港股内房股集体拉升上涨，其中，碧桂园涨近4%，融创中国涨3.6%，华润置地、中国海外宏洋集团涨 3%，新城发展、越秀地产、万科企业、龙湖集团、金辉控股、中国金茂、龙光集团涨幅均超1%以上。 消息上，广州积极推动收购存量商品房用作保障性住房，多地持续出台放松政策。宏观方面，住建部11 月21日在安徽省芜湖市召开全国城市更新工作推进会，会议指出，要因地制宜、探索创新，着力在规 划、资金、运营、治理4 个方面下功夫，同时系统推进好房子、好小区、好社区、好城区"四好"建设， 确保取得实实在在的成效。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 02007 | 碧桂元 | 0.530 | 3.92% | | 01918 | 融创中国 | 1.450 | 3.57% | | 01109 | 华润置地 | 30.680 | 3.02% | | 00081 | 中国海外宏洋集 | 2.450 | 2.94% | | 00688 | 中国海外发展 | 14.050 | 2.86% | | 01030 | 新城发展 | 2.270 | 2.25% | | 00123 ...

Group 1 - Hong Kong real estate stocks experienced a general rise, with Longfor Group up 3.33%, China Resources Land up 3%, and Agile Group up 3.4% [1] - Other notable increases include R&F Properties, Jin Hui Holdings, Ronshine China, and Jianfa International Group, each rising approximately 2%, while Midea Real Estate, Longguang Group, New City Development, and China Overseas Macro Holdings rose over 1% [1] Group 2 - The China Index Academy recently released the October financing report, indicating that the total bond financing in the real estate sector for October 2025 reached 51.24 billion yuan, a year-on-year increase of 76.9% [1] - The issuance of credit bonds in October also saw a year-on-year increase, primarily from state-owned enterprises, with real estate credit bond financing amounting to 32.7 billion yuan, up 50.7% year-on-year, accounting for 63.8% of the total [1] Group 3 - CITIC Securities suggests that 2026 may be a critical year for real estate companies to enter a balance sheet repair phase, with some firms potentially reaching the bottom of a long-term profit cycle [1] - Companies that manage to recover first are likely those with well-positioned assets in good cities, operational investment properties, or financial assets with appreciation potential [1]

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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金輝控股(集團)有限公司 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 09993 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,045,227,000 | | 0 | | 4,045,227,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 4,045,227,000 | | 0 | | 4,045,227,000 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025 ...

Core Viewpoint - Jinhui Holdings (09993) reported a significant decline in revenue for the nine months ending September 30, 2025, with a total revenue of 8.183 billion RMB, representing a year-on-year decrease of 61.79% [1] Financial Performance - The company's net loss attributable to shareholders narrowed to 378 million RMB, which is an improvement of 88.52% compared to the previous year [1]

Core Insights - Jinhui Holdings (09993) reported a revenue of 8.183 billion RMB for the nine months ending September 30, 2025, representing a year-on-year decrease of 61.79% [1] - The net loss attributable to the owners of the parent company was 378 million RMB, which shows an improvement of 88.52% compared to the previous year [1] Financial Performance - Revenue: 8.183 billion RMB, down 61.79% year-on-year [1] - Net Loss: 378 million RMB, narrowed by 88.52% year-on-year [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Radiance Holdings (Group) Company Limited 金輝控股（集團）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9993） 一家間接非全資附屬公司 截至二零二五年九月三十日止九個月的 未經審核財務業績概要 承董事會命 本公司的間接非全資附屬公司金輝集團股份有限公司（「金輝集團」）已發行多項債務融資工 具。根據中國相關法規的要求，於該等債務融資工具存續期內，金輝集團須於北京金融資產交 易所網站(www.cfae.cn)按季度披露其財務數據。金輝集團已於上述網站披露其截至二零二五 年九月三十日止九個月的未經審核合併財務資料（「金輝集團財務業績」）。該等財務資料乃根 據中國企業會計準則編製，且未經審核。 1 以下載列於上述網站登載的金輝集團主要財務業績： | | | | 於2025年 | 於2024年 | | --- | --- | --- | --- | --- | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金輝控股(集團)有限公司 呈交日期: 2025年10月6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) | 09993 | 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 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本 ...

Core Viewpoint - The Hong Kong real estate stocks have shown a significant upward trend, driven by recent policy optimizations aimed at supporting reasonable housing demand across various cities in China [1] Company Performance - Country Garden saw an increase of over 5% in its stock price, while China Overseas Macro Group rose by 4% and Ronshine China by 3.5% [2] - Other notable performers include Vanke Enterprises, Longfor Group, and Oceanwide Holdings, each rising nearly 3%, and China Jinmao increasing by 2% [2] Policy Developments - Multiple cities in China have recently optimized real estate policies, including Dongguan offering a subsidy of 2% of the total purchase price for eligible homebuyers, capped at 30,000 yuan [1] - Sichuan is implementing a "one city, one policy" approach to stabilize the real estate market, while Guangzhou has introduced new policies allowing property companies to sell self-held housing [1] - Major cities like Beijing, Shanghai, and Shenzhen have adjusted their purchase restrictions, indicating a broader trend of policy support for the housing market [1] - New first-tier cities are reportedly studying the latest real estate policies to further stimulate housing demand and enhance purchase support [1]

[Corporate Profile](index=3&type=section&id=Corporate%20Profile) Jinhui Holdings (Group) Limited is a national large-scale real estate developer with over 28 years of experience, focusing on providing quality residential properties for first-time homebuyers and first-time upgraders - The company has over **28 years of experience**, with operations covering **eight high-growth potential regions** in China, focusing on first-time homebuyers and first-time upgraders[4](index=4&type=chunk)[6](index=6&type=chunk) - Ranked among the **"Top 50 Chinese Real Estate Enterprises" for 10 consecutive years** since 2014, and awarded **"23rd Most Comprehensive Strength among Real Estate Listed Companies in 2023"**[5](index=5&type=chunk)[6](index=6&type=chunk) - Corporate mission is **"Building good homes with heart, making life better"**, vision is **"Pursuing better products and services, becoming a trusted quality benchmark enterprise"**[7](index=7&type=chunk)[8](index=8&type=chunk) [Corporate Information](index=4&type=section&id=Corporate%20Information) This section provides detailed corporate information for Jinhui Holdings (Group) Limited, including board members, company secretary, authorized representatives, auditor, legal counsel, registered office, China head office, Hong Kong principal place of business, share registrar, principal bankers, company website, and stock code - Board members include Executive Directors **Lin Dingqiang (Chairman)**, **Lin Yu**, **Wu Yankun**, and Independent Non-executive Directors **Zhang Huaqiao**, **Xie Rikang**, **Zhong Chuangxin**[10](index=10&type=chunk)[12](index=12&type=chunk) - Mr. Huang Junquan resigned as Executive Director and authorized representative on **July 11, 2025**, and Ms. Guo Enting resigned as Company Secretary and authorized representative on the same day; Ms. Wu Yankun and Ms. Zhu Zhuoting were appointed as authorized representatives on **July 11, 2025**, with Ms. Zhu Zhuoting also appointed as Company Secretary[11](index=11&type=chunk)[12](index=12&type=chunk) - The company's auditor is **Ernst & Young**, and legal counsel is **Sidley Austin**[11](index=11&type=chunk)[12](index=12&type=chunk) - Principal bankers include **Agricultural Bank of China, Industrial and Commercial Bank of China, Bank of China, China Construction Bank, China Minsheng Bank, China Merchants Bank, China Everbright Bank, Guangfa Bank, Industrial Bank**[14](index=14&type=chunk)[15](index=15&type=chunk) [Glossary and Definitions](index=6&type=section&id=Glossary%20and%20Definition) This section provides definitions for key terms and abbreviations used in the report, such as "ASP" (Average Selling Price), "GFA" (Gross Floor Area), and "the Group", to ensure a clear understanding for readers - Defines key terms used in the report, such as **"ASP" (Average Selling Price)**, **"GFA" (Gross Floor Area)**, **"the Group" (the Company and its subsidiaries)**, to enhance readability and accuracy of the report[17](index=17&type=chunk)[18](index=18&type=chunk) [Chairman's Statement](index=8&type=section&id=Chairman's%20Statement) The Chairman's Statement reviews Jinhui Holdings' interim results for the six months ended June 30, 2025, noting a significant decrease in revenue but a substantial narrowing of losses, and highlighting the company's efforts in continuous cost reduction, credit stability, and high-quality delivery 2025 H1 Interim Results Overview | Indicator | 2025 H1 (million RMB) | 2024 H1 (million RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,410.4 | 16,383.0 | -60.9% | | Gross Profit | 850.1 | 77.9 | +991.7% | | Gross Profit Margin | 13.3% | 0.5% | +12.8 percentage points | | Net Loss | (283.6) | (1,927.0) | Loss narrowed 85.3% | | Loss Attributable to Owners of the Company | (233.1) | (2,026.4) | Loss narrowed 88.5% | - As of June 30, 2025, the Group's debt balance was approximately **RMB 23,741.3 million**, a decrease of about **3.5%** from the end of 2024; the weighted average debt cost was approximately **4.93%**, a decrease of about **0.33 percentage points** from the end of 2024, indicating continuous cost reduction and credit stability[23](index=23&type=chunk)[27](index=27&type=chunk) - As of June 30, 2025, the Group had completed the delivery of over **5,066 new homes** in **12 cities** nationwide, upholding its commitment to high-quality and early delivery[24](index=24&type=chunk)[28](index=28&type=chunk) - Looking ahead to the second half of 2025, the real estate market is expected to bottom out and stabilize; the Group will actively adapt to market changes, focusing on customer satisfaction to build safe, comfortable, green, and smart **"good homes"**[29](index=29&type=chunk)[31](index=31&type=chunk) [Performance Highlights](index=10&type=section&id=Performance%20Highlights) This section presents a table summary of Jinhui Holdings' key financial performance indicators for the six months ended June 30, 2025, including revenue, profit, gross profit margin, net profit margin, loss per share, total assets, total debt, net debt, current ratio, weighted average debt cost, and net gearing ratio, compared with data from the same period or end of 2024 2025 H1 Key Financial Indicators | Indicator | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | Percentage Change | | :--- | :--- | :--- | :--- | | Recognized Revenue | 6,410,438 | 16,382,985 | -60.9% | | Gross Profit | 850,058 | 77,868 | 991.7% | | Net (Loss)/Profit | (283,631) | (1,927,040) | 85.28% | | Core Net (Loss)/Profit | (137,044) | (1,834,852) | 92.53% | | Gross Profit Margin | 13.3% | 0.5% | - | | Net Profit Margin | -4.4% | -11.8% | - | | Core Net Profit Margin | -2.1% | -11.2% | - | | (Loss)/Earnings Per Share (RMB cents) | (6) | (50) | - | As of June 30, 2025, Balance Sheet Indicators | Indicator | As of June 30, 2025 (thousand RMB) | As of December 31, 2024 (thousand RMB) | Percentage Change | | :--- | :--- | :--- | :--- | | Total Assets | 91,831,748 | 96,657,346 | -5.0% | | Total Debt | 23,741,289 | 24,602,216 | -3.5% | | Net Debt | 22,160,399 | 22,211,823 | -0.2% | | Equity Attributable to Owners of the Parent | 14,600,326 | 14,833,422 | -1.6% | | Current Ratio (times) | 1.3 | 1.3 | - | | Weighted Average Debt Cost | 4.93% | 5.26% | - | | Net Gearing Ratio | 93.0% | 92.1% | - | | Gearing Ratio Excluding Contract Liabilities | 68.3% | 68.4% | - | - Core net (loss)/profit excludes fair value changes of investment properties and financial assets at fair value through profit or loss, and gains from disposal of subsidiaries (net of related deferred tax)[36](index=36&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of Jinhui Holdings' operating and financial status in the first half of 2025, covering business aspects such as property development and sales, investment properties, projects under construction, and land bank, as well as financial aspects including revenue, costs, profit, liquidity, debt, and risk management [Property Development and Sales](index=12&type=section&id=Property%20Development%20and%20Sales) Jinhui Holdings focuses on property development and sales in selected cities across eight regions in China; in the first half of 2025, revenue from property development and sales decreased significantly by 61.9% year-on-year, primarily due to a reduction in the total gross floor area delivered - The Group focuses on selected cities in **eight major regions**: Yangtze River Delta, Bohai Rim, East China, Central China, Southwest, Northwest, Southeast, and Shenzhen-Huizhou[38](index=38&type=chunk)[39](index=39&type=chunk) 2025 H1 Property Development and Sales Data by Region | Region | 2025 Revenue (thousand RMB) | 2025 Revenue Share | 2025 GFA Delivered (square meters) | 2025 Recognized ASP (RMB/square meter) | 2024 Revenue (thousand RMB) | 2024 Revenue Share | 2024 GFA Delivered (square meters) | 2024 Recognized ASP (RMB/square meter) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Southeast | 1,562,497 | 25.4% | 194,644 | 8,028 | 2,156,895 | 13.3% | 219,704 | 9,817 | | East China | 1,298,294 | 21.1% | 156,744 | 8,283 | 4,258,857 | 26.3% | 369,815 | 11,516 | | Central China | 165,645 | 2.7% | 28,193 | 5,875 | 3,001,540 | 18.5% | 267,026 | 11,241 | | Bohai Rim | 1,688,014 | 27.4% | 159,553 | 10,580 | 139,605 | 0.9% | 10,869 | 12,845 | | Northwest | 9,945 | 0.2% | 537 | 18,513 | 2,515,864 | 15.5% | 142,642 | 17,638 | | Southwest | 694,994 | 11.3% | 45,458 | 15,289 | 1,093,925 | 6.8% | 76,902 | 14,225 | | Yangtze River Delta | 741,390 | 12.0% | 51,548 | 14,383 | 1,586,791 | 9.8% | 68,872 | 23,040 | | Shenzhen-Huizhou | – | – | – | – | 1,428,665 | 8.9% | 96,170 | 14,856 | | **Total** | **6,160,779** | **100%** | **636,677** | **9,676** | **16,186,142** | **100%** | **1,252,000** | **12,925** | [Investment Properties](index=12&type=section&id=Investment%20Properties) As of June 30, 2025, Jinhui Holdings held 27 investment properties with a total gross floor area of approximately 1,348,098 square meters, including one investment property held for future development with an estimated gross floor area of approximately 69,530 square meters - As of June 30, 2025, the Group held **27 investment properties** with a total gross floor area of approximately **1,348,098 square meters**[41](index=41&type=chunk)[43](index=43&type=chunk) - One of these investment properties, held for future development, has an estimated total gross floor area of approximately **69,530 square meters**[41](index=41&type=chunk)[43](index=43&type=chunk) [Projects Under Construction](index=12&type=section&id=Projects%20Under%20Construction) As of June 30, 2025, Jinhui Holdings' projects under construction had a planned total gross floor area of approximately 8,349,359 square meters, a decrease of approximately 21.0% compared to December 31, 2024 - As of June 30, 2025, the Group's projects under construction had a planned total gross floor area of approximately **8,349,359 square meters**[42](index=42&type=chunk)[44](index=44&type=chunk) - This represents a decrease of approximately **21.0%** compared to approximately **10,566,823 square meters** as of December 31, 2024[42](index=42&type=chunk)[44](index=44&type=chunk) [Land Bank](index=13&type=section&id=Land%20Bank) As of June 30, 2025, Jinhui Holdings' total land bank had a gross floor area of approximately 18,280,329 square meters, with an attributable gross floor area of approximately 14,845,295 square meters, distributed across major regions such as Chongqing, Wuhan, Beijing, Shanghai, Xi'an, and Fujian, covering various planned uses including residential, commercial, and office buildings - As of June 30, 2025, the Group's total land bank had a gross floor area of approximately **18,280,329 square meters**, with an attributable gross floor area of approximately **14,845,295 square meters**[45](index=45&type=chunk)[65](index=65&type=chunk) - The land bank is primarily distributed in regions such as **Chongqing, Wuhan, Beijing, Shanghai, Xi'an, and Fujian**, with projects mainly planned for residential and commercial use[46](index=46&type=chunk)[65](index=65&type=chunk) As of June 30, 2025, Land Bank Overview | Category | Total Land Bank Area (square meters) | Attributable Land Bank Area (square meters) | | :--- | :--- | :--- | | Properties developed by the Group and its subsidiaries | 14,956,084 | 13,340,007 | | Properties developed by the Group's joint ventures and associates | 3,324,245 | 1,505,289 | | **Total** | **18,280,329** | **14,845,295** | [Financial Review](index=26&type=section&id=Financial%20Review) This section provides a detailed review of Jinhui Holdings' financial performance in the first half of 2025; despite a significant decline in revenue, gross profit and net profit margins improved substantially due to effective cost control and reduced impairment provisions, leading to a significant narrowing of losses for the period [Revenue](index=26&type=section&id=Revenue) In the first half of 2025, Jinhui Holdings' total revenue was approximately RMB 6,410.4 million, a year-on-year decrease of 60.9%; property development and sales revenue decreased by 61.9%, property leasing income increased by 3.8%, management consulting service income decreased by 52.9%, and hotel service income recorded RMB 46.5 million for the first time 2025 H1 Revenue Composition | Revenue Source | 2025 H1 (thousand RMB) | 2025 Share | 2024 H1 (thousand RMB) | 2024 Share | | :--- | :--- | :--- | :--- | :--- | | Property Development and Sales | 6,160,779 | 96.1% | 16,186,142 | 98.8% | | Residential | 6,060,550 | 94.5% | 15,755,758 | 96.2% | | Commercial | 100,229 | 1.6% | 430,384 | 2.6% | | Property Leasing | 202,086 | 3.2% | 194,665 | 1.2% | | Management Consulting Services | 1,037 | 0.0% | 2,178 | 0.0% | | Hotel Services | 46,536 | 0.7% | – | – | | **Total** | **6,410,438** | **100.0%** | **16,382,985** | **100.0%** | - Property development and sales revenue decreased by **61.9%**, primarily attributable to a reduction in the number of completed and delivered property projects during the period, leading to a decrease in total gross floor area delivered[70](index=70&type=chunk)[72](index=72&type=chunk) - Property leasing income increased by **3.8%** to approximately **RMB 202.1 million**[71](index=71&type=chunk)[73](index=73&type=chunk) - Management consulting service income decreased by **52.9%** to approximately **RMB 1.0 million**, mainly due to a reduction in management consulting fees received from joint ventures and associates[74](index=74&type=chunk)[80](index=80&type=chunk) - Hotel service income recorded **RMB 46.5 million** for the first time[75](index=75&type=chunk)[81](index=81&type=chunk) [Cost of Sales](index=27&type=section&id=Cost%20of%20sales) In the first half of 2025, Jinhui Holdings' cost of sales was approximately RMB 5,560.4 million, a significant year-on-year decrease of 65.9%, primarily due to a reduction in the scale of recognized revenue during the period - Cost of sales was approximately **RMB 5,560.4 million**, a decrease of approximately **65.9%** compared to approximately **RMB 16,305.1 million** in the same period of 2024[76](index=76&type=chunk)[82](index=82&type=chunk) - The decrease in cost of sales was primarily attributable to a reduction in the Group's recognized revenue scale during the period[76](index=76&type=chunk)[82](index=82&type=chunk) [Gross Profit and Gross Profit Margin](index=27&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) In the first half of 2025, Jinhui Holdings' gross profit significantly increased to approximately RMB 850.1 million, and the gross profit margin substantially improved to 13.3%, mainly benefiting from a larger decrease in cost of sales - Gross profit increased from approximately **RMB 77.9 million** in the same period of 2024 to approximately **RMB 850.1 million**[77](index=77&type=chunk)[83](index=83&type=chunk) - Gross profit margin improved from approximately **0.5%** in the same period of 2024 to approximately **13.3%**[77](index=77&type=chunk)[84](index=84&type=chunk) [Finance Income](index=27&type=section&id=Finance%20income) In the first half of 2025, Jinhui Holdings' finance income was approximately RMB 3.2 million, a year-on-year decrease of 70.7%, primarily due to reduced bank balances and lower deposit interest rates - Finance income was approximately **RMB 3.2 million**, a decrease of approximately **70.7%** compared to approximately **RMB 11.0 million** in the same period of 2024[78](index=78&type=chunk)[85](index=85&type=chunk) - The decrease was mainly due to reduced interest income resulting from lower bank balances and decreased deposit interest rates[78](index=78&type=chunk)[85](index=85&type=chunk) [Other Income and Gains](index=27&type=section&id=Other%20Income%20and%20Gains) In the first half of 2025, Jinhui Holdings' other income and gains slightly increased to approximately RMB 14.6 million, up from approximately RMB 12.2 million in the same period of 2024 - Other income and gains slightly increased to approximately **RMB 14.6 million**, up from approximately **RMB 12.2 million** in the same period of 2024[79](index=79&type=chunk)[86](index=86&type=chunk) [Selling and Distribution Expenses](index=28&type=section&id=Selling%20and%20Distribution%20Expenses) In the first half of 2025, Jinhui Holdings' selling and distribution expenses were approximately RMB 265.5 million, a year-on-year decrease of 35.9%, primarily due to reduced revenue during the period - Selling and distribution expenses were approximately **RMB 265.5 million**, a decrease of approximately **35.9%** compared to approximately **RMB 414.2 million** in the same period of 2024[88](index=88&type=chunk)[92](index=92&type=chunk) - The decrease was primarily due to the reduction in the Group's revenue during the period[88](index=88&type=chunk)[92](index=92&type=chunk) [Administrative Expenses](index=28&type=section&id=Administrative%20Expenses) In the first half of 2025, Jinhui Holdings' administrative expenses were approximately RMB 193.2 million, a year-on-year decrease of 23.4%, primarily due to reduced revenue and lower staff salaries and office expenses - Administrative expenses were approximately **RMB 193.2 million**, a decrease of approximately **23.4%** compared to approximately **RMB 252.4 million** in the same period of 2024[90](index=90&type=chunk)[94](index=94&type=chunk) - The decrease was primarily due to the reduction in the Group's revenue during the period, as well as lower staff salaries and office expenses[90](index=90&type=chunk)[94](index=94&type=chunk) [Finance Cost](index=29&type=section&id=Finance%20Cost) In the first half of 2025, Jinhui Holdings' finance costs slightly increased by 21.9% to approximately RMB 143.5 million; however, the weighted average debt cost decreased to 4.93%, indicating improved financing efficiency - Finance costs slightly increased by approximately **21.9%** to approximately **RMB 143.5 million**, compared to approximately **RMB 117.7 million** in the same period of 2024[96](index=96&type=chunk)[103](index=103&type=chunk) - As of June 30, 2025, the weighted average debt cost was approximately **4.93%**, a decrease from **5.26%** as of December 31, 2024[96](index=96&type=chunk)[103](index=103&type=chunk) [Other Expenses](index=29&type=section&id=Other%20Expenses) In the first half of 2025, Jinhui Holdings' other expenses significantly decreased by 95.8% to approximately RMB 4.7 million, primarily due to no significant impairment losses on financial assets and investments being recognized during the period - Other expenses were approximately **RMB 4.7 million**, a decrease of approximately **95.8%** compared to approximately **RMB 110.5 million** in the same period of 2024[97](index=97&type=chunk)[104](index=104&type=chunk) - The decrease was primarily attributable to no significant impairment losses on financial assets and investments being recognized during the period[97](index=97&type=chunk)[104](index=104&type=chunk) [Fair Value (Loss)/Gains on Investment Properties](index=29&type=section&id=Fair%20Value%20(Loss)%2FGains%20on%20Investment%20Properties) In the first half of 2025, Jinhui Holdings recorded a fair value loss on investment properties of approximately RMB 195.5 million, an increase of 59.0% compared to the loss in the same period of 2024, mainly due to decreased occupancy rates and rental levels for some investment properties - Recorded a fair value loss on investment properties of approximately **RMB 195.5 million**, an increase of approximately **59.0%** compared to a loss of approximately **RMB 122.9 million** in the same period of 2024[98](index=98&type=chunk)[105](index=105&type=chunk) - The increase in loss was mainly due to decreased occupancy rates and rental levels for some investment properties[98](index=98&type=chunk)[105](index=105&type=chunk) [Share of (Loss)/Gains of Joint Ventures](index=29&type=section&id=Share%20of%20(Loss)%2FGains%20of%20Joint%20Ventures) In the first half of 2025, Jinhui Holdings' share of joint ventures turned from a loss to a gain of approximately RMB 13.7 million, primarily due to profit realization from property projects held by joint ventures upon recognition - Share of joint ventures turned from a loss of approximately **RMB 327.5 million** in the same period of 2024 to a gain of approximately **RMB 13.7 million**[99](index=99&type=chunk)[106](index=106&type=chunk) - The shift from loss to gain was primarily due to profit realization from property projects held by joint ventures upon recognition during the period[99](index=99&type=chunk)[106](index=106&type=chunk) [Share of Losses of Associates](index=29&type=section&id=Share%20of%20Losses%20of%20Associates) In the first half of 2025, Jinhui Holdings' share of losses of associates increased to approximately RMB 231.4 million, primarily due to impairment provisions made for some property projects as a result of lower-than-expected real estate market conditions and selling prices - Share of losses of associates increased from approximately **RMB 122.3 million** in the same period of 2024 to approximately **RMB 231.4 million**[100](index=100&type=chunk)[107](index=107&type=chunk) - The increase in loss was primarily due to the impact of lower-than-expected real estate market conditions and selling prices, leading to impairment provisions for some property projects held by associates[100](index=100&type=chunk)[107](index=107&type=chunk) [(Loss) Before Tax](index=29&type=section&id=(Loss)%20Before%20Tax) In the first half of 2025, Jinhui Holdings recorded a loss before tax of approximately RMB 152.2 million, a significant decrease of 88.9% compared to the loss in the same period of 2024, primarily attributable to reduced impairment provisions during the period - Recorded a loss before tax of approximately **RMB 152.2 million**, a decrease of **88.9%** compared to a loss of approximately **RMB 1,366.6 million** in the same period of 2024[101](index=101&type=chunk)[108](index=108&type=chunk) - The decrease in loss was primarily attributable to reduced impairment provisions by the Group during the period[101](index=101&type=chunk)[108](index=108&type=chunk) [Income Tax Expenses](index=30&type=section&id=Income%20Tax%20Expenses) In the first half of 2025, Jinhui Holdings' income tax expenses were approximately RMB 131.4 million, a year-on-year decrease of 76.6%, primarily due to reduced income tax expenses corresponding to a decrease in recognized revenue during the period - Income tax expenses were approximately **RMB 131.4 million**, a decrease of approximately **76.6%** compared to approximately **RMB 560.4 million** in the same period of 2024[109](index=109&type=chunk)[113](index=113&type=chunk) - The decrease was primarily due to reduced income tax expenses corresponding to a decrease in the Group's recognized revenue scale during the period[109](index=109&type=chunk)[113](index=113&type=chunk) [Loss for the Period](index=30&type=section&id=(Loss)%20for%20the%20Period) In the first half of 2025, Jinhui Holdings recorded a loss for the period of approximately RMB 283.6 million, a significant decrease of 85.3% compared to the loss in the same period of 2024, reflecting an improvement in financial position - Loss for the period was approximately **RMB 283.6 million**, a decrease of **85.3%** compared to a loss of approximately **RMB 1,927 million** in the same period of 2024[110](index=110&type=chunk)[114](index=114&type=chunk) [Liquidity and Financial Resources](index=30&type=section&id=Liquidity%20and%20Financial%20Resources) This section analyzes Jinhui Holdings' liquidity and financial resources; as of June 30, 2025, both the Group's net current assets and cash and bank balances decreased, but total debt and weighted average debt cost also showed a downward trend, indicating the company's efforts in debt control and reducing financing costs [Net Current Assets](index=30&type=section&id=Net%20Current%20Assets) As of June 30, 2025, Jinhui Holdings' net current assets were approximately RMB 13,375.7 million, largely consistent with the end of 2024; total current assets decreased by 6.6%, and total current liabilities decreased by 8.3%, mainly due to reductions in properties under development, cash and bank balances, contract liabilities, and other payables - As of June 30, 2025, net current assets were approximately **RMB 13,375.7 million** (December 31, 2024: approximately **RMB 13,395.6 million**)[111](index=111&type=chunk)[115](index=115&type=chunk) - Total current assets decreased by **6.6%** to approximately **RMB 62,187.8 million**, and total current liabilities decreased by **8.3%** to approximately **RMB 48,812.1 million**[111](index=111&type=chunk)[115](index=115&type=chunk) - The decrease in current assets was mainly due to a reduction in properties under development and cash and bank balances; the decrease in current liabilities was mainly due to a reduction in contract liabilities and other payables[111](index=111&type=chunk)[115](index=115&type=chunk) [Cash Position](index=30&type=section&id=Cash%20Position) As of June 30, 2025, Jinhui Holdings' cash and bank balances were approximately RMB 1,580.9 million, a decrease of approximately 33.8% from the end of 2024; most cash and bank balances were denominated in RMB, HKD, and USD - As of June 30, 2025, cash and bank balances were approximately **RMB 1,580.9 million** (December 31, 2024: approximately **RMB 2,390.4 million**)[112](index=112&type=chunk)[116](index=116&type=chunk) - Most cash and bank balances were denominated in **RMB, HKD, and USD**[112](index=112&type=chunk)[116](index=116&type=chunk) [Indebtedness](index=31&type=section&id=Indebtedness) As of June 30, 2025, Jinhui Holdings' total outstanding borrowings were approximately RMB 23,741.3 million, a decrease of 3.5% from the end of 2024; the weighted average debt cost was 4.93%, a decrease from the end of 2024, with debt primarily denominated in RMB and detailed maturity profiles and fixed/floating rate breakdowns - As of June 30, 2025, total outstanding borrowings were approximately **RMB 23,741.3 million**, a decrease of approximately **3.5%** compared to approximately **RMB 24,602.2 million** as of December 31, 2024[117](index=117&type=chunk)[118](index=118&type=chunk) - The weighted average debt cost for the period was **4.93%** (December 31, 2024: **5.26%**)[117](index=117&type=chunk)[118](index=118&type=chunk) As of June 30, 2025, Borrowing Components | Category | As of June 30, 2025 (thousand RMB) | As of December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | **Current** | | | | Current portion of long-term bank loans – secured | 5,031,862 | 5,638,676 | | Current portion of other loans – secured | 377,495 | 652,836 | | Current portion of other loans – unsecured | 2,086 | 1,278 | | Corporate bonds | 1,286,903 | 1,219,287 | | Proceeds from asset-backed securities | 41,555 | 20,818 | | **Total Current** | **6,739,901** | **7,532,895** | | **Non-current** | | | | Bank loans – secured | 7,988,762 | 8,250,310 | | Other loans – secured | 4,165,000 | 4,000,000 | | Other loans – unsecured | 1,057,171 | 1,025,067 | | Corporate bonds | 2,136,679 | 2,134,120 | | Proceeds from asset-backed securities | 1,653,776 | 1,659,824 | | **Total Non-current** | **17,001,388** | **17,069,321** | | **Total Borrowings** | **23,741,289** | **24,602,216** | | Secured | 22,682,032 | 23,575,871 | | Unsecured | 1,059,257 | 1,026,345 | As of June 30, 2025, Borrowing Maturity Profile | Category | As of June 30, 2025 (thousand RMB) | As of December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | **Bank Loans Repayable** | | | | Within 1 year | 5,031,862 | 5,638,676 | | In the 2nd year | 5,536,005 | 5,239,338 | | In the 3rd to 5th year (inclusive) | 2,079,057 | 2,642,172 | | After 5 years | 373,700 | 368,800 | | **Other Borrowings Repayable** | | | | Within 1 year | 379,581 | 654,114 | | In the 2nd year | 505,000 | 395,000 | | In 2 to 5 years | 1,482,171 | 1,485,067 | | After 5 years | 3,235,000 | 3,145,000 | | **Corporate Bonds and Proceeds from Asset-Backed Securities Repayable** | | | | Within 1 year | 1,328,458 | 1,240,105 | | In 1 to 4 years | 2,265,631 | 1,667,921 | | After 4 years | 1,524,824 | 2,126,023 | | **Total** | **23,741,289** | **24,602,216** | | **By Fixed or Floating Rate** | | | | Fixed rate | 14,281,971 | 14,196,117 | | Floating rate | 9,459,318 | 10,406,099 | [Pledge of Assets](index=33&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, approximately RMB 40,240.5 million of Jinhui Holdings' assets were pledged to secure borrowings, including property, plant and equipment, land use rights, investment properties, properties under development, and right-of-use assets - As of June 30, 2025, approximately **RMB 40,240.5 million** (December 31, 2024: approximately **RMB 41,233.3 million**) of the Group's assets were pledged to secure borrowings[124](index=124&type=chunk)[130](index=130&type=chunk) - Pledged assets include **property, plant and equipment, land use rights, investment properties, properties under development, and right-of-use assets**[124](index=124&type=chunk)[130](index=130&type=chunk) [Financial Risk](index=33&type=section&id=Financial%20Risk) Jinhui Holdings faces interest rate risk, foreign currency risk, credit risk, and liquidity risk; the company does not use derivative instruments to hedge risks and closely monitors foreign exchange risk, managing credit risk through counterparty assessment and monitoring of receivables, while addressing liquidity risk by maintaining a balance between financing continuity and flexibility [Interest Rate Risk](index=33&type=section&id=Interest%20Rate%20Risk) Jinhui Holdings' interest rate risk primarily arises from interest-bearing bank and other borrowings; the company does not use derivative financial instruments to hedge interest rate risk but manages interest costs by using floating-rate borrowings - Interest rate fluctuation risk is primarily related to interest-bearing bank and other borrowings[126](index=126&type=chunk)[132](index=132&type=chunk) - The company does not use derivative financial instruments to hedge interest rate risk but manages interest costs by using **floating-rate bank and other borrowings**[126](index=126&type=chunk)[132](index=132&type=chunk) [Foreign Exchange Risk](index=33&type=section&id=Foreign%20Exchange%20Risk) Jinhui Holdings primarily operates in China, with revenue and expenses denominated in RMB; as of June 30, 2025, a small portion of cash and bank balances are denominated in HKD and USD, posing exchange rate fluctuation risk, and the company has no foreign currency hedging policy but closely monitors exchange rate risk - Primary business operations are in China, with revenue and expenses denominated in **RMB**[127](index=127&type=chunk)[133](index=133&type=chunk) - As of June 30, 2025, approximately **RMB 1.2 million** and **RMB 6.7 million** of cash and bank balances were denominated in **HKD** and **USD**, respectively, subject to exchange rate fluctuations[127](index=127&type=chunk)[133](index=133&type=chunk) - The company has no foreign currency hedging policy but closely monitors exchange rate risk and strives to preserve cash value[127](index=127&type=chunk)[133](index=133&type=chunk) [Credit Risk](index=33&type=section&id=Credit%20Risk) Jinhui Holdings manages credit risk through counterparty credit assessment, continuous monitoring, and regular review of the recoverability of receivables, ensuring credit terms are only granted to counterparties with appropriate credit history and diversifying credit risk - Manages credit risk through **counterparty credit assessment, continuous monitoring, and regular review of the recoverability of receivables**[128](index=128&type=chunk)[134](index=134&type=chunk) - Credit risk is diversified across a large number of counterparties and customers, with no high concentration of credit risk[128](index=128&type=chunk)[134](index=134&type=chunk) [Liquidity Risk](index=33&type=section&id=Liquidity%20Risk) Jinhui Holdings aims to maintain a balance between financing continuity and flexibility by utilizing interest-bearing bank and other borrowings, and continuously monitors its liquidity position - Aims to maintain a balance between financing continuity and flexibility by utilizing interest-bearing bank and other borrowings[129](index=129&type=chunk)[135](index=135&type=chunk) - The company continuously and closely monitors its liquidity position[129](index=129&type=chunk)[135](index=135&type=chunk) [Contingent Liabilities](index=34&type=section&id=Contingent%20Liabilities) As of June 30, 2025, Jinhui Holdings provided guarantees of approximately RMB 14,502.7 million for property buyers' financing and approximately RMB 1,260.2 million for related companies' financing; directors believe the likelihood of buyer default is minimal and the net realizable value of the related properties is sufficient to repay the loans, thus no provisions have been made - As of June 30, 2025, total guarantees provided to banks for property buyers' financing amounted to approximately **RMB 14,502.7 million** (December 31, 2024: approximately **RMB 15,729.9 million**)[137](index=137&type=chunk)[142](index=142&type=chunk) - Total guarantees provided to banks and other institutions for related companies' financing amounted to approximately **RMB 1,260.2 million** (December 31, 2024: approximately **RMB 1,242.1 million**)[137](index=137&type=chunk)[142](index=142&type=chunk) - The Directors believe that the likelihood of buyers defaulting on their payment obligations is minimal, and the net realizable value of the related properties is sufficient to repay the outstanding mortgage loans, thus no provisions have been made for the guarantees[136](index=136&type=chunk)[141](index=141&type=chunk) [Legal Contingents](index=34&type=section&id=Legal%20Contingents) Jinhui Holdings may be involved in legal proceedings in the ordinary course of business, but management believes that any liabilities arising therefrom will not have a material adverse effect on the company's business, financial position, or operating results - The Group may be involved in legal and other proceedings from time to time in the ordinary course of business[138](index=138&type=chunk)[143](index=143&type=chunk) - Management believes that any liabilities arising from such proceedings will not have a material adverse effect on the business, financial position, or operating results[138](index=138&type=chunk)[143](index=143&type=chunk) [Commitment](index=34&type=section&id=Commitment) As of June 30, 2025, Jinhui Holdings' capital commitments were approximately RMB 12,594.0 million, primarily related to property development activities, acquisition of land use rights, contributions to joint ventures and associates, and equity acquisitions - As of June 30, 2025, capital commitments were approximately **RMB 12,594.0 million** (December 31, 2024: approximately **RMB 13,157.8 million**)[139](index=139&type=chunk)[144](index=144&type=chunk) - Commitments are primarily related to **property development activities, acquisition of land use rights, contributions payable to joint ventures and associates, and contributions for equity acquisitions**[139](index=139&type=chunk)[144](index=144&type=chunk) [Off-Balance Sheet Commitment and Arrangements](index=34&type=section&id=Off-Balance%20Sheet%20Commitment%20and%20Arrangements) Except for the disclosed contingent liabilities, as of June 30, 2025, Jinhui Holdings had no other outstanding borrowed capital, bank overdrafts, loans, debt securities, borrowings or other similar indebtedness, acceptance liabilities, acceptance credits, debentures, mortgages, charges, finance lease or hire purchase commitments, guarantees, or other material contingent liabilities issued or agreed to be issued - Except for the disclosed contingent liabilities, as of June 30, 2025, the Group had no other material off-balance sheet commitments and arrangements[140](index=140&type=chunk)[145](index=145&type=chunk) [Significant Investments Held, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=35&type=section&id=Significant%20Investments%20Held,%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries,%20Associates%20and%20Joint%20Ventures) For the six months ended June 30, 2025, Jinhui Holdings held no significant investments and made no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had no significant investments and no material acquisitions or disposals of subsidiaries, associates, or joint ventures[146](index=146&type=chunk)[150](index=150&type=chunk) [Future Plan for Material Investments or Capital Assets](index=35&type=section&id=Future%20Plan%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, Jinhui Holdings had no future plans for any material investments or capital assets - As of June 30, 2025, the Group had no future plans for any material investments or capital assets[147](index=147&type=chunk)[151](index=151&type=chunk) [Employees](index=35&type=section&id=Employees) As of June 30, 2025, Jinhui Holdings had a total of 636 employees, with the vast majority located in China; staff costs for the period were approximately RMB 65.2 million, and the company determines salaries based on employee qualifications, positions, and seniority, with a regular review system - As of June 30, 2025, the Group had a total of **636 employees**, with the vast majority located in China[148](index=148&type=chunk)[152](index=152&type=chunk) - Staff costs (including Directors' remuneration) for the period were approximately **RMB 65.2 million** (same period in 2024: approximately **RMB 119.3 million**)[148](index=148&type=chunk)[152](index=152&type=chunk) - The company determines salaries based on each employee's qualifications, position, and seniority, and has a regular review system to assess employee performance as a basis for salary increases, bonuses, and promotions[148](index=148&type=chunk)[152](index=152&type=chunk) [Events After the Period](index=35&type=section&id=Events%20After%20the%20Period) No other significant events occurred for Jinhui Holdings from June 30, 2025, to the date of this report - No other significant events occurred for the Group from June 30, 2025, to the date of this report[149](index=149&type=chunk)[153](index=153&type=chunk) [Corporate Governance and Other Information](index=36&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section describes Jinhui Holdings' compliance with corporate governance code in the first half of 2025, including an explanation for the deviation from the separation of Chairman and CEO roles, compliance with the model code for directors' securities transactions, changes in directors' information, details of the share option scheme, and disclosure of interests of directors, chief executives, and substantial shareholders [Corporate Governance Practices](index=36&type=section&id=Corporate%20Governance%20Practices) Jinhui Holdings complied with the corporate governance code in the first half of 2025, but deviated from the requirement that the roles of Chairman and Chief Executive should be separate; the Board believes that Mr. Lin Dingqiang's dual role is in the best interest of the Group, as he has been responsible for daily operations and management since the Group's inception, and the existing management structure is effective with sufficient checks and balances - The company has applied good corporate governance principles and complied with the code provisions set out in Part 2 of the Corporate Governance Code, but deviated from code provision **C.2.1 (roles of Chairman and Chief Executive should be separate)**[154](index=154&type=chunk)[159](index=159&type=chunk) - The Board believes that **Mr. Lin Dingqiang's dual role as Chairman and Chief Executive** is in the best interest of the Group, as he has been responsible for daily operations and management since its inception, and the management structure is effective with sufficient checks and balances[155](index=155&type=chunk)[160](index=160&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=36&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) Jinhui Holdings has adopted the Model Code as the standard for directors' securities transactions; all directors have confirmed compliance with all applicable provisions in the first half of 2025, and no non-compliance by relevant senior officers and employees has been identified - The company has adopted the **Model Code** as the standard for directors' securities transactions[157](index=157&type=chunk)[161](index=161&type=chunk) - All Directors have confirmed compliance with all applicable code provisions in the first half of 2025[157](index=157&type=chunk)[161](index=161&type=chunk) - No instances of non-compliance with the Model Code by relevant senior officers and employees have been identified[158](index=158&type=chunk)[161](index=161&type=chunk) [Change in Information of Directors](index=37&type=section&id=Change%20in%20Information%20of%20Directors) This section discloses changes in the Board of Directors, including resignations of Mr. Huang Junquan and Ms. Guo Enting, and appointments of Ms. Wu Yankun and Ms. Zhu Zhuoting as authorized representatives, with Ms. Zhu Zhuoting also appointed as Company Secretary; additionally, Independent Non-executive Director Mr. Zhong Chuangxin was appointed as an independent non-executive director of Hulao Aiyi (Shanghai) Industrial Co., Ltd - Mr. Huang Junquan resigned as Executive Director and authorized representative on **July 11, 2025**, due to personal development reasons[169](index=169&type=chunk)[171](index=171&type=chunk) - Ms. Guo Enting resigned as Company Secretary and authorized representative on **July 11, 2025**[11](index=11&type=chunk)[12](index=12&type=chunk) - Ms. Wu Yankun and Ms. Zhu Zhuoting were appointed as authorized representatives on **July 11, 2025**, with Ms. Zhu Zhuoting also appointed as Company Secretary[11](index=11&type=chunk)[12](index=12&type=chunk) - Mr. Zhong Chuangxin, an Independent Non-executive Director, was appointed as an independent non-executive director of Hulao Aiyi (Shanghai) Industrial Co., Ltd. on **April 28, 2025**[162](index=162&type=chunk)[171](index=171&type=chunk) [Continuing Disclosure Obligations Pursuant to the Listing Rules](index=37&type=section&id=Continuing%20Disclosure%20Obligations%20Pursuant%20to%20the%20Listing%20Rules) Jinhui Holdings states that it has no continuing disclosure obligations under Rules 13.18, 13.20, 13.21, and 13.22 of the Listing Rules - The company has no disclosure obligations under **Rules 13.18, 13.20, 13.21, and 13.22** of the Listing Rules[164](index=164&type=chunk)[167](index=167&type=chunk) [Share Option Scheme](index=37&type=section&id=Share%20Option%20Scheme) Jinhui Holdings' Share Option Scheme aims to recognize and incentivize eligible participants, and to attract and retain individuals beneficial to the Group's long-term development, with specific limits on shares and individual grants, and an exercise period of up to ten years - The Share Option Scheme aims to incentivize eligible participants to optimize performance and to attract and retain individuals beneficial to the Group's long-term development[168](index=168&type=chunk)[172](index=172&type=chunk) - The maximum number of shares that may be issued is **10%** of the total issued shares on the listing date, i.e., **400,000,000 shares**, representing approximately **9.89%** of the total issued shares as of the date of this report[173](index=173&type=chunk)[177](index=177&type=chunk) - The maximum number of share options that may be granted to any individual is **1%** of the issued shares within any **12-month period**[174](index=174&type=chunk)[178](index=178&type=chunk) - The exercise period for share options is determined by the Board, not exceeding **ten years** from the date of grant[176](index=176&type=chunk)[179](index=179&type=chunk) - The subscription price for shares must be at least the highest of the closing price on the date of grant, the average closing price for the five business days immediately preceding the date of grant, and the nominal value of the shares[181](index=181&type=chunk)[186](index=186&type=chunk) - As of the date of this report, no share options have been granted by the company, and the number of share options available for grant remains **400,000,000 shares**[182](index=182&type=chunk)[185](index=185&type=chunk) [Directors' and Chief Executives' Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or Its Associated Corporations](index=40&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20Its%20Associated%20Corporations) As of June 30, 2025, Mr. Lin Dingqiang is deemed to hold 3,400,000,000 shares of the Company through Jinhui Group Holdings and Qihui, representing approximately 84.05% of the issued shares; other than this, no directors or chief executives had any disclosable interests or short positions in the shares, underlying shares, and debentures of the Company or its associated corporations As of June 30, 2025, Directors' Interests in Company Shares | Director Name | Nature of Interest | Number of Shares or Underlying Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Lin | Interest in controlled corporation | 3,400,000,000 | 84.05% | - Mr. Lin is deemed to hold **3,400,000,000 shares** through Jinhui Group Holdings and Qihui[190](index=190&type=chunk) As of June 30, 2025, Directors' Interests in Associated Corporations' Shares | Director Name | Name of Associated Corporation | Nature of Interest | Number of Shares/Amount of Debentures | Approximate Percentage of Relevant Shares/Debentures | | :--- | :--- | :--- | :--- | :--- | | Mr. Lin | Jinhui Group Holdings | Beneficial owner | 6,172,150 | 64.97% | - Except for the above disclosures, no directors or chief executives had any disclosable interests or short positions in the shares, underlying shares, and debentures of the Company or its associated corporations[193](index=193&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in the Shares and Underlying Shares of the Company](index=41&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20the%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, Jinhui Group Holdings and Qihui both directly or indirectly held 3,400,000,000 shares of the Company, representing approximately 84.05% of the issued shares, making them substantial shareholders; Jinhui Group Holdings is owned 64.97% by Mr. Lin and 35.03% by Ms. Lin, and is the beneficial owner of all issued shares of Qihui As of June 30, 2025, Substantial Shareholders' Interests | Name of Substantial Shareholder | Number of Shares Held Directly or Indirectly | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | | Jinhui Group Holdings | 3,400,000,000 | 84.05% | | Qihui | 3,400,000,000 | 84.05% | - Jinhui Group Holdings is owned **64.97%** by Mr. Lin and **35.03%** by Ms. Lin[196](index=196&type=chunk)[201](index=201&type=chunk) - Jinhui Group Holdings is the beneficial owner of all issued shares of Qihui, and is therefore deemed to have an interest in the shares held by Qihui[201](index=201&type=chunk) - Except for the above disclosures, the company has not been notified of any other persons holding disclosable interests or short positions in the shares or underlying shares[197](index=197&type=chunk)[199](index=199&type=chunk) [Interim Dividend](index=41&type=section&id=Interim%20Dividend) The Board of Directors has resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025 (same period in 2024: nil)[198](index=198&type=chunk)[200](index=200&type=chunk) [Purchase, Sale or Redemption of Listed Securities of the Company](index=42&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities%20of%20the%20Company) Except as disclosed in this report, for the six months ended June 30, 2025, neither Jinhui Holdings nor any of its subsidiaries purchased, sold, or redeemed any listed securities, and the company held no treasury shares - Except as disclosed in this report, neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities during the period[202](index=202&type=chunk)[205](index=205&type=chunk) - As of June 30, 2025, the company held no treasury shares[202](index=202&type=chunk)[205](index=205&type=chunk) [Audit Committee](index=42&type=section&id=Audit%20Committee) Jinhui Holdings has established an Audit Committee comprising three independent non-executive directors, with Mr. Zhong Chuangxin as Chairman; the Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and this interim report - The Audit Committee comprises three independent non-executive directors: **Mr. Zhong Chuangxin (Chairman)**, **Mr. Zhang Huaqiao**, and **Mr. Xie Rikang**[204](index=204&type=chunk)[206](index=206&type=chunk) - Mr. Zhong Chuangxin, the Chairman of the Audit Committee, possesses appropriate professional qualifications[204](index=204&type=chunk)[206](index=206&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and this interim report[204](index=204&type=chunk)[206](index=206&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=43&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Jinhui Holdings recorded total revenue of RMB 6,410.4 million in the first half of 2025, a significant year-on-year decrease of 60.9%; despite the revenue decline, gross profit surged by 991.7% to RMB 850.1 million, with the gross profit margin improving to 13.3%; the net loss for the period was RMB 283.6 million, a substantial narrowing of 85.3% compared to RMB 1,927.0 million in the prior year 2025 H1 Profit or Loss and Other Comprehensive Income Overview | Indicator | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | | :--- | :--- | :--- | | Revenue | 6,410,438 | 16,382,985 | | Cost of Sales | (5,560,380) | (16,305,117) | | Gross Profit | 850,058 | 77,868 | | Finance Income | 3,210 | 10,957 | | Other Income and Gains | 14,604 | 12,162 | | Selling and Distribution Expenses | (265,537) | (414,204) | | Administrative Expenses | (193,236) | (252,430) | | Finance Costs | (143,490) | (117,723) | | Other Expenses | (4,685) | (110,534) | | Fair Value (Loss) on Investment Properties | (195,450) | (122,916) | | Share of Gains/(Loss) of Joint Ventures | 13,695 | (327,494) | | Share of Losses of Associates | (231,414) | (122,325) | | (Loss) Before Tax | (152,245) | (1,366,639) | | Income Tax Expenses | (131,386) | (560,400) | | (Loss) for the Period | (283,631) | (1,927,039) | | (Loss) Attributable to Owners of the Parent | (233,096) | (2,026,425) | | (Loss)/Profit Attributable to Non-controlling Interests | (50,535) | 99,386 | | (Loss)/Earnings Per Share (Basic and Diluted) | RMB (0.06) | RMB (0.50) | [Interim Condensed Consolidated Statement of Financial Position](index=44&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, Jinhui Holdings' total assets were RMB 91,831.7 million, a 5.0% decrease from the end of 2024; total current assets were RMB 62,187.8 million, total current liabilities were RMB 48,812.1 million, and net current assets were RMB 13,375.7 million; total equity was RMB 23,828.9 million, with equity attributable to owners of the parent being RMB 14,600.3 million As of June 30, 2025, Consolidated Financial Position Overview | Indicator | As of June 30, 2025 (thousand RMB) | As of December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 967,809 | 987,488 | | Investment Properties | 16,229,600 | 16,368,800 | | Investments in Joint Ventures | 3,629,629 | 3,615,935 | | Investments in Associates | 5,326,617 | 5,558,031 | | **Total Non-current Assets** | **29,643,936** | **30,042,100** | | **Current Assets** | | | | Properties Under Development | 34,860,067 | 40,041,139 | | Completed Properties Held for Sale | 13,903,190 | 11,734,976 | | Cash and Bank Balances | 1,151,180 | 1,829,772 | | **Total Current Assets** | **62,187,812** | **66,615,246** | | **Current Liabilities** | | | | Trade Payables | 10,211,258 | 10,236,011 | | Contract Liabilities | 16,737,172 | 20,419,460 | | Interest-Bearing Bank and Other Borrowings | 5,411,443 | 6,292,790 | | **Total Current Liabilities** | **48,812,115** | **53,219,773** | | **Net Current Assets** | **13,375,697** | **13,395,473** | | **Non-current Liabilities** | | | | Interest-Bearing Bank and Other Borrowings | 13,210,933 | 13,275,377 | | Corporate Bonds | 2,136,679 | 2,134,120 | | **Total Non-current Liabilities** | **19,190,740** | **19,310,059** | | **Total Equity** | **23,828,893** | **24,127,514** | | Equity Attributable to Owners of the Parent | 14,600,326 | 14,833,422 | | Non-controlling Interests | 9,228,567 | 9,294,092 | [Interim Condensed Consolidated Statement of Changes in Equity](index=46&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, Jinhui Holdings' total equity was RMB 23,828.9 million, a slight decrease from RMB 24,127.5 million as of January 1, 2025; equity attributable to owners of the parent decreased by RMB 233.1 million, primarily due to the loss for the period; non-controlling interests also slightly decreased, but with minor capital contributions and dividend declarations 2025 H1 Equity Changes Overview | Indicator | As of January 1, 2025 (thousand RMB) | Loss for the Period (thousand RMB) | Capital Contribution from Non-controlling Shareholders of Subsidiaries (thousand RMB) | Dividends Declared to Non-controlling Shareholders of Subsidiaries (thousand RMB) | As of June 30, 2025 (thousand RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Share Capital | 35,095 | – | – | – | 35,095 | | Share Premium | 679,084 | – | – | – | 679,084 | | Capital Reserve | (563,669) | – | – | – | (563,669) | | Statutory Surplus Reserve | 3,160,469 | – | – | – | 3,160,469 | | Asset Revaluation Reserve | 5,287 | – | – | – | 5,287 | | Retained Profits | 11,517,156 | (233,096) | – | – | 11,284,060 | | **Total Attributable to Owners of the Parent** | **14,833,422** | **(233,096)** | **–** | **–** | **14,600,326** | | Non-controlling Interests | 9,294,092 | (50,535) | 200 | (15,190) | 9,228,567 | | **Total Equity** | **24,127,514** | **(283,631)** | **200** | **(15,190)** | **23,828,893** | - Loss attributable to owners of the parent for the period was **RMB 233,096 thousand**, leading to a reduction in retained profits[213](index=213&type=chunk) - Non-controlling interests included a capital contribution of **RMB 200 thousand** and declared dividends of **RMB 15,190 thousand**[213](index=213&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=48&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Jinhui Holdings generated net cash inflow from operating activities of RMB 135.4 million in the first half of 2025, a significant decrease from the same period last year; investing activities generated net cash inflow of RMB 582.1 million, while net cash used in financing activities was RMB 1,396.1 million; the net decrease in cash and cash equivalents for the period was RMB 678.6 million, with an ending balance of RMB 1,151.2 million 2025 H1 Cash Flow Overview | Cash Flow Category | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 135,428 | 1,857,640 | | Net Cash Flow (Used in)/from Investing Activities | 582,124 | (213,605) | | Net Cash Flow Used in Financing Activities | (1,396,120) | (3,559,262) | | Net Decrease in Cash and Cash Equivalents | (678,568) | (1,915,227) | | Cash and Cash Equivalents at Beginning of Period | 1,829,772 | 4,808,037 | | Net Effect of Exchange Rate Changes | (24) | 158 | | Cash and Cash Equivalents at End of Period | 1,151,180 | 2,892,968 | - Net cash inflow from operating activities significantly decreased, mainly due to reductions in properties under development and completed properties held for sale, and a decrease in contract liabilities[216](index=216&type=chunk) - Investing activities shifted from a net outflow in the same period last year to a net inflow, primarily due to increased repayment of advances made to related parties[217](index=217&type=chunk) - Net cash used in financing activities decreased, mainly due to reduced repayment of interest-bearing bank and other borrowings[217](index=217&type=chunk) [Notes to Interim Condensed Consolidated Financial Information](index=51&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes to Jinhui Holdings' interim condensed consolidated financial information, covering important information such as corporate information, basis of preparation, changes in accounting policies, operating segment data, revenue and other income, finance costs, profit or loss before tax, income tax, dividends, earnings per share, property, plant and equipment, investment properties, trade receivables, cash and bank balances, trade payables, interest-bearing bank and other borrowings, proceeds from asset-backed securities, corporate bonds, share capital, contingent liabilities, commitments, related party transactions, and fair value and fair value hierarchy of financial instruments [Corporate Information (Note 1)](index=51&type=section&id=Corporate%20Information%20(Note%201)) Jinhui Holdings (Group) Limited is an exempted company incorporated in the Cayman Islands, with its shares listed on the Main Board of the Hong Kong Stock Exchange on October 29, 2020; the company primarily engages in property development and sales, property leasing, and provision of management consulting services; the Directors consider the company's holding company and ultimate holding company to be Jinhui Group Holdings Limited - The company is an exempted company incorporated in the Cayman Islands, with its shares listed on the Main Board of the Hong Kong Stock Exchange on **October 29, 2020**[220](index=220&type=chunk) - The Group primarily engages in **property development and sales, property leasing, and provision of management consulting services**[221](index=221&type=chunk) - The holding company and ultimate holding company is **Jinhui Group Holdings Limited**, incorporated in the Cayman Islands[221](index=221&type=chunk)[226](index=226&type=chunk) [Basis of Preparation (Note 2.1)](index=51&type=section&id=Basis%20of%20Preparation%20(Note%202.1)) The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 and should be read in conjunction with the 2024 annual consolidated financial statements; despite the company recording a net loss and short-term borrowings exceeding cash and cash equivalents, indicating significant uncertainty about going concern, the Directors have implemented various measures to ensure sufficient working capital and consider the preparation of financial information on a going concern basis to be appropriate - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard **34 Interim Financial Reporting**[222](index=222&type=chunk)[227](index=227&type=chunk) - The company recorded a net loss of **RMB 283,631 thousand** in the first half of 2025, with short-term borrowings of **RMB 6,739,901 thousand** and cash and cash equivalents of **RMB 1,151,180 thousand**, indicating significant uncertainties about going concern[223](index=223&type=chunk)[228](index=228&type=chunk) - The Directors have implemented various measures, including **accelerating pre-sales, closely monitoring construction progress, seeking refinancing, and controlling capital expenditures**, to ensure sufficient working capital[229](index=229&type=chunk)[234](index=234&type=chunk) - The Directors consider the preparation of financial information on a going concern basis to be appropriate, but acknowledge uncertainties regarding **real estate market volatility and continued bank support**[229](index=229&type=chunk)[232](index=232&type=chunk) [Changes in Accounting Policies and Disclosures (Note 2.2)](index=53&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures%20(Note%202.2)) The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with the 2024 annual consolidated financial statements, except for the first-time adoption of the revised IFRS 21 "Lack of Exchangeability"; as the Group's transaction currency and functional currency are both convertible, this revision has no impact on the financial information - Accounting policies are consistent with the 2024 annual consolidated financial statements, except for the first-time adoption of the revised International Financial Reporting Standard **21 "Lack of Exchangeability"**[235](index=235&type=chunk)[240](index=240&type=chunk) - As the Group's transaction currency and functional currency are both convertible, this revision has no impact on the interim condensed consolidated financial information[236](index=236&type=chunk)[241](index=241&type=chunk) [Operating Segment Information (Note 3)](index=53&type=section&id=Operating%20Segment%20Information%20(Note%203)) Jinhui Holdings' management monitors the operating results of property development and sales, property leasing, hotel services, and management consulting services; as the revenue contributions from property leasing, hotel services, and management consulting services are not material, the property development and sales segment is the Group's sole reportable operating segment; all of the Group's revenue is derived from mainland China, and no significant non-current assets are located outside mainland China - The property development and sales segment is the Group's sole reportable operating segment, as property leasing and provision of hotel services and management consulting services do not contribute material revenue[237](index=237&type=chunk)[242](index=242&type=chunk) - All of the Group's revenue is derived from **mainland China**, and no significant non-current assets are located outside mainland China[238](index=238&type=chunk)[243](index=243&type=chunk) - During the period, sales to a single customer or a group of customers under common control did not account for **10%** or more of the Group's revenue[239](index=239&type=chunk)[244](index=244&type=chunk) [Revenue, Other Income and Gains (Note 4)](index=54&type=section&id=Revenue,%20Other%20Income%20and%20Gains%20(Note%204)) In the first half of 2025, Jinhui Holdings' revenue from contracts with customers was RMB 6,208.4 million, primarily from property sales; other sources of income amounted to RMB 202.1 million, mainly property leasing income; total other income and gains were RMB 14.6 million, primarily including forfeited deposits, government subsidies, and exchange gains 2025 H1 Revenue Analysis | Revenue Category | 2025 H1 (thousand RMB) | 2024 H1 (thousand RMB) | | :--- | :--- | :--- | | Revenue from contracts with customers | 6,208,352 | 16,188,320 | | Property leasing income | 202,086 | 194,665 | | **Total Revenue** | **6,410,438** | **16,382,985** | | **Disaggregated Information on Revenue from Contracts with Customers** | | | | Property sales | 6,160,779 | 16,186,142 | | Hotel services | 46,536 | – | | Management consulting services | 1,037 | 2,178 | | **Total Revenue from Contracts with Customers** | **6,208,

Market Overview - The Hong Kong stock market experienced a significant decline in the afternoon, with major indices dropping over 2% after reaching recent highs earlier in the day. The Hang Seng Index closed down 1.35%, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index fell by 1.46% and 0.99%, respectively [1][2]. Sector Performance - The technology sector, which had previously driven market gains, saw a broad pullback, with major financial stocks (banks, insurance, and brokerage firms) collectively dragging the market down. Real estate stocks faced substantial declines, reflecting ongoing market adjustments, with coal, home appliance, education, catering, gaming, and gold stocks also experiencing losses [2][3]. - Semiconductor stocks maintained strong performance amid news of anti-dumping investigations and rumors of a ban on Nvidia, with Huahong Semiconductor rising by 8.6% and leading firm SMIC reaching a historical high [2][10]. Notable Stock Movements - Major technology stocks such as Xpeng Motors, Haier Smart Home, and Bilibili saw declines exceeding 3%, while Tencent, Alibaba Health, and Midea Group also fell [4][5]. - Real estate stocks collectively dropped, with Country Garden falling over 10% and other firms like Jin Hui Holdings and Oceanwide Holdings declining by more than 7% [6]. - Chinese brokerage stocks also fell, with Hongye Futures down over 5% and other firms like Zhongzhou Securities and CITIC Securities following suit [7][8]. - Education stocks faced significant declines, with China Education Industry dropping over 9% and other firms like Zhongjiao Holdings and Huazhong Education also experiencing losses [9]. - The semiconductor and chip sectors saw gains, with ASMPT and Huahong Semiconductor both rising over 8% [10]. - The innovative drug sector performed well, with companies like Crystal Technology and Heng Rui Pharmaceutical seeing increases of over 5% [11]. Capital Flows - Southbound capital recorded a net inflow of HKD 6.288 billion, with net purchases of HKD 1.907 billion through the Shanghai-Hong Kong Stock Connect and HKD 4.382 billion through the Shenzhen-Hong Kong Stock Connect [13]. Future Outlook - Analysts predict a "super long bull market" for Hong Kong stocks, with expectations that the Hang Seng Index could reach around 28,000 points by November, and the Hang Seng Tech Index may target a range of 6,000 to 6,200 points [15].