Vala Inc. (formerly known as 51 Credit Card Inc. (51信用卡有限公司)) (前稱51 Credit Card Inc. (51信用卡有限公司)) Contents 目錄 | Management Discussion and Analysis | 管理層討論及分析 | 2 | | --- | --- | --- | | Condensed Consolidated Interim Statement of Comprehensive Loss | 簡明綜合中期全面虧損表 | 26 | | Condensed Consolidated Interim Statement of Financial Position | 簡明綜合中期財務狀況表 | 28 | | Condensed Consolidated Interim Statement of Changes in Equity | 簡明綜合中期權益變動表 | 30 | | Condensed Consolidated Interim Statement of Cash Flow | 簡明綜合中期現金流量表 | ...

Company Information Provides essential details about the company's board, committees, and listing information [Board of Directors and Committees](index=4&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) The company's board comprises executive directors Xu Shitan (Chairman), Shao Liang (President), and independent non-executive directors Gu Yunchang, Zhou Xinyi, and Xu Weiwun, with independent directors chairing all committees - Board members include Chairman Xu Shitan, President Shao Liang, and three independent non-executive directors Gu Yunchang, Zhou Xinyi, and Xu Weiwun[5](index=5&type=chunk) - The Audit Committee is chaired by Xu Weiwun, the Remuneration Committee by Zhou Xinyi, and the Nomination Committee by Gu Yunchang, all independent non-executive directors[5](index=5&type=chunk) [Company Basic Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) Shimao Services Holdings Limited's main business locations are in Hong Kong and Shanghai, listed on the Hong Kong Stock Exchange under stock code 873 - Hong Kong principal place of business: Room 3820, 38th Floor, Tower One, Lippo Centre, 89 Queensway, Hong Kong[6](index=6&type=chunk) - Headquarters and principal place of business in China: 26th Floor, Shimao Tower, 55 Weifang West Road, Shanghai, China[6](index=6&type=chunk) - Listing venue: The Stock Exchange of Hong Kong Limited, Stock Code: 873[6](index=6&type=chunk) Chairman's Report The Chairman's report highlights market trends, interim performance, strategic achievements, and future outlook for Shimao Services [Market and Industry Outlook](index=6&type=section&id=%E5%B8%82%E5%9C%BA%E5%92%8C%E8%A1%8C%E4%B8%9A) China's real estate market continued to adjust in H1 2025, with the property management sector poised for new growth opportunities from urban renewal and diversified services - In H1 2025, China's real estate industry generally showed an adjustment trend, with year-on-year declines in new commercial housing sales area and sales value, but with a narrowing decrease[8](index=8&type=chunk) - The Central Urban Work Conference emphasized the "People's City" concept, marking a new stage of "stock quality improvement and efficiency enhancement" in China's urban development, opening up a trillion-yuan new market for the property management industry[8](index=8&type=chunk) - The property management industry will benefit from the revitalization of existing properties, market-oriented and professional non-residential property management, the booming development of community value-added services, and the demand for refined urban governance[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Interim Performance Overview](index=7&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) In H1 2025, the Group achieved revenue of RMB 3,619.8 million, gross profit of RMB 709.0 million, and a gross profit margin of 19.6% 2025 Interim Key Financial and Operational Data | Indicator | Amount/Value | | :--- | :--- | | Revenue | RMB 3,619.8 million | | Gross Profit | RMB 709.0 million | | Gross Profit Margin | 19.6% | | GFA Under Management | 222.3 million square meters | | Contracted GFA | 343.4 million square meters | [Market Expansion Strategy and Achievements](index=7&type=section&id=%E8%91%97%E5%8A%9B%E5%B8%82%E6%8B%93) Shimao Services focused on market expansion in H1 2025, achieving significant growth in new annualized contract value and contracted GFA through selective project acquisition and focused regional strategies - Adhering to a "strict entry, excellent exit" project selection approach, ensuring high-quality new projects through multi-departmental joint review[13](index=13&type=chunk) - Adopting a "focused deep cultivation" market layout strategy, targeting strategic city clusters and advantageous regions[13](index=13&type=chunk) 2025 H1 Market Expansion Achievements | Indicator | 2025 H1 | 2024 H1 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | New Annualized Contract Value | RMB 958.4 million | RMB 620.1 million | +54.6% | | New Contracted GFA | 40.1 million square meters | 17.7 million square meters | +126.6% | [Steady Business Development](index=7&type=section&id=%E6%A5%AD%E5%8B%99%E7%A9%A9%E5%81%A5) Property management services remain the core business, with stable revenue growth and an increasing proportion of non-residential projects, expanding into diverse service formats - Property management service revenue reached **RMB 2,812.3 million**, a **1.9% year-on-year increase**, with a stable gross profit margin[15](index=15&type=chunk) - The proportion of non-residential property management projects in GFA under management increased to **38.4%**, with **96.6%** located in first-tier, new first-tier, and second-tier cities[16](index=16&type=chunk) - Service formats extended to office buildings, industrial parks, public buildings, and urban complexes, incubating diversified businesses such as smart energy and space operations[16](index=16&type=chunk) [Management Efficiency Improvement](index=8&type=section&id=%E7%AE%A1%E7%90%86%E6%8F%90%E6%95%88) In H1 2025, Shimao Services reduced its management expense ratio to 9.4% through comprehensive management enhancements, supply chain optimization, and technology integration - Management expense ratio compressed to **9.4%**, achieving "low cost, high perception" through systematic management efficiency improvements[17](index=17&type=chunk) - Operation and management aspects include establishing a project health big model for precise resource allocation, strengthening supply chain management, and centralized procurement[17](index=17&type=chunk) - Technology empowerment involves deploying smart tech applications like cleaning robots and deepening AIoT technology application for energy saving[17](index=17&type=chunk) [Service Revitalization Plan](index=8&type=section&id=%E6%9C%8D%E5%8B%99%E7%85%A5%E6%96%B0) The company launched a new service revitalization plan, focusing on "hardware and software upgrades" for residential properties and smart solutions for non-residential sectors to enhance service quality and customer satisfaction - Residential business enhances service quality and community warmth through "hardware revitalization" (lighting, environmental landscaping, facility upgrades) and "software revitalization" (community activities)[18](index=18&type=chunk) - Non-residential business focuses on smart upgrades, launching the AIS Smart Energy Management Platform system to enhance service capabilities and customer experience[18](index=18&type=chunk) - Continuous upgrade of service processes and quality control is driven by building a quantitative indicator system, improving customer satisfaction[18](index=18&type=chunk) [Future Outlook and Strategic Direction](index=9&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) Shimao Services prioritizes "service as fundamental," focusing on elderly care, non-residential space operations, community commerce, and smart upgrades to build core competitiveness and achieve sustainable growth - The strategic core is "service as fundamental," deeply cultivating non-residential, residential, and city service sectors through quality services and products[20](index=20&type=chunk) - Developing elderly care services, providing hardware renovation and personalized software services, focusing on the needs of the silver-haired population[20](index=20&type=chunk) - Developing non-residential space operations, enhancing professionalism, establishing long-term partnerships with clients, and upgrading from basic service provider to ecosystem co-existence partner[20](index=20&type=chunk) - Developing community commerce, seizing core scenarios of owner's daily life, and building a community commercial ecosystem[21](index=21&type=chunk) - Developing smart empowerment upgrades, deepening the application of IoT and AI technologies to improve operational efficiency and owner experience[21](index=21&type=chunk) [Social Responsibility](index=10&type=section&id=%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB) Shimao Services integrates social responsibility into its operations, promoting environmental sustainability through energy conservation, waste recycling, and renewable energy, earning industry recognition - Continuously reducing the environmental impact of operations and building a systematic energy conservation and consumption reduction management system[22](index=22&type=chunk) - Focusing on waste resource utilization, renewable energy promotion, and integrated environmental sanitation services to contribute to the urban circular economy[22](index=22&type=chunk) - In 2025, received awards such as "AAA-level Property Service Credit Enterprise in Zhejiang Province" and "2025 China Property Low-Carbon Operation Leading Enterprise"[23](index=23&type=chunk) [Acknowledgements](index=10&type=section&id=%E8%87%B4%E8%AC%9D) Chairman Xu Shitan expressed gratitude to all stakeholders for their support amidst market challenges, reaffirming the company's commitment to creating greater shareholder value through responsibility and innovation - Chairman Xu Shitan thanked all stakeholders for their support in a complex economic environment[24](index=24&type=chunk) - The company will uphold the philosophy of "responsibility and commitment," "collaborative breakthrough," and "achieving results" to address challenges with practical action and innovation, creating greater value for shareholders[25](index=25&type=chunk) Management Discussion and Analysis This section reviews the Group's business performance, financial position, and operational strategies across its four main segments for the reporting period [Business Review](index=11&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group aims to be a leading integrated property management provider, covering 123 cities and 1,466 projects, with total revenue decreasing by 10.2% to RMB 3,619.8 million - The Group aims to be a leading integrated property management service provider in China, with four major business segments: property management, community value-added services, non-owner value-added services, and city services[28](index=28&type=chunk) 2025 June 30 Business Overview | Indicator | 2025 June 30 | 2024 June 30 | Change (%) | | :--- | :--- | :--- | :--- | | Cities Covered | 123 | 121 | 1.7% | | Projects Under Management | 1,466 | 1,491 | -1.7% | | GFA Under Management | 222.3 million square meters | 246.9 million square meters | -10.0% | | Contracted GFA | 343.4 million square meters | 332.6 million square meters | 3.2% | 2025 H1 Revenue by Business Segment | Business Segment | 2025 Revenue (RMB million) | 2025 Share (%) | 2024 Revenue (RMB million) | 2024 Share (%) | Revenue Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 2,812.3 | 77.7% | 2,761.0 | 68.5% | 1.9% | | Community Value-Added Services | 538.9 | 14.9% | 586.7 | 14.5% | -8.1% | | Non-Owner Value-Added Services | 61.2 | 1.7% | 80.9 | 2.0% | -24.4% | | City Services | 207.4 | 5.7% | 603.2 | 15.0% | -65.6% | | **Total** | **3,619.8** | **100%** | **4,031.8** | **100%** | **-10.2%** | [Property Management Services](index=12&type=section&id=%E7%89%A9%E6%A5%AD%E7%AE%A1%E7%90%86%E6%9C%8D%E5%8B%99) Property management services, the core business, saw a 1.9% revenue increase to RMB 2,812.3 million with stable gross margins, driven by strong third-party expansion and improved retention - Property management service revenue was **RMB 2,812.3 million**, a **1.9% year-on-year increase**, with a gross profit margin of **20.0%**, consistent with the prior period[32](index=32&type=chunk) - Revenue growth was primarily driven by active expansion of third-party projects, improved quality of new projects, and increased GFA delivered by Shimao Group and its joint venture developers[32](index=32&type=chunk) GFA Under Management and Contracted GFA (by Developer Type) | Indicator | 2025 June 30 GFA (million square meters) | 2025 Share (%) | 2024 June 30 GFA (million square meters) | 2024 Share (%) | GFA Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **GFA Under Management** | **222.3** | **100%** | **246.9** | **100%** | **-10.0%** | | From Shimao Group and its joint venture developers | 62.2 | 28.0% | 61.3 | 24.8% | 1.5% | | From independent third-party developers | 160.1 | 72.0% | 185.6 | 75.2% | -13.7% | | **Contracted GFA** | **343.4** | **100%** | **332.6** | **100%** | **3.2%** | | From Shimao Group and its joint venture developers | 75.4 | 22.0% | 75.8 | 22.8% | -0.5% | | From independent third-party developers | 268.0 | 78.0% | 256.8 | 77.2% | 4.4% | GFA Under Management and Contracted GFA (by Property Type) | Indicator | 2025 June 30 GFA (million square meters) | 2025 Share (%) | 2024 June 30 GFA (million square meters) | 2024 Share (%) | GFA Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **GFA Under Management** | **222.3** | **100%** | **246.9** | **100%** | **-10.0%** | | Residential Properties | 136.9 | 61.6% | 144.5 | 58.5% | -5.3% | | Non-Residential Properties | 85.4 | 38.4% | 102.4 | 41.5% | -16.6% | | **Contracted GFA** | **343.4** | **100%** | **332.6** | **100%** | **3.2%** | | Residential Properties | 195.6 | 57.0% | 191.8 | 57.7% | 2.0% | | Non-Residential Properties | 147.8 | 43.0% | 140.8 | 42.3% | 5.0% | - Terminated GFA under management/contracted GFA decreased by **36.6% year-on-year**, primarily due to improved service quality and focused operational efficiency, leading to higher renewal rates[35](index=35&type=chunk) Third-Party Bid Expansion New Contract Value and GFA | Indicator | 2025 H1 | 2024 H1 | Change (%) | | :--- | :--- | :--- | :--- | | New Annualized Contract Value | RMB 958.4 million | RMB 620.1 million | +54.6% | | New Contracted GFA | 40.1 million square meters | 17.7 million square meters | +126.6% | | Share of New Non-Residential Contracted GFA | 83.3% | 55.9% | +27.4 percentage points | [Community Value-Added Services](index=17&type=section&id=%E7%A4%BE%E5%8D%80%E5%A2%9E%E5%80%BC%E6%9C%8D%E5%8B%99) Community value-added services revenue decreased by 8.1% to RMB 538.9 million, with a 5.4 percentage point drop in gross margin, influenced by economic conditions and consumer sentiment 2025 H1 Community Value-Added Services Financial Performance | Indicator | 2025 H1 | 2024 H1 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 538.9 million | RMB 586.7 million | -8.1% | | Gross Profit | RMB 116.6 million | RMB 158.2 million | -26.3% | | Gross Profit Margin | 21.6% | 27.0% | -5.4 percentage points | - The decline in revenue and gross profit was mainly due to changes in the domestic economic situation and more cautious owner consumption sentiment[41](index=41&type=chunk) - The company optimized its development strategy, developed new retail businesses, and focused on services close to residents' daily lives, building a "15-minute living circle"[41](index=41&type=chunk) 2025 H1 Community Value-Added Services Revenue (by Category) | Category | 2025 Revenue (RMB million) | 2025 Share (%) | 2024 Revenue (RMB million) | 2024 Share (%) | Revenue Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Community Asset Management Services | 123.4 | 22.9% | 113.7 | 19.4% | 8.5% | | Smart Scene Solutions | 4.0 | 0.7% | 47.3 | 8.1% | -91.5% | | Parking Space Asset Operation Services | 113.6 | 21.1% | 125.6 | 21.4% | -9.6% | | Home Improvement Services | 38.6 | 7.2% | 38.6 | 6.5% | Flat | | Campus Value-Added Services | 154.0 | 28.6% | 175.8 | 30.0% | -12.4% | | Elderly Care Services | 105.3 | 19.5% | 85.7 | 14.6% | 22.9% | | **Total** | **538.9** | **100%** | **586.7** | **100%** | **-8.1%** | [Non-Owner Value-Added Services](index=19&type=section&id=%E9%9D%9E%E6%A5%AD%E4%B8%BB%E5%A2%9E%E5%80%BC%E6%9C%8D%E5%8B%99) Non-owner value-added services revenue declined by 24.4% to RMB 61.2 million, primarily due to a contraction in on-site sales support business amid reduced new property starts - Non-owner value-added services revenue was **RMB 61.2 million**, a **24.4% year-on-year decrease**[47](index=47&type=chunk) - The decline in revenue, gross profit, and gross profit margin was mainly attributable to the decrease in new commercial housing starts, leading to a contraction in on-site sales support business[47](index=47&type=chunk) [City Services](index=19&type=section&id=%E5%9F%8E%E5%B8%82%E6%9C%8D%E5%8B%99) City services revenue significantly decreased by 65.6% to RMB 207.4 million, mainly due to the disposal of a 60% stake in Wuxi Jinshatian Technology Co., Ltd. in September 2024 - City services revenue was **RMB 207.4 million**, a **65.6% year-on-year decrease**[48](index=48&type=chunk) - The decrease in revenue was primarily due to the disposal of a **60% stake** in Wuxi Jinshatian Technology Co., Ltd. in September 2024, which reduced consolidated revenue[48](index=48&type=chunk) [Share Award Scheme](index=19&type=section&id=%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5%E8%A8%88%E5%8A%83) The Share Award Scheme, adopted in 2021, aims to recognize employee contributions and attract talent, with a maximum grant of 3% of issued shares over ten years - The Share Award Scheme was adopted on June 28, 2021, with a ten-year validity, aiming to recognize employee contributions and attract talent[49](index=49&type=chunk) - The maximum number of award shares that can be granted is **3%** of the total issued shares on the adoption date (i.e., **70,919,190 shares**)[49](index=49&type=chunk) - No award shares were granted under the Share Award Scheme in H1 2025[49](index=49&type=chunk) [Employees and Remuneration Policy](index=19&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 34,592 employees, a 21.4% decrease, with total staff costs falling by 16.4% due to subsidiary disposals and efficiency improvements 2025 H1 Employee and Remuneration Data | Indicator | 2025 June 30 | 2024 June 30 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Number of Employees | 34,592 employees | 44,011 employees | -21.4% | | Total Staff Costs | RMB 1,517.7 million | RMB 1,815.3 million | -16.4% | - The decrease in employee numbers and costs was mainly due to the disposal of subsidiaries like Jinshatian, reasonable adjustment of resource allocation structure, and improved internal operational efficiency[50](index=50&type=chunk) - Remuneration is determined with reference to job responsibilities, market levels, employee performance, and contributions, with diversified training and benefits provided[50](index=50&type=chunk) [Proceeds from Listing and Equity Fundraising Activities](index=20&type=section&id=%E4%B8%8A%E5%B8%82%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E5%8F%8A%E8%82%A1%E6%9C%AC%E9%9B%86%E8%B3%87%E6%B4%BB%E5%8B%95) The company's 2020 IPO raised RMB 5,126 million, with RMB 948 million unutilized, while a 2021 placing raised RMB 1,426 million, with RMB 473 million unutilized due to unmaterialized acquisition plans IPO Proceeds Utilization (as of June 30, 2025) | Intended Use | Available Amount (RMB million) | Allocation Percentage (%) | Amount Utilized (RMB million) | Unutilized Amount (RMB million) | | :--- | :--- | :--- | :--- | :--- | | Business Scale Expansion | 3,332 | 65% | 3,332 | – | | Increase Value-Added Service Categories | 769 | 15% | 303 | 466 | | Improve Information Technology Systems | 256 | 5% | 256 | – | | Attract and Cultivate Talent | 256 | 5% | 74 | 182 | | Working Capital and General Corporate Purposes | 513 | 10% | 213 | 300 | | **Total** | **5,126** | **100%** | **4,178** | **948** | - The unutilized IPO proceeds are primarily due to the failure to successfully acquire previously targeted potential projects[51](index=51&type=chunk) Placing Proceeds Utilization (as of June 30, 2025) | Intended Use | Net Proceeds Available (RMB million) | Allocation Percentage (%) | Net Proceeds Utilized (RMB million) | Net Proceeds Unutilized (RMB million) | | :--- | :--- | :--- | :--- | :--- | | Potential Acquisitions | 1,140 | 80% | 810 | 330 | | Business Expansion | 143 | 10% | – | 143 | | General Working Capital and Corporate Purposes | 143 | 10% | 143 | – | | **Total** | **1,426** | **100%** | **953** | **473** | - The core reason for unutilized placing proceeds is that the originally planned acquisition projects did not materialize[53](index=53&type=chunk) [Significant Events During the Period](index=21&type=section&id=%E6%9C%9F%E5%85%A7%E4%BA%8B%E9%A0%85) In H1 2025, the Group acquired an additional 33% equity in Shenzhen Shiluyuan Environmental Co., Ltd., making it a wholly-owned subsidiary, and formed a partnership for a cold chain logistics project - On January 3, 2025, the acquisition of an additional **33% equity** in Shenzhen Shiluyuan Environmental Co., Ltd. was completed, making it an indirect wholly-owned subsidiary of the Company[54](index=54&type=chunk) - On June 19, 2025, a partnership was formed with Wuxi Xinghe Investment Consulting Partnership to jointly invest in and operate a cold chain logistics project in Huludao, Liaoning Province, China, with a total capital contribution of **RMB 240 million**[55](index=55&type=chunk) [Acquisition Strategy and Future Outlook](index=22&type=section&id=%E6%94%B6%E8%B3%BC%E5%8F%8A%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The Group's acquisition strategy focuses on strategic fit, growth, and capability building, while future outlook emphasizes quality service, AI, and big data to drive efficiency and diversification - The acquisition strategy considers the target company's fit with the Group, scale growth, new sector layout, and capability building, also focusing on market position, business model, financial status, and service quality[56](index=56&type=chunk) - In H1 2025, no targets were successfully acquired due to the real estate industry downturn; future efforts will strengthen due diligence and prudently identify quality targets[56](index=56&type=chunk) - The future property management industry will be driven by AI and big data, achieving automated algorithmic processes, personalized services, diversified businesses, and shifting from labor-intensive to technology-intensive models[57](index=57&type=chunk) - Shimao Services has incorporated "return to quality" into its strategy, cultivating services through multi-dimensional approaches, leveraging brand reputation for scale, and initiating a new cycle of sustainable growth[57](index=57&type=chunk) [Financial Review](index=23&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2025, revenue decreased by 10.2% to RMB 3,619.8 million, with gross profit down 12.6% to RMB 709.0 million, and operating profit significantly impacted by impairment losses 2025 H1 Key Financial Indicators | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,619.8 | 4,031.8 | -10.2% | | Cost of Sales and Services | 2,910.8 | 3,220.3 | -9.6% | | Gross Profit | 709.0 | 811.5 | -12.6% | | Gross Profit Margin | 19.6% | 20.1% | -0.5 percentage points | | Selling and Marketing Expenses | 56.3 | 59.6 | -5.5% | | Administrative Expenses | 339.8 | 418.9 | -18.9% | | Operating Profit | 40.2 | 252.0 | -84.0% | | Profit Before Income Tax | 29.5 | 262.0 | -88.7% | | Income Tax Expense | 7.3 | 51.2 | -85.7% | | Profit for the Period | 22.3 | 210.8 | -89.4% | | Profit Attributable to Equity Holders of the Company | 8.5 | 184.0 | -95.4% | | Core Net Profit (Non-HKFRS) | 261.0 | 294.4 | -11.3% | - Operating profit and profit for the period significantly decreased primarily due to the recognition of substantial credit impairment losses and goodwill impairment losses during the period[66](index=66&type=chunk) 2025 H1 Gross Profit Margin by Business Segment | Business Segment | 2025 H1 Gross Profit Margin (%) | 2024 H1 Gross Profit Margin (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | | Property Management Services | 20.0% | 20.0% | Flat | | Community Value-Added Services | 21.6% | 27.0% | -5.4 | | Non-Owner Value-Added Services | 15.0% | 16.9% | -1.9 | | City Services | 9.9% | 14.3% | -4.4 | - The net book value of investment properties, property, plant and equipment increased by **40.8%** to **RMB 501.0 million**, mainly due to investment in smart equipment for new projects[74](index=74&type=chunk) - The carrying value of intangible assets increased by **2.5%** to **RMB 2,154.2 million**, including goodwill of **RMB 1,273.0 million**, with a goodwill impairment loss of **RMB 34.7 million** recognized[75](index=75&type=chunk) - Trade receivables increased by **7.6%** to **RMB 3,635.3 million**, mainly due to slower-than-expected collections amid macroeconomic downturns and increased balances from related parties[76](index=76&type=chunk) - Trade payables increased by **41.4%** to **RMB 1,996.7 million**, primarily due to market conditions affecting collections and adjustments to payment terms with suppliers[78](index=78&type=chunk) - Cash and cash equivalents (including time deposits over three months) increased by **27.7%** to **RMB 4,807.4 million**, with net current assets of **RMB 4,551.5 million** and a current ratio of **1.86**, indicating a sound financial position[79](index=79&type=chunk) Corporate Governance and Other Information This section details the company's corporate governance framework, including board composition, committee structures, and compliance with listing rules [Biographies of Directors and Senior Management](index=27&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E5%B1%A4%E7%B0%A1%E4%BB%8B) This section provides detailed biographies of the executive and independent non-executive directors, highlighting their extensive experience in property development and management - Mr. Xu Shitan (48 years old) serves as Chairman of the Board and Executive Director, with over 26 years of experience in property development and management, also serving as Executive Director, President, and Chairman of the Board of Shimao Group Holdings[82](index=82&type=chunk) - Mr. Shao Liang (47 years old) serves as Executive Director and President, with over 24 years of experience in marketing and operational management, also serving as Non-executive Director and Vice President of Shimao Group Holdings[83](index=83&type=chunk) - Mr. Cao Shiyang resigned as an Executive Director of the Company on August 31, 2025[88](index=88&type=chunk) [Details of Share Award Scheme](index=29&type=section&id=%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5%E8%A8%88%E5%8A%83) The Share Award Scheme aims to incentivize employees, with 3,570,329 unvested shares as of June 30, 2025, and approximately 2.57% of issued shares available for future grants - The Share Award Scheme aims to recognize employee contributions, incentivize employees, and attract talent, with a ten-year validity period[89](index=89&type=chunk) 2025 H1 Share Award Scheme Movements | Category | Unvested as of Jan 1, 2025 | Granted During Period | Vested During Period | Forfeited/Cancelled During Period | Unvested as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Executive Directors | 224,852 | – | – | – | 224,852 | | Other Selected Employees | 3,400,867 | – | – | (55,390) | 3,345,477 | | **Total** | **3,625,719** | **–** | **–** | **(55,390)** | **3,570,329** | - A total of **7,542,551 award shares** have been granted since the adoption date, representing approximately **0.32%** of the total issued shares[93](index=93&type=chunk) - The total number of shares available for future grants under the Share Award Scheme is **63,376,639 shares**, representing approximately **2.57%** of the total issued shares as of the report date[93](index=93&type=chunk) [Disclosure of Interests in Securities](index=30&type=section&id=%E8%AD%89%E5%88%B8%E6%AC%8A%E7%9B%8A%E6%8A%AB%E9%9C%B2) This section discloses the interests of directors and substantial shareholders in the company's and its associated corporations' shares as of June 30, 2025 Directors' Interests in the Company's Shares (as of June 30, 2025) | Director Name | Number of Ordinary Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | | Xu Shitan | 57,129 | 0.002% | | Shao Liang | 35,016 | 0.001% | | Cao Shiyang (Resigned) | 829,967 | 0.034% | Directors' Interests in Shimao Group Holdings Shares (as of June 30, 2025) | Director Name | Number of Ordinary Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | | Xu Shitan | 3,682,198 | 0.097% | | Shao Liang | 61,388 | 0.002% | | Cao Shiyang (Resigned) | 93,202 | 0.002% | - Substantial shareholder Mr. Xu Rongmao, through his directly wholly-owned and controlled companies, holds approximately **1,484,567,092 shares** in the Company, representing approximately **60.15%** of the issued share capital[100](index=100&type=chunk)[101](index=101&type=chunk) [Corporate Governance Practices](index=32&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The company maintains high standards of corporate governance, with a diverse board and independent committees, largely complying with the Listing Rules' Corporate Governance Code - The Board of Directors comprises two executive directors and three independent non-executive directors, possessing diverse business and professional expertise[103](index=103&type=chunk) - The Audit Committee, Remuneration Committee, and Nomination Committee are each composed of three independent non-executive directors, responsible for oversight and recommendations in their respective areas[105](index=105&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - The Company has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules, except for the Chairman's absence from the Annual General Meeting held on June 10, 2025, as required by code provision F.1.3[111](index=111&type=chunk) [Other Important Information](index=33&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) The company did not purchase, sell, or redeem any listed securities in H1 2025, does not recommend an interim dividend, and encourages electronic communication with shareholders - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[112](index=112&type=chunk) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[113](index=113&type=chunk) - The Company encourages shareholders to view corporate communications electronically to support environmental protection[114](index=114&type=chunk) Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For H1 2025, the Group reported a 10.2% revenue decrease to RMB 3,619,813 thousand, with operating profit down 84.0% and profit for the period down 89.4% due to impairment losses 2025 H1 Profit or Loss Statement Key Data | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,619,813 | 4,031,765 | -10.2% | | Cost of Sales and Services | (2,910,819) | (3,220,257) | -9.6% | | Gross Profit | 708,994 | 811,508 | -12.6% | | Selling and Marketing Expenses | (56,261) | (59,551) | -5.5% | | Administrative Expenses | (339,805) | (418,856) | -18.9% | | Impairment Loss on Financial Assets – Net | (235,938) | (86,516) | +172.7% | | Impairment Loss on Intangible Assets | (34,742) | – | Not Applicable | | Operating Profit | 40,194 | 252,032 | -84.0% | | Finance (Costs) / Income – Net | (2,052) | 2,944 | -169.7% | | Profit Before Income Tax | 29,510 | 262,026 | -88.7% | | Income Tax Expense | (7,253) | (51,189) | -85.7% | | Profit for the Period | 22,257 | 210,837 | -89.4% | | Profit Attributable to Equity Holders of the Company | 8,519 | 183,965 | -95.4% | | Basic Earnings Per Share (RMB) | 0.003 | 0.075 | -96.0% | - Total comprehensive income for the period was **RMB 20,731 thousand**, a **90.8% year-on-year decrease**[116](index=116&type=chunk) Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets increased by 2.8% to RMB 13,357,655 thousand, with significant growth in cash and cash equivalents, while net current assets remained robust 2025 June 30 Financial Position Statement Key Data | Indicator | 2025 June 30 (RMB thousand) | 2024 December 31 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-Current Assets** | | | | | Property, Plant and Equipment | 484,138 | 338,593 | +43.0% | | Intangible Assets | 2,154,173 | 2,101,162 | +2.5% | | Total Non-Current Assets | 3,538,594 | 3,338,544 | +6.0% | | **Current Assets** | | | | | Inventories | 166,956 | 174,346 | -4.3% | | Trade Receivables | 3,635,253 | 3,378,267 | +7.6% | | Prepayments, Deposits and Other Receivables | 1,166,557 | 2,119,426 | -45.0% | | Cash and Cash Equivalents | 4,307,361 | 2,164,112 | +99.0% | | Total Current Assets | 9,819,061 | 9,648,934 | +1.8% | | **Current Liabilities** | | | | | Trade Payables | 1,996,655 | 1,412,288 | +41.4% | | Deposits Received, Accruals and Other Payables | 1,673,790 | 1,602,571 | +4.4% | | Contract Liabilities | 1,200,855 | 1,287,690 | -6.7% | | Total Current Liabilities | 5,267,564 | 4,768,067 | +10.5% | | Net Current Assets | 4,551,497 | 4,880,867 | -6.8% | | **Total Equity** | **7,917,113** | **8,039,043** | **-1.5%** | - Total assets less current liabilities amounted to **RMB 8,090,091 thousand**, a slight decrease from **RMB 8,219,411 thousand** at the end of 2024[117](index=117&type=chunk) Interim Condensed Consolidated Statement of Changes in Equity For H1 2025, total equity attributable to owners decreased from RMB 7,658,752 thousand to RMB 7,627,274 thousand, influenced by profit for the period and transactions with non-controlling interests 2025 H1 Equity Movement Overview | Indicator | Balance as of Jan 1, 2025 (RMB thousand) | Total Comprehensive Income for the Period (RMB thousand) | Transactions with Owners (RMB thousand) | Balance as of June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Total Attributable to Equity Holders of the Company | 7,658,752 | 6,993 | (38,471) | 7,627,274 | | Non-Controlling Interests | 380,291 | 13,738 | (104,180) | 289,839 | | **Total Equity** | **8,039,043** | **20,731** | **(142,651)** | **7,917,113** | - The acquisition of additional equity in a subsidiary from non-controlling interests resulted in a decrease of **RMB 38,957 thousand** in other reserves and a decrease of **RMB 103,277 thousand** in non-controlling interests[120](index=120&type=chunk) - Profit for the period was **RMB 8,519 thousand**, and other comprehensive income was a negative **RMB 1,526 thousand**[120](index=120&type=chunk) Interim Condensed Consolidated Statement of Cash Flows In H1 2025, net cash from operating activities significantly increased to RMB 1,314,001 thousand, contributing to a substantial rise in cash and cash equivalents by period-end 2025 H1 Cash Flow Statement Key Data | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash From / (Used In) Operating Activities | 1,314,001 | (45,801) | | Net Cash From Investing Activities | 820,796 | 850,551 | | Net Cash Used In Financing Activities | (9,549) | (183,053) | | Net Increase in Cash and Cash Equivalents | 2,125,248 | 621,697 | | Cash and Cash Equivalents at End of Period | 4,307,361 | 4,410,010 | - Net cash generated from operating activities significantly increased to **RMB 1,387,892 thousand**, with income tax paid amounting to **RMB 86,611 thousand**[123](index=123&type=chunk) - In investing activities, the decrease in time deposits with maturities over three months by **RMB 1,100,129 thousand** was the main contributor to net cash inflow from investing activities[123](index=123&type=chunk) - Net cash used in financing activities significantly decreased, primarily due to reduced capital contributions from non-controlling interests and lower dividends paid to non-controlling interests[123](index=123&type=chunk) Notes to the Interim Condensed Consolidated Financial Statements This section provides detailed notes on the Group's financial statements, covering general information, accounting policies, risk management, and specific financial item breakdowns [General Information](index=41&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Shimao Services Holdings Limited, incorporated in the Cayman Islands and listed in Hong Kong, primarily operates property management and related services in China, with Mr. Xu Rongmao as the ultimate controlling shareholder - The Company was incorporated on December 3, 2019, under the laws of the Cayman Islands and listed on the Main Board of The Stock Exchange of Hong Kong Limited on October 30, 2020[124](index=124&type=chunk) - The Group is principally engaged in property management, community value-added services, non-owner value-added services, and city services in China[124](index=124&type=chunk) - The Company's ultimate holding company is Gemfair Investments Limited, and the ultimate controlling shareholder is Mr. Xu Rongmao[125](index=125&type=chunk) [Basis of Preparation and Accounting Policies](index=41&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim financial statements are prepared in accordance with HKAS 34 and Listing Rules, presented in RMB thousands, with no significant impact from new accounting standards - The interim condensed consolidated financial statements are prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[126](index=126&type=chunk) - Hong Kong Accounting Standard 21 (Amendment) "Lack of Exchangeability," effective January 1, 2025, has no significant impact on the Group's interim condensed consolidated financial statements[128](index=128&type=chunk)[129](index=129&type=chunk) - Management makes significant judgments, estimates, and assumptions in preparing the financial statements, and actual results may differ from these estimates[131](index=131&type=chunk) [Financial Risk Management Objectives and Policies](index=42&type=section&id=%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E7%9A%84%E7%9B%AE%E6%A8%99%E5%8F%8A%E6%94%BF%E7%AD%96) The Group manages foreign currency, interest rate, credit, and liquidity risks, aiming for continuous operation and optimal capital structure, maintaining a net cash position - The Group's business faces foreign currency risk, interest rate risk, credit risk, and liquidity risk, with no significant changes in risk management policies since the year-end[132](index=132&type=chunk)[133](index=133&type=chunk) - The capital management objective is to ensure continuous operation, provide returns to stakeholders, and maintain an optimal capital structure to minimize funding costs[134](index=134&type=chunk) - As of June 30, 2025, the Group was in a net cash position and had no gearing ratio[135](index=135&type=chunk) - Fair value measurement of financial assets uses a hierarchy classification (Level 1, 2, 3), with Level 3 instruments' fair value assessed at least annually[138](index=138&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) [Segment Information](index=44&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates two reportable segments: property management and related services, and city services, with all revenue and non-current assets derived from China - The Group has identified property management and related services (including property management, community value-added services, and non-owner value-added services) and city services as two operating segments[147](index=147&type=chunk) - All of the Group's revenue is derived from China, and all non-current assets are located in China[144](index=144&type=chunk)[145](index=145&type=chunk) 2025 H1 Reportable Segment Revenue and Results | Segment | Revenue (RMB thousand) | Results (RMB thousand) | | :--- | :--- | :--- | | Property Management and Related Services | 3,412,372 | 47,611 | | City Services | 207,441 | 1,047 | | **Total** | **3,619,813** | **48,658** | - Reconciliation of segment results to profit before income tax shows the impact of other gains and losses, share of results of associates, finance costs/income, and unallocated expenses on the final profit[148](index=148&type=chunk) [Revenue and Cost of Sales and Services Analysis](index=46&type=section&id=%E6%94%B6%E5%85%A5%E4%BB%A5%E5%8F%8A%E9%8A%B7%E5%94%AE%E5%8F%8A%E6%9C%8D%E5%8B%99%E6%88%90%E6%9C%AC) Total revenue for H1 2025 was RMB 3,619,813 thousand, with property management as the largest contributor, while community value-added and city services saw declines - Revenue primarily comprises proceeds from property management services, value-added services, and city services provided to customers[149](index=149&type=chunk) 2025 H1 Revenue and Cost of Sales and Services (by Category) | Category | 2025 Revenue (RMB thousand) | 2025 Cost of Sales and Services (RMB thousand) | 2024 Revenue (RMB thousand) | 2024 Cost of Sales and Services (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 2,812,286 | 2,249,644 | 2,760,965 | 2,207,873 | | Community Value-Added Services | 538,854 | 422,218 | 586,739 | 428,497 | | Non-Owner Value-Added Services | 61,232 | 52,036 | 80,870 | 67,212 | | City Services | 207,441 | 186,921 | 603,191 | 516,675 | | **Total** | **3,619,813** | **2,910,819** | **4,031,765** | **3,220,257** | - For the six months ended June 30, 2025, revenue from entities controlled by the ultimate controlling shareholder accounted for approximately **3.67%** of the Group's revenue (2024: 2.90%)[149](index=149&type=chunk) [Components of Profit Before Income Tax](index=47&type=section&id=%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E5%88%A9%E6%BD%A4) Profit before income tax is calculated after deducting employee benefits, share-based payments, significant financial asset impairment losses, and depreciation and amortization expenses 2025 H1 Major Expense Components | Expense Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Employee Benefit Expenses (excluding directors' and chief executive's emoluments) | 1,517,663 | 1,815,305 | | Equity-Settled Share-Based Payments | 486 | 651 | | Impairment Loss on Financial Assets – Net | 235,938 | 86,516 | | Total Depreciation and Amortization | 146,459 | 177,364 | | Cost of Inventories Sold | 108,671 | 83,811 | | Cost of Parking Space Sales | 14,968 | 3,356 | | Raw Materials for Catering Services | 51,401 | 56,445 | - The net impairment loss on financial assets significantly increased, primarily due to increased impairment losses on third-party trade receivables[150](index=150&type=chunk) [Other Income and Gains](index=48&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) In H1 2025, other income primarily consisted of government grants of RMB 5,497 thousand, with net other gains and losses being a negative RMB 4,581 thousand - Other income primarily consisted of government grants of **RMB 5,497 thousand**, with no unfulfilled conditions or other contingencies[151](index=151&type=chunk) 2025 H1 Net Other Gains and Losses | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Gain on Disposal of Property, Plant and Equipment | 348 | 3,689 | | Net Exchange (Loss) / Gain | (52) | 13 | | Others | (4,877) | (3,753) | | **Total** | **(4,581)** | **(51)** | [Finance (Costs) / Income – Net](index=48&type=section&id=%E8%9E%8D%E8%B3%87%EF%BC%88%E6%88%90%E6%9C%AC%EF%BC%89%E2%88%95%E6%94%B6%E5%85%A5%EF%BC%8D%E6%B7%A8%E9%A1%8D) The Group reported net finance costs of RMB 2,052 thousand in H1 2025, a shift from net finance income in the prior year, mainly due to amortization of unrecognised finance charges from acquisitions 2025 H1 Finance (Costs) / Income – Net | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Income from Bank Deposits | 12,720 | 22,115 | | Interest and Finance Charges Paid / Payable on Lease Liabilities and Others | (14,772) | (19,171) | | **Finance (Costs) / Income – Net** | **(2,052)** | **2,944** | - The net finance costs primarily arose from the amortization of unrecognised finance charges from the discounted consideration for acquired companies recognized during the period[65](index=65&type=chunk) [Income Tax Expense](index=49&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense decreased by 85.7% to RMB 7,253 thousand in H1 2025, primarily due to a significant reduction in profit before income tax 2025 H1 Income Tax Expense | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Income Tax – China – Corporate Income Tax | (53,499) | (75,590) | | Deferred Income Tax Credit – China Corporate Income Tax | 46,246 | 24,401 | | **Total** | **(7,253)** | **(51,189)** | - The significant decrease in income tax expense was primarily due to a substantial decrease in profit before income tax during the period[67](index=67&type=chunk) - Corporate income tax rate for PRC subsidiaries is generally **25%**, with some located in western regions or recognized as high-tech enterprises enjoying a **15% preferential tax rate**[159](index=159&type=chunk)[67](index=67&type=chunk) [Earnings Per Share](index=50&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic earnings per share for H1 2025 was RMB 0.003, with diluted earnings per share being the same due to the anti-dilutive effect of potential shares from the share award scheme 2025 H1 Earnings Per Share | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (RMB thousand) | 8,519 | 183,965 | | Weighted Average Number of Equity Shares (thousand shares) | 2,456,741 | 2,467,624 | | **Basic Earnings Per Share (RMB)** | **0.003** | **0.075** | | Diluted Earnings Per Share (RMB) | 0.003 | 0.074 | - For the six months ended June 30, 2025, diluted earnings per share were the same as basic earnings per share because the potential shares arising from the share award scheme would increase earnings per share, thus having an anti-dilutive effect and not being accounted for[164](index=164&type=chunk) [Interests in Associates](index=51&type=section&id=%E6%96%BC%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E7%9A%84%E6%AC%8A%E7%9B%8A) Interests in associates amounted to RMB 482,783 thousand as of June 30, 2025, reflecting additions, share of losses, and dividends received from various property management and related ventures 2025 H1 Movements in Interests in Associates | Item | 2025 (RMB thousand) | | :--- | :--- | | Balance at Beginning of Period | 502,204 | | Additions | 1,489 | | Share of Results | (8,632) | | Dividends | (12,278) | | **Balance at End of Period** | **482,783** | - Key associates include Kunming Ruixin Urban Operation Management Co., Ltd. (property management), Zhejiang Xinyu Commercial Group Co., Ltd. (school supermarket operations), Suzhou Maoyouchong New Energy Technology Co., Ltd. (electric vehicle charging station operations), among others[166](index=166&type=chunk) [Property, Plant and Equipment and Investment Properties](index=52&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E6%A9%9F%E5%99%A8%E5%8F%8A%E8%A8%AD%E5%82%99%E4%BB%A5%E5%8F%8A%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD) The carrying value of property, plant and equipment increased to RMB 484,138 thousand, while investment properties slightly decreased, with significant additions and depreciation recorded during the period 2025 H1 Movements in Property, Plant and Equipment and Investment Properties | Item | Property, Plant and Equipment (RMB thousand) | Investment Properties (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | | Carrying Value as of Jan 1, 2025 | 338,593 | 17,337 | 355,930 | | Additions | 207,000 | – | 207,000 | | Depreciation Expense | (59,310) | (429) | (59,739) | | Disposals | (2,145) | – | (2,145) | | **Carrying Value as of June 30, 2025** | **484,138** | **16,908** | **501,046** | - As of June 30, 2025, no buildings or investment properties were pledged as collateral for the Group's borrowings[168](index=168&type=chunk) - Depreciation expense is primarily recognized in cost of sales and services (**RMB 54,314 thousand**) and administrative expenses (**RMB 4,996 thousand**)[169](index=169&type=chunk) [Intangible Assets](index=54&type=section&id=%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) Intangible assets increased to RMB 2,154,173 thousand, including computer software, goodwill, customer relationships, and brand names, with goodwill impairment recorded due to delayed expansion and market challenges 2025 H1 Movements in Intangible Assets | Item | Carrying Value as of Jan 1, 2025 (RMB thousand) | Additions (RMB thousand) | Impairment Loss (RMB thousand) | Amortization Expense (RMB thousand) | Carrying Value as of June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Computer Software | 322,800 | 159,840 | – | (21,812) | 460,828 | | Goodwill | 1,307,788 | – | (34,742) | – | 1,273,046 | | Customer Relationships | 461,241 | – | – | (49,275) | 411,966 | | Brand Names | 9,333 | – | – | (1,000) | 8,333 | | **Total** | **2,101,162** | **159,840** | **(34,742)** | **(72,087)** | **2,154,173** | - Goodwill impairment loss of **RMB 34,742 thousand** was primarily due to delays in business expansion plans, lower-than-expected gross profit margins, and intense market competition leading to non-renewal of projects amid macroeconomic challenges[172](index=172&type=chunk) - Amortization of intangible assets is mainly recognized in administrative expenses (**RMB 67,507 thousand**) and cost of sales and services (**RMB 4,580 thousand**)[171](index=171&type=chunk) [Trade Receivables](index=56&type=section&id=%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%B3%E6%AC%BE) Net trade receivables increased to RMB 3,635,253 thousand, driven by macroeconomic downturns impacting customer cash flow and increased balances from related parties 2025 June 30 Trade Receivables | Item | 2025 June 30 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables (Related Parties) | 815,033 | 753,235 | | Trade Receivables (Third Parties) | 3,953,500 | 3,635,434 | | Bills Receivable | 1,219 | 427 | | **Gross Total (before impairment)** | **4,768,533** | **4,388,669** | | Less: Impairment Provision for Trade Receivables | (1,134,499) | (1,010,829) | | **Net Total** | **3,635,253** | **3,378,267** | - The increase in trade receivables was mainly due to macroeconomic downturns leading to tight customer cash flow, slower-than-expected collections, and increased balances from related parties[76](index=76&type=chunk) - The company has developed specific collection plans for both residential and non-residential businesses, including differentiated services, enhanced collection methods, and strengthened internal controls[77](index=77&type=chunk) 2025 June 30 Ageing Analysis of Trade Receivables (before impairment) | Ageing | 2025 June 30 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 2,346,216 | 2,561,773 | | 1 to 2 years | 1,208,718 | 651,705 | | 2 to 3 years | 470,121 | 641,321 | | 3 to 4 years | 481,106 | 415,253 | | 4 to 5 years | 212,305 | 109,918 | | Over 5 years | 50,067 | 8,699 | | **Total** | **4,768,533** | **4,388,669** | [Prepayments, Deposits and Other Receivables](index=58&type=section&id=%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E8%B3%B3%E6%AC%BE) Net prepayments, deposits, and other receivables significantly decreased to RMB 1,204,872 thousand, primarily due to a substantial reduction in deposits for exclusive parking space sales rights 2025 June 30 Prepayments, Deposits and Other Receivables | Item | 2025 June 30 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Non-Current Prepayments | 38,315 | 49,247 | | Current Prepayments | 603,174 | 466,799 | | Advances to Related Parties | 311,495 | 302,045 | | Deposits Paid for Exclusive Parking Space Sales Rights | 48,762 | 1,154,439 | | Other Receivables | 391,998 | 447,090 | | **Gross Total (before impairment)** | **1,393,782** | **2,420,588** | | Less: Impairment Provision for Other Receivables | (188,910) | (251,915) | | **Net Total** | **1,204,872** | **2,168,673** | - The significant decrease in deposits paid for exclusive parking space sales rights is the main reason for the overall decline[180](index=180&type=chunk) - Changes in impairment provision for other receivables show a reversal of **RMB 66,890 thousand** during the period, while provision for related parties increased by **RMB 5,387 thousand**[184](index=184&type=chunk) [Cash and Cash Equivalents and Time Deposits](index=59&type=section&id=%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9%E2%88%95%E5%88%B0%E6%9C%9F%E6%97%A5%E8%B6%85%E9%81%8E%E4%B8%89%E5%80%8B%E6%9C%88%E7%9A%84%E5%AE%9A%E6%9C%9F%E5%AD%98%E6%AC%BE%E2%88%95%E5%8F%97%E9%99%90%E5%88%B6%E9%8A%80%E8%A1%8C%E7%B5%90%E9%A4%98) As of June 30, 2025, cash and cash equivalents were RMB 4,307,361 thousand, time deposits over three months were RMB 500,000 thousand, and restricted bank balances were RMB 42,934 thousand, with RMB-denominated cash accounting for approximately 97.5% of the total 2025 June 30 Cash and Deposit Composition | Item | 2025 June 30 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Cash on Hand | 1,718 | 1,376 | | Time Deposits with Maturity Over Three Months | 500,000 | 1,600,129 | | Cash at Bank | 4,348,577 | 2,200,225 | | **Cash and Cash Equivalents** | **4,307,361** | **2,164,112** | | Restricted Bank Balances | 42,934 | 37,489 | - RMB-denominated restricted bank balances, time deposits with maturities over three months, and cash and cash equivalents accounted for approximately **97.5%** of the total[186](index=186&type=chunk) - RMB is not freely convertible into other currencies, but the Group can convert RMB through authorized banks[186](index=186&type=chunk) [Trade and Other Payables](index=60&type=section&id=%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%B3%E6%AC%BE%E3%80%81%E5%B7%B2%E6%94%B6%E6%8C%89%E9%87%91%E3%80%81%E6%87%89%E8%A8%88%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Trade payables increased by 41.4% to RMB 1,996,655 thousand, mainly due to adjusted payment terms with suppliers amid a slower market and collection environment 2025 June 30 Trade and Other Payables | Item | 2025 June 30 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables (Related Parties) | 26,733 | 18,548 | | Trade Payables (Third Parties) | 1,969,922 | 1,393,740 | | **Total Trade Payables** | **1,996,655** | **1,412,288** | | Total Deposits Received, Accruals and Other Payables | 1,675,703 | 1,604,499 | - The increase in trade payables was mainly due to the impact of market conditions, which slowed down collections, leading the Group to appropriately adjust payment terms with suppliers[78](index=78&type=chunk) 2025 June 30 Ageing Analysis of Trade Payables | Ageing | 2025 June 30 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 1,700,897 | 1,028,286 | | 1 to 2 years | 148,413 | 222,145 | | 2 to 3 years | 58,318 | 44,564 | | 3 to 4 years | 42,050 | 98,161 | | 4 to 5 years | 43,770 | 16,600 | | Over 5 years | 3,207 | 2,532 | | **Total** | **1,996,655** | **1,412,288** | [Leases](index=61&type=section&id=%E7%A7%9F%E8%B3%83) As of June 30, 2025, right-of-use assets for buildings were RMB 33,134 thousand, with total lease liabilities of RMB 33,954 thousand, reflecting depreciation and finance costs 2025 June 30 Lease-Related Assets and Liabilities | Item | 2025 June 30 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Right-of-Use Assets – Buildings | 33,134 | 43,484 | | Lease Liabilities – Current | 13,199 | 20,138 | | Lease Liabilities – Non-Current | 20,755 | 23,628 | | **Total Lease Liabilities** | **33,954** | **43,766** | 2025 H1 Lease-Related Expenses | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Depreciation Expense | 14,633 | 18,860 | | Lease Finance Costs | 976 | 1,660 | | Expenses Related to Short-Term Leases and Low-Value Assets | 6,032 | 7,628 | - In financing activities, principal payments for lease liabilities amounted to **RMB 10,853 thousand**, and interest payments were **RMB 976 thousand**[194](index=194&type=chunk) [Deferred Taxation](index=62&type=section&id=%E9%81%9E%E5%BB%B6%E7%A8%85%E9%A0%85) Net deferred tax assets were RMB 322,642 thousand, and net deferred tax liabilities were RMB 127,622 thousand, with a deferred tax credit of RMB 46,246 thousand recognized in profit or loss 2025 June 30 Deferred Tax Assets and Liabilities | Item | 2025 June 30 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Deferred Tax Assets | 322,642 | 280,898 | | Deferred Tax Liabilities | (127,622) | (132,124) | - The net movement in the deferred tax account shows a deferred tax credit of **RMB 46,246 thousand** recognized in profit or loss during the period[196](index=196&type=chunk) [Share Award Scheme (Notes Details)](index=63&type=section&id=%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5%E8%A8%88%E5%8A%83) The Shimao Group Share Award Scheme (terminated on May 3, 2024) and the Shimao Services Share Award Scheme are in place, with 1,344,456 shares (granted in 2022) and 2,225,873 shares (granted in 2023) unvested under the latter as of June 30, 2025, and RMB 486 thousand in share-based payment expenses recognized - The Shimao Group Share Award Scheme was terminated on May 3, 2024, and no further shares of the Company may be granted thereunder[200](index=200&type=chunk) - Under the Shimao Services Share Award Scheme, **1,344,456 shares** granted in 2022 and **2,225,873 shares** granted in 2023 remain unvested[201](index=201&type=chunk)[202](index=202&type=chunk) - For the six months ended June 30, 2025, the Group recognized share-based payment expenses of approximately **RMB 486 thousand** in profit or loss related to the share award scheme[203](index=203&type=chunk) [Acquisition or Disposal of Subsidiaries and Transactions with Non-Controlling Interests](index=64&type=section&id=%E6%94%B6%E8%B3%BC%E6%88%96%E8%99%95%E7%BD%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E8%88%87%E9%9D%9E%E6%8E%A7%E5%88%B6%E6%80%A7%E6%AC%8A%E7%9B%8A%E7%9A%84%E4%BA%A4%E6%98%93) In H1 2025, the Group acquired an additional 33% equity in a non-wholly owned subsidiary, reducing non-controlling interests, and disposed of a 51% stake in Quanzhou Youda Property Management Co., Ltd - For the six months ended June 30, 2025, the Group acquired an additional **33% equity** in a non-wholly owned subsidiary, recognizing a decrease in non-controlling interests of **RMB 103,277 thousand**[204](index=204&type=chunk) - The Group completed the disposal of a **51% equity stake** in Quanzhou Youda Property Management Co., Ltd., resulting in a net disposal loss of **RMB 266 thousand**[206](index=206&type=chunk) [Related Party Transactions](index=64&type=section&id=%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) The Group, controlled by Shimao Group, generated RMB 132,891 thousand in revenue from related parties, with significant outstanding balances in receivables and payables - The Group is controlled by Shimao Group, and the ultimate controlling shareholder is Mr. Xu Rongmao[207](index=207&type=chunk) 2025 H1 Continuing Related Party Transactions | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Services Provided to Related Parties | 132,891 | 116,957 | | Interest Paid on Lease Liabilities to Related Parties | 505 | 572 | | Lease Liability Payments Related to Leases with Related Parties | 3,166 | 2,972 | 2025 June 30 Balances with Related Parties (Trade Nature) | Item | 2025 June 30 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Total Receivables from Related Parties (net of impairment provision) | 582,551 | 541,786 | | Total Payables to Related Parties | 194,124 | 165,463 | - Key management personnel compensation amounted to **RMB 4,493 thousand**[210](index=210&type=chunk)

Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 69,577,000, a decrease of 21.4% compared to HKD 88,516,000 for the same period in 2024[6] - Gross profit for the same period was HKD 25,194,000, down 33.4% from HKD 37,852,000 in 2024[6] - The net loss for the period was HKD 9,285,000, significantly improved from a loss of HKD 24,264,000 in the previous year[7] - Other comprehensive income for the period was HKD 13,707,000, compared to a loss of HKD 9,983,000 in 2024[6] - The company reported a basic and diluted loss per share of HKD 0.18, an improvement from HKD 0.48 in 2024[7] - The total comprehensive loss for the period was HKD 34,261,000, which includes foreign exchange differences of HKD (9,995,000)[11] - Loss attributable to equity holders was approximately HKD 9.1 million, an improvement from a loss of HKD 24.3 million in the same period last year[70] Assets and Liabilities - Total assets as of June 30, 2025, were HKD 438,894,000, slightly up from HKD 433,565,000 at the end of 2024[9] - Current assets net value increased to HKD 230,163,000 from HKD 228,020,000 in 2024[8] - Non-current assets totaled HKD 208,731,000, a marginal increase from HKD 205,545,000 in the previous year[8] - The company’s equity attributable to shareholders was HKD 435,900,000, up from HKD 431,153,000 in 2024[9] - The company’s total equity attributable to shareholders decreased to HKD 457,750,000 as of June 30, 2025, from HKD 492,011,000 at the beginning of the year[11] - Total reportable segment assets amounted to HKD 511,923,000, with dental business assets at HKD 271,757,000 and health business assets at HKD 240,166,000[22] - Reportable segment liabilities totaled HKD 66,441,000, with dental business liabilities at HKD 55,560,000 and health business liabilities at HKD 10,881,000[22] Cash Flow - The net cash used in operating activities for the six months was HKD 14,463,000, an improvement from HKD 26,486,000 in the previous year[14] - The company reported a net cash inflow from investing activities of HKD 9,712,000, compared to HKD 7,021,000 in the prior year[14] - The company’s cash and cash equivalents decreased by HKD 7,982,000, ending the period with HKD 146,949,000[14] - As of June 30, 2025, the group's cash and bank balances were approximately HKD 146.9 million, a slight decrease from HKD 149.6 million as of December 31, 2024[82] Segment Performance - For the six months ended June 30, 2025, the company reported a total revenue of HKD 69,577,000, with HKD 66,433,000 from the dental business and HKD 3,144,000 from the health business[19] - The dental business reported a segment loss before depreciation and amortization of HKD (12,030,000), while the health business generated a profit of HKD 2,538,000[19] - Revenue from the dental business was approximately HKD 66.4 million, a decrease of about HKD 19.5 million compared to HKD 85.9 million in the previous year[72] - The health business saw a 15% year-on-year increase in revenue due to team expansion and successful performance evaluations[74] Research and Development - The company’s research and development expenses were HKD 7,779,000, a decrease from HKD 8,584,000 in the previous year[6] - Research and development expenses for the dental business were approximately HKD 7.8 million, reflecting the company's commitment to future technology investment[73] Investments and Fair Value - The fair value of financial assets measured at fair value through profit or loss increased to HKD 162,229,000 as of June 30, 2025, from HKD 160,261,000 as of December 31, 2024, representing a 1.2% increase[39] - The investment in Zhuhai Partnership increased to HKD 119,451,000 as of June 30, 2025, from HKD 116,919,000 as of December 31, 2024, indicating a growth of 2.1%[39] - The fair value gain on financial assets for the period was approximately HKD 9 million, compared to a loss of HKD 12 million in the same period last year[79] Shareholder Information - As of June 30, 2025, Mr. Guo Yingcheng holds 308,000,000 shares, representing approximately 6.11% of the company's issued shares[100] - The major shareholder, Kaisa Group Holdings Ltd., holds 2,167,600,491 shares, accounting for approximately 42.99% of the company's issued shares[105] - The company has no knowledge of any other individuals holding interests in the company's shares that require disclosure under the Securities and Futures Ordinance as of June 30, 2025[106] Corporate Governance - The audit committee consists of three independent non-executive directors, chaired by Dr. Liu Yanwen, with Dr. Lv Aiping and Ms. Li Zhiying as members[114] - The audit committee reviewed the accounting standards and practices adopted by the group during the meeting held on August 27, 2025[114] - The company has undergone changes in its board composition, with new appointments and resignations effective from June 27, 2025, and July 18, 2025[99]

半年度報告 2025 中國國際海運集裝箱（集團）股份有限公司 二零二五年半年度報告 本公司董事會、監事會及董事、監事、高級管理人員保證2025年 半 年 度 報 告（以 下 簡 稱「本 報 告」或 「2025年 半 年 度 報 告」）內 容 的 真 實、準 確、完 整，不 存 在 任 何 虛 假 記 載、誤 導 性 陳 述 或 重 大 遺 漏，並 承擔個別及連帶的法律責任。 所有董事均出席了審議本報告的董事會。 本 集 團 已 按 中 國 企 業 會 計 準 則 編 製 財 務 報 告。本 報 告 所 載 自2025年1月1日 至2025年6月30日止期 間 的 半 年 度 財 務 報 表 及 附 註（以 下 簡 稱「2025年 半 年 度 財 務 報 告」）未 經 審 計。 本 公 司 負 責 人 麥 伯 良 先 生（董 事 長）、主 管 會 計 工 作 負 責 人 曾 邗 先 生（副 總 裁 兼 財 務 總 監(CFO)）及 會 計 機 構 負 責 人 徐 兆 穎 女 士（財 務 管 理 部 總 經 理）聲 明：保 證 本 報 告 中2025年半年度財務報告的真實、 準確和完整。 重要提示 本公司計劃20 ...

Financial Performance - For the six months ended June 30, 2025, the company's revenue was HKD 8.89 million, a decrease of 92.01% compared to HKD 111.23 million in the same period of 2024[9]. - Gross profit for the same period increased significantly to HKD 4.85 million, representing a growth of 1,002.27% from HKD 0.44 million year-on-year[9]. - The net loss attributable to shareholders for the period was HKD 85.56 million, a reduction of 75.91% compared to a loss of HKD 355.20 million in the previous year[9]. - The company reported a net loss margin of (962.43)% for the period, compared to (319.34)% in the prior year[9]. - The company's revenue for the six months ended June 30, 2025, was approximately HKD 8.89 million, a decrease of 92.01% from approximately HKD 111.23 million for the same period in 2024[77]. - The gross profit for the six months ended June 30, 2025, was approximately HKD 4.85 million, an increase of about 1,002.27% compared to approximately HKD 0.44 million for the same period in 2024[79]. - The company incurred a loss before tax of HKD 89,283,000, a reduction of 75.7% from a loss of HKD 366,929,000 in the previous year[169]. - The net loss for the period was HKD 89,284,000, compared to HKD 366,994,000 in 2024, reflecting a significant decrease in losses[169]. - The company recorded a total comprehensive loss of HKD 69,875,000 for the period[182]. - The company incurred a total loss of HKD 89,284,000 for the six months ended June 30, 2025, compared to a loss of HKD 366,994,000 in the same period of 2024[189]. Business Segments - The cultural business segment achieved sales of HKD 3.64 million, a substantial increase of 313.64% from HKD 0.88 million in 2024[11]. - The overseas e-commerce product sales dropped to HKD 3.38 million, down 89.70% from HKD 32.80 million in the previous year[11]. - The revenue from interactive entertainment and digital product marketing services was HKD 1.87 million in the first half of 2025, down 96.70% from HKD 56.67 million in the same period last year, impacted by tightened regulations on game approvals in China[69]. - The e-commerce goods business reported revenue of HKD 3,378,000, down from HKD 32,798,000 year-over-year[185]. - The loss from the "Effect Marketing Services" segment was HKD 22,936,000, while the e-commerce goods segment reported a loss of HKD 47,947,000[189]. Technology and Innovation - The company has made significant advancements in AI technology development, transitioning from an algorithm-driven marketing technology company to an AI model-driven entity[13]. - The core strategic direction for 2025 emphasizes AI technology research and development, enhancing domestic marketing algorithm capabilities through strengthened cooperation with state-owned enterprises[18]. - The "Kongjian" platform, developed by Poly Entertainment Technology, utilizes proprietary blockchain technology for digital asset issuance and rights confirmation, focusing on cultural and entertainment assets[20]. - The integration of AIGC technology in film production has significantly reduced costs while improving efficiency and quality, facilitating the expansion into short and interactive film formats[28]. - The company is exploring the development of a comprehensive digital service platform that will expand into virtual humans and metaverse applications[20]. - The company is focusing on the development of AI technology models, particularly in blockchain and AIGC fields, to enhance its digital capabilities and reduce content production costs[71]. - The company plans to continue exploring AIGC applications and research to enhance its cultural entertainment product offerings[66]. Strategic Partnerships and Market Expansion - The company has established partnerships with major state-owned enterprises, including China State Construction Group and Poly Group, to enhance its digital marketing capabilities[30]. - A strategic cooperation was signed with Hainan Publishing and Distribution Group to develop short drama projects, capitalizing on the booming short drama market[33]. - The company is actively expanding its overseas e-commerce business, particularly in Southeast Asia, by building a complete supply chain and online payment system[75]. - The company has shifted its overseas e-commerce strategy from a heavy asset model to a light asset model based on interest algorithms for precise marketing services[77]. - The company has established a mixed-ownership enterprise with a cultural state-owned enterprise to enhance its capabilities in blockchain and cultural content production[63]. Financial Management and Capital Structure - The group's other income and losses for the six months ended June 30, 2025, resulted in a loss of approximately HKD 12.57 million, primarily due to foreign exchange losses of about HKD 11.69 million[80]. - Distribution and selling expenses decreased by approximately 70.54% to about HKD 82.91 million for the six months ended June 30, 2025, from approximately HKD 281.39 million for the same period in 2024[81]. - Administrative expenses reduced by approximately 21.29% to about HKD 33.35 million for the six months ended June 30, 2025, down from approximately HKD 42.37 million in the previous year[83]. - Cash and cash equivalents decreased to approximately HKD 210.30 million as of June 30, 2025, from HKD 272.35 million as of December 31, 2024, primarily due to platform traffic procurement and operating expenses[90]. - The company has no owned properties and leases 10 properties totaling approximately 4,172.64 square meters for office use as of June 30, 2025[139]. - The company has established several subsidiaries and affiliated entities, including Joy Spreader Singapore, which was founded on February 23, 2023[138]. - The company has complied with the Foreign Investment Law and relevant qualification requirements without any updates during the reporting period[143]. Corporate Governance - The company has adopted a corporate governance code to ensure high standards of governance and protect shareholder interests[145]. - The board believes that the current structure, with the chairman and CEO roles held by the same individual, is beneficial for the company's operational efficiency[146]. - All directors confirmed compliance with the standard code of conduct regarding securities trading during the six-month period ending June 30, 2025[148]. - The company has appointed new members to various committees, including the nomination and audit committees, reflecting changes in the board's composition[136]. Employee and Shareholder Matters - The company has adopted a share incentive plan on June 21, 2021, to motivate certain directors, employees, consultants, and advisors[112]. - The company has not granted any shares to eligible employees under the share incentive plan during the reporting period[118]. - The incentive plan aims to retain and attract suitable talent for the company's ongoing business operations and development[122]. - The company has not proposed an interim dividend for the six months ended June 30, 2025, consistent with the previous year[166].

（於開曼群島註冊成立的有限公司） 股份代號：1585 2025 中期報 告 (Incorporated in the Cayman Islands with limited liability) Stock Code: 1585 2025 INTERIM REPORT 目錄 2 公司資料 4 管理層討論及分析 10 企業管治及其他資料 20 簡明綜合損益表 21 簡明綜合損益及其他全面收益表 22 簡明綜合財務狀況表 24 簡明綜合權益變動表 25 簡明綜合現金流量表 26 簡明綜合財務資料附註 雅迪集團控股有限公司 2025 年 中 期 報 告 公司 資料 董事會 執行董事： 董經貴先生 （主席） 錢靜紅女士 （行政總裁） 沈瑜先生 非執行董事： 張禕胤先生（於2025年4月29日辭任） 獨立非執行董事： 黃隆銘先生 陳明宇先生 馬晨光女士 梁勤女士 董事委員會 審核委員會 陳明宇先生 （主席） 黃隆銘先生 張禕胤先生（於2025年4月29日辭任） 馬晨光女士 梁勤女士 薪酬委員會 馬晨光女士 （主席） 張禕胤先生（於2025年4月29日辭任） 黃隆銘先生 梁勤女士 提名委員會 董經貴先生 （主席） 錢靜紅 ...

目錄表 | 公司資料 | 2 | | --- | --- | | 業務概覽及展望 | 4 | | 管理層討論及分析 | 6 | | 其他資料 | 18 | | 獨立審閱報告 | 35 | | 簡明綜合損益及其他全面收益表 | 36 | | 簡明綜合財務狀況表 | 37 | | 簡明綜合權益變動表 | 39 | | 簡明綜合現金流量表 | 40 | | 簡明綜合財務報表附註 | 41 | | 未經審計利潤與未經審計非國際財務報告準則經調整純利對賬 | 67 | 1 2025 年 中 期 報 告 公司資料 董事會 執行董事 戴志康先生 （主席） 陶穎女士 （代理首席執行官） 獨立非執行董事 張毅林先生 蔡漢強先生 馬靖淳先生 （於二零二五年八月四日辭任） 林俊傑先生 （於二零二五年八月四日獲委任） 審核委員會 張毅林先生 （主席） 蔡漢強先生 馬靖淳先生 （於二零二五年八月四日辭任） 林俊傑先生 （於二零二五年八月四日獲委任） 提名委員會 蔡漢強先生 （主席） 陶穎女士 馬靖淳先生 （於二零二五年八月四日辭任） 林俊傑先生 （於二零二五年八月四日獲委任） 薪酬委員會 張毅林先生 （主席） 蔡漢強先生 馬靖淳先生 ...

ZIJIN MINING GROUP COMPANY LIMITED* （在中華人民共和國註冊成立的股份有限公司） （A股股份代號： 601899 H股股份代號： 2899） 2025 中期報告 為人類美好生活 提供低碳礦物原料 *僅供識別 中期報告 2025 目錄 2 公司資料 3 釋義 4 本報告基本資料 5 經營回顧 11 管理層討論與分析 22 股本與股東情況 25 董事、監事及最高行政人員的權益及淡倉 26 其他事項 54 合併資產負債表 57 合併利潤表 59 合併股東權益變動表 61 合併現金流量表 63 資產負債表 65 利潤表 66 股東權益變動表 68 現金流量表 70 財務報表附註 2 紫金礦業集團股份有限公司 2025年中期報告 公司資料 執行董事 陳景河 （董事長） 鄒來昌 （副董事長、總裁） 林泓富 林紅英 謝雄輝 吳健輝 非執行董事 李建 獨立非執行董事 何福龍 （獨立董事召集人） 李常青 孫文德 薄少川 吳小敏 毛景文 （於2025年3月31日辭任） 監事 提名與薪酬委員會 何福龍 （主任委員） 孫文德 薄少川 吳小敏 （於2025年1月10日獲委任為委員） 李建 陳景河 戰略 ...

Contents 目錄 | | Page | | --- | --- | | | 頁次 | | Corporate Information | 2 | | 公司資料 | | | Chairman's Statement | 5 | | 主席報告 | | | Management Discussion and Analysis | 7 | | 管理層討論與分析 | | | Corporate Governance and Other Information | 16 | | 企業管治及其他資料 | | | Financial Information | 22 | | 財務資料 | | 2025 Interim Report 中期報告 Corporate Information 公司資料 BOARD OF DIRECTORS EXECUTIVE DIRECTORS Mr. CHAU On Ta Yuen BBS, SBS (Chairman) Mr. CHAN Kwan (Chief Executive Officer) Mr. CHAN Pak Lam Brian (re-designated on 25 Au ...

[Management Discussion and Analysis](index=3&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an overview of the Group's market performance, business operations, financial results, and future strategies for the reporting period [Market Review](index=3&type=section&id=%E5%B8%82%E5%9C%BA%E5%9B%9E%E9%A1%BE) In H1 2025, China's auto market grew with policy support, driven by NEVs exceeding 50% penetration, while luxury car sales slightly declined and used car market improved in quality - In H1 2025, multiple government departments, including the National Development and Reform Commission and the Ministry of Finance, introduced policies that further strengthened support for the automotive industry compared to 2024, which is expected to drive new and used car sales[5](index=5&type=chunk) 2025 H1 China Passenger Vehicle Market Data | Metric | Data | | :--- | :--- | | Overall Retail Sales | 10.901 million units | | Y-o-Y Growth | 10.8% | | Luxury Car Sales Y-o-Y Decline | 5%–7% (approx. 1.6 million units) | | New Energy Vehicle Sales | 5.468 million units | | New Energy Vehicle Sales Y-o-Y Growth | 33.3% | | New Energy Vehicle Market Penetration | 50.2% | | Used Car Market Cumulative Transaction Volume | 9.5701 million units | | Used Car Market Transaction Volume Y-o-Y Growth | 2.0% | | National Vehicle Ownership (as of end of June) | 360 million units | | New Energy Vehicle Ownership Proportion | 10.3% | [Business Review](index=3&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE) The Group focused on mid-to-high-end auto operations, optimizing management, accelerating NEV transformation, closing inefficient stores, and enhancing digital management, with a HKD 1 billion share issuance to Xinda Auto (Hong Kong) Co., Ltd., making Xiamen ITG Holding Group Co., Ltd. the controlling shareholder and relocating the management headquarters to Xiamen - The Group continued to focus on mid-to-high-end brand automobile operations, enhancing core competitiveness and operational quality through optimizing management structure, promoting new energy transformation, closing inefficient stores, strengthening centralized procurement, and digital management[7](index=7&type=chunk) - In June 2025, the Group completed a share issuance to Xinda Auto (Hong Kong) Co., Ltd., raising approximately **HKD 1 billion**, with Xiamen ITG Holding Group Co., Ltd. becoming the controlling shareholder, providing capital support and resource guarantees for the Group's future development[7](index=7&type=chunk) - The Group's management headquarters officially relocated to Xiamen to better utilize local resources, deepen localized operations, and lay the foundation for strategic synergy within the shareholder system[7](index=7&type=chunk) 2025 H1 Group Operating Overview | Metric | Data | | :--- | :--- | | Awards and Honors | 53 units (51 from manufacturers, 2 from government/media/industry associations) | | Ranking among Top 100 Chinese Auto Dealer Groups | 21st | | Ranking among Top 100 Chinese Auto Dealer Groups — New Energy Sub-list | 66th | | Revenue | approx. RMB 8,891.0 million | | Gross Profit | approx. RMB 297.5 million | [Automobile Dealership](index=4&type=section&id=%E6%B1%BD%E8%BD%A6%E7%BB%8F%E9%94%80) The Group restructured its automobile dealership business, promoting regional coordination and vertical brand management, accelerating NEV transformation, and strengthening centralized and digital management to improve operational efficiency, with NEV sales accounting for approximately 8.6% of new car sales - The Group restructured its automobile dealership brand business architecture, emphasizing both regional coordination and vertical brand management, vigorously promoting the transformation of stores towards new energy brands[8](index=8&type=chunk) - New energy new car sales accounted for approximately **8.6%** of the Group's total sales[8](index=8&type=chunk) - Leveraging digital technology, the Group strengthened dynamic inventory monitoring and early warning systems, continuously reducing operational risks and steadily improving operational efficiency and quality[8](index=8&type=chunk) [New Car Sales Business](index=4&type=section&id=%E6%96%B0%E8%BD%A6%E9%94%80%E5%94%AE%E4%B8%9A%E5%8A%A1) Facing declining fuel vehicle market share, the Group optimized operating strategies (structural optimization, efficiency improvement) and marketing methods (online lead generation, offline conversion, private domain retention) to navigate market challenges, achieving resilient new car sales amidst adversity - Operating strategies focused on "structural optimization and efficiency improvement," dynamically allocating inventory, increasing the投放 of high-margin pure electric and plug-in hybrid models in first-tier cities, and prioritizing cost-effective fuel vehicles and entry-level new energy products in lower-tier markets[9](index=9&type=chunk) - A regional inventory allocation platform was established, relying on a digital system to monitor store supply and demand in real-time and create a rapid cross-store transfer mechanism, leading to an improvement in inventory turnover efficiency year-on-year[9](index=9&type=chunk) - The price management system was upgraded, building a dynamic pricing model that covers competitor prices, inventory depth, and customer profiles, to match customized solutions for different customer segments[9](index=9&type=chunk) - Marketing strategies adhered to a "three-in-one" approach of "online lead generation, offline conversion, and private domain retention," enhancing sales through new media operations, cross-industry traffic import, offline integrated marketing activities, and enterprise WeChat communities[10](index=10&type=chunk) 2025 H1 New Car Sales Data | Metric | 2025 H1 | Y-o-Y Change | | :--- | :--- | :--- | | Total New Car Sales | 26,840 units | up approx. 0.8% | | Mid-to-High-End Car Sales | 23,747 units | up approx. 4.7% | [After-Sales Service Business](index=5&type=section&id=%E5%94%AE%E5%90%8E%E6%9C%8D%E5%8A%A1%E4%B8%9A%E5%8A%A1) The Group upheld a customer-centric philosophy, optimizing service experience, offering differentiated products and precise services, and expanding service scope through segmented customer operations, data-driven customer re-engagement, and accelerated digital service channel development to enhance efficiency and transparency - The after-sales business system was continuously improved, refining customer segmentation and operations, launching exclusive service packages for high-value customers, which steadily increased after-sales return visits[11](index=11&type=chunk) - Digital service channel construction was accelerated, integrating online and offline scenarios, allowing customers to book appointments with one click and view maintenance progress in real-time, thereby improving service efficiency and transparency[11](index=11&type=chunk) 2025 H1 After-Sales Service Data | Metric | Data | | :--- | :--- | | Cumulative Auto After-Sales Service Units | 504,250 units | | After-Sales Service Revenue | approx. RMB 1,486.9 million | [Automobile Derivative Business](index=6&type=section&id=%E6%B1%BD%E8%BD%A6%E8%A1%8D%E7%94%9F%E4%B8%9A%E5%8A%A1) The Group deepened its used car business layout, advancing center transformation, optimizing auction platform partnerships, piloting its own platform, and enhancing business capabilities through internal competitions; auto finance revenue significantly increased year-on-year, and insurance agency business expanded its integrated advantages through product optimization and renewal center pilots [Used Car Business](index=6&type=section&id=%E4%BA%8C%E6%89%8B%E8%BD%A6%E4%B8%9A%E5%8A%A1) The Group deepened its used car business layout by upgrading existing centers, preparing new stores, and optimizing auction platform partnerships to enhance turnover and profitability - The Group deepened its used car business layout, advancing the transformation and upgrading of four used car centers in Beijing, Shenzhen, Wuhan, and Guangzhou, and preparing new center stores, with coverage now reaching nearly **60%** of stores[12](index=12&type=chunk) - The auction platform cooperation system was optimized, introducing leading industry and high-quality auction platform enterprises, while also piloting its own auction platform to accelerate used car turnover efficiency and optimize per-vehicle gross profit levels[12](index=12&type=chunk) 2025 H1 Used Car Sales | Metric | Y-o-Y Growth | | :--- | :--- | | Used Car Sales | approx. 7.2% | [Auto Finance Business](index=6&type=section&id=%E6%B1%BD%E8%BD%A6%E9%87%91%E8%9E%8D%E4%B8%9A%E5%8A%A1) The Group expanded collaborations with financial institutions, exploring win-win solutions for retail auto mortgage loans, leading to a significant increase in mortgage loan support service revenue - The Group continued to engage in deep and extensive cooperation with various auto finance companies and banks, expanding collaboration areas and actively exploring win-win solutions for retail auto mortgage loans[13](index=13&type=chunk) 2025 H1 Auto Finance Business Revenue | Metric | Amount (RMB million) | Y-o-Y Growth | | :--- | :--- | :--- | | Mortgage Loan Support Service Revenue | 693.0 | approx. 112.8% | - The significant increase in revenue was primarily due to its income being reported as revenue from April 1, 2024, whereas mortgage loan support service income generated between January 1, 2024, and March 31, 2024, was included under "Service income" in "Other income"[13](index=13&type=chunk) [Insurance Agency Business](index=6&type=section&id=%E4%BF%9D%E9%99%A9%E4%BB%A3%E7%90%86%E4%B8%9A%E5%8A