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: 時代鄰里控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09928 | 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/註冊股 ...

目 錄 CONTENTS 公司資料 2 Corporate Information 財務概要 6 Financial Highlights 管理層討論與分析 8 Management Discussion and Analysis 企業管治及其他資料 37 Corporate Governance and Other Information 中期簡明綜合損益表 43 Interim Condensed Consolidated Statement of Profit or Loss | 中期簡明綜合全面收入表 | 44 | | --- | --- | | Interim Condensed Consolidated | | | Statement of Comprehensive | | | Income | | | 中期簡明綜合財務狀況表 | 45 | | Interim Condensed Consolidated | | | Statement of Financial Position | | | 中期簡明綜合權益變動表 | 47 | | Interim Condensed Consolidated ...

Group 1 - The company, Times Neighborhood Holdings Limited, announced investments in two financial products through its wholly-owned subsidiary, Times Xinhui, totaling RMB 4 million (RMB 1.5 million and RMB 2.5 million) [1][2] - The financial products are characterized by liquidity and strong diversification, enhancing the safety and flexibility of cash management [2] - The board believes these financial products offer better yields compared to current fixed deposit rates provided by commercial banks in China and Hong Kong, thus providing greater flexibility in wealth management [2] Group 2 - The investments will be funded using the company's surplus cash reserves, ensuring that operational capital and liquidity are not affected [2] - Diversified financial management is expected to strengthen capital utilization and increase income from idle funds [2] - The board considers the terms of these financial products to be fair and reasonable, aligning with the overall interests of the company and its shareholders [2]

Core Viewpoint - The company, Times Neighborhood Holdings Limited, has announced investments in two financial products through its wholly-owned subsidiary, Times Xinhui, totaling RMB 4 million [1] Investment Details - On August 12, 2025, Times Xinhui entered into a trust agreement with GF Securities as the investment advisor and Guotou Taikang Trust as the trustee to subscribe to the first financial product with an investment amount of RMB 15 million [1] - On September 18, 2025, Times Xinhui entered into a second trust agreement with GF Securities as the investment advisor and Caixin Trust as the trustee to subscribe to the second financial product with an investment amount of RMB 25 million [1] - The company is utilizing its own surplus cash reserves to fund these investment subscriptions [1]

Core Viewpoint - The company, Times Neighborhood (09928), has announced two significant investments in financial products through its wholly-owned subsidiary, Times Xinhui, totaling RMB 4 million [1] Group 1: Investment Details - On August 12, 2025, Times Xinhui entered into a trust agreement with GF Securities as the investment advisor and Guotai Junan Trust as the trustee to subscribe to the first financial product with an investment amount of RMB 15 million [1] - On September 18, 2025, Times Xinhui entered into a second trust agreement with GF Securities as the investment advisor and Caixin Trust as the trustee to subscribe to the second financial product with an investment amount of RMB 25 million [1] - The company utilized its own surplus cash reserves to fund these investment subscriptions [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，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Times Neighborhood Holdings Limited 時 代 鄰 里 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：9928） 須予披露交易 認購理財產品 認購理財產品 於二零二五年八月十二日，時代信匯（本公司之全資附屬公司，作為委托人及受益人） 與廣發證券作為投資顧問及國投泰康信託作為受託人訂立信託協議（一）認購第一項理 財產品，投資額為人民幣15,000,000元。 於二零二五年九月十八日，時代信匯（本公司之全資附屬公司，作為委托人及受益人） 與廣發證券作為投資顧問及財信信託作為受託人訂立信託協議（二）認購第二項理財產品， 投資額為人民幣25,000,000元。 本集團使用自有盈餘現金儲備支付該等認購事項的投資金額。 上市規則的涵義 由於廣發證券出任各該等認購事項之投資顧問，該等認購事項於十二個月期間內進行， 且該等理財產品 ...

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: 時代鄰里控股有限公司 呈交日期: 2025年9月1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) | 09928 | 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/註冊股本 ...

Core Viewpoint - Times Neighborhood (09928) reported a mid-year performance for 2025, showing a revenue of RMB 1.216 billion, a year-on-year increase of 5.6%, and a profit attributable to equity holders of RMB 63.838 million, up 56.7% [1] Revenue Breakdown - The property management services segment remains the largest source of revenue for the group, with revenue reaching approximately RMB 964.3 million in the first half of 2025, accounting for about 79.3% of total revenue [1] - The increase in revenue is primarily due to the group's active expansion into the third-party market, with property management area from third-party developers growing by 18.9% year-on-year, contributing an additional RMB 54 million to overall property management service revenue, reflecting a growth rate of approximately 5.9% [1] - The group also actively developed home living services during this period, with community value-added service revenue showing stable growth, increasing by RMB 15.9 million, a rise of about 11.7% year-on-year [1] Profit Growth Factors - The profit growth during the period was mainly influenced by the recognition of fair value gains from put options and an increase in net impairment losses on financial assets and contract assets year-on-year [1]

Group 1 - The core viewpoint of the article highlights that Times Neighborhood Holdings Limited (09928) reported a mid-year performance for 2025, with revenue of RMB 1.216 billion, reflecting a year-on-year growth of 5.6% [1] - The profit attributable to the parent company reached RMB 63.838 million, marking a significant year-on-year increase of 56.7%, with basic earnings per share at 6 cents [1] - The property management services segment remains the largest source of revenue for the company, contributing approximately RMB 964.3 million, which accounts for about 79.3% of total revenue [1] Group 2 - The increase in property management service revenue is primarily due to the company's active expansion into the third-party market, with the area managed for third-party developers growing by 18.9% year-on-year, resulting in an increase of approximately RMB 54 million, or 5.9% [1] - The company also saw stable growth in community value-added services, with revenue from household services increasing by RMB 15.9 million, representing a year-on-year growth of 11.7% [1] - The profit growth during the period was influenced by the recognition of fair value gains on put options and an increase in net impairment losses on financial assets and contract assets compared to the previous year [1]

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) The company's H1 2025 performance shows revenue growth, increased net profit, and stable property management scale Key Financial and Operational Data for H1 2025 | Metric | Amount/Value | YoY Change | Notes | | :--- | :--- | :--- | :--- | | Revenue | RMB 1,216.3 million | Approx. 5.6% increase | | | Net Profit | RMB 60.9 million | - | Net profit attributable to owners of the parent company approx. RMB 63.8 million | | Core Net Profit* | RMB 108.7 million | Approx. 6.3% increase | Excluding non-recurring expenses | | Total contracted GFA for property management services | 133.2 million sq.m. | - | As of June 30, 2025 | | Total GFA under management for property management services | 125.9 million sq.m. | - | As of June 30, 2025 | | Interim Dividend | Not recommended for distribution | - | | * Net profit after excluding certain non-operating and/or non-recurring items (including impairment losses on financial and contract assets and equity-related gains/losses) [Financial Statements](index=2&type=section&id=Financial%20Statements) This section presents the interim condensed consolidated financial statements, detailing the company's income, comprehensive income, and financial position [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue increased by 5.6% year-on-year to RMB 1,216.3 million, with net profit significantly growing to RMB 60.9 million, primarily due to a substantial increase in other income and gains despite a slight decrease in gross profit Key Data from Interim Condensed Consolidated Statement of Profit or Loss | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,216,348 | 1,151,455 | 5.6% | | Cost of sales | (972,160) | (900,459) | 8.0% | | Gross profit | 244,188 | 250,996 | -2.7% | | Other income and gains | 49,536 | 10,411 | 375.8% | | Administrative expenses | (95,682) | (108,581) | -11.9% | | Net impairment losses on financial and contract assets | (91,646) | (74,886) | 22.4% | | Profit before tax | 82,169 | 57,018 | 44.1% | | Profit for the period | 60,947 | 42,353 | 43.9% | | Profit attributable to owners of the parent company | 63,838 | 40,743 | 56.7% | [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 company's total comprehensive income for the period increased to RMB 59.3 million from RMB 42.6 million in the prior period, primarily driven by profit growth for the period, while exchange differences negatively impacted comprehensive income Key Data from Interim Condensed Consolidated Statement of Comprehensive Income | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 60,947 | 42,353 | | Exchange differences on translation of financial statements of overseas subsidiaries | (19,446) | (8,590) | | Exchange differences on translation of financial statements of the Company | 17,807 | 8,865 | | Other comprehensive (loss)/income for the period | (1,639) | 275 | | Total comprehensive income for the period | 59,308 | 42,628 | | Total comprehensive income attributable to owners of the parent company | 62,199 | 41,018 | [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 company's total assets slightly increased, net current assets improved, and financial position remained stable, with a slight decrease in non-current assets and a reduction in total current liabilities Key Data from Interim Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 509,177 | 534,060 | | Total current assets | 2,089,790 | 2,057,883 | | Total current liabilities | 1,108,679 | 1,123,392 | | Net current assets | 981,111 | 934,491 | | Total assets less current liabilities | 1,490,288 | 1,468,551 | | Total non-current liabilities | 23,315 | 25,067 | | Net assets | 1,466,973 | 1,443,484 | | Equity attributable to owners of the parent company | 1,398,016 | 1,327,719 | | Total equity | 1,466,973 | 1,443,484 | [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 on the interim condensed consolidated financial information, covering general company details, accounting policies, segment reporting, and specific financial line items [1. General Information](index=6&type=section&id=1.%20General%20Information) Times Neighborhood Holdings Limited was incorporated in the Cayman Islands, primarily engages in property management and related services in China, and was listed on the HKEX in 2019, with its direct and ultimate holding companies being Zhuoyuan Ventures Limited and Jiaming Investment Limited, respectively - The Company was incorporated in the Cayman Islands on July 12, 2019, and listed on the Main Board of the Stock Exchange of Hong Kong on December 19, 2019[10](index=10&type=chunk)[11](index=11&type=chunk) - The Group is principally engaged in property management and other related services in China[10](index=10&type=chunk) - The immediate holding company is Zhuoyuan Ventures Limited, and the ultimate holding company is Jiaming Investment Limited[11](index=11&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The interim financial information is prepared in accordance with International Accounting Standard 34 and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024 - The interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[12](index=12&type=chunk) - The interim financial information should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024[12](index=12&type=chunk) [3. Changes in Accounting Policies and Disclosures](index=6&type=section&id=3.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The accounting policies adopted in this period are consistent with the prior year, with the only new adoption being the amendments to IAS 21 "Lack of Exchangeability," which had no significant financial impact on the interim financial information - The accounting policies adopted in the preparation of the interim financial information are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year 2024[13](index=13&type=chunk) - The Group has initially adopted the amendments to IAS 21 "Lack of Exchangeability," which had no significant financial impact on the interim financial information[14](index=14&type=chunk) [4. Operating Segment Information](index=7&type=section&id=4.%20Operating%20Segment%20Information) The Group primarily provides property management, community value-added, and other professional services, but no operating segment information is presented due to resource integration and the absence of separate operating segment data; all external customer revenue and non-current assets are predominantly from Mainland China - The Group is engaged in the provision of property management services, community value-added services, and other professional services[15](index=15&type=chunk) - No operating segment information is presented as the Group's resources are integrated, and no separate operating segment information is provided[15](index=15&type=chunk) - The Group's revenue from external customers is solely derived from its operations in Mainland China, and its non-current assets are also primarily located in Mainland China[16](index=16&type=chunk) - For the six months ended June 30, 2025, no single customer or group of customers under common control generated revenue amounting to 10% or more of the Group's revenue[17](index=17&type=chunk) [5. Revenue](index=8&type=section&id=5.%20Revenue) The Group's total revenue increased by 5.6% year-on-year to RMB 1,216.3 million, with property management services remaining the primary revenue source and community value-added services also showing growth Revenue Analysis (by Service Type) | Service Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Services transferred over time:** | | | | | Property management services | 964,294 | 910,306 | 5.9% | | Community value-added services | 133,391 | 117,050 | 14.0% | | Other professional services | 89,359 | 89,640 | -0.3% | | Subtotal | 1,187,044 | 1,116,996 | 6.3% | | **Goods transferred at a point in time:** | | | | | Community value-added services | 18,585 | 19,062 | -2.5% | | Other professional services | 10,719 | 15,397 | -30.4% | | Subtotal | 29,304 | 34,459 | -14.9% | | **Total** | **1,216,348** | **1,151,455** | **5.6%** | [6. Profit Before Tax](index=9&type=section&id=6.%20Profit%20Before%20Tax) The Group's profit before tax is calculated after deducting various costs and expenses, including service costs, depreciation, amortization, R&D costs, employee benefits, and financial asset impairment losses, while also including bank interest income, government grants, foreign exchange gains, and fair value gains on put options Key Deductions/Additions to Profit Before Tax | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of services provided | 961,202 | 879,261 | | Cost of inventories sold | 10,958 | 21,198 | | Depreciation of property, plant and equipment | 8,994 | 10,670 | | Depreciation of right-of-use assets | 1,790 | 2,718 | | Amortisation of other intangible assets | 24,882 | 26,650 | | Research and development costs (expensed in current period) | 1,188 | 4,519 | | Total employee benefit expenses | 242,535 | 243,597 | | Impairment losses on financial and contract assets (trade receivables) | 37,938 | 59,790 | | Impairment losses on financial and contract assets (prepayments, deposits and other receivables) | 53,708 | 15,082 | | Bank interest income | (2,803) | (5,082) | | Government grants | (4,147) | (421) | | Fair value gain on put option | (34,201) | – | - Employee benefit expenses, depreciation of property, plant and equipment, amortisation of other intangible assets, and lease expenses included in cost of services provided totaled **RMB 205.65 million** (H1 2024: RMB 205.55 million)[20](index=20&type=chunk) [7. Finance Costs](index=10&type=section&id=7.%20Finance%20Costs) The Group's finance costs primarily consist of interest expenses on lease liabilities, amounting to RMB 255 thousand for the six months ended June 30, 2025, an increase from the prior period Breakdown of Finance Costs | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest expense on lease liabilities | 255 | 181 | [8. Income Tax](index=10&type=section&id=8.%20Income%20Tax) The Group's income tax expense primarily arises from Mainland China subsidiaries, some of which enjoy preferential tax rates, totaling RMB 21.2 million for the six months ended June 30, 2025, an increase from the prior period - Entities incorporated in the Cayman Islands and British Virgin Islands are not subject to any income tax, and there was no assessable profit in Hong Kong[23](index=23&type=chunk) - Subsidiaries operating in Mainland China are subject to a corporate income tax rate of 25%, with some enjoying preferential rates of 15% or 20%[23](index=23&type=chunk) Breakdown of Income Tax Expense | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Current income tax | 27,850 | 28,603 | | Deferred income tax | (6,628) | (13,938) | | Total tax expense for the period | 21,222 | 14,665 | [9. Dividends](index=11&type=section&id=9.%20Dividends) The company distributed a final dividend of RMB 3.6 cents per share for 2024, totaling RMB 35.484 million, in June 2025, and the Board does not recommend an interim dividend for the six months ended June 30, 2025 - A proposed final dividend of **RMB 3.6 cents per share** (totaling **RMB 35.484 million**) for 2024 was approved at the annual general meeting on May 29, 2025, and distributed in June 2025[25](index=25&type=chunk) - No interim dividend was recommended for the period (H1 2024: nil)[26](index=26&type=chunk) [10. Earnings Per Share Attributable to Ordinary Equity Holders of the Parent Company](index=11&type=section&id=10.%20Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent%20Company) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to ordinary equity holders of the parent company increased to RMB 6 cents, up from RMB 4 cents in the prior period Earnings Per Share Calculation | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent company (RMB thousand) | 63,838 | 40,743 | | Weighted average number of ordinary shares in issue during the period (thousand shares) | 982,323 | 982,323 | | Earnings per share (basic and diluted, RMB cents per share) | 6 | 4 | - The Group had no potentially dilutive ordinary shares in issue for the six months ended June 30, 2025 and 2024[28](index=28&type=chunk) [11. Trade Receivables](index=12&type=section&id=11.%20Trade%20Receivables) As of June 30, 2025, total trade receivables amounted to RMB 840.1 million, an increase of approximately RMB 76.2 million from the end of 2024, primarily due to business expansion and extended collection periods, with the highest proportion being aged within one year Breakdown of Trade Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Related parties | 546,151 | 547,482 | | Third parties | 886,412 | 776,488 | | Subtotal | 1,432,563 | 1,323,970 | | Impairment | (592,479) | (560,100) | | Total | 840,084 | 763,870 | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 618,790 | 560,801 | | 1 to 2 years | 112,658 | 102,291 | | 2 to 3 years | 66,822 | 85,641 | | 3 to 4 years | 33,056 | 10,330 | | 4 to 5 years | 8,758 | 4,807 | | Total | 840,084 | 763,870 | [12. Trade Payables](index=12&type=section&id=12.%20Trade%20Payables) As of June 30, 2025, total trade payables amounted to RMB 587.5 million, a slight increase from the end of 2024, primarily due to rising outsourced personnel and equipment maintenance costs driven by business expansion Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 473,439 | 407,393 | | Over 1 year | 114,040 | 173,073 | | Total | 587,479 | 580,466 | - Trade payables are unsecured and non-interest-bearing, typically settled within 60 days[30](index=30&type=chunk) [Business Review](index=13&type=section&id=Business%20Review) This section provides an overview of the Group's business, highlighting its strategic positioning, operational achievements, and detailed performance across various service segments [Overview](index=13&type=section&id=Overview) Times Neighborhood, a leading modern service enterprise in China, focuses on asset value operation and management, building a "technology + service" platform through digitalization, and in H1 2025, received multiple industry awards, affirmed its brand value, and will drive enterprise upgrade around "four strategic cores," with total contracted GFA of 133.2 million sq.m. and total GFA under management of 125.9 million sq.m. as of June 30, 2025 - Times Neighborhood was awarded multiple prestigious honors, including "2025 China Property Service Top 11 Enterprises" (maintaining for 4 consecutive years) and "2025 China Property Service Top 7 Leading Enterprises in Service Quality"[31](index=31&type=chunk) - The company's brand value was assessed at **RMB 9.83 billion**, receiving awards such as "2025 China Property Service Enterprise Brand Value Top 100"[31](index=31&type=chunk) - Future strategic layout will revolve around four core strategies: "scale fission, dual-wheel ecosystem, value guardianship, and genetic reshaping"[33](index=33&type=chunk) Property Management Scale (as of June 30, 2025) | Metric | Value | | :--- | :--- | | Contracted property management projects | 999 | | Total contracted GFA | 133.2 million sq.m. | | Property management projects under management | 930 | | Total GFA under management | 125.9 million sq.m. | [Business Model](index=14&type=section&id=Business%20Model) The Group's business model encompasses property management, community value-added, and other professional services, comprehensively covering the property management value chain, with all segments continuously developing, property management services having the highest revenue contribution, and community value-added services showing significant growth [Property Management Services](index=14&type=section&id=Property%20Management%20Services) Property management services, the Group's core business, generated approximately RMB 964.3 million in H1 2025 revenue, a 5.9% year-on-year increase, accounting for 79.3% of total revenue, driven by continuous optimization of the managed property portfolio, expansion of third-party outreach, and deep cultivation in South China, with 75.7% of properties located in first-tier, new first-tier, and second-tier cities - Property management services revenue was approximately **RMB 964.3 million**, an increase of approximately **5.9%** compared to the prior period, with its proportion of total revenue rising to **79.3%**[35](index=35&type=chunk) - As of June 30, 2025, property management services covered **84 cities**, with **930 projects** under management and a GFA under management of approximately **125.9 million sq.m.**[35](index=35&type=chunk) Changes in Contracted and Managed GFA for Property Management | Metric | June 30, 2025 (thousand sq.m.) | June 30, 2024 (thousand sq.m.) | | :--- | :--- | :--- | | Contracted GFA at beginning of period | 125,759 | 117,577 | | Contracted GFA at end of period | 133,241 | 119,065 | | GFA under management at beginning of period | 118,827 | 110,933 | | GFA under management at end of period | 125,918 | 111,297 | | New business (under management) | 9,833 | 4,106 | | Terminated (under management) | (2,742) | (3,742) | - The Group has cultivated the South China region for over 20 years, with approximately **63.2 million sq.m.** of projects under management located in South China, accounting for **50.2%** of the total GFA under management[38](index=38&type=chunk) - **75.7%** of properties are located in first-tier, new first-tier, and second-tier cities, with **54.2%** being residential projects[38](index=38&type=chunk) Property Management GFA Under Management and Revenue (by Property Type) | Property Type | H1 2025 GFA under management (thousand sq.m.) | H1 2025 Revenue (RMB thousand) | H1 2024 GFA under management (thousand sq.m.) | H1 2024 Revenue (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Residential properties | 74,410 (59.1%) | 652,190 (67.6%) | 69,060 (62.1%) | 607,616 (66.8%) | | Non-residential properties | 51,508 (40.9%) | 312,104 (32.4%) | 42,237 (37.9%) | 302,690 (33.2%) | | Total | 125,918 (100.0%) | 964,294 (100.0%) | 111,297 (100.0%) | 910,306 (100.0%) | - Third-party expansion is the primary driver of the Group's scale growth, with GFA under management increasing by **18.9%** year-on-year, and its proportion of total GFA under management rising to **73.0%**[42](index=42&type=chunk)[44](index=44&type=chunk) - Property management revenue from properties developed by third-party property developers was approximately **RMB 545.1 million**, an increase of **8.7%** year-on-year, and its proportion of total property management revenue increased to **56.5%**[44](index=44&type=chunk) [Community Value-Added Services](index=19&type=section&id=Community%20Value-Added%20Services) Community value-added services encompass public space leasing, parking management, and lifestyle services (such as move-in assistance, home renovation, asset management, and housekeeping), generating approximately RMB 152.0 million in H1 2025 revenue, an 11.7% year-on-year increase, with lifestyle services revenue growing by 17.2% - Community value-added services include public space leasing and parking management, as well as lifestyle services, which primarily comprise move-in assistance, home renovation, asset management, and housekeeping services[45](index=45&type=chunk) Breakdown of Community Value-Added Services Revenue | Service Type | H1 2025 Revenue (RMB thousand) | H1 2025 Proportion (%) | H1 2024 Revenue (RMB thousand) | H1 2024 Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Public space leasing and parking management | 60,104 | 39.5 | 57,694 | 42.4 | | Lifestyle services | 91,872 | 60.5 | 78,418 | 57.6 | | Total | 151,976 | 100.0 | 136,112 | 100.0 | - Community value-added services revenue was approximately **RMB 152.0 million**, an increase of approximately **11.7%** compared to the prior period[46](index=46&type=chunk) - Lifestyle services revenue recorded **RMB 91.9 million**, an increase of approximately **17.2%** compared to the prior period[46](index=46&type=chunk) [Other Professional Services](index=20&type=section&id=Other%20Professional%20Services) Other professional services include elevator services, smart technology services, and urban public services, with total revenue of RMB 100.1 million in H1 2025, a slight year-on-year decrease, where urban public services are the main component with total contracted amount of approximately RMB 480.1 million - Other professional services include elevator services (sales, installation, repair, and maintenance), smart technology services, and urban public services[47](index=47&type=chunk) Breakdown of Other Professional Services Revenue | Service Type | H1 2025 Revenue (RMB thousand) | H1 2025 Proportion (%) | H1 2024 Revenue (RMB thousand) | H1 2024 Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Urban public services | 74,170 | 74.1 | 76,441 | 72.8 | | Elevator services | 22,971 | 23.0 | 25,460 | 24.2 | | Smart technology services | 2,937 | 2.9 | 3,136 | 3.0 | | Total | 100,078 | 100.0 | 105,037 | 100.0 | - As of June 30, 2025, there were **21 urban public service projects**, with a total contracted amount of approximately **RMB 480.1 million**[48](index=48&type=chunk) [Industry Review and Future Outlook](index=21&type=section&id=Industry%20Review%20and%20Future%20Outlook) This section reviews the property service industry's performance in H1 2025 and outlines the Group's strategic outlook amidst economic trends and policy support [Industry Review](index=21&type=section&id=Industry%20Review) In H1 2025, China's property service industry developed steadily amidst economic recovery and policy support, exhibiting "rigid demand + long cycle" characteristics, with growth in both basic property and community value-added services, and continued increase in concentration among leading enterprises - China's GDP grew by **5.3%** year-on-year in H1 2025, with policy-level initiatives continuously promoting urban renewal, opening up new opportunities for existing community operations and maintenance[49](index=49&type=chunk) - The property service industry continued its "rigid demand + long cycle" characteristics, covering both "incremental + existing" markets, with a steady increase in the proportion of basic property service revenue and accelerated growth in community value-added services[49](index=49&type=chunk) - According to China Index Academy, from January to June 2025, the top 50 property service enterprises added approximately **350 million sq.m.** in contracted GFA, with third-party market expansion totaling **290 million sq.m.**, further increasing concentration among leading players[49](index=49&type=chunk) [Future Outlook](index=21&type=section&id=Future%20Outlook) Looking ahead to H2 2025, despite external uncertainties, China's domestic "stabilize growth, expand domestic demand, boost confidence" policies will solidify the industry's foundation, with total GFA under management for the national property service industry projected to reach 37.537 billion sq.m. by 2029, indicating broad industry prospects, and the Group will leverage residential services as its base, focus on core city clusters and business types, firmly advance digital transformation, and enhance service quality and operational returns - The IMF projects global growth of approximately **3.0%** in 2025, and China's domestic policy mix of "stabilizing growth, expanding domestic demand, and boosting confidence" will continue to exert force[50](index=50&type=chunk) - China Index Academy predicts that by 2029, the total GFA under management for the national property service industry will increase to **37.537 billion sq.m.**, indicating vast industry potential[50](index=50&type=chunk) - The Group will use residential services as its foundation, focus on core city clusters and key business types, and continue to exert efforts in residential, public, commercial, and industrial park sectors[50](index=50&type=chunk) - The Group will firmly advance its digital transformation, enhancing human efficiency through "grid management + data middle platform" and setting "customer experience and operational quality" as its work standards[51](index=51&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) This section provides a detailed financial review, analyzing key performance indicators such as revenue, costs, gross profit, net profit, and changes in balance sheet items, along with the Group's overall financial health [Revenue](index=22&type=section&id=Revenue) The Group's H1 2025 revenue was approximately RMB 1,216.3 million, a 5.6% year-on-year increase, with property management services remaining the largest revenue source, accounting for 79.3% of total revenue, primarily driven by third-party market expansion, and community value-added services also achieving 11.7% growth - The Group's revenue increased from approximately **RMB 1,151.5 million** in H1 2024 to approximately **RMB 1,216.3 million** in H1 2025, an increase of approximately **5.6%**[52](index=52&type=chunk) Revenue Breakdown by Operating Segment | Operating Segment | H1 2025 Revenue (RMB million) | H1 2025 Proportion (%) | H1 2024 Revenue (RMB million) | H1 2024 Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Property management services | 964.3 | 79.3 | 910.3 | 79.1 | | Community value-added services | 152.0 | 12.5 | 136.1 | 11.8 | | Other professional services | 100.0 | 8.2 | 105.1 | 9.1 | | Total | 1,216.3 | 100.0 | 1,151.5 | 100.0 | - Property management services revenue increased by approximately **RMB 54.0 million**, or approximately **5.9%**, primarily due to an **18.9%** year-on-year increase in GFA under management from third-party developers[53](index=53&type=chunk) - Community value-added services revenue increased by **RMB 15.9 million** year-on-year, or approximately **11.7%**[53](index=53&type=chunk) [Cost of Sales](index=23&type=section&id=Cost%20of%20Sales) Cost of sales for H1 2025 was approximately RMB 972.2 million, an 8.0% year-on-year increase, primarily due to expanded GFA under management and business scale, diversified value-added services, and increased investment in community repair and maintenance for managed projects - Total cost of sales was approximately **RMB 972.2 million**, an increase of approximately **RMB 71.7 million** or approximately **8.0%** compared to H1 2024[54](index=54&type=chunk) - The increase in cost of sales was mainly due to the expansion of GFA under management and business scale during the period, along with the diversification of value-added services, leading to corresponding increases in various costs[54](index=54&type=chunk) - Increased investment in community repair and maintenance for managed projects to improve community environment and enhance service quality[54](index=54&type=chunk) [Gross Profit and Gross Profit Margin](index=23&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit for H1 2025 decreased by 2.7% to RMB 244.2 million, with the overall gross profit margin decreasing by 1.7 percentage points year-on-year to 20.1%, primarily due to a 2.3 percentage point decline in property management services gross profit margin and a 1.3 percentage point decline in community value-added services gross profit margin due to changes in business structure - Gross profit decreased from approximately **RMB 251.0 million** in H1 2024 to approximately **RMB 244.2 million** in H1 2025, a decrease of approximately **2.7%**[55](index=55&type=chunk) Gross Profit Margin by Business Line | Business Line | H1 2025 Gross Profit Margin (%) | H1 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | | Property management services | 18.2 | 20.5 | | Community value-added services | 40.6 | 41.9 | | Other professional services | 6.8 | 6.8 | | Overall Gross Profit Margin | 20.1 | 21.8 | - The gross profit margin for property management services decreased by **2.3 percentage points**, mainly due to increased investment in community repair and maintenance for managed projects[57](index=57&type=chunk) - The gross profit margin for community value-added services decreased by **1.3 percentage points**, mainly due to the increased proportion of lifestyle services revenue, which has a relatively lower gross profit margin[58](index=58&type=chunk) [Other Income and Gains](index=24&type=section&id=Other%20Income%20and%20Gains) Other income and gains for H1 2025 significantly increased by 376.0% to RMB 49.5 million, primarily due to the recognition of a fair value gain on a put option of RMB 34.2 million - Other income and gains increased from approximately **RMB 10.4 million** in H1 2024 to approximately **RMB 49.5 million** in H1 2025, an increase of approximately **376.0%**[60](index=60&type=chunk) - This increase was mainly due to the recognition of a fair value gain on a put option of **RMB 34.2 million** during the period[60](index=60&type=chunk) [Administrative Expenses](index=24&type=section&id=Administrative%20Expenses) Total administrative expenses for H1 2025 were approximately RMB 95.7 million, a 11.9% year-on-year decrease, primarily benefiting from streamlined organizational structure, optimized management processes, and the application of smart technology equipment - Total administrative expenses were approximately **RMB 95.7 million**, a decrease of approximately **RMB 12.9 million** or approximately **11.9%** compared to H1 2024[61](index=61&type=chunk) - The decrease was mainly due to the Group's further streamlining of its organizational structure, optimizing management processes, and applying smart technology equipment[61](index=61&type=chunk) [Net Impairment Losses on Financial and Contract Assets](index=24&type=section&id=Net%20Impairment%20Losses%20on%20Financial%20and%20Contract%20Assets) Net impairment losses on financial and contract assets for H1 2025 increased by approximately RMB 16.7 million to RMB 91.6 million, primarily due to increased credit risk on amounts due from non-controlling shareholders and certain trade receivables, despite a reduction in impairment losses on amounts due from related parties - Net impairment losses on financial and contract assets increased from approximately **RMB 74.9 million** in H1 2024 to approximately **RMB 91.6 million** in H1 2025, an increase of approximately **RMB 16.7 million**[62](index=62&type=chunk) - The increase in impairment losses was mainly due to increased credit risk on amounts due from non-controlling shareholders and certain trade receivables[62](index=62&type=chunk) - Impairment losses on amounts due from related parties decreased compared to the prior period[62](index=62&type=chunk) [Profit for the Period and Core Net Profit](index=25&type=section&id=Profit%20for%20the%20Period%20and%20Core%20Net%20Profit) Net profit for H1 2025 was approximately RMB 60.9 million, a 43.9% year-on-year increase, primarily influenced by the fair value gain on a put option and net impairment losses on financial assets, while core net profit (excluding non-operating and non-recurring items) was approximately RMB 108.7 million, a 6.3% year-on-year increase - For H1 2025, the Group recorded a net profit of approximately **RMB 60.9 million**, compared to approximately **RMB 42.4 million** in H1 2024[66](index=66&type=chunk) - The increase in profit for the period was mainly due to the combined effect of the recognition of a fair value gain on a put option and a year-on-year increase in net impairment losses on financial and contract assets during the period[66](index=66&type=chunk) Reconciliation of Net Profit for the Period to Core Net Profit | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net profit for the period | 60,947 | 42,353 | | Net impairment losses on financial and contract assets* | 82,270 | 60,041 | | Share of profit of associates | (296) | (105) | | Fair value gain on put option | (34,201) | – | | Core net profit for the period | 108,720 | 102,289 | - Net profit attributable to owners of the parent company was approximately **RMB 63.8 million**, an increase of approximately **56.8%**[71](index=71&type=chunk) [Changes in Key Balance Sheet Items](index=26&type=section&id=Changes%20in%20Key%20Balance%20Sheet%20Items) As of June 30, 2025, property, plant and equipment decreased due to depreciation, trade receivables increased due to business expansion and extended collection periods, prepayments, deposits and other receivables decreased due to a lower balance of amounts due from non-controlling shareholders, and trade payables increased due to business scale expansion - Property, plant and equipment amounted to approximately **RMB 74.2 million**, a decrease of approximately **RMB 4.5 million** from December 31, 2024, mainly due to depreciation during the period[72](index=72&type=chunk) - Trade receivables amounted to approximately **RMB 840.1 million**, an increase of approximately **RMB 76.2 million** from December 31, 2024, mainly due to continuous business expansion and extended collection periods[73](index=73&type=chunk) - Prepayments, deposits and other receivables decreased by approximately **7.7%** to approximately **RMB 170.9 million**, mainly due to a decrease in the balance of amounts due from non-controlling shareholders during the period[74](index=74&type=chunk) - Trade payables amounted to approximately **RMB 587.5 million**, an increase of approximately **RMB 7.0 million** or **1.2%** from December 31, 2024, mainly due to increased outsourced personnel costs and equipment maintenance costs resulting from business scale expansion[75](index=75&type=chunk) - Other payables and accrued expenses showed no significant changes[76](index=76&type=chunk) [Financial Position and Capital Structure](index=27&type=section&id=Financial%20Position%20and%20Capital%20Structure) As of June 30, 2025, the Group maintained an excellent financial position with a current ratio of 1.88 times, a net cash position for its net debt-to-equity ratio, and no outstanding interest-bearing borrowings - The current ratio (current assets/current liabilities) was **1.88 times** (December 31, 2024: 1.83 times)[77](index=77&type=chunk) - The net debt-to-equity ratio was **net cash** (December 31, 2024: net cash)[77](index=77&type=chunk) - As of June 30, 2025, the Group had no outstanding interest-bearing borrowings[77](index=77&type=chunk) [Other Financial and Investment Information](index=27&type=section&id=Other%20Financial%20and%20Investment%20Information) This section details the Group's risk management strategies, major investments and acquisitions, and the utilization of net proceeds from its listing and share placement [Risk Management](index=27&type=section&id=Risk%20Management) As of June 30, 2025, the Group had no financial guarantees, asset pledges, or significant contingent liabilities; interest rate risk is minimal due to the absence of significant interest-bearing assets and liabilities; and while closely monitoring RMB exchange rate fluctuations, no foreign exchange hedging activities were undertaken - As of June 30, 2025, the Group had no financial guarantees, asset pledges, or significant contingent liabilities[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - As the Group has no significant interest-bearing assets and liabilities, it is not significantly affected by risks directly related to changes in market interest rates[81](index=81&type=chunk) - The Group primarily operates in China, with most of its business denominated in RMB, and will closely monitor RMB exchange rate fluctuations, but no foreign exchange hedging activities were undertaken as of June 30, 2025[82](index=82&type=chunk) [Major Investments and Acquisitions](index=28&type=section&id=Major%20Investments%20and%20Acquisitions) During the period, the Company completed the acquisition of the remaining 20% equity interest in Chengdu Heda Lianhang Technology Co., Ltd., making it a wholly-owned subsidiary, with no other major investments, significant acquisitions, or disposals of subsidiaries, associates, and joint ventures - On April 24, 2025, Guangzhou Times Property Management Co., Ltd. acquired the remaining **20%** equity interest in Chengdu Heda Lianhang Technology Co., Ltd., making it a wholly-owned subsidiary of the Company[83](index=83&type=chunk) - Save as disclosed above, there were no major investments, significant acquisitions, or disposals of subsidiaries, associates, and joint ventures during the period[83](index=83&type=chunk) [Use of Net Proceeds from Listing](index=29&type=section&id=Use%20of%20Net%20Proceeds%20from%20Listing) The Company's total net proceeds from listing amounted to approximately HKD 786.74 million, with most utilized as disclosed in the prospectus as of June 30, 2025, while the plan for funds to enhance customer service quality has been delayed until on or before December 31, 2028 - The total net proceeds from the listing amounted to approximately **HKD 786.74 million**[86](index=86&type=chunk) Use of Net Proceeds from Listing | Intended Use | % of Total Net Proceeds | Net Proceeds (HKD) | Amount Used as of June 30, 2025 (HKD) | Remaining Unused Proceeds (HKD) | Expected Timeline for Use | | :--- | :--- | :--- | :--- | :--- | :--- | | Seeking selective strategic investment and acquisition opportunities and developing strategic alliances | 65 | 511,383,716 | 511,383,716 | – | Not applicable | | Utilizing advanced technology and building smart communities to enhance customer service quality | 15 | 118,011,627 | 107,117,824 | 10,893,803 | On or before December 31, 2028* | | Further developing a one-stop service platform | 10 | 78,674,417 | 78,674,417 | – | Not applicable | | Working capital and general corporate purposes | 10 | 78,674,418 | 78,674,418 | – | Not applicable | * To ensure more effective utilization of funds for enhancing service quality, the Company decided to further delay the relevant plan. As of the date of this announcement, the Company expects the unused net proceeds to be fully utilized on or before December 31, 2028. [Use of Net Proceeds from Share Placement](index=30&type=section&id=Use%20of%20Net%20Proceeds%20from%20Share%20Placement) The Company's total net proceeds from share placement amounted to approximately HKD 779.60 million, with approximately HKD 256.65 million for potential strategic investments and acquisitions remaining unutilized as of June 30, 2025, now expected to be fully used on or before December 31, 2028 - The total net proceeds from the share placement amounted to approximately **HKD 779.60 million**[88](index=88&type=chunk) Use of Net Proceeds from Share Placement | Intended Use | % of Total Net Proceeds | Net Proceeds (HKD) | Amount Used as of June 30, 2025 (HKD) | Remaining Unused Proceeds (HKD) | Expected Timeline for Use | | :--- | :--- | :--- | :--- | :--- | :--- | | Seeking potential strategic investment and acquisition opportunities | 90 | 701,637,251 | 444,987,318 | 256,649,933 | On or before December 31, 2028* | | General working capital of the Group | 10 | 77,959,695 | 77,959,695 | – | Not applicable | * Due to the Group's more cautious selection and pursuit of strategic investment and acquisition opportunities that align with its long-term development needs, the Company decided to further delay the relevant plan. As of the date of this announcement, the Company expects the unused net proceeds to be fully utilized on or before December 31, 2028. - The Company actively explored any targets related to its core business but did not identify any new investment or acquisition targets, nor did it enter into any agreements for such investments or acquisitions[89](index=89&type=chunk) [Corporate Governance and Other Matters](index=31&type=section&id=Corporate%20Governance%20and%20Other%20Matters) This section addresses the Group's employee and remuneration policies, adherence to corporate governance standards, securities trading, audit committee review, report publication, and updates on operating targets for key subsidiaries [Employees and Remuneration Policy](index=31&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 4,534 full-time employees, with remuneration based on performance, skills, knowledge, experience, and market trends, offering benefits such as provident funds and medical insurance, while regularly reviewing remuneration policies and providing training - As of June 30, 2025, the Group had **4,534 full-time employees** (December 31, 2024: 4,673 employees)[90](index=90&type=chunk) - Employee remuneration is based on performance, skills, knowledge, experience, and market trends, with benefits including provident fund schemes, medical insurance schemes, unemployment insurance schemes, housing provident funds, and MPF[90](index=90&type=chunk) - The Group regularly reviews its remuneration policy and provides training programs[90](index=90&type=chunk) [Corporate Governance and Securities Transactions](index=31&type=section&id=Corporate%20Governance%20and%20Securities%20Transactions) The Company is committed to maintaining high standards of corporate governance, having adopted and complied with all provisions of the HKEX Corporate Governance Code and Model Code during H1 2025, and neither the Company nor its subsidiaries purchased, sold, or redeemed any of its listed securities during the period - The Company has adopted the Corporate Governance Code and the Model Code for Securities Transactions by Directors of Listed Issuers set out in the Listing Rules of the Stock Exchange, and has complied with all code provisions throughout H1 2025[91](index=91&type=chunk)[92](index=92&type=chunk) - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[93](index=93&type=chunk) [Audit Committee and Report Publication](index=32&type=section&id=Audit%20Committee%20and%20Report%20Publication) The Company's Audit Committee has reviewed the interim report and unaudited condensed consolidated interim results, deeming the risk management and internal control systems effective and adequate; the interim results announcement has been published on the HKEX and company websites, and the interim report will be published in due course - The Company's Audit Committee has reviewed the Group's interim report and the unaudited condensed consolidated interim results for the six months ended June 30, 2025[94](index=94&type=chunk) - The Audit Committee considers the risk management and internal control systems to be effective and adequate[94](index=94&type=chunk) - The interim results announcement has been published on the HKEX website and the Company's website, and the interim report will be published on the aforementioned websites and dispatched to shareholders in due course[95](index=95&type=chunk) [Update on Operating Targets for Shanghai Kejian and Chengdu Heda](index=32&type=section&id=Update%20on%20Operating%20Targets%20for%20Shanghai%20Kejian%20and%20Chengdu%20Heda) For Shanghai Kejian, due to credit impairment losses from the pandemic and economic downturn, parties have not yet agreed on the profit guarantee shortfall, and the company is actively negotiating; for Chengdu Heda, it failed to meet the 2021-2023 profit guarantee, with a total shortfall of RMB 33.65 million, which the Company accounted for in the acquisition consideration of the remaining 20% equity, while retaining the right to pursue the remaining outstanding debt from relevant parties - The special audit report on Shanghai Kejian's profit for the year ended December 31, 2022, has been published, but due to significant credit impairment losses caused by the COVID-19 pandemic and China's economic downturn, the parties have not yet agreed on the amount of profit after tax[96](index=96&type=chunk) - The Company will continue to exert its best efforts to negotiate with relevant parties to reach a consensus on the shortfall as soon as possible, and expects the shortfall to be adequately compensated by the non-controlling shareholders' share of profit distribution for 2022[96](index=96&type=chunk)[97](index=97&type=chunk) - Chengdu Heda failed to meet the profit guarantee for the years 2021 to 2023, with a total profit guarantee shortfall of **RMB 33.65 million**[98](index=98&type=chunk) - The Group has further acquired the remaining **20%** equity interest in Chengdu Heda from the vendor under the 2025 Chengdu Heda acquisition agreement, and the consideration for this acquisition has accounted for the outstanding debt of **RMB 86.73 million** jointly owed by the vendor and former target shareholders to the buyer and target company, which includes the aforementioned profit guarantee shortfall[99](index=99&type=chunk) - Upon completion of the acquisition, the vendor and guarantor's obligations under the profit guarantee have been fulfilled, and the buyer still retains the right to exercise its claims against Qinyue Junyu and Chengdu Daoning for the remaining outstanding debt totaling **RMB 45.05 million**[99](index=99&type=chunk)