Core Viewpoint - The company has reported a significant increase in profit due to the completion of overseas debt restructuring, despite a substantial decline in revenue and ongoing industry risks [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 6.203 billion yuan, a year-on-year decrease of 53% [1]. - The company recorded a net profit attributable to shareholders of 10.202 billion yuan, marking a turnaround from losses, primarily due to non-cash gains from debt restructuring [1]. - The overseas debt restructuring resulted in a one-time non-cash gain of 31.756 billion yuan, significantly impacting mid-term profits [1][2]. Group 2: Impairment Losses - The company reported other losses (net) of 3.326 billion yuan, attributed to the severe adjustment in the real estate market and challenging operating conditions [2]. - Impairment losses under expected credit loss models amounted to 9.725 billion yuan, a substantial increase from 297 million yuan in the same period of 2024 [2]. - The increase in impairment losses is mainly due to provisions for trade and other receivables, as well as financial guarantees [2]. Group 3: Debt and Cash Position - Following the completion of the overseas debt restructuring, the company's total loans decreased from 98.373 billion yuan at the end of 2024 to 66.997 billion yuan in mid-2025 [2]. - The net debt ratio stands at approximately 743%, with total cash resources (including cash and cash equivalents) amounting to 5.831 billion yuan [2]. Group 4: Industry Outlook - The company anticipates that the real estate market will take time to recover, with industry risks still in the process of being cleared [3]. - The future of the industry is expected to enter a new phase focused on improving existing assets, with opportunities in business management, asset management, elderly services, property services, urban renewal, and disposal of existing assets [3].

Core Viewpoint - The Chinese real estate industry is entering a critical phase of risk clearance in 2025, with several companies, including Country Garden, Sunac, and Ocean Group, achieving breakthroughs in debt restructuring [1] Company Performance - Ocean Group reported a revenue of 6.203 billion yuan in the first half of 2025, a 53% decrease year-on-year, with a gross loss of 4.966 billion yuan, compared to a gross profit of 297 million yuan in the same period of 2024 [1] - The company achieved a profit attributable to shareholders of 10.202 billion yuan, recovering from a loss of 5.382 billion yuan in the previous year, although this profit was largely due to non-cash gains from overseas debt restructuring [2] Business Operations - In the first half of 2025, property development contributed 53.14% of Ocean Group's revenue, generating 3.296 billion yuan, a 68% decrease from the same period in 2024 [3] - The company’s contracted sales amounted to approximately 13.37 billion yuan, a year-on-year decrease of 27.06%, with a total saleable floor area of about 849,000 square meters, down 44% [3] - The average selling price increased by approximately 41% to 18,900 yuan per square meter, driven by the opening of several projects in first-tier cities [3] Debt Restructuring - Ocean Group completed a significant overseas debt restructuring totaling approximately 6.315 billion USD, converting it into about 2.2 billion USD of new debt and approximately 4.115 billion USD of new convertible bonds and perpetual securities [7] - As of June 30, 2025, the total borrowings of Ocean Group were 66.997 billion yuan, a 31.89% decrease year-on-year, with a net gearing ratio of approximately 743% [8] - The company is currently negotiating a domestic debt restructuring plan involving 18.05 billion yuan, utilizing methods such as cash buybacks, asset pledges, and long-term extensions [9][10]

期内集团完成境外债务重组，贷款总额下降至人民币669.97亿元，权益总额上升至人民币82.27亿元。 格隆汇8月28日丨远洋集团(03377.HK)公告，截至2025年6月30日止六个月，营业额为人民币62.03亿 元，同比下降53%。期内集团积极推动业务转型，轻资产业务收入占比增加，其中物业管理及相关服务 和其他房地产相关业务的收入占比提升至45%。毛亏为人民币49.66亿元。公司拥有人应占溢利为人民 币102.02亿元，去年同期公司拥有人应占亏损为人民币53.82亿元。期内溢利主要是由于集团完成境外债 务重组录得的非现金收益所致。 ...

Group 1 - The core point of the article is that Ocean Group (03377) reported a significant decline in revenue for the first half of 2025, with total revenue at RMB 6.203 billion, representing a 53% year-on-year decrease [1] - The company achieved a profit attributable to shareholders of RMB 10.202 billion, marking a turnaround from a loss to profit compared to the previous year [1] - The profit during the period was primarily attributed to non-cash gains from the completion of overseas debt restructuring [1]

公告称，期内溢利主要是由于集团完成境外债务重组取得的非现金收益所致。 智通财经APP讯，远洋集团(03377)公布2025年中期业绩，营业额为人民币62.03亿元，同比下降53%。 公司拥有人应占溢利为人民币102.02亿元，同比扭亏为盈;每股基本盈利1.171元。 ...

[Performance Highlights](index=1&type=section&id=業績摘要) The Group delivered approximately 12,000 residential units and achieved a profit attributable to owners of RMB 10.202 billion, primarily due to non-cash gains from offshore debt restructuring - The Group continued to ensure delivery, completing approximately **12,000 residential units** during the period[2](index=2&type=chunk) - Profit attributable to owners of the Company was **RMB 10.202 billion**, compared to a loss of RMB 5.382 billion in the same period last year, mainly due to non-cash gains from completing offshore debt restructuring[2](index=2&type=chunk) - Offshore debt restructuring was completed during the period, with total loans decreasing to **RMB 66.997 billion** and total equity increasing to **RMB 8.227 billion**[2](index=2&type=chunk) 2025 H1 Performance Highlights | Indicator | Amount (RMB) | YoY Change | Remarks | | :--- | :--- | :--- | :--- | | Contracted Sales | 13.370 billion yuan | down 27% | | | Revenue | 6.203 billion yuan | down 53% | Asset-light business revenue share increased to 45% | | Gross Loss | 4.966 billion yuan | - | | | Profit Attributable to Owners of the Company | 10.202 billion yuan | turned loss into profit | Mainly from non-cash gains of offshore debt restructuring | | Total Loans | 66.997 billion yuan | decreased | Offshore debt restructuring completed | | Total Equity | 8.227 billion yuan | increased | Offshore debt restructuring completed | [2025 Interim Results](index=2&type=section&id=2025年中期業績) The Group's H1 2025 revenue decreased by 53% to RMB 6.203 billion due to market adjustments, while profit attributable to owners turned positive at RMB 10.202 billion - Affected by the continuous adjustment in the domestic real estate market, the Group's H1 2025 revenue was **RMB 6.203 billion**, a **53% year-on-year decrease**[4](index=4&type=chunk) - Profit attributable to owners of the Company was **RMB 10.202 billion**, with basic and diluted earnings per share of **RMB 1.171** and **RMB 0.919**, respectively[4](index=4&type=chunk) 2025 H1 Key Financial Data | Indicator | 2025 H1 (RMB) | 2024 H1 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 6.203 billion yuan | 13.313 billion yuan | down 53% | | Gross Loss/(Profit) | 4.966 billion yuan (loss) | 0.297 billion yuan (profit) | turned to loss | | Profit/(Loss) Attributable to Owners of the Company | 10.202 billion yuan (profit) | 5.382 billion yuan (loss) | turned loss into profit | | Basic Earnings/(Loss) Per Share | 1.171 yuan | -0.707 yuan | turned loss into profit | | Diluted Earnings/(Loss) Per Share | 0.919 yuan | -0.707 yuan | turned loss into profit | [Market Review and Outlook](index=2&type=section&id=市場回顧及展望) China's real estate market remained in deep adjustment in H1 2025, with sales declining, and the second half is expected to continue market risk resolution and focus on asset-light business opportunities - In H1 2025, China's real estate market was in a deep adjustment phase, with homebuyer demand needing a boost, industry growth momentum facing challenges, and overall operations remaining at a low level[5](index=5&type=chunk) - National commercial property sales amounted to approximately **RMB 4.4 trillion**, a **5.5% year-on-year decrease**, and a **52% decrease** compared to the same period in 2021[5](index=5&type=chunk) - Looking ahead to H2, the market is expected to take time to turn around, with industry risks in the process of being cleared[6](index=6&type=chunk) - The industry will fully enter a new stage of improving quality and efficiency of existing assets, with business opportunities emerging in commercial and asset management, elderly care services, property services, urban renewal, and disposal of existing assets[6](index=6&type=chunk) [Financial Review](index=3&type=section&id=財務回顧) A comprehensive review of the Group's financial performance, including revenue composition, costs, other income/losses, expenses, and liquidity, highlighting the impact of market adjustments and debt restructuring [Analysis of Revenue Components](index=3&type=section&id=營業額的組成部分分析) The Group's H1 2025 revenue decreased by approximately 53% to RMB 6.203 billion, with property development remaining the largest contributor at 53% and asset-light businesses increasing to 45% 2025 H1 Revenue Composition | Business Segment | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Property Development | 3,296 | 10,300 | -68% | | Property Investment | 144 | 181 | -20% | | Property Management and Related Services | 1,348 | 1,361 | -1% | | Other Real Estate Related Businesses | 1,415 | 1,471 | -4% | | Total | 6,203 | 13,313 | -53% | - Property development revenue accounted for approximately **53% of total revenue**, mainly from Beijing (**29%**), Central China (**22%**), Southern China (**20%**), and Bohai Rim (**18%**) regions[7](index=7&type=chunk) - Property management and related services cover property management services, community value-added services, and non-owner value-added services[8](index=8&type=chunk) - Other real estate related businesses include full industry chain services for construction, data real estate, and elderly care services[9](index=9&type=chunk) [Cost of Sales and Gross Loss](index=3&type=section&id=銷售成本與毛虧) The Group's H1 2025 total cost of sales decreased, but a gross loss of RMB 4.966 billion was recorded, with a gross loss margin of approximately 80%, mainly due to market adjustments and increased inventory impairment Cost of Sales and Gross Loss | Indicator | 2025 H1 (RMB) | 2024 H1 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Total Cost of Sales | 11.169 billion yuan | 13.016 billion yuan | down 14.2% | | Average Land Cost for Property Development (excluding parking spaces) | 6,300 yuan/square meter | 8,400 yuan/square meter | down 25% | | Average Construction Cost for Property Development (excluding parking spaces) | 5,700 yuan/square meter | 5,800 yuan/square meter | largely flat | | Gross Loss/(Profit) | 4.966 billion yuan (loss) | 0.297 billion yuan (profit) | turned to loss | | Gross Loss Margin/(Gross Profit Margin) | 80% (loss) | 2% (profit) | turned to loss | - The decrease in average land cost for property development was mainly due to fewer projects in first-tier and core second-tier cities being recognized in H1 2025[9](index=9&type=chunk) - The gross loss was mainly due to the continuous adjustment in the domestic real estate market, leading to no significant recovery in industry gross profit margins and increased impairment provisions for inventories[11](index=11&type=chunk) [Other Income and Losses](index=4&type=section&id=其他收入與虧損) Interest and other income increased by 27% to RMB 448 million, while other losses (net) significantly rose to RMB 3.326 billion, driven by fair value losses on financial assets/liabilities, litigation provisions, and goodwill impairment Other Income and Losses | Indicator | 2025 H1 (RMB) | 2024 H1 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Interest and Other Income | 0.448 billion yuan | 0.353 billion yuan | up 27% | | Other Losses (Net) | 3.326 billion yuan | 0.479 billion yuan | significantly increased | | Offshore Debt Restructuring Gain | 31.756 billion yuan | N/A | newly added | | Decrease in Fair Value of Investment Properties | 0.644 billion yuan | 0.293 billion yuan | increased 120% | - Other losses (net) primarily included fair value losses on financial assets and liabilities at fair value through profit or loss, litigation provisions, and goodwill impairment losses[12](index=12&type=chunk) - An offshore debt restructuring gain of **RMB 31.756 billion** was recorded, which was a one-off non-cash gain[12](index=12&type=chunk) [Expenses and Impairment](index=4&type=section&id=費用與減值) H1 2025 sales and marketing expenses increased to RMB 361 million, while administrative expenses slightly decreased but rose as a percentage of revenue; impairment losses under ECL model significantly increased to RMB 9.725 billion due to market adjustments Expenses and Impairment | Indicator | 2025 H1 (RMB) | 2024 H1 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 0.361 billion yuan | 0.282 billion yuan | increased 27.9% | | Proportion of Contracted Sales | 2.7% | 1.5% | up | | Administrative Expenses | 0.632 billion yuan | 0.658 billion yuan | down 4% | | Proportion of Total Revenue | 10.2% | 4.9% | up | | Net Impairment Losses under Expected Credit Loss Model | 9.725 billion yuan | 0.297 billion yuan | significantly increased | | Corporate Income Tax and Deferred Income Tax | 0.162 billion yuan (credit) | 0.216 billion yuan (expense) | turned to credit | | Land Appreciation Tax | 0.081 billion yuan | -0.646 billion yuan (credit) | turned to expense | - The increase in selling and marketing expenses was mainly due to the increase in new project launches in first-tier cities during the period[13](index=13&type=chunk) - The tax credit recorded was mainly due to a combination of factors such as decreased revenue and gross loss during the reporting period[16](index=16&type=chunk) [Finance Costs and Profitability](index=5&type=section&id=財務費用與盈利) H1 2025 weighted average interest rate increased to 5.84%, while total interest expenses slightly decreased; profit attributable to owners was RMB 10.202 billion, primarily driven by non-cash gains from offshore debt restructuring Finance Costs and Profitability | Indicator | 2025 H1 (RMB) | 2024 H1 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Weighted Average Interest Rate | 5.84% | 5.60% | up | | Total Interest Paid or Accrued | 2.765 billion yuan | 2.813 billion yuan | down 1.7% | | Interest Not Capitalized and Expensed | 2.065 billion yuan | 1.948 billion yuan | up 6% | | Profit/(Loss) Attributable to Owners of the Company | 10.202 billion yuan (profit) | 5.382 billion yuan (loss) | turned loss into profit | - Excluding the one-off offshore debt restructuring gain, the Group would have recorded a loss attributable to owners of the Company during the period[17](index=17&type=chunk) [Liquidity and Debt Structure](index=5&type=section&id=流動性與債務結構) As of June 30, 2025, the Group's total cash resources were RMB 5.831 billion, with a current ratio of 0.93 and a net gearing ratio of approximately 743%; total loans decreased to RMB 66.997 billion due to offshore debt restructuring Liquidity and Debt Structure | Indicator | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Cash Resources | 5.831 billion yuan | - | - | | Current Ratio | 0.93 | - | - | | Net Gearing Ratio | approx. 743% | - | - | | Total Loans | 66.997 billion yuan | 98.373 billion yuan | down 31.9% | | Loans Due Within 1 Year | 41.676 billion yuan (62%) | 65.935 billion yuan (67%) | decreased | | Total Pledged Assets as % of Total Assets | approx. 45% | 40% | up | | Total Mortgage Loan Guarantees | 11.711 billion yuan | 12.716 billion yuan | down 7.9% | - Approximately **98% of cash resources** were in RMB, with the remainder mainly in USD and HKD[18](index=18&type=chunk) - Approximately **68% of loans** were fixed-rate, and approximately **85% of loans** were in RMB[19](index=19&type=chunk)[20](index=20&type=chunk) - The Group bears net currency risk from exchange rate fluctuations, prudently uses non-RMB currency loans, and will continue to monitor exchange rate movements[20](index=20&type=chunk) [Business Review](index=7&type=section&id=業務回顧) A review of the Group's core business segments, including property development and investment properties, highlighting operational performance, sales, land bank, and strategic initiatives [Property Development](index=7&type=section&id=物業開發) H1 2025 property development revenue decreased by approximately 68% to RMB 3.296 billion, with contracted sales down 27% to RMB 13.370 billion, while average selling price increased due to more first-tier city project launches Key Property Development Data | Indicator | 2025 H1 | 2024 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 3.296 billion yuan | 10.300 billion yuan | down 68% | | Deliverable Saleable GFA | 340,000 square meters | 755,000 square meters | down 55% | | Average Recognized Sales Price (excluding parking spaces) | 11,000 yuan/square meter | 15,000 yuan/square meter | down 26.7% | | Contracted Sales | 13.370 billion yuan | 18.330 billion yuan | down 27% | | Saleable GFA | 849,000 square meters | 1,514,100 square meters | down 44% | | Average Selling Price (excluding parking spaces) | 18,900 yuan/square meter | 13,400 yuan/square meter | up 41% | | Total Land Bank (as of June 30, 2025) | 27,232,000 square meters | 31,072,000 square meters (as of Dec 31, 2024) | down 12.4% | | Attributable Portion of Land Bank (as of June 30, 2025) | 14,592,000 square meters | 16,464,000 square meters (as of Dec 31, 2024) | down 11.4% | | Average Land Cost of Land Bank (as of June 30, 2025) | 6,400 yuan/square meter | 6,200 yuan/square meter (as of Dec 31, 2024) | up 3.2% | - The decrease in average recognized sales price was mainly due to fewer projects in first-tier and core second-tier cities being recognized in 2025[23](index=23&type=chunk) - The increase in average selling price was mainly due to more first-tier city projects launched in H1 2025[26](index=26&type=chunk) - In H1 2025, there were approximately **130 saleable projects**, with contracted sales from first- and second-tier cities accounting for approximately **94%** of the total[26](index=26&type=chunk) - In H1 2025, the Group and its joint ventures and associates did not acquire any new land[30](index=30&type=chunk) [Investment Properties](index=18&type=section&id=投資物業) H1 2025 property investment revenue decreased by approximately 20% to RMB 144 million; the Group holds over 23 operating investment properties and continues to pursue an asset-light strategy to enhance cash recovery Investment Property Revenue | Indicator | 2025 H1 (RMB) | 2024 H1 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Property Investment Revenue | 0.144 billion yuan | 0.181 billion yuan | decreased 20% | - As of June 30, 2025, the Group and its joint ventures and associates collectively held over **23 operating investment properties**[37](index=37&type=chunk) - Wuhan Sino-Ocean Li officially opened in April 2025; the Group will continue to advance its asset-light strategy for investment properties to strengthen cash recovery[37](index=37&type=chunk) [Employees and Human Resources](index=19&type=section&id=僱員及人力資源) The total number of employees decreased to 12,218, mainly due to the Group's continuous streamlining of its core development business and related operations, while maintaining a performance-oriented compensation and incentive mechanism Changes in Employee Numbers | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Employees | 12,218 people | 12,586 people | decreased by 368 people | - The decrease in employee numbers was mainly due to the Group's continuous streamlining of personnel in its core development business and related operations[39](index=39&type=chunk) - The Group adheres to a performance-oriented compensation philosophy and incentive mechanism, focusing limited resources on frontline teams and key performance contributors who ensure property delivery, mitigate risks, and enhance revenue[40](index=40&type=chunk) [Completion of Overall Debt Management for Relevant Offshore Debts](index=19&type=section&id=完成相關境外債務之整體債務管理) The offshore debt restructuring became effective on March 27, 2025, involving the release and discharge of approximately USD 6.315 billion in debt, significantly reducing leverage and alleviating offshore liquidity pressure - The offshore debt restructuring became effective on **March 27, 2025**, involving the release and discharge of approximately **USD 6.315 billion** of in-scope debt[42](index=42&type=chunk) - The consideration included new debt (new loans and new notes) with a principal amount of **USD 2.2 billion** and mandatory convertible bonds and/or new perpetual securities totaling approximately **USD 4.115 billion**[42](index=42&type=chunk) - Following the successful implementation of the offshore debt restructuring, the Group's leverage was reduced by approximately **USD 4 billion**, its asset-liability structure significantly improved, and offshore liquidity pressure was substantially alleviated[42](index=42&type=chunk) [Information on Domestic Public Market Debts](index=20&type=section&id=有關境內公開市場債務的相關信息) The Group is advancing a comprehensive restructuring plan for its domestic public market debts, including adjusting principal and interest payment arrangements and offering various settlement options to bondholders - The first bondholder meeting for four domestic corporate bonds in 2025 was effectively convened, approving proposals such as adjusting principal and interest payment arrangements[44](index=44&type=chunk) - Sino-Ocean Holdings will provide an overall restructuring plan for holders of outstanding domestic corporate bonds and interbank directional debt financing instruments (target bonds), adjusting principal and interest repayment arrangements and offering multiple settlement options including cash repurchase, equity economic interest rights, and asset-for-debt swaps[45](index=45&type=chunk) - Seven outstanding corporate bonds of Sino-Ocean Holdings were suspended from trading on the Shanghai Stock Exchange starting August 15, 2025, to facilitate the restructuring of the target bonds[46](index=46&type=chunk) [Significant Events After the Period Ended June 30, 2025](index=21&type=section&id=截至2025年6月30日止期間後的重大事件) Key events after the reporting period include an internal asset restructuring where the Company reacquired 2,684 parking spaces from Sino-Ocean Service, increasing its ownership to 100% [Internal Asset Restructuring](index=21&type=section&id=內部資產重組) The Company and Sino-Ocean Service entered into a framework agreement to return 2,684 parking spaces in China to the Group for RMB 323.2 million, an internal asset restructuring increasing the Group's ownership to 100% - On **July 16, 2025**, the Company and Sino-Ocean Service entered into a framework agreement to return **2,684 parking spaces** located in China to the Group, with a transfer price of **RMB 323.2 million**[49](index=49&type=chunk) - The return will be conducted by rescinding the original asset transfer, with the original transfer price to be returned and settled by Sino-Ocean Service providing a long-term loan[49](index=49&type=chunk) - This internal asset restructuring will result in the Group net acquiring approximately **36.18% equity interest** in the target assets, increasing its ownership from **63.82% to 100%**[50](index=50&type=chunk) [Interim Condensed Consolidated Financial Statements](index=22&type=section&id=中期簡明綜合財務報表) Presentation of the Group's interim condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, and financial position, reflecting the impact of market conditions and debt restructuring [Interim Condensed Consolidated Statement of Profit or Loss](index=22&type=section&id=中期簡明綜合損益表) The Group recorded H1 2025 revenue of RMB 6.203 billion and a gross loss of RMB 4.966 billion, but achieved a profit attributable to owners of RMB 10.202 billion, turning loss into profit, driven by a RMB 31.756 billion offshore debt restructuring gain Summary of Interim Condensed Consolidated Statement of Profit or Loss | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand, restated) | | :--- | :--- | :--- | | Revenue | 6,203,069 | 13,313,451 | | Cost of sales | (11,169,233) | (13,016,643) | | Gross (loss)/profit | (4,966,164) | 296,808 | | Interest and other income | 447,672 | 353,276 | | Other losses — net | (3,326,486) | (478,723) | | Fair value changes of investment properties | (643,676) | (292,770) | | Selling and marketing expenses | (360,808) | (282,350) | | Impairment losses under expected credit loss model | (9,724,988) | (296,780) | | Administrative expenses | (631,543) | (657,843) | | Operating loss | (19,205,993) | (3,065,012) | | Offshore debt restructuring gain | 31,756,397 | – | | Finance costs | (2,064,729) | (1,948,086) | | Share of results of joint ventures | (1,173,565) | (751,265) | | Share of results of associates | (337,339) | (55,983) | | Profit/(loss) before income tax | 8,974,771 | (5,820,346) | | Income tax credit/(expense) | 81,386 | 429,950 | | Profit/(loss) for the period | 9,056,157 | (5,390,396) | | Profit/(loss) attributable to owners of the Company | 10,202,141 | (5,381,705) | | Non-controlling interests | (1,145,984) | (8,691) | | Basic earnings/(loss) per share | 1.171 | (0.707) | | Diluted earnings/(loss) per share | 0.919 | (0.707) | [Interim Condensed Consolidated Statement of Comprehensive Income](index=23&type=section&id=中期簡明綜合全面收益表) The Group's H1 2025 total comprehensive income for the period was RMB 9.551 billion, a significant improvement from the prior year's loss of RMB 5.881 billion, primarily due to increased profit and positive foreign exchange differences Summary of Interim Condensed Consolidated Statement of Comprehensive Income | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand, restated) | | :--- | :--- | :--- | | Profit/(loss) for the period | 9,056,157 | (5,390,396) | | Other comprehensive income/(loss) (after tax) | | | | Fair value changes of financial assets at fair value through other comprehensive income | 25,888 | (43,829) | | Exchange differences | 496,686 | (133,173) | | Share of other comprehensive income of investments accounted for using equity method | (27,421) | (313,407) | | Other comprehensive income/(loss) for the period | 495,153 | (490,409) | | Total comprehensive income/(loss) for the period | 9,551,310 | (5,880,805) | | Total comprehensive income/(loss) attributable to owners of the Company | 10,706,576 | (5,900,271) | | Non-controlling interests | (1,155,266) | 19,466 | [Interim Condensed Consolidated Statement of Financial Position](index=24&type=section&id=中期簡明綜合財務狀況表) As of June 30, 2025, the Group's total assets were RMB 165.240 billion, total liabilities RMB 157.013 billion, and net assets RMB 8.227 billion, a significant improvement from the negative equity position at year-end 2024, though liquidity pressure persists Summary of Interim Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand, restated) | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 45,451,226 | 50,234,407 | | Total current assets | 119,788,889 | 131,170,739 | | **TOTAL ASSETS** | **165,240,115** | **181,405,146** | | **LIABILITIES** | | | | Total current liabilities | 128,849,857 | 148,357,977 | | Total non-current liabilities | 28,163,471 | 35,509,326 | | **TOTAL LIABILITIES** | **157,013,328** | **183,867,303** | | **NET ASSETS/(NET LIABILITIES)** | **8,226,787** | **(2,462,157)** | | **EQUITY** | | | | Equity attributable to owners of the Company | 4,117,119 | (12,659,291) | | Non-controlling interests | 4,109,668 | 10,197,134 | | **TOTAL EQUITY** | **8,226,787** | **(2,462,157)** | - Current liabilities exceeded current assets by approximately **RMB 9.06 billion**[61](index=61&type=chunk) - Total loans were approximately **RMB 67.00 billion**, of which current loans were approximately **RMB 41.68 billion**, while cash and cash equivalents were approximately **RMB 2.00 billion**[61](index=61&type=chunk) [Notes to the Interim Condensed Consolidated Financial Statements](index=26&type=section&id=中期簡明綜合財務報表附註) Detailed notes to the interim condensed consolidated financial statements, covering general information, basis of preparation, accounting policies, segment information, and specific financial line items [1. General Information](index=26&type=section&id=1.%20一般資料) Sino-Ocean Group Holding Limited and its subsidiaries primarily engage in investment holding, property development, and property investment in China, with shares listed on the HKEX Main Board, and these unaudited interim financial statements are presented in RMB - The Group's principal activities are investment holding, property development, and property investment in Mainland China[57](index=57&type=chunk) - The Company was incorporated in Hong Kong on **March 12, 2007**, and its shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[57](index=57&type=chunk) - These interim condensed consolidated financial statements are unaudited and presented in RMB[57](index=57&type=chunk) [2. Basis of Preparation and Prior Period Adjustments](index=26&type=section&id=2.%20編製基準及過往年度調整) These interim condensed consolidated financial statements are prepared in accordance with HKAS 34 and Listing Rules, and should be read with the 2024 annual financial statements, for which the auditor issued a disclaimer of opinion - These interim condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[58](index=58&type=chunk) - These interim condensed consolidated financial statements should be read in conjunction with the Group's annual financial statements for the year ended December 31, 2024, prepared in accordance with Hong Kong Financial Reporting Standards[58](index=58&type=chunk) - The Company's auditor issued a disclaimer of opinion on the financial statements for the year ended December 31, 2024[60](index=60&type=chunk) [2.1 Going Concern Assumption](index=27&type=section&id=2.1%20持續經營假設) The Group faces significant going concern uncertainties, including a net loss of RMB 22.70 billion (excluding offshore debt restructuring gain), current liabilities exceeding current assets by RMB 9.06 billion, and substantial overdue loans and domestic bonds, despite ongoing restructuring efforts - Excluding the offshore debt restructuring gain, the Group incurred a net loss of **RMB 22.70 billion** for the six months ended June 30, 2025[61](index=61&type=chunk) - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **RMB 9.06 billion**, with total loans of approximately **RMB 67.00 billion**, of which current loans were approximately **RMB 41.68 billion**[61](index=61&type=chunk) - The Group has outstanding loans with a principal amount of approximately **RMB 14.03 billion** and domestic bonds of **RMB 3.53 billion**, and borrowings with a principal amount of approximately **RMB 11.97 billion** may be subject to accelerated repayment[62](index=62&type=chunk) - The Group has initiated a domestic debt restructuring plan involving domestic bonds with a total carrying amount of approximately **RMB 18.07 billion** and is actively negotiating with creditors[63](index=63&type=chunk)[65](index=65&type=chunk) - The Group has completed its offshore debt restructuring, releasing approximately **USD 6.38 billion** of existing debt[67](index=67&type=chunk) - The Company's directors believe that the validity of the going concern assumption depends on the successful implementation of these plans and measures, but there are multiple significant uncertainties[68](index=68&type=chunk)[70](index=70&type=chunk) [2.2 Prior Period Adjustments](index=30&type=section&id=2.2%20過往年度調整) The Group reclassified perpetual bonds totaling approximately RMB 2.679 billion from non-controlling interests to borrowings, which further expanded the H1 2024 loss to RMB 5.390 billion and impacted total equity at the beginning and end of 2024 - The Group reclassified perpetual bonds totaling approximately **RMB 2.679 billion** (including issue amount of approximately **RMB 2.359 billion** and interest of **RMB 320 million**) from non-controlling interests to borrowings[72](index=72&type=chunk) Impact of Prior Period Adjustments on Financial Statements | Indicator | June 30, 2024 Impact (RMB thousand) | December 31, 2024 Impact (RMB thousand) | January 1, 2024 Impact (RMB thousand) | | :--- | :--- | :--- | :--- | | Increase in finance costs | (73,222) | - | - | | Increase in loss before income tax | (73,222) | - | - | | Increase in loss for the period | (73,222) | - | - | | Increase in loss for the period attributable to non-controlling interests | (73,222) | - | - | | Increase in current loans | - | 2,359,000 | 2,359,000 | | Increase in trade and other payables | - | 320,159 | 220,796 | | Decrease in total equity | - | (2,679,159) | (2,579,796) | | Decrease in total equity attributable to non-controlling interests | - | (2,679,159) | (2,579,796) | - The restatement resulted in the Group's loss for the period ended June 30, 2024, further expanding to **RMB 5.390 billion**[75](index=75&type=chunk) [3. Accounting Policies](index=31&type=section&id=3.%20會計政策) The Group's accounting policies are consistent with those of the 2024 annual financial statements, with the adoption of HKAS 21 and HKFRS 1 amendments (lack of exchangeability) not expected to have a significant impact - The accounting policies applied are consistent with those adopted in the annual financial statements for the year ended December 31, 2024, except for the adoption of amendments to HKAS 21 and HKFRS 1 (Lack of Exchangeability)[77](index=77&type=chunk) - These amendments had no impact and are not expected to have a significant impact on the Group's transactions in the current or future reporting periods and the foreseeable future[77](index=77&type=chunk) [4. Segment Information](index=32&type=section&id=4.%20分部資料) The Group determines operating segments based on reports reviewed by executive directors, primarily property development (by geographical location), property management, and property investment, with segment operating profit/loss excluding certain other income/losses and finance costs - Management determines operating segments based on reports reviewed by the Company's executive directors for strategic decisions, primarily considering business from geographical and product perspectives[78](index=78&type=chunk) - The measurement basis for segment operating profit/loss excludes the impact of other gains/losses of operating segments, as well as finance costs, corporate financial income, share of profit or loss of interests in joint ventures and associates, fair value changes of investment properties, etc[79](index=79&type=chunk) 2025 H1 Segment Revenue and Operating Profit/(Loss) | Segment | Revenue (RMB thousand) | Operating Profit/(Loss) (RMB thousand) | | :--- | :--- | :--- | | Property Development - Beijing Region | 990,857 | (513,271) | | Property Development - Bohai Rim Region | 593,176 | (837,045) | | Property Development - East China Region | 125,870 | (2,209,312) | | Property Development - South China Region | 650,459 | (2,066,719) | | Property Development - Central China Region | 718,597 | (534,849) | | Property Development - West China Region | 216,755 | (659,228) | | Property Investment | 143,540 | 121,340 | | Property Management | 1,347,545 | (44,779) | | All Other Segments | 1,416,270 | (8,425,358) | | **Total** | **6,203,069** | **(15,169,221)** | - The Group's revenue from external customers primarily originated from Mainland China; as of June 30, 2025, total non-current assets located in Mainland China were approximately **RMB 33.392 billion**[83](index=83&type=chunk) [5. Trade and Other Receivables and Prepayments](index=35&type=section&id=5.%20貿易及其他應收款項及預付款項) As of June 30, 2025, total trade receivables were RMB 5.514 billion (with RMB 1.378 billion impairment), and other receivables and prepayments were RMB 55.338 billion (with RMB 2.037 billion impairment), showing an increase in trade receivables aged over one year Trade and Other Receivables and Prepayments | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables | 4,136,805 | 4,443,710 | | Other receivables and prepayments | 55,337,976 | 60,056,862 | | **Total** | **59,474,781** | **64,500,572** | | Less: Non-current portion | (6,675,150) | (6,725,443) | | **Current portion** | **52,799,631** | **57,775,129** | | Impairment provision for trade receivables | (1,377,662) | (991,607) | | Impairment provision for other receivables and prepayments | (2,037,401) | (1,253,493) | Ageing Analysis of Trade Receivables (as of June 30, 2025) | Ageing | Amount (RMB thousand) | | :--- | :--- | | Less than 6 months | 1,459,305 | | 6 months to 1 year | 2,422,555 | | 1 year to 2 years | 453,782 | | 2 years to 3 years | 611,492 | | Over 3 years | 567,333 | | **Total** | **5,514,467** | - As of June 30, 2025, trade receivables with a carrying amount of approximately **RMB 316 million** were pledged as collateral for the Group's loans[85](index=85&type=chunk) [6. Trade and Other Payables](index=38&type=section&id=6.%20貿易及其他應付款項) As of June 30, 2025, total trade payables were RMB 11.578 billion and other payables were RMB 35.628 billion, with a decrease in trade payables aged within 6 months and an increase in those over 1 year Trade and Other Payables | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand, restated) | | :--- | :--- | :--- | | Trade payables | 11,578,474 | 13,340,695 | | Accrued expenses | 6,333,044 | 7,542,128 | | Amounts due to joint ventures | 8,596,449 | 7,950,594 | | Amounts due to associates | 715,047 | 1,009,299 | | Amounts due to non-controlling interests | 961,659 | 926,122 | | Amounts due to government | 499,512 | 504,528 | | Other taxes payable | 4,251,019 | 4,046,311 | | Deposits received | 1,598,297 | 1,617,461 | | Other payables | 12,718,693 | 13,986,093 | | **Total** | **47,252,194** | **50,923,231** | | Less: Non-current portion | (45,313) | (47,762) | | **Current portion** | **47,206,881** | **50,875,469** | Ageing Analysis of Trade Payables (as of June 30, 2025) | Ageing | Amount (RMB thousand) | | :--- | :--- | | Within 6 months | 4,581,262 | | 6 months to 1 year | 899,873 | | 1 year to 2 years | 2,542,196 | | 2 years to 3 years | 2,501,237 | | 3 years and above | 2,816,127 | | **Total** | **13,340,695** | - Amounts due to joint ventures, associates, and non-controlling interests are unsecured, interest-free, and repayable on demand[89](index=89&type=chunk) [7. Other Losses — Net](index=39&type=section&id=7.%20其他虧損%20—%20淨額) The Group's H1 2025 other losses net significantly increased to RMB 3.326 billion from RMB 479 million in the prior year, primarily due to fair value losses on financial assets/liabilities, exchange losses, litigation provisions, and impairment losses on property, plant, and equipment and goodwill Composition of Other Losses — Net | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Fair value changes of financial assets and financial liabilities at fair value through profit or loss | (1,422,241) | (238,463) | | Exchange losses | (363,368) | (56,491) | | Amounts used to discharge contractual obligations | (48,240) | (37,783) | | Gain/(loss) on disposal of interests in subsidiaries | 13,567 | (135,171) | | Loss on disposal of joint ventures and associates | (183,997) | (10,727) | | Net (loss)/gain on deemed disposal of joint ventures and associates | (163,221) | 4,189 | | Litigation provision | (422,183) | – | | Impairment loss on property, plant and equipment | (324,594) | – | | Impairment loss on goodwill | (409,008) | – | | Other losses | (3,557) | (4,277) | | **Total** | **(3,326,486)** | **(478,723)** | [8. Finance Costs](index=39&type=section&id=8.%20財務費用) The Group's H1 2025 total interest expenses were RMB 2.765 billion, with RMB 2.065 billion expensed through profit or loss due to non-capitalization, and the weighted average capitalization rate increased to 5.84% Composition of Finance Costs | Item | 2025 (RMB thousand) | 2024 (RMB thousand, restated) | | :--- | :--- | :--- | | Interest expense: bank loans | 1,250,425 | 1,081,799 | | Interest expense: other loans | 1,465,769 | 1,672,080 | | Interest expense: lease liabilities | 48,469 | 59,574 | | **Total interest expense** | **2,764,663** | **2,813,453** | | Less: Interest capitalised (at annual capitalisation rate of 5.84%) | (699,934) | (865,367) | | **Finance costs** | **2,064,729** | **1,948,086** | - The weighted average capitalisation rate increased from **5.60%** (restated) in the same period of 2024 to **5.84%** in the current period[92](index=92&type=chunk) [9. Income Tax Credit](index=40&type=section&id=9.%20所得稅抵免) The Group recorded an income tax credit of RMB 81.386 million in H1 2025, primarily due to decreased revenue and gross loss, with China corporate income tax provisioned at a statutory rate of 25% Composition of Income Tax Credit | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current income tax: PRC corporate income tax | 116,121 | 403,404 | | Current income tax: PRC land appreciation tax | 80,572 | (646,028) | | Deferred income tax | (278,079) | (187,326) | | **Total** | **(81,386)** | **(429,950)** | - Most of the Group's subsidiaries are subject to PRC corporate income tax, with provisions made at the statutory income tax rate of **25%**[94](index=94&type=chunk) - The tax credit amount recorded was mainly due to a combination of factors such as decreased revenue and gross loss during the reporting period[16](index=16&type=chunk) [10. Earnings/(Loss) Per Share](index=40&type=section&id=10.%20每股盈利%EF%BC%8F%EF%BC%88虧損%EF%BC%89) The Group's H1 2025 basic earnings per share were RMB 1.171 and diluted earnings per share were RMB 0.919, both turning loss into profit, with potential dilutive ordinary shares including employee share options and mandatory convertible bonds Calculation of Earnings/(Loss) Per Share | Indicator | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Profit/(loss) attributable to owners of the Company (RMB thousand) | 10,202,141 | (5,381,705) | | Dividends on perpetual securities (RMB thousand) | (22,827) | – | | Profit/(loss) for the purpose of basic earnings per share (RMB thousand) | 10,179,314 | (5,381,705) | | Weighted average number of ordinary shares in issue (thousand shares) | 8,689,431 | 7,616,096 | | **Basic earnings/(loss) per share** | **1.171** | **(0.707)** | | Profit/(loss) for the purpose of diluted earnings/(loss) per share (RMB thousand) | 10,179,314 | (5,381,705) | | Weighted average number of ordinary shares for diluted earnings/(loss) per share (thousand shares) | 11,082,194 | 7,616,096 | | **Diluted earnings/(loss) per share** | **0.919** | **(0.707)** | - Basic earnings/(loss) per share is calculated by dividing the profit/(loss) attributable to owners of the Company by the weighted average number of ordinary shares in issue during the period[96](index=96&type=chunk) - The Company has two classes of potential dilutive ordinary shares: employee share options and mandatory convertible bonds[98](index=98&type=chunk) [11. Dividends](index=41&type=section&id=11.%20股息) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025, or 2024 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025, and 2024[100](index=100&type=chunk) [12. Events After the Reporting Period](index=41&type=section&id=12.%20期後事項) Apart from going concern disclosures and domestic public market debt information, no other significant events occurred after June 30, 2025, except for an internal restructuring where the Company reacquired 2,684 parking spaces from Sino-Ocean Service, increasing its ownership to 100% - On **July 16, 2025**, the Company and Sino-Ocean Service entered into a framework agreement to return **2,684 parking spaces** located in China (with a transfer price of **RMB 323.2 million**) to the Group[102](index=102&type=chunk) - This transaction is an internal restructuring that will effectively increase the Group's asset ownership from **63.82% to 100%**, resulting in a net acquisition of **36.18% equity interest**[102](index=102&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=42&type=section&id=購買%E3%80%81出售%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) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025, and no treasury shares were held - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[103](index=103&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[103](index=103&type=chunk) [Review of Interim Financial Information](index=42&type=section&id=中期財務資料審閱) The Group's interim condensed consolidated financial statements for the six months ended June 30, 2025, have been reviewed by the Company's auditor, and the Audit Committee has reviewed accounting policies, internal controls, and risk management - The Group's interim condensed consolidated financial statements for the six months ended June 30, 2025, have been reviewed by the Company's auditor, BDO Limited[104](index=104&type=chunk) - The Audit Committee has reviewed the accounting policies and practices adopted by the Group with the Company's management and discussed matters such as internal control, risk management, and financial reporting[104](index=104&type=chunk) [Summary of Independent Auditor's Review Report on Interim Condensed Consolidated Financial Statements](index=42&type=section&id=中期簡明綜合財務報表的獨立核數師審閱報告摘要) The independent auditor issued a disclaimer of conclusion on the interim condensed consolidated financial statements due to multiple significant uncertainties regarding the Group's ability to continue as a going concern [Basis for Disclaimer of Conclusion](index=42&type=section&id=不發表結論的基礎) The independent auditor disclaimed a conclusion on the interim financial statements due to significant going concern uncertainties, including a RMB 22.70 billion loss (excluding restructuring gain), current liabilities exceeding current assets by RMB 9.06 billion, and substantial overdue debts - The auditor issued a disclaimer of conclusion on the Group's interim condensed consolidated financial statements for the six months ended June 30, 2025[105](index=105&type=chunk) - Excluding the offshore debt restructuring gain, the Group recorded a loss of approximately **RMB 22.70 billion**, and current liabilities exceeded current assets by approximately **RMB 9.06 billion**[105](index=105&type=chunk) - The Group has outstanding loans with a principal amount of approximately **RMB 14.03 billion** and domestic bonds of **RMB 3.53 billion**, and borrowings with a principal amount of approximately **RMB 11.97 billion** may be subject to accelerated repayment[106](index=106&type=chunk) - The Group has initiated a domestic debt restructuring plan involving seven listed domestic bonds with a carrying amount of approximately **RMB 13.07 billion** and three other domestic bonds of approximately **RMB 5.00 billion**[107](index=107&type=chunk) - All these events or conditions indicate the existence of multiple material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern[107](index=107&type=chunk) - The auditor was unable to conclude whether the use of the going concern basis of accounting is appropriate due to multiple uncertainties regarding the successful implementation of management's plans and measures[108](index=108&type=chunk)[109](index=109&type=chunk)[111](index=111&type=chunk) [Compliance with Corporate Governance Code](index=45&type=section&id=遵守企業管治守則) The Company has applied the principles of the Corporate Governance Code and complied with applicable code provisions, except for the combined roles of Chairman and Chief Executive Officer, which is deemed to maintain sufficient balance of power - The Company has applied the principles of the Corporate Governance Code to its corporate governance framework and practices and has complied with the applicable code provisions, except for the non-segregation of the roles of Chairman and Chief Executive Officer[113](index=113&type=chunk) - The Company believes that combining the roles of Chairman and Chief Executive Officer facilitates daily business operations, and all major decisions are made after consultation with the Board and senior management, thus maintaining a sufficient balance of power[114](index=114&type=chunk) [Interim Dividends](index=45&type=section&id=中期股息) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil) - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[115](index=115&type=chunk) [Publication of Interim Results Announcement and Interim Report on HKEX and Company Website](index=45&type=section&id=於聯交所及本公司網站刊載之中期業績公告及中期報告) This announcement has been published on the HKEX and Company websites, and the interim report for the six months ended June 30, 2025, will be distributed to shareholders and published accordingly - This announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.sinooceangroup.com)[116](index=116&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be distributed to shareholders and published on the HKEX and Company websites in due course[116](index=116&type=chunk) [Acknowledgements](index=45&type=section&id=致謝) The Board of Directors extends its sincere gratitude to shareholders, investors, local governments, partners, customers, and all directors, management, and staff for their strong support and efforts - The Board of Directors expresses its deep gratitude to shareholders, investors, local governments, partners, and customers for their strong support, and to the directors, management, and all staff for their efforts with the Company[117](index=117&type=chunk) [Definitions](index=46&type=section&id=釋義) This section provides definitions for key terms used in the announcement, such as "Audit Committee," "BDO Limited," "Board," "Company," "Group," and "RMB" - This section provides definitions for key terms used in the announcement, such as "Audit Committee," "BDO Limited," "Board," "Company," "Group," and "RMB"[118](index=118&type=chunk)[119](index=119&type=chunk)[122](index=122&type=chunk)

Core Viewpoint - The article highlights the 12th anniversary celebration of Yuan Yang Chun Xuan Mao (Beijing Yizhuang) Elderly Apartment, emphasizing its commitment to providing a warm and engaging living environment for seniors, encapsulated in the motto "Chun Xuan Bing Mao, Happiness Like Home" [1][7]. Summary by Sections Celebration and Activities - The anniversary event featured a blend of traditional Beijing culture and international elder care characteristics, with activities such as a "京味游园" (Beijing flavor garden) tour, traditional games, and a magic show, creating a lively atmosphere for residents, families, and staff [3][4]. - Residents participated in various engaging activities, including a calligraphy session where they expressed their feelings about the community through the character "家" (home) [4][5]. Resident Experiences - Long-term residents shared their positive experiences, highlighting the community's warmth, professional care, and the enriching activities available, which contribute to a fulfilling life in the apartment [6]. - Residents expressed gratitude for the supportive environment, with one resident noting the importance of professional care for his partner suffering from Alzheimer's disease, reinforcing the value of the facility's services [6]. Community and Family Engagement - The event showcased the strong sense of community, with family members and volunteers actively participating, enhancing the overall atmosphere of care and companionship [4][6]. - The recognition of volunteers and the emotional return of former residents to celebrate the anniversary underscored the deep connections formed within the community [4][6]. Future Outlook - The article concludes with a forward-looking statement, indicating that the 12 years mark not an end but a beginning for more beautiful stories to be written together with the residents and their families [7].

Group 1 - The 9th China (Guangzhou) International Elderly Health Industry Expo officially opened on August 22, 2023, becoming an important platform for cooperation in the elderly care industry and promoting the silver economy in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The expo has evolved over eight years to become the only UFI-certified professional elderly care exhibition in the Greater Bay Area, showcasing achievements in elderly care and fostering collaboration with domestic and international cities [1] Group 2 - Ocean Group's subsidiary, Chuanxuanmao, showcased innovative elderly care services and a humanistic approach at the expo, emphasizing the concepts of "active aging" and "quality elderly care" [3] - Chuanxuanmao highlighted a specialized service system addressing the core needs of seniors, such as "health, happiness, and dignity," and presented tailored services for Hong Kong seniors and expertise in dementia care [3] Group 3 - The expo featured multiple thematic forums, including a roundtable on building dementia-friendly communities, where Chuanxuanmao shared its professional experience in family support services [5] - The family mutual aid association established by Chuanxuanmao has expanded beyond institutional boundaries to provide support and share experiences with families facing dementia care challenges [5] Group 4 - A family member of a dementia patient shared insights on the importance of professional care, emphasizing that emotional support and patience are crucial in caring for seniors with cognitive decline [8] - The need for families to actively learn caregiving knowledge and collaborate with professional institutions was highlighted to ensure seniors receive continuous care and respect [8] Group 5 - The elderly care sector is not only vital for family happiness but also serves as a measure of social civilization and warmth, requiring policy guidance, industry innovation, and societal participation [10] - Chuanxuanmao is committed to deepening its elderly care services, enhancing service quality, and contributing to the high-quality development of China's elderly care industry [10]

Core Viewpoint - The Hong Kong property stocks experienced a collective decline after a brief rise, indicating market skepticism about the sustainability of recent policy changes aimed at boosting the real estate sector [1] Group 1: Market Performance - Major property stocks such as Shimao Group, New World Development, and Greentown China saw significant declines, with Shimao Group dropping by 6.4% and New World Development by 4.55% [1] - Other companies like China Jinmao, Midea Real Estate, and Country Garden also faced losses, with declines exceeding 2% [1] Group 2: Policy Impact - The recent policy adjustment in Shanghai, known as "Six Measures," allows unlimited purchases for eligible buyers outside the outer ring and treats single buyers as families, which initially boosted market confidence [1] - Despite the short-term positive impact, there are ongoing doubts about the long-term effectiveness of these policies and the actual improvement in the market fundamentals [1] Group 3: Future Outlook - The market requires continuous support beyond initial policy changes, with a focus on whether more cities will follow suit and how existing policies will be implemented, particularly regarding credit support [1]

Core Viewpoint - The company, Ocean Group (03377), announced the issuance of a total of 487 million shares on August 25, 2025, due to the conversion of zero-coupon mandatory convertible bonds [1] Group 1 - The issuance of shares is a result of the conversion of zero-coupon mandatory convertible bonds [1] - The total number of shares to be issued is 487 million [1]