股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 寶龍商業管理控股有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09909 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註 ...

寶龍商業管理控股有限公司（9909.HK）（「本公司」或「寶龍商業」）及其附屬公司（統稱「本集團」）為一家中華人民共和國（「中 國」）領先的商業運營服務供應商。本公司於2019年12月30日（「上市日期」）在香港聯合交易所有限公司（「聯交所」）主板成功 上市（「上市」），成為首家在聯交所上市的輕資產模式的商業管理運營服務商。本集團堅持深耕佈局長三角區域，聚焦經濟 發展活力高的城市集群，圍繞城市需求出發，致力於打造美好城市生活。 目錄 | 集團簡介 | 2 | | --- | --- | | 公司資料 | 3 | | 管理層討論與分析 | 4 | | 其他資料 | 18 | | 中期簡明綜合財務資料的審閱報告 | 28 | | 中期簡明綜合損益及其他全面收益表 | 29 | | 中期簡明綜合財務狀況表 | 30 | | 中期簡明綜合權益變動表 | 32 | | 中期簡明綜合現金流量表 | 33 | | 中期簡明綜合財務資料附註 | 34 | 二零二五年中期報告 2 集團簡介 本集團主要以四個品牌「寶龍一城」、「寶龍城」、「寶龍廣場」及「寶龍天地」提供商業運營服務，於2025年6月30日，本集團有 97處已開業零 ...

公司名稱: 寶龍商業管理控股有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 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 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09909 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊 ...

Group 1 - The company Baolong Commercial (09909) reported a mid-term performance for the six months ending June 30, 2025, with revenue of 1.301 billion RMB, representing a year-on-year decrease of 2.4% [1] - Shareholders' profit attributable to the company was 183 million RMB, a year-on-year decrease of 6.01% [1] - Basic earnings per share were 28.43 cents [1]

Group 1 - The company reported a revenue of 1.301 billion RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 2.4% [1] - Shareholders' profit attributable to the company was 183 million RMB, a year-on-year decrease of 6.01% [1] - Basic earnings per share were 28.43 cents [1]

香港交易及結算所有限公司和香港聯合交易所有限公司對本公佈的內容概不 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 就 因 本 公 佈 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。 Powerlong Commercial Management Holdings Limited 寶龍商業管理控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9909） 截 至2025年6月30日止六個月中期業績公佈 業績摘要 • 本集團截至2025年6月30日止六個月的收入約為人民幣1,300.9百 萬 元， 較2024年同期約人民幣1,332.9百萬元減少約2.4%。 • 本集團截至2025年6月30日止六個月的毛利約為人民幣405.3百 萬 元，較 2024年同期約人民幣449.4百萬元減少約9.8%。 • 本集團截至2025年6月30日止六個月的本公司股東（「股 東」）應佔利潤約 為人民幣182.8百 萬 元，較2024年同期約人民幣194.5百萬元減少約6.0%。 • 於2025年6月30日，本 ...

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佈的內容概不 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 佈 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。 寶龍商業管理控股有限公司（「本公司」）董事會（「董事會」）謹 此 宣 佈，董 事 會 會 議將於二零二五年八月二十八日（星 期 四）於中華人民共和國上海市閔行區新 鎮 路1399號寶龍大廈7樓701會 議 室 舉 行，藉 以（其 中 包 括）(i)考慮並批准本公司 及 其 附 屬 公 司 於 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 及 其 發 佈； (ii)考慮宣派中期股息（如 有）；及(iii)處理任何其他交易及事項（如 有）。 承董事會命 寶龍商業管理控股有限公司 主 席 許華芳 香 港，二 零 二 五 年 八 月 十 八 日 於 本 公 佈 日 期， 本 公 司 執 行 董 事 為 許 華 芳 先 生； 本 公 司 非 執 行 董 事 為 許 華 芬 女 士 及 許 華 琳 女 士；以 及 本 公 ...

截至月份: 2025年7月31日 狀態: 新提交 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 致：香港交易及結算所有限公司 公司名稱: 寶龍商業管理控股有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09909 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊 ...

Group 1 - The core management teams of several major real estate companies, including Vanke and Swire Properties, are undergoing significant changes, with at least 53 personnel changes reported in the commercial real estate sector in the first half of 2025 [1][3] - Nearly 10 companies, including Vanke Group, China Resources Land, and Longfor Group, have initiated organizational transformations, focusing on strategic adjustments and streamlining operations [3][4] - Leading commercial management companies in mainland China are forming composite teams that excel in both commercial operations and asset management, achieving breakthroughs in organizational efficiency and product iteration [4] Group 2 - Vanke's commercial segment is transitioning from a "commercial operator" to a "market-oriented asset management platform," with significant organizational restructuring underway [5] - Joy City Holdings has upgraded its commercial management center to a commercial division, emphasizing refined operations and capital loop capabilities to enhance asset value [7] - Hong Kong-based companies are increasingly integrating with the mainland market, actively recruiting talent and adjusting their business strategies to focus on high-end commercial properties [8][9] Group 3 - Swire Properties is enhancing its retail business in mainland China by promoting local executives to key positions, reflecting the importance of the mainland market to its core business [9][11] - Hong Kong Land is accelerating its strategic transformation by hiring several key talents to strengthen its operations in the mainland commercial real estate sector [12][14] - The new strategy aims to recover up to $10 billion by 2035, focusing on high-end commercial assets and enhancing the company's long-term sustainable growth [14] Group 4 - Major players in the commercial real estate sector are prioritizing talent acquisition and development, recognizing that skilled personnel are crucial for driving business forward [15][16] - China Resources Vientiane Life has launched a talent recruitment plan aimed at attracting senior management in commercial and property management sectors, with a comprehensive onboarding program [16][18] - A trend of experienced executives starting their own ventures is emerging, with notable figures like Ling Changfeng and Tian Weilong establishing new companies focused on asset management and urban renewal [19][21] Group 5 - Ling Changfeng's new company, Ningpu Development, is focusing on light asset management and has secured partnerships for significant urban renewal projects [21] - Tian Weilong's Jinlou Group is targeting urban renewal and community commercial projects, with a strategic focus on asset securitization [22][24] - The competitive landscape is intensifying as top executives transition to new roles, with a notable increase in personnel changes within the commercial real estate sector [24][25]

Group 1: Economic Growth and Urban Development - Hangzhou's GDP grew from over 1 trillion yuan in 2015 to over 2 trillion yuan in 2023, with a projected 21,860 billion yuan in 2024, marking a 117.4% increase over ten years [2][4] - The city has seen a significant expansion in its shopping center space, increasing from 338.18 million square meters in 2015 to 1,345.15 million square meters by 2024, nearly tripling in size [2][4] - The number of shopping centers in Hangzhou rose from 36 in 2015 to 149 in 2024, indicating a robust growth in commercial real estate [2][4] Group 2: Commercial Landscape Transformation - The commercial real estate sector in Hangzhou experienced explosive growth from 2015 to 2017, with a peak annual supply of 173.59 million square meters in 2017, a 44% year-on-year increase [4] - Post-2020, the market shifted towards light-asset operations and smaller commercial entities, with non-standard projects gaining traction [4][5] - By 2024, the per capita shopping center area in Hangzhou is expected to reach 1.08 square meters per person, ranking fifth nationally, indicating a saturation in commercial space [4] Group 3: Local Giants and Their Evolution - Local commercial giants like Hangzhou Tower Shopping City and in银泰商业 have adapted to market changes, with in银泰商业 achieving over 3 billion annual visitors and 35 billion yuan in sales by 2024 [5][8] - Hangzhou Tower has focused on luxury brands, becoming the first shopping center in Zhejiang to surpass 10 billion yuan in sales in 2021 [6][7] - in银泰商业 has expanded its footprint across multiple cities, with a focus on innovative product lines and maintaining high customer traffic [8][10] Group 4: Competition from National Chains - Major national players such as Longfor, China Resources, and Wanda have established a strong presence in Hangzhou, with Longfor planning to open multiple shopping centers in the coming years [16][19][24] - China Resources has developed a comprehensive product matrix in Hangzhou, including high-end malls and innovative commercial formats, with sales exceeding 10 billion yuan in 2024 [21][22] - Wanda has shifted towards a light-asset model, focusing on innovative designs and community engagement to maintain its competitive edge [24][26] Group 5: Emerging Trends and Innovations - The rise of non-standard commercial projects and urban renewal initiatives has led to a diversification of Hangzhou's commercial landscape, with new business models emerging [32][34] - The integration of live-streaming and digital commerce has become a significant trend, with Hangzhou's digital economy generating 1.8737 trillion yuan in revenue in 2023 [32][33] - New commercial formats, such as the 24-hour live-streaming theme park, are being developed to enhance the shopping experience and attract younger consumers [33][34]