碧桂園服務控股有限公司 2025 中期報告 （於開曼群島註冊成立的有限公司） 股份代號 : 6098 2025 中期報告 目錄 2 公司資料 4 獎項及榮譽 6 主席報告 9 管理層討論與分析 26 企業管治及其他資料 34 權益披露 37 簡明綜合財務報表審閱報告 38 簡明綜合損益及其他全面收益表 40 簡明綜合財務狀況表 42 簡明綜合權益變動表 44 簡明綜合現金流量表 46 簡明綜合財務報表附註 公司資料 董事會 執行董事 徐彬淮先生 （總裁） 肖 華先生 非執行董事 楊惠妍女士 （主席） 獨立非執行董事 梅文珏先生 芮 萌先生 陳威如先生 趙 軍先生 審核委員會 芮 萌先生 （主席） 梅文珏先生 陳威如先生 趙 軍先生 薪酬委員會 陳威如先生 （主席） 楊惠妍女士 梅文珏先生 提名委員會 楊惠妍女士 （主席） 芮 萌先生 陳威如先生 趙 軍先生 環境、社會及管治委員會 徐彬淮先生 （主席） 肖 華先生 楊惠妍女士 陳威如先生 趙 軍先生 追討欠款委員會* 徐彬淮先生 （主席） 肖 華先生 芮 萌先生 聯席公司秘書 陳迪霖先生 梁創順先生 （香港律師） * 除已列示的董事外，另有兩名成員為本公司核心 ...

COUNTRY GARDEN SERVICES HOLDINGS COMPANY LIMITED 碧桂園服務控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） Country Garden Services Holdings Company Limited (the "Company") – Notice of publication of the 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on the Company's website at www.bgyfw.com and the website of The Stock Exchange of Hong Kong Limited at www.hkexnews.h ...

碧桂園服務控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code 股份代號：6098) NOTIFICATION LETTER 通知信函 Dear Non-Registered Holder(s)(Note 1), 18 September 2025 Country Garden Services Holdings Company Limited (the "Company") – Notification of publication of the 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.bgyfw.com and the website of ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 碧桂園服務控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期： 2025年9月4日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06098 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 碧桂園服務控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期： 2025年9月3日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 06098 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | 庫存股份變動 | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 佔有關事件前的現有已 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 碧桂園服務控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期： 2025年9月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 06098 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | 庫存股份變動 | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 佔有關事件前的現有已 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 第 2 頁 共 11 頁 v 1.1.1 公司名稱: 碧桂園服務控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年9月2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) | 06098 | 說明 | 普通股 | | | | | | | | | 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 | USD | | 0.0001 USD | | 1,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0. ...

Investment Rating - The report maintains an "Overweight" rating for the company [11] Core Insights - The company reported a revenue of 23.19 billion RMB for H1 2025, a year-on-year increase of 10%, while the net profit attributable to shareholders decreased by 31% to 1.0 billion RMB [1][2] - The core net profit was 1.57 billion RMB, down 15% year-on-year, primarily due to increased operational costs and a decline in profit margins [2][3] - The company has significantly increased its dividend payout ratio for 2025 to 60% of core net profit, which is an increase of 27 percentage points from 2024, resulting in an estimated dividend yield of 8.0% [4] Revenue and Profitability - The company's core business revenue grew at a double-digit rate, driven by the expansion of its property management services, particularly in the "Three Supplies and One Industry" segment, which saw a revenue increase of 68% [2] - The overall gross margin decreased by 2.6 percentage points to 18.5%, influenced by higher management expenses and increased investments in service quality [2][3] - The company expects to maintain high single-digit growth in core business revenue and profit for the full year, despite increased uncertainty in profit margins [2] Cash Flow and Dividend Policy - The operating cash flow for H1 2025 was negative 880 million RMB, a decline from a positive 270 million RMB in the same period last year, primarily due to increased upfront investments and a decrease in prepayment activities [3] - The company plans to enhance shareholder returns through a combination of cash dividends, share buybacks, and other measures [4] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 have been adjusted downwards to 0.81 RMB, reflecting a decrease of 11%-19% from previous estimates [5] - The target price for the company is set at 7.10 HKD, based on an adjusted price-to-earnings (P/E) ratio of 8 times for 2025 [5][7]

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) The company's interim results for the six months ended June 30, 2025, show a decline in net profit and EPS, alongside a revised dividend policy Unaudited Interim Results Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 23,185.5 | 21,046.2 | 10.2% | | Gross Profit | 4,299.1 | 4,453.4 | -3.5% | | Net Profit | 1,002.6 | 1,545.6 | -35.1% | | Profit attributable to equity holders of the Company | 996.6 | 1,440.4 | -30.8% | | Core net profit attributable to equity holders of the Company* | 1,567.7 | 1,840.0 | -14.8% | | Basic earnings per share (RMB cents) | 29.82 | 43.09 | -30.8% | | Diluted earnings per share (RMB cents) | 29.73 | 43.09 | -31.0% | | Charged GFA (excluding "Three Supplies and One Industry" business) (billion sq.m.) | 1.06 | 1.04 | 1.9% | | Charged GFA ("Three Supplies and One Industry" business) (billion sq.m.) | 0.09 | 0.09 | 0.0% | | Bank and structured deposits (RMB million) | 16,472.8 | 18,178.6 | -9.3% | - The Board recommends not declaring an interim dividend for the six months ended June 30, 2025, and sets the 2025 annual dividend target at **60% of core net profit attributable to equity holders of the Company** for cash dividends to enhance comprehensive shareholder returns[4](index=4&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the company's financial performance, including revenue, costs, and profit for the six months ended June 30, 2025 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 23,185,484 | 21,046,154 | | Cost of services provided | (17,890,291) | (15,745,590) | | Cost of goods sold | (996,092) | (847,166) | | Gross Profit | 4,299,101 | 4,453,398 | | Selling and marketing expenses | (121,480) | (185,148) | | Administrative expenses | (2,205,369) | (1,793,880) | | Net impairment losses on financial and contract assets | (589,981) | (404,265) | | Other income | 82,903 | 117,503 | | Other losses – net | (137,949) | (119,692) | | Operating profit | 1,327,225 | 2,067,916 | | Finance income – net | 62,070 | 3,492 | | Share of results of investments accounted for using the equity method | (54,573) | (37,651) | | Profit before income tax | 1,334,722 | 2,033,757 | | Income tax expense | (332,076) | (488,176) | | Profit for the period | 1,002,646 | 1,545,581 | | Profit attributable to equity holders of the Company | 996,555 | 1,440,367 | | Profit attributable to non-controlling interests | 6,091 | 105,214 | | Total comprehensive income for the period | 950,208 | 1,562,423 | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the company's assets, liabilities, and equity as of June 30, 2025, reflecting its financial health Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 30,363,895 | 29,026,079 | | Total current assets | 40,796,800 | 42,228,452 | | **TOTAL ASSETS** | **71,160,695** | **71,254,531** | | **EQUITY** | | | | Equity attributable to equity holders of the Company | 36,619,810 | 36,617,030 | | Non-controlling interests | 2,423,055 | 2,461,692 | | **TOTAL EQUITY** | **39,042,865** | **39,078,722** | | **LIABILITIES** | | | | Total non-current liabilities | 3,365,948 | 3,843,346 | | Total current liabilities | 28,751,882 | 28,332,463 | | **TOTAL LIABILITIES** | **32,117,830** | **32,175,809** | | **TOTAL EQUITY AND LIABILITIES** | **71,160,695** | **71,254,531** | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. Basis of Preparation](index=7&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and applicable Listing Rules disclosure requirements - The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules[11](index=11&type=chunk) [2. Accounting Policies](index=7&type=section&id=2.%20Accounting%20Policies) These condensed consolidated financial statements are prepared on a historical cost basis, with no significant impact from new accounting standard amendments - The financial statements are primarily prepared on a historical cost basis, except for certain financial instruments[12](index=12&type=chunk) - Amendments to HKFRS accounting standards were first applied this period, with no significant impact on financial position or performance[13](index=13&type=chunk) [3. Revenue and Segment Information](index=7&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group's total revenue for the period was RMB23,185.5 million, primarily from property management and related services in mainland China - The Group primarily engages in property management, community value-added, non-owner value-added, 'Three Supplies and One Industry', city, and commercial operation services in mainland China[14](index=14&type=chunk) - Reportable segments include property management and related services (excluding 'Three Supplies and One Industry' business), 'Three Supplies and One Industry' business, city services, and commercial operation services[15](index=15&type=chunk) Revenue Analysis by Category (For the six months ended June 30) | Revenue Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue from property management and related services (excluding "Three Supplies and One Industry" business) | 16,038,512 | 15,199,915 | | Revenue from "Three Supplies and One Industry" business | 5,071,685 | 3,344,605 | | Revenue from city services business | 1,778,520 | 2,169,987 | | Revenue from commercial operation services business | 296,767 | 331,647 | | **Total Revenue** | **23,185,484** | **21,046,154** | [4. Other Income](index=10&type=section&id=4.%20Other%20Income) Other income for the period decreased by 29.4% to RMB82.9 million, mainly due to lower dividend income and government grants Composition of Other Income (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Dividend income from financial assets at fair value through other comprehensive income | 29,110 | 54,711 | | Government grants | 35,832 | 41,401 | | Late payment fees | 17,961 | 21,391 | | **Total** | **82,903** | **117,503** | - Other income decreased by **29.4%** year-on-year, primarily due to reduced government grants and dividend income from financial assets[24](index=24&type=chunk) [5. Other Losses – Net](index=11&type=section&id=5.%20Other%20Losses%20%E2%80%93%20Net) Net other losses expanded to RMB137.9 million for the period, primarily driven by increased losses from the disposal of subsidiaries Composition of Other Losses – Net (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss on disposal of subsidiaries | (108,825) | (38,844) | | Gain on modification of sublease contracts | 1,987 | 84,393 | | Gain/(loss) on early termination of lease contracts | 36,803 | (4,856) | | Net foreign exchange losses | (40,214) | (24,281) | | Realized and unrealized gains/(losses) on financial assets at fair value through profit or loss | 21,830 | (30,741) | | Loss on disposal of property, plant and equipment and investment properties | (976) | (10,280) | | Others | (48,554) | (95,083) | | **Total** | **(137,949)** | **(119,692)** | - Net other losses expanded, mainly attributable to increased losses from the disposal of subsidiaries[25](index=25&type=chunk)[99](index=99&type=chunk) [6. Income Tax Expense](index=11&type=section&id=6.%20Income%20Tax%20Expense) Income tax expense decreased by 32.0% to RMB332.1 million for the period, primarily due to a lower total profit for the period Composition of Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Provision for current income tax | 683,203 | 784,087 | | Deferred income tax (Enterprise Income Tax) | (351,127) | (251,846) | | Deferred income tax (withholding income tax on profits to be distributed in the future) | – | (44,065) | | **Total** | **332,076** | **488,176** | - Income tax expense decreased by **32.0%** year-on-year, mainly due to a reduction in the total profit for the period[26](index=26&type=chunk)[100](index=100&type=chunk) [7. Earnings Per Share](index=12&type=section&id=7.%20Earnings%20Per%20Share) Basic and diluted earnings per share attributable to equity holders of the Company both decreased for the six months ended June 30, 2025 Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (RMB cents/share) | 2024 (RMB cents/share) | | :--- | :--- | :--- | | Basic earnings per share | 29.82 | 43.09 | | Diluted earnings per share | 29.73 | 43.09 | - Profit attributable to equity holders of the Company used for calculating basic and diluted earnings per share was **RMB996,555 thousand** (2024: RMB1,440,367 thousand)[28](index=28&type=chunk) [8. Dividends](index=12&type=section&id=8.%20Dividends) The Board resolved not to declare an interim dividend for the period, while the 2024 final and special dividends will be paid around August 29, 2025 - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[29](index=29&type=chunk) - The 2024 final and special dividends, totaling approximately **RMB988.9 million**, were approved on May 23, 2025, and will be paid on or about August 29, 2025[29](index=29&type=chunk) [9. Intangible Assets](index=13&type=section&id=9.%20Intangible%20Assets) The net book value of intangible assets decreased by RMB497.1 million to RMB21,665.2 million, primarily due to amortization during the period Net Book Value of Intangible Assets (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Software | 482,969 | 479,037 | | Contracts and customer relationships | 3,980,060 | 4,366,674 | | Insurance brokerage licenses | 16,084 | 17,322 | | Brands | 1,131,234 | 1,297,592 | | Franchise rights | 638,298 | 578,882 | | Total other intangible assets | 6,248,645 | 6,739,507 | | Goodwill | 15,416,583 | 15,422,806 | | **Total** | **21,665,228** | **22,162,313** | - The decrease in intangible assets is mainly due to amortization of approximately **RMB623.8 million** during the period[30](index=30&type=chunk)[105](index=105&type=chunk) - Goodwill has been reallocated, integrating Sichuan Hemeng into the Living Services cash-generating unit to enhance operational efficiency[32](index=32&type=chunk) [10. Financial Assets at Fair Value Through Other Comprehensive Income](index=14&type=section&id=10.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) Total financial assets at fair value through other comprehensive income amounted to RMB480.9 million, mainly comprising listed and unlisted equity securities Financial Assets at Fair Value Through Other Comprehensive Income (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Listed equity securities | 13,839 | 14,053 | | Unlisted equity investments | 467,049 | 542,687 | | **Total** | **480,888** | **556,740** | - Investments primarily refer to equity investments in certain property management companies[33](index=33&type=chunk) [11. Trade and Other Receivables](index=15&type=section&id=11.%20Trade%20and%20Other%20Receivables) Total trade and other receivables increased to RMB24,730.4 million, mainly due to slower collection progress and increased 'Three Supplies and One Industry' business revenue Trade and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net trade receivables | 19,894,198 | 17,689,372 | | Net other receivables | 3,556,322 | 3,380,432 | | Prepayments to suppliers | 900,079 | 1,205,564 | | Other prepaid taxes | 379,837 | 404,960 | | **Total Current Assets** | **24,730,436** | **22,680,328** | | Non-current assets: Finance lease receivables | 292,444 | 282,769 | - Net trade receivables increased by approximately **RMB2,204.8 million**, primarily attributable to slower collection progress across various businesses, extended customer payment cycles, and increased revenue from the 'Three Supplies and One Industry' business[106](index=106&type=chunk) - Trade receivables from Country Garden Holdings and its subsidiaries decreased by approximately **RMB119.9 million**, with a reversal of expected credit loss provisions of approximately **RMB94.8 million**[107](index=107&type=chunk) Aging Analysis of Trade Receivables (As of June 30, 2025) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 12,613,558 | 11,374,034 | | 1 to 2 years | 5,053,063 | 5,099,542 | | 2 to 3 years | 4,228,289 | 3,695,107 | | Over 3 years | 1,568,139 | 975,449 | | **Total** | **23,463,049** | **21,144,132** | [12. Financial Assets at Fair Value Through Profit or Loss](index=17&type=section&id=12.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Financial assets at fair value through profit or loss include structured products, wealth management products, and forward currency contracts - Financial assets include approximately **RMB1,461.4 million** in structured products (1-6 month maturity, expected yield 0.8%-2.8%)[40](index=40&type=chunk) - Wealth management products amount to approximately **RMB583.9 million** (5-year maturity, average expected yield 3.4%)[40](index=40&type=chunk)[41](index=41&type=chunk) - The Group holds forward currency contracts with a total notional amount of **HKD2,229,568,000**, maturing on or before February 27, 2026, collateralized by **RMB1,906,441,000** in time deposits[41](index=41&type=chunk) [13. Share Capital and Share Premium](index=18&type=section&id=13.%20Share%20Capital%20and%20Share%20Premium) Total share capital and share premium amounted to RMB26,477.9 million, reflecting share repurchases for cancellation and issuance of consideration shares Changes in Share Capital and Share Premium (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | January 1, 2025 (RMB thousand) | | :--- | :--- | :--- | | Total share capital and share premium | 26,477,904 | 26,521,871 | | Repurchase of shares | (56,275) | – | | Issue of consideration shares | 12,308 | – | - During the period, the Company repurchased **7,552,000 shares** for cancellation at a total consideration of **RMB45,171,000**[42](index=42&type=chunk) - On March 26, 2025, the Company issued **326,551 consideration shares** for projects in transit to the former shareholders of Zhongliang Boyue Zhijia Services Co Ltd[42](index=42&type=chunk) [14. Trade and Other Payables](index=19&type=section&id=14.%20Trade%20and%20Other%20Payables) Total trade and other payables increased to RMB19,657.8 million, primarily due to higher operating costs and increased dividends payable Trade and Other Payables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 9,497,966 | 8,634,177 | | Other payables | 7,134,212 | 6,021,280 | | Contingent consideration for business combinations | 107,678 | 118,235 | | Accrued staff costs | 2,149,351 | 3,292,507 | | Other taxes payable | 768,605 | 757,589 | | **Total** | **19,657,812** | **18,823,788** | - Trade payables increased by approximately **RMB863.8 million**, primarily due to higher operating costs leading to increased procurement costs and expenses[110](index=110&type=chunk) - Other payables increased primarily due to higher dividends payable[111](index=111&type=chunk) Aging Analysis of Trade Payables (As of June 30, 2025) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 8,213,643 | 7,397,618 | | 1 to 2 years | 758,602 | 802,199 | | 2 to 3 years | 284,620 | 364,184 | | Over 3 years | 241,101 | 70,176 | | **Total** | **9,497,966** | **8,634,177** | [15. Bank and Other Borrowings](index=20&type=section&id=15.%20Bank%20and%20Other%20Borrowings) Total bank and other borrowings amounted to RMB858.2 million, slightly lower than year-end 2024, primarily secured by transportation equipment and city service project receivables Bank and Other Borrowings (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Secured bank loans | 601,595 | 593,349 | | Secured other borrowings | 229,651 | 262,007 | | Unsecured bank loans | 26,919 | 14,900 | | **Total** | **858,165** | **870,256** | - Secured borrowings are primarily pledged against transportation equipment and receivables from certain city service projects[45](index=45&type=chunk) - The weighted average effective annual interest rate for the period ended June 30, 2025, was **4.21%** (December 31, 2024: 4.25%)[46](index=46&type=chunk) [16. Financial Guarantee Contracts](index=21&type=section&id=16.%20Financial%20Guarantee%20Contracts) A subsidiary's bank accounts were frozen due to a financial guarantee for Caixin Group's trust financing, with a total guaranteed amount of RMB1,181.8 million - Caizhi Xin Services' bank accounts were judicially frozen due to a joint and several guarantee for Caixin Group's trust financing arrangements prior to the acquisition date[49](index=49&type=chunk) - As of June 30, 2025, the principal amount of the related debt was approximately **RMB689.5 million**, with a total guaranteed amount of approximately **RMB1,181.8 million** including accrued interest and penalties[50](index=50&type=chunk) - The Group has made a provision for expected credit losses on financial guarantees of **RMB121.7 million** (December 31, 2024: RMB46.6 million)[51](index=51&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business operations, financial performance, future plans, and key risks for the period [Business Review](index=22&type=section&id=Business%20Review) The Group is a leading integrated service operator in China, offering diverse services across various property types and achieving industry recognition - The Group is a leading integrated service operator in China, covering various property types including residential, commercial, office buildings, industrial parks, government buildings, hospitals, schools, and other public facilities[52](index=52&type=chunk) - Key business lines include property management services, community value-added services, non-owner value-added services, 'Three Supplies and One Industry' business, city services, and commercial operation services[53](index=53&type=chunk) [Property Management Services](index=22&type=section&id=Property%20Management%20Services) Property management services revenue grew by 6.7% to RMB13,605.8 million, with managed GFA reaching 1,063.3 million sq.m. (excluding 'Three Supplies and One Industry' business) - Property management services revenue was approximately **RMB13,605.8 million**, a year-on-year increase of **6.7%**, accounting for **58.7%** of total revenue[54](index=54&type=chunk) - As of June 30, 2025, charged GFA (excluding 'Three Supplies and One Industry' business) was approximately **1,063.3 million sq.m.**; charged GFA for 'Three Supplies and One Industry' property services was approximately **90.1 million sq.m.**[55](index=55&type=chunk) - The Company actively invests in digital R&D innovation, AI, and IoT, promoting data platform construction and governance, and applying 'Assistant Zero' and 'Resident Zero' cleaning robots to enhance efficiency[57](index=57&type=chunk) [Community Value-Added Services](index=24&type=section&id=Community%20Value-Added%20Services) Community value-added services revenue increased by 5.3% to RMB2,103.9 million, with significant growth in new energy business operations - Community value-added services revenue was approximately **RMB2,103.9 million**, a year-on-year increase of **5.3%**, accounting for **9.1%** of total revenue[61](index=61&type=chunk) - Community value-added services comprise five segments: home services, community media, local lifestyle services (including home decoration intermediary services), real estate brokerage, and industrial park space services[60](index=60&type=chunk) - The new energy business 'Smart Charging Downstairs' operates approximately **600,000 charging sockets** in over **5,000 communities** nationwide, with over **5.5 million registered users** and over **2 million monthly active users**[61](index=61&type=chunk)[62](index=62&type=chunk) [Non-Owner Value-Added Services](index=25&type=section&id=Non-Owner%20Value-Added%20Services) Non-owner value-added services revenue decreased by 17.8% to RMB292.3 million, further reducing its proportion of total revenue - Non-owner value-added services revenue was approximately **RMB292.3 million**, a year-on-year decrease of **17.8%**, accounting for **1.3%** of total revenue[63](index=63&type=chunk) - Service content includes pre-sale business management consulting for property developers, pre-delivery cleaning, landscaping and maintenance, agency sales and leasing of parking spaces and unsold properties, and elevator product installation[63](index=63&type=chunk) ['Three Supplies and One Industry' Business](index=25&type=section&id=%27Three%20Supplies%20and%20One%20Industry%27%20Business) The 'Three Supplies and One Industry' business saw property management revenue of RMB4,156.0 million and heating revenue of RMB915.7 million, with significant new contract signings - Charged GFA for 'Three Supplies and One Industry' property services was approximately **90.1 million sq.m.**[64](index=64&type=chunk) - During the period, property management business revenue was approximately **RMB4,156.0 million**; heating business revenue was approximately **RMB915.7 million**[64](index=64&type=chunk) - The Company signed **315 new contract projects**, with a total contract value of **RMB1.787 billion**[65](index=65&type=chunk) [City Services](index=26&type=section&id=City%20Services) City services revenue decreased by 18.0% to RMB1,778.5 million, with a focus on smart operation and maintenance of urban environmental and solid waste management - City services revenue was approximately **RMB1,778.5 million**, a year-on-year decrease of **18.0%**, accounting for **7.7%** of total revenue[66](index=66&type=chunk) - The business focuses on core areas such as smart operation and maintenance of urban (ecological) environment, solid waste disposal and resource utilization, and environmental governance[66](index=66&type=chunk) [Commercial Operation Services](index=26&type=section&id=Commercial%20Operation%20Services) Commercial operation management business generated total revenue of RMB296.8 million, with a diverse product line matrix and continuous third-party expansion - Total revenue from commercial operation management business was approximately **RMB296.8 million**[68](index=68&type=chunk) - The Company possesses a rich product line matrix including 'Biyue City', 'Biyue Hui', and 'Biyue Time'[68](index=68&type=chunk) - Continuous third-party expansion has added benchmark projects such as Binzhou Boxing Biyue City in Shandong, Handan Cixian Biyue Hui in Hebei, and Langfang Sanhe Biyue Hui in Hebei[68](index=68&type=chunk) [Outlook and Future Plans](index=26&type=section&id=Outlook%20and%20Future%20Plans) The Group plans to deepen service grading, build a digitalized lean operating system, and drive market-oriented development of community value-added services [Deepen Property Management Service Grading and Build a Digitalized Lean and Efficient Operating System](index=26&type=section&id=Deepen%20Property%20Management%20Service%20Grading%20and%20Build%20a%20Digitalized%20Lean%20and%20Efficient%20Operating%20System) The company will optimize service grading, integrate digital operations, and build a full-process online closed-loop management system for owner demands - The Company will continuously optimize its service grading mechanism, deeply integrate digital operating models, and build a 'full-process online closed-loop management system' for owner demands[69](index=69&type=chunk)[70](index=70&type=chunk) - Through lean operations combined with diversified employment models, the Company aims to break efficiency boundaries and formulate layered and categorized operating strategies to stimulate development momentum for each project[71](index=71&type=chunk) [Focus on Core Owner Needs, Build Core Business Capabilities to Drive Market-Oriented Development of Community Value-Added Services](index=27&type=section&id=Focus%20on%20Core%20Owner%20Needs,%20Build%20Core%20Business%20Capabilities%20to%20Drive%20Market-Oriented%20Development%20of%20Community%20Value-Added%20Services) Country Garden Services aims to be a 'full-cycle community life service integrated operator,' developing market-oriented businesses around core owner needs - Committed to becoming a 'full-cycle community life service integrated operator,' providing full-scenario, full-chain, and full-lifecycle community living services[72](index=72&type=chunk) - The Company has strategically developed market-oriented businesses such as integrated marketing, liquor, home decoration intermediary, and new energy, while actively incubating near-field retail, home services, community insurance, and real estate brokerage[72](index=72&type=chunk) - The Company aims to shift its business structure from resource-based to market-oriented, driving scale growth and quality improvement in overall community value-added services[73](index=73&type=chunk) [Empower Property Services with Technology to Enhance Service Warmth and Operational Refinement](index=27&type=section&id=Empower%20Property%20Services%20with%20Technology%20to%20Enhance%20Service%20Warmth%20and%20Operational%20Refinement) The company will continue digital transformation, strengthen its data foundation, and apply AI in property scenarios, with 'Resident Zero' cleaning robots planned for large-scale deployment - Continuously strengthening the data foundation and promoting data governance to drive intelligent decision-making in operations management through real-time, comprehensive data[74](index=74&type=chunk)[75](index=75&type=chunk) - Actively embracing the deep application of artificial intelligence in property scenarios such as customer service, facility management, security monitoring, and energy optimization[75](index=75&type=chunk) - Plans to scale up the deployment of 'Resident Zero' cleaning robots in South China in the second half of 2025, further enhancing operational standardization and efficiency[75](index=75&type=chunk) [Financial Review](index=28&type=section&id=Financial%20Review) This section reviews the Group's financial performance for the six months ended June 30, 2025, covering revenue, costs, profit, and balance sheet changes [Revenue](index=28&type=section&id=Revenue) Total revenue increased by 10.2% to RMB23,185.5 million, with growth in property management and 'Three Supplies and One Industry' businesses, offset by declines in others - Total revenue increased by **10.2%** year-on-year to **RMB23,185.5 million**[76](index=76&type=chunk) Revenue Changes by Business Segment (For the six months ended June 30) | Business Category | 2025 (RMB million) | 2024 (RMB million) | Change (%) | Share of Total Revenue (2025) | | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 13,605.8 | 12,751.9 | 6.7% | 58.7% | | Community Value-Added Services | 2,103.9 | 1,997.8 | 5.3% | 9.1% | | Non-Owner Value-Added Services | 292.3 | 355.5 | -17.8% | 1.3% | | "Three Supplies and One Industry" Property Management and Related Services | 4,156.0 | 2,467.2 | 68.5% | 17.9% | | "Three Supplies and One Industry" Heating Services | 915.7 | 877.4 | 4.4% | 3.9% | | City Services | 1,778.5 | 2,170.0 | -18.0% | 7.7% | | Commercial Operation Services | 296.8 | 331.6 | -10.5% | 1.3% | - The decrease in non-owner value-added services revenue was primarily due to the continuous proactive reduction in the scale of related party transactions[80](index=80&type=chunk) - The increase in 'Three Supplies and One Industry' business revenue was mainly due to certain joint ventures becoming controlled subsidiaries through further acquisition of remaining equity by certain subsidiaries, leading to an increase in revenue scale[82](index=82&type=chunk) [Costs](index=31&type=section&id=Costs) Total costs increased by 13.8% to RMB18,886.4 million, driven by growth in property management, community value-added, and 'Three Supplies and One Industry' businesses - Total costs were approximately **RMB18,886.4 million**, a year-on-year increase of **13.8%**[85](index=85&type=chunk) - The increase in costs was primarily due to the growth in property management services, community value-added services, and 'Three Supplies and One Industry' businesses[85](index=85&type=chunk) [Gross Profit and Gross Profit Margin](index=31&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Overall gross profit decreased by 3.5% to RMB4,299.1 million, with the gross profit margin declining by 2.7 percentage points to 18.5% due to increased quality investments and business adjustments - Overall gross profit decreased by **3.5%** year-on-year to **RMB4,299.1 million**[86](index=86&type=chunk) - The overall gross profit margin decreased by **2.7 percentage points** from 21.2% to **18.5%**[86](index=86&type=chunk) Gross Profit Margin Changes by Business Segment (For the six months ended June 30) | Business Category | 2025 Gross Profit Margin | 2024 Gross Profit Margin | Change (percentage points) | | :--- | :--- | :--- | :--- | | Property Management Services | 21.8% | 22.9% | -1.1 | | Community Value-Added Services | 30.4% | 39.0% | -8.6 | | Non-Owner Value-Added Services | 0.1% | -6.5% | +6.6 | | "Three Supplies and One Industry" Property Management and Related Services | 7.9% | 9.7% | -1.8 | | "Three Supplies and One Industry" Heating Services | 6.6% | 6.7% | -0.1 | | City Services | 12.6% | 16.0% | -3.4 | | Commercial Operation Services | 25.9% | 31.0% | -5.1 | [Administrative Expenses](index=33&type=section&id=Administrative%20Expenses) Administrative expenses increased by 22.9% to RMB2,205.4 million, primarily due to an increase in managed projects and the expansion of 'Three Supplies and One Industry' business - Administrative expenses were approximately **RMB2,205.4 million**, a year-on-year increase of **22.9%**[96](index=96&type=chunk) - The increase in administrative expenses was mainly due to the increase in the number of managed projects and the expansion of the 'Three Supplies and One Industry' business[96](index=96&type=chunk) - The administrative expense ratio increased by **1.0 percentage point** from 8.5% to **9.5%**[96](index=96&type=chunk) [Other Income](index=33&type=section&id=Other%20Income) Other income decreased by 29.4% to RMB82.9 million, mainly due to reduced government grants and dividend income from equity investments - Other income was approximately **RMB82.9 million**, a year-on-year decrease of **29.4%**[97](index=97&type=chunk) - The decrease was primarily due to lower government grants and dividend income from equity investments in certain entities compared to the same period last year[97](index=97&type=chunk) [Other Losses — Net](index=33&type=section&id=Other%20Losses%20%E2%80%94%20Net) Net other losses expanded to RMB137.9 million, an increase of RMB18.2 million year-on-year, mainly due to losses from subsidiary disposals - Net other losses were approximately **RMB137.9 million**, an increase of approximately **RMB18.2 million** compared to the same period last year[98](index=98&type=chunk) - The increase was primarily due to losses from the disposal of subsidiaries during the period[99](index=99&type=chunk) [Income Tax Expense](index=34&type=section&id=Income%20Tax%20Expense) Income tax expense decreased by 32.0% to RMB332.1 million, primarily due to a lower total profit for the Group during the period - Income tax expense was approximately **RMB332.1 million**, a year-on-year decrease of **32.0%**[100](index=100&type=chunk) - The decrease was primarily due to a lower total profit for the Group compared to the same period last year[100](index=100&type=chunk) [Profit for the Period](index=34&type=section&id=Profit%20for%20the%20Period) Net profit for the Group decreased by 35.1% to RMB1,002.6 million, with core net profit attributable to equity holders of the Company declining by 14.8% Profit for the Period Metrics (For the six months ended June 30) | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit | 1,002.6 | 1,545.6 | -35.1% | | Profit attributable to equity holders of the Company | 996.6 | 1,440.4 | -30.8% | | Profit attributable to non-controlling interests | 6.1 | 105.2 | -94.2% | | Core net profit attributable to equity holders of the Company* | 1,567.7 | 1,840.0 | -14.8% | [Net Cash Flow from Operating Activities for the Period](index=34&type=section&id=Net%20Cash%20Flow%20from%20Operating%20Activities%20for%20the%20Period) The Group recorded a net cash outflow from operating activities of RMB875.2 million, primarily due to lower property management prepayments, initial investments for 'Three Supplies and One Industry' expansion, and decreased net profit - The Group recorded a net cash outflow from operating activities of approximately **RMB875.2 million** (compared to a net cash inflow of approximately RMB270.3 million in the same period of 2024)[102](index=102&type=chunk) - Key reasons include a decrease in property management prepayments, initial investments required for the expansion of the 'Three Supplies and One Industry' business, and a year-on-year decrease in net profit for the period[102](index=102&type=chunk) [Equity Attributable to Equity Holders of the Company](index=35&type=section&id=Equity%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) Equity attributable to equity holders of the Company increased to RMB36,619.8 million, influenced by comprehensive income, declared dividends, and share purchases for the share award scheme - Equity attributable to equity holders of the Company increased by approximately **RMB2.8 million** to **RMB36,619.8 million**[104](index=104&type=chunk) - This was primarily influenced by the comprehensive income attributable to equity holders of the Company of **RMB944.1 million**, declared 2024 annual dividends of approximately **RMB988.9 million**, and share purchases for the share award scheme of approximately **RMB11.1 million**[104](index=104&type=chunk) [Intangible Assets](index=35&type=section&id=Intangible%20Assets) Intangible assets decreased by RMB497.1 million to RMB21,665.2 million, primarily due to amortization of RMB623.8 million during the period - Intangible assets were approximately **RMB21,665.2 million**, a decrease of approximately **RMB497.1 million** from year-end 2024[105](index=105&type=chunk) - The decrease was primarily due to amortization of intangible assets amounting to approximately **RMB623.8 million** during the period[105](index=105&type=chunk) [Trade and Other Receivables](index=35&type=section&id=Trade%20and%20Other%20Receivables) Net trade receivables increased by RMB2,204.8 million due to slower collection and 'Three Supplies and One Industry' business growth, while other receivables increased by RMB185.6 million - Net trade receivables increased by approximately **RMB2,204.8 million**, primarily attributable to slower collection progress across various businesses, extended customer payment cycles, and increased revenue from the 'Three Supplies and One Industry' business[106](index=106&type=chunk) - Trade receivables from Country Garden Holdings and its subsidiaries decreased by approximately **RMB119.9 million**[107](index=107&type=chunk) - Net other receivables increased by approximately **RMB185.6 million**, mainly due to increased payments made on behalf of owners[108](index=108&type=chunk) [Contract Liabilities](index=36&type=section&id=Contract%20Liabilities) Contract liabilities decreased by RMB476.8 million to RMB7,768.5 million, as new contract liabilities were less than amounts recognized as revenue - Contract liabilities decreased by approximately **RMB476.8 million** to **RMB7,768.5 million**[109](index=109&type=chunk) - The decrease was primarily due to the amount of new contract liabilities recognized during the period being less than the amount transferred to revenue[109](index=109&type=chunk) [Trade and Other Payables](index=36&type=section&id=Trade%20and%20Other%20Payables) Trade payables increased by RMB863.8 million due to higher operating costs, and other payables increased by RMB1,112.9 million due to higher dividends payable - Trade payables increased by approximately **RMB863.8 million** to **RMB9,498.0 million**, primarily due to higher operating costs[110](index=110&type=chunk) - Other payables increased by approximately **RMB1,112.9 million** to **RMB7,134.2 million**, primarily due to higher dividends payable[111](index=111&type=chunk) [Capital Management](index=37&type=section&id=Capital%20Management) The Group's capital management aims to ensure continuous operation, provide shareholder returns, and maintain an optimal capital structure, with all borrowings repaid on time - The purpose of capital management is to safeguard the ability to continue as a going concern, provide returns to shareholders, and maintain an optimal capital structure[112](index=112&type=chunk) - As of June 30, 2025, bank and other borrowings amounted to approximately **RMB858.2 million**, with all maturing borrowings repaid on time[112](index=112&type=chunk) - The Group's capital gearing ratio remains in a net cash position[113](index=113&type=chunk) [Liquidity, Financial and Capital Resources](index=37&type=section&id=Liquidity,%20Financial%20and%20Capital%20Resources) Bank and structured deposits decreased to RMB16,472.8 million, with net current assets of RMB12,044.9 million and a current ratio of approximately 1.4 times - Bank deposits (including time deposits and restricted bank deposits) and structured deposits amounted to approximately **RMB16,472.8 million**, a decrease of approximately **RMB1,705.8 million** from year-end 2024[114](index=114&type=chunk) Currency Denomination of Bank and Structured Deposits (As of June 30, 2025) | Currency | June 30, 2025 (RMB thousand) | Share (%) | December 31, 2024 (RMB thousand) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | RMB | 12,157,766 | 73.8 | 13,833,239 | 76.1 | | HKD | 2,124,173 | 12.9 | 172,271 | 0.9 | | Other currencies | 2,190,871 | 13.3 | 4,173,092 | 23.0 | | **Total** | **16,472,810** | **100.0** | **18,178,602** | **100.0** | - Net current assets were approximately **RMB12,044.9 million**, with a current ratio of approximately **1.4 times**[115](index=115&type=chunk) [Principal Risks and Uncertainties](index=38&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces industry risks from economic and policy changes, business risks related to operations and receivables, and foreign exchange risks from foreign currency-denominated assets - Industry risks: affected by overall economic and market conditions and property management industry policies and regulations, particularly changes in the Chinese real estate market which may impact growth in charged GFA and revenue[117](index=117&type=chunk) - Business risks: including control over operating costs (especially labor costs), securing new property management service contracts, impairment losses on receivables, and the impact of a large number of contract terminations or non-renewals[118](index=118&type=chunk) - Foreign exchange risks: primarily concentrated in China, with no other significant direct exchange rate fluctuation risks apart from foreign currency-denominated bank deposits and accounts receivable; management will monitor and formulate hedging strategies[119](index=119&type=chunk) [Employees and Remuneration Policy](index=39&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 217,692 employees, with total staff costs of RMB8,557.5 million, and remuneration determined by performance, profitability, and market conditions - As of June 30, 2025, the Group had **217,692 employees** (December 31, 2024: 214,346 employees)[120](index=120&type=chunk) - Total staff costs for the period were approximately **RMB8,557.5 million**[120](index=120&type=chunk) - Remuneration is determined based on employee performance, Group profitability, industry benchmarks, and market conditions, with participation in local government social insurance contribution schemes[120](index=120&type=chunk) [Share Schemes](index=39&type=section&id=Share%20Schemes) The Company adopted a 2024 share option scheme and a share award scheme, with 111,652,033 share options available and 109,000,000 shares purchased under the award scheme - The Company's shareholders approved and adopted the 2024 Share Option Scheme, offering a total of **225,350,000 share options** to 60 employees[121](index=121&type=chunk) - As of June 30, 2025, the number of share options available for grant under the 2024 Share Option Scheme was **111,652,033**[121](index=121&type=chunk) - Under the Share Award Scheme, a total of **109,000,000 shares** were purchased in the market at a total consideration of approximately **RMB557 million**, reaching the scheme's cap[122](index=122&type=chunk) [Pledge of Assets](index=40&type=section&id=Pledge%20of%20Assets) The Group's borrowings and sale-and-leaseback financing are primarily secured by city service project receivables and equipment, with time deposits pledged for forward foreign exchange contracts - Subsidiaries' borrowings and sale-and-leaseback financing loans are primarily pledged against receivables from city service projects and certain equipment[125](index=125&type=chunk) - Time deposits of **RMB1,906,441,000** have been pledged for forward foreign exchange contracts to manage exchange rate fluctuations and lock in returns[125](index=125&type=chunk) [Contingent Liabilities](index=40&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities other than contingent consideration arising from business combinations - As of June 30, 2025, the Group had no contingent liabilities other than contingent consideration arising from business combinations[126](index=126&type=chunk) [External Guarantees](index=41&type=section&id=External%20Guarantees) As of June 30, 2025, the Group had no external guarantees other than those disclosed in Note 16 to the interim financial information - As of June 30, 2025, the Group had no external guarantees other than those disclosed in Note 16 to the interim financial information[127](index=127&type=chunk) [Material Acquisitions, Disposals and Significant Investments](index=41&type=section&id=Material%20Acquisitions,%20Disposals%20and%20Significant%20Investments) During the period, the Group had no material acquisitions, disposals, or any individual significant investments - During the period, the Group had no material acquisitions or disposals, nor any individual significant investments[128](index=128&type=chunk) [Interim Dividends](index=41&type=section&id=Interim%20Dividends) The Board resolved not to declare an interim dividend for the period, while the 2024 final and special dividends will be paid around August 29, 2025 - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[129](index=129&type=chunk) - The 2024 final and special dividends, totaling approximately **RMB988.9 million**, were approved on May 23, 2025, and will be paid on or about August 29, 2025[129](index=129&type=chunk) [Significant Events During the Period](index=41&type=section&id=Significant%20Events%20During%20the%20Period) Several significant events occurred, including plans for share repurchases, a connected transaction for financial assistance, a public reprimand related to Country Garden Holdings, and amendments to the Nomination Committee's terms of reference [Intention to Repurchase and/or Purchase Shares in the Open Market](index=41&type=section&id=Intention%20to%20Repurchase%20and/or%20Purchase%20Shares%20in%20the%20Open%20Market) The Company plans to use at least RMB500 million to repurchase and/or purchase shares in the open market within the next year, with 9,089,000 shares already repurchased - The Company plans to use no less than **RMB500 million** of its existing available cash reserves to repurchase and/or purchase shares in the open market within the next year[130](index=130&type=chunk) - As of the announcement date, a total of **9,089,000 shares** have been repurchased at a total consideration of **HKD59,189,830**[130](index=130&type=chunk) [Connected Transaction on Provision of Financial Assistance](index=41&type=section&id=Connected%20Transaction%20on%20Provision%20of%20Financial%20Assistance) The Company entered into loan agreements to provide a revolving loan facility of RMB1 billion, secured by 543,695,233 shares of the Company beneficially owned by the borrowers - The Company agreed to provide a revolving loan facility with a principal amount totaling **RMB1 billion** to Best Victory Limited and Fortune Warrior Global Limited[131](index=131&type=chunk) - The loan is secured by a total of **543,695,233 shares** of the Company beneficially owned by the borrowers[132](index=132&type=chunk) [Announcement Pursuant to Rules 13.51B(2) and 13.51(2) of the Listing Rules](index=42&type=section&id=Announcement%20Pursuant%20to%20Rules%2013.51B(2)%20and%2013.51(2)%20of%20the%20Listing%20Rules) Ms. Yang Huiyan was publicly reprimanded by SSE and SZSE for Country Garden Holdings' delayed interim report disclosure, but the Board deems her suitable to continue her role - Ms. Yang Huiyan was publicly reprimanded by the Shanghai Stock Exchange and Shenzhen Stock Exchange due to Country Garden Holdings' failure to disclose its 2024 interim report on time[133](index=133&type=chunk) - The Board believes the relevant non-compliance is unrelated to the Group and has not and will not have any material adverse impact on the Group's business and/or operations[134](index=134&type=chunk) - The Board considers Ms. Yang suitable to continue serving as a Non-executive Director and Chairperson of the Company[134](index=134&type=chunk) [Amendments to the Terms of Reference of the Nomination Committee](index=42&type=section&id=Amendments%20to%20the%20Terms%20of%20Reference%20of%20the%20Nomination%20Committee) The Nomination Committee's terms of reference were revised to align with HKEX corporate governance enhancements, including requirements for gender diversity and performance evaluations - The terms of reference of the Nomination Committee were revised to comply with the corporate governance enhancement measures published by the HKEX in December 2024[135](index=135&type=chunk) - Revisions include requiring at least one member of a different gender, assisting the Board in preparing a board skills matrix, annually evaluating directors' performance, and evaluating the Board's performance at least every two years[135](index=135&type=chunk)[136](index=136&type=chunk) [Events After the Reporting Period](index=43&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events affecting the Group occurred after June 30, 2025, up to the announcement date - No significant events affecting the Group occurred after the reporting period and up to the date of this announcement[137](index=137&type=chunk) [Audit Committee](index=43&type=section&id=Audit%20Committee) The Audit Committee, comprising four independent non-executive directors, reviews financial reporting, internal controls, and risk management, and has reviewed the interim results and accounting policies - The Audit Committee comprises four independent non-executive directors, with Mr. Rui Meng serving as Chairman[138](index=138&type=chunk) - Its primary responsibilities include assisting the Board in independent review of financial reporting processes, internal control, and risk management systems, and overseeing the audit process[138](index=138&type=chunk) - The Committee has reviewed the unaudited interim results for the period and the significant accounting policies and standards adopted by the Group[139](index=139&type=chunk) [Corporate Governance Code](index=43&type=section&id=Corporate%20Governance%20Code) The Group is committed to high corporate governance standards and has complied with all applicable code provisions of the Listing Rules' Corporate Governance Code for the period - The Group has adopted the Corporate Governance Code set out in Appendix C1 to the Listing Rules[140](index=140&type=chunk) - For the six months ended June 30, 2025, the Company has complied with all applicable code provisions of the Corporate Governance Code[140](index=140&type=chunk) [Standard Code for Securities Transactions by Directors](index=44&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Standard Code for Securities Transactions by Directors, and all directors confirmed compliance during the period with no breaches found - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules[141](index=141&type=chunk) - All Directors confirmed compliance with the Standard Code and the Securities Dealing Code for the six months ended June 30, 2025[141](index=141&type=chunk) - No breaches were identified during the period[141](index=141&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=44&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) The Company repurchased 7,552,000 shares for HKD49,143,390 to enhance shareholder returns, and the trustee purchased 2,120,000 shares under the share award scheme - During the period, the Company repurchased a total of **7,552,000 shares** on the Stock Exchange for a total consideration of **HKD49,143,390**, which will subsequently be cancelled[142](index=142&type=chunk) - The share repurchases aim to enhance shareholder returns and reflect the Company's confidence in its business prospects[142](index=142&type=chunk) - Under the Share Award Scheme, the trustee purchased **2,120,000 shares** at a total consideration of approximately **RMB11.1 million**[143](index=143&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=45&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This results announcement is published on the Stock Exchange and the Company's website, with the 2025 interim report to be dispatched to shareholders by September 30, 2025 - This results announcement has been published on the Stock Exchange and the Company's website[144](index=144&type=chunk) - The Company's 2025 interim report will be dispatched to shareholders and posted on the website on or before September 30, 2025[144](index=144&type=chunk) [Acknowledgement](index=45&type=section&id=Acknowledgement) The Company expresses gratitude to its Board, management, employees, shareholders, customers, government, suppliers, partners, and advisors for their support and contributions - The Company expresses its sincere gratitude to the Board, management, and all employees for their diligent work, loyal service, and contributions[145](index=145&type=chunk) - Sincere thanks to shareholders, a vast number of owners and customers, government, suppliers, business partners, and professional advisors for their continuous support to the Group[145](index=145&type=chunk)

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 全部或任何部份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。 中 國 佛 山，2025年8月15日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 徐 彬 淮 先 生（總 裁）及 肖 華 先 生。本 公 司 非 執 行董事為楊惠妍女士（主席）。本公司獨立非執行董事為梅文珏先生、芮萌先生、 陳 威 如 先 生 及 趙 軍 先 生。 董事會會議日期 碧桂園服務控股有限公司（「本公司」）謹 此 公 佈，本 公 司 將 於2025年8月27日（星 期 三）舉行董事會（「董事會」）會 議，藉 以（其 中 包 括）考慮及批准本公司及其附屬 公司截至2025年6月30日 止 六 個 月 之 中 期 業 績，以 及 考 慮 派 發 中 期 股 息（如 有）。 承董事會命 碧桂園服務控股有限公司 總裁兼執行董事 徐彬淮 COUNTRY GARDEN SERVICES HOLDINGS COMPANY LIMITED 碧 ...