunk)[64](index=64&type=chunk) [Finance Costs](index=16&type=section&id=Finance%20Costs) Finance costs remained stable at approximately RMB 0.5 million in the first half of 2025 - Finance costs remained stable at approximately **RMB 0.5 million** in both the first half of 2025 and the same period of 2024[66](index=66&type=chunk)[71](index=71&type=chunk) [Income Tax Expenses](index=16&type=section&id=Income%20Tax%20Expenses) Income tax expenses decreased by 7.7% year-on-year to RMB 3.6 million, primarily due to a reduction in taxable profit - Income tax expenses decreased by approximately **7.7%** from approximately **RMB 3.9 million** in the same period of 2024 to approximately **RMB 3.6 million** in the first half of 2025[67](index=67&type=chunk)[72](index=72&type=chunk) - This was primarily due to a reduction in taxable profit in the first half of 2025[67](index=67&type=chunk)[72](index=72&type=chunk) [Loss/Profit for the Period](index=16&type=section&id=Loss%2FProfit%20for%20the%20Period) The Group recorded a loss of RMB 0.8 million for the period in the first half of 2025, compared to a profit of RMB 7.7 million in the same period of 2024, with loss attributable to owners of the Company at RMB 5.7 million - The Group recorded a loss of approximately **RMB 0.8 million** for the period, compared to a profit of approximately RMB 7.7 million in the same period of 2024[68](index=68&type=chunk)[73](index=73&type=chunk) - Loss attributable to owners of the Company was approximately **RMB 5.7 million**, compared to a profit of approximately RMB 1.1 million in the same period of 2024[69](index=69&type=chunk)[73](index=73&type=chunk) [Intangible Assets](index=16&type=section&id=Intangible%20Assets) Net intangible assets decreased from approximately RMB 34.8 million as of December 31, 2024, to approximately RMB 32.2 million as of June 30, 2025, primarily due to amortization of customer relationships and computer software - Net intangible assets decreased by approximately **7.5%** from approximately **RMB 34.8 million** as of December 31, 2024, to approximately **RMB 32.2 million** as of June 30, 2025[70](index=70&type=chunk)[74](index=74&type=chunk) - This was primarily due to the amortization of customer relationships and computer software[70](index=70&type=chunk)[74](index=74&type=chunk) [Property, Plant and Equipment](index=17&type=section&id=Property,%20Plant%20and%20Equipment) Net property, plant and equipment increased from approximately RMB 44.9 million as of December 31, 2024, to approximately RMB 46.1 million as of June 30, 2025, primarily due to additions of furniture, office equipment, and leasehold improvements - Net property, plant and equipment increased by approximately **2.7%** from approximately **RMB 44.9 million** as of December 31, 2024, to approximately **RMB 46.1 million** as of June 30, 2025[75](index=75&type=chunk)[80](index=80&type=chunk) - This was primarily due to additions of furniture and office equipment and leasehold improvements[75](index=75&type=chunk)[80](index=80&type=chunk) [Trade and Other Receivables and Prepayments](index=17&type=section&id=Trade%20and%20Other%20Receivables%20and%20Prepayments) Net trade receivables increased from approximately RMB 264.7 million as of December 31, 2024, to approximately RMB 290.2 million as of June 30, 2025, mainly due to slower collection from property owners and related parties amid the downturn in China's real estate market - Net trade receivables increased by approximately **9.6%** from approximately **RMB 264.7 million** as of December 31, 2024, to approximately **RMB 290.2 million** as of June 30, 2025[77](index=77&type=chunk)[81](index=81&type=chunk) - This was primarily due to slower collection from property owners and related parties amid the overall downturn in China's real estate market[77](index=77&type=chunk)[81](index=81&type=chunk) - Net other receivables and prepayments increased by approximately **17.8%** from approximately **RMB 21.3 million** as of December 31, 2024, to approximately **RMB 25.1 million** as of June 30, 2025[78](index=78&type=chunk)[81](index=81&type=chunk) [Trade Payables](index=17&type=section&id=Trade%20Payables) Trade payables increased from approximately RMB 20.7 million as of December 31, 2024, to approximately RMB 33.7 million as of June 30, 2025, primarily due to longer credit terms from suppliers - Trade payables increased by approximately **62.8%** from approximately **RMB 20.7 million** as of December 31, 2024, to approximately **RMB 33.7 million** as of June 30, 2025[79](index=79&type=chunk)[82](index=82&type=chunk) - This was primarily due to longer credit terms from suppliers for outsourcing costs and landscaping and cleaning fees[79](index=79&type=chunk)[82](index=82&type=chunk) [Accruals and Other Payables](index=18&type=section&id=Accruals%20and%20Other%20Payables) Accruals and other payables increased from approximately RMB 77.6 million as of December 31, 2024, to approximately RMB 85.6 million as of June 30, 2025, mainly due to increased collections and payments made on behalf of property owners - Accruals and other payables increased by approximately **10.3%** from approximately **RMB 77.6 million** as of December 31, 2024, to approximately **RMB 85.6 million** as of June 30, 2025[83](index=83&type=chunk)[86](index=86&type=chunk) - This was primarily due to increased collections and payments made on behalf of property owners, such as public utility fees and other taxes payable[83](index=83&type=chunk)[86](index=86&type=chunk) [Contract Liabilities](index=18&type=section&id=Contract%20Liabilities) Contract liabilities decreased from approximately RMB 114.5 million as of December 31, 2024, to approximately RMB 102.2 million as of June 30, 2025, mainly due to the seasonal impact of property owners settling outstanding property management fees at year-end - Contract liabilities decreased by approximately **10.7%** from approximately **RMB 114.5 million** as of December 31, 2024, to approximately **RMB 102.2 million** as of June 30, 2025[84](index=84&type=chunk)[87](index=87&type=chunk) - This was primarily due to the seasonal impact of property owners settling their outstanding property management fee balances at year-end for payment preference and convenience[84](index=84&type=chunk)[87](index=87&type=chunk) [Bank and Other Borrowings](index=18&type=section&id=Bank%20and%20Other%20Borrowings) Bank and other borrowings increased from approximately RMB 12.3 million as of December 31, 2024, to approximately RMB 13.7 million as of June 30, 2025, with an increase in HKD-denominated borrowings and a decrease in the effective interest rate - Bank and other borrowings increased by approximately **11.4%** from approximately **RMB 12.3 million** as of December 31, 2024, to approximately **RMB 13.7 million** as of June 30, 2025[85](index=85&type=chunk)[88](index=88&type=chunk) - HKD-denominated bank borrowings were approximately **HKD 10.9 million** (December 31, 2024: HKD 9.3 million), and RMB-denominated bank and other borrowings were approximately **RMB 3.7 million** (December 31, 2024: RMB 3.7 million)[85](index=85&type=chunk)[88](index=88&type=chunk) - The effective interest rate for RMB-denominated borrowings decreased from **5.24%** as of December 31, 2024, to **4.35%** as of June 30, 2025[85](index=85&type=chunk)[88](index=88&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=19&type=section&id=Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group's cash and cash equivalents decreased to approximately RMB 122.3 million, with a slight decline in net current assets and current ratio, and a slight increase in the gearing ratio, while maintaining a sound overall financial position - Cash and cash equivalents decreased by approximately **11.1%** from approximately **RMB 137.5 million** as of December 31, 2024, to approximately **RMB 122.3 million** as of June 30, 2025[89](index=89&type=chunk)[94](index=94&type=chunk) - Net current assets decreased by approximately **5.0%** from approximately **RMB 188.7 million** as of December 31, 2024, to approximately **RMB 179.2 million** as of June 30, 2025[90](index=90&type=chunk)[94](index=94&type=chunk) Liquidity Indicators | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 1.6 times | 1.7 times | | Gearing Ratio | 4.6% | 4.1% | [Capital Commitments](index=19&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no significant capital commitments - As of June 30, 2025, the Group had no significant capital commitments (December 31, 2024: nil)[91](index=91&type=chunk)[95](index=95&type=chunk) [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: nil)[92](index=92&type=chunk)[96](index=96&type=chunk) [Pledge of Assets](index=19&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group's bank borrowings were secured by certain properties with a carrying amount of approximately RMB 26.0 million and guaranteed by the Company - As of June 30, 2025, the Group's bank borrowings were secured by certain properties with a carrying amount of approximately **RMB 26.0 million** (December 31, 2024: RMB 26.9 million) and guaranteed by the Company[93](index=93&type=chunk)[97](index=97&type=chunk) [Foreign Exchange Risk](index=20&type=section&id=Foreign%20Exchange%20Risk) The Group's operations are primarily conducted in China in RMB, with the main foreign exchange source being HKD-denominated net proceeds from listing, and directors do not anticipate significant adverse effects from RMB exchange rate fluctuations - Almost all of the Group's operating activities are conducted in China, with most transactions denominated in RMB[98](index=98&type=chunk)[103](index=103&type=chunk) - The main source of foreign exchange is the net proceeds from the listing, denominated in HKD[98](index=98&type=chunk)[103](index=103&type=chunk) - The Directors do not expect RMB exchange rate fluctuations to have a significant adverse impact on the Group's operations, and as of June 30, 2025, the Group had not engaged in any hedging activities[98](index=98&type=chunk)[103](index=103&type=chunk) [Interest Rate Risk](index=20&type=section&id=Interest%20Rate%20Risk) Except for bank balances and borrowings bearing floating interest rates, the Group was not directly exposed to significant risks related to market interest rate changes as of June 30, 2025 - Except for bank balances and bank and other borrowings bearing floating interest rates, the Group was not directly exposed to significant risks related to market interest rate changes as of June 30, 2025[99](index=99&type=chunk)[104](index=104&type=chunk) [Significant Investments Held](index=20&type=section&id=Significant%20Investments%20Held) As of June 30, 2025, the Group held no significant investments - As of June 30, 2025, the Group held no significant investments[100](index=100&type=chunk)[105](index=105&type=chunk) [Material Acquisitions and Disposals](index=20&type=section&id=Material%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[101](index=101&type=chunk)[106](index=106&type=chunk) [Future Plans for Material Investments or Capital Assets](index=20&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the Group had no other future plans for material investments or capital assets, except for changes in the use of IPO proceeds disclosed in the prospectus and related announcements - As of June 30, 2025, the Group had no other future plans for material investments or capital assets, except for changes in the use of proceeds from the initial public offering as disclosed in the prospectus and related announcements[102](index=102&type=chunk)[107](index=107&type=chunk) [Employees and Remuneration Policy](index=21&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 1,691 full-time employees, a 15% decrease from the prior year, with total staff costs of approximately RMB 73.5 million, and remuneration policies based on position, performance, company profitability, industry standards, and market conditions - As of June 30, 2025, the Group had **1,691** full-time employees, a **15%** decrease from **1,990** in the same period of 2024[108](index=108&type=chunk)[110](index=110&type=chunk) - Total staff costs for the six months ended June 30, 2025, were approximately **RMB 73.5 million** (same period of 2024: RMB 84.1 million)[108](index=108&type=chunk)[110](index=110&type=chunk) - Employee remuneration packages, including salaries, performance bonuses, and other benefits, are determined based on the Group's remuneration and benefits policy, employee position, performance, company profitability, industry standards, and market conditions[108](index=108&type=chunk)[110](index=110&type=chunk) [Events After the End of the Reporting Period](index=21&type=section&id=Events%20After%20the%20End%20of%20the%20Reporting%20Period) As of the date of this report, no disclosable events have occurred after June 30, 2025, that could significantly impact the Group's operations and financial results - No disclosable events that could significantly impact the Group's operations and financial results have occurred after June 30, 2025, and up to the date of this report[109](index=109&type=chunk)[111](index=111&type=chunk) [Corporate Governance and Other Information](index=22&type=section&id=Corporate%20Governance%20and%20Other%20Information) This chapter outlines the company's corporate governance practices, disclosure of directors' and major shareholders' interests, and changes in the use of net proceeds from the global offering, demonstrating a commitment to high governance standards and adaptive capital allocation [Corporate Governance Practices](index=22&type=section&id=Corporate%20Governance%20Practices) The Group is committed to maintaining high standards of corporate governance, having adopted the Corporate Governance Code in Appendix C1 of the Listing Rules and complied with all applicable code provisions in the first half of 2025 - The Company has adopted the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited as its own corporate governance code[112](index=112&type=chunk)[116](index=116&type=chunk) - For the six months ended June 30, 2025, the Company has applied the principles of good corporate governance and complied with all applicable code provisions set out in Part 2 of the Corporate Governance Code[113](index=113&type=chunk)[116](index=116&type=chunk) [Model Code for Securities Transactions](index=22&type=section&id=Model%20Code%20for%20Securities%20Transactions) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules, and all directors confirmed compliance for the first half of 2025 - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules as its own code of conduct for directors' securities transactions[114](index=114&type=chunk)[117](index=117&type=chunk) - Following specific enquiries made to all Directors, the Directors have confirmed that they have complied with the required standards of dealing set out in the Model Code throughout the six months ended June 30, 2025[114](index=114&type=chunk)[117](index=117&type=chunk) [Interim Dividend](index=22&type=section&id=Interim%20Dividend) The Board of Directors has resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025 (same period of 2024: nil)[115](index=115&type=chunk)[118](index=118&type=chunk) [Audit Committee](index=23&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's accounting principles and practices and discussed financial reporting matters, including the unaudited condensed interim consolidated financial information - The Audit Committee comprises three independent non-executive directors, namely Mr. Zhou Mingsheng (Chairman), Mr. Shi Ronghuai, and Mr. Liu Yuliang[120](index=120&type=chunk)[123](index=123&type=chunk) - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed financial reporting matters with the Company's management, including the unaudited condensed interim consolidated financial information for the six months ended June 30, 2025[120](index=120&type=chunk)[123](index=123&type=chunk) [Changes to Directors' Information](index=23&type=section&id=Changes%20to%20Directors'%20Information) Mr. Zhou Mingsheng resigned as an independent non-executive director of Teamway International Group Holdings Limited on August 31, 2025, with no other disclosable information confirmed by directors - On August 31, 2025, Mr. Zhou Mingsheng resigned as an independent non-executive director of Teamway International Group Holdings Limited[121](index=121&type=chunk)[124](index=124&type=chunk) [Purchase, Sale, or Redemption of Listed Securities of the Company](index=23&type=section&id=Purchase,%20Sale,%20or%20Redemption%20of%20Listed%20Securities%20of%20the%20Company) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and the Company held no treasury shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities (including the sale of treasury shares)[122](index=122&type=chunk)[125](index=125&type=chunk) - As of June 30, 2025, the Company held no treasury shares[122](index=122&type=chunk)[125](index=125&type=chunk) [Use of Net Proceeds from the Global Offering](index=24&type=section&id=Use%20of%20Net%20Proceeds%20from%20the%20Global%20Offering) On June 26, 2025, the Company resolved to change the use of unutilized net proceeds from the global offering to seek strategic investments, upgrade IT, enhance concierge services, expand community elderly care services, and allocate funds for general business purposes and working capital to increase financial management flexibility - The Company was listed on March 31, 2022, with net proceeds from the global offering of approximately **HKD 155.6 million**[126](index=126&type=chunk)[127](index=127&type=chunk) - On June 26, 2025, the Board resolved to change the use of the unutilized net proceeds, including: [128](index=128&type=chunk) - Adjusting and allocating **10%** of the net proceeds (approximately **15.3%** of the unutilized net proceeds) to seek selective strategic investment and acquisition opportunities and expand the scope of investment targets[128](index=128&type=chunk)[133](index=133&type=chunk) - Adjusting and allocating **20%** of the net proceeds (approximately **14.2%** of the unutilized net proceeds) to upgrade information technology infrastructure and enhance smart community management[128](index=128&type=chunk)[133](index=133&type=chunk) - Continuing to allocate **10%** of the net proceeds (**2.0%** of the unutilized net proceeds) to enhance the Group's concierge services[128](index=128&type=chunk)[133](index=133&type=chunk) - Adjusting and allocating **40%** of the net proceeds (representing **50.3%** of the unutilized net proceeds) to enhance and expand community elderly care services, focusing on the Yilin Health Center business in core areas[128](index=128&type=chunk)[133](index=133&type=chunk) - Adjusting and allocating **20%** of the net proceeds (representing **18.2%** of the unutilized net proceeds) for general business purposes and working capital to supplement working capital and enhance financial management flexibility[128](index=128&type=chunk)[133](index=133&type=chunk) Analysis of Net Proceeds Usage as of June 30, 2025 (HKD millions) | Proposed Use | Planned Use in Prospectus | Utilized Before Change on June 26, 2025 | Unutilized Before Change on June 26, 2025 | Unutilized After Revised Allocation | Utilized from June 26 to 30, 2025 | Unutilized as of June 30, 2025 | Expected Full Utilization Time | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Strategic Investments and Acquisitions | 85.5 | — | 85.5 | 15.6 | — | 15.6 | December 31, 2026 | | IT Upgrades and Smart Community Management | 23.3 | 16.6 | 6.7 | 14.5 | — | 14.5 | December 31, 2026 | | Enhancement of Concierge Services | 15.6 | 13.6 | 2.0 | 2.0 | — | 2.0 | December 31, 2026 | | Enhancement and Expansion of Community Elderly Care Services | 15.6 | 10.9 | 4.7 | 51.3 | — | 51.3 | December 31, 2026 | | General Business Purposes and Working Capital | 15.6 | 12.5 | 3.1 | 18.6 | — | 18.6 | December 31, 2026 | | **Total** | **155.6** | **53.6** | **102.0** | **102.0** | **—** | **102.0** | | [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=27&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Mr. Huang Ruoqing held a 75% long position in the Company's shares through controlled corporations and a 29.82% interest in Redco Properties, with no other directors or chief executives having disclosable interests or short positions Directors' Interests in Shares and Underlying Shares | Director's Name | Capacity/Nature of Interest | Number of Shares/Underlying Shares | Approximate Percentage of Company's Shareholding | Long/Short Position/Lendable Shares | | :--- | :--- | :--- | :--- | :--- | | Mr. Huang Ruoqing | Interest in controlled corporation | 150,000,000 | 75% | Long Position | - Mr. Huang Ruoqing is deemed to have an interest in the shares held by TGI through his wholly-owned Times Property and as the settlor of the Honour Family Trust[142](index=142&type=chunk)[144](index=144&type=chunk) Directors' Interests in Associated Corporations of the Company | Director's Name | Name of Associated Corporation | Nature of Interest | Number of Shares Held | Approximate Percentage of Associated Corporation's Shareholding | | :--- | :--- | :--- | :--- | :--- | | Mr. Huang Ruoqing | Redco Properties | Interest in controlled corporation | 1,059,086,000 | 29.82% | [Directors' Rights to Acquire Shares or Debentures](index=29&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries entered into any arrangements enabling directors to acquire benefits by purchasing shares or debentures of the Company or any other body corporate - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries entered into any arrangements enabling directors to acquire benefits by purchasing shares or debentures of the Company or any other body corporate[147](index=147&type=chunk)[149](index=149&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=30&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, TGI held a 75% long position in the Company's shares as beneficial owner, with several related parties and Mr. Huang Ruoqing's spouse also deemed to hold the same proportion of interests Substantial Shareholders' Interests in Shares and Underlying Shares | Shareholder Name/Name | Capacity/Nature of Interest | Number of Shares | Approximate Percentage of Company's Shareholding | Long/Short Position/Lendable Shares | | :--- | :--- | :--- | :--- | :--- | | TGI | Beneficial owner | 150,000,000 | 75% | Long Position | | Redco Holdings | Interest in controlled corporation | 150,000,000 | 75% | Long Position | | Redco Properties | Interest in controlled corporation | 150,000,000 | 75% | Long Position | | Universe International Holdings Limited | Interest in controlled corporation | 150,000,000 | 75% | Long Position | | Universe Investment International Limited | Interest in controlled corporation | 150,000,000 | 75% | Long Position | | Mr. Huang | Interest in controlled corporation | 150,000,000 | 75% | Long Position | | Times International | Interest in controlled corporation | 150,000,000 | 75% | Long Position | | Honour Family | Interest in controlled corporation | 150,000,000 | 75% | Long Position | | UBS Trustees | Interest in controlled corporation | 150,000,000 | 75% | Long Position | | Times Property | Interest in controlled corporation | 150,000,000 | 75% | Long Position | | Ms. Shi Jiafei | Spouse's interest | 150,000,000 | 75% | Long Position | | Ms. Fan Huili | Spouse's interest | 150,000,000 | 75% | Long Position | - TGI is wholly owned by Redco Holdings, which is wholly owned by Redco Properties. Redco Properties is approximately **39.76%** and **0.33%** owned by Universe and Universe Investment, respectively, both wholly and directly owned by Mr. Huang[155](index=155&type=chunk) - Times International is wholly owned by Honour Family, which is wholly owned by UBS Trustees as trustee of the Honour Family Trust. Mr. Huang Ruoqing is the settlor of the Honour Family Trust. Times Property is wholly owned by Mr. Huang Ruoqing[155](index=155&type=chunk) - Ms. Shi Jiafei is the spouse of Mr. Huang, and Ms. Fan Huili is the spouse of Mr. Huang Ruoqing; they are deemed to have an interest in the shares in which their respective spouses have an interest under the Securities and Futures Ordinance[155](index=155&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=34&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group recorded revenue of RMB 209 million, cost of services of RMB 156.8 million, and gross profit of RMB 52.2 million, resulting in a loss of RMB 0.8 million for the period and a loss attributable to owners of the Company of RMB 5.7 million Condensed Consolidated Statement of Profit or Loss Summary (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 209,005 | 212,119 | | Cost of Services | (156,761) | (154,940) | | Gross Profit | 52,244 | 57,179 | | Other Net Income, Gains and Losses | 600 | 1,349 | | Selling and Marketing Expenses | (1,336) | (1,036) | | General and Administrative Expenses | (32,620) | (32,863) | | Impairment Losses on Financial Assets, Net of Reversal | (15,858) | (13,807) | | Operating Profit | 3,030 | 10,822 | | Net Finance Income and Costs | 34 | 162 | | Share of Net Results of Investments Accounted for Using the Equity Method | (252) | 637 | | Profit Before Income Tax | 2,812 | 11,621 | | Income Tax Expense | (3,616) | (3,898) | | **(Loss)/Profit for the Period** | **(804)** | **7,723** | | (Loss)/Profit Attributable to Owners of the Company | (5,742) | 1,073 | | (Loss)/Profit Attributable to Non-controlling Interests | 4,938 | 6,650 | | (Loss)/Earnings Per Share (RMB cents) | (2.87) | 0.54 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=35&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group recorded a loss for the period of RMB 0.8 million, with other comprehensive expenses of RMB 0.434 million from currency translation differences, resulting in a total comprehensive expense for the period of RMB 1.238 million Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/Profit for the Period | (804) | 7,723 | | Other Comprehensive (Expense)/Income: | | | | －Currency Translation Differences | (434) | 560 | | **Total Comprehensive (Expense)/Income for the Period** | **(1,238)** | **8,283** | | Total Comprehensive (Expense)/Income Attributable to Owners of the Company | (6,176) | 1,633 | | Total Comprehensive (Expense)/Income Attributable to Non-controlling Interests | 4,938 | 6,650 | [Condensed Consolidated Statement of Financial Position](index=36&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were RMB 598.7 million, total liabilities were RMB 302.2 million, and total equity was RMB 296.6 million, reflecting a slight increase in non-current assets and a decrease in net current assets Condensed Consolidated Statement of Financial Position Summary (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 46,105 | 44,863 | | Intangible Assets | 32,230 | 34,775 | | Investments Accounted for Using the Equity Method | 2,731 | 3,564 | | Deferred Income Tax Assets | 45,989 | 42,552 | | **Total Non-current Assets** | **127,055** | **125,754** | | **Current Assets** | | | | Inventories | 8,349 | 13,412 | | Trade and Other Receivables and Prepayments | 315,368 | 286,015 | | Amounts Due from Related Parties | 25,696 | 26,803 | | Financial Assets at Fair Value Through Profit or Loss | — | 2,025 | | Cash and Cash Equivalents | 122,279 | 137,484 | | **Total Current Assets** | **471,692** | **465,739** | | **Current Liabilities** | | | | Trade Payables | 33,719 | 20,698 | | Accruals and Other Payables | 85,647 | 77,603 | | Contract Liabilities | 102,205 | 114,523 | | Amounts Due to Related Parties | 4,356 | 3,687 | | Income Tax Liabilities | 56,417 | 51,799 | | Bank and Other Borrowings | 10,003 | 8,626 | | Lease Liabilities | 156 | 147 | | **Total Current Liabilities** | **292,503** | **277,083** | | **Net Current Assets** | **179,189** | **188,656** | | **Total Assets Less Current Liabilities** | **306,244** | **314,410** | | **Non-current Liabilities** | | | | Bank and Other Borrowings | 3,700 | 3,700 | | Lease Liabilities | 2,656 | 2,950 | | Deferred Income Tax Liabilities | 3,303 | 3,661 | | **Total Non-current Liabilities** | **9,659** | **10,311** | | **Net Assets** | **296,585** | **304,099** | | **Equity Attributable to Owners of the Company** | | | | Share Capital | 16,220 | 16,220 | | Reserves | 240,461 | 246,637 | | Non-controlling Interests | 39,904 | 41,242 | | **Total Equity** | **296,585** | **304,099** | [Condensed Consolidated Statement of Changes in Equity](index=38&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the Company decreased from RMB 262.9 million at the beginning of the period to RMB 256.7 million at the end, primarily due to the loss for the period and currency translation differences, with non-controlling interests also decreasing Condensed Consolidated Statement of Changes in Equity Summary (RMB thousands) | Item | Share Capital | Reserves | Total Attributable to Owners of the Company | Non-controlling Interests | Total Equity | | :--- | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 | 16,220 | 246,637 | 262,857 | 41,242 | 304,099 | | (Loss)/Profit for the Period | — | (5,742) | (5,742) | 4,938 | (804) | | Currency Translation Differences | — | (434) | (434) | — | (434) | | **Total Comprehensive (Expense)/Income for the Period** | **—** | **(6,176)** | **(6,176)** | **4,938** | **(1,238)** | | Dividends Paid to Non-controlling Interests | — | — | — | (6,276) | (6,276) | | **As of June 30, 2025** | **16,220** | **240,461** | **256,681** | **39,904** | **296,585** | | | | | | | | | As of January 1, 2024 | 16,220 | 274,904 | 291,124 | 39,133 | 330,257 | | Profit for the Period | — | 1,073 | 1,073 | 6,650 | 7,723 | | Currency Translation Differences | — | 560 | 560 | — | 560 | | **Total Comprehensive Income for the Period** | **—** | **1,633** | **1,633** | **6,650** | **8,283** | | Dividends Paid to Non-controlling Interests | — | — | — | (6,227) | (6,227) | | **As of June 30, 2024** | **16,220** | **276,537** | **292,757** | **39,556** | **332,313** | [Condensed Consolidated Statement of Cash Flows](index=40&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash used in operating activities was RMB 7.634 million, net cash used in investing activities was RMB 1.715 million, and net cash used in financing activities was RMB 5.643 million, resulting in a decrease in cash and cash equivalents to RMB 122.3 million at period-end Condensed Consolidated Statement of Cash Flows Summary (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (7,634) | (39,125) | | Net Cash (Used in)/From Investing Activities | (1,715) | 2,269 | | Net Cash Used in Financing Activities | (5,643) | (18,380) | | **Net Decrease in Cash and Cash Equivalents** | **(14,992)** | **(55,236)** | | Cash and Cash Equivalents at Beginning of Period | 137,484 | 178,854 | | Effect of Exchange Rate Changes | (213) | 519 | | **Cash and Cash Equivalents at End of Period** | **122,279** | **124,137** | [Notes to Condensed Consolidated Financial Statements](index=42&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This chapter provides detailed notes to the condensed consolidated financial statements, covering the company's general information, accounting policies, critical judgments and estimates, revenue and segment information, asset and liability changes, capital management, financial instrument risks, and related party transactions [General](index=42&type=section&id=General) Redco Healthy Living Company Limited, incorporated in the Cayman Islands and listed on the HKEX since March 31, 2022, primarily provides property management, value-added, IT system, elderly care, and property agency services in China, with Redco Properties Group Limited as its ultimate holding company - The Company was incorporated in the Cayman Islands on February 10, 2021, and has been listed on The Stock Exchange of Hong Kong Limited since March 31, 2022[170](index=170&type=chunk)[175](index=175&type=chunk) - The Group primarily provides property management services, non-owner value-added services, community value-added services, IT system development and maintenance services, elderly care management services, and property agency services in China[171](index=171&type=chunk)[175](index=175&type=chunk) - The ultimate holding company is Redco Properties Group Limited, and the ultimate controlling shareholders are Mr. Huang Ruohong and Mr. Huang Ruoqing[172](index=172&type=chunk)[175](index=175&type=chunk) [Basis of Preparation of Condensed Consolidated Financial Statements](index=43&type=section&id=Basis%20of%20Preparation%20of%20Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and apply consistent accounting policies with the annual financial statements for the year ended December 31, 2024, with no significant impact from HKAS 21 (Amendment) "Lack of Exchangeability" adopted on January 1, 2025 - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[177](index=177&type=chunk)[179](index=179&type=chunk) - The accounting policies are consistent with those applied in the annual consolidated financial statements for the year ended December 31, 2024[178](index=178&type=chunk)[180](index=180&type=chunk) - HKAS 21 (Amendment) "Lack of Exchangeability," first mandatorily adopted on January 1, 2025, had no significant impact on the Group's condensed consolidated financial statements[178](index=178&type=chunk)[180](index=180&type=chunk) [Critical Accounting Judgements and Key Sources of Estimation Uncertainty](index=44&type=section&id=Critical%20Accounting%20Judgements%20and%20Key%20Sources%20of%20Estimation%20Uncertainty) The preparation of condensed consolidated financial statements involves management judgments, estimates, and assumptions, with significant judgments and key sources of estimation uncertainty remaining consistent with those applied in the consolidated financial statements for the year ended December 31, 2024 - The preparation of condensed consolidated financial statements requires management to make judgments, estimates, and assumptions, and actual results may differ from these estimates[181](index=181&type=chunk)[184](index=184&type=chunk) - In preparing these condensed consolidated financial statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those applied to the consolidated financial statements for the year ended December 31, 2024[182](index=182&type=chunk)[184](index=184&type=chunk) [Revenue and Segment Information](index=44&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from property management, non-owner value-added, community value-added, community elderly care, and IT and smart construction services, with property management, elderly care services, and others identified as reportable operating segments [Revenue Disaggregation](index=44&type=section&id=Revenue%20Disaggregation) The Group's revenue is disaggregated into services recognized over time (property management, non-owner value-added, community value-added, community elderly care, IT and smart construction) and services recognized at a point in time (non-owner value-added, IT and smart construction, commercial property sales) Revenue by Category (RMB thousands) | Revenue Recognition Method | Business Type | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Recognized over time | Property Management Services | 165,978 | 169,230 | | | Non-owner Value-added Services | 8,973 | 9,729 | | | Community Value-added Services | 20,541 | 20,268 | | | Community Elderly Care Services | 1,796 | 4,319 | | | IT and Smart Construction Services | 2,856 | 2,508 | | | **Subtotal** | **200,144** | **206,054** | | Recognized at a point in time | Non-owner Value-added Services | 1,512 | 2,999 | | | IT and Smart Construction Services | 2,937 | 3,066 | | | Sales of Commercial Properties | 4,412 | — | | | **Subtotal** | **8,861** | **6,065** | | **Total** | | **209,005** | **212,119** | [Segment Information](index=46&type=section&id=Segment%20Information) The Group's operating segments include property management, elderly care services, and others, with property management contributing the majority of revenue and operating profit in the first half of 2025, while elderly care services and others recorded operating losses - The chief operating decision maker has identified three reportable operating segments: property management, elderly care services, and others[189](index=189&type=chunk)[191](index=191&type=chunk) Segment Revenue and Results (RMB thousands) | Item | Property Management | Elderly Care Services | Others | Total | | :--- | :--- | :--- | :--- | :--- | | **H1 2025** | | | | | | Consolidated Revenue from External Customers | 201,417 | 1,796 | 5,792 | 209,005 | | Segment Results | 6,885 | (4) | (1,060) | 5,821 | | Operating Profit (Loss) | 4,909 | (750) | (1,129) | 3,030 | | Profit (Loss) Before Income Tax | 4,507 | (511) | (1,184) | 2,812 | | **H1 2024** | | | | | | Consolidated Revenue from External Customers | 202,226 | 4,319 | 5,574 | 212,119 | | Segment Results | 14,877 | (397) | 494 | 14,974 | | Operating Profit (Loss) | 11,103 | (538) | 257 | 10,822 | | Profit (Loss) Before Income Tax | 11,563 | (102) | 160 | 11,621 | Segment Assets and Liabilities (RMB thousands) | Item | Property Management | Elderly Care Services | Others | Total | | :--- | :--- | :--- | :--- | :--- | | **June 30, 2025** | | | | | | Reportable Segment Assets | 451,544 | 86,545 | 32,383 | 570,472 | | Reportable Segment Liabilities | 244,108 | 19,349 | 27,666 | 291,123 | | **December 31, 2024** | | | | | | Reportable Segment Assets | 434,462 | 91,713 | 35,777 | 561,952 | | Reportable Segment Liabilities | 227,546 | 21,023 | 29,579 | 278,148 | [Geographical Information](index=49&type=section&id=Geographical%20Information) All of the Group's revenue is derived from China, while non-current assets (excluding financial instruments, investments accounted for using the equity method, and deferred income tax assets) are primarily located in China and Hong Kong - All of the Group's revenue is derived from China[198](index=198&type=chunk)[199](index=199&type=chunk) Non-current Assets by Geographical Area (RMB thousands) | Area | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | China | 51,637 | 51,924 | | Hong Kong | 26,698 | 27,714 | | **Total** | **78,335** | **79,638** | [Information about Major Customers](index=50&type=section&id=Information%20about%20Major%20Customers) For the six months ended June 30, 2025, revenue from Redco Properties Group, its associates, joint ventures, and their subsidiaries accounted for approximately 8.72% of the Group's total revenue, with no other single customer contributing over 10% - For the six months ended June 30, 2025, revenue from Redco Properties Group, its associates, joint ventures, and their subsidiaries accounted for approximately **8.72%** of the Group's total revenue (same period of 2024: 10.9%)[205](index=205&type=chunk)[207](index=207&type=chunk) - Other than the aforementioned related parties, no single customer contributed more than **10%** of the Group's revenue from its large number of customers[206](index=206&type=chunk)[207](index=207&type=chunk) [Other Income, Gains and Losses, Net](index=51&type=section&id=Other%20Income,%20Gains%20and%20Losses,%20Net) For the six months ended June 30, 2025, other income, gains and losses, net, amounted to RMB 0.6 million, primarily comprising government subsidies of RMB 0.238 million (2024: RMB 1.064 million) and other income Other Income, Gains and Losses, Net (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Government Subsidies | 238 | 1,064 | | Loss on Disposal of Property, Plant and Equipment | (4) | — | | Others | 366 | 285 | | **Total** | **600** | **1,349** | - Reduced government subsidies were the main reason for the decrease in other income, gains and losses, net[210](index=210&type=chunk)[211](index=211&type=chunk) [Profit Before Income Tax](index=52&type=section&id=Profit%20Before%20Income%20Tax) For the six months ended June 30, 2025, profit before income tax was RMB 2.812 million, a significant decrease from RMB 11.621 million in the prior period, with major costs including staff costs of RMB 73.51 million, depreciation of property, plant and equipment of RMB 2.791 million, and amortization of intangible assets of RMB 2.561 million Major Costs for Profit Before Income Tax (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Staff Costs | 73,510 | 84,105 | | Depreciation of Property, Plant and Equipment | 2,791 | 4,152 | | Amortization of Intangible Assets | 2,561 | 3,156 | | Cost of Services | 156,761 | 154,940 | | Expenses Related to Short-term Leases and Low-value Assets | 166 | 237 | - Staff costs decreased by **12.6%** year-on-year, primarily due to a reduction in the number of full-time employees[108](index=108&type=chunk)[110](index=110&type=chunk)[214](index=214&type=chunk) [Income Tax Expense](index=53&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was RMB 3.616 million, a decrease from the prior period, primarily comprising China corporate income tax of RMB 7.411 million and deferred tax credit of RMB 3.795 million, with certain subsidiaries exempt and others subject to a 25% or 20% preferential tax rate Income Tax Expense (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Tax: China Corporate Income Tax | 7,411 | 7,324 | | Deferred Tax Credit | (3,795) | (3,426) | | **Total** | **3,616** | **3,898** | - The Company is exempt from Cayman Islands income tax, and subsidiaries incorporated in the British Virgin Islands are exempt from BVI income tax[216](index=216&type=chunk)[220](index=220&type=chunk) - China subsidiaries are subject to China corporate income tax at a rate of **25%**, with eligible small and micro enterprises enjoying a preferential tax rate of **20%**[217](index=217&type=chunk)[220](index=220&type=chunk) [Dividends](index=53&type=section&id=Dividends) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025, and no dividends have been proposed since the end of the reporting period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 and 2024, and no dividends have been proposed since the end of the reporting period[219](index=219&type=chunk)[221](index=221&type=chunk) [Loss/Earnings Per Share](index=54&type=section&id=Loss%2FEarnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the Company was RMB 2.87 cents, compared to earnings of RMB 0.54 cents in the prior period, with no diluted loss/earnings per share presented due to the absence of outstanding potential ordinary shares Loss/Earnings Per Share Calculation Data | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | (Loss)/Profit Attributable to Owners of the Company for the Period | (5,742) | 1,073 | | Weighted Average Number of Ordinary Shares (thousands) | 200,000 | 200,000 | | (Loss)/Earnings Per Share (RMB cents) | (2.87) | 0.54 | - No diluted (loss)/earnings per share is presented as there were no outstanding potential ordinary shares for both periods[225](index=225&type=chunk)[227](index=227&type=chunk) [Property, Plant and Equipment](index=55&type=section&id=Property,%20Plant%20and%20Equipment) As of June 30, 2025, the net carrying amount of property, plant and equipment was RMB 46.105 million, an increase from the end of 2024, primarily due to additions of furniture, office equipment, and leasehold improvements Changes in Property, Plant and Equipment (RMB thousands) | Item | H1 2025 | Full Year 2024 | | :--- | :--- | :--- | | Net Carrying Amount at Beginning of Period/Year | 44,863 | 63,299 | | Additions | 4,482 | 6,042 | | Disposals | (96) | (95) | | Depreciation | (2,791) | (7,802) | | Impairment Loss | — | (16,379) | | Exchange Differences | (353) | (202) | | **Net Carrying Amount at End of Period/Year** | **46,105** | **44,863** | - Additions to property, plant and equipment amounted to **RMB 4.482 million** in the first half of 2025[229](index=229&type=chunk) [Intangible Assets](index=56&type=section&id=Intangible%20Assets) As of June 30, 2025, the net carrying amount of intangible assets was RMB 32.230 million, a decrease from the end of 2024, primarily due to the amortization of customer relationships and computer software Changes in Intangible Assets (RMB thousands) | Item | Customer Relationships | Property Management Contracts | Service Contracts | Computer Software | Goodwill | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Carrying Amount at Beginning of H1 2025 | 7,218 | — | — | 11,597 | 15,960 | 34,775 | | Additions | — | — | — | 16 | — | 16 | | Amortization | (1,220) | — | — | (1,341) | — | (2,561) | | **Net Carrying Amount at End of H1 2025** | **5,998** | **—** | **—** | **10,272** | **15,960** | **32,230** | | | | | | | | | | Net Carrying Amount at Beginning of Full Year

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: 力高健康生活有限公司 呈交日期: 2025年9月1日 | 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) | 02370 | 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 | | 0.1 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,0 ...

Core Viewpoint - The company reported a decline in revenue and a shift from profit to loss in its interim results for the six months ending June 30, 2025 [1] Financial Performance - Revenue for the period was 209 million RMB, representing a year-on-year decrease of 1.47% [1] - The company recorded a loss attributable to shareholders of 5.742 million RMB, compared to a profit of 1.073 million RMB in the same period last year, indicating a significant shift from profit to loss [1] - Basic loss per share was 2.87 cents [1]

Core Viewpoint - The company reported a decline in revenue and a shift from profit to loss in its interim results for the six months ending June 30, 2025 [1] Financial Performance - Revenue for the period was 209 million RMB, representing a year-on-year decrease of 1.47% [1] - The company recorded a loss attributable to shareholders of 5.742 million RMB, compared to a profit of 1.073 million RMB in the same period last year, indicating a significant shift from profit to loss [1] - Basic loss per share was 2.87 cents [1]

Core Viewpoint - The company reported a revenue of approximately RMB 209.0 million for the six months ending June 30, 2025, representing a year-on-year decrease of about 1.5% [1] - The gross profit margin for the period was approximately 25.0%, down from 27.0% in the same period of 2024 [1] - The company incurred a net loss of approximately RMB 0.8 million, compared to a net profit of approximately RMB 7.7 million in the same period of 2024 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部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。 力高健康生活有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公司及 其附屬公司（統稱「本集團」或「我們」）截至二零二五年六月三十日止六個月的未經審 核綜合中期業績連同二零二四年同期比較數字如下： Redco Healthy Living Company Limited 力高健康生活有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2370） 截至二零二五年六月三十日止六個月 的未經審核中期業績公告 財務摘要 – 1 – ‧ 截至二零二五年六月三十日止六個月的收益約為人民幣209.0百萬元，較二零 二四年同期約人民幣212.1百萬元減少約1.5%。 ‧ 截至二零二五年六月三十日止六個月的毛利約為人民幣52.2百萬元，較二零 二四年同期約人民幣57.2百萬元減少約8.6%。 ‧ 截至二零二五年六月三十日止六個月的毛利率約為 25.0%，而二零二四年同 期約為27.0%。 ‧ 本集團截 ...

Core Viewpoint - The company, Lihigh Health Life (02370.HK), anticipates a net loss of no more than RMB 2 million for the six months ending June 30, 2025, compared to a net profit of approximately RMB 7.7 million for the same period ending June 30, 2024 [1] Summary by Category - Financial Performance - Expected net loss for the upcoming six months is RMB 2 million [1] - Previous six months ended June 30, 2024, reported a net profit of RMB 7.7 million [1]

Core Viewpoint - The company, Lihigh Health Life (02370.HK), anticipates a net loss of no more than RMB 2.0 million for the six months ending June 30, 2025, compared to a net profit of approximately RMB 7.7 million in the same period last year [1] Summary by Relevant Categories Financial Performance - The expected net loss of RMB 2.0 million marks a significant decline from the previous year's profit of RMB 7.7 million [1] Revenue Decline Factors - The decrease in profit is primarily attributed to: 1. A reduction in property management services due to the ongoing downturn in the Chinese real estate industry, leading to a decrease in the total managed area compared to the same period in 2024 [1] 2. A decline in value-added services provided to non-owners, particularly services offered to Lihigh Real Estate Group Limited, which has seen a reduction in project deliveries [1] 3. A decrease in community healthcare services, as the volume of healthcare service cards purchased by Lihigh Real Estate for its properties has declined compared to 2024 [1] Impairment Loss Provisions - The company has increased provisions for impairment losses on trade receivables from third parties and related parties, considering the credit risks and financial conditions associated with the Chinese real estate industry [1]

Core Viewpoint - The company expects a net loss of no more than RMB 2 million for the six months ending June 30, 2025, compared to a net profit of approximately RMB 7.7 million for the same period in 2024, primarily due to declining revenues from property management services and related sectors [1] Group 1: Financial Performance - The anticipated net loss for the six months ending June 30, 2025, is projected to be up to RMB 2 million [1] - The net profit for the six months ending June 30, 2024, was approximately RMB 7.7 million, indicating a significant decline in profitability [1] Group 2: Revenue Decline Factors - Revenue decline is attributed to a decrease in total managed building area due to the ongoing downturn in the Chinese real estate industry [1] - Reduced income from value-added services, particularly those provided to the company's controlling shareholder, Lihua Real Estate Group Limited, due to fewer project deliveries [1] - Decrease in community healthcare service revenues, as the volume of healthcare service cards purchased by Lihua Real Estate for its properties has declined compared to 2024 [1] Group 3: Impairment Provisions - The company has increased provisions for impairment losses on trade receivables from third parties and related parties, considering the credit risks and financial conditions associated with the Chinese real estate industry [1]