Core Viewpoint - Xinjisha Xi (03603) reported a net loss attributable to shareholders of 29.086 million yuan for the six months ending June 30, 2025, which represents a year-on-year decrease of 68.21% [1] Financial Performance - The company achieved revenue of 117 million yuan, reflecting a year-on-year decrease of 9.9% [1] - The loss per share was reported at 0.02 yuan [1] Reasons for Revenue Decrease - The decline in revenue was primarily due to the rental concessions provided to merchants during the first half of 2025 [1]

Group 1 - The company reported a revenue of 117 million, representing a year-on-year decrease of 9.9% [1] - The net loss attributable to the company was 29.086 million, a year-on-year decrease of 68.21% [1] - The loss per share was 0.02 yuan [1] Group 2 - The decrease in revenue was primarily due to rental concessions provided to merchants during the first half of 2025 [1]

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：3603） 職 權 範 圍－審 核 委 員 會 1 組 成 信基沙溪集團股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）於二零 一九年十月三日議決成立本公司審核委員會（「委員會」），並 已 採 納 下 列 條 款 作 為 委 員 會 的 職 權 範 圍。 2 成 員 2.4.1 彼 不 再 為 該 公 司 合 夥 人 之 日；或 2.4.2 彼 不 再 享 有 該 公 司 任 何 財 務 利 益 之 日。 2.5 委員會主席（「委員會主席」）應 由 董 事 會 不 時 委 任，且 應 為 獨 立 非 執 行 董 事。當 委 員 會 主 席 及╱或 代 任 主 席 缺 席 會 議 時，其 餘 已 出 席 的 成 員 應 選 擇 彼 等 其 中 一 人 出 任 該 會 議 的 主 席。 4.1 會 議 應 於 報 告 與 審 核 週 期 內 的 適 當 時 候 以 及 於 有 需 要 時 召 開，每 年 須 最 少 召 開 兩 次 會 議。 4.2 委 員 會 主 席 應 按 委 員 會 任 何 成 員 的 要 求 召 開 ...

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：3603） 職 權 範 圍－提 名 委 員 會 1. 組 成 信基沙溪集團股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）於二零 一九年十月三日議決成立本公司提名委員會（「委員會」），並 已 採 納 下 列 條 款 作 為 委 員 會 的 職 權 範 圍。 – 1 – 2.1 委 員 會 成 員 應 由 董 事 會 從 董 事 中 委 任，並 最 少 須 由 三 名 成 員 組 成，大 多 數 成 員 應 為 獨 立 非 執 行 董 事 及 最 少 一 名 成 員 應 為 不 同 性 別 的 董 事。 2.2 委 員 會 各 成 員 的 任 期 與 其 作 為 董 事 的 任 期 相 同。在 本 公 司 組 織 章 程 以 及 適 用 法 律 及 法 規 的 規 限 下，委 員 會 任 何 成 員 於 相 關 委 任 期 屆 滿 後 可 以 經 董 事 會 重 新 委 任 並 繼 續 擔 任 委 員 會 的 成 員。 2.3 倘 委 員 會 成 員 不 再 為 董 事 會 成 員，則 即 時 自 動 喪 失 出 任 委 ...

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：3603） 董事會名單與其角色和職能 信基沙溪集团股份有限公司董事（「董 事」）會（「董事會」）成 員 載 列 如 下： 執行董事 張漢泉先生 （主 席 及 首 席 執 行 官） 梅佐挺先生 張偉新先生 非執行董事 林烈先生 王藝雪女士 趙暉先生 獨立非執行董事 曾昭武博士 譚鎮山先生 鄭德珵博士 替任董事 張偉泉先生 （張 漢 泉 先 生 之 替 任 董 事） 梅嘉煒先生 （梅 佐 挺 先 生 之 替 任 董 事） 張嘉健先生 （張 偉 新 先 生 之 替 任 董 事） 董 事 會 已 設 立 三 個 董 事 委 員 會。下 表 提 供 各 董 事 會 成 員 於 該 等 委 員 會 中 所 擔 任 的 職 位 資 料： | | 董事委員會 | 審 核 | 薪 酬 | 提 名 | | --- | --- | --- | --- | --- | | 董 事 | | 委員會 | 委員會 | 委員會 | | 張漢泉先生 | | | 成員 | 主席 | | 梅佐挺先生 | | | | | | 張偉新先生 | | | | | | 林烈先生 ...

Announcement Details [Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This announcement presents the unaudited interim results for the six months ended June 30, 2025, alongside changes in the nomination committee and alternate director appointments - The company announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025[3](index=3&type=chunk) - The Board is pleased to announce changes in the composition of the nomination committee and the appointment of alternate directors[2](index=2&type=chunk) Financial Highlights [Summary Financial Performance](index=1&type=section&id=Summary%20Financial%20Performance) For the six months ended June 30, 2025, revenue decreased by 9.9% to RMB 116,593 thousands, loss for the period significantly narrowed by 68.1% to RMB 29,130 thousands, and core net profit declined by 39.7% to RMB 28,313 thousands Summary Financial Highlights for the Six Months Ended June 30 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 116,593 | 129,405 | -9.9% | | Loss for the period | (29,130) | (91,293) | -68.1% | | Core net profit | 28,313 | 46,977 | -39.7% | | Core net profit margin | 24% | 36% | -12.0pp | | Loss per share (RMB) | (0.02) | (0.06) | -66.7% | - Core net profit, a non-HKFRS measure, helps investors assess the Group's business performance by excluding losses from fair value changes of investment properties[4](index=4&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue was RMB 116,593 thousands, with operating loss significantly narrowing to RMB (8,584) thousands and loss for the period at RMB (29,130) thousands, primarily due to reduced fair value losses on investment properties Key Data from Condensed Consolidated Statement of Profit or Loss | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 116,593 | 129,405 | | Cost of sales | (21,615) | (21,517) | | Fair value loss on investment properties | (76,590) | (184,360) | | Operating loss | (8,584) | (89,642) | | Finance expenses – net | (24,557) | (26,849) | | Loss for the period | (29,130) | (91,293) | - The loss for the period is primarily attributable to owners of the company, amounting to RMB (29,086) thousands[5](index=5&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive loss for the period was RMB (29,130) thousands, consistent with the loss for the period, indicating no other comprehensive income items Condensed Consolidated Statement of Comprehensive Income | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the period | (29,130) | (91,293) | | Other comprehensive income for the period, net of tax | – | – | | Total comprehensive loss for the period | (29,130) | (91,293) | - The total comprehensive loss for the period is primarily attributable to owners of the company, amounting to RMB (29,086) thousands[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets slightly decreased to RMB 2,649,416 thousands, total liabilities marginally increased to RMB 1,505,342 thousands, cash and cash equivalents rose to RMB 654,536 thousands, while investment property value decreased Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total assets | 2,649,416 | 2,665,157 | | Total equity | 1,144,074 | 1,173,204 | | Total liabilities | 1,505,342 | 1,491,953 | | Investment properties | 1,897,520 | 1,971,588 | | Cash and cash equivalents | 654,536 | 582,501 | | Borrowings (non-current) | 573,320 | 574,420 | | Borrowings (current) | 262,704 | 239,004 | - Deferred income tax assets increased to RMB 5,195 thousands, while deferred income tax liabilities decreased to RMB 172,371 thousands[7](index=7&type=chunk)[8](index=8&type=chunk) Notes to the Interim Condensed Consolidated Financial Statements [General Information](index=6&type=section&id=General%20Information) Xinji Shaxi Group Co., Ltd. is incorporated in the Cayman Islands and primarily operates and manages hotel and household supplies malls in China, with its shares listed on the Main Board of the Hong Kong Stock Exchange on November 8, 2019 - The company is incorporated in the Cayman Islands and primarily engages in the operation and management of hotel and household supplies malls in China[9](index=9&type=chunk) - The company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on November 8, 2019[10](index=10&type=chunk) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) The unaudited interim condensed consolidated financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" and the Listing Rules, and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024 - The financial statements are prepared in accordance with HKAS 34 and the Listing Rules[11](index=11&type=chunk) - Financial information is presented in RMB, with all values rounded to the nearest thousand[10](index=10&type=chunk) [Application of New and Revised HKFRSs](index=7&type=section&id=Application%20of%20New%20and%20Revised%20HKFRSs) The Group first applied HKAS 21 (Amendment) "Lack of Exchangeability" for the accounting period beginning January 1, 2025, with no significant impact expected on the interim condensed consolidated financial statements - The Group has first applied HKAS 21 (Amendment) "Lack of Exchangeability", effective for accounting periods beginning on or after January 1, 2025[13](index=13&type=chunk) - These amendments are not expected to have a significant impact on the Group's unaudited interim condensed consolidated financial statements[14](index=14&type=chunk) [Key Accounting Estimates and Judgments](index=7&type=section&id=Key%20Accounting%20Estimates%20and%20Judgments) The preparation of interim financial information requires management to make judgments, estimates, and assumptions, which are consistent with those applied in the annual consolidated financial statements for the year ended December 31, 2024 - The significant judgments and sources of estimation uncertainty made by management in preparing the financial information are the same as those applied in the 2024 annual consolidated financial statements[15](index=15&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) The Group's chief operating decision maker categorizes business into two operating segments: property leasing and property management services, with no geographical information presented as most revenue and assets are from the China market - The Group's operating segments include property leasing (managing self-owned/leased malls, online sales of hotel and household supplies, providing business management services) and property management services (providing services to tenants and apartment properties)[17](index=17&type=chunk)[18](index=18&type=chunk) - No geographical information is presented as most revenue and non-current assets are located in China[19](index=19&type=chunk) [Segment Revenue and Results](index=8&type=section&id=Segment%20Revenue%20and%20Results) For the six months ended June 30, 2025, property leasing segment revenue was RMB 88,017 thousands, property management services revenue was RMB 28,576 thousands, with property leasing recording a loss of RMB (14,504) thousands and property management services recording a profit of RMB 5,920 thousands Segment Revenue and Results (for the Six Months Ended June 30) | Indicator | Property Leasing (RMB thousands) | Property Management Services (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | **2025** | | | | | Reportable segment revenue | 88,017 | 28,576 | 116,593 | | Segment (loss)/profit | (14,504) | 5,920 | (8,584) | | **2024** | | | | | Reportable segment revenue | 100,114 | 29,291 | 129,405 | | Segment (loss)/profit | (101,211) | 11,569 | (89,642) | - Property leasing revenue primarily derives from rental income, while property management services revenue primarily comes from contracts with customers[20](index=20&type=chunk) [Segment Assets and Liabilities](index=9&type=section&id=Segment%20Assets%20and%20Liabilities) As of June 30, 2025, property leasing segment assets were RMB 2,663,050 thousands and liabilities were RMB 443,316 thousands, while property management services segment assets were RMB 34,019 thousands and liabilities were RMB 71,070 thousands Segment Assets and Liabilities (as of June 30) | Indicator | Property Leasing (RMB thousands) | Property Management Services (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | **2025** | | | | | Segment assets | 2,663,050 | 34,019 | 2,644,221 | | Segment liabilities | 443,316 | 71,070 | 461,538 | | **December 31, 2024** | | | | | Segment assets | 2,666,938 | 16,280 | 2,662,518 | | Segment liabilities | 429,227 | 53,771 | 462,298 | - Segment assets primarily include property and equipment, investment properties, intangible assets, receivables, and cash equivalents[22](index=22&type=chunk) - Segment liabilities primarily include trade and other payables, lease liabilities, contract liabilities, and customer advances[22](index=22&type=chunk) [Revenue](index=10&type=section&id=Revenue) For the six months ended June 30, 2025, total revenue was RMB 116,593 thousands, comprising RMB 83,595 thousands from property leasing, RMB 28,576 thousands from property management services, and RMB 4,418 thousands from goods sales Revenue Details (for the Six Months Ended June 30) | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Property management services | 28,576 | 29,291 | | Goods sales | 4,418 | 4,518 | | Property leasing income | 83,595 | 95,596 | | **Total Revenue** | **116,593** | **129,405** | - Property management services revenue is recognized over the contract period with reference to performance progress, while goods sales revenue is recognized when customers obtain control of the assets[23](index=23&type=chunk)[24](index=24&type=chunk) - As of June 30, 2025, the total transaction price for long-term property management service contracts expected to be recognized after 1 year is RMB 228,171 thousands[25](index=25&type=chunk) [Cost of Sales, Selling & Marketing, Administrative Expenses](index=11&type=section&id=Cost%20of%20Sales,%20Selling%20%26%20Marketing,%20Administrative%20Expenses) For the six months ended June 30, 2025, total cost of sales, selling and marketing expenses, and administrative expenses were RMB 42,770 thousands, a slight increase from the prior year, with administrative expenses rising due to increased donations and selling and marketing expenses decreasing Details of Cost of Sales, Selling & Marketing, and Administrative Expenses | Expense Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Employee benefit expenses | 18,411 | 18,658 | | Cost of goods sold | 2,955 | 3,065 | | Marketing and advertising costs | 901 | 1,199 | | Property maintenance fees | 4,923 | 4,208 | | Donations | 1,000 | 77 | | **Total** | **42,770** | **41,902** | - Cost of sales amounted to RMB 21,615 thousands, selling and marketing expenses to RMB 3,707 thousands, and administrative expenses to RMB 17,448 thousands[27](index=27&type=chunk) [Income Tax Credit](index=12&type=section&id=Income%20Tax%20Credit) For the six months ended June 30, 2025, the company recorded an income tax credit of RMB 4,011 thousands, primarily from deferred income tax, with Chinese subsidiaries subject to a 25% corporate income tax rate Income Tax Credit Details | Tax Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current income tax - China corporate income tax | 9,377 | 8,224 | | Deferred income tax credit | (13,388) | (33,422) | | **Total** | **(4,011)** | **(25,198)** | - The corporate income tax rate for Chinese subsidiaries is 25%[29](index=29&type=chunk) - Subsidiaries in the Cayman Islands, British Virgin Islands, and Hong Kong (without taxable profits) are exempt from income tax[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [Loss Per Share](index=13&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share improved to RMB 0.02, from RMB 0.06 in the prior year, with diluted loss per share being the same as basic loss per share due to the absence of potential dilutive ordinary shares Loss Per Share Calculation Data | Indicator | 2025 (RMB thousands/thousands of shares) | 2024 (RMB thousands/thousands of shares) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the company | (29,086) | (91,484) | | Weighted average number of shares | 1,492,944 | 1,496,800 | | **Basic and diluted loss per share (RMB)** | **(0.02)** | **(0.06)** | - The company had no potential dilutive ordinary shares outstanding during the reporting period, thus diluted loss per share is the same as basic loss per share[35](index=35&type=chunk) [Dividends](index=13&type=section&id=Dividends) The Board did not recommend the declaration of an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board did not recommend the declaration of an interim dividend for the six months ended June 30, 2025[36](index=36&type=chunk) [Investment Properties](index=13&type=section&id=Investment%20Properties) As of June 30, 2025, the net book value of investment properties was RMB 1,897,520 thousands, a decrease from the end of 2024, with a fair value change loss of RMB 76,590 thousands recognized during the period, significantly reduced from the prior year Changes in Investment Properties | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net book value at beginning of period | 1,971,588 | 2,284,851 | | Disposals | (5,370) | – | | Fair value change loss recognized in profit or loss | (76,590) | (314,532) | | Net book value at end of period | 1,897,520 | 1,971,588 | - Investment properties are revalued by independent valuers using the income capitalization approach and the comparison approach[38](index=38&type=chunk) - Investment properties amounting to RMB 853,830 thousands are pledged as collateral for the Group's borrowings[38](index=38&type=chunk) [Lease, Trade and Other Receivables](index=14&type=section&id=Lease,%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total current receivables amounted to RMB 85,770 thousands, with net operating lease receivables at RMB 42,749 thousands, net finance lease receivables at RMB 12,273 thousands, and net trade receivables at RMB 10,725 thousands Details of Net Receivables | Receivable Category | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Operating lease receivables – net | 42,749 | 42,286 | | Finance lease receivables – net | 12,273 | 25,499 | | Trade receivables – net | 10,725 | 5,597 | | Other receivables – net | 14,613 | 14,307 | | **Total current portion** | **85,770** | **68,691** | - Finance lease receivables primarily arise from property leasing business, where customers are obligated to settle payments according to lease contracts[41](index=41&type=chunk) - Impairment losses have been recognized for deposits paid, refundable amounts, and advances for acquisition of subsidiaries[45](index=45&type=chunk) [Trade and Other Payables and Lease Liabilities](index=17&type=section&id=Trade%20and%20Other%20Payables%20and%20Lease%20Liabilities) As of June 30, 2025, current trade and other payables were RMB 159,497 thousands, and total lease liabilities were RMB 177,523 thousands, with the company having received RMB 50 million in deposits from property developers, included in other payables Details of Trade and Other Payables | Payable Category | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 15,227 | 17,502 | | Amounts payable for construction contracts | 20,894 | 22,179 | | Accrued salaries | 21,718 | 20,907 | | Tenant deposits | 59,953 | 59,199 | | Property developer deposits | 50,000 | 50,000 | | **Total current portion** | **159,497** | **162,795** | Details of Lease Liabilities | Term | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 year | 26,817 | 27,675 | | Over 1 year but not exceeding 2 years | 20,152 | 23,506 | | Over 2 years but not exceeding 5 years | 57,291 | 59,494 | | Over 5 years | 73,263 | 83,184 | | **Total** | **177,523** | **193,859** | - The RMB 50 million property developer deposit is related to the proposed Shaxi Village renovation plan, which is pending approval[47](index=47&type=chunk) [Borrowings](index=19&type=section&id=Borrowings) As of June 30, 2025, the Group's total bank borrowings were RMB 836,024 thousands, with a current portion of RMB 262,704 thousands, bearing interest at annual rates from 3.85% to 6.13% and secured by investment properties, with some personally guaranteed by directors Borrowings Details | Borrowing Category | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank borrowings - secured | 836,024 | 813,424 | | Less: Non-current portion | (573,320) | (574,420) | | **Current portion** | **262,704** | **239,004** | - Bank borrowings bear interest at annual rates ranging from 3.85% to 6.13% and are secured by investment properties amounting to RMB 853,830 thousands[49](index=49&type=chunk) - Part of the bank borrowings are personally guaranteed by Mr. Zhang Hanquan, Mr. Mei Zuoting, and Mr. Zhang Weixin, directors of the company, for RMB 157,000 thousands[49](index=49&type=chunk) Management Discussion and Analysis [Financial Review](index=20&type=section&id=Financial%20Review) During the reporting period, the company's revenue slightly decreased by 9.9% due to rental concessions, while loss for the period significantly narrowed by 68.1% mainly due to reduced fair value losses on investment properties, and core net profit declined by 39.7% primarily due to lower property leasing income [Revenue](index=20&type=section&id=Revenue_FinancialReview) The Group's revenue decreased by 9.9% from approximately RMB 129.4 million in the same period of 2024 to approximately RMB 116.6 million in the reporting period, primarily due to rental concessions granted to merchants Revenue Details and Year-on-Year Change | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Rental income | 83,595 | 95,596 | -12.6% | | Property management services | 28,576 | 29,291 | -2.4% | | Sales of goods | 4,418 | 4,518 | -2.2% | | Others | 4 | – | N/A | | **Total** | **116,593** | **129,405** | **-9.9%** | - Rental income, accounting for 72% of total revenue, decreased by approximately RMB 12.0 million, mainly due to rental concessions granted to merchants in the first half of 2025[54](index=54&type=chunk) - Property management services revenue slightly decreased by 2.4%, and sales of goods revenue slightly decreased by 2.2%, both remaining stable[55](index=55&type=chunk)[56](index=56&type=chunk) [Cost of Sales](index=21&type=section&id=Cost%20of%20Sales_FinancialReview) Cost of sales for the reporting period was approximately RMB 21.6 million, showing no significant change compared to approximately RMB 21.5 million in the same period of 2024 - Cost of sales remained largely stable compared to the prior year, with no significant changes[57](index=57&type=chunk) [Fair Value Loss on Investment Properties](index=21&type=section&id=Fair%20Value%20Loss%20on%20Investment%20Properties) Fair value loss on investment properties significantly decreased by approximately RMB 107.8 million to approximately RMB 76.6 million in the reporting period, primarily due to the recovery of occupancy rates at Xinji Shaxi Hotel Supplies Expo City market and stable annual rental prices in the Shenyang market Fair Value Loss on Investment Properties | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Fair value loss | (76,600) | (184,400) | 107,800 | - The reduction in loss is mainly attributable to the recovery of occupancy rates at Xinji Shaxi Hotel Supplies Expo City market and stable annual rental prices in the Shenyang market[58](index=58&type=chunk) [Selling and Marketing Expenses](index=21&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses decreased by approximately RMB 0.7 million or 15.6% to approximately RMB 3.7 million in the reporting period, primarily due to reduced related expenses Selling and Marketing Expenses | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and marketing expenses | 3,700 | 4,400 | -15.6% | [Administrative Expenses](index=21&type=section&id=Administrative%20Expenses) Administrative expenses increased by approximately RMB 1.5 million or 9.1% to approximately RMB 17.4 million in the reporting period, mainly due to a RMB 1.0 million increase in donation expenses compared to the prior year Administrative Expenses | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 17,400 | 16,000 | 9.1% | - The primary reason for the increase in administrative expenses is a RMB 1.0 million increase in donation expenses during the reporting period[60](index=60&type=chunk) [Other Income](index=21&type=section&id=Other%20Income_FinancialReview) Other income decreased by approximately RMB 0.6 million or 24.2% to approximately RMB 1.8 million in the reporting period Other Income | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Other income | 1,800 | 2,400 | -24.2% | [Operating Loss and Operating Loss Margin](index=22&type=section&id=Operating%20Loss%20and%20Operating%20Loss%20Margin) Operating loss significantly decreased by approximately RMB 81.0 million or 90.4% to approximately RMB 8.6 million in the reporting period, primarily due to the reduction in fair value loss on investment properties Operating Loss | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Operating loss | (8,600) | (89,600) | -90.4% | - The reduction in operating loss is primarily due to the decrease in fair value loss on investment properties[62](index=62&type=chunk) [Finance Income](index=22&type=section&id=Finance%20Income) Finance income decreased by approximately RMB 0.8 million or 43.6% to approximately RMB 1.1 million in the reporting period, mainly due to lower bank deposit interest rates Finance Income | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Finance income | 1,100 | 1,900 | -43.6% | - The decrease in finance income is primarily due to lower bank deposit interest rates[63](index=63&type=chunk) [Finance Expenses](index=22&type=section&id=Finance%20Expenses) Finance expenses decreased by approximately RMB 3.1 million or 10.8% to approximately RMB 25.6 million in the reporting period, mainly due to the repayment of some loans and lower loan interest rates Finance Expenses | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Finance expenses | 25,600 | 28,700 | -10.8% | - The decrease in finance expenses is primarily due to the repayment of some loans and lower loan interest rates[64](index=64&type=chunk) [Net Finance Expenses](index=22&type=section&id=Net%20Finance%20Expenses) Net finance expenses for the reporting period were approximately RMB 24.6 million, a decrease from approximately RMB 26.8 million in the same period of 2024, for the same reasons as the reduction in finance expenses Net Finance Expenses | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net finance expenses | 24,600 | 26,800 | - The decrease in net finance expenses is primarily due to the repayment of some loans and lower loan interest rates[65](index=65&type=chunk) [Loss for the Period](index=22&type=section&id=Loss%20for%20the%20Period) The Group's loss decreased by 68.1% from approximately RMB 91.3 million in the same period of 2024 to approximately RMB 29.1 million in the reporting period, primarily due to the reduction in fair value loss on investment properties Loss for the Period | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period | (29,100) | (91,300) | -68.1% | - The reduction in loss is primarily due to the decrease in fair value loss on investment properties held by the Group[66](index=66&type=chunk) [Core Net Profit](index=22&type=section&id=Core%20Net%20Profit) Core net profit for the reporting period decreased by 39.7% from approximately RMB 47.0 million in the same period of 2024 to approximately RMB 28.3 million, mainly due to a reduction of approximately RMB 12.8 million in property leasing income Core Net Profit | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Core net profit | 28,313 | 46,977 | -39.7% | - Core net profit is a non-HKFRS measure designed to assess the actual business performance by excluding the impact of non-recurring items such as fair value changes of investment properties[67](index=67&type=chunk) - The decrease in core net profit is primarily due to a reduction of approximately RMB 12.8 million in property leasing income[67](index=67&type=chunk) [Liquidity and Financial Resources](index=23&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the company's cash and cash equivalents increased to RMB 654.5 million, with the gearing ratio improving to 16%, and both net current assets and current ratio increasing, indicating enhanced liquidity Key Data for Liquidity and Financial Resources | Indicator | June 30, 2025 (RMB thousands/%) | December 31, 2024 (RMB thousands/%) | | :--- | :--- | :--- | | Cash and cash equivalents | 654,500 | 582,500 | | Bank borrowings | 836,000 | 813,400 | | Gearing ratio | 16% | 20% | | Net current assets | 145,600 | 100,400 | | Current ratio | 1.24 | 1.18 | - Bank borrowings bear interest at annual rates ranging from 4.43% to 6.06% and are secured by investment properties[70](index=70&type=chunk) [Cash and Cash Equivalents](index=23&type=section&id=Cash%20and%20Cash%20Equivalents) As of June 30, 2025, the Group's cash and cash equivalents were approximately RMB 654.5 million, an increase from RMB 582.5 million at the end of 2024, primarily denominated in RMB Cash and Cash Equivalents | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | 654,500 | 582,500 | [Borrowings and Pledges of Group Assets](index=23&type=section&id=Borrowings%20and%20Pledges%20of%20Group%20Assets) As of June 30, 2025, the Group's bank borrowings were approximately RMB 836.0 million, a slight increase from RMB 813.4 million at the end of 2024, with borrowings secured by investment properties valued at approximately RMB 853.8 million Borrowings and Pledged Assets | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank borrowings | 836,000 | 813,400 | | Pledged investment property value | 853,800 | 859,600 | [Gearing Ratio](index=23&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio (calculated as net debt divided by total capital) was 16%, an improvement from 20% as of December 31, 2024 Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio | 16% | 20% | [Net Current Assets and Current Ratio](index=23&type=section&id=Net%20Current%20Assets%20and%20Current%20Ratio) As of June 30, 2025, the Group had net current assets of approximately RMB 145.6 million and a current ratio of 1.24, both improved from the end of 2024, indicating a healthy liquidity position Net Current Assets and Current Ratio | Indicator | June 30, 2025 (RMB thousands/ratio) | December 31, 2024 (RMB thousands/ratio) | | :--- | :--- | :--- | | Net current assets | 145,600 | 100,400 | | Current ratio | 1.24 | 1.18 | [Future Plans for Major Investments or Capital Assets](index=24&type=section&id=Future%20Plans%20for%20Major%20Investments%20or%20Capital%20Assets) Except as disclosed in the prospectus or this announcement, the Group had no other future plans for major investments or capital assets as of June 30, 2025 - The Group had no other future plans for major investments or capital assets at the end of the reporting period[74](index=74&type=chunk) [Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=24&type=section&id=Acquisitions%20and%20Disposals%20of%20Subsidiaries,%20Associates%20and%20Joint%20Ventures) During the reporting period, the Group had no significant acquisitions or disposals of subsidiaries, associates, and joint ventures - No significant acquisitions or disposals of subsidiaries, associates, and joint ventures occurred during the reporting period[75](index=75&type=chunk) [Treasury Management](index=24&type=section&id=Treasury%20Management) There were no significant changes in the Group's funding and treasury policies during the reporting period - There were no significant changes in the Group's funding and treasury policies during the reporting period[76](index=76&type=chunk) [Business Review](index=24&type=section&id=Business%20Review) The Group primarily operates hotel and household supplies malls in China, with business operations structured into six main segments, and revenue mainly derived from operating lease rental income from self-owned/leased malls and property management services - The Group primarily operates hotel and household supplies malls in China, with business operations structured into 6 main segments[77](index=77&type=chunk) - The main sources of revenue are operating lease rental income from self-owned/leased malls and property management services revenue[77](index=77&type=chunk) [Overview of Business Segments](index=24&type=section&id=Overview%20of%20Business%20Segments) The Group's six main business segments include malls (hotel and household supplies), sub-leased apartments, property management projects, entrusted malls, online mall sales, and exhibition management business - Business segments include malls, sub-leased apartments, property management projects, entrusted malls, online sales of hotel and household supplies, and exhibition management business[77](index=77&type=chunk) [Malls](index=24&type=section&id=Malls) The Group owns 5 malls, including 3 hotel supplies malls (Xinji Shaxi Hotel Supplies Expo City, Xinji Haotai Hotel Supplies City, Shenyang Xinji Shaxi Hotel Supplies Expo City) and 2 household supplies malls (Xinji Dashi Furniture City, Shenyang Xinji Shaxi International Household Supplies Expo Center) - The Group owns 5 malls, including 3 hotel supplies malls and 2 household supplies malls[78](index=78&type=chunk)[80](index=80&type=chunk) [Sub-leased Apartments](index=25&type=section&id=Sub-leased%20Apartments) Xinji Yuzheng, an indirect wholly-owned subsidiary, entered into a sub-lease agreement with Longmei Dongman to sub-lease Yuanyang Bangshe, and then sub-leased it to Bangshe Apartment Guangzhou for a 10-year term at a total consideration of approximately RMB 170.9 million - Xinji Yuzheng sub-leased Yuanyang Bangshe, with a total gross floor area of approximately 34,394 square meters, for a term of approximately 14.4 years[81](index=81&type=chunk) - Xinji Yuzheng then sub-leased Yuanyang Bangshe to Bangshe Apartment Guangzhou for a 10-year term at a total consideration of approximately RMB 170.9 million[81](index=81&type=chunk) [Property Management Projects](index=25&type=section&id=Property%20Management%20Projects) The Group has completed the acquisitions of Guangzhou Youxiang and Foshan Youxiang, primarily providing property management services for commercial complex projects, currently managing projects such as Xiajiao, Shangjiao Comprehensive Building, Yuedao, Longmei, and Xinji Plaza, with property leasing and management service income in Guangzhou decreasing - The Group acquired Guangzhou Youxiang and Foshan Youxiang, engaged in property management services for commercial complex projects[82](index=82&type=chunk) - Managed property projects include Xiajiao, Shangjiao Comprehensive Building, Yuedao, Longmei, and Xinji Plaza[82](index=82&type=chunk) Property Leasing and Management Service Income by Region (for the Six Months Ended June 30) | Region | Property Leasing Income 2025 (RMB thousands) | Property Leasing Income 2024 (RMB thousands) | Property Management Service Income 2025 (RMB thousands) | Property Management Service Income 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Region | 78,144 | 88,223 | 16,200 | 16,539 | | Foshan Region | – | – | 5,645 | 4,419 | | Shenyang Region | 5,451 | 7,373 | 6,731 | 8,333 | [Entrusted Malls](index=26&type=section&id=Entrusted%20Malls) The Group provides mall operation services to other mall owners, responsible for marketing and daily operations, and collects brand licensing fees and operation management fees, with the specific operating hours for the first entrusted hotel supplies mall, Yuetang International Hotel Supplies Trading and Exhibition Center, still under discussion and coordination - The Group provides mall operation services, responsible for marketing and daily operations, and collects brand licensing fees and operation management fees[84](index=84&type=chunk) - Yuetang International Hotel Supplies Trading and Exhibition Center is the Group's first entrusted hotel supplies mall, with specific operating hours yet to be determined[85](index=85&type=chunk) [Online Mall](index=27&type=section&id=Online%20Mall) During the reporting period, online mall sales of goods revenue was approximately RMB 4.4 million, largely consistent with the prior year, while the online mall's operating profit margin decreased to approximately 18% (2024: 39%) Online Mall Sales of Goods Revenue and Operating Profit Margin | Indicator | 2025 (RMB thousands/%) | 2024 (RMB thousands/%) | | :--- | :--- | :--- | | Sales of goods revenue | 4,400 | 4,500 | | Operating profit margin | 18% | 39% | - All goods sold are hotel and household supplies[86](index=86&type=chunk) [Exhibition Management Business](index=27&type=section&id=Exhibition%20Management%20Business) The Group provides exhibition management services for the South China Hotel Expo (CHE), but the CHE exhibition has been suspended since the outbreak of the COVID-19 pandemic in 2020, generating no revenue - The Group provides exhibition management services for the South China Hotel Expo (CHE)[87](index=87&type=chunk) - Since the COVID-19 pandemic in 2020, the CHE exhibition has been suspended and has generated no revenue[87](index=87&type=chunk) [Future Outlook](index=27&type=section&id=Future%20Outlook) The Group anticipates a continuously challenging business environment and will adjust its operating strategies to adapt to market changes, aiming to expand property management services, seek new business opportunities for diversified revenue streams, adhere to a light-asset model, and grow its online mall business - The Group will continuously adjust its operating strategies to adapt to market changes and strive to expand its property management services business[88](index=88&type=chunk) - It will seek new business opportunities, broaden revenue sources, and achieve business diversification for sustained and stable development[88](index=88&type=chunk) - The Group will adhere to the "brand output, management output, cooperative operation" light-asset model for rapid development and establish a vertical e-commerce service platform for the hotel supplies industry to expand its online mall business[89](index=89&type=chunk) Other Information [Compliance with Corporate Governance Code](index=28&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company has complied with the principles and applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, except for the combined roles of Chairman and Chief Executive Officer held by Mr. Zhang Hanquan, which the Board believes is beneficial to the Group's management and subject to effective oversight by senior management and the Board - The company has complied with the Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer held by Mr. Zhang Hanquan[90](index=90&type=chunk) - The Board believes Mr. Zhang Hanquan's dual role is beneficial to the Group's development, with experienced senior management and the Board providing effective oversight and balance of power[91](index=91&type=chunk) - The company has an internal audit function, and the Audit Committee comprises all independent non-executive directors, with direct access to external auditors and independent professional advisors[92](index=92&type=chunk)[94](index=94&type=chunk) [Standard Code for Securities Transactions](index=29&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company has adopted the Standard Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors, senior management, and employees dealing in the company's securities, and all directors confirmed compliance during the reporting period - The company has adopted the Standard Code set out in Appendix C3 of the Listing Rules[96](index=96&type=chunk) - All directors confirmed compliance with the Standard Code during the reporting period and were not aware of any non-compliance by senior management[96](index=96&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=29&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[97](index=97&type=chunk) [Share Option Scheme](index=29&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on October 3, 2019, but no share options have been granted, exercised, cancelled, or lapsed, and there are no outstanding share options from the adoption date to June 30, 2025 - The company adopted a share option scheme on October 3, 2019[98](index=98&type=chunk) - As of June 30, 2025, no share options have been granted, exercised, cancelled, or lapsed, and there are no outstanding share options[98](index=98&type=chunk) [Events After Reporting Period](index=29&type=section&id=Events%20After%20Reporting%20Period) Except as disclosed in this announcement, there were no other significant events after June 30, 2025, and up to the date of this announcement - No other significant events occurred after the reporting period, other than those disclosed in this announcement[99](index=99&type=chunk) [Audit Committee](index=30&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, has reviewed the Group's interim results, accounting principles, and practices for the reporting period, discussed internal controls and financial reporting with management, and believes the interim results comply with relevant accounting standards - The Audit Committee comprises three independent non-executive directors: Dr. Zeng Zhaowu (Chairman), Mr. Tan Zhenshan, and Dr. Zheng Decheng[100](index=100&type=chunk) - The Committee has reviewed the interim results, accounting principles, and practices, and believes the interim results comply with relevant accounting standards[100](index=100&type=chunk) [Interim Results and Interim Report Publication](index=30&type=section&id=Interim%20Results%20and%20Interim%20Report%20Publication) This results announcement has been published on the HKEX website and the company's website, and the 2025 interim report containing all information will be dispatched to shareholders and published on the website in September 2025 - The results announcement has been published on the HKEX website and the company's website[101](index=101&type=chunk) - The 2025 interim report will be dispatched to shareholders and published on the website in September 2025[101](index=101&type=chunk) [Changes in Nomination Committee Composition](index=30&type=section&id=Changes%20in%20Nomination%20Committee%20Composition) Effective August 29, 2025, Ms. Wang Yixue, a non-executive director, and Mr. Tan Zhenshan, an independent non-executive director, were appointed as members of the Nomination Committee, which now comprises five members, aiming to enhance board effectiveness and diversity in compliance with amended Listing Rules - Ms. Wang Yixue and Mr. Tan Zhenshan were appointed as members of the Nomination Committee, effective August 29, 2025[102](index=102&type=chunk) - Following the changes, the Nomination Committee comprises five members, including Chairman Mr. Zhang Hanquan, Ms. Wang, Dr. Zeng Zhaowu, Mr. Tan, and Dr. Zheng Decheng[103](index=103&type=chunk) - This change aims to enhance board effectiveness and diversity, and comply with the amendments to the Listing Rules and Corporate Governance Code effective July 1, 2025[103](index=103&type=chunk)[104](index=104&type=chunk) [Appointment of Alternate Directors](index=31&type=section&id=Appointment%20of%20Alternate%20Directors) The Board resolved to appoint Mr. Zhang Weiquan, Mr. Mei Jiawei, and Mr. Zhang Jiajian as alternate directors for Mr. Zhang Hanquan, Mr. Mei Zuoting, and Mr. Zhang Weixin, respectively, effective August 29, 2025, with these alternate directors not having service contracts or receiving remuneration from the company - Mr. Zhang Weiquan, Mr. Mei Jiawei, and Mr. Zhang Jiajian were appointed as alternate directors for Mr. Zhang Hanquan, Mr. Mei Zuoting, and Mr. Zhang Weixin, respectively[105](index=105&type=chunk) - Mr. Zhang Weiquan is the younger brother of Mr. Zhang Hanquan, Mr. Mei Jiawei is the son of Mr. Mei Zuoting, and Mr. Zhang Jiajian is the son of Mr. Zhang Weixin[106](index=106&type=chunk)[108](index=108&type=chunk)[110](index=110&type=chunk) - The alternate directors have not entered into service contracts with the company and do not receive any remuneration[113](index=113&type=chunk)

內幕消息 以 及 根據上市規則第13.51B (2)條作出的公告 本公告乃由信基沙溪集团股份有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本 集 團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條、香 港 法例第571章證券及期貨條例第XIVA部內幕消息條文（定 義 見 上 市 規 則）及上市 規則第13.51B (2)條 作 出。 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 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：3603） 本公司董事（「董 事」）會（「董事會」）謹此通知本公司股東（「股 東」）及 潛 在 投 資 者， 其 於2025年8月22日接獲張漢泉先生（「張漢泉先生」）、梅 佐 挺 先 生（「梅先生」）及 張偉新先生（「張偉新先生」）的 家 人 通 知，張 漢 泉 先 生、梅 先 生 及 張 偉 新 先 生 ...

Group 1 - The board meeting of Xinjisha Xi (03603.HK) is scheduled for August 29, 2025 [1] - The agenda includes the approval of the group's interim results for the six months ending June 30, 2025, and the consideration of an interim dividend [1] - Other matters will also be addressed during the board meeting [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 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 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 主 席 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：3603） 張漢泉 中 國 廣 州，2025年8月19日 於 本 公 告 日 期，董 事 會 包 括 主 席 兼 執 行 董 事 張 漢 泉 先 生；執 行 董 事 梅 佐 挺 先 生 及 張 偉 新 先 生；非 執 行 董 事 林 烈 先 生 、王 藝 雪 女 士 及 趙 暉 先 生；及 獨 立 非 執 行 董 事 曾 昭 武 博 士、譚 鎮 山 先 生 及 鄭 德 珵 博 士。 董事會會議公告 信基沙溪集团股份有限公司（「本公司」，連 同 其 附 屬 公 司 合 稱「本集團」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於2025年8月29日（星 期 五）舉 行。董 事 會 將 於 會 上 通 過 議 案，其 中 包 括 批 准 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 信基沙溪集团股份有限公司 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03603 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | ...