Core Viewpoint - The company achieved a revenue of 2.03 billion yuan in the first half of 2025, representing a year-on-year growth of 22.7%, and a net profit attributable to shareholders of 300 million yuan, with a year-on-year increase of 12.2% [1][2] Revenue and Profit Analysis - The growth rate of net profit is lower than that of revenue, primarily due to a 3.1 percentage point decline in overall gross margin to 22.5%, attributed to a decrease in the proportion of high-margin non-owner value-added services [2][3] - The property management business revenue reached 1.16 billion yuan, growing by 27.9%, with a gross margin of 18.2%, down 1.5 percentage points year-on-year [2] Property Management and Pricing - The managed area reached 75.08 million square meters, a year-on-year increase of 19.0%, with a contract area of 96.36 million square meters and a management ratio of 1.28 [2] - The average property fee for managed projects remained high at 4.20 yuan per square meter per month, slightly up from 4.17 yuan per square meter per month in the previous year [2][3] Value-Added Services Growth - The company reported value-added service revenue of 870 million yuan, a year-on-year increase of 16.3%, with non-owner value-added service revenue declining by 14.6% to 210 million yuan [3] - The 5S value-added service revenue grew by 32.0% to 650 million yuan, driven by a 36.7% increase in the home improvement service segment, which generated 570 million yuan [3] Dividend Policy - The company maintains a high dividend payout ratio of 70%, consistent with the previous year, resulting in a rolling dividend yield of 6.5% based on the latest closing price [3] Future Outlook - The company has signed a cooperation agreement with Yupan Intelligent to explore AI integration in property management, which is expected to enhance profit margins in the future [1][2] - The earnings per share (EPS) forecast for 2025-2027 is projected at 2.23, 2.49, and 2.74 yuan respectively, with a buy rating and a target price of 33.01 HKD remaining unchanged [3]

Core Insights - Binhai Service reported a revenue of 2.025 billion RMB for the first half of 2025, representing a year-on-year increase of 22.7% [1] - The company's gross profit was 455 million RMB, up 7.9% year-on-year, with a gross margin of 22.5%, down 3.1 percentage points from the same period in 2024 [1] - Net profit for the period was 306 million RMB, reflecting a 12.2% increase year-on-year, with profit attributable to equity shareholders also at 298 million RMB, an increase of 12.2% [1] Revenue Breakdown - Revenue from property management services amounted to 1.158 billion RMB, while non-owner value-added services generated 214 million RMB, and 5S value-added services contributed 653 million RMB [1] Operational Metrics - As of June 30, 2025, the total managed building area was approximately 75.1 million square meters, a year-on-year growth of 19.0% [1] - The contracted building area reached about 96.4 million square meters, increasing by 7.1% year-on-year [1] - In the Hangzhou region, the managed area grew by 18.8% year-on-year to 47.8 million square meters, contributing 70.6% of total property management revenue with earnings of 818 million RMB [1]

Investment Rating - The report maintains an investment rating of "Buy" for the company [1] Core Insights - The company reported a revenue of 2.03 billion RMB for the first half of 2025, representing a year-on-year increase of 23%, and a net profit attributable to shareholders of 300 million RMB, up 12% year-on-year [1] - The company has demonstrated strong cash flow performance, with a mid-term dividend yield of 3.6%, indicating robust shareholder returns [1] - The company is positioned as a quality service provider in property management, leveraging its relationships with real estate companies to strengthen its market presence in Hangzhou [1] Revenue and Profitability - The company's revenue growth was driven by a 28% increase in basic property management services to 1.16 billion RMB, supported by a 19% increase in managed area to 75.08 million square meters [2] - The gross profit margin decreased by 3.1 percentage points to 22.5%, primarily due to increased quality investments in basic property management and challenges in non-owner value-added services [2] - The company’s net profit growth rate was lower than revenue growth due to pressure on gross margins [2] Market Position and Future Outlook - The company’s association with real estate firm Binjiang Group has led to the acquisition of 14 land parcels in Hangzhou, enhancing its market influence [3] - The revenue from renovation services increased by 37% to 570 million RMB, indicating strong growth in this segment [3] - Future growth in the hard decoration business may face challenges, necessitating the exploration of additional revenue sources [3] Cash Flow and Shareholder Returns - The company achieved a collection rate increase of 0.55 percentage points year-on-year, with 10 projects implementing price increases averaging 14% [4] - The operating cash flow coverage ratio reached 134% of net profit, reflecting a 70% year-on-year increase [4] - The mid-term dividend payout ratio increased by 10 percentage points to 70%, supporting a dividend yield of 3.6% based on the closing price [4] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to 2.22, 2.49, and 2.75 RMB, reflecting a 7% downward revision [5] - The target price for the company is set at 31.63 HKD, based on a price-to-earnings (P/E) ratio of 13 times, up from a previous target of 31.06 HKD [5] - The average P/E ratio for comparable companies is 12 times, indicating a premium valuation for the company based on its service quality and shareholder return focus [5]

Core Viewpoint - Binhai Service (03316) reported a strong interim performance for the six months ending June 30, 2025, with significant revenue and profit growth, leading to a nearly 7% increase in stock price following the announcement [1] Financial Performance - Revenue for the period reached 2.025 billion RMB, representing a year-on-year increase of 22.7% [1] - Profit attributable to equity shareholders was 298 million RMB, up 12.21% compared to the previous year [1] - Basic earnings per share were reported at 1.08 RMB [1] - The company proposed an interim dividend of 0.826 HKD per share [1] Revenue Sources - Property management services accounted for the largest share of revenue and profit, contributing 57.2% of total revenue [1] - The second largest revenue source was 5S value-added services, which made up 32.2% of total revenue [1] Property Management Services - Revenue from property management services reached 1.158 billion RMB, a 27.9% increase from 904 million RMB in the same period of 2024 [1] - The increase in revenue was primarily driven by business expansion and an increase in the number of projects [1] - Revenue from property management services provided to properties developed by Binhai Group was 582 million RMB, a 29.6% increase from 449 million RMB in the previous year, accounting for 50.3% of the total property management service revenue during the reporting period [1]

智通财经APP讯，滨江服务(03316)发布公告，该公司将于2025年9月19日派发中期股息每股0.826港元。 ...

Core Insights - The company, Binjiang Services (03316), reported a revenue of 2.025 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 22.7% [1] - The profit attributable to equity shareholders was 298 million RMB, up 12.21% compared to the previous year [1] - The basic earnings per share were 1.08 RMB, and the company proposed an interim dividend of 0.826 HKD per share [1] Revenue Breakdown - Property management services were the largest source of revenue and profit for the company, accounting for 57.2% of total revenue [1] - The second largest source of revenue was the 5S value-added services, contributing 32.2% to total revenue [1] - Revenue from property management services reached 1.158 billion RMB, a 27.9% increase from 904 million RMB in the same period of 2024 [1] Growth Drivers - The increase in revenue was primarily driven by the company's business expansion and an increase in the number of projects [1] - Revenue generated from property management services provided to properties developed by Binjiang Group amounted to 582 million RMB, a 29.6% increase from 449 million RMB in the same period of 2024, representing 50.3% of the property management services revenue during the reporting period [1]

Group 1 - The company's revenue increased by 22.7% to RMB 2,025.0 million for the six months ending June 30, 2025 [1] - Gross profit reached RMB 455.1 million, a 7.9% increase compared to the same period in 2024, with a gross margin of 22.5%, down 3.1 percentage points from 2024 [1] - The company's profit for the period was RMB 305.6 million, a 12.2% increase from RMB 272.3 million in 2024, driven by growth in business volume [1] Group 2 - Profit attributable to equity shareholders was RMB 297.7 million, up 12.2% from RMB 265.3 million in 2024 [1] - The net profit margin decreased to 15.1%, down 1.4 percentage points from 16.5% in 2024 [1]

Core Viewpoint - Binhai Service (03316) reported a mid-term performance for the six months ending June 30, 2025, with a revenue of 2.025 billion RMB, representing a year-on-year increase of 22.7% [1] Group 1: Financial Performance - The profit attributable to equity shareholders was 298 million RMB, an increase of 12.21% year-on-year [1] - Basic earnings per share were 1.08 RMB, with an interim dividend proposed at 0.826 HKD per share [1] Group 2: Revenue Sources - Property management services were the largest source of revenue and profit for the group, accounting for 57.2% of total revenue [1] - The 5S value-added services were the second-largest source of revenue, contributing 32.2% to total revenue [1] Group 3: Property Management Services - Revenue from property management services reached 1.158 billion RMB, a 27.9% increase from 904 million RMB in the same period of 2024 [1] - The increase in revenue was primarily due to business expansion and an increase in the number of projects [1] - Revenue from property management services provided to Binhai Group (002244) was 582 million RMB, up 29.6% from 449 million RMB in the same period of 2024, representing 50.3% of the property management service revenue during the reporting period [1]

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 濱江服務集團有限公司 | | 股份代號 | 03316 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年8月21日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.826 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.826 HKD | | 匯率 | 1 HKD : 1 HK ...

Announcement Overview [Announcement Overview](index=1&type=section&id=Announcement%20Header) This announcement presents Binjiang Service Group Co. Ltd.'s unaudited consolidated interim results for the six months ended June 30, 2025, reviewed by the Audit Committee and approved by the Board, with an unmodified review report from KPMG - Binjiang Service Group Co. Ltd. (Stock Code: 3316) announced its unaudited consolidated interim results for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) - The interim results were reviewed by the Company's Audit Committee and approved by the Board on August 21, 2025[3](index=3&type=chunk) - The interim financial information was reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants, resulting in an unmodified review report[3](index=3&type=chunk) Financial Highlights [Financial Highlights](index=2&type=section&id=%E6%91%98%E8%A6%81) During the reporting period, Binjiang Service Group's revenue increased by **22.7%** year-on-year to **RMB 2.025 billion**, driven by significant growth in property management and 5S value-added services, despite a decrease in gross profit margin Key Financial and Operating Indicators for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 2,025,041 | 1,650,407 | 22.7% | | - Property Management Services | 1,158,370 | 905,335 | 27.9% | | - Value-Added Services to Non-Property Owners | 214,129 | 250,748 | -14.6% | | - 5S Value-Added Services | 652,542 | 494,324 | 32.0% | | Gross Profit | 455,076 | 421,745 | 7.9% | | Gross Profit Margin | 22.5% | 25.6% | | | Profit for the Period | 305,562 | 272,347 | 12.2% | | Profit for the Period Attributable to Equity Holders of the Company | 297,707 | 265,315 | 12.2% | | Net Profit Margin | 15.1% | 16.5% | | | Net Cash Generated from Operating Activities | 398,947 | 171,070 | 133.2% | | Earnings Per Share (RMB) | 1.08 | 0.96 | 12.5% | | GFA Under Management ('000 sq.m.) | 75,083 | 63,119 | 19.0% | | Contracted GFA ('000 sq.m.) | 96,355 | 89,996 | 7.1% | - The Board resolved to declare an interim dividend of **HKD 0.826 per share** for the six months ended June 30, 2025, with a payout ratio of approximately **70%** of net profit attributable to equity holders of the Company[4](index=4&type=chunk) Consolidated Statement of Profit or Loss and Other Comprehensive Income [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue grew to **RMB 2.025 billion**, with gross profit reaching **RMB 455.08 million** and profit for the period at **RMB 305.56 million** Consolidated Statement of Profit or Loss and Other Comprehensive Income (for the six months ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 2,025,041 | 1,650,407 | | Cost of Sales | (1,569,965) | (1,228,662) | | Gross Profit | 455,076 | 421,745 | | Operating Profit | 378,378 | 350,668 | | Profit Before Tax | 414,239 | 391,681 | | Income Tax | (108,677) | (119,334) | | Profit for the Period | 305,562 | 272,347 | | Profit for the Period Attributable to Equity Holders of the Company | 297,707 | 265,315 | | Profit for the Period Attributable to Non-controlling Interests | 7,855 | 7,032 | | Total Comprehensive Income for the Period | 293,182 | 263,941 | | Basic and Diluted Earnings Per Share (RMB) | 1.08 | 0.96 | Consolidated Statement of Financial Position [Consolidated Statement of Financial Position](index=5&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets less current liabilities amounted to **RMB 1.694 billion**, with net assets of **RMB 1.662 billion**, driven by significant increases in current assets Consolidated Statement of Financial Position (as of June 30, 2025) | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 47,296 | 43,405 | | Time Deposits | 429,104 | 1,081,425 | | **Current Assets** | | | | Inventories | 317,795 | 290,053 | | Trade and Other Receivables | 857,887 | 590,221 | | Financial Assets at Fair Value Through Profit or Loss | 501,716 | 301,623 | | Time Deposits | 1,515,511 | 941,074 | | Cash and Cash Equivalents | 1,180,831 | 890,658 | | **Current Liabilities** | | | | Contract Liabilities | 1,840,012 | 1,555,366 | | Trade and Other Payables | 1,152,441 | 1,008,995 | | Dividends Payable | 221,818 | — | | Net Current Assets | 1,157,793 | 429,407 | | Total Assets Less Current Liabilities | 1,694,429 | 1,606,056 | | Net Assets | 1,661,960 | 1,591,874 | | Total Equity Attributable to Equity Holders of the Company | 1,593,034 | 1,528,960 | Notes [Notes](index=7&type=section&id=%E9%99%84%E8%A8%BB) This section details the basis of preparation for interim financial information, adherence to HKEX Listing Rules and IAS 34, and disclosures on revenue, segment reporting, other income/expenses, income tax, EPS, and receivables/payables [1.1 Basis of Preparation](index=7&type=section&id=1%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim financial information is prepared in accordance with HKEX Listing Rules and IAS 34 "Interim Financial Reporting," adopting the same accounting policies as the 2024 annual financial statements - The interim financial information is prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and in compliance with International Accounting Standard 34 "Interim Financial Reporting"[11](index=11&type=chunk) - The Company was incorporated in the Cayman Islands on July 6, 2017, and its shares were listed on the Main Board of the Hong Kong Stock Exchange on March 15, 2019[11](index=11&type=chunk) - The interim financial information is prepared on the basis of the same accounting policies adopted in the 2024 annual financial statements, except for changes in accounting policies expected to be reflected in the 2025 annual financial statements[11](index=11&type=chunk) [1.2 Changes in Accounting Policies](index=8&type=section&id=2%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95) The Group has applied amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," which had no material impact on the interim financial information as the Group has no transactions involving non-exchangeable foreign currencies - The Group has applied the amendments to International Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," which had no material impact on the interim financial information[12](index=12&type=chunk) - The Group did not enter into any foreign currency transactions involving currencies that are not exchangeable into other currencies[12](index=12&type=chunk) - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period[13](index=13&type=chunk) [1.3 Revenue and Segment Reporting](index=8&type=section&id=3%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E5%A0%B1%E5%91%8A) The Group's revenue primarily stems from property management, value-added services to non-property owners, and 5S value-added services, with property management and 5S services showing significant growth, while non-property owner services declined [1.3.1 Revenue Composition](index=9&type=section&id=3(a)%20%E6%94%B6%E5%85%A5) The Group's revenue is primarily derived from property management services, value-added services to non-property owners, and 5S value-added services, totaling **RMB 2.025 billion** for the six months ended June 30, 2025 - The Group's principal businesses are property management services, value-added services to non-property owners, and 5S value-added services[14](index=14&type=chunk) Revenue from Contracts with Customers (for the six months ended June 30) | Revenue Source | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Property Management Services | 1,158,370 | 905,335 | | Value-Added Services to Non-Property Owners | 214,129 | 250,748 | | 5S Value-Added Services (recognized over time) | 592,355 | 439,423 | | 5S Value-Added Services (recognized at a point in time) | 60,187 | 54,901 | | **Total** | **2,025,041** | **1,650,407** | [1.3.2 Segment Reporting](index=10&type=section&id=3(b)%20%E5%88%86%E9%83%A8%E5%A0%B1%E5%91%8A) The Group manages its business across three operating segments: property management, value-added services to non-property owners, and 5S value-added services, with gross profit as the key performance indicator - The Group manages its business across three operating and reportable segments: property management services, value-added services to non-property owners, and 5S value-added services[17](index=17&type=chunk)[18](index=18&type=chunk) - Segment results represent the profit earned by each segment (before unallocated central corporate expenses), with gross profit used as the measure for reporting segment performance[17](index=17&type=chunk) Revenue and Gross Profit by Operating Segment (for the six months ended June 30) | Segment | 2025 Revenue (RMB '000) | 2025 Gross Profit (RMB '000) | 2024 Revenue (RMB '000) | 2024 Gross Profit (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 1,158,370 | 210,413 | 905,335 | 178,432 | | Value-Added Services to Non-Property Owners | 214,129 | 74,219 | 250,748 | 107,771 | | 5S Value-Added Services | 652,542 | 170,444 | 494,324 | 135,542 | | **Total** | **2,025,041** | **455,076** | **1,650,407** | **421,745** | - All of the Group's revenue is derived from businesses and customers located in China, and almost all of the carrying value of non-current assets is located in China[19](index=19&type=chunk) [1.4 Other Income and Expenses](index=12&type=section&id=4%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%EF%BC%8F%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E6%B7%A8%E9%A1%8D) This section details the Group's other income, net gains/losses, net finance income, staff costs, and other expense items, showing increases in government grants and net gains, but decreases in net finance income [1.4.1 Other Income and Net Gains/(Losses)](index=12&type=section&id=4%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%EF%BC%8F%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, the Group's other income increased to **RMB 5.579 million**, primarily from government grants, and net gains reached **RMB 2.985 million**, driven by realized and unrealized gains from financial assets at fair value through profit or loss Other Income (for the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Government Grants | 2,901 | 1,732 | | Others | 2,678 | 1,023 | | **Total** | **5,579** | **2,755** | Net Gains/(Losses) (for the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net Loss on Disposal of Property, Plant and Equipment | (155) | (131) | | Net Realized and Unrealized Gains from Financial Assets at Fair Value Through Profit or Loss | 3,140 | 104 | | **Total** | **2,985** | **(27)** | [1.4.2 Composition of Profit Before Tax](index=12&type=section&id=5%20%E9%99%A4%E7%A8%85%E5%89%8D%E5%88%A9%E6%BD%A4) Profit before tax is influenced by net finance income, staff costs, and depreciation, with net finance income decreasing due to lower bank interest rates, while staff costs and depreciation increased with business expansion Net Finance Income (for the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Interest Income from Bank Deposits | (35,440) | (40,530) | | Interest on Lease Liabilities | 65 | 62 | | **Net Finance Income** | **(35,375)** | **(40,468)** | Staff Costs (for the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Salaries and Other Benefits | 644,914 | 515,504 | | Contributions to Defined Contribution Plans | 58,282 | 42,913 | | **Total** | **703,196** | **558,417** | Other Expense Items (for the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Depreciation — Property, Plant and Equipment | 8,594 | 6,987 | | Depreciation — Right-of-use Assets | 1,065 | 898 | | Expenses Relating to Short-term Leases | 8,916 | 7,711 | | Cost of Inventories | 26,721 | 22,417 | [1.4.3 Income Tax](index=14&type=section&id=6%20%E6%89%80%E5%BE%97%E7%A8%85) The Group's total income tax amounted to **RMB 108.68 million**, a decrease from the prior period, with PRC subsidiaries subject to a 25% tax rate, and some enjoying preferential rates Income Tax (for the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current tax - PRC enterprise income tax | 99,812 | 105,116 | | Current tax - (Over)/under provision in prior years | (1,342) | 1,803 | | Deferred tax - Origination and reversal of temporary differences | (7,993) | (1,085) | | Deferred tax - Withholding tax on profits of PRC subsidiaries | 18,200 | 13,500 | | **Total** | **108,677** | **119,334** | - The Group's PRC subsidiaries are subject to PRC income tax at a rate of **25%**, with some small profit enterprises enjoying preferential tax rates[32](index=32&type=chunk) - Eligible Hong Kong subsidiaries are subject to a **5%** withholding tax rate on dividends received from PRC subsidiaries starting from 2023[33](index=33&type=chunk) - As of June 30, 2025, a deferred tax liability of **RMB 31.3 million** was recognized for the **5%** PRC withholding tax on distributable retained profits of PRC subsidiaries[33](index=33&type=chunk) [1.4.4 Earnings Per Share](index=15&type=section&id=7%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, basic and diluted earnings per share increased to **RMB 1.08** from **RMB 0.96** in the prior period, with diluted EPS equaling basic EPS due to no dilutive potential ordinary shares outstanding - Basic and diluted earnings per share are calculated based on profit attributable to equity holders of the Company of **RMB 297,707,000** and the weighted average number of ordinary shares in issue of **276,407,000** during the period[34](index=34&type=chunk) Earnings Per Share (for the six months ended June 30) | Indicator | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic and Diluted Earnings Per Share | 1.08 | 0.96 | - As there were no dilutive potential ordinary shares outstanding for the six months ended June 30, 2025 and 2024, diluted earnings per share are equal to basic earnings per share[34](index=34&type=chunk) [1.5 Trade and Other Receivables and Liabilities](index=16&type=section&id=8%20%E8%B2%A8%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) This section details the Group's trade and other receivables, contract liabilities, and trade and other payables, all of which increased due to business expansion, with higher impairment losses on trade receivables due to stricter bad debt policies [1.5.1 Trade and Other Receivables](index=16&type=section&id=8%20%E8%B2%A8%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and other receivables increased by **45.4%** to **RMB 857.89 million**, primarily due to business growth, with impairment provisions for trade receivables rising due to stricter bad debt policies for some third-party developers Trade and Other Receivables (as of June 30, 2025) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade receivables (net of impairment allowance) | 624,822 | 343,938 | | Other receivables from related parties | 1,818 | 1,802 | | Deposits and prepayments | 119,654 | 137,134 | | Payments on behalf of property owners | 69,855 | 57,450 | | Advances to employees | 7,886 | 4,549 | | Other receivables | 33,852 | 45,348 | | **Total** | **857,887** | **590,221** | - Trade receivables are primarily related to revenue recognized from providing property management services, value-added services to non-property owners, and home decoration services[35](index=35&type=chunk) Ageing Analysis of Trade Receivables (as of June 30, 2025) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 1 year | 589,270 | 304,799 | | 1 to 2 years | 35,552 | 39,139 | | **Total** | **624,822** | **343,938** | [1.5.2 Contract Liabilities](index=17&type=section&id=9%20%E5%90%88%E7%B4%84%E8%B2%A0%E5%82%B5) As of June 30, 2025, contract liabilities increased by **18.3%** to **RMB 1.840 billion**, primarily due to an increase in the number of projects and prepaid property management fees Contract Liabilities (as of June 30, 2025) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Property Management Services | 576,000 | 264,851 | | Value-Added Services to Non-Property Owners | 3,263 | 826 | | 5S Value-Added Services | 1,260,749 | 1,289,689 | | **Total** | **1,840,012** | **1,555,366** | - The increase in contract liabilities is mainly due to an increase in the number of projects and prepaid property management fees by **RMB 311.1 million**[85](index=85&type=chunk) [1.5.3 Trade and Other Payables](index=18&type=section&id=10%20%E8%B2%A8%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and other payables increased by **14.2%** to **RMB 1.152 billion**, primarily driven by business expansion Trade and Other Payables (as of June 30, 2025) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade payables | 405,330 | 275,054 | | Other payables to related parties | 35,086 | 41,901 | | Refundable deposits | 94,635 | 76,279 | | Other tax and levies payable | 101,092 | 93,322 | | Accrued salaries and other benefits | 215,848 | 248,221 | | Cash collected on behalf of owners' committees | 63,728 | 61,503 | | Temporary receipts from property owners/purchasers | 169,536 | 148,039 | | Other payables and accrued charges | 67,186 | 64,676 | | **Total** | **1,152,441** | **1,008,995** | Ageing Analysis of Trade Payables (as of June 30, 2025) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 3 months | 163,784 | 97,552 | | After 3 months but within 1 year | 155,966 | 167,033 | | Over 1 year | 85,580 | 10,469 | | **Total** | **405,330** | **275,054** | [1.6 Dividends](index=19&type=section&id=11%20%E8%82%A1%E6%81%AF) The Board resolved to declare an interim dividend of **HKD 0.826 per share** for the six months ended June 30, 2025, representing a payout ratio of approximately **70%** - The Board proposed an interim dividend of **HKD 0.826 per share** for the six months ended June 30, 2025 (2024: HKD 0.630 per share)[40](index=40&type=chunk) - The payout ratio of net profit attributable to equity holders of the Company is approximately **70%**, with the total interim dividend amounting to approximately **HKD 228.3 million**[101](index=101&type=chunk) - For the six months ended June 30, 2025, the final dividend of **HKD 0.876 per share** for the year ended December 31, 2024, totaling approximately **RMB 221.8 million**, was approved[41](index=41&type=chunk) Chairman's Statement [Chairman's Statement](index=21&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) The Chairman's Statement reviews the Group's H1 2025 performance and strategic focus, highlighting quality expansion in Hangzhou and the Yangtze River Delta, high renewal rates for property management services, and significant growth in 5S value-added services [2.1 Quality Expansion, Strengthening Brand Moat](index=21&type=section&id=%E6%9C%89%E8%B3%AA%E6%93%B4%E5%BC%B5%EF%BC%8C%E5%8A%A0%E5%9B%BA%E5%93%81%E7%89%8C%E8%AD%B7%E5%9F%8E%E6%B2%B3) The Group achieved high-quality expansion in property services through a "regional deep cultivation + brand expansion" strategy, with **100% renewal rates** for mature projects and a **14.1% average increase** in property fees for 10 projects - In H1 2025, mature projects like Wulin No. 1 and Xianghu No. 1 achieved **100% renewal rates**, and 10 projects saw an average property fee increase of **14.1%** through service upgrades[43](index=43&type=chunk) - As of the end of the reporting period, GFA under management from independent third parties accounted for **55.5%**, with third-party revenue contribution increasing by **26.8%** year-on-year[43](index=43&type=chunk) - As of June 30, 2025, the Group's GFA under management in Hangzhou accounted for approximately **63.6%** of total GFA under management, reaching **75.1 million sq.m.**, a year-on-year increase of **19.0%**[44](index=44&type=chunk) - Hangzhou's GFA under management contributed **RMB 818.1 million** in revenue, accounting for **70.6%** of total property management revenue[44](index=44&type=chunk) [2.2 Reputation First, Activating Value-Added Services Ecosystem](index=22&type=section&id=%E5%8F%A3%E7%A2%91%E8%87%B3%E4%B8%8A%EF%BC%8C%E6%BF%80%E6%B4%BB%E5%A2%9E%E5%80%BC%E6%9C%8D%E5%8B%99%E7%94%A2%E6%A5%AD%E7%94%9F%E6%85%8B) The Group's 5S value-added services revenue grew by **32.0%** year-on-year to **RMB 652.5 million**, with significant increases in Youjia brokerage signing amounts and Youju services hard decoration and soft decoration revenue - In H1 2025, the Group's 5S value-added services system achieved revenue of **RMB 652.5 million**, a year-on-year increase of **32.0%**[45](index=45&type=chunk) - Youjia second-hand home brokerage signing amount was approximately **RMB 853 million**, with signing amount and number of transactions increasing by **20.1%** and **102.0%** year-on-year, respectively[45](index=45&type=chunk) - Youju services hard decoration business revenue increased by **34.4%** year-on-year; soft decoration revenue increased by **502.8%** year-on-year[45](index=45&type=chunk) - Youxiang Life Services' revenue growth rate reached **41.8%** in H1 2025, surpassing property services GFA and revenue growth indicators for the first time[46](index=46&type=chunk) [2.3 Embracing Innovation, Building Efficient Organizational Management](index=23&type=section&id=%E6%93%81%E6%8A%B1%E9%9D%A9%E6%96%B0%EF%BC%8C%E6%89%93%E9%80%A0%E9%AB%98%E6%95%88%E7%B5%84%E7%B9%94%E7%AE%A1%E7%90%86) The Group significantly improved management efficiency through organizational flattening, talent strengthening, and intelligent empowerment, reducing the management expense ratio to **2.3%** - In H1 2025, the Group's management expense ratio decreased to **2.3%**, a year-on-year decrease of **0.7 percentage points**[47](index=47&type=chunk) - The Group continued to advance organizational flattening reforms, compressing management levels and decentralizing management decisions to achieve precise cost control and efficient communication[47](index=47&type=chunk) - The Group independently developed a systematic training system, building a full-cycle talent development chain to strengthen team capabilities[47](index=47&type=chunk) - The Group positions "AI intelligent empowerment" as a key engine for management upgrades, increasing investment in information system construction and launching multiple digital tools[48](index=48&type=chunk) [2.4 Starting from the Heart, Building Harmonious Communities](index=24&type=section&id=%E5%從%E5%BF%83%E5%87%BA%E7%99%BC%EF%BC%8C%E6%A7%8B%E5%BB%BA%E5%92%8C%E8%AB%A7%E5%85%B1%E8%9E%8D%E7%A4%BE%E5%8D%80) The Group is committed to fostering harmonious communities through "Ginkgo Services" for the elderly, family activities like "I Am a Little Swimmer," and multi-age convenience services, earning numerous national and provincial honors for service excellence - The Group launched the "Ginkgo Services" program to accompany the elderly, offering regular visits, health care, and interest activities[49](index=49&type=chunk) - The Group has continuously held the "I Am a Little Swimmer" swimming competition for 13 years and innovatively launched family activities such as the "Binjiang Tide Carnival"[49](index=49&type=chunk) - In H1 2025, the Group received multiple honors, including "National Smart Park Pilot" and "Zhejiang Province High-Standard Domestic Waste Classification Demonstration Community"[49](index=49&type=chunk) Management Discussion and Analysis [Management Discussion and Analysis](index=25&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section details the Group's H1 2025 business review, model, future strategies, and financial performance, highlighting steady expansion in the Yangtze River Delta, increased revenue and gross profit, but a slight decline in gross profit margin due to reduced high-margin non-property owner value-added services [3.1 Business Review](index=25&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2025, the Group maintained steady growth, expanding to **21 cities** in the Yangtze River Delta, serving over **340,000 property owners**, with GFA under management increasing by **19.0%** to **75.1 million sq.m.** and total revenue growing by **22.7%** to **RMB 2.025 billion** - As of June 30, 2025, the Group's GFA under management was approximately **75.1 million sq.m.**, a year-on-year increase of **19.0%**; contracted GFA was approximately **96.4 million sq.m.**, a year-on-year increase of **7.1%**[50](index=50&type=chunk) - As of June 30, 2025, the Group's revenue increased by **22.7%** to **RMB 2.025 billion**; gross profit was **RMB 455.1 million**, an increase of **7.9%** from the same period in 2024; gross profit margin was **22.5%**, a decrease of **3.1 percentage points** from the same period in 2024[51](index=51&type=chunk) - In H1 2025, high-quality services led to property management fee adjustments in **10 projects**, solidifying the brand's competitive advantage[51](index=51&type=chunk) - Binjiang Group's total sales amounted to **RMB 52.75 billion** in H1 2025, ranking **10th** among national real estate developers by CRIC, continuously supplying a large number of high-quality projects to the Group[52](index=52&type=chunk) [3.2 The Group's Business Model](index=26&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E7%9A%84%E6%A5%AD%E5%8B%99%E6%A8%A1%E5%BC%8F) The Group's business model encompasses property management, value-added services to non-property owners, and 5S value-added services, forming a comprehensive service range covering the entire property management value chain, with residential properties and Hangzhou being key revenue drivers - The Group's management divides its business segments into property management services, value-added services to non-property owners, and 5S value-added services, forming a comprehensive service scope covering the entire property management value chain[54](index=54&type=chunk) - Property management services include security, cleaning, gardening, repair, maintenance, and ancillary services; value-added services to non-property owners include pre-delivery services, consultancy services, and community space services; 5S value-added services include Youjia services, Youju services, and Youxiang Life services[56](index=56&type=chunk)[57](index=57&type=chunk) Changes in Contracted GFA and GFA Under Management (for the six months ended June 30) | Indicator | 2025 Contracted GFA ('000 sq.m.) | 2025 GFA Under Management ('000 sq.m.) | 2024 Contracted GFA ('000 sq.m.) | 2024 GFA Under Management ('000 sq.m.) | | :--- | :--- | :--- | :--- | :--- | | At beginning of period | 92,866 | 67,945 | 82,168 | 54,847 | | Additions | 4,179 | 7,664 | 9,046 | 9,199 | | Terminations | (690) | (526) | (1,218) | (927) | | **At end of period** | **96,355** | **75,083** | **89,996** | **63,119** | Details of Property Management Services Revenue, GFA Under Management and Number of Projects (by Property Type, for the six months ended June 30) | Property Type | 2025 Revenue (RMB '000) | 2025 GFA Under Management ('000 sq.m.) | 2025 Number of Projects | 2024 Revenue (RMB '000) | 2024 GFA Under Management ('000 sq.m.) | 2024 Number of Projects | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Residential | 914,866 | 64,238 | 360 | 689,428 | 51,589 | 287 | | Non-residential | 241,858 | 10,846 | 110 | 212,829 | 11,530 | 111 | | Land Management | 1,646 | — | — | 3,078 | — | — | | **Total** | **1,158,370** | **75,083** | **470** | **905,335** | **63,119** | **398** | Details of Property Management Services Revenue, GFA Under Management and Number of Projects (by Developer Type, for the six months ended June 30) | Developer Type | 2025 Revenue (RMB '000) | 2025 GFA Under Management ('000 sq.m.) | 2025 Number of Projects | 2024 Revenue (RMB '000) | 2024 GFA Under Management ('000 sq.m.) | 2024 Number of Projects | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Properties developed by Binjiang Group | 582,325 | 33,416 | 201 | 449,162 | 26,729 | 160 | | Properties developed by independent property developers | 574,399 | 41,667 | 269 | 453,095 | 36,390 | 238 | | Land Management | 1,646 | — | — | 3,078 | — | — | | **Total** | **1,158,370** | **75,083** | **470** | **905,335** | **63,119** | **398** | Details of Property Management Services Revenue, GFA Under Management and Number of Projects (by Region, for the six months ended June 30) | Region | 2025 Revenue (RMB '000) | 2025 GFA Under Management ('000 sq.m.) | 2025 Number of Projects | 2024 Revenue (RMB '000) | 2024 GFA Under Management ('000 sq.m.) | 2024 Number of Projects | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou | 818,125 | 47,746 | 323 | 642,761 | 40,174 | 271 | | Zhejiang Province (excluding Hangzhou) | 305,190 | 24,944 | 130 | 234,246 | 21,151 | 116 | | Outside Zhejiang Province | 35,055 | 2,393 | 17 | 28,328 | 1,794 | 11 | | **Total** | **1,158,370** | **75,083** | **470** | **905,335** | **63,119** | **398** | [3.3 Future Development Strategies](index=30&type=section&id=%E6%8C%81%E7%BA%8C%E6%8E%A8%E9%80%B2%E5%93%81%E8%B3%AA%E5%93%81%E7%89%8C%E5%BB%BA%E8%A8%AD) The Group aims to be a brand leader in the property industry by enhancing quality and customer service, expanding its market share in the Yangtze River Delta, East China, and Greater Bay Area, and leveraging AI technology to optimize management and operations - The Group will continue to strengthen its brand responsibility, striving to become a brand leader and a standard-setter for high-end service quality in the property industry[61](index=61&type=chunk) - Future plans include continuously expanding brand influence, deeply cultivating the Yangtze River Delta, radiating across East China, exploring the Greater Bay Area, and focusing on China's central and western regions[62](index=62&type=chunk) - Value-added services will focus on building a 5S-centric service system, aiming to become a trusted manager and maintainer of clients' property assets[63](index=63&type=chunk) - The Group will leverage Artificial Intelligence (AI) technology to progressively implement intelligent patrols and energy saving, automated upgrades of public areas, and personalized in-home robot services, creating a new paradigm for high-end smart property management[64](index=64&type=chunk) - The Group will continue to enhance its corporate management level, continuously improve internal controls and risk management, and strengthen corporate culture development[65](index=65&type=chunk) [3.4 Financial Review](index=32&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section reviews the Group's H1 2025 financial performance, noting a **22.7%** increase in total revenue driven by property management and 5S value-added services, a **7.9%** increase in gross profit, but a decline in gross profit margin due to reduced high-margin non-property owner services [3.4.1 Revenue Analysis](index=32&type=section&id=%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) Total revenue increased by **22.7%** year-on-year to **RMB 2.025 billion**, with property management services revenue growing by **27.9%** to **RMB 1.158 billion** and 5S value-added services revenue increasing by **32.0%** to **RMB 652.5 million** Revenue Composition and YoY Change (for the six months ended June 30) | Business Segment | 2025 (RMB '000) | % of Total Revenue (2025) | 2024 (RMB '000) | % of Total Revenue (2024) | YoY Change % | | :--- | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 1,158,370 | 57.2 | 905,335 | 54.9 | 27.9 | | - Residential Property Management Services | 914,866 | 45.2 | 689,428 | 41.8 | 32.7 | | - Non-residential Property Management Services | 241,858 | 11.9 | 212,829 | 12.9 | 13.6 | | - Land Management | 1,646 | 0.1 | 3,078 | 0.2 | -46.5 | | Value-Added Services to Non-Property Owners | 214,129 | 10.6 | 250,748 | 15.2 | -14.6 | | - Pre-delivery Services | 200,666 | 9.9 | 228,951 | 13.9 | -12.4 | | - Consultancy Services | 8,121 | 0.4 | 11,254 | 0.7 | -27.8 | | - Community Space Services | 5,342 | 0.3 | 10,543 | 0.6 | -49.3 | | 5S Value-Added Services | 652,542 | 32.2 | 494,324 | 29.9 | 32.0 | | - Youjia Services | 47,932 | 2.4 | 52,868 | 3.2 | -9.3 | | - Youju Services | 573,788 | 28.3 | 419,718 | 25.4 | 36.7 | | - Youxiang Life Services | 30,822 | 1.5 | 21,738 | 1.3 | 41.8 | | **Total** | **2,025,041** | **100.0** | **1,650,407** | **100.0** | **22.7** | - The decrease in revenue from value-added services to non-property owners was primarily due to Binjiang Group, a key partner, acquiring more high-end project land plots in H1 2025, leading to extended design and planning cycles and delayed contract signings, resulting in a reduction in business volume for these services[68](index=68&type=chunk) - Among 5S value-added services, Youju services revenue increased by **36.7%** to **RMB 573.8 million**, mainly due to continuous business scale growth[69](index=69&type=chunk) [3.4.2 Gross Profit and Gross Profit Margin Analysis](index=34&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87%E5%88%86%E6%9E%90) Total gross profit increased by **7.9%** to **RMB 455.1 million**, but the overall gross profit margin decreased by **3.1 percentage points** to **22.5%**, primarily due to a reduction in the volume of higher-margin value-added services to non-property owners - The Group's gross profit increased by **7.9%** from **RMB 421.7 million** to **RMB 455.1 million**; the gross profit margin decreased by **3.1 percentage points** from **25.6%** to **22.5%**, mainly due to a reduction in the volume of higher-margin value-added services to non-property owners[70](index=70&type=chunk) Gross Profit and Gross Profit Margin (for the six months ended June 30) | Business Segment | 2025 Gross Profit (RMB '000) | 2025 Gross Profit Margin % | 2024 Gross Profit (RMB '000) | 2024 Gross Profit Margin % | | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 210,413 | 18.2 | 178,432 | 19.7 | | Value-Added Services to Non-Property Owners | 74,219 | 34.7 | 107,771 | 43.0 | | 5S Value-Added Services | 170,444 | 26.1 | 135,542 | 27.4 | | **Total** | **455,076** | **22.5** | **421,745** | **25.6** | - The gross profit margin for value-added services to non-property owners decreased by **8.3 percentage points** to **34.7%**, primarily impacted by the overall upstream real estate development industry[72](index=72&type=chunk) - The gross profit margin for 5S value-added services decreased by **1.3 percentage points** to **26.1%**, mainly due to the continuous increase in the proportion of hard decoration services within Youju services, which have relatively lower gross profit margins[73](index=73&type=chunk) [3.4.3 Expense Analysis](index=35&type=section&id=%E9%96%8B%E6%94%AF%E5%88%86%E6%9E%90) Cost of sales increased by **27.8%** to **RMB 1.570 billion** due to business growth, while administrative expenses decreased by **6.6%** to **RMB 46.6 million**, reflecting improved management efficiency; impairment losses on trade receivables significantly increased by **107.9%** to **RMB 26.4 million** due to stricter bad debt policies for some third-party developers - Cost of sales increased by **27.8%** to **RMB 1.570 billion**, primarily due to the growth in the Group's business scale[74](index=74&type=chunk) - Selling and marketing expenses increased by **5.6%** to **RMB 11.3 million**, primarily due to higher business development costs[75](index=75&type=chunk) - Administrative expenses decreased by **6.6%** to **RMB 46.6 million**, primarily due to the Group's efforts to enhance management efficiency, optimize management levels, and control management costs[76](index=76&type=chunk) - Impairment losses on trade receivables increased by **107.9%** to **RMB 26.4 million**, primarily due to the implementation of stricter bad debt provisioning policies for some third-party developers, considering their operational and financial conditions[77](index=77&type=chunk) [3.4.4 Net Finance Income and Share of Profits/Losses of Associates/Joint Ventures](index=36&type=section&id=%E8%9E%8D%E8%B3%87%E6%94%B6%E5%85%A5%E6%B7%A8%E9%A1%8D%E5%8F%8A%E8%81%AF%E7%87%9F%2F%E5%90%88%E7%87%9F%E5%85%AC%E5%8F%B8%E6%90%8D%E7%9B%8A) Net finance income decreased by **12.6%** to **RMB 35.4 million** due to lower bank interest rates, while the share of profits less losses from associates and joint ventures remained stable at **RMB 0.5 million** - Net finance income decreased by **12.6%** to **RMB 35.4 million**, primarily due to the overall decline in bank interest rates[78](index=78&type=chunk) - The share of profits less losses from associates and joint ventures amounted to a profit of **RMB 0.5 million**, remaining consistent with the prior period[79](index=79&type=chunk) [3.4.5 Profit Before Tax, Income Tax and Profit for the Period](index=36&type=section&id=%E7%A8%85%E5%89%8D%E5%88%A9%E6%BD%A4%E3%80%81%E6%89%80%E5%BE%97%E7%A8%85%E5%8F%8A%E6%9C%9F%E5%85%A7%E5%88%A9%E6%BD%A4) Profit before tax increased by **5.7%** to **RMB 414.2 million** due to higher operating gross profit, while income tax decreased by **8.9%** to **RMB 108.7 million** due to prior period withholding tax payments - Profit before tax was **RMB 414.2 million**, an increase of **5.7%** from the same period in 2024, primarily due to higher operating gross profit in the current reporting period[80](index=80&type=chunk) - Income tax was **RMB 108.7 million**, a decrease of **8.9%** from the same period in 2024, primarily due to withholding tax paid in the prior period[81](index=81&type=chunk) - Profit for the period was **RMB 305.6 million**, an increase of **12.2%** from the same period in 2024, primarily due to the Group's business volume growth[82](index=82&type=chunk) - Profit for the period attributable to equity holders of the Company was **RMB 297.7 million**, an increase of **12.2%** from the same period in 2024; net profit margin was **15.1%**, a decrease of **1.4 percentage points** from **16.5%** in the same period in 2024[82](index=82&type=chunk) [3.4.6 Current Assets, Financial Resources and Current Ratio](index=37&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E6%B5%81%E5%8B%95%E6%AF%94%E7%8E%87) The Group maintained a strong financial position, with current assets increasing by **44.3%** to **RMB 4.448 billion** and cash and cash equivalents rising by **32.6%** to **RMB 1.181 billion**, primarily due to business growth - As of June 30, 2025, current assets amounted to **RMB 4.448 billion**, an increase of **44.3%** from December 31, 2024[83](index=83&type=chunk) - Cash and cash equivalents reached **RMB 1.181 billion** as of June 30, 2025, an increase of **32.6%** from December 31, 2024, primarily due to the growth in the Group's business scale[83](index=83&type=chunk) - The current ratio as of June 30, 2025, was **1.4**, largely consistent with **1.2** as of December 31, 2024[83](index=83&type=chunk) - As of June 30, 2025, the Group had no loans or borrowings[84](index=84&type=chunk) - Total equity was **RMB 1.662 billion**, an increase of **4.4%** from December 31, 2024, mainly due to business scale growth and increased operating profit[84](index=84&type=chunk) - Trade and other receivables increased by **45.4%** to **RMB 857.9 million**, and trade and other payables increased by **14.2%** to **RMB 1.152 billion**, both primarily due to business scale growth[90](index=90&type=chunk)[91](index=91&type=chunk) - Inventories increased by **9.5%** to **RMB 317.8 million**, primarily due to the Group's continuous acquisition of parking space usage rights assets, increasing inventory reserves for parking space sales business[87](index=87&type=chunk) [3.4.7 Human Resources](index=38&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group employed **15,091 staff**, with staff costs totaling **RMB 703.2 million**, offering competitive remuneration, social security, housing provident fund contributions, and systematic training programs - As of June 30, 2025, the Group employed a total of **15,091 staff** (December 31, 2024: 14,022 staff)[93](index=93&type=chunk) - During the reporting period, the Group's staff costs amounted to **RMB 703.2 million** (for the six months ended June 30, 2024: RMB 558.4 million)[93](index=93&type=chunk) - The Group determines staff remuneration based on their duties, qualifications, individual performance, and prevailing market standards, and provides social security funds and housing provident fund contributions[94](index=94&type=chunk) - The Group also provides employees with systematic and extensive training programs and promotion rotation plans[94](index=94&type=chunk) Other Information [Other Information](index=39&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers the Group's material investments, acquisitions/disposals, future investment plans, treasury policy, foreign exchange risk, interim dividend, corporate governance compliance, Audit Committee review, directors' securities dealing code, dealings in listed securities, and post-reporting period events [4.1 Material Investments and Acquisitions/Disposals](index=39&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) During the reporting period, the Company had no material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures, and no plans for significant investments or capital asset purchases as of June 30, 2025 - The Company had no material investments (including material investments accounting for **5%** or more of the Group's total assets) during the reporting period[95](index=95&type=chunk) - During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[96](index=96&type=chunk) - As of June 30, 2025, the Group had no plans for material investments or purchases of capital assets[97](index=97&type=chunk) [4.2 Treasury Policy and Foreign Exchange Risk](index=39&type=section&id=%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) The Group adopts a prudent financial management approach for its treasury policy, ensuring liquidity and investing surplus cash to generate interest income, with minimal foreign exchange risk as its primary functional currency is RMB - The Group adopts a prudent financial management approach for its treasury policy, ensuring liquidity needs for daily operations and capital expenditures are met[98](index=98&type=chunk) - The Group's primary functional currency and main operating currency is RMB, thus the Group considers its foreign exchange risk to be minimal[100](index=100&type=chunk) - Currently, the Group has not entered into any hedging agreements[100](index=100&type=chunk) [4.3 Interim Dividend](index=40&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E6%81%AF) The Board resolved to declare an interim dividend of **HKD 0.826 per share** for the six months ended June 30, 2025, with a payout ratio of approximately **70%**, totaling approximately **HKD 228.3 million**, payable on September 19, 2025 - The Board resolved to declare an interim dividend of **HKD 0.826 per share** for the six months ended June 30, 2025, with a payout ratio of approximately **70%** of net profit attributable to equity holders of the Company, totaling approximately **HKD 228.3 million**[101](index=101&type=chunk) - The interim dividend is expected to be paid to shareholders on Friday, September 19, 2025[101](index=101&type=chunk) - To determine shareholders entitled to the interim dividend, the Company's share register will be closed from Friday, September 5, 2025, to Friday, September 12, 2025[102](index=102&type=chunk) - The record date for determining shareholders entitled to the interim dividend will be Friday, September 12, 2025[102](index=102&type=chunk) [4.4 Corporate Governance](index=41&type=section&id=%E9%BC%8E%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Group is committed to high corporate governance standards, complying with Appendix C1 of the Listing Rules' Corporate Governance Code, with the Audit Committee reviewing interim results and directors confirming compliance with the standard code for securities transactions - The Company has adopted and complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[103](index=103&type=chunk) - The roles of Chairman and Chief Executive Officer are both held by Mr. Yu Zhongxiang, which the Board believes facilitates consistent leadership and more efficient overall strategic planning within the Group[103](index=103&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the results for the reporting period, accounting policies, and financial statement matters[105](index=105&type=chunk) - All Directors have confirmed their compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout the six months ended June 30, 2025[106](index=106&type=chunk) [4.5 Dealings in Listed Securities](index=42&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the six months ended June 30, 2025, neither the Company nor its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities, and the Company held no treasury shares at the end of the reporting period - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities[107](index=107&type=chunk) - As of the end of the reporting period, the Company held no treasury shares[107](index=107&type=chunk) [4.6 Events After Reporting Period](index=43&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) On August 21, 2025, the Board resolved to declare an interim dividend; no other material events requiring disclosure occurred after the reporting period up to the date of this announcement - On August 21, 2025, the Board resolved to declare an interim dividend[108](index=108&type=chunk) - Other than this, no other matters with a material impact on the Group occurred after the reporting period up to the date of this announcement that require disclosure[108](index=108&type=chunk)