Core Points - Zhang Wei has resigned from his position as an independent non-executive director, chairman of the audit committee, and member of the remuneration committee of Zhengrong Services, effective September 1, 2025 [1] - Zheng Yilei will be appointed as an independent non-executive director and will also serve as a member of the audit committee and the nomination committee, effective September 1, 2025 [1]

[Interim Results and Operations Summary](index=1&type=section&id=Interim%20Results%20and%20Operations%20Summary) The Group's H1 2025 revenue decreased by 4.5% to RMB 523.3 million, gross profit fell 5.1%, and loss for the period significantly narrowed to RMB 6.6 million Financial Highlights | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 523.3 | 548.1 | -4.5 | | Gross Profit | 105.5 | 111.2 | -5.1 | | Loss for the Period | (6.6) | (14.9) | -55.7 | | Loss Attributable to Owners of the Parent | (7.5) | (15.1) | -50.3 | | GFA Under Management (million sq.m.) | 78.8 | 80.3 (Dec 31, 2024) | -1.9 | | Interim Dividend | Nil | Nil | - | Revenue by Business Segment | Business Segment | H1 2025 Revenue (RMB million) | Proportion of Total Revenue (%) | H1 2024 Revenue (RMB million) | Proportion of Total Revenue (%) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 404.0 | 77.2 | 411.8 | 75.1 | -1.9 | | Non-Owner Value-Added Services | 18.3 | 3.5 | 32.3 | 5.9 | -43.4 | | Community Value-Added Services | 62.1 | 11.9 | 62.2 | 11.3 | 0.0 | | Commercial Operation Management Services | 38.9 | 7.4 | 41.9 | 7.7 | -7.2 | | **Total** | **523.3** | **100.0** | **548.1** | **100.0** | **-4.5** | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides the Group's interim condensed consolidated financial statements, detailing the income statement, comprehensive income, and financial position as of June 30, 2025 [Interim Condensed Consolidated Income Statement](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group's revenue was RMB 523,284 thousand, gross profit RMB 105,529 thousand, and loss for the period significantly narrowed to RMB 6,575 thousand, with basic and diluted loss per share attributable to owners of the parent at RMB (0.01) Interim Condensed Consolidated Income Statement | Metric | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 523,284 | 548,136 | | Cost of Sales | (417,755) | (436,984) | | **Gross Profit** | **105,529** | **111,152** | | Other Income and Gains | 5,686 | 27,382 | | Administrative Expenses | (67,694) | (81,162) | | Net Impairment Loss on Financial Assets | (6,679) | (17,103) | | Fair Value Loss on Investment Properties | (32,081) | (33,780) | | Loss Before Tax | (1,416) | (1,115) | | Income Tax Expense | (5,159) | (13,761) | | **Loss for the Period** | **(6,575)** | **(14,876)** | | Loss Attributable to Owners of the Parent | (7,520) | (15,133) | | Basic and Diluted Loss Per Share | RMB (0.01) | RMB (0.01) | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group recorded a total comprehensive loss of RMB 6,580 thousand, narrowed from RMB 14,886 thousand in the prior period, primarily due to loss for the period and exchange differences from translating foreign operations Interim Condensed Consolidated Statement of Comprehensive Income | Metric | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the Period | (6,575) | (14,876) | | Exchange Differences on Translating Foreign Operations | (5) | (10) | | **Total Comprehensive Loss for the Period** | **(6,580)** | **(14,886)** | | Attributable to Owners of the Parent | (7,525) | (15,143) | | Attributable to Non-Controlling Interests | 945 | 257 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities were RMB 934,977 thousand, with net assets at RMB 837,515 thousand, non-current assets totaling RMB 659,676 thousand, and current assets RMB 1,077,171 thousand, while trade receivables increased and cash and bank balances slightly decreased Interim Condensed Consolidated Statement of Financial Position | Metric | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Non-Current Assets | 659,676 | 687,630 | | Total Current Assets | 1,077,171 | 1,086,857 | | Total Current Liabilities | 801,870 | 789,600 | | Net Current Assets | 275,301 | 297,257 | | Total Assets Less Current Liabilities | 934,977 | 984,887 | | Total Non-Current Liabilities | 97,462 | 140,625 | | **Net Assets** | **837,515** | **844,262** | | Total Equity | 837,515 | 844,262 | - Trade receivables increased from **RMB 342,377 thousand** as of December 31, 2024, to **RMB 398,727 thousand** as of June 30, 2025[7](index=7&type=chunk) - Cash and bank balances decreased from **RMB 572,211 thousand** as of December 31, 2024, to **RMB 548,429 thousand** as of June 30, 2025[7](index=7&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes to the interim condensed consolidated financial information, covering company details, basis of preparation, accounting policies, segment information, revenue, and other financial disclosures [1. Company Information](index=6&type=section&id=1.%20Company%20Information) The Company was incorporated in the Cayman Islands on December 17, 2018, with its subsidiaries primarily engaged in property management, non-owner value-added services, community value-added services, and commercial operation management services in Mainland China - The Company was incorporated in the Cayman Islands on **December 17, 2018**[9](index=9&type=chunk) - Subsidiaries primarily provide property management, non-owner value-added services, community value-added services, and commercial operation management services in Mainland China[9](index=9&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The interim condensed consolidated financial statements are prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024 - Interim condensed consolidated financial statements are prepared in accordance with **IAS 34 Interim Financial Reporting**[10](index=10&type=chunk) - These statements should be read in conjunction with the Group's annual consolidated financial statements for the year ended **December 31, 2024**[10](index=10&type=chunk) [3. Changes in Accounting Policies and Disclosures](index=6&type=section&id=3.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) Accounting policies adopted for the interim financial information are consistent with the annual consolidated financial statements, except for the initial adoption of amended IFRSs, such as IAS 12 (Amendments), which had no impact on the interim condensed consolidated financial information - Accounting policies are consistent with the 2024 annual consolidated financial statements, except for the initial adoption of amended IFRSs[10](index=10&type=chunk) - Amended **IAS 12 (Lack of Exchangeability)** had no impact on the interim condensed consolidated financial information[11](index=11&type=chunk) [4. Operating Segment Information](index=7&type=section&id=4.%20Operating%20Segment%20Information) The Group primarily engages in property management, with integrated resources,

董事會謹藉此機會對張先生於其任期內對本集團的寶貴貢獻表示衷心感謝。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部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。 ZHENRO SERVICES GROUP LIMITED 正榮服務集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6958） 獨立非執行董事辭任、委任獨立非執行董事 及 董事委員會成員變動 獨立非執行董事辭任 本公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，張偉先生（「張先生」）因其 他業務及工作承擔，已辭任本公司獨立非執行董事、本公司審計委員會主席及薪 酬委員會成員，自2025年9月1日起生效。 張先生已確認，彼與董事會之間並無意見分歧，亦概無有關其辭任的事宜須敦請 香港聯合交易所有限公司（「聯交所」）及本公司股東垂注。 委任獨立非執行董事 董事會欣然宣佈，鄭屹磊先生（「鄭先生」）將獲委任為獨立非執行董事，以及本公 司審計委員會及本公司提名委員會各自之成員，自2025年9月1日起生效。 鄭先生，46歲，在企業法 ...

格隆汇8月13日丨正荣服务(06958.HK)公告，公司将于2025年8月27日(星期三)举行董事会会议，藉以(其 中包括)考虑及批准公司及其附属公司截至2025年6月30日6个月止未经审计的中期业绩及其发布，以及 考虑派发中期股息(如有)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部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。 ZHENRO SERVICES GROUP LIMITED 正榮服務集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6958） 董事會召開日期 正榮服務集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二 零二五年八月二十七日（星期三）舉行董事會會議，藉以（其中包括）考慮及批准本 公司及其附屬公司截至二零二五年六月三十日六個月止之未經審計的中期業績及 其發佈，以及考慮派發中期股息（如有）。 承董事會命 正榮服務集團有限公司 董事會主席 劉偉亮 香港，2025年8月13日 截至本公告日期，鄧歷先生及王威先生為本公司執行董事；劉偉亮先生及王志明 先生為本公司非執行董事；及歐陽寶豐先生、張偉先生及魏琴女士為本公司獨立 非執行董事。 ...

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) | 06958 | 說明 不適用 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 20,000,000,000 | USD | | 0.002 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | 20,000,000,000 | USD | | 0.002 | USD | | 40,000,000 | 本月底法定/註冊股本總額： USD 40,000,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 正榮服務集團有限公司 呈交日 ...

Core Insights - The property management industry is experiencing a significant trend of companies voluntarily exiting projects due to various operational challenges and financial pressures [1][3][5] - The turnover rate of residential property management has increased from 1.7% in 2021 to 3.3% in 2024, indicating a growing willingness among homeowners to change property management companies [7][10] Group 1: Company Exits - China Overseas Property announced its exit from the Ezhou Shuangchuang Star community by August 31, 2025, due to low occupancy rates and high unpaid fees, with a total outstanding amount of 595,900 yuan as of January 2025 [1][4] - Jin Ke Service will withdraw from Chongqing Hengchun Phoenix City by August 31, 2025, citing reduced property fees and legacy issues from developers leading to losses [1][4] - Longfor Property is set to exit Shanghai Su Di Chun Xiao community by August 2025 due to unresolved historical issues causing operational risks [1][4] Group 2: Industry Trends - A report by CRIC shows that from 2021 to 2024, the residential property turnover rate has increased, suggesting a trend where approximately 20,000 residential communities change property management annually [2][7] - Many property management companies, including Wanwu Cloud, Shimao Service, and others, have publicly announced their termination and exit from various projects in their 2024 annual reports [2][3] - The ongoing dissatisfaction among homeowners regarding property services has led to a rise in the number of homeowners seeking to change property management companies [10][11] Group 3: Financial Pressures - The primary reasons for property management companies exiting projects include rising costs, declining collection rates, and insufficient growth in value-added services [5][6] - In 2024, Wanwu Cloud exited 53 residential projects, impacting a saturated income of 286 million yuan, while Shimao Service and others also reported significant areas of project exits [6][5] - Companies are increasingly focusing on high-quality growth, prioritizing high-capacity cities and quality clients, as evidenced by China Overseas Property's increase in new contract amounts in core urban areas [5][6]

Financial Performance - Zhenro Services Group reported a revenue of HK$1.2 billion for the fiscal year ended December 31, 2024, representing a year-on-year increase of 15%[4]. - The company achieved a net profit of HK$300 million, which is a 10% increase compared to the previous year[4]. - The Group's revenue for the reporting period was approximately RMB 1,113.9 million, remaining stable compared to RMB 1,145.5 million in the same period of 2023[24][27]. - The Group reported a loss of approximately RMB 235.4 million, an increase from a loss of approximately RMB 81.9 million in the same period of 2023[24][27]. - The loss attributable to owners of the parent was approximately RMB 235.9 million, compared to a loss of approximately RMB 81.2 million in the same period of 2023[24][27]. - Total revenue for the Group amounted to approximately RMB 1,113.9 million for the year ended 31 December 2024, remaining stable compared to RMB 1,145.5 million in the same period of 2023[89]. - Gross profit decreased by approximately 4.8% to RMB232.9 million, with a gross profit margin of 20.9%, down 0.5 percentage points from 21.4% in 2023[98]. - Other income and gains increased by approximately 46.2% to RMB23.2 million, primarily due to one-off recognition of gain on right-of-use assets for commercial sublease projects[101]. - Revenue from property management services reached approximately RMB830.3 million, accounting for 74.5% of total revenue, with a growth rate of 4.0% compared to 2023[91]. - Revenue from community value-added services increased by 3.1% to approximately RMB148.4 million for the year ended 31 December 2024, compared to RMB143.9 million in the same period of 2023, accounting for 13.3% of total revenue[79]. Market Expansion and Strategy - The company has set a revenue guidance of HK$1.5 billion for the next fiscal year, projecting a growth rate of 25%[4]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[4]. - The company aims to focus on prime regions and expand into core cities such as Shanghai, Nanjing, Suzhou, Fuzhou, and Nanchang to enhance management coverage[31][33]. - The company is exploring segments with significant growth potential, including commercial and office buildings, schools, finance, and rail transit[31][33]. - The company aims to continue expanding its market share and business presence in China through its four business lines[56]. - The Group's geographic presence expanded to 50 cities in China as of December 31, 2024[64]. - The company is expanding its market presence in key regions such as the Yangtze River Delta, Pearl River Delta, Beijing-Tianjin-Hebei, and Chengdu-Chongqing, targeting large-scale commercial complexes and urban services[47]. Technology and Innovation - Zhenro Services is investing HK$200 million in new technology development aimed at enhancing service efficiency and customer experience[4]. - The management emphasized a strategic shift towards digital transformation to improve operational efficiency and customer engagement[4]. - The company aims for a 30% improvement in service efficiency through the integration of digital operations and the application of AI technologies[46]. - The company is focusing on enhancing customer experience through digital transformation initiatives[175]. Corporate Social Responsibility and Sustainability - The company is focusing on sustainability initiatives, with a target to reduce operational carbon emissions by 15% over the next three years[4]. - The company is committed to corporate social responsibility, conducting convenience and public welfare activities, which has led to increased customer satisfaction[34]. - The company launched the "Healthier Zhenro's Communities" program, integrating traditional Chinese culture and enhancing community engagement through door-to-door services in collaboration with JD.com Service+[36]. Organizational Structure and Human Resources - The organizational structure has been optimized to enhance independent operation capabilities in property management and commercial operations, with a focus on efficient decision-making and project management[39]. - The Group will enhance its employee training program using both internal and external resources to strengthen employee skill sets[147]. - Remuneration policies for staff are aligned with industry peers, with discretionary performance bonuses awarded based on contributions[148]. - As of December 31, 2024, the Group had approximately 3,270 employees, a decrease from approximately 3,485 employees as of December 31, 2023[146]. Risks and Challenges - Major risks include the inability to achieve planned future growth and challenges in securing new property management service agreements[200]. - The company faces uncertainties related to government policies and regulations affecting property management services in China[200]. - There are risks associated with rising raw material prices and labor costs impacting the company's operations[200]. - The management discussion and analysis section includes key financial performance indicators for the year[199]. Leadership and Governance - Mr. Wang Wei was appointed as an executive Director on July 1, 2023, and has been with Zhenro Commercial Management since March 2016[161]. - Mr. Liu Weiliang has over 16 years of experience in the real estate industry and was appointed as a non-executive Director on November 11, 2022[165]. - Ms. Wei Qin was appointed as an independent non-executive Director on December 31, 2024, bringing over 20 years of professional experience in auditing and restructuring[170]. - The company has multiple independent non-executive directors with extensive backgrounds in various industries, including real estate and financial technology[185]. - The company has a strong emphasis on independent oversight through its audit and remuneration committees[187].

Revenue Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 1,113.9 million, remaining relatively stable compared to RMB 1,145.5 million in the same period of 2023[2] - Property management services remained the largest revenue source, generating approximately RMB 830.3 million, accounting for about 74.5% of total revenue, with a year-on-year growth of approximately 4.0%[2] - Total revenue, including other income, for 2024 is RMB 1,113,933,000, down from RMB 1,145,503,000 in 2023, reflecting a decline of 2.8%[39] - Revenue from property management services in 2024 is RMB 830,266,000, an increase from RMB 798,346,000 in 2023[40] - Revenue recognized over time for property management services is RMB 940,510,000 in 2024, compared to RMB 970,674,000 in 2023, indicating a decrease of 3.1%[40] - Customer contract revenue for 2024 is RMB 1,065,245,000, a decrease of 2.0% from RMB 1,095,253,000 in 2023[39] Financial Loss and Profitability - The group reported a loss of approximately RMB 235.4 million for the year ended December 31, 2024, compared to a loss of RMB 81.9 million in the same period of 2023[3] - The total gross profit for the year was approximately RMB 232.9 million, a slight decrease of about 4.8% from RMB 244.7 million in 2023[2] - The company's gross profit was approximately RMB 232.9 million, down 4.8% from RMB 244.7 million in the previous year, resulting in a gross margin of 20.9%, slightly down from 21.4%[79] - The basic loss per share attributable to ordinary shareholders was RMB 0.227, compared to RMB 0.078 in the previous year[49] Asset and Liability Management - The group's total assets less current liabilities amounted to RMB 984.9 million, down from RMB 1,118.1 million in 2023[6] - The net assets of the group were RMB 844.3 million, a decrease from RMB 1,088.5 million in 2023[7] - The company has a total of RMB 59,670 thousand in borrowings, down from RMB 73,100 thousand in the previous year, indicating a reduction of approximately 18.3%[53] - The company's trade payables decreased by approximately 18.4% to RMB 134.9 million, attributed to a decline in non-owner value-added services[89] - As of December 31, 2024, the company's debt-to-equity ratio stands at 0.07, unchanged from December 31, 2023[94] Dividend Policy - The board of directors has resolved not to recommend the payment of any final dividend for the year ended December 31, 2024[3] - The company did not recommend any interim or final dividends for the reporting period[48] - The company does not recommend any final dividend for the year ending December 31, 2024, consistent with the previous year[102] Operational Insights - The area under management for property management services was approximately 80.3 million square meters, a slight decrease of about 0.6% from 80.8 million square meters in 2023[3] - The company operates four business lines: property management, non-owner value-added services, community value-added services, and commercial operation management, enhancing its competitive advantage[66] - The company expanded its geographical presence to 50 cities in China as of December 31, 2024[70] - The company aims to optimize its property management portfolio by reallocating resources to more profitable contracts[69] Regulatory Compliance and Financial Reporting - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and presented in Renminbi (RMB), with values rounded to the nearest thousand[10] - The consolidated financial statements include the financial results of the company and its subsidiaries for the year ending December 31, 2024[11] - The group reassessed its liability terms and conditions and concluded that the classification of current or non-current liabilities remains unchanged after the adoption of revised IFRS standards[13] - The group will apply the new and revised IFRS standards when they become effective, ensuring compliance with the latest accounting regulations[15] Strategic Initiatives - The company achieved resilient growth in a challenging environment, focusing on quality service and operational efficiency[57] - Expansion efforts are concentrated in key cities such as Shanghai, Nanjing, and Suzhou, with a focus on high-potential sectors like commercial office and healthcare[58] - The company is implementing quality enhancement initiatives, including the "Green Action" and "Bright Action" programs, to improve customer satisfaction and service quality[59] - Organizational restructuring is underway to improve decision-making efficiency and empower regional units, enhancing responsiveness to market demands[61] Employee and Cost Management - The total employee cost for the reporting period was approximately RMB 411.8 million, down from RMB 431.2 million as of December 31, 2023[99] - Administrative expenses decreased by approximately 5.3% to RMB 138.0 million, representing 12.4% of revenue, a slight decrease from 12.7% in the previous year[82] Impairment and Risk Management - The company reported a significant impairment loss on goodwill of RMB 214,777 thousand for the reporting period[45] - There are significant risks associated with the assumptions and estimates that could lead to substantial adjustments in the carrying amounts of assets and liabilities in the next fiscal year[27]

ZHENRO SERVICES GROUP LIMITED 正榮服務集團有限公司 正榮服務集團有限公司 ZHENRO SERVICES GROUP LIMITED Interim Report 2024 中期報告 （於開曼群島註冊成立的有限公司） 股份代號 Stock Code : 6958 (incorporated in the Cayman Islands with limited liability) Interim Report 2024 中期報告 目錄 CONTENTS 2 釋義 Definitions | --- | --- | --- | |-------|--------------------------|------------------------------------------------------------------| | | | | | | | | | 6 | 公司資料 | Corporate Information | | 9 | 主席報告 | Chairman's Statement | | 13 | 管理層討論及分析 | Management Discussio ...