CENTRAL CHINA MANAGEMENT COMPANY LIMITED 中原建業有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號 : 9982) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Shareholder(s) (Note 1) , 25 September 2025 Central China Management Company Limited (the "Company") – Notice of Publication of 2025 Interim Report ("Current Corporate Communications") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at ww ...

中原建業有限公司 CENTRAL CHINA MANAGEMENT COMPANY LIMITED CENTRAL CHINA MANAGEMENT COMPANY LIMITED / 中原建業有限公司 CONTENTS 2025 INTERIM REPORT / 二零二五年中期報告 目錄 2 CORPORATE INFORMATION 公司資料 6 CORPORATE PROFILE 公司簡介 8 CHAIRMAN'S STATEMENT 主席報告 14 FINANCIAL HIGHLIGHTS 財務摘要 15 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 30 DISCLOSURE OF INTERESTS 權益披露 34 CORPORATE GOVERNANCE AND OTHER INFORMATION 企業管治及其他資料 46 CONSOLIDATED STATEMENT OF PROFIT OR LOSS 綜合損益表 47 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE IN ...

Core Insights - The top 30 construction management companies in 2025 have a total contract area of 1.019 billion square meters, representing a year-on-year growth of 25% [1][5] - The market is experiencing a stabilization phase with high penetration rates but slowing growth, indicating a saturated entry of companies into the construction management sector [2][4] Group 1: Market Dynamics - The construction management market penetration rate reached a historical high of 7.8% in the first half of 2025, compared to only 0.9% in 2022 [2] - The growth rate of the penetration has significantly slowed, with an increase of less than 1.2 percentage points from 2024 to 2025, down from 3.1 percentage points in 2023 and 2.6 percentage points in 2024 [2][4] - Over 100 real estate companies are involved in construction management, but the number of new entrants has not increased in the first half of 2025, indicating a stable industry landscape [4] Group 2: Competitive Landscape - The top 10 companies in the construction management sector have maintained a stable ranking, with a 100% overlap with 2024 and 80% with 2023 [6] - The bottom tier (ranked 21-30) has seen significant changes, with only a 50% overlap with 2024 and 40% with 2023, highlighting intense competition and ongoing market reshuffling [6] - New entrants in the bottom tier, such as Lianfa Group and Jiuzhu Gongjian, have replaced established companies, indicating a shift in competitive dynamics [6] Group 3: Growth Opportunities - Companies are encouraged to explore new avenues for growth, such as urban renewal projects, public housing, and distressed asset management [9] - There is a need for construction management firms to enhance their service offerings across various project stages, including early consulting and post-construction operations [9][11] - To succeed in the ongoing industry reshuffle, companies must broaden their strategic focus and improve their competitive capabilities [11]

Major Events - The clinical trial for the combination treatment of Tienogtinin and Furvestrant for HR-positive/HER2-negative or low-expressing recurrent or metastatic breast cancer has been approved for Phase II [1] - Feiyang Group's subsidiary signed a strategic cooperation framework agreement with Qingdao Cultural Property Exchange Center for potential collaboration in the digitalization of cultural tourism assets [1] - Kaizhile International entered the TCG sector by reaching an operational service cooperation with the globally renowned IP Pokémon [1] - CIMC Group's BWO plans to lease two lifting living platforms, "Huaye Long" and "Huashang Long," to Hailong 16 and Hailong 17 companies [1] - Goldwind Technology intends to invest 18.92 billion in building a wind-hydrogen-ammonia integrated project in Inner Mongolia [1] Financial Data - Zhongyuan Jianye reported a contract sales of 7.28 billion for the first eight months, a year-on-year decrease of 20.0% [1] - Jianye Real Estate's total property contract sales for the first eight months reached 5.62 billion, down 5.0% year-on-year [1] - Baoshen International's cumulative operating income net for the first eight months was approximately 11.555 billion, a decline of 8.1% year-on-year [1] - China Resources Power's subsidiary power plants sold a total of 144 million megawatt-hours in the first eight months, an increase of 5.9% year-on-year [1] - Jiangshan Holdings reported a total solar power generation of approximately 218.2 thousand megawatt-hours in the first eight months, a decrease of 3.55% year-on-year [1]

Core Insights - The company reported a contract sales amount of RMB 9.5 billion for projects under management in August 2025, with a total sales area of 148,395 square meters [1] - For the eight months ending August 31, 2025, the company recorded contract sales of RMB 72.8 billion, representing a year-on-year decrease of 20.0%, with a total sales area of 1,181,064 square meters, down 21.1% year-on-year [1] - The average selling price per square meter for the eight months ending August 31, 2025, was RMB 6,164, reflecting a year-on-year increase of 1.4% [1]

Group 1 - The company announced several unaudited operating data for the eight months ending August 31, 2025, indicating a new signed contract project with a construction area of 109,800 square meters [1] - For the eight months ending August 31, 2025, the company secured a total of 12 new signed contract projects, with an additional contracted construction area of 840,000 square meters, representing a decrease of 45.1% compared to the same period in 2024 [1] - As of August 31, 2025, the company managed a total of 249 projects, with a total construction area of 29.735 million square meters [1] Group 2 - The company has a total of 461 signed projects, with a cumulative signed construction area of 5,645 square meters as of August 31, 2025 [1]

Group 1 - The core point of the article is that Zhongyuan Jianye (09982) reported a contract sales amount of RMB 9.5 billion for managed projects in August 2025, with a total contracted sales area of 148,395 square meters [1] - The average selling price per square meter in August 2025 was RMB 6,404 [1] - For the eight months ending August 31, 2025, the total contract sales for managed projects amounted to RMB 72.8 billion, representing a year-on-year decrease of 20.0% [1] - The contracted sales area for the same period was 1,181,064 square meters, down 21.1% year-on-year [1] - The average selling price per square meter for the eight months ending August 31, 2025, was RMB 6,164, which reflects a year-on-year increase of 1.4% [1]

CENTRAL CHINA MANAGEMENT COMPANY LIMITED 中原建業有限公司 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的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部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：9982） 公 告 2025年8月未經審核經營數據 中 原 建 業 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）根 據《證 券 及 期 貨 條 例》（香 港 法 例 第571章）第XIVA部 項 下 內 幕 消 息 條 文（定 義 見 香 港 聯 合 交 易 所 有 限 公 司《證 券 上 市 規 則》（「上市規則」））及 上 市 規 則 第 13.09(2)(a)條 發 出 本 公 告。 本 公 司 董 事（「董 事」）會（「董事會」）謹 此 宣 佈，本 集 團 截 至2025年8月31日 止 八 個 月 的 若 干 未 經 審 ...

Core Viewpoint - The article emphasizes the need for finance to return to its essence of serving the real economy, advocating for a "real industry over capital" approach in investment strategies [4][5]. Group 1: Resource Allocation - Capital should flow towards efficient sectors rather than short-term arbitrage opportunities, with a focus on consumer-driven economic growth as a stabilizing force [6][7]. - The investment landscape has been distorted by excessive capital inflow, leading to a focus on rapid expansion and market capture rather than sustainable business practices [8][9]. Group 2: Governance and Empowerment - The investment philosophy of the company is characterized by deep involvement in the operational aspects of the businesses it invests in, moving beyond mere financial support to strategic partnership [10][11]. - Successful case studies, such as the investment in Xiaocaiyuan, demonstrate the effectiveness of this approach, resulting in significant market achievements and returns [12][13]. Group 3: Brand Behind the Brand - The company seeks to invest in businesses with "real industry genes," focusing on consumer sectors that exhibit high-frequency demand and scalability [19][20]. - Notable investments include brands like Qiaqia Foods and Babimantou, which have become industry leaders due to their alignment with the company's investment philosophy [21][23]. Group 4: Capital's Mission - The company is positioned to play a crucial role in transitioning society towards a consumption-driven economy, emphasizing the importance of enhancing disposable income and improving living standards [28][30]. - The investment strategy aims to create social value that translates into stable economic returns, highlighting the need for a shift from being mere investors to becoming co-creators in the industries they support [31][33].

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) | 09982 | 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 | | 0.01 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: 2025年8月31日 | | --- | | 狀態: 新提交 | 致：香港交易及結 ...