Group 1 - The company reported a revenue of approximately 366 million yuan for the first half of 2025, representing a year-on-year decrease of 87.5% [1] - Gross profit was 77.089 million yuan, down 95.1% compared to the previous year [1] - The company experienced a loss attributable to equity holders of 35.522 million yuan, a shift from profit to loss year-on-year, with a loss per share of 1.77 cents [1] Group 2 - The significant decrease in revenue and gross profit is primarily attributed to a substantial decline in property sales business [1]

Core Viewpoint - China New City (01321) reported a significant decline in its mid-year performance for 2025, with a sharp drop in revenue and gross profit, primarily due to a substantial decrease in property sales [1] Financial Performance - Revenue for the period was approximately 366 million yuan, representing a year-on-year decrease of 87.5% [1] - Gross profit stood at 77.1 million yuan, down 95.1% compared to the previous year [1] - The company reported a loss attributable to equity holders of 35.5 million yuan, marking a shift from profit to loss year-on-year [1] - Earnings per share reflected a loss of 1.77 cents [1] Business Operations - The decline in revenue and gross profit was primarily attributed to a significant reduction in the property sales business [1]

Core Viewpoint - China New City (01321.HK) reported a significant decline in financial performance for the six months ending June 30, 2025, with a revenue drop of 87.5% year-on-year [1] Financial Performance - Revenue for the period was RMB 366 million, a decrease of 87.5% compared to the previous year [1] - Gross profit amounted to RMB 77.089 million, reflecting a 95.1% year-on-year decline [1] - The loss attributable to the parent company was RMB 35.522 million, contrasting with a profit of RMB 378 million in the same period last year [1] - Basic loss per share was RMB 0.0177 [1]

Core Viewpoint - The company anticipates a net loss of approximately RMB 40 million during the period of 2025, contrasting with a net profit of approximately RMB 347.5 million for the six months ending June 30, 2024 [1] Group 1: Financial Performance - For the period ending June 30, 2024, the company expects to achieve a net profit of approximately RMB 347.5 million [1] - The expected shift from profit to loss in 2025 is primarily due to the completion of revenue recognition for the International Office Center IOC A2.1 project, with approximately 76% of contract sales recognized by December 31, 2024 [1] - The estimated sales revenue to be recognized for the IOC A2.1 project by June 30, 2025, is approximately RMB 300 million [1] Group 2: Revenue Breakdown - The revenue from the commercial property development segment is expected to decline significantly, with a decrease of no more than approximately 94% compared to the 2024 period [1] - Despite the decline in commercial property development revenue, the company expects the property leasing segment's revenue to increase by no less than approximately 30% compared to the 2024 period, providing stable cash flow [1]

Core Viewpoint - The company anticipates a net loss of no more than approximately RMB 40 million during the period of 2025, following a net profit of approximately RMB 347.5 million for the six months ending June 30, 2024 [1] Group 1: Financial Performance - For the period ending June 30, 2024, the company expects to achieve a net profit of approximately RMB 347.5 million [1] - The expected shift from profit to loss in 2025 is primarily due to the completion of revenue recognition for the international office center IOC A2.1 project, with approximately 76% of contract sales recognized by December 31, 2024 [1] - Estimated sales revenue to be recognized for the IOC A2.1 project by June 30, 2025, is approximately RMB 300 million [1] Group 2: Revenue Breakdown - The revenue from the commercial property development segment is expected to decline significantly, with a decrease of no more than approximately 94% compared to the 2024 period [1] - Despite the decline in commercial property development revenue, the company expects the property leasing segment's revenue to increase by no less than approximately 30% compared to the 2024 period, providing stable cash flow [1]

Core Insights - The report highlights the significant role of board secretaries in connecting investors and listed companies, with a total salary of 4.086 billion yuan for A-share listed companies in 2024, averaging 754,300 yuan per secretary [1] Salary Overview - The average salary for board secretaries in the engineering consulting sector is 675,800 yuan, slightly higher than the average of 634,900 yuan in the construction decoration industry, with a year-on-year decrease of 5.2% [11] - The highest salary recorded is 1.7755 million yuan for Xu Zhihao from Huajian Group, while the lowest is 270,900 yuan for Deng Chengwen from Taiji Industry [12] Demographics - The average age of board secretaries in the engineering consulting sector is 46.02 years, with 42.3% aged between 40-50 years and 34.6% over 50 years [1] - Male board secretaries dominate the field, comprising 69.2% of the total, with an average age of 46.83 years, while female board secretaries account for 30.8% with an average age of 44.19 years [1] Tenure and Experience - The majority of board secretaries in the engineering consulting sector have a tenure of 5-10 years, accounting for 34.6%, followed by those with 3-5 years at 25.0% [3] - The longest-serving board secretary is Pan Lingsong from Sujiao Ke, who has held the position since August 2008, totaling 17 years [3] Educational Background - Among the 52 board secretaries in the engineering consulting sector, 48.1% hold a master's degree, while 44.2% have a bachelor's degree [6] - The highest educational qualifications include three PhD holders, while one secretary has only an associate degree [6] Engagement and Communication - Approximately 73.1% of board secretaries in the engineering consulting sector received fewer than 10 research visits in 2024, with 14 secretaries having zero visits [8] - The most active secretary, Yang Lindong from Qingju Technology, conducted 114 visits throughout the year [8] Compliance and Issues - In 2024, six board secretaries faced compliance issues, primarily related to irregularities in company bylaws and financial disclosures [13] - A notable incident involved Zhongheng Design, which misrepresented its project involvement, leading to a significant stock price increase before regulatory clarification [13]

Group 1 - The company announced a strategic cooperation memorandum with HashKey Exchange to explore compliant virtual asset allocation and custody business opportunities [1] - The collaboration aims to enhance asset management efficiency and security by leveraging the company's experience in commercial real estate development and operations alongside HashKey Exchange's expertise as a licensed virtual asset exchange in Hong Kong [1] - HashKey Exchange operates under Hash Blockchain Limited and holds licenses from the Hong Kong Securities and Futures Commission for securities trading and automated trading services, as well as a license for a virtual asset trading platform regulated under the Anti-Money Laundering Ordinance [1]

Core Viewpoint - The company has entered into a strategic cooperation memorandum with Hash Blockchain Limited to explore opportunities in compliant virtual asset allocation and custody, aiming to enhance asset management efficiency and security [1] Group 1: Strategic Partnership - The memorandum was signed on August 4, 2025, indicating a forward-looking approach to virtual asset management [1] - The collaboration aims to leverage the expertise of HashKey Exchange, a licensed virtual asset exchange in Hong Kong, to improve the company's asset management capabilities [1] Group 2: Industry Trends - The company recognizes the ongoing global digital transformation and the deepening application of blockchain technology in financial services [1] - It believes that compliant participation in virtual asset allocation will become an important supplementary direction for asset management and investment [1] Group 3: Company Strengths - The company has extensive experience and a diverse asset portfolio in commercial real estate development and operations [1] - This experience, combined with the partnership, is expected to enhance the company's asset management efficiency and diversification strategy [1]

Core Viewpoint - China New City (01321.HK) has entered into a strategic cooperation memorandum with HashKey Exchange to explore compliant virtual asset allocation and custody business opportunities, aiming to enhance asset management efficiency and security [1][2]. Group 1: Institutional Asset Management and Operational Optimization - The collaboration aims to improve the digital management efficiency of the group's institutional assets, focusing on compliant asset custody and allocation paths, and establishing a regular technical and business communication mechanism [1]. Group 2: Technical Services and Compliance Exploration - HashKey Exchange will provide technical research and compliance process recommendations related to virtual asset allocation, including custody mechanisms, operational processes, and risk management, supporting the group in conducting related business under Hong Kong's regulatory framework [2]. Group 3: Market Promotion and Brand Cooperation - Both parties will collaborate on industry forums, market promotion, and brand building, engaging in joint publicity and resource sharing while adhering to regulatory requirements [3]. - The company believes that the global trend of digital transformation and the deepening application of blockchain technology in financial services will make compliant participation in virtual asset allocation an important supplementary direction for asset management and investment [3]. - The group's extensive experience in commercial real estate development and operations, combined with HashKey Exchange's expertise as a licensed virtual asset exchange in Hong Kong, will enhance the group's asset management efficiency and diversification [3].

Group 1 - Hebei Xiong'an New Area is accelerating the gathering of high-end and high-tech industries, forming clusters in aerospace information, satellite internet, artificial intelligence, digital technology, new materials, finance, and energy [2] - Wuhan East Lake High-tech Zone is fostering a high-level innovation and entrepreneurship ecosystem by integrating technological and industrial innovation and attracting top tech talent [4] - Guangzhou South Station serves as a key hub in the Guangdong-Hong Kong-Macao Greater Bay Area, facilitating the gathering of talent, technology, and capital due to its convenient transportation and large passenger flow [6] Group 2 - Beijing's Xicheng District is transforming the "Tian Ning No. 1" cultural and technological innovation park from a former thermal power plant into a zero-carbon smart park [8] - The transformation of the former urban village in Shanghai's Qingpu District into a commercial street highlights the city's urban renewal efforts [10] - Jilin's Dunhua City is enhancing urban renewal by improving parks and green spaces to create a "15-minute fitness circle" for residents [12] Group 3 - The Central Urban Work Conference recently held in Beijing emphasized the achievements of urban development in the new era and outlined the overall requirements, important principles, and key tasks for urban work [14] - The conference proposed the construction of modern, innovative, livable, beautiful, resilient, civilized, and smart cities [15]