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。 (2)繼續暫停買賣 本公告乃由中原建業有限公司（「本公司」，連同其附屬公司統稱「本集團」） 根 據 香 港 聯 合 交 易 所 有 限 公 司（「 聯 交 所 」）證 券 上 市 規 則（「 上 市 規 則 」）第 13.09 (2) (a)條及第13.24A條，以及香港法例第571章證券及期貨條例第XIVA 部項下之內幕消息條文（ 定義見上市規例 ）作出。 茲提述(i)本公司日期為2024年3月26日、2024年3月28日、2024年4月26日、 2024年6月14日、2024年6月20日、2024年6月27日、2024年7月29日、2024 年8月30日、2024年9月13日、2024年9月27日、2024年10月10日、2024年10 月15日、2 ...

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） 25 September 2025 Dear Non-registered holder(s) (Note 1) , 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 www.centralchinamgt.com (the "Company Website") and the webs ...

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 ...

Business Operations - As of June 30, 2025, Central China Management Company Limited (CCMGT) has signed contracts for project management in 138 counties and above-county-level cities across 9 provinces, with a cumulative contracted gross floor area (GFA) of approximately 56.3 million square meters[17]. - The repeat cooperation rate with partners stands at 62.5%, serving over 500,000 property owners, and the average selling prices are 10% higher than competitors[17]. - CCMGT has established a framework of four major businesses: commercial project management, government project management, capital project management, and management consulting, with traditional commercial project management being the core business[18]. - The company has formed strategic partnerships with 32 governmental platform companies and 8 state-owned enterprises in Henan, focusing on government project management[18]. - In September 2023, CCMGT launched the CCMGT Project Management C Platform, aimed at enhancing brand premium and management capabilities through innovative cooperation models[23]. - The City Partner Council was established in December 2022 to promote cooperation among city partners and enhance urbanization in central China[22]. - As of June 30, 2025, CCMGT has collaborated on 460 projects with 242 partners, showcasing its extensive cooperation resources and strong profitability[17]. - The company has a well-established marketing and management team, contributing to its competitive advantage in the market[17]. - The company aims to consolidate and expand its brand influence in Greater Central China through various strategic initiatives[22]. Financial Performance - In the first half of 2025, the company delivered 905,000 sq.m. of homes, achieving an early delivery rate of 30.5%[33]. - The company's sales amounted to RMB5,481 million, with a sales GFA of 895,302 sq.m., ranking fifth among domestic real estate project management enterprises[35]. - Revenue decreased by 4.5% year-on-year to RMB139.6 million, while management service fees collected increased by 10.9% to RMB91.5 million[38]. - The company's market position was solidified by receiving six honors, including "China Outstanding Project Management Operation Real Estate Companies" and "Model for Government Project Management"[35]. - The real estate market saw a decline in sales GFA and sales value of new commercial housing by 3.5% and 5.5% year-on-year, respectively[34]. - The project management market entered a "medium-to-low-speed" growth period, with the top 20 enterprises' contract area increasing by only 6% year-on-year, significantly lower than the previous year's 17%[34]. - The company faced challenges from increased competition and declining project management fee rates, with over 40% of new projects signed at rates between 1%-2%[39]. - The company's focus on high-quality delivery and social responsibility was emphasized amid a challenging external environment[31]. - The company signed 460 project contracts with a total contracted GFA of 56,340,724 sq.m. during the first half of 2025[70]. - Contracted sales amounted to RMB 5.48 billion, with a sales GFA of 895,302 sq.m.[70]. - The number of new project management projects signed decreased by 47.3% to 11 projects, with a contracted GFA of 730,700 sq.m.[82]. - The total contracted sales amount for managed projects was RMB 5.48 billion, a year-on-year decrease of 23.6%[85]. - The Group achieved a revenue of RMB 139.6 million, representing a year-on-year decrease of 4.5% compared to RMB 146.2 million in the same period of 2024[101]. - The contracted sales GFA stood at 895,302 sq.m., reflecting a year-on-year decrease of 24.4%[87]. - Revenue from projects in Henan Province accounted for 91.5% of total revenue, increasing by 1.7% from the previous year, while revenue from projects outside Henan decreased by 42.6%[103]. - Net profit fell by 23.4% to RMB 37.03 million from RMB 48.33 million in the previous year[64]. Organizational Changes - The company streamlined its organizational structure, reducing redundant staff by 40% and changing the management to non-management staff ratio from 1:2.2 to 1:4.4[40]. - Personnel costs amounted to RMB 34.3 million, representing a decrease of 43.3% from RMB 60.4 million in the same period of 2024, attributed to a stricter performance appraisal system[107]. - Other operating expenses were RMB 19.5 million, down 38.5% from RMB 31.7 million in the corresponding period of 2024, due to strict control over operating expenses[108]. - The Group employed 542 full-time employees as of June 30, 2025, with 354 assigned to property development projects[149][153]. - The management has established a performance-based compensation structure to reward employees, adjusting compensation according to development strategies and market standards[150]. - The Group has implemented comprehensive training programs to enhance employees' business skills and risk management capabilities[151]. Strategic Initiatives - The company plans to optimize its assessment mechanism with differentiated standards and a strong binding mechanism for quarterly targets to enhance strategy execution capabilities[53]. - The company aims to tackle historical arrears on key projects to meet its annual collection target, engaging risk agencies to promote payment of litigation-related arrears[54]. - The company will focus on creating "good houses" and deepen research into popular new styles while implementing refined cost control throughout the entire chain[55]. - The company will enhance brand value by front-loading business planning to the project expansion stage and pooling resources to build high-quality exemplary projects[59]. - Future strategies include strengthening dynamic assessment mechanisms and enhancing operational management to ensure strategic implementation[92]. - The brand enhancement strategy will focus on optimizing service standards and increasing contract signing efficiency to strengthen market recognition[97]. Cash and Financial Position - The total cash and cash equivalents increased by 3.6% to RMB 2,572.99 million as of June 30, 2025, compared to RMB 2,484.05 million at the end of 2024[66]. - The company maintained a cash and cash equivalents position of RMB 2,573.0 million as of June 30, 2025, with no borrowings, resulting in a nil gearing ratio[134][135]. - The company has allocated 10% of the net proceeds (RMB 12.4 million) for general working capital, with the remaining unutilized proceeds as of June 30, 2025, amounting to RMB 234.6 million[132]. - The company plans to enhance its information technology system with an allocation of RMB 105.2 million, representing 14% of the total proceeds[132]. - The Group maintained a net cash position with no borrowings as of June 30, 2025, resulting in a capital debt ratio of zero[141][142]. - The Group has no significant investments as of June 30, 2025[148][152]. - The company is exposed to minimal foreign exchange risks as it conducts most of its business in RMB, with no current hedging strategies in place[137]. - The company has established comprehensive treasury policies and internal control measures to monitor its financial resources[134]. Shareholder Information - As of June 30, 2025, Mr. Wu Po Sum holds a 47.64% interest in the Company through a controlled corporation, with total shares held amounting to 1,841,455,862[155][162]. - As of June 30, 2025, Joy Bright Investments Limited holds 1,841,455,862 shares, representing approximately 47.64% of the issued share capital of the Company[170]. - The total number of shares that may be issued under the Share Award Scheme is capped at 362,580,212 shares, which is no more than 10% of the total shares in issue at the time of the scheme's adoption[177]. - As of June 30, 2025, there are 297,080,212 shares available for future grants under the Share Award Scheme, after accounting for previously awarded shares[178]. - The Share Award Scheme was adopted on August 7, 2023, to align the interests of eligible participants with those of the Group[171]. - Eligible participants in the Share Award Scheme include directors and employees who contribute to the Group, excluding those who have resigned or had their contracts terminated[173]. - The interests of Mr. Wu Po Sum in the Company are deemed to be the same as those held by Joy Bright Investments Limited, which he wholly owns[170]. - The approximate percentage of interest in CCRE's issued share capital is based on a total of 3,039,126,090 shares as of June 30, 2025[168]. Share Award Scheme - The Share Award Scheme aims to encourage long-term growth and profits of the Group through ownership of shares by eligible participants[172]. - The maximum entitlement for any selected participant is capped at 1% of the Shares issued in the 12-month period prior to the grant date, requiring separate approval from Shareholders[180]. - The total number of Shares that can be issued under the Share Award Scheme is limited to 362,580,212, which does not exceed 10% of the total issued Shares as of the relevant approval date[181]. - The vesting of awarded Shares is contingent upon meeting specified performance targets, which may include financial and management metrics[187]. - The Board has the discretion to set vesting criteria and conditions, which must comply with the Listing Rules[188]. - For any award to be granted to Directors or substantial shareholders, it must be approved by Shareholders if it exceeds 0.1% of the issued Shares[184]. - The vesting period for any award shall not be less than 12 months from the date of grant, with exceptions for employees[191]. - The total number of Shares available for issuance under the Share Award Scheme remained consistent at 297,080,212 as of both 30 June 2025 and 18 September 2025[182]. - The Company must send a circular to Shareholders if any grant exceeds the specified thresholds, and selected participants must abstain from voting[185]. - No amount is generally payable on acceptance of the grant of award under the Share Award Scheme[191]. - The Share Award Scheme is valid for a term of 10 years from August 7, 2023, to August 6, 2033[195]. - A total of 65,500,000 awarded Shares were granted to 15 employee participants, including 2 Directors and the Chief Executive Officer, at nil consideration[196]. - The grant of the 2023 Awarded Shares was conditional on shareholder approval obtained on August 7, 2023[197]. - The purchase price for awarded Shares will be determined by the Board based on the average closing market price for the preceding five business days[194]. - The vesting of awards may accelerate for employees whose employment is terminated due to death or disability[193]. - The Share Award Scheme allows for performance-based vesting conditions instead of time-based criteria[193]. - The Board has the discretion to set a purchase price for awarded Shares to balance the purpose of the award and shareholder interests[198]. - The 2023 Awarded Shares were issued to the trustee on September 8, 2023[197]. - The Share Award Scheme includes provisions for mixed or accelerated vesting schedules[193].

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 ...