HUIJING HOLDINGS COMPANY LIMITED 滙 景 控 股 有 限 公 司 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之內容概不負責，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份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 股東及本公司潛在投資者於買賣本公司證券時務請審慎行事。 承 董 事 會 命 （於開曼群島註冊成立的有限公司） (股份代號: 9968) 内幕消息 盈利警告 本公告乃由滙景控股有限公司（「本公司」，與其附屬公司，統稱「本集團」）根據香港聯合 交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a)條以及香港法例第571章證券及 期貨條例第XIVA部項下內幕消息條文（定義見上市規則）而刊發。 本公司董事（「董事」）會（「董事會」）謹此通知本公司股東（「股東」）及潛在投資者， 根據對本集團截至2025年6月30日止六個月（「本期間」）未經審核綜合管理賬目之初步審閱， 以及董事會現時可得之其他資料，預計本集團於本期間可能錄得虧絀總額約人民幣601.7百萬 元，而對比截至2024年12月31日則錄得虧絀總額約 ...

承 董 事 會 命 滙 景 控 股 有 限 公 司 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之內容概不負責，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。 HUIJING HOLDINGS COMPANY LIMITED 滙景控股 有限公司 （於開曼群島註冊成立的有限公司） (股份代號: 9968) 董事會會議日期 滙景控股有限公司 （「本公司」，連同其附屬公司，統稱「本集團」） 董事 （「董事」） 會 （「董事會」） 謹此宣佈，本公司謹訂於2025年8月29日（星期五）舉行董事會會議，藉以 （其中包括）考慮及批准本集團截至2025年6月30日止六個月之未經審核中期業績及其發 佈，並考慮派發中期股息（如有）。 主 席 兼 非 執 行 董 事 倫 瑞 祥 香港，2025 年 8 月 19 日 於本公告日期，董事會包括執行董事盧沛軍先生、羅成煜先生及王迪女士；非執行董事倫 瑞祥先生，以及獨立非執行董事陳健民先生、歐寧馨女士及陳桂林先生。 ...

HUIJING HOLDINGS COMPANY LIMITED 滙景控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Incorporated in the Cayman Islands with limited liability) 5 August 2025 Dear Shareholders. HUIJING HOLDINGS COMPANY LIMITED (the "Company") — Notice of publication of Annual Report 2024, Circular and Proxy form (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at (http://www.huijingholdings. ...

本 人╱吾 等 （附 註1） 寓 為 本 公 司 股 本 中 每 股 面 值0.01港 元 普 通 股 共 股 （附 註2） 之 登 記 持 有 人， 茲 委 任 （附 註3） HUIJING HOLDINGS COMPANY LIMITED 滙景控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9968） 代 表 委 任 表 格 出 席 於2025年9月5日（星 期 五）上 午11時 正（香 港 時 間）召 開 之 滙 景 控 股 有 限 公 司（「本 公 司」）股 東 週 年 大 會 或 其 任 何 續 會（視 情 況 而 定）適 用 之 代 表 委 任 表 格。 （附 註6） ： 附 註： 收 集 個 人 資 料 聲 明 寓 或 如 其 未 克 出 席，則 委 任 大 會 主 席 為 本 人╱吾 等 之 代 表，代 表 本 人╱吾 等 出 席 於2025年9月5日（星 期 五）上 午11時 正（香 港 時 間）假 座 香 港 港 灣 道23號 鷹 君 中 心3樓 舉 行 之 本 公 司 股 東 週 年 大 會（「大 會」）（或 任 何 續 會（視 乎 情 況 而 定）），並 於 該 大 會 （ ...

HUIJING HOLDINGS COMPANY LIMITED 滙景控股有限公司 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 通 告 之 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 通 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。 （於開曼群島註冊成立的有限公司） （股份代號：9968） 股 東 週 年 大 會 通 告 茲 通 告 滙 景 控 股 有 限 公 司（「本 公 司」）謹 訂 於2025年9月5日(星 期 五)上 午11時 正（香 港 時 間）假 座 香 港 港 灣 道23號 鷹 君 中 心3樓 舉 行 股 東 週 年 大 會（「大 會」），藉 以 處 理 下 列 事 項： 「動 議： (a) 在 下 文(b)段 規 限 下，一 般 及 無 條 件 授 予 董 事 一 般 授 權，以 根 據 所 有 適 用 法 例、規 則 及 規 例，於 有 關 期 間（定 義 見 下 文）行 使 本 公 司 一 切 權 力 以 購 回 ...

閣 下 如 對 本 通 函 任 何 方 面 或 應 採 取 之 行 動 有 任 何 疑 問，應 諮 詢 閣 下 之 股 票 經 紀 或 其 他 註 冊 證 券 商、銀 行 經 理、律 師、專 業 會 計 師 或 其 他 專 業 顧 問。 閣 下 如 已 將 名 下 之 全 部 滙 景 控 股 有 限 公 司 股 份 售 出 或 轉 讓，應 立 即 將 本 通 函 及 隨 附 之 代 表 委 任 表 格 交 予 買 主 或 承 讓 人 或 經 手 買 賣 或 轉 讓 之 銀 行、股 票 經 紀 或 其 他 代 理 商，以 便 轉 交 買 主 或 承 讓 人。 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通函之內容概不負責， 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 通 函 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。 此 乃 要 件 請 即 處 理 HUIJING HOLDINGS COMPANY LIMITED 滙景控股有限公司 （於開曼群島註冊 ...

[Company Information](index=3&type=section&id=Company%20Information) This section provides essential company details, including board and committee members, registered and principal business addresses, and key professional advisors - The report details the company's fundamental information, including board and committee members, registered office, principal business address, share registrar, auditor, legal counsel, and principal banks[4](index=4&type=chunk)[6](index=6&type=chunk)[10](index=10&type=chunk) - The report discloses important personnel changes, with **CEO Mr. Lun Zhaoming resigning effective January 1, 2025**, and **Ms. Wang Di appointed Executive Director effective May 16, 2025**[4](index=4&type=chunk)[178](index=178&type=chunk) [Financial Summary](index=6&type=section&id=Financial%20Summary) The company's financial performance has significantly deteriorated over the past five years, marked by a shift from profit to substantial losses and negative total equity by 2024 - The company's financial performance has significantly deteriorated over the past five years, shifting from profitability to **substantial losses since 2022**, with **total equity turning negative by the end of 2024**, indicating insolvency[11](index=11&type=chunk) Five-Year Financial Summary (As of December 31) | Metric | 2020 (RMB thousands) | 2021 (RMB thousands) | 2022 (RMB thousands) | 2023 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 5,153,233 | 5,309,290 | 85,893 | 941,219 | 240,915 | | **Profit/(Loss) Before Tax** | 1,329,129 | 1,102,164 | (2,806,057) | (664,729) | (744,325) | | **Total Assets** | 12,738,992 | 15,182,212 | 12,213,441 | 10,417,205 | 10,150,391 | | **Total Liabilities** | 8,909,356 | 10,930,837 | 10,894,770 | 9,891,786 | 10,484,866 | | **Total Equity/(Deficit)** | 3,829,636 | 4,251,375 | 1,318,671 | 525,419 | (334,475) | [Chairman's Report](index=7&type=section&id=Chairman%27s%20Report) This report outlines the Group's operational performance, financial status, and strategic outlook, highlighting key achievements and future development directions [Full Year Results and Financial Position](index=7&type=section&id=Full%20Year%20Results%20and%20Financial%20Position) In FY2024, the Group experienced significant performance fluctuations, with revenue declining 74.4% to RMB 241 million, a net loss of RMB 801 million, and a high gearing ratio of 93.8% FY2024 Key Performance Indicators | Metric | 2024 | YoY Change | | :--- | :--- | :--- | | Revenue (RMB millions) | 240.9 | -74.4% | | Gross Profit (RMB millions) | 62.6 | - | | Gross Profit Margin | 26.0% | - | | Net Loss (RMB millions) | 801.3 | - | | Contract Sales (RMB millions) | 102.2 | -65.0% | | Contract Sales GFA (square meters) | 9,795 | - | Financial Position as of December 31, 2024 | Metric | As of December 31, 2024 | YoY Change | | :--- | :--- | :--- | | Total Assets (RMB billions) | 10.1504 | -2.6% | | Gearing Ratio | 93.8% | - | - The board does not recommend a final dividend for the year ended December 31, 2024[18](index=18&type=chunk) [Business Review](index=8&type=section&id=Business%20Review) The Group continued its "one core, two wings" strategy in 2024, focusing on residential development and urban renewal, achieving progress with 9 preliminary service provider qualifications - The company adheres to the **"one core, two wings" strategy**, focusing on residential development, urban renewal, and cultural tourism/tech innovation to diversify revenue and enhance competitiveness[19](index=19&type=chunk) - By the end of 2024, the Group secured **preliminary service provider qualifications for 9 urban renewal projects**, with an additional 9 projects in progress to obtain similar qualifications[20](index=20&type=chunk) [Business Outlook](index=9&type=section&id=Business%20Outlook) The Group will focus on "three old transformations" projects in Dongguan, Guangdong, supported by approximately 2.8 million square meters of land reserves across 18 projects and 4 land parcels - Future strategy will focus on South China, particularly **Dongguan's "three old transformations" projects** in Guangdong[25](index=25&type=chunk)[27](index=27&type=chunk) Land Reserve as of December 31, 2024 | Project Type | Quantity | | :--- | :--- | | Real Estate Projects | 18 | | Land Parcels | 4 | | **Total Gross Floor Area** | **2,799,191 square meters** | [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the Group's operational and financial performance, detailing revenue trends, cost structures, liquidity, and future strategies [Business Review](index=11&type=section&id=Business%20Review%20%28MDA%29) In 2024, the Group's total revenue significantly decreased by 74.4% to RMB 241 million, driven by sharp declines in property sales and average selling prices, while actively pursuing urban renewal projects 2024 Contract Sales Performance | Metric | Amount/Area | YoY Change | | :--- | :--- | :--- | | Contract Sales (RMB millions) | 102.2 | -65.0% | | Contract Sales GFA (square meters) | 9,795 | -53.3% | 2024 Property Sales Details | Metric | Amount/Area | YoY Change | | :--- | :--- | :--- | | Property Sales Revenue (RMB millions) | 201.2 | -77.9% | | GFA of Properties Recognized as Sold (square meters) | 31,530 | -53.0% | | Average Selling Price (RMB/square meter) | 6,381 | -53.0% | - As of the end of 2024, the Group's total land reserve GFA was approximately **2,799,191 square meters**, primarily located in Hengyang, Heyuan, and Xuzhou[48](index=48&type=chunk)[50](index=50&type=chunk) - The Group actively participates in urban renewal, particularly Dongguan's "three old transformations" projects, with progress in Zhangmutou Baoshan, Humen Xinwan, and Shatian Nianzhou, and **9 preliminary service provider agreements signed covering 2.23 million square meters**[51](index=51&type=chunk)[54](index=54&type=chunk) [Financial Review](index=18&type=section&id=Financial%20Review) In FY2024, the Group's financial performance deteriorated significantly, with total revenue down 74.4%, gross profit down 75.8%, and net loss expanding to RMB 801 million, primarily due to increased finance costs and inventory impairment FY2024 Key Income Statement Items | Item | 2024 (RMB millions) | 2023 (RMB millions) | YoY Change | | :--- | :--- | :--- | | Total Revenue | 240.9 | 941.2 | -74.4% | | Gross Profit | 62.6 | 258.4 | -75.8% | | Gross Profit Margin | 26.0% | 27.5% | -1.5pp | | Loss for the Year | 801.3 | 730.4 | Loss expanded | | Finance Costs | 441.3 | 178.4 | +147.4% | | Write-down of inventories to net realizable value | 144.4 | 48.5 | +197.7% | - Finance costs significantly increased by **147% from RMB 178 million to RMB 441 million**, primarily due to increased loan balances and overdue interest[80](index=80&type=chunk) - Sales and distribution expenses and administrative expenses both significantly decreased by **75% and 62% respectively**, primarily due to reductions in marketing, human resources, and office expenses[64](index=64&type=chunk)[69](index=69&type=chunk) [Future Outlook](index=22&type=section&id=Future%20Outlook) Despite real estate pressures, the Group will focus on project completion, accelerated sales, operational optimization, and creditor negotiations, particularly for Dongguan's "three old transformations" projects - The Group will continue to focus on three core tasks: - Completing and delivering property projects - Accelerating the sale of properties under development and completed properties - Integrating resources, optimizing operations, and reducing expenses[90](index=90&type=chunk) - The Group is facing significant financing pressure from lenders and creditors and is actively negotiating to seek solutions[91](index=91&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) As of end-2024, the Group faces severe liquidity issues, with cash at RMB 37.2 million, net current liabilities at RMB 3.92 billion, a 93.8% gearing ratio, and RMB 1.37 billion in financial guarantees Liquidity and Financial Ratios (As of December 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Total Cash and Bank Balances (RMB millions) | 37.2 | 126.2 | | Net Current Liabilities (RMB billions) | 3.9196 | 3.0788 | | Gearing Ratio | 93.8% | 83.8% | | Current Ratio | 0.62 times | 0.69 times | - As of the end of 2024, the Group's total bank financing was **RMB 2.838 billion**, with **81.8% (approximately RMB 2.322 billion) utilized**[100](index=100&type=chunk) - The Group provided **RMB 1.369 billion in mortgage financing guarantees** to property customers, a decrease from RMB 2.501 billion in 2023[115](index=115&type=chunk) - As of the end of 2024, the Group's total capital commitments amounted to **RMB 2.284 billion**, primarily for properties under development[112](index=112&type=chunk) [Management's Position, Views and Assessment on Disclaimer of Opinion](index=30&type=section&id=Management%27s%20Position%2C%20Views%20and%20Assessment%20on%20Disclaimer%20of%20Opinion) In response to the auditor's disclaimer of opinion on going concern, the board outlined six plans to improve liquidity and financial position, including debt negotiation, strategic investment, and accelerated sales - Auditor BDO Limited issued a **"disclaimer of opinion"** on the financial statements due to significant uncertainty regarding the appropriateness of the going concern assumption[130](index=130&type=chunk) - The board has adopted six measures to improve liquidity: - Negotiating with creditors for repayment extensions - Introducing strategic partners or investors for key projects - Accelerating property sales to generate cash flow - Developing diversified sales channels - Improving occupancy rates and rental income for leased properties - Streamlining headcount and controlling operating costs for efficiency[131](index=131&type=chunk)[139](index=139&type=chunk) - The audit committee has reviewed and agreed with management's position, requesting necessary actions to address the going concern uncertainty[134](index=134&type=chunk) [Profile of Directors and Senior Management](index=32&type=section&id=Profile%20of%20Directors%20and%20Senior%20Management) This chapter details the backgrounds of the company's board members and senior management, including their positions, responsibilities, industry experience, and educational qualifications - This section details the backgrounds of the company's board members and senior management, including their positions, responsibilities, industry experience, and educational qualifications[140](index=140&type=chunk)[142](index=142&type=chunk)[147](index=147&type=chunk) [Corporate Governance Report](index=37&type=section&id=Corporate%20Governance%20Report) This report details the company's corporate governance framework, including board composition, committee structures, and risk management and internal control systems [Board and Committees](index=38&type=section&id=Board%20and%20Committees) The company's board comprises 8 members, including 1 non-executive, 3 executive, and 3 independent non-executive directors, meeting listing rule requirements, with separate Chairman and CEO roles, and three independent committees - The board is led by **Chairman Mr. Lun Ruixiang (Non-executive)**, with **CEO Mr. Lun Zhaoming (resigned effective January 1, 2025)** responsible for daily management, ensuring separation of powers[179](index=179&type=chunk)[183](index=183&type=chunk) - The company has an Audit Committee, Remuneration Committee, and Nomination Committee, all **chaired by independent non-executive directors** to ensure independence and effective oversight[210](index=210&type=chunk)[213](index=213&type=chunk)[219](index=219&type=chunk)[227](index=227&type=chunk) - The company has adopted a **board diversity policy**, considering gender, age, cultural background, and professional experience in director selection[243](index=243&type=chunk) [Risk Management and Internal Control](index=52&type=section&id=Risk%20Management%20and%20Internal%20Control) The board oversees the Group's risk management and internal control systems, reviewing their effectiveness annually through a "three lines of defense" model, confirmed as effective for 2024 - The Group's risk management framework adopts a **"three lines of defense model"**: - **First line of defense:** Operational management and internal control measures - **Second line of defense:** Functional departments like finance, cost, and legal compliance - **Third line of defense:** Internal audit[271](index=271&type=chunk) - The board, through the audit committee, reviewed the risk management and internal control systems for the year ended December 31, 2024, deeming them **effective and sound**[283](index=283&type=chunk) [Directors' Report](index=57&type=section&id=Directors%27%20Report) This report covers the Group's annual performance, dividend policy, use of IPO proceeds, directors' and major shareholders' interests, share option schemes, and significant related party transactions and litigation disclosures [Results and Dividends](index=57&type=section&id=Results%20and%20Dividends) The Group's 2024 annual results are detailed in the consolidated financial statements, and given the current financial performance, the board does not recommend a final dividend - The board does not recommend a final dividend for the year ended December 31, 2024[303](index=303&type=chunk) [Use of Net Proceeds from Listing](index=60&type=section&id=Use%20of%20Net%20Proceeds%20from%20Listing) The company's HKD 1.3911 billion net IPO proceeds from January 2020 have been fully utilized as disclosed, primarily for urban renewal, property development, debt repayment, and working capital Allocation of Net Proceeds from Listing (HKD millions) | Use | Planned Amount | Amount Used | | :--- | :--- | :--- | | Advancing urban renewal projects | 765.1 | 765.1 | | Development of existing property projects | 278.2 | 278.2 | | Repayment of interest-bearing borrowings | 278.2 | 278.2 | | Working capital and general corporate purposes | 69.6 | 69.6 | | **Total** | **1,391.1** | **1,391.1** | [Directors' and Major Shareholders' Interests in Shares](index=63&type=section&id=Directors%27%20and%20Major%20Shareholders%27%20Interests%20in%20Shares) As of December 31, 2024, Chairman Mr. Lun Ruixiang is the controlling shareholder, holding approximately 75.82% of shares through controlled entities, with other executive directors holding share options - Company Chairman **Mr. Lun Ruixiang** holds **3,937,331,000 shares (74.94% equity)** through his wholly-owned Wealthy Yield Holdings Limited, making him the controlling shareholder[348](index=348&type=chunk)[349](index=349&type=chunk) [Share Option Schemes](index=67&type=section&id=Share%20Option%20Schemes) The company has Pre-IPO and Post-IPO Share Option Schemes; the former has 45.25 million unexercised options as of end-2024, while no options have been granted under the latter - As of December 31, 2024, **45,250,000 unexercised share options** remain under the Pre-IPO Share Option Scheme, representing **0.86% of issued share capital**[363](index=363&type=chunk)[373](index=373&type=chunk) - The Post-IPO Share Option Scheme has a 10-year validity from listing, but **no options have been granted** under it as of this annual report[381](index=381&type=chunk)[389](index=389&type=chunk) [Connected Transactions](index=76&type=section&id=Connected%20Transactions) The company engaged in multiple continuing connected transactions with related parties for property management, commercial operations, and other services, all within annual caps and deemed fair and reasonable - The company signed four framework agreements with Dongguan Huijing Property Services Co., Ltd. for property management, marketing, and engineering consulting, with a **combined 2024 annual cap of RMB 63.8 million**[402](index=402&type=chunk)[410](index=410&type=chunk)[417](index=417&type=chunk)[424](index=424&type=chunk)[431](index=431&type=chunk) - The company signed a commercial operation and value-added services framework agreement with Dongguan Huisheng Commercial Operation Management Co., Ltd., with a **2024 annual cap of RMB 28.8 million**[434](index=434&type=chunk)[440](index=440&type=chunk) - The company signed an interior decoration services framework agreement with Guangdong Huifeng Ecological Technology Co., Ltd., with a **2024 annual cap of RMB 100 million**[441](index=441&type=chunk)[446](index=446&type=chunk) [Disclosure Made Under Rule 13.21 of the Listing Rules](index=89&type=section&id=Disclosure%20Made%20Under%20Rule%2013.21%20of%20the%20Listing%20Rules) During the reporting period, the Group experienced multiple loan agreement defaults and civil lawsuits, with creditors initiating legal actions for overdue loans totaling over RMB 1 billion - The Group is involved in multiple significant civil lawsuits and loan defaults, including: - **Trust Company A:** Overdue trust loans of approximately **RMB 300 million**, now in enforcement - **Trust Company B:** Unredeemed financial products of approximately **RMB 156 million**, now in enforcement with some collateral under auction - **A certain creditor:** Overdue entrusted loans of approximately **RMB 530 million**, now in enforcement - **Asset Management Company:** Loan defaults of approximately **RMB 394 million**, settled via mediation and in enforcement[473](index=473&type=chunk)[474](index=474&type=chunk)[478](index=478&type=chunk)[479](index=479&type=chunk) [Independent Auditor's Report](index=93&type=section&id=Independent%20Auditor%27s%20Report) This report presents the independent auditor's opinion on the consolidated financial statements, highlighting key audit matters and the basis for their conclusion, particularly regarding the Group's going concern ability [Disclaimer of Opinion](index=93&type=section&id=Disclaimer%20of%20Opinion) Auditor BDO Limited issued a "disclaimer of opinion" on the Group's consolidated financial statements due to significant uncertainty regarding going concern, stemming from substantial losses, insolvency, and widespread debt defaults - The auditor explicitly stated a **"disclaimer of opinion"** on the Group's consolidated financial statements due to insufficient appropriate audit evidence to form an opinion[498](index=498&type=chunk) - The disclaimer of opinion is based on **"material uncertainty related to going concern,"** evidenced by: - **Huge losses:** Net loss of **RMB 801 million** in 2024 - **Insolvency:** Net current liabilities of **RMB 3.92 billion** and net liabilities of **RMB 334 million** - **Debt defaults:** Totaling **RMB 5.95 billion** in interest-bearing borrowings and senior notes in default or cross-default as of end-2024 - **Liquidity depletion:** Available cash and cash equivalents of only **RMB 2.327 million**[499](index=499&type=chunk) [Consolidated Financial Statements](index=97&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated financial statements, including the statement of profit or loss, statement of financial position, statement of cash flows, and detailed notes [Consolidated Statement of Profit or Loss](index=97&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) In FY2024, Group revenue significantly decreased by 74.4% to RMB 241 million, with loss for the year expanding to RMB 801 million, resulting in a basic and diluted loss per share of RMB 0.15 Consolidated Statement of Profit or Loss Summary (RMB thousands) | Item | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | 240,915 | 941,219 | | Gross Profit | 62,644 | 258,416 | | Loss Before Tax | (744,325) | (664,729) | | Loss for the Year | (801,318) | (730,350) | | Loss Attributable to Owners of the Parent | (799,479) | (696,720) | | Basic Loss Per Share (RMB) | (0.15) | (0.13) | [Consolidated Statement of Financial Position](index=99&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of December 31, 2024, the Group's financial position deteriorated, with total assets at RMB 10.15 billion, total liabilities at RMB 10.485 billion, and total equity turning into a deficit of RMB 334 million Consolidated Statement of Financial Position Summary (RMB thousands) | Item | As of December 31, 2024 | As of December 31, 2023 | | :--- | :--- | :--- | | **ASSETS** | | | | Total Non-current Assets | 3,645,378 | 3,684,504 | | Total Current Assets | 6,505,013 | 6,732,701 | | **Total Assets** | **10,150,391** | **10,417,205** | | **LIABILITIES AND EQUITY** | | | | Total Current Liabilities | 10,424,641 | 9,811,525 | | Total Non-current Liabilities | 60,225 | 80,261 | | **Total Liabilities** | **10,484,866** | **9,891,786** | | **Total (Deficit)/Equity** | **(334,475)** | **525,419** | [Consolidated Statement of Cash Flows](index=103&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) In FY2024, operating cash flow turned negative with a net outflow of RMB 170 million, while investing and financing activities saw net inflows, resulting in year-end cash and cash equivalents of only RMB 2.327 million Consolidated Statement of Cash Flows Summary (RMB thousands) | Item | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | (170,057) | 12,730 | | Net Cash Flows from/(used in) Investing Activities | 84,944 | (27,602) | | Net Cash Flows from Financing Activities | 108,216 | 9,618 | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | **23,103** | **(5,254)** | | Cash and Cash Equivalents at Beginning of Year | 6,009 | 27,269 | | **Cash and Cash Equivalents at End of Year** | **2,327** | **6,009** | [Notes to the Consolidated Financial Statements](index=106&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of the company's financial position and performance, covering critical areas such as going concern assumptions, revenue recognition, financial instruments, debt details, and related party transactions [Note 2.1 Basis of Presentation (Going Concern)](index=110&type=section&id=Note%202.1%20Basis%20of%20Presentation%20%28Going%20Concern%29) This note reveals significant doubts about the Group's going concern ability due to substantial losses, net liabilities, severe liquidity shortfalls, and multiple loan defaults - The note explicitly states that as of end-2024, the Group had **RMB 5.95 billion in interest-bearing borrowings and senior notes in default or cross-default**, raising significant doubts about its going concern ability[536](index=536&type=chunk) - Management's plans to alleviate liquidity pressure include: - Accelerating property sales and delivery - Integrating resources, optimizing operations, and reducing expenses - Actively negotiating with lenders for renewal or refinancing[537](index=537&type=chunk)[543](index=543&type=chunk) [Note 29 & 30 Interest-bearing Bank and Other Borrowings and Senior Notes](index=182&type=section&id=Note%2029%20%26%2030%20Interest-bearing%20Bank%20and%20Other%20Borrowings%20and%20Senior%20Notes) As of end-2024, the Group's interest-bearing bank and other borrowings totaled RMB 4.13 billion, with senior notes at RMB 1.05 billion, detailing multiple debt defaults, including RMB 1.95 billion in overdue bank loans Debt Status (As of December 31) | Item | 2024 (RMB thousands) | 2023 (RMB thousands) | | :--- | :--- | :--- | | Interest-bearing bank and other borrowings | 4,134,446 | 4,012,871 | | Senior notes (principal + interest) | 1,051,260 | 908,543 | - As of end-2024, the Group's total overdue bank loans amounted to **RMB 1.945 billion**[954](index=954&type=chunk) - The **2023 senior notes matured in July 2023** but remained unsettled as of the reporting period, constituting a default event[961](index=961&type=chunk) [Note 46 Financial Risk Management Objectives and Policies](index=206&type=section&id=Note%2046%20Financial%20Risk%20Management%20Objectives%20and%20Policies) This note outlines the Group's primary financial risks: interest rate, credit, and liquidity, highlighting extremely high financial leverage with a net debt-to-equity ratio of -1540% and severe liquidity risk Net Debt-to-Equity Ratio | Item | 2024 (RMB thousands) | 2023 (RMB thousands) | | :--- | :--- | :--- | | Net Debt | 5,149,845 | 4,820,790 | | Total (Deficit)/Equity | (334,475) | 525,419 | | **Net Debt-to-Equity Ratio** | **-1,540%** | **918%** | - The Group faces severe liquidity risk, with undiscounted contractual financial liabilities due within one year or on demand totaling as high as **RMB 8.221 billion**[1096](index=1096&type=chunk)

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 本月底法定/註冊股本總額： HKD 100,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 | | | 致：香港交易及結算所有限公司 公司名稱: 滙景控股有限公司 呈交日期: 2025年8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) | 09968 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | ...

Company Overview - Huijing Holdings (汇景控股) is a comprehensive residential and commercial property developer based in the Greater Bay Area, gradually extending to the Yangtze River Delta and Central Yangtze River urban clusters. The company focuses on urban renewal projects, including residential, mixed-use, and industry-specific property projects [2]. Financial Performance - As of December 31, 2024, Huijing Holdings reported total revenue of 241 million RMB, a decrease of 74.4% year-on-year. The net profit attributable to shareholders was -799.5 million RMB, down 14.75% year-on-year. The gross profit margin stood at 26%, and the debt-to-asset ratio was 103.3% [1][3]. Stock Performance - On July 14, the Hang Seng Index rose by 0.26% to close at 24,203.32 points. Huijing Holdings' stock price closed at 0.033 HKD per share, marking a significant increase of 175.0% with a trading volume of 322 million shares and a turnover of 12.4 million HKD. However, over the past month, the stock has shown a cumulative increase of 0%, and a year-to-date decline of 20%, underperforming the Hang Seng Index by 20.34% [1]. Valuation Metrics - Currently, there are no institutional investment ratings for Huijing Holdings. The average price-to-earnings (P/E) ratio for the real estate industry (TTM) is 10.09, with a median of -0.16. Huijing Holdings has a P/E ratio of -0.07, ranking 255th in the industry. Comparatively, other companies in the sector have P/E ratios ranging from 0.72 to 3.09 [2].

Group 1 - In the first half of 2025, the real estate industry achieved bond financing of 254.19 billion yuan, a year-on-year decrease of 10.0%, but the decline was narrower compared to the same period last year [1] - Credit bonds became the main financing source, with an issuance scale of 152.66 billion yuan, accounting for 60.1% of the total financing [1] - The top ten companies accounted for 48.2% of credit bond financing, an increase of 4.1 percentage points from the previous year, indicating a concentration of funds towards leading firms [1] Group 2 - In the third quarter, Shenzhen plans to launch 33 commodity housing projects, with an expected supply of 1.3512 million square meters, totaling 12,351 units [2] - Residential supply will dominate, with 1.0799 million square meters and 10,673 units, which will help accelerate inventory turnover and alleviate financial pressure for related real estate companies [2] Group 3 - Yuexiu Property announced a financing agreement with a bank for a 1 billion yuan revolving loan, which will significantly enhance its liquidity for project development and potential land reserve expansion [3] - The financing is crucial for boosting industry confidence, encouraging more companies to seek financial support [3] Group 4 - Longfor Group has cumulatively repaid over 9 billion yuan in public debt this year, demonstrating its strong financial position and reinforcing market confidence in its debt repayment capabilities [4] - This repayment sets a positive benchmark for the industry, promoting recognition of quality private real estate companies and guiding funds towards stable enterprises [4] Group 5 - Huijing Holdings has applied for resumption of trading on July 14, having met all resumption guidelines set by the stock exchange, which will restore its access to capital markets [5] - This resumption is expected to enhance market confidence in distressed real estate companies and provide a model for asset disposal and corporate self-rescue [6]