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,概不對因本公告全部或 任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 有關 (1) 復牌進度之季度更新；及 (2) 繼續暫停買賣 之公告的補充資料 本公告乃由三巽控股集團有限公司（「本公司」，與其子公司合稱「本集團」）董 事會（「董事會」）應香港聯合交易所有限公司（「聯交所」）之要求而作出，旨 在提供補充資料。茲提述本公司日期為(i) 2025年3月2 7日、(ii) 2025年5月1 5日 及(iii) 2025年1 0月1 0日的公告（統稱「該等公告」）。除另有界定外，本公告所 用詞彙與該等公告所界定者具有相同涵義。 聯交所查詢及回應 Sanxun Holdings Group Limited 三巽控股集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6611） 本公司於2025年1 0月1 3日收到聯交所的上市後審核查詢（個案編號：20250401 - F06611 - 0002），要求就準備未公布業績（即截至2024年1 2月3 1日止年度的年度 業 ...

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,概不對因本公告全部或 任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Sanxun Holdings Group Limited 三巽控股集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6611） 有關 (1) 復牌進度之季度更新；及 (2) 繼續暫停買賣 根據上市規則第13.24A條，本公司須就其發展公佈季度更新資料，包括（除其他相 關事項外），其業務營運、其復牌計劃、復牌計劃的實施進度及復牌計劃的任何重 大變動。本公司將繼續於適當時候發佈進一步公告，以使股東及潛在投資者瞭解重 大發展。董事會謹此向股東及投資者提供以下有關截至本公告日期本公司為履行復 牌指引所作出努力的發展及進展之最新資料。 – 2 – 業務營運 本集團主要在中華人民共和國從事物業開發及物業投資。於本公告日期，本集團業 務營運在所有重大方面均照常進行。董事會將持續密切監察本集團的財務狀況及業 務營運。 復牌計劃及進度 本集團正在審核本公司截至202 4年1 2月3 1日止年度綜合財務報表 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 三巽控股集團有限公司 (於開曼群島註冊成立的有限公司) FF301 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06611 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 38,000,000,000 | HKD | | 0.00001 | HKD | | 380,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 38,000,000,000 | HKD | | 0.00001 | HK ...

FF301 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 第 1 頁 共 10 頁 v 1.1.1 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: 三巽控股集團有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06611 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 38,000,000,000 | HKD | 0.00001 | HKD | | 380,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 38,000,000,000 | HKD | 0.00001 | ...

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,概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Sanxun Holdings Group Limited 三巽控股集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6611） 内幕消息 – 2 – 董事會一直在盡最大努力協助核數師及與其合作，以完成並刊發202 4年年度業績 及202 5年中期業績。根據本公司現有資料，預期202 5年中期業績將於202 5年1 2 月底前刊發。 本公司將於適當時候刊發進一步公告，以提供有關202 4年年度業績、202 4年年 報、202 5年中期業績及202 5年中期報告之更新情況。 繼續暫停買賣 應本公司要求，股份已自202 5年4月1日上午九時正起於聯交所暫停買賣，並將繼 續暫停買賣，直至達成復牌指引及作出任何補充或修訂為止。 (1) 延遲刊發2025年中期業績及延遲寄發2025年中期報告；及 (2) 繼續暫停買賣 本公告乃由三巽控股集團有限公司（「本公司」，與其子公司合稱「本集團」） 董事會（「 ...

Shareholder Meeting - The company announced a special general meeting to address shareholder matters scheduled for December 16, 2024[2] - All transfer documents must be submitted by December 24, 2024, at 4:30 PM to be eligible for voting at the meeting[2] Board of Directors - The board of directors includes executive directors Qian Kun, An Juan, and Tao Qingchen[3]

Financial Performance - Revenue for the six months ended June 30, 2024, was approximately RMB 917.9 million, a decrease of about 53.8% compared to RMB 1,985.2 million for the same period in 2023[1] - Gross profit for the same period was approximately RMB 26.1 million, with a gross margin of approximately 2.8%[1] - Loss for the six months ended June 30, 2024, was approximately RMB 54.3 million, a significant reduction of about 55.5% from a loss of RMB 121.9 million in the same period of 2023[1] - The company reported a basic and diluted loss per share of RMB 0.10 for the six months ended June 30, 2024, compared to RMB 0.34 for the same period in 2023[3] - The company's revenue decreased from RMB 1,985.2 million for the six months ended June 30, 2023, to RMB 917.9 million for the six months ended June 30, 2024, representing a decline of approximately 53.8%[28] - The net loss reduced from RMB 121.9 million for the six months ended June 30, 2023, to RMB 54.3 million for the six months ended June 30, 2024[28] Sales and Contracts - Contract sales amount for the group and its associates was approximately RMB 199.2 million, a year-on-year decline of 62.6%[1] - The total area of sold contracts was approximately 30,122 square meters, down 59.3% year-on-year[1] - For the six months ended June 30, 2024, the company reported property sales revenue of RMB 917,014,000, a decrease of 53.8% compared to RMB 1,984,164,000 for the same period in 2023[14] - The group recorded unaudited contract sales of approximately RMB 199.2 million for the six months ended June 30, 2024, a decrease of 62.6% year-on-year[31] - The total building area sold was approximately 30,122 square meters, down 59.3% compared to the same period last year[31] Assets and Liabilities - Total assets as of June 30, 2024, were approximately RMB 10,323.5 million, a decrease of about 7.5% from RMB 11,136.5 million as of December 31, 2023[1] - Non-current assets totaled approximately RMB 288.2 million as of June 30, 2024, compared to RMB 275.8 million as of December 31, 2023[4] - The company's interest income decreased to RMB 334,000 for the six months ended June 30, 2024, from RMB 1,433,000 in the same period of 2023, representing a decline of 76.7%[15] - The company's total debt was approximately RMB 892.0 million, a slight decrease from approximately RMB 901.8 million as of December 31, 2023[48] - The net debt ratio increased to 31.6% as of June 30, 2024, compared to 24.4% as of December 31, 2023[28] - The asset-liability ratio, excluding advance receipts, was 64.7% as of June 30, 2024, slightly down from 64.9% as of December 31, 2023[28] Cash Flow and Liquidity - Cash and bank balances as of June 30, 2024, were approximately RMB 248.9 million[1] - The company has a significant liquidity concern, with current bank and other borrowings amounting to RMB 694,606,000 against cash and cash equivalents of only RMB 26,011,000 as of June 30, 2024[8] - The cash to short-term debt ratio was 0.36 times as of June 30, 2024, down from 0.59 times as of December 31, 2023[28] - The company is actively seeking opportunities to sell its assets, such as land and interests in project development companies, to improve liquidity[8] Expenses and Costs - The total financing costs for the six months ended June 30, 2024, amounted to RMB 447,083,000, an increase of 123.5% compared to RMB 200,235,000 in the previous year[17] - The company incurred a cost of sold inventory of RMB 891,843,000 for the six months ended June 30, 2024, down from RMB 1,527,105,000 in the same period of 2023, indicating a decrease of 41.5%[16] - Selling and distribution expenses decreased by 70.8% from approximately RMB 49.3 million for the six months ended June 30, 2023, to approximately RMB 14.4 million for the six months ended June 30, 2024, mainly due to reduced sales[40] - Administrative expenses decreased by 5.3% from approximately RMB 29.1 million for the six months ended June 30, 2023, to approximately RMB 27.5 million for the six months ended June 30, 2024, due to cost control measures[41] - Financing costs increased by 116.9% from approximately RMB 18.2 million for the six months ended June 30, 2023, to approximately RMB 39.5 million for the six months ended June 30, 2024, primarily due to a decrease in capitalized interest[43] Market Conditions - The real estate market in China showed a decline in overall investment by 10.2% year-on-year in the first half of 2024, with residential investment down by 10.6%[29] Corporate Governance - The board believes that the company has taken various measures to ensure sufficient funds for ongoing operations, despite uncertainties in the real estate market[9] - The company has adopted the corporate governance code and has complied with all applicable provisions during the six-month period ending June 30, 2024[62] - The audit committee has reviewed the unaudited interim condensed consolidated financial information for the six months ending June 30, 2024, and found it compliant with applicable accounting standards[64] Staff and Dividends - The group employed 99 staff as of June 30, 2024, a significant reduction from 223 staff as of December 31, 2023[58] - The company did not declare or pay any dividends for the six months ended June 30, 2024, consistent with the previous year[20] - The board does not recommend the payment of an interim dividend for the six months ending June 30, 2024[61]

Financial Performance - For the year ended December 31, 2023, the Group recorded cumulative contracted sales of approximately RMB 783.2 million, a year-on-year decrease of approximately 64.6%[18] - The Group recognized sales revenue of RMB 2,623.4 million during the Reporting Period, representing a year-on-year decrease of 41.5%[18] - The Group reported an annual loss of RMB 384.8 million for the year ended December 31, 2023[18] - Revenue for the year ended December 31, 2023, amounted to approximately RMB 2,623.4 million, representing a decrease of approximately 41.5% compared to the year ended December 31, 2022[32] - Gross profit for the year ended December 31, 2023, was approximately RMB 32.8 million, with a gross profit margin of approximately 1.25%[32] - Loss for the year ended December 31, 2023, was approximately RMB 384.8 million, representing a decrease of approximately 454.3% compared to the profit of approximately RMB 108.6 million for the year ended December 31, 2022[32] - Total assets as of December 31, 2023, were approximately RMB 11,158.4 million, representing a decrease of approximately 21.3% compared to December 31, 2022[32] - Cash and bank balances were approximately RMB 391.4 million as of December 31, 2023[32] - The Group's revenue decreased by 41.6% from approximately RMB 4,486.0 million in 2022 to approximately RMB 2,621.8 million in 2023, primarily due to a decrease in delivered GFA[102] - Gross profit fell by 94.5% from approximately RMB 596.8 million in 2022 to approximately RMB 32.8 million in 2023, mainly due to reduced revenue[108] Market Conditions - The real estate market in China is projected to maintain a scale of RMB 10 trillion in the long run, with structural opportunities in different cities[14] - In 2024, the national new housing market is expected to continue facing downside pressure, requiring real estate enterprises to formulate corresponding strategies[14] - Looking ahead to 2024, the national new housing market is expected to face continued downside pressure, necessitating tailored strategies from different real estate enterprises[49] - The overall real estate market in China is projected to maintain a scale of RMB 10 trillion in the long run, with structural opportunities in various cities[49] - The real estate market recovery in 2024 will depend on restoring homebuyer expectations and effective supply and demand policies[81] - The new home sales market is expected to continue facing adjustment pressure in 2024, with potential modest growth if economic recovery continues[81] - The "Three major projects" will be the main direction of policy implementation, expected to stabilize investments and restore sales in 2024[81] Operational Strategies - The Group aims to adapt to new market conditions and achieve high-quality development through a balanced structure of asset-light and asset-heavy business[14] - The Group has re-established its operation and management system to enhance operational efficiency and effectiveness[19] - The Group actively adopted regional products as models for research and development, promoting existing major projects effectively[19] - The Group aims to achieve breakthroughs in the performance of major projects in 2024 while creating more development opportunities[24] - The Group will continue to embrace market development and improve operating performance through asset revitalization and operational optimization[25] Financial Ratios and Liabilities - Net gearing ratio was approximately 24.4% as of December 31, 2023, compared to 3.8% as of December 31, 2022[36] - As of December 31, 2023, the company's net asset liability ratio was 24.4%, a significant increase from 3.8% on December 31, 2022[38] - The cash to short-term borrowing ratio decreased to 0.59 times from 1.5 times year-on-year[38] - The asset liability ratio, excluding pre-sale proceeds, rose to 64.9% from 61.7% in the previous year[38] - Total indebtedness as of December 31, 2023 was approximately RMB 901.8 million, a decrease from approximately RMB 1,071.5 million in 2022[135] - Current borrowings increased from RMB 635.4 million in 2022 to RMB 667.6 million in 2023, while non-current borrowings decreased from RMB 436.2 million to RMB 234.2 million[144] Employee and Management Information - The Group had 223 employees as of December 31, 2023, a decrease from 289 employees in the previous year[177] - The group provides competitive compensation packages, including salaries, bonuses, and various allowances, along with social insurance contributions[180] - The executive directors have extensive experience in the real estate industry, with Mr. Qian and Ms. An each having over 18 years of experience[183][187] - Mr. Wang has over 13 years of experience in construction and real estate, having joined the group in March 2010[189] - Mr. Zhang has over 28 years of business management experience, focusing on cost management for property development projects[195] Policy and Regulatory Environment - In February 2023, the government emphasized the importance of the real estate industry and proposed in-depth research on supply and demand relationships in the market[60] - By July 2023, significant changes in the supply and demand relationship of China's real estate market were acknowledged, leading to adjustments in regulatory policies[61] - Since the end of August 2023, various ministries have gradually loosened restrictive policies, marking a positive shift for the real estate industry[63] - The Central Financial Work Conference in October 2023 outlined plans to promote a virtuous cycle between finance and real estate, focusing on equitable financing needs for real estate enterprises[66] - The Central Economic Work Conference in December 2023 confirmed the policy direction for 2024, emphasizing the need to guard against systemic risks while promoting stable market development[66] - Since August 2023, first home mortgage policies have been implemented in major cities, with record-high application frequencies in September 2023[69] - Nearly 30 cities have lowered or canceled sales restriction requirements in 2023, indicating a trend towards policy optimization in the real estate market[75] - The overall environment for real estate policies has remained relaxed, with a focus on supporting rigid and improving housing demand[62] Sales and Marketing Performance - The contracted gross floor area sold was approximately 107,114 square meters, reflecting a year-on-year decrease of 60.9%[82] - The average selling price for contracted sales was approximately RMB 7,227.8 per square meter, a decrease of about 6.5% year-on-year[82] - The Group's contract liabilities were approximately RMB 5,201.6 million, down 31.6% from RMB 7,606.1 million as of December 31, 2022[83] - The Group had completed properties held for sale valued at RMB 2,850.0 million, a 33.9% increase from RMB 2,128.8 million as of December 31, 2022[94] - Properties under development amounted to RMB 5,231.3 million, representing a 34.3% decrease from RMB 7,960.9 million as of December 31, 2022[95]

Financial Performance - For the year ended December 31, 2023, the revenue was approximately RMB 2,623.4 million, a decrease of about 41.5% compared to RMB 4,487.6 million for the year ended December 31, 2022[4]. - The gross profit for the year ended December 31, 2023, was approximately RMB 32.8 million, with a gross margin of approximately 1.25%[4]. - The loss for the year ended December 31, 2023, was approximately RMB 384.8 million, a decrease of about 454.3% compared to a profit of approximately RMB 108.6 million for the year ended December 31, 2022[4]. - Revenue for 2023 was RMB 2,623,434,000, a decrease of 41.5% from RMB 4,487,643,000 in 2022[28]. - Property sales revenue accounted for RMB 2,621,824,000 in 2023, down from RMB 4,486,029,000 in 2022, indicating a significant decline[28]. - The group reported a pre-tax loss of RMB 257,754,000 for 2023, compared to a profit of RMB 311,476,000 in 2022[38]. - The company recorded a loss of approximately RMB 384.8 million for the year ended December 31, 2023, compared to a profit of approximately RMB 108.6 million for the year ended December 31, 2022[84]. Assets and Liabilities - The total assets as of December 31, 2023, were approximately RMB 11,158.4 million, a decrease of about 21.3% from RMB 14,189.5 million as of December 31, 2022[4]. - The net asset liability ratio as of December 31, 2023, was 24.4%[4]. - The company's total debt as of December 31, 2023, was approximately RMB 901.8 million, a decrease from approximately RMB 1,071.5 million as of December 31, 2022[89]. - The net debt-to-equity ratio as of December 31, 2023, was 24.4%, compared to 3.8% as of December 31, 2022[93]. - The group's capital commitments as of December 31, 2023, were RMB 1,827,500,000, down from RMB 2,447,000,000 in 2022, indicating a decrease of about 25.3%[101]. Cash Flow and Liquidity - As of December 31, 2023, cash and bank balances were approximately RMB 391.4 million[4]. - The cash to short-term borrowings ratio decreased to 0.59 times in 2023 from 1.5 times in 2022, suggesting tighter liquidity conditions[52]. - The company has not repaid RMB 390,013,000 of principal on due interest-bearing borrowings as of December 31, 2023[122]. - The company is exploring strategies to improve liquidity and financial conditions, including asset sales and collection of receivables[122]. Sales and Market Conditions - The contracted sales amount for the group and its associates was approximately RMB 783.2 million, a year-on-year decrease of 64.6%[4]. - The total area of contracted sales for the year ended December 31, 2023, was approximately 108,278 square meters, a decrease of 63.0% year-on-year[4]. - The overall real estate market in China faced a 17.3% decline in sales for the top 100 real estate companies in 2023, highlighting ongoing market challenges[54]. - The outlook for the real estate market in 2024 remains under pressure, but there is potential for slight growth in sales if economic recovery continues[67]. Expenses and Financial Costs - Total financing costs for 2023 were RMB 42,293,000, an increase from RMB 27,580,000 in 2022[34]. - Other income and gains decreased by 72% to approximately RMB 5.1 million for the year ended December 31, 2023, from RMB 18.3 million for the year ended December 31, 2022, mainly due to a reduction in government subsidies received[76]. - Sales and distribution expenses decreased by 58.4% from approximately RMB 173.2 million for the year ended December 31, 2022, to approximately RMB 72.1 million for the year ended December 31, 2023, mainly due to reduced promotional and marketing activities[78]. - Financial costs increased by 53.3% from approximately RMB 27.6 million for the year ended December 31, 2022, to approximately RMB 42.3 million for the year ended December 31, 2023, primarily due to increased interest on presale deposits[81]. Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, ensuring compliance with applicable governance standards[110]. - The independent auditor's report indicated no opinion on the consolidated financial statements due to uncertainties related to going concern[120]. Future Outlook and Strategies - The board believes the group has taken various measures to ensure sufficient available funds for sustainable operations, considering past performance and cash flow forecasts for the next 12 months[16]. - The group is accelerating the sale of developed and under-development properties and expediting the collection of outstanding sales proceeds[18]. - The policy environment for real estate is expected to improve, with significant measures anticipated to be implemented to stabilize the market[65].

Financial Performance - The Group's revenue increased from RMB 1,806.7 million for the six months ended June 30, 2022, to RMB 1,985.2 million for the six months ended June 30, 2023, representing an increase of 9.9%[13]. - The Group recorded a loss of RMB 121.9 million for the six months ended June 30, 2023, compared to a profit of RMB 31.3 million for the same period in 2022[13]. - The Group's gross profit decreased by 40.7% from approximately RMB 243.3 million for the six months ended June 30, 2022, to approximately RMB 144.2 million for the six months ended June 30, 2023[51]. - The gross profit margin decreased to 7.3% for the six months ended June 30, 2023, compared to 13.5% for the same period in 2022[52]. - The net loss for the period was RMB 121,923, a significant decline from a profit of RMB 31,285 in the previous year[165]. - Basic and diluted loss per share was RMB (0.34), compared to RMB (0.05) in the same period of 2022[165]. Sales and Market Activity - The Group's unaudited contracted sales for the six months ended June 30, 2023, were approximately RMB 532.9 million, reflecting a significant decrease of 62.3% year-on-year[13]. - The contracted gross floor area (GFA) sold was approximately 74,090 sq.m., representing a period-on-period decrease of 59.1%[29]. - The average selling price (ASP) of contracted sales for the six months ended June 30, 2023, was approximately RMB 7,193 per sq.m., representing a period-on-period decrease of approximately 7.8%[29]. - The national land market continued to be in a downturn, with the scale of residential land demand and supply in 300 cities falling by more than 30% year-on-year, the lowest level in the past ten years[24]. - In the first half of 2023, the trading activity of new commercial housing in key 100 cities increased by 11% year-on-year, although the sales area fell by more than 20% period-on-period[23]. Financial Position and Ratios - As of June 30, 2023, the net gearing ratio was 9.9%, up from 3.8% as of December 31, 2022[16]. - The cash-to-short term borrowing ratio decreased to 0.98 times as of June 30, 2023, compared to 1.5 times as of December 31, 2022[16]. - The liabilities to asset ratio (excluding advanced sales proceeds) was 62.0% as of June 30, 2023, slightly up from 61.7% as of December 31, 2022[16]. - As of June 30, 2023, total current liabilities decreased to RMB 9,598,267 from RMB 11,225,278 as of December 31, 2022[168]. - Net assets as of June 30, 2023, were RMB 2,365,195, down from RMB 2,516,018 at the end of 2022[168]. Cost Management and Expenses - Selling and marketing expenses decreased by 40.6% from approximately RMB 83.0 million for the six months ended June 30, 2022, to approximately RMB 49.3 million for the six months ended June 30, 2023, attributed to reduced promotional activities[59]. - Administrative expenses decreased by 49.3% from approximately RMB 57.4 million for the six months ended June 30, 2022, to approximately RMB 29.1 million for the six months ended June 30, 2023, due to tighter cost controls[64]. - Other expenses increased by 522.6% from approximately RMB 9.3 million for the six months ended June 30, 2022, to approximately RMB 57.9 million for the six months ended June 30, 2023, primarily due to a contract revocation with the government resulting in a loss of RMB 49.6 million[66]. Cash Flow and Liquidity - Cash generated from operations for the first half of 2023 was RMB 312,504,000, a decrease from RMB 789,949,000 in the prior year[176]. - The total cash flows used in investing activities amounted to RMB 46,353,000, contrasting with a net inflow of RMB 29,467,000 in the prior year[176]. - The Group's current portion of interest-bearing bank and other borrowings as of June 30, 2023, was RMB 744,803,000, while cash and cash equivalents were only RMB 123,052,000, indicating a significant liquidity concern[186]. - The net decrease in cash and cash equivalents for the same period was RMB 10,281,000, significantly improved from RMB 193,265,000 in 2022[181]. Corporate Governance and Management - The Group is committed to high standards of corporate governance and has complied with all applicable code provisions during the six months ended June 30, 2023[126][128]. - The Directors and senior management receive compensation in the form of salaries, bonuses, and other benefits, with remuneration packages reviewed by the Board[117][121]. - The Group emphasizes employee training programs to enhance individual initiative and responsibility[115][121]. Future Outlook and Risks - The overall economic situation is expected to improve in the second half of 2023 due to the introduction of positive economic policies since May 2023[28]. - Material uncertainties exist regarding the Group's ability to achieve its plans due to the volatility of the property sector in China[194]. - The management acknowledges significant uncertainty regarding the ability to implement plans and measures due to the volatility in the real estate sector and the support from banks and creditors[196].