[Financial Summary](index=1&type=section&id=Financial%20Summary) The company experienced a **70% revenue decline** and a significant increase in net loss in the first half of 2025, alongside a 6% reduction in total borrowings Financial Highlights | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,631 | 5,367 | -70% | | Net Loss | 666 | 154 | +332% | | Sales & Marketing and G&A Expenses (Total) | 131 | 159.7 (89+70.62) | -18% | | Bank & Other Borrowings (Period-end) | 4,290 | 4,552 (Dec 31, 2024) | -6% (vs. end of 2024) | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For H1 2025, revenue declined **70% to RMB 1,631 million**, resulting in a **RMB 450 million gross loss** and an expanded net loss of **RMB 666 million** Interim Condensed Consolidated Statement of Comprehensive Income | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 1,631,319 | 5,367,139 | | Cost of Sales | (2,081,321) | (5,076,777) | | Gross (Loss) / Profit | (450,002) | 290,362 | | Operating (Loss) / Profit | (573,677) | 130,032 | | Net Finance Costs | (29,358) | (40,709) | | (Loss) / Profit Before Income Tax | (609,403) | 81,772 | | Income Tax Expense | (56,670) | (235,714) | | Loss and Total Comprehensive Loss for the Period | (666,073) | (153,942) | | Loss Attributable to Owners of the Company | (329,717) | (76,419) | | Basic and Diluted Loss Per Share (RMB) | (0.20) | (0.05) | [Interim Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and liabilities decreased, with a shift from non-current to current borrowings and a decline in total equity Interim Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 1,664,240 | 1,690,070 | | Total Current Assets | 18,999,943 | 21,623,914 | | **Total Assets** | **20,664,183** | **23,313,984** | | **Equity** | | | | Total Equity | 7,412,068 | 8,078,141 | | **Liabilities** | | | | Total Non-current Liabilities | 1,157,241 | 1,884,578 | | Of which: Borrowings | 914,909 | 1,630,522 | | Total Current Liabilities | 12,094,874 | 13,351,265 | | Of which: Borrowings | 3,375,502 | 2,921,418 | | **Total Liabilities** | **13,252,115** | **15,235,843** | | **Total Equity and Liabilities** | **20,664,183** | **23,313,984** | [Notes to the Interim Condensed Consolidated Financial Information](index=5&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [1. General Information](index=5&type=section&id=1.%20General%20Information) The company, incorporated in the Cayman Islands, develops real estate in China, listed on HKEX in 2020, and its RMB-denominated interim financials were approved on August 29, 2025 - The company was incorporated in the Cayman Islands on **October 8, 2018**, primarily engaging in real estate project development in China[7](index=7&type=chunk) - The company's shares were listed on The Stock Exchange of Hong Kong Limited on **July 15, 2020**[7](index=7&type=chunk) - This interim condensed consolidated financial information is presented in **RMB** and was approved for issue by the Board of Directors on **August 29, 2025**[7](index=7&type=chunk) [2. Basis of Preparation](index=5&type=section&id=2.%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting," is unaudited, and should be read in conjunction with the company's annual financial report - The interim condensed consolidated financial information is prepared in accordance with **HKAS 34 "Interim Financial Reporting"**[9](index=9&type=chunk) - This interim condensed consolidated financial information for the six months ended June 30, 2025, has **not been audited**[8](index=8&type=chunk) - This interim condensed consolidated financial information should be read in conjunction with the annual report for the year ended December 31, 2024, and any announcements published by the company during the interim reporting period[9](index=9&type=chunk) [3. Accounting Policies](index=5&type=section&id=3.%20Accounting%20Policies) Accounting policies are consistent with the prior fiscal year, except for income tax estimates and adopted revised standards, with HKFRS 18 expected to significantly impact financial statement presentation and disclosure from January 1, 2027 [3(a) Revised Standards Adopted by the Group](index=5&type=section&id=3(a)%20Revised%20Standards%20Adopted%20by%20the%20Group) - Certain revised standards are applicable to this reporting period, and the Group was not required to change its accounting policies or make retrospective adjustments upon their adoption[10](index=10&type=chunk) [3(b) New and Revised Standards and Interpretations Not Yet Adopted by the Group](index=5&type=section&id=3(b)%20New%20and%20Revised%20Standards%20and%20Interpretations%20Not%20Yet%20Adopted%20by%20the%20Group) - **HKFRS 18** will replace **HKAS 1**, expected to have a broad impact on presentation and disclosure, particularly concerning the statement of comprehensive income and management-defined performance measures[11](index=11&type=chunk) - The Group expects to apply the new standard from its mandatory effective date of **January 1, 2027**, at which point comparative information for the fiscal year ended December 31, 2026, will be restated[12](index=12&type=chunk) [3(c) Going Concern](index=6&type=section&id=3(c)%20Going%20Concern) - The Group recorded a net loss of **RMB 666,073,000** for the six months ended June 30, 2025, with significant uncertainties raising substantial doubt about its ability to continue as a going concern[13](index=13&type=chunk) - As of June 30, 2025, the Group's total interest-bearing bank and other borrowings amounted to **RMB 4,290,411,000**, of which **RMB 3,375,502,000** are due within the next twelve months[13](index=13&type=chunk) - Interest-bearing bank and other borrowings totaling **RMB 373,611,000** were not repaid on time, causing certain borrowings of **RMB 832,500,000** to become repayable on demand[13](index=13&type=chunk) - Unpaid interest of **USD 8,576,203** related to the November 2025 notes led to approximately **USD 161.9 million** in principal, premium, and accrued interest being declared immediately due and payable by major noteholders[13](index=13&type=chunk) - The directors have adopted several plans and measures to improve liquidity and financial position, including communicating with noteholders for a holistic solution, negotiating rollovers or extensions with onshore debt holders, seeking alternative financing, accelerating property sales, controlling costs and expenses, resolving claim disputes, and disposing of project equity[14](index=14&type=chunk) - Despite the directors' belief in the Group's ability to continue as a going concern, significant uncertainty remains regarding management's successful implementation of these plans and measures[15](index=15&type=chunk)[16](index=16&type=chunk) [4. Revenue and Segment Information](index=8&type=section&id=4.%20Revenue%20and%20Segment%20Information) The Executive Directors are identified as the chief operating decision makers, assessing performance based on profit before tax, with property development as the sole operating segment, and all revenue from property sales in China recognized at a point in time - Property development is identified as the **sole operating segment**, with no geographical segment analysis presented[17](index=17&type=chunk) - For the six months ended June 30, 2025, and 2024, no single external customer accounted for **10% or more** of the Group's revenue[17](index=17&type=chunk) - Contract revenue with customers primarily consists of property sales in China, all of which are recognized at a point in time[17](index=17&type=chunk) Property Sales Revenue | Revenue Source | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Property Sales | 1,631,319 | 5,367,139 | [5. Net Finance Costs](index=9&type=section&id=5.%20Net%20Finance%20Costs) For H1 2025, net finance costs decreased to **RMB 29,358 thousand** from **RMB 40,709 thousand** in the prior period, primarily due to reduced bank deposit interest income and increased capitalized interest Net Finance Costs | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Finance Income (Interest income from bank deposits) | (816) | (2,917) | | Finance Costs (Bank and other borrowings) | 190,800 | 203,188 | | Finance Costs (Lease liabilities) | 1,554 | 2,034 | | Less: Interest capitalized | (162,180) | (161,596) | | Net Finance Costs | 29,358 | 40,709 | [6. Income Tax Expense](index=9&type=section&id=6.%20Income%20Tax%20Expense) For H1 2025, income tax expense significantly decreased to **RMB 56,670 thousand**, primarily due to lower PRC corporate income tax and land appreciation tax, with varying tax rates across jurisdictions Income Tax Expense | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Current income tax: | | | | - PRC corporate income tax | 46,504 | 188,613 | | - PRC Land Appreciation Tax | 7,362 | 32,890 | | Deferred income tax | 2,804 | 14,211 | | **Total Income Tax Expense** | **56,670** | **235,714** | - The applicable corporate income tax rate for PRC mainland group entities is **25%**[23](index=23&type=chunk) - PRC Land Appreciation Tax is levied at progressive rates ranging from **30% to 60%** on the appreciation of land value[24](index=24&type=chunk) - Hong Kong profits tax rate is **16.5%**, but no provision was made for the current period due to the absence of assessable profits[27](index=27&type=chunk) [7. Loss Per Share](index=11&type=section&id=7.%20Loss%20Per%20Share) For H1 2025, basic loss per share significantly increased to **RMB 0.20**, up from **RMB 0.05** in the prior period, with diluted loss per share being identical due to no outstanding dilutive shares Loss Per Share | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the company (RMB thousand) | (329,717) | (76,419) | | Weighted average number of ordinary shares in issue (thousand shares) | 1,621,799 | 1,621,799 | | Basic loss per share (RMB) | (0.20) | (0.05) | - For the six months ended June 30, 2025, and 2024, the company had no potentially dilutive shares outstanding, thus diluted loss per share was the same as basic loss per share[31](index=31&type=chunk) [8. Trade and Other Receivables and Prepayments](index=11&type=section&id=8.%20Trade%20and%20Other%20Receivables%20and%20Prepayments) As of June 30, 2025, total trade and other receivables and prepayments slightly increased to **RMB 2,596,757 thousand**, with trade receivables primarily from property sales, all within 30 days, and a near-zero expected credit loss rate Trade and Other Receivables and Prepayments | Indicator | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables (from third parties) | 180,805 | 131,309 | | Other receivables | 833,019 | 796,287 | | Prepayments | 1,582,933 | 1,525,286 | | **Total** | **2,596,757** | **2,452,882** | - Trade receivables primarily arise from property sales, and generally, no credit period is granted to property purchasers[33](index=33&type=chunk) - The aging of trade receivables is entirely within **0-30 days**, with an expected credit loss rate close to zero[34](index=34&type=chunk) [9. Trade Payables, Bills Payable and Other Payables](index=12&type=section&id=9.%20Trade%20Payables%2C%20Bills%20Payable%20and%20Other%20Payables) As of June 30, 2025, total trade payables, bills payable, and other payables decreased to **RMB 2,630,044 thousand**, with the largest portion of trade payables, **RMB 1,692,939 thousand**, being over 90 days old Trade Payables, Bills Payable and Other Payables | Indicator | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 2,508,064 | 3,210,536 | | Bills payable | 2,645 | 3,021 | | Other payables | 119,335 | 256,267 | | **Total** | **2,630,044** | **3,469,824** | Aging Analysis of Trade Payables | Aging of Trade Payables | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0–30 days | 304,482 | 677,840 | | 31–60 days | 301,003 | 500,004 | | 61–90 days | 209,640 | 500,678 | | Over 90 days | 1,692,939 | 1,532,014 | | **Total** | **2,508,064** | **3,210,536** | [10. Share Capital](index=13&type=section&id=10.%20Share%20Capital) As of June 30, 2025, the company's authorized share capital was **10,000,000,000 shares**, with **1,621,799,000 shares** issued, totaling **RMB 14,838 thousand**, consistent with January 1, 2025 Share Capital | Indicator | Number of Shares | Share Capital (HKD/RMB thousand) | | :--- | :--- | :--- | | Authorized Share Capital (as at Jan 1, 2025 and June 30, 2025) | 10,000,000,000 | 100,000,000 (HKD) | | Issued Share Capital (as at Jan 1, 2025 and June 30, 2025) | 1,621,799,000 | 14,838 (RMB thousand) | [11. Share Option Scheme](index=13&type=section&id=11.%20Share%20Option%20Scheme) The company's share option scheme became effective on July 15, 2020, and no options have been granted, exercised, cancelled, or lapsed under the scheme since its listing date through the announcement date - The company's share option scheme became effective on **July 15, 2020** (the Listing Date)[37](index=37&type=chunk) - For the year ended December 31, 2024, and from the Listing Date up to the date of this announcement, no share options have been granted, exercised, cancelled, or lapsed under the share option scheme[37](index=37&type=chunk) [12. Dividends](index=13&type=section&id=12.%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior corresponding period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[38](index=38&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) [H1 2025 Review and H2 2025 Outlook](index=14&type=section&id=H1%202025%20Review%20and%20H2%202025%20Outlook) In H1 2025, the real estate sector faced downward pressure, with the company delivering approximately **RMB 1,631 million** in value, focusing on marketing, cost reduction, cash collection, and quality delivery, while anticipating continued market adjustments in H2 - In H1 2025, the real estate industry faced overall downward pressure, with the Group's cumulative delivery value of approximately **RMB 1,631 million** and an area of approximately **177,042 square meters**[39](index=39&type=chunk) - The Group's strategies include strengthening marketing, balancing volume and price, reducing expenses for financial stability, focusing on core business and cash collection, and ensuring quality delivery[40](index=40&type=chunk) - The national real estate market is expected to continue facing adjustment pressure in H2 2025, and the company will remain focused on product development, customer service, strict cost control, optimizing financing structure, talent assessment, and fulfilling social responsibilities[41](index=41&type=chunk)[42](index=42&type=chunk) [Business Review](index=15&type=section&id=Business%20Review) The company's H1 revenue was approximately **RMB 1,631 million** from property sales, with total land reserves of **3,795,222 square meters** across 54 projects, predominantly in the Yangtze River Delta region [Contracted Sales](index=15&type=section&id=Contracted%20Sales) - For the six months ended June 30, 2025, the Group (including joint ventures and associates) recorded unaudited contracted sales of approximately **RMB 2,700 million**, with a contracted sales GFA of approximately **221,613 square meters**[44](index=44&type=chunk) - The average selling price for contracted sales was approximately **RMB 12,183 per square meter**[44](index=44&type=chunk) - As of June 30, 2025, the Group's contract liabilities were approximately **RMB 2,033 million**, a decrease from approximately **RMB 2,746 million** as of December 31, 2024[44](index=44&type=chunk) [Property Sales](index=16&type=section&id=Property%20Sales) - For the six months ended June 30, 2025, the Group recognized property sales revenue of approximately **RMB 1,631 million**, with a total GFA of approximately **177,042 square meters**[45](index=45&type=chunk) - The average selling price for recognized property sales was approximately **RMB 9,214 per square meter**[45](index=45&type=chunk) Recognized Property Sales by City | City | Recognized GFA (square meters) | Average Selling Price (RMB/square meter) | Recognized Revenue (RMB thousand) | | :--- | :--- | :--- | :--- | | Fuyang | 56,543 | 7,984 | 451,443 | | Taizhou | 22,428 | 14,782 | 331,536 | | Wuhu | 17,745 | 9,285 | 164,763 | | Hefei | 11,469 | 11,087 | 127,155 | | Yancheng | 21,833 | 5,774 | 126,056 | | Yangzhou | 10,454 | 7,478 | 78,175 | | Suzhou | 4,633 | 12,851 | 59,539 | | Huangshan | 5,690 | 9,895 | 56,300 | | Huaian | 3,950 | 10,569 | 41,749 | | Guangzhou | 5,081 | 7,825 | 39,758 | | Luoyang | 7,921 | 4,526 | 35,853 | | Haian | 2,916 | 11,656 | 33,990 | | Nanjing | 2,693 | 10,063 | 27,099 | | Foshan | 1,242 | 12,969 | 16,107 | | Guizhou | 1,504 | 8,588 | 12,917 | | Changzhou | 940 | 10,844 | 10,193 | | Parking spaces/facilities and other remaining units | 18,686 | - | - | | **Total** | **177,042** | **9,214** | **1,631,319** | [Land Bank](index=16&type=section&id=Land%20Bank) - As of June 30, 2025, the Group (together with its joint ventures and associates) owned **54 projects**, with a total land bank GFA of **3,795,222 square meters**[46](index=46&type=chunk) - Of these, **47 projects** are located in the Yangtze River Delta region[46](index=46&type=chunk) Land Bank by Province/City | Province/City | Total Land Bank (square meters) | Percentage of Total Land Bank (%) | | :--- | :--- | :--- | | Guangdong | 1,606,729 | 42 | | Jiangsu | 1,066,735 | 29 | | Anhui | 559,273 | 15 | | Guizhou | 234,152 | 6 | | Zhejiang | 154,694 | 4 | | Henan | 132,350 | 3 | | Sichuan | 26,504 | 1 | | Shanghai | 14,785 | 0 | | **Total** | **3,795,222** | **100%** | [Financial Review](index=18&type=section&id=Financial%20Review) The company's H1 total revenue was approximately **RMB 1,631 million**, a **70% year-on-year decrease**, resulting in a **RMB 450 million gross loss** and an expanded total comprehensive loss of **RMB 666 million**, driven by reduced property sales and increased impairment [Overall Performance](index=18&type=section&id=Overall%20Performance) - For the six months ended June 30, 2025, the Group's total revenue was approximately **RMB 1,631 million**, gross loss approximately **RMB 450 million**, net loss approximately **RMB 666 million**, and loss attributable to owners of the company approximately **RMB 330 million**[48](index=48&type=chunk) [Revenue](index=18&type=section&id=Revenue) - For the six months ended June 30, 2025, the Group's total revenue was approximately **RMB 1,631 million**, representing a year-on-year decrease of approximately **70%**[49](index=49&type=chunk) - This decrease was primarily attributable to the reduction in contracted sales and recognition of properties sold[49](index=49&type=chunk) [Cost of Sales](index=18&type=section&id=Cost%20of%20Sales) - For the six months ended June 30, 2025, the Group's cost of sales was approximately **RMB 2,081 million**, compared to approximately **RMB 5,077 million** in the prior period[50](index=50&type=chunk) - Cost of sales included a net impairment provision of approximately **RMB 392 million** (prior period: RMB 121 million) for properties under development and completed properties held for sale[50](index=50&type=chunk) [Gross (Loss) / Profit](index=18&type=section&id=Gross%20(Loss)%20%2F%20Profit) - For the six months ended June 30, 2025, the Group recorded a gross loss of approximately **RMB 450 million**, compared to a gross profit of approximately **RMB 290 million** in the prior period[51](index=51&type=chunk) - The gross loss margin was approximately **28%**, compared to a gross profit margin of approximately **5%** in the corresponding period of 2024[51](index=51&type=chunk) - The decline in gross margin was primarily due to unfavorable market conditions and increased impairment provisions for properties under development compared to the prior period[51](index=51&type=chunk) [Other Income / (Expenses) and Other Gains / (Losses) – Net](index=19&type=section&id=Other%20Income%20%2F%20(Expenses)%20and%20Other%20Gains%20%2F%20(Losses)%20%E2%80%93%20Net) - For the six months ended June 30, 2025, the Group's other income was approximately **RMB 7 million**, compared to other expenses of approximately **RMB 1 million** in the prior period[52](index=52&type=chunk) - This primarily included rental, management, and consulting service income of approximately **RMB 11 million**, offset by expenses for tax deferrals of approximately **RMB 4 million**[52](index=52&type=chunk) [Selling and Marketing Expenses](index=19&type=section&id=Selling%20and%20Marketing%20Expenses) - Selling and marketing expenses decreased by approximately **28%** during the period, from approximately **RMB 89 million** in the prior period to approximately **RMB 64 million**[53](index=53&type=chunk) - This reduction was attributable to decreased recognition of properties sold and sales commissions, effective control measures for marketing and advertising costs, and reduced staff costs[53](index=53&type=chunk) [General and Administrative Expenses](index=19&type=section&id=General%20and%20Administrative%20Expenses) - General and administrative expenses decreased by approximately **6%** during the period, from approximately **RMB 71 million** in the prior period to approximately **RMB 67 million**[54](index=54&type=chunk) - The decrease was primarily due to further streamlining of the organizational structure to reduce costs and improve efficiency[54](index=54&type=chunk) [Net Finance Costs_FinancialReview](index=19&type=section&id=Net%20Finance%20Costs_FinancialReview) - Net finance costs decreased by approximately **29%** during the period, from approximately **RMB 41 million** in the prior period to approximately **RMB 29 million**[55](index=55&type=chunk) - This decrease was attributable to a reduction in the average principal balance of interest-bearing liabilities[55](index=55&type=chunk) [Share of Results of Joint Ventures and Associates](index=19&type=section&id=Share%20of%20Results%20of%20Joint%20Ventures%20and%20Associates) - The share of results of joint ventures and associates recorded losses of approximately **RMB 6 million** and **RMB 8 million** for the six months ended June 30, 2025, and 2024, respectively[56](index=56&type=chunk) - This loss is consistent with the decline in property sales revenue from joint ventures and associates[56](index=56&type=chunk) [Income Tax Expense_FinancialReview](index=20&type=section&id=Income%20Tax%20Expense_FinancialReview) - Income tax expense recorded approximately **RMB 57 million** and **RMB 236 million** for the six months ended June 30, 2025, and 2024, respectively[57](index=57&type=chunk) [Loss and Total Comprehensive Loss for the Period](index=20&type=section&id=Loss%20and%20Total%20Comprehensive%20Loss%20for%20the%20Period) - For the six months ended June 30, 2025, the Group's loss and total comprehensive loss for the period was approximately **RMB 666 million** (prior period: RMB 154 million)[58](index=58&type=chunk) - Loss attributable to owners of the company was approximately **RMB 330 million** (prior period: RMB 76 million)[58](index=58&type=chunk) - Basic and diluted loss per share was **RMB 0.20** per share (prior period: RMB 0.05 per share)[58](index=58&type=chunk) [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) The company maintains prudent treasury management, funding operations and capital expenditures primarily through operating cash, with total cash of approximately **RMB 670 million** and total borrowings of **RMB 4,290 million** as of June 30, 2025, a **6% decrease** from year-end 2024, with **RMB 3,375 million** due within one year - The Group primarily funds its working capital, capital expenditures, and other capital requirements through cash generated from operations, including proceeds from property pre-sales and sales[59](index=59&type=chunk) - Total borrowings decreased by approximately **6%** compared to December 31, 2024[60](index=60&type=chunk) Liquidity and Financial Resources Summary | Indicator | June 30, 2025 (RMB million) | Dec 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Cash | 670 | 839 | | Total Bank and Other Borrowings | 4,290 | 4,552 | | Of which: Repayable within one year | 3,375 | 2,921 | | Of which: Repayable after one year | 915 | 1,631 | [Senior Notes](index=21&type=section&id=Senior%20Notes) The company previously redeemed senior notes via payment-in-kind, but the failure to pay **USD 8,576,203** interest on the November 2025 notes resulted in a default event on June 17, 2025, with major noteholders declaring approximately **USD 161.9 million** immediately due and payable, prompting the company to seek a holistic solution - On **November 6, 2023**, senior notes with a principal amount of approximately **USD 145 million** were fully redeemed, and new notes (2024 Senior Notes) with a total principal amount of **USD 164,411,875** were issued via payment-in-kind[61](index=61&type=chunk) - On **November 18, 2024**, the 2024 Senior Notes were fully redeemed, and new notes (November 2025 Notes) with a total principal amount of **USD 180,551,641** were issued via payment-in-kind[61](index=61&type=chunk) - Interest of **USD 8,576,203** related to the November 2025 Notes was due on **May 18, 2025**, and the company's failure to pay due to liquidity pressure constituted an event of default on **June 17, 2025**[62](index=62&type=chunk) - Major noteholders have declared the principal, premium, and accrued and unpaid interest of the November 2025 Notes, totaling approximately **USD 161.9 million**, immediately due and payable[62](index=62&type=chunk) - The company is continuing to communicate with relevant noteholders to seek a holistic solution for the related debt[62](index=62&type=chunk) [Key Financial Ratios](index=21&type=section&id=Key%20Financial%20Ratios) As of June 30, 2025, the company's net gearing ratio increased to **49%**, total cash to short-term debt ratio decreased to **0.2 times**, and current ratio slightly declined to **1.57 times**, indicating increased liquidity pressure, which the company plans to manage through working capital policies and existing financial resources Key Financial Ratios | Financial Ratio | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Net Gearing Ratio | 49% | 46% | | Gearing Ratio (excluding contract liabilities) | 60% | 61% | | Total Cash to Short-term Debt Ratio | 0.2 times | 0.3 times | | Current Ratio | 1.57 times | 1.62 times | - The company will continue to effectively manage its working capital through working capital management policies and utilize proceeds from property project sales and pre-sales, bank financing and other borrowings, and negotiated payment arrangements to manage financial resources[63](index=63&type=chunk) [Foreign Exchange Risk](index=22&type=section&id=Foreign%20Exchange%20Risk) The company primarily operates in China and faces no other significant direct foreign exchange fluctuation risks apart from USD-denominated offshore senior notes, with directors expecting no material adverse impact from RMB exchange rate fluctuations and no hedging transactions currently in place - The Group primarily operates in China and has no other significant direct foreign exchange fluctuation risks apart from its **USD-denominated offshore senior notes**[65](index=65&type=chunk) - The directors expect that fluctuations in the **RMB exchange rate** will not have a material adverse impact on the Group's operations[65](index=65&type=chunk) - As of June 30, 2025, the Group had **not entered into any hedging transactions**[65](index=65&type=chunk) [Interest Rate Risk](index=22&type=section&id=Interest%20Rate%20Risk) The company's interest rate risk primarily stems from RMB-denominated borrowings influenced by PBOC benchmark rates, while offshore senior notes are fixed-rate, with risk managed through close monitoring of rate trends and debt portfolio - The Group's interest rate risk arises from borrowings, with most denominated in **RMB** and interest rates primarily influenced by the benchmark rates set by the People's Bank of China[66](index=66&type=chunk) - Except for the fixed-rate offshore senior notes, most of the Group's borrowings are denominated in **RMB**[66](index=66&type=chunk) - The Group manages its interest rate risk by closely monitoring interest rate fluctuation trends and their impact on the Group's interest rate risk, as well as by monitoring the Group's debt portfolio[66](index=66&type=chunk) [Pledge of Assets](index=22&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, certain bank and other borrowings were secured by assets with a total carrying value of approximately **RMB 13,027 million**, including pledged fixed deposits, equity interests in group companies, properties under development, completed properties held for sale, and investment properties - As of June 30, 2025, certain bank and other borrowings of the Group were secured by assets with a total carrying value of approximately **RMB 13,027 million** (December 31, 2024: RMB 13,060 million)[67](index=67&type=chunk) - The pledged assets include pledged fixed deposits, equity interests in group companies, properties under development, completed properties held for sale, and investment properties[67](index=67&type=chunk) [Financial Guarantees and Contingent Liabilities](index=22&type=section&id=Financial%20Guarantees%20and%20Contingent%20Liabilities) As of June 30, 2025, total financial guarantees amounted to **RMB 4,782,326 thousand**, primarily for purchasers' mortgage financing and joint venture borrowings, with directors deeming the likelihood of default remote, thus no significant liabilities were recognized, and no other material contingent liabilities existed Financial Guarantees | Type of Financial Guarantee | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Guarantees for mortgage financing of certain property purchasers | 4,548,156 | 6,042,682 | | Guarantees for borrowings of joint ventures | 234,170 | 234,170 | | **Total** | **4,782,326** | **6,276,852** | - The guarantee period for purchasers extends from the mortgage loan grant date until the purchaser obtains the property ownership certificate or repays the mortgage loan, whichever is earlier[69](index=69&type=chunk) - The directors consider the likelihood of purchasers and joint ventures defaulting on their payment obligations to be remote, thus the financial guarantees measured at fair value are insignificant, and no liabilities have been recognized[69](index=69&type=chunk)[70](index=70&type=chunk) - As of June 30, 2025, the Group had no other material contingent liabilities[71](index=71&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=23&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the company made no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group made **no material acquisitions or disposals** of subsidiaries, associates, or joint ventures[72](index=72&type=chunk) [Future Plans for Material Investments](index=23&type=section&id=Future%20Plans%20for%20Material%20Investments) The company will continue to invest in property development and acquire suitable land plots as appropriate, funded by internal resources and external borrowings, with no other material investment plans disclosed as of the announcement date - The Group will continue to invest in its property development projects and acquire suitable land plots as appropriate, with such investments funded by internal resources and external borrowings[73](index=73&type=chunk) - Save as disclosed above, as of the date of this announcement, the Group has **no other future plans for material investments**[73](index=73&type=chunk) [Human Resources](index=23&type=section&id=Human%20Resources) As of June 30, 2025, the company had **275 employees**, a decrease from 299 at year-end 2024, with total employee salary and benefits expenses of approximately **RMB 40 million**, and a performance-based compensation system with continuous training - As of June 30, 2025, the Group had **275 employees** (December 31, 2024: 299 employees)[74](index=74&type=chunk) - For the six months ended June 30, 2025, the Group's total employee salary and benefits expenses were approximately **RMB 40 million** (prior period: RMB 63 million)[74](index=74&type=chunk) - The Group adopts a performance-based compensation system for employees and provides competitive remuneration packages along with continuous and systematic training[74](index=74&type=chunk) [Other Information](index=24&type=section&id=Other%20Information) [Purchase, Redemption or Sale of the Company's Listed Securities](index=24&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's shares or other listed securities during the period - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's shares or other listed securities during the period[75](index=75&type=chunk) [Interim Dividend](index=24&type=section&id=Interim%20Dividend) The directors do not recommend any interim dividend for the six months ended June 30, 2025, consistent with the prior corresponding period - The directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[76](index=76&type=chunk) [Corporate Governance](index=24&type=section&id=Corporate%20Governance) The company adopted and generally complied with the Corporate Governance Code, though the combined roles of Chairman and CEO represent a deviation, which the Board believes facilitates efficient decision-making while diverse non-executive and independent non-executive directors provide balance - The company has adopted the **Corporate Governance Code** as set out in Appendix C1 to the Listing Rules[77](index=77&type=chunk) - For the six months ended June 30, 2025, the company has complied with the Corporate Governance Code to the extent applicable and practicable, except for the deviation where the roles of Chairman of the Board and Chief Executive Officer are held by the same person[77](index=77&type=chunk) - The Board believes that the current structure facilitates efficient and effective business decision-making and implementation, with the diverse backgrounds of non-executive and independent non-executive directors providing a balance of power[78](index=78&type=chunk) [Standard Code for Securities Transactions](index=24&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed compliance for the six months ended June 30, 2025 - The company has adopted the **Standard Code for Securities Transactions by Directors of Listed Issuers** as set out in Appendix C3 to the Listing Rules[80](index=80&type=chunk) - All directors have confirmed that they have complied with the required standards set out in the Standard Code for the six months ended June 30, 2025[81](index=81&type=chunk) [Material Subsequent Events](index=25&type=section&id=Material%20Subsequent%20Events) No other material subsequent events occurred after June 30, 2025, up to the date of this announcement, except as otherwise disclosed herein - Save as otherwise disclosed in this announcement, no other material subsequent events occurred after June 30, 2025, and up to the date of this announcement[82](index=82&type=chunk) [Review of Unaudited Interim Financial Information](index=25&type=section&id=Review%20of%20Unaudited%20Interim%20Financial%20Information) The company's Audit Committee discussed and reviewed the unaudited interim financial information and interim results announcement for the six months ended June 30, 2025, confirming compliance with all applicable accounting principles, standards, and requirements - The company's Audit Committee has discussed with management and the Board, and reviewed the Group's unaudited interim financial information and this interim results announcement for the six months ended June 30, 2025[83](index=83&type=chunk) - The Audit Committee confirmed compliance with all applicable accounting principles, standards, and requirements[83](index=83&type=chunk) [Publication of Unaudited Interim Results Announcement and Interim Report](index=25&type=section&id=Publication%20of%20Unaudited%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement is published on the HKEX and company websites, and the interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on these websites in due course - This interim results announcement is published on the HKEX website (www.hkexnews.hk) and the company's website (www.glchina.group)[84](index=84&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders (upon request) and published on the aforementioned websites in due course[84](index=84&type=chunk)

Core Viewpoint - The company, Longfor Properties (港龙中国地产), anticipates a significant increase in losses for the six months ending June 30, 2025, compared to the same period in 2024, primarily due to reduced contract sales and adverse market conditions [1] Financial Performance - The company expects a loss attributable to shareholders of no more than RMB 330 million for the six months ending June 30, 2025, compared to a loss of approximately RMB 76 million for the same period in 2024 [1] - The total loss and comprehensive loss for the period is projected to be no more than RMB 670 million, while the total loss and comprehensive loss for the six months ending June 30, 2024, was approximately RMB 154 million [1] Contributing Factors - The increase in losses is mainly attributed to (1) a decrease in revenue from customer contracts due to reduced contract sales of properties already sold, and (2) an increase in impairment losses on properties under development due to unfavorable market conditions, leading to an overall decline in the group's gross profit margin [1]

Group 1 - The company, Hong Kong Dragon Real Estate (06968.HK), will hold a board meeting on August 29, 2025, to review and approve its interim results for the six months ending June 30, 2025, and to declare an interim dividend if applicable [1]

Core Viewpoint - The company, Longfor Properties (06968.HK), anticipates a significant increase in losses for the six months ending June 30, 2025, compared to the previous period, primarily due to reduced sales and adverse market conditions [1] Financial Performance - The company expects to record a loss attributable to shareholders of no more than RMB 330 million for the six months ending June 30, 2025, compared to a loss of approximately RMB 76 million for the six months ending June 30, 2024 [1] - The total loss and comprehensive loss for the same period is projected to be no more than RMB 670 million, in contrast to approximately RMB 154 million for the previous period [1] Factors Influencing Performance - The anticipated increase in losses is mainly attributed to (1) a decrease in revenue from customer contracts due to reduced contract sales from properties sold and (2) an increase in impairment losses on properties under development, which has led to a decline in overall gross margin [1]

Core Viewpoint - The company, Longfor Properties (06968), anticipates significant losses for the six months ending June 30, 2025, primarily due to reduced contract sales and adverse market conditions [1] Financial Performance - The company expects a loss attributable to owners of no more than RMB 330 million for the six months ending June 30, 2025, compared to a loss of approximately RMB 76 million for the same period ending June 30, 2024 [1] - The total loss and comprehensive loss for the period is projected to be no more than RMB 670 million, while the total loss and comprehensive loss for the six months ending June 30, 2024, was approximately RMB 154 million [1] Market Conditions - The anticipated financial decline is attributed to (1) a decrease in revenue from customer contracts due to reduced contract sales of properties sold and (2) increased impairment of properties under development, leading to a decline in overall gross margin [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對其準確性或完整性亦不發表任何聲 明，並明確表 示，概不對因本公告 全部或任何部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。 Ganglong China Property Group Limited 港龍中國地產集團有限公司 （於 開 曼 群 島 註 冊 成 立之有限公 司） （股份代 號：6968） 於 本公告日 期，本公司的執行董事為呂明先 生（主 席）、呂進亮先生及呂志聰先 生。本公司的非執行董事為呂永茂先生及呂永南先 生。本公司的獨立非執行董 事 為 張嘉裕教授、吳華女士及熊爐生先生 。 董 事 會 會 議 日 期 港 龍中國地產集團有限公 司（「本 公 司」）董 事 會（「董 事 會」）謹此公 告，董事會將 於 二 零 二 五 年八月二十九 日（星 期 五）舉行會 議，藉以考慮及批 准（其中包 括）： 承 董 事 會 命 港龍中國地產集團有限公司 主 席 兼 執行董事 呂 明 香 港，二 零 二 五 年八月十九日 1. 本 公 司 及 其附屬公 司截至二零二 五 年六月三十日止六個月之未經審核中 期 業 績 ...

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。 Ganglong China Property Group Limited 港龍中國地產集團有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：6968） 承 董事會命 港龍中國地產集團有限公司 主 席 兼執行董事 呂 明 截 至 202 5年6月30日止六 個 月 業 績 預 告 本 公 告由港龍中國地產集團有限公 司（「本 公司」，連 同 其 附 屬 公 司，統 稱「本 集 團」）依據香港聯合交易所有限公司證券上市規 則（「上 市規則」）第13.09條及香港 法 例 第571章《證券及期貨條 例》第XIVA部項下的內幕消息 條 文（定義見上市規 則）作 出。 本 公 司董事會（「董事會」 ） 謹 此 知 會 本 公 司 股 東及有意投資者，根據就本 集 團 截至2025年6月30日止六個月之未經審核綜合管理賬 ...

格隆汇8月14日丨港龙中国地产(06968.HK)发布公告，集团连同其合营公司和联营公司由2025年1月至7 月共实现合同销售金额约人民币31.508亿元。 ...

Group 1: Core Insights - Rongchang Biologics (09995.HK) announced that its innovative drug Taitasip (brand name: Tai Ai®) for treating primary Sjögren's syndrome has met the primary endpoint in a Phase III clinical trial in China [1] - Taitasip is the first BLyS/APRIL dual-target fusion protein drug to complete Phase III research in the field of Sjögren's syndrome globally [1] - The clinical trial was a multi-center, randomized, double-blind, placebo-controlled study aimed at evaluating the efficacy and safety of Taitasip, with the primary endpoint being the change in ESSDAI score at week 24 compared to baseline [1] Group 2: Disease Background and Drug Mechanism - Sjögren's syndrome is a chronic inflammatory autoimmune disease characterized by lymphocytic infiltration and damage to exocrine glands, leading to persistent dry mouth and dry eyes, and can affect multiple organ systems [2] - The prevalence of Sjögren's syndrome in China is estimated to be between 0.3% and 0.7%, with an increasing trend indicating a significant unmet clinical need [2] - Taitasip is a novel dual-target fusion protein developed by the company that simultaneously inhibits the overexpression of BLyS and APRIL, effectively preventing abnormal differentiation and maturation of B cells [2] Group 3: Regulatory and Clinical Recognition - Taitasip has received multiple authoritative guideline recommendations in China, including the "Clinical Practice Guidelines for Sjögren's Syndrome" and the "Expert Consensus on B-cell Targeted Therapy for Rheumatic and Immune Diseases" [2] - Internationally, Taitasip has been granted Fast Track designation by the U.S. FDA for its indication in Sjögren's syndrome and has been approved to conduct global multi-center Phase III clinical trials [2]

智通财经APP讯，港龙中国地产(06968)发布公告，公司及其附属公司(集团)，连同其合营公司和联营公 司由2025年1月至7月共实现合同销售金额约人民币31.51亿元，同比减少0.22%。 ...