香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 YIDA CHINA HOLDINGS LIMITED 億達中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3639） 有關截至二零二四年十二月三十一日止年度的年報 所載無法表示意見更新資料 茲提述億達中國控股有限公司（「本公司」），連同其附屬公司統稱「本集團」）截至 二零二四年十二月三十一日止年度的年報（「年報」）及日期為二零二五年六月三十 日、二零二五年七月十一日之公告（「公告」），除另有指明外，本公告所用詞彙與 年報及公告所界定者具有相同涵義。 本公司就持續經營無法表示意見的重大不確定性問題的解決，持續推動下列計劃 與措施的執行，以減輕流動資金壓力、改善本集團的財務狀況，下列為該等計劃 及措施的最新近展： 1. 安都方事件 本集團於二零二五年上半年與安都方就債務解決進行友好會談，儘管未能形 成有效的解決建議，但雙方表示繼續保持溝通以尋求解決方案。截至本公告 日期，安都方並未向法院提出 ...

Group 1 - The core viewpoint of the news is that Yida China (03639.HK) reported contract sales figures for the first eight months of 2025, indicating a total contract sales amount of approximately RMB 524 million and an equity contract sales amount of approximately RMB 504 million [1][2] - The sales area for the same period was 42,615 square meters, with an average sales price of approximately RMB 12,307 per square meter for total sales and RMB 12,713 per square meter for equity sales [1] - As of August 2025, the group anticipates a contract sales amount of approximately RMB 46 million and an equity contract sales amount of approximately RMB 46 million, with a sales area of 3,918 square meters [1] Group 2 - The company reported a net loss of approximately RMB 778 million for the first half of the year [2]

Core Viewpoint - Yida China (03639) reported a contract sales amount of approximately RMB 0.46 billion for August 2025, with the same amount for equity contract sales [1] Group 1: Sales Performance - For the eight months ending August 31, 2025, the company's contract sales amounted to approximately RMB 5.24 billion, representing a year-on-year decrease of 8.71% [1] - The equity contract sales for the same period were approximately RMB 5.04 billion [1] - The total sales area for the eight months was 42,615 square meters, while the equity sales area was 39,621 square meters [1] Group 2: Sales Price - The average sales price for the company was approximately RMB 12,307 per square meter, while the average equity sales price was approximately RMB 12,713 per square meter [1] - In August 2025, the average sales price remained at approximately RMB 11,617 per square meter for both contract and equity sales [1]

Core Viewpoint - Yida China (03639) reported a contract sales amount of approximately RMB 0.46 billion for August 2025, indicating a decline in sales performance compared to the previous year [1] Group 1: Sales Performance - The contract sales amount for the first eight months ending August 31, 2025, was approximately RMB 5.24 billion, representing a year-on-year decrease of 8.71% [1] - The equity contract sales amount during the same period was approximately RMB 5.04 billion [1] - The total sales area for the first eight months was 42,615 square meters, while the equity sales area was 39,621 square meters [1] Group 2: Sales Price - The average sales price per square meter for the first eight months was approximately RMB 12,307, while the average equity sales price was approximately RMB 12,713 [1] - In August 2025, the average sales price per square meter was approximately RMB 11,617, consistent for both contract and equity sales [1]

億達中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3639） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 YIDA CHINA HOLDINGS LIMITED 二零二五年八月未經審核營運數據 億達中國控股有限公司（「本公司」）董事會（「董事會」）宣布本公司及附屬公司 （「本集團」）就二零二五年八月的若干未經審核營運數據統計如下： 上述銷售數據未經審核，乃根據本集團初步內部資料編製，該等銷售數據與本公 司按年度或半年度刊發的經審核或未經審核綜合財務報表中披露的數據可能存在 差異。因此，上述數據僅供投資者參考。投資者買賣本公司證券時務須謹慎行 事，並避免不恰當地依賴該等資料。如有任何疑問，投資者應尋求專業人士或財 務顧問的專業意見。 本公司股東及其他投資者買賣本公司證券時，務請考慮相關風險，審慎行事。 • 於二零二五年八月，本集團的合約銷售金額約為人民幣0.46億元及本集團的 權益合約銷售金額約為人民幣0.46億元。同期，本集團的銷 ...

[Company Overview](index=3&type=section&id=Company%20Overview) Yida China Holdings Limited, established in 1988, is a leading business park developer and operator in China, offering services including park development, property sales, entrusted operation management, and construction. - Yida China, established in 1988, is China's largest business park developer and a leading operator[7](index=7&type=chunk) - Core businesses include business park development and operation, sales of supporting residential and office properties, entrusted operation management, and construction, decoration, and landscaping services[7](index=7&type=chunk) - The company successfully developed and operates Dalian Software Park and other parks using an "industry-city integration" model, serving nearly **80 Fortune Global 500 companies**[7](index=7&type=chunk)[8](index=8&type=chunk) - The company's vision is to become "China's leading business park operator" and implement a nationwide development strategy of "light asset-driven, heavy and light asset combined"[8](index=8&type=chunk) [Company Information](index=4&type=section&id=Company%20Information) This section provides essential information about Yida China Holdings Limited, including its board members, joint company secretaries, authorized representatives, board committee compositions, registered office, headquarters, and stock code. - The Board of Directors includes Mr. Jiang Xiuwen (Chairman and CEO), Mr. Lu Jianhua (Vice Chairman), and several executive, non-executive, and independent non-executive directors[10](index=10&type=chunk) - Mr. Chen Yichuan chairs the Audit Committee, Mr. Guo Shaomu chairs the Remuneration Committee, and Mr. Jiang Xiuwen chairs the Nomination Committee[10](index=10&type=chunk) - The company is registered in the Cayman Islands, with its China headquarters in Dalian and principal place of business in Hong Kong located in Wan Chai[10](index=10&type=chunk)[11](index=11&type=chunk) - The company's stock code is **3639**, and its official website is www.yidachina.com[12](index=12&type=chunk) [Chairman's Report](index=6&type=section&id=Chairman%27s%20Report) The Chairman's Report reviews Yida China's operating performance and market environment for the first half of 2025, outlining strategies for the second half. 2025 First Half Key Financial Data | Indicator | Amount (RMB million) | | :--- | :--- | | Revenue | 700 | | Gross Profit | 100 | | Gross Profit Margin | 14.2% | | Net Loss Attributable to Owners of the Company | 776 | - The real estate market continued its deep adjustment in the first half of 2025, with declining land auction transaction volumes and contracted GFA[19](index=19&type=chunk) - The company faced prominent debt risks during the period, with management focusing on improving operations and resolving debt risks to implement key initiatives[19](index=19&type=chunk) - Second-half outlook: Macro policies are expected to strengthen, but market demand, housing price expectations, and supply of quality real estate projects remain weak; the company will focus on core business drivers, accelerate destocking of existing projects, and revitalize assets to improve its debt-to-asset ratio[20](index=20&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This section details Yida China's business operations and financial performance for the first half of 2025, highlighting revenue changes across segments, expanded net loss, and increased liquidity pressure. [Business Review](index=8&type=section&id=Business%20Review) This section reviews Yida China's performance across its five core business segments: business park held property operations, property sales, business park operations management, construction, decoration and landscaping, and land reserve. [Business Park Held Property Operations](index=8&type=section&id=Business%20Park%20Held%20Property%20Operations) In the first half of 2025, Yida China held four wholly-owned business parks and a 50% interest in Wuhan Software New City, with total GFA of approximately 1.929 million sq.m., experiencing an 11.2% decrease in rental income due to lower occupancy. - The Group wholly owns four business parks: Dalian Software Park, Dalian Science and Technology City, Yida Information Software Park, and Dalian Tiandi, and holds a **50% interest in Wuhan Software New City**[22](index=22&type=chunk) - Total GFA of completed held properties is approximately **1.929 million sq.m.**, with leasable area of approximately **1.373 million sq.m.**[22](index=22&type=chunk) Business Park Rental Income | Indicator | 2025 First Half (RMB million) | 2024 First Half (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Rental Income | 216 | 243 | -11.2% | - The decrease in rental income is primarily due to a decline in occupancy rates, with approximately **28,000 sq.m.** of leased area returned by park clients due to international relations and geopolitical impacts[22](index=22&type=chunk)[24](index=24&type=chunk) - During the period, **11 new client enterprises** were added, with new contracted area of approximately **7,000 sq.m.**, and client stickiness was enhanced through industrial resource introduction and diversified value-added services[24](index=24&type=chunk)[25](index=25&type=chunk) [Property Sales](index=9&type=section&id=Property%20Sales) In the first half of 2025, Yida China focused on asset revitalization, debt risk control, and sales collection amidst a deeply adjusting real estate market, achieving contracted sales of RMB 415 million. - The real estate market continued its deep adjustment and transformation, with the company focusing on "asset revitalization, debt risk control, sales collection, and project construction"[26](index=26&type=chunk) 2025 First Half Property Sales Data | Indicator | Amount/Value | | :--- | :--- | | Contracted Sales Amount | RMB 415 million | | Contracted Sales Area | 34,100 sq.m. | | Contracted Sales Average Price | RMB 12,148/sq.m. | | Sales Revenue | RMB 212 million | | Sales Revenue YoY Change | +20.8% | | Sales Revenue Average Price | RMB 11,077/sq.m. | | Sales Revenue Average Price YoY Change | -39.7% | - The increase in sales revenue was mainly due to an increase in delivered projects during the period, while the decrease in average sales price was due to a different product mix compared to the same period in 2024, primarily lower-priced ordinary residential products and apartments[27](index=27&type=chunk) - Major sales projects are primarily located in Dalian, accounting for **82.2% of contracted sales amount**[26](index=26&type=chunk) [Business Park Operations Management](index=11&type=section&id=Business%20Park%20Operations%20Management) The Group is committed to developing smart park investment promotion and operations, with entrusted management area of approximately 219,000 sq.m. in the first half of 2025, generating RMB 87 million in revenue. - The Group is committed to developing smart park investment promotion and smart park operations, building a national industrial investment network matrix[30](index=30&type=chunk) 2025 First Half Business Park Operations Management Revenue | Indicator | 2025 First Half (RMB million) | 2024 First Half (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 87 | 100 | -13.2% | - The decrease in revenue was mainly due to clients scaling down their business operations during the period[30](index=30&type=chunk)[45](index=45&type=chunk) [Construction, Decoration and Landscaping](index=11&type=section&id=Construction%2C%20Decoration%20and%20Landscaping) Facing a downturn in the real estate industry, this business segment continued to contract, but Yida China recorded RMB 185 million in revenue, a 25.3% increase, primarily due to increased output from external projects. - The real estate industry is generally declining, and the market for this business segment continues to contract[31](index=31&type=chunk) - The company employs multiple methods to strictly control costs, optimizing organizational structure through a digital management platform to enhance per capita efficiency[31](index=31&type=chunk) 2025 First Half Construction, Decoration and Landscaping Revenue | Indicator | 2025 First Half (RMB million) | 2024 First Half (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 185 | 148 | +25.3% | - The increase in revenue was mainly attributable to increased output from external projects completed during the period[31](index=31&type=chunk)[46](index=46&type=chunk) [Land Reserve](index=11&type=section&id=Land%20Reserve) As of June 30, 2025, Yida China's total land reserve GFA was approximately 6.47 million sq.m., with Dalian accounting for 77.1%, and business parks comprising 87.6% of the total. Land Reserve Overview as of June 30, 2025 | Indicator | Total GFA (sq.m.) | Attributable GFA (sq.m.) | | :--- | :--- | :--- | | Total | 6,474,612 | 5,958,111 | | Dalian Proportion | 77.1% | 83.8% | | Business Park Proportion | 87.6% | 86.6% | - Land reserve is primarily concentrated in Dalian, with business park projects accounting for the vast majority[32](index=32&type=chunk)[33](index=33&type=chunk) [Financial Review](index=16&type=section&id=Financial%20Review) This section provides a detailed review of Yida China's financial performance for the first half of 2025, noting a slight increase in total revenue but a significant decline in gross profit and an expanded net loss. 2025 First Half Revenue Breakdown | Revenue Source | 2025 First Half (RMB thousand) | % of Total | 2024 First Half (RMB thousand) | % of Total | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Property Sales Revenue | 212,200 | 30.3% | 175,623 | 26.3% | +20.8% | | Rental Income | 216,387 | 30.9% | 243,798 | 36.5% | -11.2% | | Business Park Operations Management Service Income | 86,889 | 12.4% | 100,080 | 15.0% | -13.2% | | Construction, Decoration and Landscaping Income | 184,932 | 26.4% | 147,564 | 22.2% | +25.3% | | **Total** | **700,408** | **100.0%** | **667,065** | **100.0%** | **+5.0%** | 2025 First Half Gross Profit and Gross Profit Margin | Indicator | 2025 First Half (RMB thousand) | 2024 First Half (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 99,701 | 189,347 | -47.3% | | Gross Profit Margin | 14.2% | 28.4% | -14.2 percentage points | - The decrease in gross profit and gross profit margin was mainly due to a different product mix recognized during the period, with corresponding gross profit lower than the same period in 2024[48](index=48&type=chunk) 2025 First Half Key Profit and Loss Item Changes | Indicator | 2025 First Half (RMB thousand) | 2024 First Half (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 600,707 | 477,718 | +25.7% | | Selling and Marketing Expenses | 27,920 | 23,363 | +19.5% | | Administrative Expenses | 50,752 | 58,255 | -12.9% | | Other Net Losses | (101,800) | (58,461) | +74.1% | | Fair Value (Loss)/Gain on Investment Properties | (123,899) | 233 | Turned from gain to loss | | Net Finance Costs | 505,433 | 399,786 | +26.4% | | Income Tax Expense | 70,010 | 16,191 | +332.4% | | Loss for the Period | (778,342) | (361,429) | Loss widened | | Net Loss Attributable to Owners of the Company | (775,538) | (360,118) | Loss widened | - Fair value of investment properties turned from gain to loss, mainly due to business relocation of certain international clients and cost-saving measures by some clients leading to multiple tenant departures from the parks[52](index=52&type=chunk) - Net finance costs increased primarily due to higher interest expenses and reduced capitalized interest during the period[53](index=53&type=chunk) - Income tax expense significantly increased, mainly due to higher land appreciation tax provision resulting from land appreciation tax settlement for properties sold during the period[56](index=56&type=chunk) [Liquidity, Financial and Capital Resources](index=18&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) As of June 30, 2025, Yida China's cash and bank balances were approximately RMB 441 million, with restricted cash of RMB 255 million, and total bank and other borrowings of RMB 11.605 billion, indicating increased liquidity pressure. Cash Position as of June 30, 2025 | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Cash and Bank Balances | 440,872 | 373,802 | | Restricted Cash | 254,919 | 217,550 | Debt Overview as of June 30, 2025 | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Bank and Other Borrowings | 11,605,345 | 11,670,884 | | Repayable within one year or on demand | 11,551,811 | 11,618,346 | | Repayable in the second year | 53,534 | 52,538 | | Net Gearing Ratio | 168.6% | 152.6% | - The net gearing ratio increased by **16 percentage points** from the end of 2024, indicating rising debt pressure[63](index=63&type=chunk) - The company's functional currency is RMB, but it holds HKD and USD-denominated cash and bank balances, as well as USD and HKD-denominated borrowings, exposing it to foreign exchange risk[65](index=65&type=chunk) - Contingent liabilities include guarantees for customer mortgage financing of approximately **RMB 132 million** and guarantees for joint venture bank loans of approximately **RMB 48.78 million**[66](index=66&type=chunk) - As of June 30, 2025, the Group had **300 full-time employees**, a decrease from **348** at the end of 2024[67](index=67&type=chunk) - The Board resolved not to declare any interim dividend for the period[69](index=69&type=chunk) [Disclosure of Interests](index=21&type=section&id=Disclosure%20of%20Interests) This section discloses the interests and short positions of directors, chief executives, and substantial shareholders in the company's shares and related shares as of June 30, 2025. Interests of Directors and Chief Executives in the Company's Shares | Director Name | Capacity/Nature of Interest | Number of Shares Held (L) | Approximate % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Jiang Xiuwen | Interest in controlled corporation | 68,600,000 | 2.65% | | Mr. Wang Gang | Interest in controlled corporation | 69,200,000 | 2.68% | Interests of Substantial Shareholders in the Company's Shares | Shareholder Name | Capacity/Nature of Interest | Number of Shares Held (L) | Approximate % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Jiayou (International) Investment Co., Ltd. | Beneficial owner | 1,581,485,750 | 61.20% | | Jiahua (Holdings) Investment Co., Ltd. | Interest of a corporation controlled by a substantial shareholder | 1,581,485,750 | 61.20% | | Shanghai Pinzui Enterprise Management Co., Ltd. | Interest of a corporation controlled by a substantial shareholder | 1,581,485,750 | 61.20% | | CMIG Jiaye Investment Co., Ltd. | Interest of a corporation controlled by a substantial shareholder | 1,581,485,750 | 61.20% | | China Minsheng Investment Corp., Ltd. | Interest of a corporation controlled by a substantial shareholder | 1,581,485,750 | 61.20% | | Yang Meili | Joint and several receivers | 516,764,000 | 19.99% | | Chen Mingxiao | Joint and several receivers | 516,764,000 | 19.99% | | Sun Yin Huan | Founder of a discretionary trust | 241,400,000 | 9.34% | | TMF (Cayman) Ltd. | Trustee | 241,400,000 | 9.34% | | Right Ying Holdings Limited | Interest in controlled company | 241,400,000 | 9.34% | | Zhenghong Management Co., Ltd. | Beneficial owner | 241,400,000 | 9.34% | - **516,764,000 shares** held by Jiayou (International) Investment Co., Ltd. have been charged to Andu and joint and several receivers were appointed in May 2022[78](index=78&type=chunk)[97](index=97&type=chunk) [Corporate Governance and Other Information](index=24&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section outlines Yida China's corporate governance practices, including compliance with the Corporate Governance Code, directors' securities transaction standards, and audit committee composition. - The company complies with the Corporate Governance Code, though the roles of Chairman and Chief Executive Officer are combined and held by Mr. Jiang Xiuwen, which the Board believes is in the company's best interest[80](index=80&type=chunk) - The Audit Committee comprises three independent non-executive directors, chaired by Mr. Chen Yichuan, and has reviewed and approved the interim results[83](index=83&type=chunk)[84](index=84&type=chunk) - The company faces Andu arbitration involving total payment obligations of approximately **US$209 million**, and despite a settlement agreement, the respondents have not fulfilled all payment obligations[85](index=85&type=chunk)[86](index=86&type=chunk) - Dalian Service Outsourcing Base Development Co., Ltd., a wholly-owned subsidiary, was convicted of bribery due to a former employee's actions[87](index=87&type=chunk) - The company's 2022 senior notes defaulted due to failure to pay consent fees and interest on time, leading to an acceleration notice and a winding-up petition that was subsequently withdrawn[90](index=90&type=chunk)[91](index=91&type=chunk) - The company has multiple material loan agreement defaults, including liquidity difficulties of the controlling shareholder, detention of a former executive director, delayed payment of senior notes, non-fulfillment of the Andu arbitration award, and overdue subsidiary loans, resulting in **RMB 6.445 billion** in outstanding borrowings and an additional **RMB 5.107 billion** potentially subject to immediate repayment[93](index=93&type=chunk)[95](index=95&type=chunk) - The controlling shareholder, China Minsheng Investment Corp., Ltd. or its subsidiaries, must beneficially own **35% or more** of the total outstanding shares of the company, otherwise the outstanding balance of total payment obligations will become due[96](index=96&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=29&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, Yida China recorded revenue of RMB 700 million, a 5.0% increase year-on-year, but a significant rise in cost of sales led to a 47.3% decrease in gross profit to RMB 99.7 million. Condensed Consolidated Statement of Profit or Loss Summary (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 700,408 | 667,065 | | Cost of Sales | (600,707) | (477,718) | | Gross Profit | 99,701 | 189,347 | | Fair Value (Loss)/Gain on Investment Properties | (123,899) | 233 | | Other Net Losses | (101,800) | (58,461) | | Finance Costs | (505,433) | (399,786) | | Loss Before Income Tax | (708,332) | (345,238) | | Income Tax Expense | (70,010) | (16,191) | | Loss for the Period | (778,342) | (361,429) | | Loss Attributable to Owners of the Company | (775,538) | (360,118) | | Basic and Diluted Loss Per Share (RMB cents) | (30.01) | (13.94) | [Condensed Consolidated Statement of Comprehensive Income](index=30&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, Yida China's total comprehensive loss for the period was RMB 778 million, consistent with the loss for the period, indicating no other comprehensive income or loss reclassifiable to profit or loss. Condensed Consolidated Statement of Comprehensive Income Summary (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the Period | (778,342) | (361,429) | | Other comprehensive loss that may be reclassified to profit or loss in subsequent periods | – | – | | Total Comprehensive Loss for the Period | (778,342) | (361,429) | | Attributable to Owners of the Company | (775,538) | (360,118) | | Attributable to Non-controlling Interests | (2,804) | (1,311) | [Condensed Consolidated Statement of Financial Position](index=31&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, Yida China's total assets were RMB 33.883 billion, largely stable from year-end 2024, while total liabilities increased to RMB 27.261 billion, with current liabilities reaching RMB 24.985 billion, expanding the net current liabilities to RMB 11.585 billion. Condensed Consolidated Statement of Financial Position Summary (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 20,482,986 | 20,649,343 | | Investment Properties | 16,206,539 | 16,340,772 | | Prepayments for Land Acquisitions | 2,985,975 | 2,985,975 | | Total Current Assets | 13,400,044 | 13,230,643 | | Completed Properties Held for Sale | 8,643,961 | 7,498,371 | | Cash and Cash Equivalents | 185,953 | 156,254 | | Restricted Cash | 254,919 | 217,548 | | **Liabilities** | | | | Total Non-current Liabilities | 2,275,475 | 2,308,088 | | Total Current Liabilities | 24,985,337 | 24,170,923 | | Interest-bearing Bank and Other Borrowings (Current) | 11,551,811 | 11,618,346 | | Other Payables and Accrued Charges | 5,580,902 | 5,046,744 | | **Equity** | | | | Total Equity | 6,622,218 | 7,400,975 | | Net Current Liabilities | (11,585,293) | (10,940,280) | - Net current liabilities expanded from **RMB 10.940 billion** at the end of 2024 to **RMB 11.585 billion**, indicating further increased liquidity pressure[103](index=103&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=33&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, Yida China's total equity decreased from RMB 7.401 billion at the beginning of the year to RMB 6.622 billion, primarily due to a net loss of RMB 776 million attributable to owners of the company. Condensed Consolidated Statement of Changes in Equity Summary (For the six months ended June 30, 2025) | Indicator | January 1, 2025 (RMB thousand) | Loss for the Period (RMB thousand) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Owners of the Company | 7,265,501 | (775,538) | 6,489,548 | | Non-controlling Interests | 135,474 | (2,804) | 132,670 | | **Total Equity** | **7,400,975** | **(778,342)** | **6,622,218** | - The decrease in total equity is primarily attributable to the net loss recorded during the period[104](index=104&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=34&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, Yida China's net cash flow from operating activities significantly increased to RMB 252 million, while net cash used in investing activities was RMB 31.165 million and net cash used in financing activities was RMB 191 million. Condensed Consolidated Statement of Cash Flows Summary (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | 251,653 | 124,339 | | Net Cash Flows (Used in)/Generated from Investing Activities | (31,165) | 105,559 | | Net Cash Flows Used in Financing Activities | (190,789) | (225,481) | | Net Increase in Cash and Cash Equivalents | 29,699 | 4,417 | | Cash and Cash Equivalents at End of Period | 185,953 | 179,464 | - Net cash flow from operating activities significantly increased year-on-year, mainly due to a decrease in properties under development, a decrease in completed properties held for sale, and an increase in trade payables and contract liabilities[106](index=106&type=chunk) - Investing activities shifted from cash inflow in the prior year to cash outflow, primarily due to an increase in restricted cash[107](index=107&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=36&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering company and group information, basis of preparation, accounting policies, and financial risk management. [Company and Group Information](index=36&type=section&id=Company%20and%20Group%20Information) Yida China Holdings Limited was incorporated in the Cayman Islands in 2007 and primarily engages in property development, property investment, business park operations management, and construction in mainland China. - The Company was incorporated in the Cayman Islands on November 26, 2007, as an investment holding company[108](index=108&type=chunk) - The Group primarily engages in property development, property investment, business park operations management, property construction, decoration, and landscaping in mainland China[108](index=108&type=chunk) - The holding company is Jiayou (International) Investment Co., Ltd., and the ultimate holding company is China Minsheng Investment Corp., Ltd[108](index=108&type=chunk) [Basis of Preparation](index=36&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and should be read in conjunction with the annual consolidated financial statements, with significant going concern uncertainties highlighted. - As of June 30, 2025, the Group's current liabilities exceeded current assets by **RMB 11.585 billion**, with current borrowings of **RMB 11.552 billion** and cash and cash equivalents of only **RMB 186 million**[110](index=110&type=chunk) - As of June 30, 2025, borrowings with an aggregate principal amount of **RMB 6.445 billion** remained unsettled[110](index=110&type=chunk) - Dalian Shengbei Development Co., Ltd., a subsidiary, failed to repay overdue loan principal of approximately **RMB 194 million**, resulting in an enforcement notice from the Shanghai Financial Court[110](index=110&type=chunk) - The Group failed to fulfill its settlement agreement with Andu, with an outstanding balance (including accrued interest) of **RMB 1.523 billion** payable to Andu, which may file a winding-up petition with the court[111](index=111&type=chunk) - These default events could lead to immediate repayment demands for certain other borrowings totaling **RMB 5.107 billion**[111](index=111&type=chunk) - Management has formulated plans and measures, including negotiating with Andu, renewing and extending loan repayments with lenders, accelerating property sales and collections, and seeking asset disposals, to mitigate liquidity pressure[112](index=112&type=chunk)[114](index=114&type=chunk) - Despite mitigation measures, significant uncertainties remain regarding the Group's ability to continue as a going concern[115](index=115&type=chunk)[118](index=118&type=chunk) [Accounting Policies](index=39&type=section&id=Accounting%20Policies) The accounting policies adopted in these condensed consolidated financial statements are consistent with those of the 2024 annual consolidated financial statements, with no material impact from new or revised HKFRSs. - The accounting policies adopted in preparing the condensed consolidated financial statements are consistent with those of the 2024 annual consolidated financial statements, with no material impact or retrospective adjustments required[116](index=116&type=chunk) - There are no new or revised Hong Kong Financial Reporting Standards, amendments to existing standards, or interpretations that are not yet effective and are expected to have a significant impact on the Group's financial position and operating results[117](index=117&type=chunk) [Critical Accounting Judgments and Key Sources of Estimation Uncertainty](index=40&type=section&id=Critical%20Accounting%20Judgments%20and%20Key%20Sources%20of%20Estimation%20Uncertainty) The preparation of condensed consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and reported amounts. - The preparation of financial statements requires management to make judgments, estimates, and assumptions, and actual results may differ from these estimates[119](index=119&type=chunk) - The significant judgments and estimates made during the period are consistent with those applied in the 2024 annual financial statements[119](index=119&type=chunk) [Financial Risk Management Objectives and Policies](index=40&type=section&id=Financial%20Risk%20Management%20Objectives%20and%20Policies) The Group faces market, interest rate, foreign currency, credit, and liquidity risks, which are monitored, but no foreign currency hedging policy is currently in place. [Market Risk](index=40&type=section&id=Market%20Risk) The Group's assets primarily consist of land held for development for sale, investment properties, properties under development, and completed properties held for sale, which may not be immediately realizable if the property market significantly declines. - The Group's assets are primarily property-related, and a significant downturn in the property market may prevent immediate realization of these assets[121](index=121&type=chunk) [Interest Rate Risk](index=40&type=section&id=Interest%20Rate%20Risk) The Group's primary interest rate risk stems from long-term debt obligations, with floating-rate borrowings exposed to cash flow interest rate risk and fixed-rate borrowings to fair value interest rate risk. - The Group's primary interest rate risk relates to long-term debt obligations, with floating-rate borrowings exposed to cash flow interest rate risk and fixed-rate borrowings to fair value interest rate risk[123](index=123&type=chunk) - The Group does not use any interest rate swaps to hedge interest rate risk[123](index=123&type=chunk) Interest Rate Sensitivity Analysis (Impact on Loss Before Income Tax) | Currency | Basis Point Increase/(Decrease) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | | RMB | 50 | (1,425) | | RMB | (50) | 1,425 | [Foreign Currency Risk](index=41&type=section&id=Foreign%20Currency%20Risk) The Group's functional currency is RMB, but it holds USD and HKD-denominated short-term deposits and borrowings, exposing it to foreign currency risk, with no current hedging policy. - The Group's functional currency is RMB, but it holds USD and HKD-denominated financial assets and liabilities, exposing it to foreign currency risk[126](index=126&type=chunk) - The Chinese government imposes controls on the conversion of RMB into foreign currencies and the remittance of foreign currencies out of mainland China, which may affect the Group's ability to obtain necessary foreign exchange[125](index=125&type=chunk)[126](index=126&type=chunk) - The Group currently has no foreign currency hedging policy[127](index=127&type=chunk) - A **9% depreciation/appreciation** of RMB against USD would result in an increase/decrease in loss before income tax for the period of **RMB 272 million**, respectively[127](index=127&type=chunk) [Credit Risk](index=42&type=section&id=Credit%20Risk) The Group's credit risk primarily arises from trade receivables and other receivables, managed through expected credit loss provisions. - The Group's credit risk primarily arises from trade receivables and other receivables, managed through expected credit loss provisions[128](index=128&type=chunk) Impairment Provision for Trade Receivables (June 30, 2025) | Ageing | Expected Loss Rate | Gross Carrying Amount (RMB thousand) | Expected Credit Loss Provision (RMB thousand) | | :--- | :--- | :--- | :--- | | Within one year | 7.34% | 276,059 | 20,267 | | One to two years | 15.54% | 71,559 | 11,120 | | Over two years | 74.39% | 141,621 | 105,356 | | **Total** | | **489,239** | **136,743** | Impairment Provision for Other Receivables (June 30, 2025) | Category | Expected Credit Loss Rate | Gross Carrying Amount (RMB thousand) | Loss Provision (RMB thousand) | | :--- | :--- | :--- | :--- | | Amounts due from related parties (Stage 1) | 0.10% | 32,222 | (32) | | Receivables for primary land development (Stage 3) | 52.85% | 737,321 | (389,697) | | Others (Stage 1) | 0.94% | 318,597 | (2,996) | | Others (Stage 3) | 73.93% | 139,858 | (103,392) | | **Total** | | **1,227,998** | **(496,117)** | [Liquidity Risk](index=46&type=section&id=Liquidity%20Risk) The Group monitors funding shortage risk using liquidity planning tools and balances funding through bank and other borrowings, with most financial liabilities due within one year or on demand. - The Group uses liquidity planning tools to monitor funding shortage risk and balances funding through bank and other borrowings[135](index=135&type=chunk) Maturity Analysis of Financial Liabilities (June 30, 2025) | Liability Category | On Demand or Within One Year (RMB thousand) | Second Year (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | | Interest-bearing Bank and Other Borrowings | 12,064,690 | 56,674 | 12,121,364 | | Trade Payables | 3,488,702 | – | 3,488,702 | | Other Payables and Accrued Charges | 5,004,493 | – | 5,004,493 | | Lease Liabilities | 2,416 | 1,501 | 9,068 | | **Total** | **20,560,301** | **58,175** | **20,623,627** | | Maximum Amount of Financial Guarantees Issued | 181,163 | – | 181,163 | [Capital Management](index=47&type=section&id=Capital%20Management) The Group's capital management aims to ensure continuous operation, maintain a sound capital ratio, and generate returns for shareholders, with a net gearing ratio of 168.6% as of June 30, 2025. - Capital management objectives are to ensure the ability to continue as a going concern, maintain a sound capital ratio, and generate returns for shareholders[137](index=137&type=chunk) - The Group monitors capital using the net gearing ratio, calculated as net debt divided by total equity[137](index=137&type=chunk) Net Gearing Ratio | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Debt | 11,164,473 | 11,297,082 | | Total Equity | 6,622,218 | 7,400,975 | | Net Gearing Ratio | 168.6% | 152.6% | [Operating Segment Information](index=48&type=section&id=Operating%20Segment%20Information) The Group is organized into five reportable operating segments: property development, property investment, business park operations management, construction, decoration and landscaping, and other segments, with management monitoring each segment's performance for resource allocation. - The Group is divided into five reportable operating segments: property development, property investment, business park operations management, construction, decoration and landscaping, and other segments[138](index=138&type=chunk)[140](index=140&type=chunk) Segment Results (For the six months ended June 30, 2025) | Segment | Revenue (RMB thousand) | Segment Results (RMB thousand) | | :--- | :--- | :--- | | Property Development | 212,200 | (218,963) | | Property Investment | 216,387 | 22,900 | | Business Park Operations Management | 86,889 | (587) | | Construction, Decoration and Landscaping | 184,932 | (5,296) | | Others | – | (1,389) | | **Total** | **700,408** | **(203,335)** | - No geographical information is presented as all external customer revenue and most segment assets are located in mainland China[142](index=142&type=chunk) [Revenue](index=50&type=section&id=Revenue) The Group's revenue sources include property sales, rental income, business park operations management services, and construction, decoration and landscaping, totaling RMB 700 million for the six months ended June 30, 2025. - Revenue sources include property sales, rental income, business park operations management service income, and construction, decoration and landscaping income[143](index=143&type=chunk) Revenue Analysis (For the six months ended June 30, 2025) | Revenue Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue from contracts with customers recognized at a point in time (Property sales) | 212,200 | 175,623 | | Revenue from contracts with customers recognized over time (Services) | 271,821 | 247,644 | | Revenue from other sources (Rental) | 216,387 | 243,798 | | **Total Revenue** | **700,408** | **667,065** | [Other Income](index=51&type=section&id=Other%20Income) For the six months ended June 30, 2025, the Group's other income totaled RMB 2.641 million, primarily comprising interest income and government grants, representing a decrease from the same period in 2024. Other Income Breakdown (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Income | 436 | 444 | | Government Grants | 2,205 | 4,721 | | **Total** | **2,641** | **5,165** | [Expenses by Nature](index=51&type=section&id=Expenses%20by%20Nature) For the six months ended June 30, 2025, the Group's total cost of sales, selling and marketing expenses, and administrative expenses amounted to RMB 679 million, a significant increase from RMB 559 million in the prior year. Analysis of Expenses by Nature (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of Properties Sold | 257,497 | 171,599 | | Cost of Other Services Provided | 250,659 | 239,260 | | Direct Operating Expenses Arising from Investment Properties that Generate Rental Income | 92,551 | 66,859 | | Employee Benefit Expenses | 30,955 | 34,505 | | Depreciation | 5,317 | 6,602 | | Amortization of Intangible Assets | 1,573 | 2,585 | | Advertising | 2,605 | 2,106 | | Other Fees and Expenses | 37,346 | 34,388 | | **Total** | **679,379** | **559,336** | [Other Net Losses](index=52&type=section&id=Other%20Net%20Losses) For the six months ended June 30, 2025, the Group recorded other net losses of approximately RMB 102 million, a significant increase from RMB 58.461 million in the prior year, primarily due to late payment penalties. Other Net Losses Breakdown (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Foreign Exchange Gain/(Loss) | 14,307 | (19,590) | | Late Payment Penalties | (119,748) | – | | Others | 3,641 | (38,871) | | **Total** | **(101,800)** | **(58,461)** | - The increase in other net losses was mainly due to **RMB 119 million** in late payment penalties incurred during the period[147](index=147&type=chunk) [Finance Costs](index=52&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs totaled RMB 505 million, an increase from RMB 400 million in the prior year, primarily due to higher interest on bank and other borrowings and reduced capitalized interest. Finance Costs Breakdown (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 556,028 | 529,166 | | Interest on Lease Liabilities | 386 | 537 | | Less: Capitalized Interest | (50,981) | (129,917) | | **Total** | **505,433** | **399,786** | - The increase in finance costs was mainly due to higher interest expenses and reduced capitalized interest[148](index=148&type=chunk) [Income Tax Expense](index=53&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense significantly increased to RMB 70.01 million, a 332.4% rise from RMB 16.191 million in the prior year, primarily due to higher land appreciation tax provision. Income Tax Expense Analysis (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | China Corporate Income Tax | 9,982 | 7,418 | | China Land Appreciation Tax | 90,190 | (494) | | Deferred Tax (Current Period) | (30,162) | 9,267 | | **Total Tax Expense for the Period** | **70,010** | **16,191** | - The significant increase in income tax expense was mainly due to higher land appreciation tax provision resulting from land appreciation tax settlement for properties sold during the period[150](index=150&type=chunk) [Interim Dividend](index=53&type=section&id=Interim%20Dividend) The Company resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year. - The Company resolved not to declare any interim dividend for the six months ended June 30, 2025[151](index=151&type=chunk) [Loss Per Share Attributable to Ordinary Equity Holders of the Company](index=53&type=section&id=Loss%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Company) For the six months ended June 30, 2025, the basic and diluted loss per share attributable to ordinary equity holders of the Company was RMB 30.01 cents, an increase from RMB 13.94 cents in the prior year. Loss Per Share (For the six months ended June 30, 2025) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic and Diluted Loss Per Share | (30.01) | (13.94) | - The calculation of basic loss per share is based on the loss for the period attributable to ordinary equity holders of the Company of **RMB 776 million** and the weighted average of **2.584 billion** ordinary shares in issue during the periods[152](index=152&type=chunk) [Property, Plant and Equipment](index=53&type=section&id=Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, buildings valued at RMB 9.883 million were pledged to financial institutions as security for loans granted to the Group. - As of June 30, 2025, buildings valued at **RMB 9.883 million** were pledged to financial institutions as security for loans granted to the Group[153](index=153&type=chunk) [Investment Properties](index=54&type=section&id=Investment%20Properties) As of June 30, 2025, the Group's investment properties totaled RMB 16.207 billion, slightly down from the beginning of the year, with a net fair value adjustment loss of RMB 124 million due to tenant departures. Movement in Investment Properties (As of June 30, 2025) | Item | Amount (RMB thousand) | | :--- | :--- | | At January 1, 2025 | 16,340,772 | | Additions | 152 | | Disposals | (10,486) | | Net Loss from Fair Value Adjustment | (123,899) | | At June 30, 2025 | 16,206,539 | - The net loss from fair value adjustment was mainly due to business relocation of certain international clients and cost-saving requirements by some clients to move operations to lower-cost regions, leading to multiple tenant departures from the parks during the period[52](index=52&type=chunk)[154](index=154&type=chunk) - Investment properties valued at **RMB 14.130 billion** were pledged to banks as collateral for loans granted to the Group[154](index=154&type=chunk) - Some investment properties are subject to sale and transfer restrictions, requiring them to be held for at least **15 years**[155](index=155&type=chunk) [Land Held for Development for Sale](index=55&type=section&id=Land%20Held%20for%20Development%20for%20Sale) As of June 30, 2025, the Group's land held for development for sale had a carrying amount of RMB 790 million, with RMB 728 million pledged to banks as security for loans. Movement in Land Held for Development for Sale (As of June 30, 2025) | Item | Amount (RMB thousand) | | :--- | :--- | | Carrying amount at beginning of period/year | 789,963 | | Additions | 486 | | Carrying amount at end of period/year | 790,449 | - Land held for development for sale valued at **RMB 728 million** was pledged to banks as security for bank and other loans granted to the Group[157](index=157&type=chunk) [Prepayments, Deposits and Other Receivables](index=55&type=section&id=Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, the Group's total carrying amount of prepayments, deposits, and other receivables was RMB 1.203 billion, with a non-current portion of RMB 348 million. Prepayments, Deposits and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Prepayments | 471,373 | 467,137 | | Gross Deposits and Other Receivables | 1,227,998 | 1,344,453 | | Less: Impairment Provision | (496,117) | (496,580) | | **Carrying Amount at End of Period/Year** | **1,203,254** | **1,315,010** | | Current Portion | (855,630) | (948,173) | | Non-current Portion | 347,624 | 366,837 | - Other receivables include amounts due from associates of **RMB 32.149 million** and amounts due from joint ventures of **RMB 5.98 million**[158](index=158&type=chunk)[159](index=159&type=chunk) - Other receivables include amounts advanced to local government authorities for primary land development of certain land parcels in Dalian, China, totaling **RMB 348 million**[159](index=159&type=chunk) [Trade Receivables](index=56&type=section&id=Trade%20Receivables) As of June 30, 2025, the Group's total trade receivables amounted to RMB 558 million, with an impairment provision of RMB 182 million, resulting in a net amount of RMB 375 million. Trade Receivables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Gross Trade Receivables | 557,623 | 502,814 | | Less: Impairment Provision | (182,493) | (180,428) | | **Net Amount** | **375,130** | **322,386** | Ageing Analysis of Trade Receivables (As of June 30, 2025) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within one year | 276,059 | 205,416 | | One to two years | 71,559 | 54,475 | | Over two years | 210,005 | 242,923 | | **Total** | **557,623** | **502,814** | [Cash and Cash Equivalents and Restricted Cash](index=57&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Restricted%20Cash) As of June 30, 2025, the Group's total cash and bank balances were RMB 441 million, comprising restricted cash of RMB 255 million and cash and cash equivalents of RMB 186 million. Cash and Cash Equivalents and Restricted Cash (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Cash and Bank Balances | 440,872 | 373,802 | | Less: Restricted Cash | (254,919) | (217,548) | | **Cash and Cash Equivalents** | **185,953** | **156,254** | - Restricted cash includes guarantee deposits from property pre-sale proceeds placed in designated bank accounts (**RMB 24.82 million**) and deposits placed in designated bank accounts according to contracts and local government regulations (**RMB 230 million**)[164](index=164&type=chunk) [Contract Liabilities](index=57&type=section&id=Contract%20Liabilities) The Group's contract liabilities primarily represent amounts received from pre-sale property buyers and amounts payable to contract customers at the end of the reporting period. - Contract liabilities primarily represent amounts received from pre-sale property buyers and amounts payable to contract customers[163](index=163&type=chunk) Contract Liabilities (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Contract Liabilities | 1,367,420 | 1,253,652 | [Trade Payables](index=58&type=section&id=Trade%20Payables) As of June 30, 2025, the Group's total trade payables were RMB 3.489 billion, an increase from RMB 3.345 billion at the end of 2024, with a significant portion due within one year. Ageing Analysis of Trade Payables (As of June 30, 2025) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within one year | 1,721,783 | 2,231,487 | | Over one year | 1,766,919 | 1,113,431 | | **Total** | **3,488,702** | **3,344,918** | - Trade payables are interest-free and unsecured[165](index=165&type=chunk) [Other Payables and Accrued Charges](index=58&type=section&id=Other%20Payables%20and%20Accrued%20Charges) As of June 30, 2025, the Group's total other payables and accrued charges amounted to RMB 5.581 billion, an increase from RMB 5.047 billion at the end of 2024, including RMB 1.523 billion payable to Andu. Other Payables and Accrued Charges (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Employee Benefits Payable | 107,995 | 108,514 | | Accrued Charges | 2,027,155 | 1,716,610 | | Other Payables | 3,445,752 | 3,221,620 | | **Carrying Amount at End of Period/Year** | **5,580,902** | **5,046,744** | - Other payables include amounts due to Andu of **RMB 1.523 billion**, bearing an annual interest rate of **21.9%**, and the Group's failure to fulfill the settlement agreement may lead to a winding-up petition by Andu[166](index=166&type=chunk) [Interest-bearing Bank and Other Borrowings](index=59&type=section&id=Interest-bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, the Group's total interest-bearing bank and other borrowings were RMB 11.605 billion, with the current portion being RMB 11.552 billion, largely due within one year or on demand. Interest-bearing Bank and Other Borrowings (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Current** | | | | Secured Bank Loans | 5,072,665 | 5,340,153 | | Secured Other Borrowings | 4,263,965 | 4,119,741 | | Unsecured Other Borrowings | 2,215,181 | 2,158,452 | | **Non-current** | | | | Unsecured Other Borrowings | 53,534 | 52,538 | | **Total** | **11,605,345** | **11,670,884** | - The current portion includes principal amounts of **RMB 2.544 billion** of borrowings originally due after June 30, 2026, reclassified as current liabilities due to going concern uncertainties[168](index=168&type=chunk) - Certain bank and other loans of the Group are secured by properties under development, investment properties, land held for development for sale, completed properties held for sale, buildings, or corporate guarantees[170](index=170&type=chunk) - The senior notes defaulted due to failure to pay consent fees and interest, leading to accelerated repayment, with a carrying amount of **RMB 1.782 billion**[168](index=168&type=chunk)[169](index=169&type=chunk) - Other borrowings include loans from related parties (Shanghai Jiayue Medical Investment Management Co., Ltd. and Jiahua (Holdings) Investment Co., Ltd.) with a principal amount of **RMB 663 million**[170](index=170&type=chunk) [Share Capital](index=62&type=section&id=Share%20Capital) As of June 30, 2025, the Company's authorized share capital was 50 billion shares of US$0.01 par value each, with 2.584 billion issued and fully paid ordinary shares, totaling RMB 159 million. Share Capital (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Authorized Share Capital (50 billion shares of US$0.01 par value each) | 3,124,300 | 3,124,300 | | Issued and Fully Paid Share Capital (2.584 billion shares of US$0.01 par value each) | 159,418 | 159,418 | [Financial Guarantees](index=62&type=section&id=Financial%20Guarantees) As of June 30, 2025, the Group's financial guarantees included a maximum liability of RMB 132 million for property buyers' mortgage financing and RMB 48.781 million for joint venture bank loans. - The Group's maximum liability for mortgage financing provided to property buyers is **RMB 132 million**[172](index=172&type=chunk) - The Group provided guarantees for bank loans granted to its joint ventures amounting to **RMB 48.781 million**[172](index=172&type=chunk) - The Directors believe that the fair value of the financial guarantee contracts was not material upon initial recognition, and the likelihood of default is very low, thus no value has been recognized[173](index=173&type=chunk) [Pledged Assets](index=63&type=section&id=Pledged%20Assets) The Group's bank and other loans are secured by various pledged assets, as detailed in Note 24, "Interest-bearing Bank and Other Borrowings". - The Group's bank and other loans are secured by various pledged assets, details of which are set out in Note 24[174](index=174&type=chunk) [Operating Lease Arrangements as Lessor](index=63&type=section&id=Operating%20Lease%20Arrangements%20as%20Lessor) The Group leases out its investment properties under operating lease arrangements with lease terms ranging from one to twenty years, with total future minimum rentals receivable of RMB 740 million as of June 30, 2025. - The Group leases out its investment properties under operating lease arrangements, with lease terms ranging from **one to twenty years**[175](index=175&type=chunk) Total Future Minimum Rentals (As of June 30, 2025) | Period | Amount (RMB thousand) | | :--- | :--- | | Within one year | 213,293 | | In the second to fifth years | 319,289 | | After five years | 207,187 | | **Total** | **739,769** | [Commitments](index=63&type=section&id=Commitments) As of June 30, 2025, the Group's total contracted but unprovided capital commitments amounted to RMB 3.126 billion, primarily for capital expenditures on investment properties under construction and properties under development in mainland China. Capital Commitments (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Capital expenditure for investment properties under construction and properties under development | 3,120,765 | 3,285,535 | | Capital contribution to a joint venture | 5,040 | 5,040 | | **Total** | **3,125,805** | **3,290,575** | [Related Party Transactions](index=64&type=section&id=Related%20Party%20Transactions) Aside from transactions already detailed in other sections of the condensed consolidated financial statements, there were no other significant related party transactions for the six months ended June 30, 2025 and 2024. - Aside from the transactions already detailed, there were no other significant related party transactions during the period[178](index=178&type=chunk) [Financial Instruments by Category](index=64&type=section&id=Financial%20Instruments%20by%20Category) As of June 30, 2025, the Group's total financial assets measured at amortized cost were RMB 1.548 billion, while total financial liabilities measured at amortized cost were RMB 20.105 billion. Financial Assets Measured at Amortized Cost (As of June 30, 2025) | Item | Amount (RMB thousand) | | :--- | :--- | | Trade Receivables | 375,130 | | Deposits and Other Receivables | 731,881 | | Restricted Cash | 254,919 | | Cash and Cash Equivalents | 185,953 | | **Total** | **1,547,883** | Financial Liabilities Measured at Amortized Cost (As of June 30, 2025) | Item | Amount (RMB thousand) | | :--- | :--- | | Trade Payables | 3,488,702 | | Other Payables and Accrued Charges | 5,004,493 | | Interest-bearing Bank and Other Borrowings | 11,605,345 | | Lease Liabilities | 6,714 | | **Total** | **20,105,254** | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=66&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) As of June 30, 2025, the Group's assets measured at fair value primarily consisted of investment properties, totaling RMB 15.695 billion, all classified as Level 3 in the fair value hierarchy. Assets Measured at Fair Value (June 30, 2025) | Item | Level 1 (RMB thousand) | Level 2 (RMB thousand) | Level 3 (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Investment Properties | – | – | 15,694,768 | 15,694,768 | - The fair value measurement of investment properties uses internal valuations and involves external valuers, classified as Level 3 in the fair value hierarchy[184](index=184&type=chunk)[185](index=185&type=chunk) - The fair values of other receivables and the non-current portion of interest-bearing bank and other borrowings approximate their carrying amounts[183](index=183&type=chunk) [Definitions](index=68&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used in the report to ensure a clear understanding of its content

截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 億達中國控股有限公司 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 II. 已發行股份及/或庫存股份變動 | 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) | 03639 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,583,970,000 | | 0 | | 2,583,970,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 2,583,970,000 | | 0 | | 2,583,970,000 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | ...

Core Viewpoint - Yida China (03639.HK) reported a mid-year performance for the first half of 2025, showing a revenue increase but significant losses compared to the previous year [1] Financial Performance - Confirmed revenue for the first half of 2025 was approximately RMB 700 million, representing a 5.0% increase from the same period in 2024 [1] - Gross profit was approximately RMB 99.7 million, a decrease of 47.3% compared to the same period in 2024 [1] - Gross margin fell from 28.4% in 2024 to 14.2% in 2025 [1] - The company recorded a net loss of approximately RMB 778 million, compared to a net loss of about RMB 361 million in the same period of 2024 [1] - Basic loss per share attributable to ordinary equity holders was RMB 0.3001 [1] - The board announced no interim dividend distribution [1]

Core Viewpoint - Yida China (03639) reported a mid-year performance for 2025, showing a revenue of 700 million RMB, which represents a year-on-year increase of 5% [1] Financial Performance - Revenue reached 700 million RMB, marking a 5% increase compared to the previous year [1] - The loss attributable to shareholders was 776 million RMB, which expanded by 115.36% year-on-year [1] - Basic loss per share was reported at 30.01 cents [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Summary of Financial Performance](index=1&type=section&id=Summary%20of%20Financial%20Performance) Yida China Holdings Limited reported a 5.0% revenue increase for the six months ended June 30, 2025, but gross profit fell 47.3%, net loss expanded to RMB 778 million, and no interim dividend was declared Key Financial Data Comparison for H1 2025 (RMB thousands) | Metric | H1 2025 | H1 2024 | Year-on-Year Change | Change Rate | Notes | | :--- | :--- | :--- | :--- | :--- | :--- | | Recognized Revenue | 700,410 | 667,065 | +33,345 | +5.0% | | | Gross Profit | 99,700 | 189,347 | -89,647 | -47.3% | | | Gross Profit Margin | 14.2% | 28.4% | -14.2% | -50.0% | | | Net Loss | (778,340) | (361,430) | -416,910 | +115.4% | Loss Widened | | Basic Loss Per Share | (30.01 cents) | (13.94 cents) | -16.07 cents | +115.3% | Loss Widened | | Interim Dividend | Not Declared | Not Declared | - | - | | [Financial Information](index=2&type=section&id=Financial%20Information) [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, revenue grew 5.0% to RMB 700 million, but increased cost of sales, fair value loss on investment properties, and higher finance costs led to a net loss of RMB 778 million Key Data from Condensed Consolidated Statement of Profit or Loss (RMB thousands) | Metric | H1 2025 | H1 2024 | Year-on-Year Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 700,408 | 667,065 | +33,343 | +5.0% | | Cost of Sales | (600,707) | (477,718) | -122,989 | +25.7% | | Gross Profit | 99,701 | 189,347 | -89,646 | -47.3% | | Fair Value (Loss)/Gain on Investment Properties | (123,899) | 233 | -124,132 | -53275.5% | | Finance Costs | (505,433) | (399,786) | -105,647 | +26.4% | | Loss for the Period | (778,342) | (361,429) | -416,913 | +115.4% | | Loss Attributable to Owners of the Company | (775,538) | (360,118) | -415,420 | +115.3% | | Basic Loss Per Share (RMB cents) | (30.01) | (13.94) | -16.07 | +115.3% | [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 Group's total comprehensive loss was RMB 778 million, significantly widening from the prior period, primarily due to increased loss attributable to owners of the Company Key Data from Condensed Consolidated Statement of Comprehensive Income (RMB thousands) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the Period | (778,342) | (361,429) | | Other Comprehensive Loss That May Be Reclassified to Profit or Loss in Subsequent Periods | – | – | | Total Comprehensive Loss for the Period | (778,342) | (361,429) | | Attributable to Owners of the Company | (775,538) | (360,118) | | Non-controlling Interests | (2,804) | (1,311) | [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 increased, but net current liabilities expanded to RMB 11.585 billion, indicating persistent liquidity pressure, with investment properties as the largest asset and borrowings as major liabilities Key Data from Condensed Consolidated Statement of Financial Position (RMB thousands) | Metric | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 33,883,030 | 33,879,986 | +3,044 | | Total Non-current Assets | 20,482,986 | 20,649,343 | -166,357 | | Total Current Assets | 13,400,044 | 13,230,643 | +169,401 | | Total Liabilities | 27,260,812 | 26,479,011 | +781,801 | | Total Non-current Liabilities | 2,275,475 | 2,308,088 | -32,613 | | Total Current Liabilities | 24,985,337 | 24,170,923 | +814,414 | | Total Equity | 6,622,218 | 7,400,975 | -778,757 | | Net Current Liabilities | (11,585,293) | (10,940,280) | -645,013 | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Company and Group Information](index=6&type=section&id=Company%20and%20Group%20Information) Yida China Holdings Limited, an investment holding company incorporated in the Cayman Islands, primarily operates in property development, investment, and business park management in mainland China, with China Minsheng Investment Corp., Ltd. as its ultimate holding company - The Company is an investment holding company, with principal activities including property development, investment, business park operation and management, construction, decoration, and landscaping, primarily concentrated in mainland China cities such as Dalian, Wuhan, Shenyang, Shanghai, Chongqing, Zhengzhou, Hefei, Changsha, and Chengdu[9](index=9&type=chunk) - The ultimate holding company of the Company is China Minsheng Investment Corp., Ltd[9](index=9&type=chunk) [Basis of Preparation and Going Concern](index=6&type=section&id=Basis%20of%20Preparation%20and%20Going%20Concern) These financial statements, prepared under HKAS 34, highlight significant going concern uncertainties due to substantial current liabilities, overdue borrowings, and unfulfilled settlement agreements, despite the Board's plans to mitigate liquidity pressure [Going Concern Basis](index=6&type=section&id=Going%20Concern%20Basis) As of June 30, 2025, the Group's net current liabilities reached RMB 11.585 billion, with RMB 11.552 billion in current borrowings and only RMB 186 million in cash, compounded by RMB 6.445 billion in overdue borrowings and a RMB 1.523 billion unfulfilled settlement with Andu Fang, potentially triggering immediate repayment of RMB 5.107 billion in other borrowings - As of June 30, 2025, the Group's current liabilities exceeded current assets by **RMB 11,585,293,000**[11](index=11&type=chunk) - As of June 30, 2025, borrowings with a total principal amount of **RMB 6,444,986,000** remained unsettled[11](index=11&type=chunk) - The Group's outstanding balance payable to Andu Fang (including accrued interest) totaled **RMB 1,522,726,000**, and the overdue borrowings and Andu Fang event constituted defaults, potentially leading to immediate repayment demands for **RMB 5,106,826,000** of other borrowings[12](index=12&type=chunk) [Uncertainties Regarding Going Concern and Mitigation Measures](index=7&type=section&id=Uncertainties%20Regarding%20Going%20Concern%20and%20Mitigation%20Measures) To address going concern uncertainties, the Board has developed mitigation plans including debt renegotiation, new financing, accelerated property sales, cost control, and asset disposals, believing these will ensure sufficient working capital, though successful implementation remains highly uncertain - The Group plans to negotiate a final settlement agreement with Andu Fang to avoid a winding-up petition[13](index=13&type=chunk) - The Group is actively negotiating with all lenders for the renewal and deferral of overdue borrowings and striving to facilitate the renewal or extension of existing borrowings[13](index=13&type=chunk) - The Group will accelerate the pre-sale and sale of properties under development and completed properties, expedite the collection of sales proceeds, and seek opportunities to dispose of certain assets and investments to generate cash inflows[13](index=13&type=chunk) [Accounting Policies](index=8&type=section&id=Accounting%20Policies) The accounting policies for these interim financial statements are consistent with the 2024 annual consolidated financial statements, with no significant impact or retrospective adjustments, and no new standards are expected to materially affect financial position or operating results - The accounting policies adopted in the preparation of these unaudited condensed consolidated financial statements are consistent with those adopted in the annual consolidated financial statements of the Company for the year ended December 31, 2024, with no significant impact on the Group's financial statements and no retrospective adjustments required[15](index=15&type=chunk) [Operating Segment Information](index=8&type=section&id=Operating%20Segment%20Information) The Group operates five reportable segments: property development, property investment, business park operation, construction, and others; property development incurred the largest loss in H1 2025, while property investment generated positive earnings, with all external revenue and most assets in mainland China - The Group has five reportable operating segments: property development, property investment, business park operation and management, construction, decoration and landscaping, and other segments[16](index=16&type=chunk)[17](index=17&type=chunk)[21](index=21&type=chunk) Segment Revenue and Results for H1 2025 (RMB thousands) | Segment | Sales to External Customers | Segment Results | | :--- | :--- | :--- | | Property Development | 212,200 | (218,963) | | Property Investment | 216,387 | 22,900 | | Business Park Operation and Management | 86,889 | (587) | | Construction, Decoration and Landscaping | 184,932 | (5,296) | | Others | – | (1,389) | | **Total** | **700,408** | **(203,335)** | - All of the Group's external customer revenue is derived from mainland China, and the majority of segment assets are located in mainland China[23](index=23&type=chunk) [Revenue Breakdown](index=11&type=section&id=Revenue%20Breakdown) The Group's H1 2025 total revenue was RMB 700 million, up 5.0%, driven by a 20.8% increase in property sales and a 25.3% rise in construction income, despite declines in rental and business park operation management service revenues Revenue Source Analysis (RMB thousands) | Revenue Source | H1 2025 | H1 2024 | Year-on-Year Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Sales of Properties | 212,200 | 175,623 | +36,577 | +20.8% | | Business Park Operation and Management Service Income | 86,889 | 100,080 | -13,191 | -13.2% | | Construction, Decoration and Landscaping Income | 184,932 | 147,564 | +37,368 | +25.3% | | Rental Income | 216,387 | 243,798 | -27,411 | -11.2% | | **Total** | **700,408** | **667,065** | **+33,343** | **+5.0%** | [Expenses by Nature](index=12&type=section&id=Expenses%20by%20Nature) The Group's H1 2025 total cost of sales, selling and marketing, and administrative expenses reached RMB 679 million, up 21.5%, primarily due to increased cost of properties sold, cost of providing other services, and direct operating expenses for investment properties Expenses by Nature (RMB thousands) | Expense Item | H1 2025 | H1 2024 | Year-on-Year Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Cost of Properties Sold | 257,497 | 171,599 | +85,898 | +50.1% | | Cost of Providing Other Services | 250,659 | 239,260 | +11,399 | +4.8% | | Direct Operating Expenses Arising from Investment Properties That Generate Rental Income | 92,551 | 66,859 | +25,692 | +38.4% | | Employee Benefit Expenses | 30,955 | 34,505 | -3,550 | -10.3% | | **Total Cost of Sales, Selling and Marketing Expenses and Administrative Expenses** | **679,379** | **559,336** | **+120,043** | **+21.5%** | [Other Losses, Net](index=12&type=section&id=Other%20Losses%2C%20Net) The Group's H1 2025 other losses, net, surged to RMB 102 million, primarily driven by RMB 120 million in late payment penalties, contrasting with foreign exchange losses in the prior period Other Losses, Net (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Foreign Exchange Gain/(Loss) | 14,307 | (19,590) | | Late Payment Penalties | (119,748) | – | | Others | 3,641 | (38,871) | | **Total** | **(101,800)** | **(58,461)** | [Finance Costs](index=12&type=section&id=Finance%20Costs) The Group's H1 2025 net finance costs rose 26.4% to RMB 505 million, mainly due to higher interest on bank and other borrowings and a significant decrease in capitalized interest Finance Costs (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 556,028 | 529,166 | | Interest on Lease Liabilities | 386 | 537 | | Less: Capitalized Interest | (50,981) | (129,917) | | **Total** | **505,433** | **399,786** | [Income Tax Expense](index=13&type=section&id=Income%20Tax%20Expense) The Group's H1 2025 income tax expense surged 332.4% to RMB 70.01 million, mainly due to a significant increase in land appreciation tax provision from property sales settlements in China Income Tax Expense Analysis (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | PRC Enterprise Income Tax | 9,982 | 7,418 | | PRC Land Appreciation Tax | 90,190 | (494) | | Deferred Income Tax (Current Period) | (30,162) | 9,267 | | **Total Income Tax Expense for the Period** | **70,010** | **16,191** | [Interim Dividend](index=13&type=section&id=Interim%20Dividend) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Company has resolved not to declare any interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[32](index=32&type=chunk) [Loss Per Share Attributable to Ordinary Equity Holders of the Company](index=13&type=section&id=Loss%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Company) As of June 30, 2025, basic loss per share attributable to ordinary equity holders was RMB 30.01 cents, significantly widening from the prior period due to increased loss, with diluted loss per share being identical Loss Per Share (RMB cents) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic Loss Per Share | (30.01) | (13.94) | | Diluted Loss Per Share | (30.01) | (13.94) | - Loss for the period attributable to ordinary equity holders of the Company was **RMB 775,538,000**, compared to **RMB 360,118,000** in the prior period[33](index=33&type=chunk) [Investment Properties](index=14&type=section&id=Investment%20Properties) As of June 30, 2025, total investment properties were RMB 16.207 billion, slightly down from year-start due to a RMB 124 million fair value loss, with most properties pledged to banks as loan collateral Movement in Investment Properties (RMB thousands) | Item | As of January 1, 2025 | Additions | Disposals | Net Loss from Fair Value Adjustments | As of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Completed | 11,399,000 | – | (10,486) | (112,038) | 11,276,476 | | Under Construction | 4,941,772 | 152 | – | (11,861) | 4,930,063 | | **Total** | **16,340,772** | **152** | **(10,486)** | **(123,899)** | **16,206,539** | - As of June 30, 2025, certain investment properties of the Group with a value of **RMB 14,130,464,000** have been pledged to banks as collateral for loans[34](index=34&type=chunk) [Trade Receivables](index=14&type=section&id=Trade%20Receivables) As of June 30, 2025, the Group's net trade receivables increased to RMB 375 million from a total of RMB 558 million, with a high proportion of receivables over two years old indicating collection risks Aging Analysis of Trade Receivables (RMB thousands) | Aging | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Within One Year | 276,059 | 205,416 | | One to Two Years | 71,559 | 54,475 | | Over Two Years | 210,005 | 242,923 | | **Total Trade Receivables** | **557,623** | **502,814** | | Less: Impairment Provision for Trade Receivables | (182,493) | (180,428) | | **Net Trade Receivables** | **375,130** | **322,386** | [Cash and Cash Equivalents and Restricted Cash](index=15&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Restricted%20Cash) As of June 30, 2025, the Group's total cash and bank balances were RMB 441 million, with RMB 255 million restricted, leaving net cash and cash equivalents at RMB 186 million, primarily for property pre-sale proceeds and project deposits Cash and Cash Equivalents and Restricted Cash (RMB thousands) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Cash and Bank Balances | 440,872 | 373,802 | | Less: Restricted Cash | (254,919) | (217,548) | | **Cash and Cash Equivalents** | **185,953** | **156,254** | - Restricted cash primarily includes guarantee deposits from property pre-sale proceeds deposited into designated bank accounts (**RMB 24,820,000**) and deposits for payment of promissory notes, work injury compensation, and talent development (**RMB 230,099,000**)[39](index=39&type=chunk) [Trade Payables](index=15&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables increased slightly to RMB 3.489 billion, with a significant rise in payables over one year, indicating accumulated payment pressure Aging Analysis of Trade Payables (RMB thousands) | Aging | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Within One Year | 1,721,783 | 2,231,487 | | Over One Year | 1,766,919 | 1,113,431 | | **Total** | **3,488,702** | **3,344,918** | [Interest-Bearing Bank and Other Borrowings](index=16&type=section&id=Interest-Bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total interest-bearing borrowings were RMB 11.605 billion, with RMB 11.552 billion due within one year or on demand, indicating significant short-term repayment pressure, exacerbated by reclassification of non-current borrowings and immediate repayment demands for senior notes due to defaults Interest-Bearing Bank and Other Borrowings (RMB thousands) | Loan Type | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Bank Loans - Secured | 5,072,665 | 5,340,153 | | Other Borrowings - Secured | 4,263,965 | 4,119,741 | | Other Borrowings - Unsecured | 2,268,715 | 2,210,990 | | **Total** | **11,605,345** | **11,670,884** | Borrowings Maturity Analysis (RMB thousands) | Maturity | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Within One Year or On Demand | 11,551,811 | 11,618,346 | | Second Year | 53,534 | 52,538 | | **Total** | **11,605,345** | **11,670,884** | - Current interest-bearing borrowings include principal amounts of **RMB 2,543,759,000** originally due after June 30, 2026, which were reclassified as current liabilities due to going concern uncertainties[41](index=41&type=chunk) - The senior notes have been subject to acceleration notices from holders due to non-payment of consent fees, alternative accrued interest, and accrued interest, requiring immediate repayment of principal, premium, and accrued unpaid interest[42](index=42&type=chunk) [Business Review and Outlook](index=18&type=section&id=Business%20Review%20and%20Outlook) [Review of H1 2025](index=18&type=section&id=Review%20of%20H1%202025) In H1 2025, the real estate market continued its deep adjustment, pressuring transaction volumes and developer performance; the Group faced significant debt risks but worked to maintain operational stability through quality operations and debt resolution with management and shareholder support - In H1 2025, the real estate market continued its contraction trend, with land auction transaction volumes and completed construction area consistently declining year-on-year, insufficient market demand, and frequent defaults among property developers[45](index=45&type=chunk) - The Group's debt risks became prominent during the period, and management is striving to address operational challenges through quality-focused operations and debt risk resolution[45](index=45&type=chunk) [Outlook for H2 2025](index=18&type=section&id=Outlook%20for%20H2%202025) H2 2025 is expected to see stronger macro policies driving real estate transformation; the Group will focus on core businesses, accelerate destocking, revitalize assets to improve its balance sheet, and strictly control expenses to meet operational and debt challenges - Macro policies are expected to further strengthen in H2 2025, driving the industry towards a new development model, but household income, demographic structure, and property expectations remain weak[46](index=46&type=chunk) - The Group will focus on core business drivers, accelerate the destocking of existing saleable projects, seize policy windows for land acquisition, promote the revitalization of existing assets to improve its asset-liability position, and strictly control expenses[46](index=46&type=chunk) [Operation of Business Park Investment Properties](index=19&type=section&id=Operation%20of%20Business%20Park%20Investment%20Properties) The Group operates four business parks and a 50% interest in Wuhan Software New City, totaling 1.929 million sq.m. GFA; H1 2025 rental income fell 11.2% to RMB 216 million due to foreign client withdrawals, prompting active client expansion and innovative industrial services - The Group wholly owns four business parks: Dalian Software Park, Dalian Tech City, Dalian Tiandi, and Yida Information Software Park, and holds a **50%** interest in Wuhan Software New City, with a total GFA of completed investment properties of approximately **1.929 million sq.m.**[47](index=47&type=chunk) H1 2025 Business Park Investment Properties Operation Data | Metric | H1 2025 | | :--- | :--- | | Rental Income | RMB 216 million | | Year-on-year Decrease | 11.2% | | Primary Reason | Decreased occupancy rate, with approximately **28,000 sq.m.** vacated by some foreign clients | - The Group actively expanded its client base, adding **11** new client enterprises and signing approximately **7,000 sq.m.** of new area during the period, while enhancing client stickiness through industrial resource integration and development services[49](index=49&type=chunk)[50](index=50&type=chunk) [Property Sales](index=20&type=section&id=Property%20Sales) In H1 2025, amidst a deeply adjusting real estate market, the Group focused on asset revitalization and debt control, achieving RMB 415 million in contract sales and RMB 212 million in property sales revenue (up 20.8%), though average selling price fell 39.7% due to product mix changes - The Group will continue to focus on core businesses such as 'asset revitalization, debt risk control, sales collection, and project construction' to ensure timely completion of key 'guaranteed delivery' projects[51](index=51&type=chunk) H1 2025 Property Sales Overview | Metric | Amount/Quantity | | :--- | :--- | | Contract Sales Amount | RMB 415 million | | Contract Sales Area | 34,100 sq.m. | | Contract Average Selling Price | RMB 12,148/sq.m. | | Sales Revenue | RMB 212 million (up 20.8% year-on-year) | | Average Selling Price (Revenue) | RMB 11,077/sq.m. (down 39.7% year-on-year) | - Dalian market transaction GFA decreased by **16%** year-on-year, but transaction area in the central five districts increased by **14%**, with average price rising by **7%**; the Group's Dalian Hekouwan • Xinyuan project achieved contract sales of approximately **RMB 114 million**[53](index=53&type=chunk) [Contract Sales Breakdown](index=22&type=section&id=Contract%20Sales%20Breakdown) As of June 30, 2025, total contract sales were RMB 415 million, with Dalian contributing 82.2% and Hefei 8.2%, and residential properties accounting for 75.2% of the total H1 2025 Contract Sales Breakdown by City | City | Sales GFA (sq.m.) | Sales Amount (RMB ten thousands) | Average Selling Price (RMB/sq.m.) | Percentage of Total Amount | | :--- | :--- | :--- | :--- | :--- | | Dalian | 24,184 | 34,113 | 14,106 | 82.2% | | Hefei | 5,064 | 3,393 | 6,700 | 8.2% | | Chongqing | 2,407 | 2,371 | 9,850 | 5.7% | | Changsha | 927 | 951 | 10,262 | 2.3% | | Shenyang | 1,567 | 630 | 4,020 | 1.5% | | Wuhan | – | 26 | – | 0.1% | | **Total** | **34,149** | **41,484** | **12,148** | **100.0%** | [Business Park Operation Management](index=22&type=section&id=Business%20Park%20Operation%20Management) The Group's H1 2025 business park operation management income was RMB 87 million, down 13.2% due to client business scale-downs, with the company focusing on developing smart park investment attraction and a national industrial network - The Group's total entrusted business park operation management area was approximately **219,000 sq.m.**, generating revenue of approximately **RMB 87 million** during the period[55](index=55&type=chunk) - Revenue decreased by **13.2%** year-on-year, primarily due to clients scaling down their business operations during the period[55](index=55&type=chunk) [Construction, Decoration and Landscaping](index=23&type=section&id=Construction%2C%20Decoration%20and%20Landscaping) Amidst a real estate downturn, this segment achieved RMB 185 million in revenue, up 25.3%, driven by increased external project output and supported by digital management and cost control, with an annual output value of RMB 180 million expected - The Group optimized its organizational structure, improved per capita efficiency, and strictly controlled costs through a digital management platform and material management technology[56](index=56&type=chunk) H1 2025 Construction, Decoration and Landscaping Business Revenue | Metric | Amount | | :--- | :--- | | Revenue | RMB 185 million | | Year-on-year Growth | 25.3% | | Primary Reason | Increased completed output value from external projects | | Expected Annual Output Value | RMB 180 million | [Land Bank](index=23&type=section&id=Land%20Bank) As of June 30, 2025, the Group's total land bank GFA was approximately 6.47 million sq.m., with Dalian comprising 77.1%, and the attributable interest of 5.96 million sq.m. primarily concentrated in business park projects - As of June 30, 2025, the Group's total land bank GFA was approximately **6.47 million sq.m.**, with Dalian accounting for **77.1%**[57](index=57&type=chunk) - The Group's attributable interest in land bank GFA was approximately **5.96 million sq.m.**, of which **86.6%** were business park projects[57](index=57&type=chunk)[58](index=58&type=chunk) [Land Bank Breakdown](index=23&type=section&id=Land%20Bank%20Breakdown) The Group's land bank, primarily business parks in Dalian, Wuhan, and Zhengzhou, includes 2.433 million sq.m. of completed leasable/saleable GFA, 999,800 sq.m. under development, and 3.0417 million sq.m. for future development Land Bank by City as of June 30, 2025 | City | Total Land Bank (sq.m.) | Percentage of Total | Attributable Interest in Total Land Bank (sq.m.) | Percentage of Attributable Total | | :--- | :--- | :--- | :--- | :--- | | Dalian | 4,992,525 | 77.1% | 4,992,525 | 83.8% | | Wuhan | 620,072 | 9.6% | 310,036 | 5.2% | | Zhengzhou | 297,535 | 4.6% | 297,535 | 5.0% | | Changsha | 253,879 | 3.9% | 129,478 | 2.2% | | Hefei | 136,284 | 2.1% | 88,585 | 1.5% | | Chongqing | 80,755 | 1.3% | 80,755 | 1.4% | | Chengdu | 65,848 | 1.0% | 45,063 | 0.7% | | Shenyang | 27,714 | 0.4% | 14,134 | 0.2% | | **Total** | **6,474,612** | **100.0%** | **5,958,111** | **100.0%** | Attributable Interest in Land Bank by Stage as of June 30, 2025 (sq.m.) | Stage | Business Park Subtotal | Mixed-use Residential Subtotal | Total | | :--- | :--- | :--- | :--- | | Completed Remaining Leasable/Saleable GFA | 2,055,394 | 377,719 | 2,433,113 | | GFA Under Development | 831,967 | 167,791 | 999,758 | | GFA Held for Future Development | 2,786,044 | 255,697 | 3,041,741 | [Financial Review](index=27&type=section&id=Financial%20Review) [Revenue](index=27&type=section&id=Revenue) The Group's H1 2025 total revenue increased 5.0% to RMB 700 million, driven by a 20.8% rise in property sales and a 25.3% increase in construction income, despite declines in rental and business park operation management service revenues due to lower occupancy and client scale-downs Revenue Composition and Year-on-Year Change (RMB thousands) | Revenue Source | H1 2025 | Percentage of Total | H1 2024 | Percentage of Total | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | | Property Sales Revenue | 212,200 | 30.3% | 175,623 | 26.3% | +20.8% | | Rental Income | 216,387 | 30.9% | 243,798 | 36.5% | -11.2% | | Business Park Operation and Management Service Income | 86,889 | 12.4% | 100,080 | 15.0% | -13.2% | | Construction, Decoration and Landscaping Income | 184,932 | 26.4% | 147,564 | 22.2% | +25.3% | | **Total** | **700,408** | **100.0%** | **667,065** | **100.0%** | **+5.0%** | - The increase in property sales revenue was primarily due to increased project deliveries during the period; the decrease in rental income and business park operation management service income was mainly due to lower occupancy rates and clients scaling down their business operations; the increase in construction, decoration, and landscaping income was primarily due to increased completed output value from external projects[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) [Cost of Sales](index=28&type=section&id=Cost%20of%20Sales) The Group's H1 2025 cost of sales increased 25.7% to RMB 601 million, mainly due to higher costs from increased revenue and inventory impairment provisions - The Group's cost of sales for the period was approximately **RMB 601 million**, an increase of **25.7%** compared to the prior period in 2024, primarily due to increased costs associated with higher revenue and inventory impairment provisions during the period[67](index=67&type=chunk) [Gross Profit and Gross Profit Margin](index=28&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) The Group's H1 2025 gross profit significantly decreased by 47.3% to RMB 99.7 million, with gross profit margin falling from 28.4% to 14.2%, primarily due to changes in product mix and lower corresponding gross profit Gross Profit and Gross Profit Margin Comparison | Metric | H1 2025 | H1 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Gross Profit | RMB 99.7 million | RMB 189 million | -47.3% | | Gross Profit Margin | 14.2% | 28.4% | -14.2 percentage points | - The decrease in gross profit margin was primarily due to a different product mix recognized during the period, and the corresponding gross profit for recognized products was lower compared to the prior period in 2024[68](index=68&type=chunk) [Selling and Marketing Expenses](index=28&type=section&id=Selling%20and%20Marketing%20Expenses) The Group's H1 2025 selling and marketing expenses increased 19.5% to RMB 27.92 million, mainly due to higher property management fees and sales commissions - Selling and marketing expenses increased by **19.5%** from approximately **RMB 23.36 million** in the prior period of 2024 to approximately **RMB 27.92 million**, primarily due to increased property management fees and sales commissions during the period[69](index=69&type=chunk) [Administrative Expenses](index=28&type=section&id=Administrative%20Expenses) The Group's H1 2025 administrative expenses decreased 12.9% to RMB 50.75 million, primarily due to proactive measures to control office costs - Administrative expenses were approximately **RMB 50.75 million**, a decrease of **12.9%** compared to the prior period in 2024, primarily due to proactive measures taken to control office costs during the period[70](index=70&type=chunk) [Other Losses, Net](index=28&type=section&id=Other%20Losses%2C%20Net) The Group's H1 2025 other losses, net, increased 74.1% to RMB 102 million, primarily due to RMB 120 million in late payment penalties incurred - Other losses, net, were approximately **RMB 101.8 million**, an increase of **74.1%** compared to the prior period in 2024, primarily due to late payment penalties incurred during the period[71](index=71&type=chunk) [Fair Value (Loss)/Gain on Investment Properties](index=29&type=section&id=Fair%20Value%20(Loss)%2FGain%20on%20Investment%20Properties) The Group's H1 2025 fair value of investment properties shifted from a gain to a loss of RMB 124 million, mainly due to international client relocations and park vacancies driven by client cost-cutting initiatives - Fair value loss on investment properties was approximately **RMB 123.9 million**, compared to a gain of approximately **RMB 0.23 million** in the prior period of 2024, primarily due to business relocations of certain international clients and some clients demanding business transfers to lower-cost regions for cost reduction and efficiency improvement, leading to multiple enterprises vacating the parks during the period[72](index=72&type=chunk) [Net Finance Costs](index=29&type=section&id=Net%20Finance%20Costs) The Group's H1 2025 net finance costs increased 26.4% to RMB 505 million, mainly due to higher interest expenses and lower capitalized interest - Net finance costs increased by **26.4%** from approximately **RMB 399.79 million** in the prior period of 2024 to approximately **RMB 505.43 million** during the period, primarily due to increased interest expenses and reduced capitalized interest[73](index=73&type=chunk) [Share of Profits/(Losses) of Joint Ventures and Associates](index=29&type=section&id=Share%20of%20Profits%2F(Losses)%20of%20Joint%20Ventures%20and%20Associates) The Group's H1 2025 share of profits from joint ventures and associates improved significantly to RMB 1.38 million from a prior period loss, mainly due to increased equity investment income from Wuhan Software New City Development Co., Ltd - Share of profits from joint ventures and associates was approximately **RMB 1.38 million**, an increase of approximately **RMB 1.44 million** compared to a loss of approximately **RMB 0.06 million** in the prior period of 2024, primarily due to increased equity investment income from Wuhan Software New City Development Co., Ltd[74](index=74&type=chunk) [Income Tax Expense](index=29&type=section&id=Income%20Tax%20Expense) The Group's H1 2025 income tax expense surged 332.4% to RMB 70.01 million, mainly due to increased land appreciation tax provision from property sales settlements - Income tax expense increased by **332.4%** from approximately **RMB 16.19 million** in the prior period of 2024 to approximately **RMB 70.01 million** during the period, primarily due to increased land appreciation tax provision resulting from land appreciation tax settlement for property sales during the period[75](index=75&type=chunk) [Loss for the Period](index=29&type=section&id=Loss%20for%20the%20Period) Considering the above factors, the Group's H1 2025 loss before tax expanded to RMB 708 million, net loss to RMB 778 million, and net loss attributable to shareholders to RMB 776 million, all significantly increasing from the prior period Loss for the Period Comparison (RMB thousands) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss Before Income Tax | (708,332) | (345,238) | | Net Loss | (778,342) | (361,429) | | Net Loss Attributable to Equity Holders | (775,538) | (360,118) | [Liquidity, Financial and Capital Resources](index=30&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) [Cash Position](index=30&type=section&id=Cash%20Position) As of June 30, 2025, the Group's total cash and bank balances were RMB 441 million, with RMB 255 million restricted, leaving net cash and cash equivalents at RMB 186 million, reflecting a tight cash position Cash and Bank Balances (RMB thousands) | Metric | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Cash and Bank Balances | 440,872 | 373,802 | | Restricted Cash | 254,919 | 217,550 | [Indebtedness](index=30&type=section&id=Indebtedness) As of June 30, 2025, total bank and other borrowings were RMB 11.605 billion, with RMB 11.552 billion due within one year or on demand, indicating significant short-term repayment pressure, and most borrowings are fixed-rate Borrowing Type and Maturity (RMB thousands) | Loan Type | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Secured Bank Loans | 5,072,665 | 5,340,153 | | Secured Other Borrowings | 4,263,965 | 4,119,741 | | Unsecured Other Borrowings | 2,268,715 | 2,210,990 | | **Total** | **11,605,345** | **11,670,884** | | Repayable Within One Year or On Demand | 11,551,811 | 11,618,346 | | Repayable in Second Year | 53,534 | 52,538 | - Approximately **RMB 11.32 billion** of bank and other borrowings bear fixed annual interest rates ranging from **1.2% to 12.00%**, while the remaining approximately **RMB 285 million** bear variable interest rates[78](index=78&type=chunk) [Net Gearing Ratio](index=31&type=section&id=Net%20Gearing%20Ratio) As of June 30, 2025, the Group's net gearing ratio increased by 16 percentage points to 168.6% from 152.6% at year-end 2024, indicating further increased leverage - The Group's net gearing ratio was approximately **168.6%** as of June 30, 2025, an increase of **16 percentage points** compared to **152.6%** as of December 31, 2024[79](index=79&type=chunk) [Pledge of Assets](index=31&type=section&id=Pledge%20of%20Assets) The Group's bank and other borrowings are secured by properties under development, investment properties, land held for development, completed properties for sale, buildings, and corporate guarantees and equity pledges from subsidiaries - The Group's bank and other loans are secured by properties under development, investment properties, land held for development for sale, completed properties held for sale, buildings, corporate guarantees executed by certain subsidiaries, and certain equity pledges of the Company's subsidiaries[43](index=43&type=chunk) [Foreign Exchange Rate Risk](index=31&type=section&id=Foreign%20Exchange%20Rate%20Risk) The Group, whose functional currency is RMB, faces foreign exchange risk from HKD and USD cash balances, and USD borrowings of RMB 1.842 billion and HKD borrowings of RMB 379 million, with management monitoring and considering hedging despite no current policy - The Group has cash and bank balances denominated in HKD and USD, as well as borrowings denominated in USD (**RMB 1.842 billion**) and HKD (**RMB 379 million**), exposing it to foreign currency risk[81](index=81&type=chunk) - The Group currently has no foreign currency hedging policy, but management monitors foreign exchange risk and considers hedging when necessary[81](index=81&type=chunk) [Contingent Liabilities](index=31&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had contingent liabilities of approximately RMB 132 million for customer mortgage loan guarantees and RMB 48.78 million for joint venture bank loan guarantees Contingent Liabilities (RMB thousands) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Guarantees for Customers' Mortgage Loans | 132,380 | 156,320 | | Guarantees for Bank Loans of Joint Ventures | 48,780 | 56,110 | [Other Information](index=32&type=section&id=Other%20Information) [Employees and Remuneration Policy](index=32&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 300 full-time employees, a decrease from year-end 2024, with remuneration based on performance, experience, and market levels, subject to regular review for competitiveness - As of June 30, 2025, the Group had **300** full-time employees (December 31, 2024: **348**)[83](index=83&type=chunk) - The Group remunerates employees based on their performance, work experience, and prevailing market wage levels, and regularly reviews its remuneration policies and schemes[83](index=83&type=chunk)[84](index=84&type=chunk) [Interim Dividend](index=32&type=section&id=Interim%20Dividend) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare any interim dividend for the period[85](index=85&type=chunk) [Compliance with Corporate Governance Code](index=32&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company complies with the Stock Exchange's Corporate Governance Code, though the Chairman and CEO roles are combined, deviating from C.2.1, an arrangement the Board deems in the Company's best interest and will review periodically - The Company has adopted and complied with the Corporate Governance Code set out in the Listing Rules, but the roles of Chairman and Chief Executive Officer are concurrently held by Mr. Jiang Xiuwen, deviating from Code Provision C.2.1[86](index=86&type=chunk) - The Board believes that Mr. Jiang Xiuwen concurrently holding both positions is in the best interests of the Company, ensuring more unified leadership and facilitating the implementation of business strategies[86](index=86&type=chunk) [Standard Code for Securities Transactions by Directors](index=32&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Standard Code for Securities Transactions by Directors as per Listing Rules Appendix C3, and all Directors confirmed compliance during the period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules, and all Directors have confirmed compliance with the Code during the period[87](index=87&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the period, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, and as of June 30, 2025, no treasury shares were held - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and as of June 30, 2025, the Company held no treasury shares[88](index=88&type=chunk) [Major Investments Held, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=33&type=section&id=Major%20Investments%20Held%2C%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) During the period, the Company had no major investments or material acquisitions and disposals of subsidiaries, associates, and joint ventures - During the period, the Company had no major investments or material acquisitions and disposals of subsidiaries, associates, and joint ventures[89](index=89&type=chunk) [Future Plans for Material Investments or Capital Assets](index=33&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) During the period, the Group did not authorize any plans for material investments or additions to capital assets - During the period, the Group did not authorize any plans for material investments or additions to capital assets[90](index=90&type=chunk) [Audit Committee](index=33&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors with Mr. Chan Yee Chuen as Chairman, reviews financial reporting and internal controls; the Company, non-compliant with Listing Rules from January 1-12, 2025, has since re-complied from January 13 - The Audit Committee comprises three independent non-executive directors, with Mr. Chan Yee Chuen, Eugene serving as Chairman and possessing appropriate professional qualifications[91](index=91&type=chunk) - The Committee's primary responsibilities include reviewing and overseeing the Group's financial reporting process and internal control system, and monitoring the audit process[91](index=91&type=chunk) - The Company failed to comply with Listing Rules 3.10(1), 3.10(2), 3.10A, and 3.21 from January 1 to January 12, 2025, but has since re-complied from January 13[91](index=91&type=chunk) [Review of Interim Results](index=33&type=section&id=Review%20of%20Interim%20Results) The Group's unaudited interim results for the six months ended June 30, 2025, have been reviewed and approved by the Audit Committee - The Group's unaudited interim results for the six months ended June 30, 2025, have been reviewed and approved by the Audit Committee[92](index=92&type=chunk) [Litigation and Arbitration](index=33&type=section&id=Litigation%20and%20Arbitration) The Group faces significant legal and debt issues, including a RMB 1.523 billion outstanding balance from an unfulfilled settlement with Andu Fang, a subsidiary's bribery conviction, and accelerated repayment demands for senior notes due to non-payment, following a previous winding-up petition - The final arbitration award with Andu Fang involved a put option price of **USD 108 million** and accrued interest of **USD 84 million**; the settlement agreement stipulated a total payment obligation of **USD 175 million**, but as of the announcement date, the respondent had not fulfilled all payment obligations, with an outstanding balance payable to Andu Fang (including accrued interest) of **RMB 1,522,726,000**[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[103](index=103&type=chunk) - Dalian Service Outsourcing Base Development Co., Ltd., a wholly-owned subsidiary of the Company, was convicted of bribery due to the actions of a former employee[96](index=96&type=chunk) - The senior notes have been subject to acceleration notices from holders due to non-payment of consent fees, alternative accrued interest, and accrued interest, requiring immediate repayment of principal, premium, and accrued unpaid interest; a winding-up petition against the Company was previously filed but has been approved for withdrawal[99](index=99&type=chunk)[100](index=100&type=chunk) [Disclosure Pursuant to Rule 13.21 of the Listing Rules](index=35&type=section&id=Disclosure%20Pursuant%20to%20Rule%2013.21%20of%20the%20Listing%20Rules) The Company disclosed multiple breaches of material loan agreements, including controlling shareholder liquidity issues, a former executive director's detention, overdue senior notes and other borrowings, and forced execution on subsidiary loans, potentially triggering immediate repayment of RMB 5.107 billion in other borrowings, while the Company seeks new financing - China Minsheng Investment Corp., Ltd., the Company's controlling shareholder, faces liquidity difficulties, leading to trigger events under certain loan agreements[102](index=102&type=chunk) - Mr. Chen Donghui, a former executive director, was detained, further leading to trigger events under certain loan agreements[103](index=103&type=chunk) - Since 2020, the Group has failed to repay certain borrowings by their scheduled repayment dates, with a total principal amount of **RMB 6,444,986,000** remaining unsettled as of June 30, 2025[104](index=104&type=chunk) - Dalian Shengbei Development Co., Ltd., a subsidiary, failed to repay its loan on time, and the creditor, China CITIC Bank Dalian Branch, has applied for forced execution of approximately **RMB 194 million** in loan principal and related interest and penalties[103](index=103&type=chunk) - The aforementioned default events resulted in certain other borrowings (excluding overdue borrowings) totaling **RMB 5,106,826,000** as of June 30, 2025, becoming immediately repayable if demanded by lenders[104](index=104&type=chunk) [Specific Performance with Controlling Shareholder](index=37&type=section&id=Specific%20Performance%20with%20Controlling%20Shareholder) Under the settlement agreement with Andu Fang, the outstanding balance of the total payment obligation becomes due if the controlling shareholder, China Minsheng Investment Corp., Ltd., or its subsidiaries, fails to maintain 35% or more beneficial share ownership - According to the settlement agreement, if the controlling shareholder fails to maintain beneficial ownership of **35%** or more of the shares, the outstanding balance of the total payment obligation, together with accrued interest and all other accrued or unpaid amounts, will become due on the thirtieth day following the change of control[105](index=105&type=chunk) [Pledge of Shares by Controlling Shareholder](index=37&type=section&id=Pledge%20of%20Shares%20by%20Controlling%20Shareholder) Controlling shareholder Jiayou (International) Investment Co., Ltd. pledged 517 million shares (19.99% of total issued shares) to Andu Fang as collateral; in May 2022, receivers were appointed, and Jiayou lost the power to deal with or exercise rights related to these shares - Controlling shareholder Jiayou (International) Investment Co., Ltd. has pledged its **516,764,000** shares (approximately **19.99%** of the Company's total issued shares) to Andu Fang as collateral for obligations under the settlement agreement[106](index=106&type=chunk) - In May 2022, joint and several receivers were appointed, and Jiayou no longer possesses the power to deal with or exercise any rights attached to or associated with the charged shares[106](index=106&type=chunk) [Publication of Interim Results and Interim Report on HKEX and Company Website](index=38&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report%20on%20HKEX%20and%20Company%20Website) This interim results announcement is published on the HKEX and Company websites, and the interim report for the six months ended June 30, 2025, will be dispatched to shareholders and available on these sites - This interim results announcement is published on the HKEX website www.hkexnews.hk and the Company's website www.yidachina.com[107](index=107&type=chunk) [Board of Directors](index=38&type=section&id=Board%20of%20Directors) As of the announcement date, the Board comprises executive directors Mr. Jiang Xiuwen (Chairman and CEO) and Mr. Yuan Wensheng, non-executive directors Mr. Lu Jianhua, Mr. Wang Gang, and Ms. Jiang Qian, and independent non-executive directors Mr. Guo Shaomu, Mr. Chan Yee Chuen, Eugene, and Mr. Tang Yongzhi - The executive directors are Mr. Jiang Xiuwen (Chairman and Chief Executive Officer) and Mr. Yuan Wensheng; the non-executive directors are Mr. Lu Jianhua, Mr. Wang Gang, and Ms. Jiang Qian; and the independent non-executive directors are Mr. Guo Shaomu, Mr. Chan Yee Chuen, Eugene, and Mr. Tang Yongzhi[109](index=109&type=chunk)