Group 1 - The core viewpoint of the article revolves around the ongoing controversies surrounding Wahaha and its chairperson, Zong Fuli, who stated that she will not change direction due to the current turmoil [4][5][6] - Zong Fuli addressed issues related to family inheritance disputes and the optimization of distributors during a recent interview, emphasizing her business philosophy and understanding of commerce [4][6] - The internal conflict at Reliable Co. has intensified, with the founder's ex-wife publicly criticizing the new secretary and the company's management decisions [6][7] Group 2 - Huawei's rotating chairman, Xu Zhijun, announced significant progress in the HarmonyOS ecosystem, highlighting advancements in application adaptation, technological innovation, and industry applications [8] - Lantu Automotive is set to go public in Hong Kong, reflecting market confidence, with over 200,000 users gained in the past period [8] - The restaurant industry is experiencing a normalization phase with declining same-store sales, but the chairman of Xiaocaiyuan expressed confidence in the business model, noting a quick return on investment for new locations [8]

Core Viewpoint - Zhongyuan Jianye is facing a critical situation as it has been suspended from trading for nearly 17 months, with only about 30 days left to meet the Hong Kong Stock Exchange's requirement to avoid delisting [1][2]. Financial Performance - In the first half of 2025, Zhongyuan Jianye reported a revenue of 140 million yuan, a decrease of 4.5% year-on-year, and a net profit of 37 million yuan, down 23.4% year-on-year [6][10]. - The company’s net profit margin for the period was 26.5% [6]. - In contrast, in 2021, the company achieved a peak revenue of 1.301 billion yuan, with a year-on-year increase of 13% [7]. Business Expansion and Strategy - Zhongyuan Jianye aims to expand beyond Henan province, with the goal of increasing its managed area and revenue through a light-asset model [11][16]. - In the first half of 2025, the company signed 11 new projects, with a total contracted area of 731,000 square meters, a decrease of 47.3% year-on-year [13]. - The revenue contribution from projects outside Henan was only 8.5%, down from 14.2% in the previous year, indicating challenges in expanding its market presence [11][13]. Market Conditions - The company is facing intense competition in the construction agency sector, exacerbated by the downturn in the domestic real estate market and a decrease in service fee prices [6][10]. - Despite the challenges, the company’s management has expressed optimism about 2025 being a pivotal year for recovery and growth [3][4].

Core Viewpoint - Zhongyuan Jianye has been suspended for nearly 17 months, with only about 30 days left to avoid delisting risk as per Hong Kong Stock Exchange rules [1][2] Financial Performance - In the first half of 2025, Zhongyuan Jianye reported a revenue of 140 million, a decrease of 4.5% year-on-year, and a net profit of 37 million, down 23.4% year-on-year [5] - The company's net profit margin for the period was 26.5% [5] - The revenue in 2024 was only 31 million, reflecting a significant decline from its peak revenue of 1.301 billion in 2021 [6] Business Strategy and Market Position - Zhongyuan Jianye aims to revitalize its business through a strategy of "renewal" and "reconstruction," focusing on harmonious development across its various segments [4] - The company has been expanding its operations outside Henan province, although the majority of its revenue still comes from within the province, contributing 91.5% of the total revenue in the first half of 2025 [10] - The company signed 11 new projects in the first half of 2025, with a total contracted area of 731,000 square meters, a decrease of 47.3% year-on-year [11] Competitive Landscape - The construction agency sector is facing intense competition from state-owned enterprises and numerous private companies, impacting Zhongyuan Jianye's performance [5] - The company has acknowledged the need to innovate its development model for expansion outside Henan, planning to implement a "equity cooperation and regional openness" model in Shandong as a strategic pilot [13][14]

Group 1 - The core viewpoint of the article is that Zhongyuan Jianye (09982) reported a decline in both revenue and profit for the six months ending June 30, 2025, indicating challenges in the domestic real estate market [1][2] - The company's revenue for the period was 140 million RMB, representing a year-on-year decrease of 4.53% [1] - The profit attributable to shareholders was 35.836 million RMB, which is a year-on-year decrease of 20.24% [1] Group 2 - The decline in revenue is attributed to the ongoing downturn in the domestic real estate market and a reduction in service fee pricing [2]

Group 1 - The company Zhongyuan Jianye (09982) reported an unaudited interim performance for the six months ending June 30, 2025, with revenue of 140 million RMB, representing a year-on-year decrease of 4.53% [1] - The profit attributable to shareholders was 35.836 million RMB, a year-on-year decline of 20.24% [1] - The basic earnings per share were 0.94 cents [1] Group 2 - The decline in revenue is attributed to the ongoing downturn in the domestic real estate market, along with a reduction in service fee pricing [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company's revenue decreased by 4.5% to RMB 139.6 million, with net profit declining by 23.4% to RMB 37.0 million in H1 2025 Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 139.6 | 146.2 | -4.5% | | Net Profit | 37.0 | 48.3 | -23.4% | | Net Profit Margin | 26.5% | - | - | | Basic Earnings Per Share | 0.94 cents | 1.20 cents | -0.26 cents | | Interim Dividend | None | None | Flat | [Interim Results](index=2&type=section&id=Interim%20Results) The company's interim results show a decline in revenue and profit, with basic earnings per share at RMB 0.94 cents [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, revenue was RMB 139,608 thousand, a 4.5% decrease, with profit for the period at RMB 37,025 thousand, down 23.4% Key Data from Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 139,608 | 146,238 | | Other net income | 8,518 | 13,159 | | Staff costs | (34,258) | (60,393) | | Depreciation and amortization expenses | (1,086) | (5,227) | | Other operating expenses | (19,523) | (31,737) | | Impairment loss on trade and other receivables and contract assets | (44,000) | 15,832 | | Finance costs | (79) | (158) | | Profit before tax | 49,180 | 77,714 | | Income tax | (12,155) | (29,388) | | Profit for the period | 37,025 | 48,326 | | Basic earnings per share (RMB cents) | 0.94 | 1.20 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Profit for the period was RMB 37,025 thousand, with total comprehensive income of RMB 40,467 thousand, a decrease from the prior year Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 37,025 | 48,326 | | Net change in equity investments at fair value through other comprehensive (loss)/income | (109) | 133 | | Other comprehensive income for the period | 3,442 | 2,259 | | Total comprehensive income for the period | 40,467 | 50,585 | | Attributable to equity holders of the Company | 39,278 | 47,190 | | Attributable to non-controlling interests | 1,189 | 3,395 | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, net current assets were RMB 2,543,276 thousand, with cash and cash equivalents increasing to RMB 2,572,999 thousand Key Data from Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current assets** | | | | Other financial assets | 1,665 | 1,774 | | Investment properties | 5,325 | 6,468 | | Property, plant and equipment | 41,822 | 32,092 | | Deferred tax assets | 48,812 | 40,334 | | **Current assets** | | | | Contract assets | 74,802 | 98,440 | | Trade and other receivables | 444,704 | 469,863 | | Cash and cash equivalents | 2,572,999 | 2,484,045 | | **Current liabilities** | | | | Trade and other payables | 222,520 | 222,540 | | Contract liabilities | 215,036 | 222,259 | | Current tax | 108,063 | 93,568 | | **Total equity** | 2,592,088 | 2,549,586 | [Notes to the Unaudited Interim Financial Report](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section details the basis of preparation, accounting policy changes, and specific financial statement items for the interim period [1 Basis of Preparation](index=6&type=section&id=1%20Basis%20of%20Preparation) The interim financial report is prepared in accordance with HKAS 34 and authorized for issue on August 25, 2025, using consistent accounting policies - This interim financial report is prepared in accordance with the Listing Rules of The Stock Exchange of Hong Kong Limited and HKAS 34, authorized for issue on August 25, 2025[17](index=17&type=chunk) - The report adopts the same accounting policies as the 2024 annual financial statements and includes explanations of significant events and transactions affecting financial position and performance[17](index=17&type=chunk)[18](index=18&type=chunk) [2 Changes in Accounting Policies](index=7&type=section&id=2%20Changes%20in%20Accounting%20Policies) The Group adopted new HKFRS amendments, including HKAS 21 (Amendment) 'Lack of Exchangeability', with no significant impact on financial statements - The Group first applied new and amended HKFRS, including HKAS 21 (Amendment) 'Lack of Exchangeability', during this interim period[19](index=19&type=chunk) - These changes in accounting policies did not result in significant changes to the financial position or performance for the current or prior periods[19](index=19&type=chunk) [3 Revenue and Segment Reporting](index=7&type=section&id=3%20Revenue%20and%20Segment%20Reporting) The Group's primary business is property project management services, with revenue of RMB 139,608 thousand, and operates as a single segment in China - The Group's principal business is providing property project management services[20](index=20&type=chunk) Breakdown of Revenue from Contracts with Customers (For the six months ended June 30) | Service Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Provision of property project management services | 139,608 | 146,238 | - The Group has only one operating segment, and as the vast majority of revenue and profit are derived from China, no geographical information is presented[21](index=21&type=chunk)[22](index=22&type=chunk) [4 Other Net Income](index=8&type=section&id=4%20Other%20Net%20Income) Other net income decreased by RMB 4.6 million to RMB 8,518 thousand, primarily due to lower interest income from financial assets Composition of Other Net Income (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest income from financial assets measured at amortized cost | 8,460 | 12,577 | | Government grants | 13 | 31 | | Net exchange loss | – | (1,356) | | Others | 45 | 1,907 | | **Total** | **8,518** | **13,159** | - Other net income decreased by **RMB 4.6 million**, mainly due to a reduction in interest income from financial assets measured at amortized cost[23](index=23&type=chunk)[57](index=57&type=chunk) [5 Profit Before Tax](index=8&type=section&id=5%20Profit%20Before%20Tax) Profit before tax decreased to RMB 49,180 thousand, influenced by reduced staff costs and other operating expenses, but increased impairment losses Key Deductions from Profit Before Tax (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Staff costs | 34,258 | 60,393 | | Depreciation expenses | 1,086 | 3,975 | | Amortization of intangible assets | – | 1,252 | | Impairment loss/(reversal) on trade and other receivables and contract assets | 44,000 | (15,832) | [5(b) Staff Costs](index=9&type=section&id=5(b)%20Staff%20Costs) Staff costs decreased by 43.3% to RMB 34,258 thousand, primarily due to stricter performance appraisal systems implemented during the period Composition of Staff Costs (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 28,685 | 51,905 | | Contributions to defined contribution retirement plans | 3,538 | 3,817 | | Equity-settled share-based payment expenses | 2,035 | 4,671 | | **Total** | **34,258** | **60,393** | - Staff costs decreased by **43.3%**, mainly due to the Group's implementation of a stricter performance appraisal system during the period[58](index=58&type=chunk) [5(c) Impairment Loss/(Reversal) on Trade and Other Receivables and Contract Assets](index=9&type=section&id=5(c)%20Impairment%20Loss%2F(Reversal)%20on%20Trade%20and%20Other%20Receivables%20and%20Contract%20Assets) Impairment loss on trade and other receivables and contract assets increased significantly to RMB 44,000 thousand for the period Impairment Loss/(Reversal) (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables | 42,985 | 1,748 | | Contract assets | 2,037 | (13,015) | | Other receivables | (1,022) | (4,565) | | **Total** | **44,000** | **(15,832)** | [5(d) Other Items](index=9&type=section&id=5(d)%20Other%20Items) Depreciation and amortization expenses decreased to RMB 1,086 thousand, reflecting changes in property, plant, equipment, and intangible assets Depreciation and Amortization Expenses (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Owned property, plant and equipment | 105 | 1,239 | | Right-of-use assets | 703 | 2,458 | | Investment properties | 278 | 278 | | Amortization of intangible assets | – | 1,252 | | **Total** | **1,086** | **5,227** | [6 Income Tax](index=10&type=section&id=6%20Income%20Tax) Income tax for the period significantly decreased to RMB 12,155 thousand, with varying tax rates for Chinese subsidiaries and no Pillar Two impact Composition of Income Tax (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | China corporate income tax | 21,885 | 26,633 | | Deferred tax (origination and reversal of temporary differences) | (9,730) | 2,755 | | **Total** | **12,155** | **29,388** | - Subsidiaries operating in mainland China are subject to a statutory corporate income tax rate of **25%**, while Central China Management Services (Hainan) enjoys a preferential tax rate of **15%**[29](index=29&type=chunk) - Hong Kong subsidiaries are subject to a **5%** withholding tax on dividend distributions and intercompany interest balances from Chinese subsidiaries[30](index=30&type=chunk) - Pillar Two income tax new legislation is effective from January 1, 2025, and the Group does not expect any current tax impact for the period ended June 30, 2025[31](index=31&type=chunk) [7 Earnings Per Share](index=11&type=section&id=7%20Earnings%20Per%20Share) Basic earnings per share decreased to RMB 0.94 cents, and diluted earnings per share to RMB 0.93 cents, due to lower profit and increased weighted average shares Earnings Per Share Data (For the six months ended June 30) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic earnings per share | 0.94 | 1.20 | | Diluted earnings per share | 0.93 | 1.18 | Weighted Average Number of Ordinary Shares (For the six months ended June 30) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Weighted average number of ordinary shares, basic | 3,832,309,631 | 3,754,563,720 | | Dilutive effect of 2023 share award scheme | 15,982,397 | 52,632,500 | | **Weighted average number of ordinary shares, diluted** | **3,848,292,028** | **3,807,196,220** | [8 Trade and Other Receivables](index=12&type=section&id=8%20Trade%20and%20Other%20Receivables) Trade and other receivables decreased by 5.4% to RMB 444,704 thousand, mainly due to the recovery of interest-bearing advances to third parties Trade and Other Receivables (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables and bills receivable | 544,075 | 480,607 | | Less: Loss allowance for credit losses | (223,171) | (180,186) | | Trade receivables and bills receivable (net of loss allowance) | 320,904 | 300,421 | | Amounts due from related parties | 5,254 | 5,129 | | Interest-bearing advances to third parties | – | 42,000 | | Other receivables | 112,369 | 115,176 | | Financial assets measured at amortized cost | 438,527 | 462,726 | | Deposits and prepayments | 6,177 | 7,137 | | **Total** | **444,704** | **469,863** | - Trade and other receivables decreased by **5.4%**, primarily due to the recovery of interest-bearing advances to third parties (RMB 42,000,000) in 2025[35](index=35&type=chunk)[61](index=61&type=chunk) [Aging Analysis](index=13&type=section&id=Aging%20Analysis) The aging analysis of trade receivables and bills receivable shows an increase in balances over one year as of the reporting period end Aging Analysis of Trade Receivables and Bills Receivable (As of reporting period end) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 6 months | 136,948 | 135,911 | | 6 months to 1 year | 111,198 | 129,176 | | Over 1 year | 72,758 | 35,334 | | **Total** | **320,904** | **300,421** | [9 Cash and Cash Equivalents](index=13&type=section&id=9%20Cash%20and%20Cash%20Equivalents) Cash and cash equivalents increased to RMB 2,572,999 thousand as of June 30, 2025, from RMB 2,484,045 thousand at December 31, 2024 Cash and Cash Equivalents (As of reporting period end) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Cash and cash equivalents | 2,572,999 | 2,484,045 | [10 Trade and Other Payables](index=14&type=section&id=10%20Trade%20and%20Other%20Payables) Trade and other payables remained stable at RMB 222,520 thousand, with amounts due to related parties being unsecured, interest-free, and without fixed repayment terms Trade and Other Payables (As of reporting period end) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Amounts due to related parties | 49,931 | 48,803 | | Other payables and accrued expenses | 172,589 | 173,737 | | **Total** | **222,520** | **222,540** | - Amounts due to related parties are unsecured, interest-free, and have no fixed repayment terms, with all trade and other payables expected to be settled within one year or on demand[39](index=39&type=chunk)[40](index=40&type=chunk) [11 Dividends](index=14&type=section&id=11%20Dividends) The Board of Directors does not recommend any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors does not recommend the payment of any dividend for the six months ended June 30, 2025 (June 30, 2024: None)[41](index=41&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business, market conditions, project developments, future strategies, and financial performance [I. Business Overview](index=15&type=section&id=I.%20Business%20Overview) In H1 2025, Central China Management maintained its leading position in property project management, signing 460 projects and achieving RMB 5.48 billion in contracted sales - In H1 2025, Central China Management signed **460 projects**, with a contracted GFA of **56.341 million sq.m**[42](index=42&type=chunk) - Achieved contracted sales of **RMB 5.48 billion**, with a sales area of **895,000 sq.m**, and delivered **905,000 sq.m** of housing[42](index=42&type=chunk) - The company enhanced brand visibility by successfully creating multiple regional benchmark delivery cases[42](index=42&type=chunk) [II. Macroeconomic Environment](index=15&type=section&id=II.%20Macroeconomic%20Environment) H1 2025 saw weak global recovery, increased geopolitical uncertainty, stable domestic economy with structural challenges, and a struggling real estate market despite policy easing - H1 2025 global economic recovery was weak, with geopolitical conflicts and trade barriers increasing external uncertainties[43](index=43&type=chunk) - The domestic economy remained generally stable but faced prominent structural challenges, with a slowdown in the secondary industry and a rebound in the tertiary industry[43](index=43&type=chunk)[44](index=44&type=chunk) - Domestic demand was weak, consumer confidence needed boosting, fixed asset investment growth slowed, and real estate investment remained under pressure[44](index=44&type=chunk) - Real estate market policies remained loose, with a market recovery in Q1, intensified policies to stimulate demand in Q2, but subsequent transaction declines, stable or slightly falling prices, and slow recovery in third and fourth-tier cities[45](index=45&type=chunk) [III. Project Management Services Market](index=16&type=section&id=III.%20Project%20Management%20Services%20Market) The project management industry entered a moderate growth phase in H1 2025, with overall scale declining and intensified competition leading to consolidation among top players - In H1 2025, the project management industry entered a moderate growth phase, with overall scale declining; Top 20 enterprises' cumulative contracted GFA grew by **6%** to **45.34 million sq.m**, a significant slowdown from **17%** in H1 2024[46](index=46&type=chunk) - Market competition intensified, showing a 'stronger at the top, clearing at the bottom' reshuffling trend[46](index=46&type=chunk) - Central China Management received multiple industry honors, including 'TOP30 China Project Management Enterprises by Comprehensive Strength in 2025' and 'TOP6 China Project Management Enterprises by Brand Value in 2025'[47](index=47&type=chunk) - The company steadfastly advanced its 'Greater Central China' core strategy, significantly increasing the proportion of government project management business through strategic cooperation agreements with government platforms and state-owned enterprises[48](index=48&type=chunk) [IV. Project Development During the Period](index=17&type=section&id=IV.%20Project%20Development%20During%20the%20Period) During the period, 11 new projects were signed, adding 731,000 sq.m of GFA, a 47.3% decrease, with contracted sales of RMB 5.48 billion, down 23.6% - During the period, **11 new project management projects** were signed, adding **731,000 sq.m** of contracted GFA, a **47.3%** decrease compared to H1 2024[49](index=49&type=chunk) - Contracted sales for projects under management amounted to **RMB 5.48 billion**, a **23.6%** decrease year-on-year; contracted sales area was **895,000 sq.m**, a **24.4%** decrease year-on-year[49](index=49&type=chunk) - As of June 30, 2025, the Group managed **251 projects** with a total GFA of **29.943 million sq.m**, including **216 projects** within the province and **35 projects** outside the province[49](index=49&type=chunk) - Central China Management focuses on third and fourth-tier markets in the Greater Central China region, having entered **138 counties and cities** both within and outside the province[49](index=49&type=chunk) [V. Future Business Plans and Strategies](index=18&type=section&id=V.%20Future%20Business%20Plans%20and%20Strategies) The company will pursue high-quality development by innovating out-of-province models, reforming operational management, creating 'good house' standards, and elevating its brand - The company will continue to be guided by the 'Greater Central China' strategy, seizing historical opportunities for stock renewal and model upgrading[50](index=50&type=chunk) [1. Strategic Breakthroughs, Innovative Out-of-Province Development Models](index=18&type=section&id=1.%20Strategic%20Breakthroughs%2C%20Innovative%20Out-of-Province%20Development%20Models) Innovate out-of-province development by establishing resource-based partnerships and piloting an equity cooperation model in Shandong to replicate expansion - Innovate out-of-province development models by withdrawing Greater Central China's out-of-province institutions, building a resource-based partnership ecosystem, and introducing geographically advantageous teams to overcome resource bottlenecks[50](index=50&type=chunk) - Pilot the 'equity cooperation, regional openness' model in Shandong as a strategic trial, creating a replicable out-of-province expansion paradigm[50](index=50&type=chunk) [2. Mechanism Innovation, Operational Management Reform](index=18&type=section&id=2.%20Mechanism%20Innovation%2C%20Operational%20Management%20Reform) Deepen dynamic assessment and execution capabilities through a tiered, precise appraisal system and a quarterly target enforcement mechanism - Deepen dynamic assessment and execution capabilities, relying on a tiered, precise appraisal system with differentiated standards set by headquarters and weighted key outcomes by regional divisions[51](index=51&type=chunk) - Establish a strong quarterly target enforcement mechanism, requiring executive committee reviews and rectifications for those failing to meet single-quarter targets, and initiating leadership position competitive bidding for those failing for two consecutive quarters[51](index=51&type=chunk) [3. Product Advancement, "Good House" Standard Creation](index=19&type=section&id=3.%20Product%20Advancement%2C%20%22Good%20House%22%20Standard%20Creation) Anchor 'good house' policy, deepen New Song-style product R&D, and build technical barriers through cost control and updated technical standards to enhance value - Deeply anchor the 'good house' policy direction, deepen New Song-style product R&D and precise customer marketing to break through homogeneous competition[52](index=52&type=chunk) - Build technical barriers through conceptual design cost control and iterative technical standards for 'Fourth-Generation Housing Guidelines', expand core category centralized procurement coverage, and strictly control design changes and ineffective costs to form a 'cost control-efficiency improvement-value addition' closed loop[52](index=52&type=chunk) [4. Brand Elevation, Driving Value Growth](index=19&type=section&id=4.%20Brand%20Elevation%2C%20Driving%20Value%20Growth) Elevate brand value by optimizing full-process service standards, creating high-quality benchmark projects, and integrating industry influence with customer testimonials - Optimize full-process service standards by front-loading operational planning into the project expansion phase, improving signing efficiency and product premium[53](index=53&type=chunk) - Concentrate resources on creating high-quality benchmark projects featuring 'real-scene presentation + delivery upon certification' to strengthen brand credibility[53](index=53&type=chunk) - Build an industry influence network by linking the industrial chain and integrating concrete content such as project delivery and customer testimonials to precisely convey brand value[53](index=53&type=chunk) [VI. Outlook](index=19&type=section&id=VI.%20Outlook) Central China Management will deepen its 'Greater Central China' strategy, leveraging opportunities for urban renewal and model upgrades to enhance competitiveness and achieve synergistic growth - Central China Management will steadfastly deepen its 'Greater Central China' core strategy, precisely seizing structural opportunities in urban renewal and model upgrading[54](index=54&type=chunk) - This includes innovating out-of-province cooperation models, strengthening execution, advancing product quality with 'good house' standards, and continuously promoting brand upgrade strategies[54](index=54&type=chunk) - Future efforts will focus on a dual mechanism of panoramic management for cost reduction and efficiency improvement, alongside proactive risk control, to enhance competitive advantage and achieve synergistic growth in scale and efficiency[54](index=54&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) The Group's revenue declined by 4.5% due to market downturn, while net profit decreased by 23.4% mainly due to increased credit impairment losses on receivables [Revenue](index=20&type=section&id=Revenue) Revenue for the period decreased by 4.5% to RMB 139.6 million, primarily due to the downturn in the domestic real estate market and lower service fees - Revenue for the period was **RMB 139.6 million**, a **4.5%** decrease compared to H1 2024, mainly due to the continued downturn in the domestic real estate market and lower service fee rates[55](index=55&type=chunk) Revenue by Region (For the six months ended June 30) | Region | 2025 (RMB thousand) | % of Revenue | 2024 (RMB thousand) | % of Revenue | Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Henan Province projects | 127,709 | 91.5% | 125,525 | 85.8% | 1.7% | | Projects outside Henan Province | 11,899 | 8.5% | 20,713 | 14.2% | (42.6%) | | **Total** | **139,608** | **100.0%** | **146,238** | **100.0%** | **(4.5%)** | [Other Net Income](index=21&type=section&id=Other%20Net%20Income) Other net income decreased by RMB 4.6 million to RMB 8.5 million, mainly due to reduced interest income from financial assets measured at amortized cost - Other net income for the period was **RMB 8.5 million**, a decrease of **RMB 4.6 million** compared to H1 2024, primarily due to reduced interest income from financial assets measured at amortized cost[57](index=57&type=chunk) [Staff Costs](index=21&type=section&id=Staff%20Costs) Staff costs decreased by 43.3% to RMB 34.3 million, mainly attributed to the implementation of stricter performance appraisal systems - Staff costs for the period were **RMB 34.3 million**, a **43.3%** decrease compared to H1 2024, primarily due to the Group's implementation of a stricter performance appraisal system during the period[58](index=58&type=chunk) [Other Operating Expenses](index=21&type=section&id=Other%20Operating%20Expenses) Other operating expenses decreased by 38.5% to RMB 19.5 million, reflecting the Group's strict control over various operating expenditures - Other operating expenses for the period were **RMB 19.5 million**, a **38.5%** decrease compared to H1 2024, mainly due to the Group's strict control over various operating expenditures[59](index=59&type=chunk) [Profit for the Period](index=21&type=section&id=Profit%20for%20the%20Period) Net profit for the period decreased by 23.4% to RMB 37.0 million, primarily due to increased credit impairment losses on receivables - Net profit for the period was **RMB 37.0 million**, a **23.4%** decrease compared to H1 2024, mainly due to increased credit impairment losses recognized by the Group due to higher expected credit loss risk on receivables[60](index=60&type=chunk) [Trade and Other Receivables](index=22&type=section&id=Trade%20and%20Other%20Receivables_Financial%20Review) Trade and other receivables decreased by 5.4% to RMB 444.7 million as of June 30, 2025, mainly due to a reduction in third-party advances - As of June 30, 2025, trade and other receivables amounted to **RMB 444.7 million**, a **5.4%** decrease compared to December 31, 2024, primarily due to a reduction in third-party advances[61](index=61&type=chunk) [Contract Assets](index=22&type=section&id=Contract%20Assets) Contract assets decreased by 24.0% to RMB 74.8 million as of June 30, 2025, expected to convert into operating cash inflows in the future - As of June 30, 2025, contract assets amounted to **RMB 74.8 million**, a **24.0%** decrease compared to December 31, 2024, and are expected to convert into operating cash inflows in the future[62](index=62&type=chunk) [Trade and Other Payables](index=22&type=section&id=Trade%20and%20Other%20Payables_Financial%20Review) Trade and other payables remained stable at RMB 222.5 million as of June 30, 2025, consistent with December 31, 2024 - As of June 30, 2025, trade and other payables amounted to **RMB 222.5 million**, remaining flat compared to December 31, 2024[63](index=63&type=chunk) [Contract Liabilities](index=22&type=section&id=Contract%20Liabilities) Contract liabilities decreased by 3.2% to RMB 215.0 million as of June 30, 2025, primarily due to a reduction in payments received - As of June 30, 2025, contract liabilities amounted to **RMB 215.0 million**, a **3.2%** decrease compared to December 31, 2024, mainly due to a reduction in payments received[64](index=64&type=chunk) [Use of Proceeds from Listing](index=23&type=section&id=Use%20of%20Proceeds%20from%20Listing) The company's IPO net proceeds were RMB 751.4 million, with RMB 146.0 million utilized by June 30, 2025, primarily for market expansion and working capital - Net proceeds from the listing were approximately **RMB 751.4 million**[65](index=65&type=chunk) Use of Proceeds from Listing and Actual Utilization (As of June 30, 2025) | Use of Proceeds | Allocated Use (RMB million) | % of Total Net Proceeds | Actual Utilization as of June 30, 2025 (RMB million) | Unutilized Net Proceeds (RMB million) | | :--- | :--- | :--- | :--- | :--- | | Expanding new markets and services in the 'Greater Central China' region | 300.5 | 40.0 | 58.7 | 241.8 | | Strategic investments and acquisitions | 270.6 | 36.0 | – | 270.6 | | Strengthening information technology systems | 105.2 | 14.0 | 12.2 | 93 | | General working capital | 75.1 | 10.0 | 75.1 | – | | **Total** | **751.4** | **100.0** | **146.0** | **605.4** | [Subscription of New Shares](index=24&type=section&id=Subscription%20of%20New%20Shares) The company completed a subscription of 343.14 million shares at HK$0.80 per share, raising HK$274.1 million net proceeds, with RMB 12.4 million used for working capital - The company entered into a subscription agreement on November 18, 2022, to subscribe for a total of **343,140,000 shares** at **HK$0.80 per share**, completed on May 3, 2023[66](index=66&type=chunk) - Net proceeds from the subscription were approximately **HK$274.1 million**, aimed at raising additional funds, strengthening financial position, expanding shareholder and capital base, and growing government and capital project management businesses[67](index=67&type=chunk) Use of Proceeds from Subscription and Actual Utilization (As of June 30, 2025) | Use of Proceeds | Allocated Use (RMB million) | % of Subscription Proceeds | Actual Utilization as of June 30, 2025 (RMB million) | Unutilized Net Proceeds (RMB million) | | :--- | :--- | :--- | :--- | :--- | | Development of government project management business | 123.5 | 50.0 | – | 123.5 | | Development of capital project management business | 111.1 | 45.0 | – | 111.1 | | General working capital | 12.4 | 5.0 | 12.4 | – | | **Total** | **247.0** | **100.0** | **12.4** | **234.6** | [Financial Resources Management and Capital Structure](index=25&type=section&id=Financial%20Resources%20Management%20and%20Capital%20Structure) The Group maintains a net cash position with RMB 2,573.0 million in cash and equivalents, zero gearing ratio, minimal foreign exchange risk, and no significant contingent liabilities - As of June 30, 2025, cash and cash equivalents amounted to **RMB 2,573.0 million**, with no borrowings, maintaining a net cash position[68](index=68&type=chunk)[69](index=69&type=chunk) - As of June 30, 2025, the gearing ratio was **zero**[68](index=68&type=chunk) - The Group primarily operates in China, with the vast majority of its business conducted in RMB, incurring minimal foreign exchange risk and currently not hedging foreign exchange risk[70](index=70&type=chunk) - As of June 30, 2025, the Group had no significant contingent liabilities, capital commitments, or pledged assets[71](index=71&type=chunk)[72](index=72&type=chunk) [Significant Acquisitions and Disposals](index=26&type=section&id=Significant%20Acquisitions%20and%20Disposals) During the period, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - During the period, the Group did not have any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[73](index=73&type=chunk) [Significant Investments](index=26&type=section&id=Significant%20Investments) During the period and as of June 30, 2025, the Group held no significant investments - During the period and as of June 30, 2025, the Group held no significant investments[74](index=74&type=chunk) [Employees and Remuneration Policy](index=26&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 542 full-time employees, implementing a performance-based remuneration structure and comprehensive training programs - As of June 30, 2025, the Group had **542 full-time employees**, including **354 employees** seconded to managed property development projects[75](index=75&type=chunk) - The company has established a performance-based employee remuneration structure, adjusted periodically based on development strategies and market standards to retain and attract talent[75](index=75&type=chunk) - The company provides comprehensive continuous training programs for employees, including internal and third-party training, to enhance business skills, strengthen risk management capabilities, and acquire the latest industry information[76](index=76&type=chunk) [Other Information](index=27&type=section&id=Other%20Information) This section covers various corporate governance matters, including trading suspension, compliance with codes, and post-reporting period events [Suspension of Trading](index=27&type=section&id=Suspension%20of%20Trading) The company's shares have been suspended from trading since April 2, 2024, due to delayed publication of 2023 annual results, with efforts underway to resume trading - The company's shares have been suspended from trading on the Stock Exchange since **9:00 a.m. on April 2, 2024**, due to the delayed publication of audited annual results for the year ended December 31, 2023[77](index=77&type=chunk) - The company published its annual results for the year ended December 31, 2023, and interim results for the six months ended June 30, 2024, on January 9, 2025[78](index=78&type=chunk) - The company's shares remain suspended from trading as of the date of this announcement, and the company is taking all necessary steps to meet the resumption guidance and will seek to resume trading as soon as practicable[78](index=78&type=chunk) [Corporate Governance Practices](index=27&type=section&id=Corporate%20Governance%20Practices) The Group adheres to high corporate governance standards, complying with the Corporate Governance Code, except for the Chairman's absence from the 2025 AGM - The Group is committed to achieving high standards of corporate governance and has conducted its business with reference to the principles of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[79](index=79&type=chunk) - Except for Mr. Hu Baosen, the Chairman of the Board, who was unable to attend the 2025 Annual General Meeting due to pre-arranged business matters, the company has complied with all applicable code provisions of the Corporate Governance Code during the period[79](index=79&type=chunk)[80](index=80&type=chunk) [Model Code for Securities Transactions by Directors of Listed Issuers](index=28&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The company adopted the Model Code for Securities Transactions by Directors, and all directors have complied with its required standards during the period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as its code of conduct for directors' dealings in the company's securities[81](index=81&type=chunk) - All directors have complied with the required standards set out in the Model Code during the period[81](index=81&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[82](index=82&type=chunk) [Events After the Reporting Period](index=28&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events affecting the Group occurred after June 30, 2025, up to the date of this announcement - No significant events affecting the Group occurred after June 30, 2025, and up to the date of this announcement[83](index=83&type=chunk) [Review of Interim Results by Audit Committee](index=28&type=section&id=Review%20of%20Interim%20Results%20by%20Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's unaudited condensed consolidated financial statements for the period - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the period[84](index=84&type=chunk) - The Audit Committee comprises three independent non-executive directors: Mr. Liu Dianchen (Chairman), Mr. Xu Ying, and Ms. Yan Yingchun[84](index=84&type=chunk) [Interim Dividend](index=29&type=section&id=Interim%20Dividend_Other%20Information) The Board resolved not to declare any dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved not to declare any dividend for the six months ended June 30, 2025 (June 30, 2024: None)[85](index=85&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=29&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This announcement is published on the HKEX and company websites, and the interim report for the six months ended June 30, 2025, will be dispatched to shareholders - This announcement is published on the website of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the company's website (www.centralchinamgt.com)[86](index=86&type=chunk) - The interim report for the six months ended June 30, 2025, will be dispatched to the company's shareholders in due course and published on the Stock Exchange and the company's website[86](index=86&type=chunk) [Continued Suspension of Trading](index=29&type=section&id=Continued%20Suspension%20of%20Trading) The company's shares remain suspended from trading on the Stock Exchange since April 2, 2024, and will continue to be suspended until further notice - The company's shares have been suspended from trading on the Stock Exchange since **9:00 a.m. on April 2, 2024**, and will continue to be suspended until further notice[87](index=87&type=chunk)

Group 1 - The Hong Kong stock market's new consumption concept stocks experienced a widespread decline, with notable drops in several companies [1] - Blucco (00325) saw a significant decrease of 8.27%, closing at 112.000 [2] - Other companies such as Laopu Gold (06181) and Pop Mart (09992) also faced declines of 3.44% and 2.32% respectively [2] Group 2 - Additional companies in the new consumption sector, including Qi (02517) and Weilon Delicious (09982), reported declines of 2.50% and 2.12% respectively [2] - Xpeng Motors (09868) and Li Auto (02015) experienced minor declines of 1.66% and 1.51% [2] - Other companies like Juzhi Biotechnology (02367) and Mijue Group (02097) also showed slight decreases, indicating a broader trend in the market [2]

整体来看，今年1-7月，中原建业在管项目合约销售额为63.3亿元，同比减少22.0%；合约销售建筑面积 为103.2669万平方米，同比减少22.6%；每平方米平均售价为6130元，同比增长0.7%。 新京报贝壳财经讯8月12日，中原建业有限公司(简称"中原建业")发布2025年7月未经审核经营数据。公 告显示，2025年7月，中原建业在管项目合约销售为8.49亿元，合约销售建筑面积137367平方米，每平 方米平均售价为6180元。 ...

截至2025年7月31日，本集团拥有合计460个签约项目，累计签约建筑面积5634.07万平方米。 中原建业(09982)发布公告，于2025年7月，本集团暂未获得新签合约项目。截至2025年7月31日止7个 月，本集团拥有11个新签合约项目，新增合约建筑面积(建筑面积)73.07万平方米(平方米)，较2024年同 期减少47.3%。 截至2025年7月31日，本集团拥有249个在管项目，总建筑面积为2972.06万平方米。 于2025年7月，本集团在管项目合约销售为人民币8.49亿元，合约销售建筑面积13.74万平方米。2025年7 月每平方米平均售价为人民币6180元。 截至2025年7月31日止7个月，本集团在管项目合约销售为人民币63.3亿元，同比减少22.0%，合约销售 建筑面积103.27万平方米，同比减少22.6%。截至2025年7月31日止7个月每平方米平均售价为人民币 6130元，同比增长0.7%。 ...

智通财经APP讯，中原建业(09982)发布公告，于2025年7月，本集团暂未获得新签合约项目。截至2025 年7月31日止7个月，本集团拥有11个新签合约项目，新增合约建筑面积(建筑面积)73.07万平方米(平方 米)， 较2024年同期减少47.3%。 于2025年7月，本集团在管项目合约销售为人民币8.49亿元，合约销售建筑面积13.74万平方米。2025年7 月每平方米平均售价为人民币6180元。 截至2025年7月31日止7个月，本集团在管项目合约销售为人民币63.3亿元，同比减少22.0%，合约销售 建筑面积103.27万平方米，同比减少 22.6%。截至2025年7月31日止7个月每平方米平均售价为人民币 6130元，同比增长0.7%。 截至2025年7月31日，本集团拥有249个在管项目，总建筑面积为 2972.06万平方米。 截至2025年7月31日，本集团拥有合计460个签约项目，累计签约建筑面积5634.07万平方米。 ...