2025年上半年，商用物业运营行业仍面临消费复苏不均衡等挑战，但星盛商业(6668.HK)凭借精细化管 理与区域深耕，交出一份稳健的2025年中期财报。 从财务数据到运营表现，不仅展现星盛商业抵御周期波动的经营韧性，也凸显了在大湾区消费需求扩容 升级浪潮中的独特价值和成长潜力。 当前，港、A股演绎"慢牛"行情，按照板块轮动的历史经验：牛市初期倾向于金融板块，随着信心增 强，资金开始追逐成长性更高的科技板块，到了中期则是消费和周期板块因业绩改善而受到关注。 基于上述逻辑，星盛商业或许正面临良好的窗口期，那么该如何看待后续的机会？不妨通过这份中期成 绩单探究一番。 透视财报亮点，在变与不变中加固护城河 整体而言，星盛商业延续了过往稳健经营的基调，又在关键运营环节上做出变革。可以说，星盛商业在 变与不变之间，不断加固护城河。 首先在财务指标上，呈现出"总量稳+质量高"两大特征。星盛商业2025年上半年实现收入约2.84亿元， 其中，来自大湾区的收入占比74.9%，区域深耕的领先优势进一步凸显。 上半年实现毛利约1.49亿元，整体毛利率约为52.3%，同比上升约0.7个百分点，保持在行业较高水平。 同时，管理费用下降 ...

巩固基本盘、开辟新增长，商业运营能力持续提升 近日，大湾区领先的商用物业运营服务供应商——星盛商业(6668.HK)发布2025年中期业绩并举办业绩 发布会。 以下总结了星盛商业的财务亮点，以及业绩发布会Q&A环节关键信息，为投资者展望公司的成长潜力 提供价值参考。 稳健经营凸显韧性，降本提效与精细化管理双驱动 从核心指标来看，星盛商业实现收入约2.84亿元，其中，大湾区收入占比74.9%，优势进一步显现。可 见在复杂多变的市场环境下，公司继续在行业内保持领先地位，经营韧性十足。 在费用开支方面，上半年管理费用率下降至9.3%，同比下降0.8个百分点。可见星盛商业在复杂多变的 市场环境下，通过精细化管理，在提升成本效益上取得显著效果，也成功验证了长期坚持稳健的经营策 略。在此基础上，公司上半年归母净利润实现0.87亿元。 值得关注的是，在手现金方面，期末达到13.68亿元，反映了充裕的资金实力。这为星盛商业带来强大 的抗风险能力，能更好地应对市场波动和不确定性，也为未来拓展新项目等提供支撑。此外，充裕的资 金是稳定分红的基础，对应回报股东的能力。 在股东回报方面，公司宣派中期股息每股普通股5.0港仙，上市5年 ...

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 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: 星盛商業管理股份有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 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) | 06668 | 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 | | | 1,014,516,000 | | | | 1,014,516,000 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 1,014,516,000 | | 0 | | 1,014,516,000 | 第 2 頁 共 10 頁 ...

Investment Rating - The report maintains a "Buy" recommendation for the company [1][7][12] Core Views - The company has demonstrated a solid operational foundation with a focus on enhancing shareholder returns through increased dividends, proposing a mid-term dividend of 5 HKD cents per share, a 4.2% increase year-on-year [4][7] - Despite a decline in revenue and net profit in the first half of 2025, the company shows resilience with a same-store traffic growth of 4.4% and a same-store sales growth of 11.4% [4][7] - The company is strategically positioned in the Greater Bay Area and Yangtze River Delta, with ongoing projects expected to enhance its market presence [7] Financial Summary - For the first half of 2025, the company reported revenue of 284 million HKD, a decrease of 9.4% year-on-year, and a net profit of 87 million HKD, down 2.5% year-on-year [4] - The company’s projected revenue for 2025 is estimated to be 657 million HKD, with a slight growth forecast of 2.0% [6][10] - The gross margin improved to 52.3%, reflecting a 0.7 percentage point increase, primarily due to better performance in the leasing model [7] Operational Highlights - The company maintains a high occupancy rate of 92.5% amidst competitive market conditions [7] - Cash reserves are robust, with 1.368 billion HKD available at the end of the reporting period, supporting the increased dividend payout [7] - The company has a total contracted area of approximately 2.65 million square meters, with 1.65 million square meters already operational [7] Future Outlook - The company is expected to continue its focus on the Greater Bay Area and Yangtze River Delta, with new projects planned for opening in the second half of 2025 [7] - Earnings per share (EPS) is projected to remain stable at 0.16 HKD for 2025-2027, with corresponding price-to-earnings (P/E) ratios of 7.7, 7.5, and 7.3 respectively [7][10]

Performance Summary - The company reported a revenue of 2.84 billion RMB and a gross profit of 1.49 billion RMB, with a gross profit margin of 52.3%, reflecting a year-on-year increase of 0.7 percentage points [4][5] - The net profit attributable to shareholders was 0.87 billion RMB, and the management expense ratio decreased by 0.8 percentage points to 9.3% [4][5] - The company maintained a high cash dividend policy, declaring an interim dividend of 5.0 HKD cents per share, representing a year-on-year growth of 4.2% [5][6] Operational Metrics - Same-store sales increased by 11.4%, while same-store foot traffic decreased by 4.47% [5] - The occupancy rate stood at 92.5%, with a slight increase of 0.1 percentage points [5][11] - The company has a cash reserve of 13.68 billion RMB [4] Development and Expansion - The company operates 27 projects with a total area of 1.65 million square meters, maintaining a high occupancy rate compared to industry averages [9][11] - It has developed over 250 new projects and partnered with 2,800 merchants, with 10 new flagship stores launched during the period [13][30] - The company has a brand resource pool of 5,000, enhancing its market presence [12] Marketing and Customer Engagement - The company has implemented various marketing strategies, including collaborations with major platforms, resulting in over 100 million exposures [25][30] - It has introduced membership programs that enhance customer engagement and satisfaction, with significant increases in member sales and participation [30][34] Sustainability and Corporate Responsibility - The company launched a "Sustainable Exploration Plan" aimed at promoting low-carbon practices and reducing carbon emissions by 11 tons [39][41] - It has taken initiatives to support export enterprises by opening commercial spaces and leveraging government resources [41][42] Industry Recognition - The company has been recognized in various industry rankings, including being listed among the top 10 in the Chinese commercial real estate sector [43][44]

Group 1 - The core viewpoint of the article is that Xing Sheng Commercial (06668.HK) reported its interim results for the first half of 2025, showing a revenue of approximately RMB 284 million and a gross profit margin of about 52.3%, which is an increase of approximately 0.7 percentage points year-on-year [1] - The company reported a profit attributable to owners of approximately RMB 87 million and proposed an interim dividend of 5.0 Hong Kong cents per ordinary share [1] - As of June 30, 2025, the company had short-term bank deposits and cash and cash equivalents amounting to approximately RMB 1.368 billion [1] Group 2 - The company is a leading commercial property operation service provider in the Greater Bay Area with a nationwide presence [1] - As of June 30, 2025, the company provided services to 52 commercial property projects across 21 cities in China, with a total contracted gross floor area of approximately 2.65 million square meters (excluding 8 consulting service projects) [1] - Approximately 45.8% of the properties serviced are developed or owned by independent third parties, and there are 27 operational retail commercial properties with a total operational area of approximately 165,000 square meters [1]

EF001 EF001 免責聲明 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 星盛商業管理股份有限公司 | | 股份代號 | 06668 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月之中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.05 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.05 HKD | | 匯率 | 1 HKD ...

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) Star Properties' H1 2025 revenue decreased by 9.4% to RMB 284.2 million, while the overall gross profit margin increased by 0.7 percentage points to 52.3%, with profit attributable to owners decreasing by 2.5% to RMB 86.9 million, and an interim dividend of HK 5.0 cents per ordinary share declared [H1 2025 Performance Overview](index=1&type=section&id=H1%202025%20Performance%20Overview) For the six months ended June 30, 2025, Star Properties' revenue decreased by 9.4% to RMB 284.2 million, but the overall gross profit margin increased by 0.7 percentage points to 52.3%, with profit attributable to owners decreasing by 2.5% to RMB 86.9 million, and an interim dividend of HK 5.0 cents per ordinary share declared 2025 H1 Key Financial Data (RMB million) | Indicator | For the six months ended June 30, 2025 (RMB million) | Year-on-year Change | | :--- | :--- | :--- | | Revenue | 284.2 | -9.4% | | Overall Gross Profit Margin | 52.3% | +0.7 percentage points | | Profit Attributable to Owners of the Company | 86.9 | -2.5% | | Interim Dividend (per ordinary share) | 5.0 HK cents | N/A | [Financial Statements](index=2&type=section&id=Financial%20Statements) This section presents the Group's unaudited condensed consolidated financial statements, including the statement of profit or loss and other comprehensive income, and the statement of financial position [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents the unaudited condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, and 2024, reflecting key financial performance metrics Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousand) | Indicator | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 284,229 | 313,780 | | Cost of Services | (135,548) | (151,900) | | Gross Profit | 148,681 | 161,880 | | Other Income | 15,585 | 18,745 | | Other Losses | (1,131) | (802) | | Net Impairment Losses | (707) | (1,295) | | Selling Expenses | (6,676) | (14,688) | | Administrative Expenses | (26,346) | (31,752) | | Finance Costs | (18,451) | (18,144) | | Share of Results of a Joint Venture | – | (74) | | Profit Before Tax | 110,955 | 113,870 | | Income Tax Expense | (24,902) | (27,374) | | Profit and Total Comprehensive Income for the Period | 86,053 | 86,496 | | Profit Attributable to Owners of the Company | 86,896 | 89,100 | | Non-controlling Interests | (843) | (2,604) | | Basic Earnings Per Share (RMB cents) | 8.58 | 8.80 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section provides the unaudited condensed consolidated statement of financial position as of June 30, 2025, and December 31, 2024, detailing the Group's assets, liabilities, and equity structure Condensed Consolidated Statement of Financial Position (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property and Equipment | 778 | 1,152 | | Investment Properties | 783,532 | 780,445 | | Deferred Tax Assets | 50,014 | 44,205 | | **Current Assets** | | | | Short-term Bank Deposits | 870,808 | 655,905 | | Cash and Cash Equivalents | 497,609 | 710,599 | | Total Current Assets | 1,425,297 | 1,417,359 | | **Current Liabilities** | | | | Trade and Other Payables | 223,171 | 286,286 | | Lease Liabilities | 23,111 | 22,268 | | Dividends Payable | 76,793 | – | | Total Current Liabilities | 358,286 | 359,562 | | **Total Equity** | | | | Equity Attributable to Owners of the Company | 1,257,646 | 1,246,877 | | Non-controlling Interests | 7,964 | 8,807 | | Total Equity | 1,265,610 | 1,255,684 | | **Non-current Liabilities** | | | | Lease Liabilities | 653,117 | 647,151 | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes explaining the basis of preparation, accounting policies, and specific financial statement items [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) The financial information is prepared in accordance with Hong Kong Accounting Standard 34 and applicable disclosure requirements of the HKEX Listing Rules - Financial information is prepared in accordance with HKAS 34 and HKEX Listing Rules[7](index=7&type=chunk) [Principal Accounting Policies](index=5&type=section&id=Principal%20Accounting%20Policies) The financial information is prepared on a historical cost basis, with accounting policies consistent with the 2024 consolidated financial statements, and no significant impact from new HKFRS amendments - Financial information is prepared on a historical cost basis, with accounting policies consistent with 2024[8](index=8&type=chunk) - Application of HKFRS amendments in the current period has no significant impact on financial position or performance[9](index=9&type=chunk) [Revenue and Segment Information](index=6&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from commercial property operation services in Mainland China, categorized into entrusted management, brand and management output, and master lease services, operating as a single segment Revenue from Commercial Property Operation Services by Operation Model (RMB thousand) | Operation Model | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Entrusted Management Services | 185,706 | 209,691 | | Brand and Management Output Services | 34,439 | 43,458 | | Master Lease Services | 64,084 | 60,631 | | **Total** | **284,229** | **313,780** | Revenue from Commercial Property Operation Services by Service Type (RMB thousand) | Service Type | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Market Positioning, Design & Construction Consulting, and Tenant Sourcing Services | 20,985 | 29,180 | | Operation Management Services | 182,235 | 198,323 | | Value-added Services | 52,884 | 57,616 | | **Total (Revenue from Contracts with Customers)** | **256,104** | **285,119** | - The Group operates as a single operating segment, with all business and non-current assets located in Mainland China[13](index=13&type=chunk)[14](index=14&type=chunk) [Income Tax Expense](index=8&type=section&id=Income%20Tax%20Expense) Income tax expense for the six months ended June 30, 2025, was RMB 24.9 million, primarily comprising current and deferred tax Income Tax Expense (RMB thousand) | Tax Type | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | PRC Enterprise Income Tax, net | 29,268 | 38,532 | | Deferred Tax | (4,366) | (11,158) | | **Total** | **24,902** | **27,374** | [Profit for the Period](index=8&type=section&id=Profit%20for%20the%20Period) Profit for the period is calculated after deducting staff costs, depreciation, and direct operating expenses for investment properties, with total staff costs at RMB 89.7 million and investment property depreciation at RMB 23.1 million Components of Profit for the Period (RMB thousand) | Indicator | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Total Staff Costs | 89,719 | 99,022 | | Depreciation of Property and Equipment | 300 | 585 | | Depreciation of Investment Properties | 23,082 | 23,102 | | Gross Rental Income from Investment Properties | (28,125) | (28,661) | | Less: Direct Operating Expenses Arising from Investment Properties during the Period | 27,405 | 27,615 | [Dividends](index=9&type=section&id=Dividends) The Board declared an interim dividend of HK 5.0 cents per ordinary share for the six months ended June 30, 2025, with total dividend distribution recognized during the period amounting to RMB 77.1 million Dividend Distribution Recognized During the Period (RMB thousand) | Dividend Type | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Final dividend for 2024 of HK 8.3 cents per ordinary share | 77,108 | – | | Final dividend for 2023 of HK 13.0 cents per ordinary share | – | 120,066 | | **Total** | **77,108** | **120,066** | - The Board declared an interim dividend of **HK 5.0 cents per ordinary share** for the six months ended June 30, 2025[16](index=16&type=chunk) [Earnings Per Share](index=9&type=section&id=Earnings%20Per%20Share) Basic earnings per share attributable to owners of the Company was RMB 8.58 cents, calculated based on profit attributable to owners and the weighted average number of ordinary shares, with no diluted EPS presented due to absence of potential ordinary shares Basic Earnings Per Share Calculation Data | Indicator | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (RMB thousand) | 86,896 | 89,100 | | Weighted Average Number of Ordinary Shares (thousand shares) | 1,012,579 | 1,012,635 | - No diluted earnings per share is presented for the two interim periods as there are no outstanding potential ordinary shares[20](index=20&type=chunk) [Trade and Other Receivables](index=10&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables amounted to RMB 72.9 million, with trade receivables at RMB 26.0 million, and most trade receivables (net of credit loss provision) aged within 0-10 days Analysis of Trade and Other Receivables (RMB thousand) | Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables | 25,985 | 23,961 | | Other Receivables | 46,883 | 45,604 | | **Total** | **72,868** | **69,565** | Ageing Analysis of Trade Receivables (Net of Provision for Credit Losses) (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 10 days | 15,597 | 15,129 | | 11 to 30 days | 391 | 453 | | 31 to 60 days | 2,946 | 207 | | 61 to 90 days | 374 | 367 | | Over 90 days | 1,262 | 2,390 | | **Total** | **20,570** | **18,546** | [Trade and Other Payables](index=12&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were RMB 223.2 million, with trade payables at RMB 30.5 million, and most trade payables aged within 0-30 days Analysis of Trade and Other Payables (RMB thousand) | Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 30,482 | 40,286 | | Other Payables | 192,689 | 246,000 | | **Total** | **223,171** | **286,286** | Ageing Analysis of Trade Payables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 30,479 | 40,283 | | Over 90 days | 3 | 3 | | **Total** | **30,482** | **40,286** | [Share Capital](index=13&type=section&id=Share%20Capital) As of June 30, 2025, the Company's authorized share capital was 2,000,000,000 shares, with 1,014,516,000 shares issued and fully paid, and no share repurchases or cancellations during the period Share Capital Details | Indicator | Number of Shares | Share Capital (HK$ thousand) | Share Capital (RMB thousand) | | :--- | :--- | :--- | :--- | | Authorized Share Capital (par value HK$0.01 per share) | 2,000,000,000 | 20,000 | 16,755 | | Issued and Fully Paid Share Capital (as of June 30, 2025) | 1,014,516,000 | 10,145 | 8,487 | - Ordinary shares repurchased in December 2023 and January 2024 were cancelled in February 2024[23](index=23&type=chunk) [Company Profile and Business Model](index=14&type=section&id=Company%20Profile%20and%20Business%20Model) This section outlines Star Properties' position as a leading commercial property operation service provider in the Greater Bay Area and details its diverse business models [Company Profile](index=14&type=section&id=Company%20Profile) Star Properties is a leading commercial property operation service provider in the Greater Bay Area, managing 52 projects across 21 cities in China with a total contracted GFA of approximately 2.65 million sq.m., and holding recognized brands - As of June 30, 2025, the Group provides services to **52 commercial property projects** across **21 cities in China**, with a total contracted GFA of approximately **2.65 million sq.m**[24](index=24&type=chunk) - The Group owns well-recognized brand systems including "COCO Park", "COCO City", "iCO", and "The Third Space"[24](index=24&type=chunk) - In H1 2025, the Group received multiple industry honors, including "Top 10 Commercial Real Estate Operators in China 2025" from China Index Academy[25](index=25&type=chunk) [Business Model](index=15&type=section&id=Business%20Model) The Group provides commercial property operation services through entrusted management, brand and management output, and master lease service models, each differing in management involvement, customer base, and service offerings - The Group provides commercial property operation services through three operating models: entrusted management, brand and management output, and master lease services[26](index=26&type=chunk) [Entrusted Management Service Model](index=15&type=section&id=Entrusted%20Management%20Service%20Model) Under this model, the Group is fully entrusted by owners to manage commercial properties, deploying a complete management team to provide comprehensive services, aiming for optimal operational performance and revenue growth - The Group is fully entrusted by owners to manage commercial properties, deploying a complete management team[27](index=27&type=chunk) - Services include market positioning, design and construction consulting, tenant sourcing, operation management, and value-added services[27](index=27&type=chunk)[28](index=28&type=chunk) - This model grants the Group high autonomy, contributing to better operational performance and revenue growth[29](index=29&type=chunk) [Brand and Management Output Service Model](index=16&type=section&id=Brand%20and%20Management%20Output%20Service%20Model) As a professional manager, the Group deploys only a core management team, with owners bearing most personnel and operating costs, resulting in lower capital and human resource investment, higher gross profit margins, and facilitating rapid regional expansion - The Group only deploys a core management team for projects, with owners responsible for most project personnel and operating costs[30](index=30&type=chunk)[32](index=32&type=chunk) - Revenue sources include fixed fees for positioning, construction consulting, and tenant sourcing services, as well as a predetermined percentage or fixed fee for operation management services[31](index=31&type=chunk)[32](index=32&type=chunk) - This model requires less capital and human resource investment, generally yields higher gross profit margins, and facilitates rapid regional expansion[33](index=33&type=chunk) [Master Lease Service Model](index=17&type=section&id=Master%20Lease%20Service%20Model) The Group leases commercial properties from owners and subleases them to tenants, taking full responsibility for management and operational performance, potentially offering renovation services, a model that maximizes project revenue but carries higher risks and is adopted cautiously - The Group leases commercial properties from owners and subleases commercial spaces to tenants, taking full responsibility for management and operational performance[34](index=34&type=chunk) - Services include property leasing, operation management, and value-added services, with revenue primarily from rent and management fees[36](index=36&type=chunk) - This model can maximize project revenue but faces higher risks, thus adopted cautiously, primarily for projects with high growth potential[35](index=35&type=chunk) [Business Operations Review](index=18&type=section&id=Business%20Operations%20Review) This section reviews the Group's project portfolio, opened retail commercial properties, regional distribution, and average occupancy rates [Project Portfolio](index=18&type=section&id=Project%20Portfolio) As of June 30, 2025, the Group's total service projects numbered 52, with a total contracted GFA of approximately 2.65 million sq.m., noting a decrease in brand and management output service projects due to contract termination with Zhuhai Galaxy COCO Park Total Contracted GFA and Number of Properties by Operation Model | Operation Model | June 30, 2025 No. of Properties | June 30, 2025 GFA (thousand sq.m.) | December 31, 2024 No. of Properties | December 31, 2024 GFA (thousand sq.m.) | | :--- | :--- | :--- | :--- | :--- | | Entrusted Management Services | 12 | 886 | 12 | 886 | | Brand and Management Output Services | 33 | 1,345 | 34 | 1,408 | | Master Lease Services | 7 | 416 | 7 | 416 | | **Total** | **52** | **2,647** | **53** | **2,710** | - In H1 2025, the Group negotiated and terminated the contract with the owner of Zhuhai Galaxy COCO Park, leading to a reduction in brand and management output service projects[37](index=37&type=chunk) [Opened Retail Commercial Property Projects](index=19&type=section&id=Opened%20Retail%20Commercial%20Property%20Projects) As of June 30, 2025, the Group operated 27 opened retail commercial property projects, with a total opened GFA of approximately 1.65 million sq.m., located in various cities including Shenzhen, Changzhou, and Shanghai Overview of Selected Opened Retail Commercial Property Projects | No. | Commercial Property | Location | Opening Date | Operation Model | Owner | | :--- | :--- | :--- | :--- | :--- | :--- | | 1. | Shenzhen Futian Galaxy COCO Park (North District) | Shenzhen | Sep 2006 | Entrusted Management Services | Galaxy Holdings Group Co., Ltd. and its associates | | 4. | Shenzhen Longgang Galaxy COCO Park | Shenzhen | Sep 2012 | Entrusted Management Services | Galaxy Holdings Group Co., Ltd. and its associates | | 6. | Shenzhen Longhua Galaxy iCO | Shenzhen | Dec 2015 | Brand and Management Output Services | Independent third-party property developer | | 8. | Changzhou Wujin Hutang Galaxy COCO City | Changzhou | Aug 2016 | Master Lease Services | Galaxy Holdings Group Co., Ltd. and its associates | | 21. | Xiamen Galaxy COCO Park | Xiamen | May 2023 | Master Lease Services | Independent third-party property developer | | 27. | Shanghai Pudong Galaxy COCO Garden | Shanghai | May 2024 | Brand and Management Output Services | Galaxy Holdings Group Co., Ltd. and its associates | [Regional Distribution](index=21&type=section&id=Regional%20Distribution) As of June 30, 2025, the Group's business is primarily concentrated in the Greater Bay Area, contributing 74.9% of revenue and 56.7% of contracted GFA, with the Yangtze River Delta contributing 15.0% of revenue and 15.9% of contracted GFA Contracted GFA and Revenue by Geographical Location | Region | June 30, 2025 No. of Properties | June 30, 2025 Contracted GFA (thousand sq.m.) | June 30, 2025 Revenue (RMB thousand) | June 30, 2025 Revenue Share (%) | | :--- | :--- | :--- | :--- | :--- | | Greater Bay Area | 32 | 1,500 | 212,938 | 74.9 | | －Shenzhen | 19 | 777 | 186,135 | 65.5 | | Yangtze River Delta | 9 | 422 | 42,499 | 15.0 | | Other Regions | 10 | 725 | 28,792 | 10.1 | | **Total** | **52** | **2,647** | **284,229** | **100.0** | [Average Occupancy Rate](index=22&type=section&id=Average%20Occupancy%20Rate) As of June 30, 2025, the average occupancy rate for the Group's operating retail commercial properties was 92.5%, a slight increase from 92.4% at December 31, 2024, with COCO Park achieving the highest rate at 93.9% Average Occupancy Rate of Operating Retail Commercial Properties | Product Type | June 30, 2025 (%) | December 31, 2024 (%) | | :--- | :--- | :--- | | COCO Park | 93.9 | 93.8 | | COCO City and iCO | 90.9 | 90.7 | | Others | 93.7 | 93.9 | | **Total** | **92.5** | **92.4** | [Future Outlook and Strategy](index=22&type=section&id=Future%20Outlook%20and%20Strategy) This section outlines the Group's strategic priorities and work plan for the second half of 2025, focusing on asset value, digital intelligence, cost awareness, and regional expansion [H2 2025 Work Plan](index=22&type=section&id=H2%202025%20Work%20Plan) In H2 2025, Star Properties will focus on "Cost-Benefit Year" and "Focused Strategy," emphasizing asset value enhancement, digital intelligence, cost awareness, and regional expansion - H2 2025 core work will focus on the "Cost-Benefit Year" theme, implementing a "Focused Strategy" across four areas: enhancing asset value, improving digital intelligence, strengthening cost awareness, and deepening regional expansion[42](index=42&type=chunk) [Enhance Asset Value, Solidify Benchmark Status](index=22&type=section&id=Enhance%20Asset%20Value,%20Solidify%20Benchmark%20Status) The Group plans to enhance asset value by upgrading benchmark projects, targeted tenant attraction, refined management, diversified revenue expansion, and improved customer stickiness, with three new projects scheduled to open in H2 - Key projects will continue to optimize tenant mix and brands to achieve asset appreciation, with Shenzhen Futian Galaxy COCO Park reinforcing its youthful positioning and trendsetter image[43](index=43&type=chunk)[45](index=45&type=chunk) - Diversified tenant attraction strategies, including "strategic co-development," "first-entry brands," and "innovative brands," will be adopted, with "one-store-one-policy" plans to improve occupancy and rental income[46](index=46&type=chunk) - Diversified revenue channels will be expanded, utilizing mall advertising spaces, venue rentals, and value-added services, alongside external collaborations for commercial consulting and training[47](index=47&type=chunk) - Three new projects, Shenzhen Guangming Galaxy COCO City, Shenzhen Galaxy WORLD • COCO Park Phase II, and Nanjing Galaxy COCO City, are scheduled to open in H2, with strict control over construction and preparation to ensure timely and quality openings[49](index=49&type=chunk) [Enhance Digital Intelligence, Drive Business Growth](index=25&type=section&id=Enhance%20Digital%20Intelligence,%20Drive%20Business%20Growth) The Group will optimize its full-scenario digital platform covering consumers, merchants, and building management, integrate financial and tenant attraction systems, build a leasing settlement (ERP) system, and deploy AI algorithms and IoT devices to enhance operational efficiency and customer experience - The B-side system "Star Butler" mini-program will be optimized to address high-frequency merchant needs and management efficiency, enabling online and paperless merchant services[50](index=50&type=chunk) - Existing financial and tenant attraction management systems will be integrated to build a leasing settlement (ERP) system for financial-business integration, while strengthening the C-side marketing platform to enhance smart and convenient consumer experiences[51](index=51&type=chunk) - Data middle-ground management standards will be improved, AI algorithms introduced for data application optimization, the BI data platform upgraded, and IoT temperature and humidity sensors deployed to enhance customer experience and save energy[52](index=52&type=chunk) [Strengthen Cost Awareness, Optimize Resource Allocation](index=26&type=section&id=Strengthen%20Cost%20Awareness,%20Optimize%20Resource%20Allocation) The Group will reduce costs and energy consumption in new project preparation and ongoing operations through refined management and control, and advance the "Baichuan Plan" to optimize parking revenue structure and property cost monitoring - Cost awareness will be strengthened during new project preparation to precisely plan capital investment and reduce unnecessary expenses[53](index=53&type=chunk) - Operating projects will focus on energy saving and consumption reduction, including air conditioning energy-saving renovations, optimizing system operation logic, and strengthening equipment maintenance[53](index=53&type=chunk) - The "Baichuan Plan" will be actively promoted to refine parking revenue structure management, establish a dynamic property cost monitoring mechanism, and optimize parking fee strategies and smart device applications[54](index=54&type=chunk) [Deepen Regional Cultivation and Expansion, Innovate Business for Efficiency](index=27&type=section&id=Deepen%20Regional%20Cultivation%20and%20Expansion,%20Innovate%20Business%20for%20Efficiency) The Group will continue to focus on the Greater Bay Area, selectively develop the Yangtze River Delta with targeted expansion strategies, and actively explore innovative light-asset business models to enhance competitiveness and operational performance - Adhering to the 14th Five-Year Plan strategic direction, the Group will deepen and strengthen its presence in the Greater Bay Area, selectively develop the Yangtze River Delta, and formulate targeted expansion strategies for key cities[55](index=55&type=chunk) - Innovative light-asset business models will be actively explored, expanding full-process consulting services for non-listed commercial properties and phased specialized service projects, aiming for breakthroughs in core businesses[56](index=56&type=chunk) [Financial Performance Analysis](index=28&type=section&id=Financial%20Performance%20Analysis) This section provides a detailed analysis of the Group's financial performance, including revenue, costs, gross profit, and other income and expenses [Revenue](index=28&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's revenue was approximately RMB 284.2 million, a 9.4% year-on-year decrease, with entrusted management and brand and management output services revenue declining, while master lease services revenue increased by 5.7% Total Revenue by Operation Model (RMB thousand) | Operation Model | For the six months ended June 30, 2025 Revenue (RMB thousand) | Share (%) | For the six months ended June 30, 2024 Revenue (RMB thousand) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Entrusted Management Services | 185,706 | 65.3 | 209,691 | 66.8 | | Brand and Management Output Services | 34,439 | 12.1 | 43,458 | 13.8 | | Master Lease Services | 64,084 | 22.6 | 60,631 | 19.4 | | **Total** | **284,229** | **100.0** | **313,780** | **100.0** | - Entrusted management service revenue decreased by approximately **11.4%** year-on-year, primarily due to a reduction in projects[59](index=59&type=chunk) - Brand and management output service revenue decreased by approximately **20.8%** year-on-year, mainly affected by market conditions and the real estate industry, leading to reduced upfront service revenue from consulting projects[59](index=59&type=chunk) - Master lease service revenue increased by approximately **5.7%** year-on-year, primarily due to steady growth in operating income from master lease projects opened in recent years[60](index=60&type=chunk) [Cost of Services](index=29&type=section&id=Cost%20of%20Services) For the six months ended June 30, 2025, cost of services was approximately RMB 135.5 million, a 10.8% year-on-year decrease, mainly due to fewer entrusted management projects and reduced operating costs from refined operations - Cost of services decreased by approximately **10.8%** year-on-year, primarily due to a reduction in entrusted management projects and lower operating costs from refined operations[61](index=61&type=chunk) [Gross Profit and Gross Profit Margin](index=29&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) For the six months ended June 30, 2025, gross profit was approximately RMB 148.7 million, an 8.2% year-on-year decrease, while the overall gross profit margin increased by 0.7 percentage points to 52.3%, driven by a significant 11.8 percentage point increase in master lease services gross profit margin to 24.5% Gross Profit and Gross Profit Margin by Operation Model | Operation Model | For the six months ended June 30, 2025 Gross Profit (RMB thousand) | For the six months ended June 30, 2025 Gross Profit Margin (%) | For the six months ended June 30, 2024 Gross Profit (RMB thousand) | For the six months ended June 30, 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Entrusted Management Services | 107,144 | 57.7 | 121,503 | 57.9 | | Brand and Management Output Services | 25,835 | 75.0 | 32,675 | 75.2 | | Master Lease Services | 15,702 | 24.5 | 7,702 | 12.7 | | **Total** | **148,681** | **52.3** | **161,880** | **51.6** | - Overall gross profit margin increased by approximately **0.7 percentage points to 52.3%**[65](index=65&type=chunk) - Master lease service gross profit margin increased by approximately **11.8 percentage points to 24.5%**, primarily due to steady growth in operating income and cost reduction efforts[69](index=69&type=chunk) [Other Income](index=30&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income was approximately RMB 15.6 million, mainly comprising bank interest income - Other income was approximately **RMB 15.6 million**, primarily consisting of bank interest income[66](index=66&type=chunk) [Other Gains and Losses](index=30&type=section&id=Other%20Gains%20and%20Losses) For the six months ended June 30, 2025, net other losses were approximately RMB 1.1 million, mainly due to foreign exchange differences - Net other losses were approximately **RMB 1.1 million**, primarily due to foreign exchange differences[67](index=67&type=chunk) [Impairment Losses Recognized Under Expected Credit Loss Model](index=30&type=section&id=Impairment%20Losses%20Recognized%20Under%20Expected%20Credit%20Loss%20Model) For the six months ended June 30, 2025, impairment losses recognized by the Group were approximately RMB 0.7 million, a decrease from RMB 1.3 million in the prior period, mainly due to changes in estimated future recovery of trade receivables - Impairment losses recognized were approximately **RMB 0.7 million**, a year-on-year decrease, primarily due to changes in estimated future recovery of trade receivables[68](index=68&type=chunk) [Selling Expenses](index=31&type=section&id=Selling%20Expenses) For the six months ended June 30, 2025, selling expenses were approximately RMB 6.7 million, a significant 54.5% year-on-year decrease, mainly due to fewer entrusted management projects and effective cost control through targeted marketing activities - Selling expenses decreased by approximately **54.5%** year-on-year, primarily due to a reduction in entrusted management projects and targeted marketing activities[70](index=70&type=chunk) [Administrative Expenses](index=31&type=section&id=Administrative%20Expenses) For the six months ended June 30, 2025, administrative expenses were approximately RMB 26.3 million, a 17.0% year-on-year decrease, mainly due to continuous optimization of organizational structure and improved management efficiency - Administrative expenses decreased by approximately **17.0%** year-on-year, primarily due to continuous optimization of organizational structure and improved management efficiency[71](index=71&type=chunk) [Finance Costs](index=31&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs were approximately RMB 18.5 million, largely consistent with the prior year, primarily representing interest expenses on lease liabilities recognized for master lease projects under HKFRS 16 - Finance costs were approximately **RMB 18.5 million**, largely consistent with the prior year, primarily representing interest expenses on lease liabilities for master lease projects[72](index=72&type=chunk) [Share of Results of a Joint Venture](index=31&type=section&id=Share%20of%20Results%20of%20a%20Joint%20Venture) For the six months ended June 30, 2025, the Group's share of results of a joint venture was nil, compared to a loss of approximately RMB 0.1 million in the prior year - Share of results of a joint venture was **nil**, compared to a loss of approximately **RMB 0.1 million** in the prior year[73](index=73&type=chunk) [Income Tax Expense](index=32&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was approximately RMB 24.9 million, a 9.0% year-on-year decrease, primarily due to a reduction in profit before tax - Income tax expense decreased by approximately **9.0%** year-on-year, primarily due to a reduction in profit before tax[74](index=74&type=chunk) [Profit for the Period](index=32&type=section&id=Profit%20for%20the%20Period) For the six months ended June 30, 2025, the Group's profit for the period was approximately RMB 86.1 million, a 0.5% year-on-year decrease, with profit attributable to owners of the Company decreasing by 2.5% to RMB 86.9 million - The Group's profit for the period decreased by approximately **0.5%** to **RMB 86.1 million**[75](index=75&type=chunk) - Profit attributable to owners of the Company decreased by approximately **2.5%** to **RMB 86.9 million**[75](index=75&type=chunk) [Financial Position and Liquidity](index=32&type=section&id=Financial%20Position%20and%20Liquidity) This section analyzes the Group's financial position, including trade and other receivables/payables, contingent liabilities, liquidity, and gearing ratio [Trade and Other Receivables](index=32&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, trade and other receivables were approximately RMB 47.3 million, an increase of approximately 7.5% from December 31, 2024, mainly due to increased engineering investment in new projects and cyclical differences in settling management service fees with owners - Trade and other receivables increased by approximately **7.5%** to **RMB 47.3 million**, primarily due to increased engineering investment in new projects and cyclical differences in management service fee settlements[76](index=76&type=chunk) [Trade and Other Payables](index=32&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, trade and other payables were approximately RMB 223.2 million, a decrease of approximately 22.0% from December 31, 2024, mainly due to the payment of year-end bonuses accrued in the previous year and other payables - Trade and other payables decreased by approximately **22.0%** to **RMB 223.2 million**, primarily due to the payment of prior year's accrued year-end bonuses and other payables[77](index=77&type=chunk) [Contingent Liabilities](index=33&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[78](index=78&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) The Group maintains a stable financial position with ample liquidity and bank balances; as of June 30, 2025, short-term bank deposits, cash, and cash equivalents totaled approximately RMB 1,368.4 million, largely consistent with December 31, 2024 - The Group maintains a stable financial position with ample liquidity and bank balances[79](index=79&type=chunk) - Short-term bank deposits, cash, and cash equivalents totaled approximately **RMB 1,368.4 million**, largely consistent with December 31, 2024[79](index=79&type=chunk) [Bank Loans and Other Borrowings](index=33&type=section&id=Bank%20Loans%20and%20Other%20Borrowings) As of June 30, 2025, the Group had no bank loans or other borrowings - As of June 30, 2025, the Group had no bank loans or other borrowings[80](index=80&type=chunk) [Gearing Ratio](index=33&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio was approximately 44.8%, largely consistent with 44.9% at December 31, 2024 - The gearing ratio was approximately **44.8%**, largely consistent with December 31, 2024[81](index=81&type=chunk) [Foreign Exchange Risk](index=33&type=section&id=Foreign%20Exchange%20Risk) The Group's primary business and most financial assets and liabilities are denominated in RMB; while no forward foreign exchange contracts are used for hedging, management continues to monitor and mitigate risks - The Group's primary business is denominated in RMB, and it has not entered into forward foreign exchange contracts to hedge foreign exchange risk[82](index=82&type=chunk) [Use of Proceeds](index=34&type=section&id=Use%20of%20Proceeds) This section details the net proceeds from the global offering and over-allotment option, including their revised intended uses and utilization status [Net Proceeds from Global Offering and Over-allotment Option](index=34&type=section&id=Net%20Proceeds%20from%20Global%20Offering%20and%20Over-allotment%20Option) The Company raised approximately RMB 841.8 million in net proceeds from its global offering and over-allotment option; the Board resolved on August 25, 2022, to change the intended use to capitalize on master lease service market opportunities, with approximately RMB 471.8 million utilized by June 30, 2025, primarily for leasing and renovation of retail commercial properties under the master lease service model - Net proceeds from the global offering and over-allotment option totaled approximately **RMB 841.8 million**[83](index=83&type=chunk)[85](index=85&type=chunk) - The Board resolved on August 25, 2022, to change the intended use of net proceeds to capitalize on master lease service market opportunities[84](index=84&type=chunk) Use of Net Proceeds (As of June 30, 2025, RMB million) | Revised Use | Share (%) | Unutilized as of Jan 1, 2025 | Utilized in H1 2025 | Cumulative Utilized | Unutilized as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Leasing and renovation of retail commercial properties under master lease service model | 75% | 346.7 | 52.3 | 337.0 | 294.4 | | Minority equity investments in companies owning quality commercial properties | 10% | 45.2 | – | 39.0 | 45.2 | | Enhancing information technology systems | 5% | 32.0 | 1.6 | 11.6 | 30.4 | | General business purposes and working capital | 10% | – | – | 84.2 | – | | **Total** | **100%** | **423.9** | **53.9** | **471.8** | **370.0** | - As of the date of this announcement, approximately **RMB 370.0 million** of unutilized net proceeds has been deposited in licensed banks and is intended to be used as originally planned[85](index=85&type=chunk)[86](index=86&type=chunk) [Other Important Information](index=36&type=section&id=Other%20Important%20Information) This section covers additional key information, including employee numbers, remuneration policy, future investment plans, corporate governance, and dividend arrangements [Number of Employees and Remuneration Policy](index=36&type=section&id=Number%20of%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 840 employees, a decrease from 954 at December 31, 2024; remuneration is based on qualifications, experience, job nature, and performance, including cash bonuses, medical plans, retirement plans, and share awards - As of June 30, 2025, the Group had **840 employees**, a decrease of **114** from December 31, 2024[87](index=87&type=chunk) - Remuneration is based on employee qualifications, experience, job nature, and performance, including cash performance bonuses, medical plans, retirement plans, share option schemes, and restricted share unit awards[87](index=87&type=chunk) - Staff costs for H1 2025 included share-based payment expenses of approximately **RMB 981,000**[87](index=87&type=chunk) [Future Plans for Material Investments and Capital Assets](index=36&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) For the six months ended June 30, 2025, the Group had no specific plans for material investments or acquisitions of major capital assets or other businesses, beyond the expansion plans outlined in the prospectus - Beyond the expansion plans outlined in the prospectus, the Group has no specific plans for material investments or acquisitions of major capital assets or other businesses[88](index=88&type=chunk) [Material Investments, Acquisitions, and Disposals of Subsidiaries, Associates, and Joint Ventures](index=36&type=section&id=Material%20Investments,%20Acquisitions,%20and%20Disposals%20of%20Subsidiaries,%20Associates,%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the Group had no material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had no material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures[89](index=89&type=chunk) [Pledges of Assets](index=37&type=section&id=Pledges%20of%20Assets) As of June 30, 2025, the Group had not pledged any assets - As of June 30, 2025, the Group had not pledged any assets[90](index=90&type=chunk) [Corporate Governance](index=37&type=section&id=Corporate%20Governance) The Company is committed to maintaining high corporate governance standards, complying with the Model Code for Securities Transactions by Directors and the Corporate Governance Code as set out in the HKEX Listing Rules - The Company's directors have complied with the required standards set out in the Model Code for the six months ended June 30, 2025[91](index=91&type=chunk) - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[92](index=92&type=chunk) - The Company has applied the principles of good corporate governance and complied with the code provisions set out in Part 2 of the Corporate Governance Code in Appendix C1 of the Listing Rules[94](index=94&type=chunk) [Interim Dividend and Closure of Register of Members](index=38&type=section&id=Interim%20Dividend%20and%20Closure%20of%20Register%20of%20Members) The Board declared an interim dividend of HK 5.0 cents per ordinary share for the six months ended June 30, 2025; the register of members will be closed from November 28 to December 1, 2025, with the interim dividend expected to be paid on or around December 19, 2025 - The Board declared an interim dividend of **HK 5.0 cents per ordinary share** for the six months ended June 30, 2025[95](index=95&type=chunk) - The register of members will be closed from **Friday, November 28, 2025, to Monday, December 1, 2025**[95](index=95&type=chunk) - The proposed interim dividend is expected to be paid on or around **Friday, December 19, 2025**[95](index=95&type=chunk) [Review of Interim Results](index=38&type=section&id=Review%20of%20Interim%20Results) The unaudited interim financial information for the six months ended June 30, 2025, has been reviewed by the Company's auditor, Deloitte Touche Tohmatsu, and discussed and reviewed by the Audit Committee with management - The unaudited interim financial information has been reviewed by the Company's auditor, Deloitte Touche Tohmatsu[96](index=96&type=chunk) - The Company's Audit Committee, together with management, has reviewed the accounting principles and practices adopted by the Group and discussed matters including internal control, risk management, and financial reporting[96](index=96&type=chunk) [Publication of Interim Results and Interim Report](index=39&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This announcement has been published on the HKEX and Company websites; the Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and posted on the HKEX and Company websites in due course - This announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.g-cre.com)[97](index=97&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and posted on the HKEX and Company websites in due course[97](index=97&type=chunk)

Core Insights - The article highlights the competitive advantages of the Futian COCO Park, emphasizing its long-term operational success and market positioning as a premier shopping destination for Hong Kong consumers [1][2]. Group 1: Market Positioning and Customer Base - Futian COCO Park has established itself as a top shopping center for Hong Kong customers, leveraging its strategic location and continuous brand updates to attract foot traffic and sales [1]. - In 2023, the shopping center experienced a 42% year-on-year increase in foot traffic and a 31% increase in sales, with Hong Kong customers contributing significantly to this growth [1]. Group 2: Tax Refund Policy Impact - Starting January 1, 2025, Futian COCO Park will be the first in the district to implement an "immediate refund" tax policy, which is expected to further boost sales by enhancing the shopping experience for international visitors [2]. - Data shows that the "immediate refund" policy has a strong positive impact on consumption, with sales of tax refund items in Shenzhen increasing over 210% year-on-year in the first five months of the year [2]. Group 3: Company Performance and Forecast - The company is recognized as a benchmark in the Bay Area for pure commercial management, with a strong brand reputation among young consumers [3]. - Adjustments to the company's revenue growth and gross margin forecasts have been made, with the EPS predictions for 2025 and 2026 revised to 0.15 and 0.16 respectively, and a new EPS forecast for 2027 set at 0.17 [3].

Core Viewpoint - Xing Sheng Commercial (06668.HK) will hold a board meeting on August 28, 2025, to review and approve the interim results for the six months ending June 30, 2025, and to consider the proposal for an interim dividend distribution, if any [1] Group 1 - The board meeting is scheduled for August 28, 2025 [1] - The meeting will focus on the interim results for the six months ending June 30, 2025 [1] - The proposal for an interim dividend distribution will also be reviewed [1]