截至2025年6月30日止六個月中期業績 哈爾濱銀行股份有限公司（「本行」）之董事會（「董事會」）欣然宣佈本行及所屬子 公司（「本集團」）截至2025年6月30日止六個月之未經審計合併中期業績。本業績 公告列載本行2025年中期報告全文，符合香港聯合交易所有限公司證券上市規則 中有關中期業績初步公告附載資料的要求。本集團編製的截至2025年6月30日止 六個月的簡要合併財務報表已經香港立信德豪會計師事務所有限公司根據國際審 閱準則審閱。本行董事會及審計委員會亦已審閱此中期業績。除特別註明外，本 集團的財務數據以人民幣列示。 本業績公告於本行的網站( www.hrbb.com.cn )及披露易( www.hkexnews.hk )發佈。 截至2025年6月30日止六個月之中期報告適時將可供在上述網站查閱。 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。 哈爾濱銀行股份有限公司 * Harbin Bank Co., Ltd. （於中華人民共和國註冊成立的 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 （於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為華泰證券股份有限公司，在香港以HTSC名義開展業務） （股份代號：6886） 截 至 2025 年 6 月 3 0 日止六個月之中期業績公告 董事會謹此宣佈，本公司及其附屬公司截至2025年6月30日止六個月之未經審計中期業 績。本中期業績公告符合《香港上市規則》中有關中期業績初步公告附載的資料之要求。 刊登中期業績公告及中期報告 本中期業績公告將分別在香港聯交所網站 (www.hkexnews.hk) 及本公司網站 (www.htsc.com.cn)上刊發。 本公司2025年中期報告將於適當時候分別在香港聯交所及本公司網站上刊發，並按本公 司H股股東選擇收取通訊方式寄發予本公司H股股東。 釋義 除文義另有所指外，本公告所用詞彙應與本公告列載的本公司2025年中期報告「釋義」 章節所界定者具有相同涵義。 承董事會命 聯席公司秘書 張輝 中國江蘇，2 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 69,714,000, representing a 33.5% increase from RMB 52,264,000 in the same period of 2024[4] - Gross profit for the same period was RMB 11,943,000, a decrease of 11.2% compared to RMB 13,460,000 in 2024[4] - The company reported a loss before tax of RMB 7,062,000, an improvement from a loss of RMB 9,657,000 in the prior year, indicating a 26.4% reduction in losses[4] - Customer contract revenue for the six months ended June 30, 2025, totaled RMB 69,714,000, compared to RMB 52,264,000 for the same period in 2024, representing a year-over-year increase of approximately 33.5%[14] - Financial income for the six months ended June 30, 2025, was RMB 2,148,000, up from RMB 1,427,000 in 2024, indicating a growth of about 50.5%[16] - The company reported a basic and diluted loss per share of RMB 0.012, an improvement from RMB 0.016 in the previous year[4] - The company reported a loss attributable to owners of the company of RMB 7,062,000 for the six months ended June 30, 2025, an improvement from a loss of RMB 9,657,000 in the same period of 2024, indicating a reduction in losses of approximately 26.5%[19] - The company recorded a gross profit of approximately RMB 11.9 million in the first half of 2025, compared to RMB 13.5 million in the same period of 2024, due to a decline in average selling prices[39] - The company reported a loss attributable to owners of approximately RMB 7.1 million for the period, compared to a loss of approximately RMB 9.7 million in the same period of 2024[43] Assets and Liabilities - Total assets as of June 30, 2025, amounted to RMB 446,022,000, up from RMB 436,924,000 at the end of 2024, reflecting a 2.5% increase[6] - Total liabilities increased to RMB 324,192,000 from RMB 305,766,000, marking a 6% rise[6] - The company's cash and cash equivalents rose significantly to RMB 48,041,000 from RMB 18,067,000, showing a 166.5% increase[5] - Trade receivables decreased to RMB 7,534,000 as of June 30, 2025, from RMB 10,274,000 as of December 31, 2024, showing a decline of approximately 26.7%[23] - Trade payables increased significantly to RMB 54,747,000 as of June 30, 2025, compared to RMB 33,462,000 as of December 31, 2024, representing a rise of about 63.3%[25] - The company's inventory as of June 30, 2025, totaled RMB 311,070,000, compared to RMB 297,545,000 as of December 31, 2024, marking an increase of approximately 4.5%[22] - As of June 30, 2025, the company's net current assets were approximately RMB 88.1 million, a slight decrease from RMB 90.1 million as of December 31, 2024[44] - The total outstanding borrowings as of June 30, 2025, were approximately RMB 9.7 million, down from RMB 11.7 million as of December 31, 2024[45] - The debt-to-asset ratio as of June 30, 2025, was 2.2%, a decrease from 2.7% as of December 31, 2024, primarily due to reduced borrowings[46] Operational Highlights - The company continues to focus on the design, development, production, and sales of denitration catalysts in China, indicating ongoing commitment to market expansion and product development[7] - Revenue from honeycomb denitrification catalysts increased by 467.3% to approximately RMB 60.7 million, compared to RMB 10.7 million in the same period of 2024, primarily due to increased sales volume[37] - Revenue from plate denitrification catalysts decreased by 80.8% to approximately RMB 7.3 million, down from RMB 38.0 million in the same period of 2024, mainly due to a decline in average selling price and sales volume[36] - The company signed 716 catalyst inquiries and technical support requests, completed 221 formal bids, and signed 92 technical agreements and business contracts in the first half of 2025[31] - The company achieved production for 88 orders of industrial honeycomb and plate catalysts in the first half of 2025, with production tasks increased compared to the same period last year[33] Expenses and Cost Management - Research and development expenses decreased to RMB 1,471,000 from RMB 2,303,000, a reduction of 36.1%[4] - Administrative expenses decreased by 30.3% to approximately RMB 8.5 million, down from RMB 12.2 million in the same period of 2024, due to further control of administrative costs[41] - Sales and marketing expenses increased by 10.2% to approximately RMB 13.0 million, compared to RMB 11.8 million in the same period of 2024, primarily due to increased efforts in promoting catalyst products in overseas markets[40] - The total cost of inventory recognized as expenses for the six months ended June 30, 2025, was approximately RMB 57,771,000, compared to RMB 38,804,000 for the same period in 2024, reflecting an increase of around 48.8%[22] Corporate Governance and Compliance - The company did not declare or recommend any dividends for the six months ended June 30, 2025, similar to the situation in the prior year[21] - The board of directors recommended not to declare an interim dividend for the current period, consistent with the previous period where no dividend was declared[59] - The audit committee reviewed the unaudited consolidated interim financial statements for the period, confirming compliance with applicable accounting standards and regulations[64] - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO, which the board believes provides strong leadership[60] - The company updated its nomination committee's terms of reference on June 25, 2025, to comply with listing rules[61] - All directors confirmed compliance with the standard code of conduct for securities transactions during the period[62] Employee and Training Initiatives - As of June 30, 2025, the group had 186 employees, an increase from 184 employees as of December 31, 2024, with total employee compensation amounting to RMB 197 million, up from RMB 157 million for the six months ended June 30, 2024[57] - The company has adopted a stock option plan since October 14, 2015, to enhance employee retention and motivation[57] - The company has established an annual training program for employees to improve their skills and ensure new hires are adequately trained[57] Future Outlook and Plans - The company plans to continue optimizing its pricing system and sales incentive structure to expand market contracts in the second half of 2025[34] - The company is focusing on the development and marketing of new catalysts in the fields of waste incineration power generation, biomass power generation, and gas power generation[34] - The company plans to utilize the remaining balance of net proceeds for operational and general corporate purposes by the first quarter of 2027[50] Miscellaneous - The company did not purchase, sell, or redeem any listed securities during the period, and there were no treasury shares as of June 30, 2025[58] - The interim results announcement and report for the six months ended June 30, 2025, will be published on the company's and the stock exchange's websites by the end of September 2025[65] - The macroeconomic environment in China showed a GDP growth of 5.3% in the first half of 2025, with challenges such as overcapacity and price competition impacting overall economic performance[29]

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之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就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。 KA SHUI INTERNATIONAL HOLDINGS LIMITED 嘉瑞國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：822） 截至二零二五年六月三十日止六個月之 未經審核中期業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | +/(-) | | | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | | 業績 | | | | | 收入 | 646,247 | 614,102 | 5.2% | | 毛利 | 89,149 | 84,721 | 5.2% | | 本公司權益持有人應佔虧損 | (39,361) | (50,097) | (21.4%) | | 未計利息、稅項、折舊及攤銷前盈利 | 18,875 | 7,229 | 1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 Putian Communication Group Limited 普天通信集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：1720） 截至2025年6月30日止六個月之 中期業績公告 財務摘要 本集團本期間之經營業績概述如下： - 1 - • 總收入增加約6.4%至約人民幣299.0百萬元（上個期間：約人民幣280.9百萬元）。 • 毛利增加約3.9%至約人民幣60.6百萬元（上個期間：約人民幣58.3百萬元）。 • 毛利率減少至20.3%（上個期間：約20.8%）。 • 本公司擁有人應佔本期間溢利增加約52.9%至約人民幣7.8百萬元（上個期間：約人 民幣5.1百萬元）。 • 來自銷售數據通信線纜的收入減少約3.7%至約人民幣163.4百萬元（上個期間：約 人民幣169.7百萬元）；而來自銷售光纖及光纜的收入增加約25.2%至約人民幣77.5 百萬元（ ...

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group recorded a loss of approximately HK$0.7 million, a significant decrease from a profit of HK$5.7 million in the prior period, despite a slight 1.0% revenue decrease, due to increased finance costs and administrative expenses Condensed Consolidated Statement of Profit or Loss (HK$ thousand) | Indicator | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :------------------------------------------------- | :------------------------------------------------- | | Revenue | 124,144 | 125,321 | | Gross Profit | 28,164 | 24,785 | | Profit Before Tax | 2,233 | 8,507 | | (Loss) / Profit for the Period | (706) | 5,711 | | (Loss) / Earnings Per Share Attributable to Owners of the Company (HK cents) | (0.04) | 0.37 | - Revenue for the period slightly decreased by **1.0%** from **HK$125,321 thousand** in 2024 to **HK$124,144 thousand** in 2025[3](index=3&type=chunk) - Gross profit increased by **13.7%** year-on-year, from **HK$24,785 thousand** in 2024 to **HK$28,164 thousand** in 2025[3](index=3&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group recorded total comprehensive income of HK$5.052 million, reversing a total comprehensive expense of HK$1.804 million in the prior period, primarily due to positive exchange differences on translation of foreign operations' financial statements Condensed Consolidated Statement of Comprehensive Income (HK$ thousand) | Indicator | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :------------------------------------------------- | :------------------------------------------------- | | (Loss) / Profit for the Period | (706) | 5,711 | | Exchange Differences on Translation of Financial Statements of Foreign Operations | 5,758 | (7,515) | | Total Comprehensive Income for the Period | 5,052 | (1,804) | - Total comprehensive income attributable to owners of the Company for the period was **HK$2,044 thousand**, compared to an expense of **HK$3,994 thousand** in the prior period[4](index=4&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and total equity significantly increased, primarily driven by substantial increases in property, plant and equipment within non-current assets and inventories within current assets Condensed Consolidated Statement of Financial Position (HK$ thousand) | Indicator | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--------------------------------- | :----------------------------------- | | Property, Plant and Equipment | 78,816 | 23,133 | | Inventories | 199,489 | 89,315 | | Cash and Bank Balances | 80,744 | 62,153 | | Net Current Assets | 468,853 | 328,145 | | Equity Attributable to Owners of the Company | 535,346 | 340,872 | | Total Equity | 549,086 | 351,604 | - Non-current assets increased from **HK$23,751 thousand** as of December 31, 2024, to **HK$101,053 thousand** as of June 30, 2025[5](index=5&type=chunk) - Current assets increased from **HK$445,081 thousand** as of December 31, 2024, to **HK$600,246 thousand** as of June 30, 2025[5](index=5&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering general information, accounting policies, revenue and segment information, various expenses, taxation, dividends, and specific analysis of receivables and payables [General Information](index=6&type=section&id=1.%20General%20Information) Grand Ocean International Holdings Limited was incorporated in the Cayman Islands and listed on the Main Board of the Hong Kong Stock Exchange, primarily engaging in construction and ancillary services, financial services, and consumer products businesses - The Company was incorporated in the Cayman Islands on **January 19, 2015**[7](index=7&type=chunk) - The Company was listed on the Main Board of The Stock Exchange of Hong Kong on **September 8, 2015**[7](index=7&type=chunk) - The Group's principal activities include **construction and ancillary services**, **financial services**, and **consumer products businesses**[8](index=8&type=chunk) [Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" issued by the HKICPA and applicable disclosure requirements of Appendix 16 to the Listing Rules, and should be read in conjunction with the annual financial statements for the year ended December 31, 2024 - The condensed consolidated financial statements are prepared in accordance with **HKAS 34 "Interim Financial Reporting"** and **Appendix 16 of the Listing Rules**[9](index=9&type=chunk) - These statements should be read in conjunction with the Group's annual financial statements for the year ended **December 31, 2024**[9](index=9&type=chunk) [Significant Accounting Policies Changes](index=6&type=section&id=3.%20Significant%20Accounting%20Policies%20Changes) During this accounting period, the Group applied HKFRS 21 amendments "Lack of Exchangeability" issued by the HKICPA, which did not have any significant impact on the condensed consolidated financial statements - Applied **HKAS 21 amendments "Lack of Exchangeability"**[10](index=10&type=chunk) - The amendments had **no significant impact** on the unaudited condensed consolidated financial statements[10](index=10&type=chunk) [Revenue and Segment Information](index=7&type=section&id=4.%20Revenue%20and%20Segment%20Information) The Group has three reportable segments: construction and ancillary services, financial services, and consumer products. Total revenue slightly decreased during the period, with consumer products revenue growing by 15.7% to HK$95.0 million, while construction and ancillary services revenue decreased by 32.6% to HK$29.1 million. Geographically, China is the largest revenue source - The Group has three reportable segments: **construction and ancillary services**, **financial services**, and **consumer products businesses**[12](index=12&type=chunk)[13](index=13&type=chunk)[14](index=14&type=chunk) Segment Revenue (HK$ thousand) | Segment | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--------------------------- | :--------------------------- | | Construction and Ancillary Services | 29,116 | 43,175 | | Consumer Products Business | 95,028 | 82,146 | | Total | 124,144 | 125,321 | Revenue by Customer Location (HK$ thousand) | Region | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--------------------------- | :--------------------------- | | Hong Kong | 29,116 | 19,975 | | China | 95,028 | 82,146 | | Macau | – | 23,200 | | Total | 124,144 | 125,321 | - Non-current assets are primarily located in China, increasing from **HK$23,133 thousand** as of December 31, 2024, to **HK$100,731 thousand** as of June 30, 2025[19](index=19&type=chunk) [Other Income and Other Gains](index=9&type=section&id=5.%20Other%20Income%20and%20Other%20Gains) The Group's other income and other gains remained at a very low level during the period, primarily derived from bank interest income Other Income and Other Gains (HK$ thousand) | Item | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--------------------------- | :--------------------------- | | Bank Interest Income | 1 | 1 | | Other Operating Income | – | 23 | | Total | 1 | 24 | [Finance Costs](index=10&type=section&id=6.%20Finance%20Costs) The Group's finance costs significantly increased from HK$3.166 million in the prior period of 2024 to HK$7.569 million in 2025, mainly due to increased interest on other borrowings Finance Costs (HK$ thousand) | Item | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--------------------------- | :--------------------------- | | Interest on Other Borrowings | 7,568 | 3,165 | | Interest on Lease Liabilities | 1 | 1 | | Total | 7,569 | 3,166 | [Profit Before Tax](index=10&type=section&id=7.%20Profit%20Before%20Tax) The Group's profit before tax significantly decreased from HK$8.507 million in the prior period of 2024 to HK$2.233 million in 2025, mainly impacted by increased salaries, wages, other benefits, and depreciation of property, plant and equipment Deductions from Profit Before Tax (HK$ thousand) | Item | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--------------------------- | :--------------------------- | | Directors' Remuneration | 622 | 424 | | Salaries, Wages and Other Benefits (excluding Directors' Remuneration) | 4,352 | 3,014 | | Contributions to Retirement Benefit Schemes (excluding Directors' Remuneration) | 157 | 121 | | Depreciation of Property, Plant and Equipment | 1,913 | 1,548 | | Depreciation of Right-of-Use Assets | 297 | 373 | [Taxation](index=10&type=section&id=8.%20Taxation) The Group's tax expense slightly increased, primarily from PRC enterprise income tax, with Hong Kong profits tax provisioned at 16.5%, while no income tax is payable in the Cayman Islands and British Virgin Islands Tax Expense (HK$ thousand) | Item | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--------------------------- | :--------------------------- | | PRC Enterprise Income Tax | 2,645 | 2,796 | | Total Current Tax Expense | 2,645 | 2,796 | - Hong Kong profits tax is provided at a rate of **16.5%**[23](index=23&type=chunk) - PRC subsidiaries are subject to enterprise income tax at a rate of **25%**[24](index=24&type=chunk) [Dividends](index=11&type=section&id=9.%20Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of any interim dividend for the six months ended **June 30, 2025**[25](index=25&type=chunk) [Loss / Earnings Per Share](index=11&type=section&id=10.%20Loss%20%2F%20Earnings%20Per%20Share) Basic and diluted loss per share for the period was 0.04 HK cents, a significant decrease from earnings per share of 0.37 HK cents in the prior period, reflecting the loss recorded this period Loss / Earnings Per Share (HK cents) | Indicator | June 30, 2025 (HK cents) | June 30, 2024 (HK cents) | | :--- | :----------------------- | :----------------------- | | (Loss) / Profit Attributable to Owners of the Company | (0.04) | 5,711 | | Basic and Diluted (Loss) / Earnings Per Share | (0.04) | 0.37 | - The weighted average number of ordinary shares in issue was **1,866,240,000** (2024: **1,555,200,000**)[26](index=26&type=chunk) - Diluted earnings / (loss) per share is the same as basic earnings / (loss) per share as there were no potential dilutive ordinary shares[28](index=28&type=chunk) [Trade Receivables](index=11&type=section&id=11.%20Trade%20Receivables) Net trade receivables slightly decreased, with the Group maintaining strict control over outstanding receivables and regularly reviewing overdue balances; credit terms generally range from 7 to 45 days Trade Receivables (HK$ thousand) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--------------------------- | :------------------------------- | | Gross Trade Receivables | 113,014 | 118,232 | | Less: Provision for Expected Credit Losses | (16,337) | (15,058) | | Net | 96,677 | 103,174 | - The Group generally grants credit terms of **7 to 45 days** to its customers[29](index=29&type=chunk) Ageing Analysis of Trade Receivables (HK$ thousand) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--------------------------- | :------------------------------- | | Current to 30 Days | 47,437 | 37,443 | | 31 to 60 Days | 7,125 | 8,897 | | 61 to 90 Days | 7,374 | 8,787 | | Over 90 Days | 51,078 | 63,105 | [Deposits, Prepayments and Other Receivables](index=12&type=section&id=12.%20Deposits%2C%20Prepayments%20and%20Other%20Receivables) As of June 30, 2025, net deposits, prepayments, and other receivables increased to HK$194.922 million, primarily due to an increase in prepayments Deposits, Prepayments and Other Receivables (HK$ thousand) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--------------------------- | :------------------------------- | | Deposits | 481 | 324 | | Prepayments | 201,160 | 175,126 | | Other Receivables | 3,005 | 2,960 | | Less: Provision for Expected Credit Losses | (9,724) | (9,713) | | Net | 194,922 | 168,697 | [Trade Payables](index=12&type=section&id=13.%20Trade%20Payables) As of June 30, 2025, trade payables increased to HK$3.866 million, with credit terms for purchases of goods and services ranging from 7 to 90 days Trade Payables (HK$ thousand) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--------------------------- | :------------------------------- | | Trade Payables | 3,866 | 2,488 | - Credit terms for purchases of certain goods and services are generally within **7 to 90 days**[32](index=32&type=chunk) Ageing Analysis of Trade Payables (HK$ thousand) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--------------------------- | :------------------------------- | | Current to 30 Days | 3,255 | 2,031 | | Over 30 Days | 611 | 457 | [Accruals and Other Payables](index=13&type=section&id=14.%20Accruals%20and%20Other%20Payables) As of June 30, 2025, accruals and other payables increased to HK$46.864 million, primarily due to increases in accrued expenses and interest payable Accruals and Other Payables (HK$ thousand) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--------------------------- | :------------------------------- | | Accrued Expenses | 18,193 | 14,270 | | Interest Payable | 28,356 | 20,787 | | Other Payables | 315 | 538 | | Total | 46,864 | 35,595 | [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) The Management Discussion and Analysis section elaborates on the Group's financial performance, business operations, future prospects, human resources, liquidity, and corporate governance during the reporting period [Financial Review](index=14&type=section&id=Financial%20Review) During the period, the Group's revenue decreased by 1.0% to approximately HK$124.1 million, while gross profit increased by 13.7% to approximately HK$28.2 million; however, the Group recorded a loss of approximately HK$0.7 million, compared to a profit of approximately HK$5.7 million in the prior period - Revenue decreased by **1.0%** to approximately **HK$124.1 million** (2024: approximately HK$125.3 million)[34](index=34&type=chunk) - Gross profit increased by **13.7%** to approximately **HK$28.2 million** (2024: approximately HK$24.8 million)[34](index=34&type=chunk) - A loss of approximately **HK$0.7 million** was recorded for the period (2024: profit of approximately HK$5.7 million)[34](index=34&type=chunk) [Business Review](index=14&type=section&id=Business%20Review) The Group's main business segments are construction and ancillary services and consumer products. Construction and ancillary services revenue decreased by 32.6% due to reduced contributions from non-residential projects, while consumer products revenue grew by 15.7%, accounting for 76.5% of total revenue Revenue Breakdown (HK$ thousand) | Segment | June 30, 2025 (HK$ thousand) | Proportion (%) | June 30, 2024 (HK$ thousand) | Proportion (%) | | :--- | :--------------------------- | :------------- | :--------------------------- | :------------- | | Construction and Ancillary Services | 29,116 | 23.5 | 43,175 | 34.5 | | Consumer Products Business | 95,028 | 76.5 | 82,146 | 65.5 | | Total Revenue | 124,144 | 100.0 | 125,321 | 100.0 | - Revenue from construction and ancillary services decreased by **32.6%** to approximately **HK$29.1 million**[37](index=37&type=chunk) - Revenue from consumer products business increased by **15.7%** to approximately **HK$95.0 million**, accounting for approximately **76.5%** of total revenue[38](index=38&type=chunk) [Administrative Expenses](index=15&type=section&id=Administrative%20Expenses) Administrative expenses increased by approximately HK$5.1 million from approximately HK$11.9 million in the prior period of 2024 to approximately HK$17.0 million in 2025, mainly due to increased operating expenses - Administrative expenses increased by approximately **HK$5.1 million** to approximately **HK$17.0 million**[39](index=39&type=chunk) - Primarily due to an increase in operating expenses during the period[39](index=39&type=chunk) [Loss / Profit for the Period](index=15&type=section&id=Loss%20%2F%20Profit%20for%20the%20Period) The Group recorded a loss of approximately HK$0.7 million for the period, compared to a profit of approximately HK$5.7 million in the prior period - The Group recorded a loss of approximately **HK$0.7 million** for the period[40](index=40&type=chunk) - A profit of approximately **HK$5.7 million** was recorded in the prior period[40](index=40&type=chunk) [Prospects](index=15&type=section&id=Prospects) The Group anticipates economic recovery in Hong Kong, Macau, and China in 2025, expecting improved business performance; it plans to undertake more construction projects in Hong Kong and Macau and continuously explore new opportunities in consumer products and other businesses to expand its revenue and profit base - The economic environment in Hong Kong, Macau, and China is expected to recover in **2025**, with a rebound in business activities and economic conditions[41](index=41&type=chunk) - Expects to undertake more construction projects and ancillary works in Hong Kong and Macau to maintain a stable revenue stream[41](index=41&type=chunk) - Will continue to seek new opportunities and explore consumer products and other businesses to expand its revenue and profit base[41](index=41&type=chunk) [Human Resources and Remuneration Policy](index=15&type=section&id=Human%20Resources%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's employee count increased to 58, with total remuneration paid to employees (including directors) amounting to HK$5.1 million for the fiscal period; the remuneration policy aims to maintain fair and competitive compensation based on business needs, individual performance, and market conditions - As of June 30, 2025, the Group had **58 employees** (December 31, 2024: 55 employees)[42](index=42&type=chunk) - Total remuneration paid to employees (including directors) for the fiscal period was **HK$5.1 million** (2024: HK$3.6 million)[42](index=42&type=chunk) - Remuneration policy considers workload, business needs, individual performance, company profitability, retention factors, market rates, and overall economic conditions[43](index=43&type=chunk)[46](index=46&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=16&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group maintains a robust liquidity position, with cash and bank balances increasing to approximately HK$80.7 million and net current assets to approximately HK$468.9 million; the current ratio is approximately 4.6 times, and the gearing ratio decreased to approximately 13.7% - Total cash and bank balances were approximately **HK$80.7 million** (December 31, 2024: approximately HK$62.2 million)[44](index=44&type=chunk) - Net current assets were approximately **HK$468.9 million** (December 31, 2024: approximately HK$328.1 million)[44](index=44&type=chunk) - The current ratio was approximately **4.6 times** (December 31, 2024: approximately 3.8 times)[44](index=44&type=chunk) - The gearing ratio was approximately **13.7%** (December 31, 2024: approximately 21.3%)[45](index=45&type=chunk) [Foreign Exchange Risk](index=17&type=section&id=Foreign%20Exchange%20Risk) The Group primarily faces foreign exchange risk related to RMB, which management will closely monitor, but currently has no foreign currency hedging policy - The Group's foreign exchange risk is primarily related to **RMB**[47](index=47&type=chunk) - The Group currently has **no foreign currency hedging policy**[47](index=47&type=chunk) [Pledge of Assets](index=17&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no assets pledged, consistent with the situation at the end of the previous year - As of **June 30, 2025**, no assets were pledged[48](index=48&type=chunk) [Contingent Liabilities](index=17&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of **June 30, 2025**, the Group had **no significant contingent liabilities**[49](index=49&type=chunk) [Capital Commitments](index=17&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no significant outstanding capital commitments - As of **June 30, 2025**, the Group had **no significant outstanding capital commitments**[50](index=50&type=chunk) [Interim Dividends](index=17&type=section&id=Interim%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended **June 30, 2025**[51](index=51&type=chunk) [Corporate Governance Code](index=17&type=section&id=Corporate%20Governance%20Code) The Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules for the six months ended June 30, 2025, with the Board comprising two executive directors and three independent non-executive directors - The Company has complied with the **Corporate Governance Code** as set out in **Appendix C1 of the Listing Rules**[52](index=52&type=chunk) - The Board of Directors comprises **two executive directors** and **three independent non-executive directors**[52](index=52&type=chunk) [Model Code for Securities Transactions by Directors](index=17&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) All Directors confirmed full compliance with the Model Code set out in Appendix C3 of the Listing Rules for the six months ended June 30, 2025 - All Directors confirmed full compliance with the **Model Code** as set out in **Appendix C3 of the Listing Rules**[53](index=53&type=chunk) [Other Information](index=18&type=section&id=Other%20Information) This section covers other important information regarding the Group's listed securities transactions, audit committee operations, public float, results announcement publication, and Board composition during the reporting period [Purchase, Sale or Redemption of the Company's Listed Securities](index=18&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For 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 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[54](index=54&type=chunk) [Audit Committee](index=18&type=section&id=Audit%20Committee) The Audit Committee, established on August 13, 2015, comprises three independent non-executive directors and has reviewed the Group's adopted accounting principles and practices and the unaudited condensed consolidated financial statements for the period - The Audit Committee was established on **August 13, 2015**[55](index=55&type=chunk) - The Audit Committee comprises **three independent non-executive directors**[55](index=55&type=chunk) - Reviewed the Group's adopted accounting principles and practices and the unaudited condensed consolidated financial statements for the period[55](index=55&type=chunk) [Sufficiency of Public Float](index=18&type=section&id=Sufficiency%20of%20Public%20Float) As of the date of this announcement, the Company has maintained the prescribed public float of not less than 25% of its issued shares as required by the Listing Rules for the six months ended June 30, 2025 - The Company has maintained the prescribed public float of not less than **25%** of its issued shares as required by the Listing Rules[56](index=56&type=chunk) [Publication of Results Announcement and Interim Report](index=18&type=section&id=Publication%20of%20Results%20Announcement%20and%20Interim%20Report) The interim results announcement has been published on the Company's and the Stock Exchange's websites, and the interim report will be dispatched to shareholders and published on the same websites in due course - The interim results announcement has been published on the Company's and the Stock Exchange's websites[57](index=57&type=chunk) - The interim report will be dispatched to the Company's shareholders and published on the same websites in due course[57](index=57&type=chunk) [Board of Directors](index=18&type=section&id=Board%20of%20Directors) As of the date of this announcement, the Company's Board of Directors comprises five executive directors and three independent non-executive directors - The Board includes Executive Directors Mr. Lo Chiu Wai, Mr. Xiao Yi, Mr. Li Jiajun, Mr. Li Congwei, and Mr. Wang Lun[59](index=59&type=chunk) - The Board includes Independent Non-executive Directors Mr. Yan Kin, Ms. Zhao Hongqin, and Ms. Chan Wai Yan[59](index=59&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 佈 之 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 就 因 本 公 佈 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 CNQC INTERNATIONAL HOLDINGS LIMITED 青建國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1240） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 青 建 國 際 控 股 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 呈 列 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月（「報 告 期」）的 未 經 審 核 簡 明 綜 合 中 期 業 績，連 同 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 的 比 較 ...

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。 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧桂園控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2007） 截至2025年6月30日止六個月 中期業績 財務摘要 – 1 – • 截至2025年6月30日止六個月，本集團連同其合營企業及聯營公司，共實現歸屬本 公司股東權益的合同銷售金額約人民幣167.5億元，歸屬本公司股東權益的合同銷 售面積約205萬平方米。 • 期內，本集團實現總收入約為人民幣725.7億元，同比減少約28.9%。 • 期內，本集團實現淨虧損約為人民幣196.5億元，歸屬本公司股東應佔淨虧損約為 人民幣190.8億元。 • 期內，本集團營銷及市場推廣成本和行政費用約為人民幣39.4億元，同比下降 18.9%。 碧桂園控股有限公司（「本公司」或「公司」）董事會（「董事會」，個別董事下稱「董事」）宣 佈，本公司及其附屬公司（統稱「本集團」、 ...

Financial Summary [Group Financial Summary](index=1&type=section&id=Group%20Financial%20Summary) H1 2025 revenue was US$21,062K, flat year-on-year; operating loss and loss attributable to owners slightly increased, basic loss per share (2.7) US cents Financial Summary for the Six Months Ended June 30 | Metric | 2025 (US$K) | 2024 (US$K) | | :--- | :--- | :--- | | Revenue | 21,062 | 21,097 | | Operating Loss | (7,086) | (7,033) | | Loss Attributable to Owners of the Company | (9,590) | (9,667) | | Gross Margin (Loss attributable to owners as % of revenue) | -45.5% | -45.8% | | Basic Loss Per Share (US cents) | (2.7) | (2.7) | Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) H1 2025 revenue was US$21,062K, operating loss US$7,086K, and total comprehensive loss US$9,719K, primarily driven by employee benefits and other operating costs Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Metric | 2025 (US$K) | 2024 (US$K) | | :--- | :--- | :--- | | Revenue | 21,062 | 21,097 | | Cost of Inventories Sold | (1,883) | (2,053) | | Food and Beverage Costs | (1,424) | (1,269) | | Employee Benefit Expenses | (7,357) | (7,314) | | Utilities, Repairs and Maintenance Expenses | (3,375) | (3,280) | | Other Operating Costs | (14,181) | (14,215) | | Net Other Income | 72 | 1 | | Operating Loss | (7,086) | (7,033) | | Finance Costs | (2,633) | (2,710) | | Loss Before Tax | (9,719) | (9,743) | | Income Tax | — | — | | Loss and Total Comprehensive Loss for the Period | (9,719) | (9,743) | | Loss Attributable to Owners of the Company | (9,590) | (9,667) | | Non-controlling Interests | (129) | (76) | | Basic and Diluted Loss Per Share (US cents) | (2.7) | (2.7) | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were US$133,915K, a decrease from US$140,114K at year-end 2024, with total equity at US$24,259K and total liabilities at US$109,656K, reflecting increased non-current liabilities and slightly reduced current liabilities Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | June 30, 2025 (US$K) | December 31, 2024 (US$K) | | :--- | :--- | :--- | | **ASSETS** | | | | Total Non-current Assets | 122,108 | 126,185 | | Total Current Assets | 11,807 | 13,929 | | **TOTAL ASSETS** | **133,915** | **140,114** | | **EQUITY** | | | | Equity Attributable to Owners of the Company | 24,861 | 34,451 | | Non-controlling Interests | (602) | (473) | | **TOTAL EQUITY** | **24,259** | **33,978** | | **LIABILITIES** | | | | Total Non-current Liabilities | 53,395 | 48,112 | | Total Current Liabilities | 56,261 | 58,024 | | **TOTAL LIABILITIES** | **109,656** | **106,136** | | **TOTAL EQUITY AND LIABILITIES** | **133,915** | **140,114** | - Accumulated losses increased from **US$37,822K** as of December 31, 2024, to **US$47,412K** as of June 30, 2025, reflecting continuous losses during the period[6](index=6&type=chunk) Notes to the Financial Statements [General Information](index=5&type=section&id=1%20General%20Information) The Company is an investment holding company incorporated in the Cayman Islands, primarily engaged in hotel and resort operations, luxury travel retail, and destination services in Saipan, Guam, and Hawaii, with Dr. Chen Shou-Ren and Dr. Chen Henry as ultimate controlling parties - The Group's principal activities include hotel and resort operations, luxury leisurewear and accessories travel retail, and destination services, primarily in Saipan, Guam, and Hawaii[8](index=8&type=chunk) - The ultimate controlling parties are **Dr. Chen Shou-Ren** and **Dr. Henry Chen**[8](index=8&type=chunk) [Basis of Preparation and Going Concern](index=5&type=section&id=2.1%20Basis%20of%20Preparation) The condensed consolidated interim financial information is prepared in US dollars under HKAS 34 and the Listing Rules; despite net current liabilities and continuous losses, the Board believes the Group has sufficient working capital for going concern through bank facilities, cash flow management, shareholder loans, and potential additional funding - As of June 30, 2025, the Group had **net current liabilities of US$44,454K** and a **net loss of US$9,719K** for the period, with cash and cash equivalents of approximately **US$2,463K**[10](index=10&type=chunk) - To mitigate liquidity pressure, the Group has implemented measures including close monitoring of bank facilities, generating sufficient cash flow from operations, securing **US$43,000K** in shareholder loan facilities from Tan Holdings (of which **US$38,800K** has been drawn), and obtaining a **US$9,000K** standby shareholder loan commitment[10](index=10&type=chunk)[12](index=12&type=chunk) - The Board believes the Group will have sufficient working capital to meet its financial obligations for at least the next twelve months, and the financial information is prepared on a going concern basis[11](index=11&type=chunk) [Changes in Accounting Policies](index=8&type=section&id=2.2%20Changes%20in%20Accounting%20Policies) The Group adopted revised HKFRS accounting standards, including HKAS 21 "Lack of Exchangeability," for the current period, which had no material impact on the condensed consolidated interim financial information due to the convertibility of the Group's transaction currencies - The initial adoption of the revised HKAS 21 "Lack of Exchangeability" had no impact on the Group's financial information[13](index=13&type=chunk)[14](index=14&type=chunk) [Segment and Revenue Information](index=9&type=section&id=3%20Segment%20and%20Revenue%20Information) The Group is organized into three reportable operating segments: Hotel and Resort, Luxury Travel Retail, and Destination Services, with segment results assessed based on adjusted profit/loss before tax; for H1 2025, total revenue was US$21,062K, with the Hotel and Resort segment contributing the most - The Group has three reportable operating segments: Hotel and Resort, Luxury Travel Retail, and Destination Services[15](index=15&type=chunk)[18](index=18&type=chunk) Total Segment Revenue (For the Six Months Ended June 30) | Segment | 2025 (US$K) | 2024 (US$K) | | :--- | :--- | :--- | | Hotel and Resort | 17,332 | 17,157 | | Luxury Travel Retail | 3,216 | 3,506 | | Destination Services | 514 | 434 | | **Total** | **21,062** | **21,097** | Segment Results (For the Six Months Ended June 30) | Segment | 2025 (US$K) | 2024 (US$K) | | :--- | :--- | :--- | | Hotel and Resort | (5,699) | (5,784) | | Luxury Travel Retail | (596) | (333) | | Destination Services | (226) | (111) | | **Total** | **(6,521)** | **(6,228)** | 2025 Revenue by Type of Goods or Services | Type of Goods or Services | Hotel and Resort (US$K) | Luxury Travel Retail (US$K) | Destination Services (US$K) | Total (US$K) | | :--- | :--- | :--- | :--- | :--- | | Room Revenue | 12,331 | — | — | 12,331 | | Food and Beverage | 4,452 | — | — | 4,452 | | Sales of Luxury Leisurewear and Accessories | — | 3,216 | — | 3,216 | | Sales of Souvenirs and Others | — | — | 441 | 441 | | Operation of Sightseeing Tours and Provision of Ground Handling Services | — | — | 73 | 73 | | Other Hospitality | 457 | — | — | 457 | | Rental Income | 92 | — | — | 92 | | **Total Revenue** | **17,332** | **3,216** | **514** | **21,062** | 2025 Revenue by Geographical Market | Geographical Market | Hotel and Resort (US$K) | Luxury Travel Retail (US$K) | Destination Services (US$K) | Total (US$K) | | :--- | :--- | :--- | :--- | :--- | | Saipan | 6,878 | 485 | 402 | 7,765 | | Guam | 10,362 | 1,806 | 112 | 12,280 | | Hawaii | — | 925 | — | 925 | | Rental Income | 92 | — | — | 92 | | **Total Revenue** | **17,332** | **3,216** | **514** | **21,062** | [Net Other Income](index=14&type=section&id=4%20Net%20Other%20Income) For the six months ended June 30, 2025, net other income was US$72K, primarily from gains on disposal of property, plant and equipment, compared to only US$1K in the prior period Net Other Income (For the Six Months Ended June 30) | Item | 2025 (US$K) | 2024 (US$K) | | :--- | :--- | :--- | | Net Exchange (Loss)/Gain | (1) | 1 | | Gain on Disposal of Property, Plant and Equipment | 73 | — | | **Total** | **72** | **1** | [Finance Costs](index=15&type=section&id=5%20Finance%20Costs) For the six months ended June 30, 2025, finance costs were US$2,633K, a slight decrease from US$2,710K in the prior period, mainly due to reduced interest expenses on bank borrowings Finance Costs (For the Six Months Ended June 30) | Item | 2025 (US$K) | 2024 (US$K) | | :--- | :--- | :--- | | Interest Expense on Lease Liabilities | 394 | 414 | | Interest Expense on Bank Borrowings | 1,481 | 1,852 | | Interest Expense on Other Borrowings | 640 | 444 | | Estimated Interest Expense on Other Borrowings | 118 | — | | **Total** | **2,633** | **2,710** | [Loss Before Tax](index=16&type=section&id=6%20Loss%20Before%20Tax) For the six months ended June 30, 2025, the Group's loss before tax was US$9,719K, largely consistent with the prior period, with major expenses including employee benefits, cost of inventories sold, food and beverage costs, and depreciation of property, plant and equipment Components of Loss Before Tax (For the Six Months Ended June 30) | Item | 2025 (US$K) | 2024 (US$K) | | :--- | :--- | :--- | | Cost of Inventories Sold | 1,883 | 2,053 | | Food and Beverage Costs | 1,424 | 1,269 | | Employee Benefit Expenses | 7,357 | 7,314 | | Lease Payments Not Included in Lease Liability Measurement | 520 | 482 | | Write-off of Other Receivables | 132 | — | | Depreciation of Property, Plant and Equipment | 5,236 | 5,572 | | Depreciation of Investment Properties | 9 | 7 | | Amortisation of Intangible Assets | 14 | 8 | | Provision for Obsolete Inventories | 3 | 12 | [Income Tax](index=17&type=section&id=7%20Income%20Tax) No provision for profits tax was made for the six months ended June 30, 2025 and 2024, as the Group generated no assessable profits in Hong Kong, CNMI, Guam, and Hawaii; subsidiaries in CNMI, Guam, and Hawaii are subject to a 21% corporate income tax rate, with CNMI also imposing a progressive corporate gross revenue tax - The Group generated no assessable profits in Hong Kong, CNMI, Guam, and Hawaii, thus no provision for profits tax was made[27](index=27&type=chunk) - Subsidiaries in CNMI, Guam, and Hawaii are subject to a **21% corporate income tax rate**, with CNMI also imposing a progressive corporate gross revenue tax[27](index=27&type=chunk) [Loss Per Share Attributable to Owners of the Company](index=17&type=section&id=8%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, basic loss per share was (2.7) US cents, consistent with the prior period, with no diluted adjustment as there were no potential dilutive ordinary shares Loss Per Share (For the Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (US$K) | 9,590 | 9,667 | | Weighted Average Number of Ordinary Shares in Issue | 360,000,000 | 360,000,000 | | Basic and Diluted Loss Per Share (US cents) | (2.7) | (2.7) | [Dividends](index=18&type=section&id=9%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[29](index=29&type=chunk) [Trade Receivables](index=18&type=section&id=10%20Trade%20Receivables) As of June 30, 2025, net trade receivables were US$1,728K, a decrease from US$1,903K at year-end 2024, with receivables over 90 days old constituting the largest portion Ageing Analysis of Trade Receivables (As of June 30) | Ageing | 2025 (US$K) | 2024 (US$K) | | :--- | :--- | :--- | | Within 30 Days | 408 | 575 | | 31 to 60 Days | 13 | 16 | | 61 to 90 Days | 5 | 8 | | Over 90 Days | 1,302 | 1,304 | | **Total** | **1,728** | **1,903** | - The credit period for trade receivables is generally **30 days**, and they are unsecured[30](index=30&type=chunk) [Trade and Other Payables](index=19&type=section&id=11%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were US$11,500K, a slight decrease from US$11,857K at year-end 2024, including US$3,399K in trade payables to third parties and US$1,031K to related parties Trade and Other Payables (As of June 30) | Item | 2025 (US$K) | 2024 (US$K) | | :--- | :--- | :--- | | Trade Payables to Third Parties | 3,399 | 3,291 | | Trade Payables to Related Parties | 1,031 | 917 | | Accrued Staff Salaries | 578 | 504 | | Other Tax Payables | 352 | 503 | | Other Accruals and Payables | 6,140 | 6,642 | | **Total** | **11,500** | **11,857** | - Trade payables to related parties are **unsecured, interest-free**, with a credit period of **30 days**[32](index=32&type=chunk) Management Discussion and Analysis [Business Overview](index=21&type=section&id=I.%20Business%20Overview) Global economic recovery slowed, impacting Guam and CNMI tourism with significant visitor declines due to high tariffs, trade tensions, flight reductions, and the suspension of CNMI EVS-TAP approvals; Group revenue and operating loss remained largely flat year-on-year, though Guam's business saw growth while Saipan's declined, and Kanoa Resort permanently ceased operations - Global economic recovery slowed, and the Guam and CNMI tourism markets were affected by high tariffs, trade tensions, and policy uncertainties, with visitor numbers remaining below pre-pandemic levels[34](index=34&type=chunk) - Guam visitor arrivals decreased by **11.2%** to approximately **336,000**, and Saipan by **36.2%** to approximately **80,000**, primarily due to reduced flights from South Korea and the suspension of CNMI EVS-TAP approvals[34](index=34&type=chunk)[36](index=36&type=chunk) - Kanoa Resort permanently ceased operations on June 15, 2025, due to lease expiration and substantial renovation capital expenditure[37](index=37&type=chunk) - The Group received a "Notice of Award" for the Managaha Island Master Concession Agreement from the CNMI Department of Public Lands, expanding its destination services business[38](index=38&type=chunk) Revenue and Operating Loss (For the Six Months Ended June 30) | Metric | 2025 (US$K) | 2024 (US$K) | | :--- | :--- | :--- | | Revenue | 21,062 | 21,097 | | Operating Loss | (7,086) | (7,033) | [Segment Review](index=24&type=section&id=II.%20Segment%20Review) The Group's three segments (Hotel and Resort, Luxury Travel Retail, Destination Services) were impacted by a sluggish tourism market; Hotel and Resort revenue slightly increased but Saipan's business suffered from fewer visitors, Luxury Travel Retail revenue declined with Saipan being hit hardest, and Destination Services revenue grew due to convenience stores but sightseeing tours were affected by reduced Saipan visitors - The Hotel and Resort, Luxury Travel Retail, and Destination Services segments accounted for approximately **82.3%**, **15.3%**, and **2.4%** of total revenue, respectively[41](index=41&type=chunk) [Hotel and Resort Segment](index=24&type=section&id=Hotel%20and%20Resort%20Segment) Hotel and Resort segment revenue slightly increased to US$17,332K; Guam Crowne Plaza Resort revenue rose by 4.1% due to higher occupancy, while Saipan Crowne Plaza Resort revenue decreased by 2.6% due to fewer visitors; Kanoa Resort generated no revenue due to cessation of operations, and segment loss slightly narrowed as management continued cost-saving measures Hotel and Resort Segment Revenue and Segment Loss (For the Six Months Ended June 30) | Metric | 2025 (US$K) | 2024 (US$K) | | :--- | :--- | :--- | | Revenue | 17,332 | 17,157 | | Negative Segment Profit | (5,699) | (5,784) | - Guam Crowne Plaza Resort revenue increased by **4.1%**, with higher occupancy benefiting from the completion of breakwater reconstruction and support from the IHG reservation system[43](index=43&type=chunk)[44](index=44&type=chunk) - Saipan Crowne Plaza Resort revenue decreased by **2.6%**, primarily due to the suspension of CNMI EVS-TAP approvals and reduced Seoul-Saipan flights, leading to lower occupancy[45](index=45&type=chunk) - Kanoa Resort permanently ceased operations on June 15, 2025, and generated no revenue during the reporting period[46](index=46&type=chunk) [Luxury Travel Retail Segment](index=26&type=section&id=Luxury%20Travel%20Retail%20Segment) Luxury Travel Retail segment revenue decreased by 8.3% to US$3,216K; Guam and Hawaii businesses saw slight revenue increases, but Saipan's business significantly declined by 44.3% due to fewer visitors, a stronger US dollar, and economic uncertainty; segment loss widened, and management is implementing cost-saving measures while remaining cautiously optimistic about a gradual recovery in profitability Luxury Travel Retail Segment Revenue and Negative Segment Profit (For the Six Months Ended June 30) | Metric | 2025 (US$K) | 2024 (US$K) | | :--- | :--- | :--- | | Revenue | 3,216 | 3,506 | | Negative Segment Profit | (596) | (333) | - Saipan's luxury travel retail business revenue significantly decreased by **44.3%**, primarily due to fewer visitors from mainland China and South Korea, a stronger US dollar, and economic uncertainty[47](index=47&type=chunk) - All specialty stores have relocated to stronger retail spaces, and management remains cautiously optimistic about a gradual recovery in segment profitability[47](index=47&type=chunk) [Destination Services Segment](index=27&type=section&id=Destination%20Services%20Segment) Destination Services segment revenue increased by 18.4% to US$514K, mainly attributed to two convenience stores; however, segment loss increased to US$226K, with sightseeing tour business affected by reduced Saipan visitors, and management is cautiously optimistic about improved segment performance with the recovery of the Saipan tourism market Destination Services Segment Revenue and Segment Loss (For the Six Months Ended June 30) | Metric | 2025 (US$K) | 2024 (US$K) | | :--- | :--- | :--- | | Revenue | 514 | 434 | | Segment Loss | (226) | (111) | - Revenue increase was primarily attributed to two convenience stores located within the Guam and Saipan Crowne Plaza Resorts[48](index=48&type=chunk) - The decrease in Saipan visitor arrivals negatively impacted the sightseeing tour business[48](index=48&type=chunk) [Material Acquisitions, Disposals and Significant Investments](index=27&type=section&id=III.%20Material%20Acquisitions%2C%20Disposals%20and%20Significant%20Investments) During the reporting period, the Group did not undertake any material acquisitions, disposals, or hold any significant investments - The Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[49](index=49&type=chunk) - The Group did not hold any significant investments during the reporting period[50](index=50&type=chunk) [Events After Reporting Period](index=27&type=section&id=IV.%20Events%20After%20Reporting%20Period) Post-reporting period, the Guam Visitors Bureau continues to promote tourism recovery with increased flights from South Korea to Guam; US Customs and Border Protection restarted CNMI EVS-TAP approvals, direct flights from Hong Kong to Saipan are expected to resume in late September, and the Group secured the Managaha Island Master Concession Agreement to expand destination services, with Tan Holdings committing US$9,000K in standby shareholder loan facilities - The Guam Visitors Bureau continues to implement short-term tactical plans, with increased flights from South Korea to Guam, projecting a **63.4% increase** in airline seats from July to October 2025[51](index=51&type=chunk) - US Customs and Border Protection has restarted processing visitor applications under the CNMI EVS-TAP, and direct flight services from Hong Kong to Saipan are expected to resume in late September 2025[52](index=52&type=chunk) - On July 22, 2025, the Group received a "Notice of Award" for the Managaha Island Master Concession Agreement from the CNMI Department of Public Lands, to operate round-trip transportation, water sports, entertainment, food and beverage, and souvenir businesses on Managaha Island[52](index=52&type=chunk) - The Group has received a written commitment letter from Tan Holdings for **US$9,000K** in standby shareholder loan facilities[53](index=53&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=28&type=section&id=V.%20Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group maintains robust liquidity through internal cash flow, shareholder loans, and external financing; as of June 30, 2025, cash and bank deposits were approximately US$2,463K, total bank borrowings US$42,350K, and total shareholder loan facilities US$43,000K (US$38,800K drawn), with the gearing ratio increasing to 174.6% - As of June 30, 2025, the Group's total cash and bank deposits were approximately **US$2,463K**[54](index=54&type=chunk) Bank Borrowings and Shareholder Loans (As of June 30) | Item | 2025 (US$K) | 2024 (US$K) | | :--- | :--- | :--- | | Interest-bearing Term Loans | 37,350 | 39,500 | | Revolving Loans | 5,000 | 5,000 | | **Total Bank Borrowings** | **42,350** | **44,500** | | Total Shareholder Loan Facilities | 43,000 | 30,000 (as of Feb 29, 2024) | | Shareholder Loans Drawn | 38,800 | Not Applicable | - The Group has been granted **US$43,000K** in shareholder loan facilities by Tan Holdings, with **US$38,800K** utilized as of the end of the reporting period[12](index=12&type=chunk)[55](index=55&type=chunk) - As of June 30, 2025, the Group's gearing ratio was **174.6%**, an increase from **131.0%** in 2024[56](index=56&type=chunk) [Foreign Exchange Risk Management](index=30&type=section&id=VI.%20Foreign%20Exchange%20Risk%20Management) The Group's foreign exchange risk is not significant as most transactions are settled in US dollars, and financial assets and liabilities are primarily denominated in US dollars - Most of the Group's transactions are settled in US dollars, and foreign exchange risk is not significant[57](index=57&type=chunk) [Prospects and Future Plans](index=31&type=section&id=VII.%20Prospects%20and%20Future%20Plans) The Group is optimistic about the gradual recovery of the Guam and Saipan tourism markets, continuing collaboration with tourism authorities and airlines to expand source markets and increase flights; hotel managers will focus on operational efficiency, luxury travel retail stores will continue operations, and the Managaha Island concession will enhance customer experience and expand destination services, while the Group also explores potential M&A opportunities for long-term growth - The Guam Visitors Bureau and Marianas Visitors Authority (MVA) will continue to promote tourism and strengthen ties with key travel partners[58](index=58&type=chunk) - Hotel managers will expand source markets and optimize sales channels by participating in promotional activities and leveraging the IHG reservation system[59](index=59&type=chunk) - With the restart of CNMI EVS-TAP application approvals, a rebound in mainland Chinese visitors to Saipan is expected, leading to cautious optimism for the luxury travel retail segment's profitability[60](index=60&type=chunk) - The Managaha Island Master Concession Agreement will help extend and enhance the overall hotel customer experience, expand Saipan's sightseeing tour business, and create positive synergies[61](index=61&type=chunk) - The Group's management will continue to prudently explore potential merger and acquisition opportunities to sustain long-term growth[62](index=62&type=chunk) [Contingent Liabilities](index=32&type=section&id=VIII.%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities as of June 30, 2025[63](index=63&type=chunk) [Employees and Remuneration Policy](index=32&type=section&id=IX.%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 343 full-time employees, a decrease from the prior period, with total staff costs of US$7,357K; the Group adheres to labor laws and comprehensive HR policies, with remuneration based on market terms and individual performance, and no share options were granted, exercised, cancelled, or lapsed under the post-IPO share option scheme during the reporting period Employee Count and Staff Costs (For the Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 343 | 351 | | Total Staff Costs (US$K) | 7,357 | 7,314 | - The Group reduced its employee headcount as of June 30, 2025, but continues to value its employees and provide a good working environment[64](index=64&type=chunk) - No share options were granted, exercised, cancelled, or lapsed under the post-IPO share option scheme during the reporting period[64](index=64&type=chunk) Other Information [Purchase, Sale or Redemption of the Company's Listed Securities](index=33&type=section&id=X.%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period[65](index=65&type=chunk) [Review of Interim Financial Information](index=33&type=section&id=XI.%20Review%20of%20Interim%20Financial%20Information) The Company's Audit Committee reviewed and discussed the unaudited condensed consolidated interim financial information for the reporting period without objection, and this information was also reviewed by Ernst & Young in accordance with Hong Kong Standard on Review Engagements - The Audit Committee reviewed and had no objection, and the interim financial information was reviewed by Ernst & Young[66](index=66&type=chunk) [Dividends](index=34&type=section&id=XII.%20Dividends) The Board resolved not to declare an interim dividend for the reporting period - The Board resolved not to declare an interim dividend for the reporting period[67](index=67&type=chunk) [Corporate Governance Practices](index=34&type=section&id=XIII.%20Corporate%20Governance%20Practices) The Board adopted and complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules throughout the reporting period - The Company has complied with the code provisions of the Corporate Governance Code throughout the reporting period[68](index=68&type=chunk) [Model Code](index=34&type=section&id=XIV.%20Model%20Code) The Company adopted a code of conduct for directors' securities transactions and confirmed that all directors complied with it during the reporting period - All directors complied with the Model Code and the code of conduct for directors' securities transactions adopted by the Company during the reporting period[69](index=69&type=chunk) [Disclosure of Information on the Company's and HKEX Websites](index=34&type=section&id=XV.%20Disclosure%20of%20Information%20on%20the%20Company%27s%20and%20HKEX%20Websites) The interim report will be published on the Company's website (www.saileisuregroup.com) and the HKEX website (www.hkex.com.hk) - The interim report will be published on the Company's website (www.saileisuregroup.com) and the HKEX website (www.hkex.com.hk)[70](index=70&type=chunk) [Board of Directors](index=34&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Dr. Henry Chen, Vice Chairman, Executive Director, and Chief Executive Officer, on behalf of the Board of Directors, which includes Executive Directors, Non-executive Directors, and Independent Non-executive Directors - The Board of Directors includes Executive Directors Dr. Henry Chen, Mr. Zhao Mingjie, Ms. So Chan Sze Ting, and Ms. Cheung Pik Shan; Non-executive Directors Dr. Chen Shou-Ren (Chairman) and Mr. Chen Weili; and Independent Non-executive Directors Mr. Chan Leung Choi, Mr. Ma Chiu Cheung, and Mr. Wong Chun Tat[71](index=71&type=chunk)

[Interim Results and Operations Overview](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E7%87%9F%E9%81%8B%E6%A6%82%E8%A6%81) Lingyue Service Group announced unaudited interim results for the six months ended June 30, 2025, with revenue increasing by 2.4% to RMB 321.0 million, but gross profit and net profit decreased by 4.5% and 12.2% respectively; managed area slightly decreased while contracted area continued to grow Interim Financial Performance | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 321.0 | 313.3 | +2.4% | | Gross Profit | 95.1 | 99.6 | -4.5% | | Net Profit | 53.0 | 60.3 | -12.2% | - As of June 30, 2025, the Group had **257 contracted projects** with a contracted gross floor area of **36.0 million square meters**, and **252 managed projects** with a managed gross floor area of **31.4 million square meters**[4](index=4&type=chunk) [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) During the reporting period, the company's revenue slightly increased, but changes in cost of sales, impairment losses on financial assets, and income tax expense led to a year-on-year decrease in net profit Interim Consolidated Statement of Profit or Loss | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 320,960 | 313,294 | | Cost of sales | (225,899) | (213,732) | | Gross profit | 95,061 | 99,562 | | Other income and gains | 5,168 | 3,273 | | Administrative expenses | (28,076) | (27,475) | | Net impairment losses on financial assets and goodwill | (11,331) | (4,341) | | Other expenses | (114) | (153) | | Share of profits of a joint venture | 18 | 709 | | Profit before tax | 60,726 | 71,575 | | Income tax expense | (7,766) | (11,249) | | Profit for the period | 52,960 | 60,326 | | Profit attributable to owners of the parent | 49,076 | 58,018 | | Profit attributable to non-controlling interests | 3,884 | 2,308 | | Basic and diluted earnings per share attributable to ordinary equity holders of the parent | RMB 0.17 | RMB 0.20 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) In addition to profit for the period, other comprehensive income was mainly affected by fair value changes of equity investments designated at fair value, showing a positive gain this period compared to a loss in the prior period Interim Consolidated Statement of Comprehensive Income | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 52,960 | 60,326 | | Other comprehensive income, net of tax | 785 | (15) | | Total comprehensive income for the period | 53,745 | 60,311 | | Total comprehensive income attributable to owners of the parent | 49,861 | 58,003 | | Total comprehensive income attributable to non-controlling interests | 3,884 | 2,308 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%85%8B%E8%A1%A8) As of June 30, 2025, the company's net current assets and total equity both increased, while non-current assets slightly decreased and current liabilities reduced Interim Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Assets** | | | | Total non-current assets | 34,165 | 35,793 | | Total current assets | 943,232 | 934,225 | | **Liabilities** | | | | Total current liabilities | 292,089 | 338,203 | | Total non-current liabilities | 834 | 936 | | **Equity** | | | | Net assets | 684,474 | 630,879 | | Equity attributable to owners of the parent | 665,320 | 615,460 | | Non-controlling interests | 19,154 | 15,419 | | Total equity | 684,474 | 630,879 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [1. Company and Group Information](index=6&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E5%92%8C%E9%9B%86%E5%9C%98%E8%B3%87%E6%96%99) Lingyue Service Group, incorporated in the Cayman Islands and listed on HKEX in July 2021, primarily provides property management, value-added services to non-property owners, and community value-added services, with its ultimate controlling shareholders being six individuals including Mr. Liu Yuhui - The company was incorporated in the Cayman Islands and listed on the Main Board of The Stock Exchange of Hong Kong Limited since **July 12, 2021**[10](index=10&type=chunk) - The Group primarily engages in providing property management services, value-added services to non-property owners, and community value-added services[10](index=10&type=chunk) - The ultimate controlling shareholders of the company are Mr. Liu Yu Hui, Mr. Liu Ce, Mr. Liu Hao Wei, Ms. Wang Tao, Ms. Long Yi Qin, and Ms. Hou San Li[10](index=10&type=chunk) [2. Accounting Policies](index=6&type=section&id=2.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared on a historical cost basis, except for equity investments designated at fair value, with no significant impact from new IFRS amendments applied this period - The condensed consolidated financial statements are prepared on a historical cost basis, except for equity investments designated at fair value through other comprehensive income[12](index=12&type=chunk) - The application of amendments to International Financial Reporting Standards during this interim period had no significant impact on the Group's financial performance and position for the current and prior periods[13](index=13&type=chunk) [3. Revenue](index=7&type=section&id=3.%20%E6%94%B6%E7%9B%8A) Total revenue for the reporting period increased by 2.4% year-on-year, with significant growth in property management services revenue, while value-added services to non-property owners and community value-added services revenue both decreased Revenue by Service Type | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Property management services | 296,356 | 276,291 | | Value-added services to non-property owners | 4,045 | 9,910 | | Community value-added services | 20,559 | 27,093 | | **Total** | **320,960** | **313,294** | [4. Profit Before Tax](index=8&type=section&id=4.%20%E7%A8%85%E5%89%8D%E5%88%A9%E6%BD%A4) Profit before tax decreased during the reporting period, mainly due to increased cost of services provided, higher amortization of other intangible assets, and a significant increase in net impairment losses on trade receivables Profit Before Tax Components | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of services provided | 225,899 | 213,732 | | Depreciation of property, plant and equipment | 1,711 | 1,745 | | Amortisation of other intangible assets | 1,984 | 1,038 | | Net impairment losses on financial assets: | | | | Net impairment losses on trade receivables | 13,041 | 4,654 | | Net reversal of impairment losses on amounts due from related companies | (1,058) | (106) | | Net impairment losses on financial assets included in prepayments and other receivables | (652) | (207) | [5. Income Tax Expense](index=9&type=section&id=5.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense decreased by 31% year-on-year, primarily due to lower taxable profit, with the company applying 25%, 15% (western region preferential), and small-profit enterprise preferential tax rates in mainland China - Income tax expense decreased by approximately **31%** from RMB **11.2 million** in the prior period of 2024 to approximately **RMB 7.8 million**, primarily due to a decrease in taxable profit[22](index=22&type=chunk)[61](index=61&type=chunk) - The Group applied three types of tax rates during the reporting period, including a **25%** tax rate, a **15%** tax rate under the Western Region Preferential Tax Policy, and a preferential tax rate for small-profit enterprises[20](index=20&type=chunk) [6. Dividends](index=9&type=section&id=6.%20%E8%82%A1%E6%81%AF) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[23](index=23&type=chunk) [7. Earnings Per Share Attributable to Ordinary Equity Holders of the Parent](index=10&type=section&id=7.%20%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic earnings per share attributable to ordinary equity holders of the parent was RMB 0.17, lower than RMB 0.20 in the prior period, primarily due to decreased profit Earnings Per Share | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent for the purpose of calculating basic earnings per share | 49,076 | 58,018 | | Weighted average number of ordinary shares in issue for the purpose of calculating basic earnings per share | 285,685,000 | 285,685,000 | | Basic earnings per share | RMB 0.17 | RMB 0.20 | [8. Trade Receivables](index=11&type=section&id=8.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade receivables increased by 4.2% to RMB 141.3 million from the end of 2024, mainly due to increased total revenue, with a notable increase in receivables aged 1-2 years Trade Receivables by Ageing | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 102,104 | 103,024 | | 1 to 2 years | 29,873 | 21,790 | | 2 to 3 years | 7,487 | 8,102 | | Over 3 years | 1,847 | 2,693 | | **Total** | **141,311** | **135,609** | - Trade receivables amounted to approximately **RMB 141.3 million**, an increase of approximately **RMB 5.7 million** or **4.2%** compared to approximately **RMB 135.6 million** as of December 31, 2024, primarily due to an increase in total revenue[63](index=63&type=chunk) [9. Trade Payables](index=11&type=section&id=9.%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade payables decreased by 9.6% to RMB 37.1 million, primarily due to the company's adjustment of payment schedules Trade Payables by Ageing | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 28,943 | 37,122 | | Over 1 year | 8,189 | 3,965 | | **Total** | **37,132** | **41,087** | - Trade payables amounted to approximately **RMB 37.1 million**, a decrease of approximately **9.6%** compared to approximately **RMB 41.1 million** as of December 31, 2024, mainly due to the Group adjusting its payment schedule based on market conditions[65](index=65&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Development Strategy and Outlook](index=12&type=section&id=%E7%99%BC%E5%B1%95%E6%88%B0%E7%95%A5%E8%88%87%E5%B1%95%E6%9C%9B) The company adheres to its "deep cultivation in Southwest, layout in Xinjiang, and national development" strategy, forming "Sichuan + Xinjiang" as dual growth poles, steadily increasing managed scale, and expanding into diverse property types like schools, industrial parks, and public buildings - The Group adheres to its development strategy of "deep cultivation in Southwest, layout in Xinjiang, and national development," fostering "Sichuan + Xinjiang" as dual growth poles, achieving steady growth in managed scale, and deepening its presence in various property types such as schools, industrial parks, and public buildings, gradually moving towards a comprehensive and diversified market[29](index=29&type=chunk) - Looking ahead to the second half of 2025, the Group will steadfastly uphold its service philosophy of "Kindness and Companionship, Touching Hearts," continuously building its foundation on quality, focusing on warm services, solidifying its operational base, concentrating on creating customer value, actively expanding its service boundaries, and guiding high-quality enterprise development with a long-term perspective[30](index=30&type=chunk) [Business Model of the Group](index=13&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E6%A5%AD%E5%8B%99%E6%A8%A1%E5%BC%8F) The Group operates three business lines: property management, value-added services to non-property owners, and community value-added services, offering comprehensive services across the property management value chain - The Group operates three business lines: (i) property management services, (ii) value-added services to non-property owners, and (iii) community value-added services, providing comprehensive services covering the entire property management value chain for its customers[31](index=31&type=chunk) - Community value-added services typically generate higher profit margins, thus continuously enhancing the Group's financial performance[32](index=32&type=chunk) [Property Management Services](index=13&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 Group's core business, include security, cleaning, and maintenance for a diverse property portfolio; total contracted GFA increased by 1.0% while total managed GFA slightly decreased by 1.0% as of June 30, 2025 - The Group provides a wide range of property management services, including security, cleaning and landscaping, and repair and maintenance services, to property owners, residents, property developers, and tenants of managed non-residential properties[33](index=33&type=chunk) - The Group manages a diversified property portfolio, including residential properties, commercial properties, and public and other properties[33](index=33&type=chunk) - As of June 30, 2025, the Group's total contracted gross floor area was approximately **36.0 million square meters**, an increase of **1.0%** compared to the same period in 2024, while total managed gross floor area was approximately **31.4 million square meters**, a decrease of **1.0%** compared to the same period in 2024[34](index=34&type=chunk) [Scope of Services and Property Portfolio](index=13&type=section&id=%E6%9C%8D%E5%8B%99%E7%AF%84%E5%9C%8D%E8%88%87%E7%89%A9%E6%A5%AD%E7%B5%84%E5%90%88) The Group has provided property management services since 2002, managing 252 projects and contracting 257 projects as of June 30, 2025, with 4.671 million square meters of undelivered GFA expected to be delivered between August 2025 and August 2031 Property Management Portfolio | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of managed properties | 252 | 267 | | Number of contracted properties | 257 | 272 | | Managed GFA (thousand sq.m.) | 31,353 | 31,680 | | Contracted GFA (thousand sq.m.) | 36,024 | 35,665 | | Undelivered GFA (thousand sq.m.) | 4,671 | 3,985 | - The estimated time for delivery and revenue generation of undelivered projects as of June 30, 2025, ranges from **August 2025 to August 2031**[35](index=35&type=chunk) [Geographical Coverage and Revenue Breakdown](index=15&type=section&id=%E5%9C%B0%E5%8D%80%E8%A6%86%E8%93%8B%E8%88%87%E6%94%B6%E7%9B%8A%E6%98%8E%E7%B4%B0) The Group has expanded its geographical coverage to 34 cities across 9 provinces, 1 autonomous region, and 1 municipality in China, with Sichuan Province remaining the primary market contributing 78.3% of property management service revenue - The Group has expanded its geographical coverage to **34 cities**, **9 provinces**, **1 autonomous region**, and **1 municipality** in China[36](index=36&type=chunk) Property Management Revenue by Region | Region | 2025 Property Management Revenue (RMB thousand) | 2025 Property Management Revenue Share (%) | 2024 Property Management Revenue (RMB thousand) | 2024 Property Management Revenue Share (%) | | :--- | :--- | :--- | :--- | :--- | | Sichuan Province | 231,252 | 78.3 | 217,001 | 78.7 | | Xinjiang Uygur Autonomous Region | 24,658 | 8.3 | 22,161 | 8.0 | | Guangdong Province | 13,367 | 4.5 | 13,325 | 4.8 | | Jilin Province | 10,841 | 3.7 | 10,312 | 3.7 | | Hebei Province | 1,237 | 0.4 | 1,221 | 0.4 | | Henan Province | 3,872 | 1.3 | 4,310 | 1.6 | | Hubei Province | 3,679 | 1.2 | 3,425 | 1.2 | | Jiangsu Province | 998 | 0.3 | 762 | 0.3 | | Guizhou Province | 2,971 | 1.0 | 2,330 | 0.8 | | Chongqing Municipality | 1,980 | 0.7 | 1,444 | 0.5 | | Fujian Province | 957 | 0.3 | — | — | | **Total** | **295,812** | **100** | **276,291** | **100** | [Source of Managed Properties](index=17&type=section&id=%E5%9C%A8%E7%AE%A1%E7%89%A9%E6%A5%AD%E4%BE%86%E6%BA%90) The Group primarily serves properties developed by Landsea Holdings Group, but the number of managed projects and revenue contribution from non-Landsea Holdings Group and non-joint venture entities have increased, indicating enhanced third-party expansion capabilities Property Management Revenue by Developer Type | Developer Type | 2025 Property Management Revenue (RMB thousand) | 2025 Property Management Revenue Share (%) | 2024 Property Management Revenue (RMB thousand) | 2024 Property Management Revenue Share (%) | | :--- | :--- | :--- | :--- | :--- | | Landsea Holdings Group | 206,724 | 70.0 | 183,358 | 66.4 | | Joint ventures of Landsea Holdings Group | 5,469 | 1.8 | 14,722 | 5.3 | | Non-Landsea Holdings Group and non-joint ventures | 83,619 | 28.2 | 78,211 | 28.3 | | **Total** | **295,812** | **100** | **276,291** | **100** | Contracted Projects and GFA by Developer Type | Developer Type | 2025 Number of Contracted Projects | 2025 Contracted GFA (thousand sq.m.) | 2024 Number of Contracted Projects | 2024 Contracted GFA (thousand sq.m.) | | :--- | :--- | :--- | :--- | :--- | | Landsea Holdings Group | 94 | 19,514 | 97 | 18,169 | | Joint ventures of Landsea Holdings Group | 4 | 427 | 10 | 2,028 | | Non-Landsea Holdings Group and non-joint ventures | 159 | 16,083 | 165 | 15,468 | | **Total** | **257** | **36,024** | **272** | **35,665** | [Types of Managed Properties](index=19&type=section&id=%E5%9C%A8%E7%AE%A1%E7%89%A9%E6%A5%AD%E9%A1%9E%E5%9E%8B) Residential properties remain the dominant managed property type, contributing 81.2% of property management service revenue, with pre-delivery stage residential properties accounting for the largest share, while commercial and public/other property revenue contributions decreased Property Management Revenue by Property Type | Property Type | 2025 Property Management Revenue (RMB thousand) | 2025 Property Management Revenue Share (%) | 2024 Property Management Revenue (RMB thousand) | 2024 Property Management Revenue Share (%) | | :--- | :--- | :--- | :--- | :--- | | Residential properties | 240,242 | 81.2 | 206,108 | 74.6 | | —Pre-delivery stage | 196,740 | 66.5 | 170,479 | 61.7 | | —Owners' committee stage | 43,502 | 14.7 | 35,629 | 12.9 | | Commercial properties | 27,379 | 9.3 | 38,133 | 13.8 | | Public and other properties | 28,191 | 9.5 | 32,050 | 11.6 | | **Total** | **295,812** | **100** | **276,291** | **100** | [Value-Added Services to Non-Property Owners](index=20&type=section&id=%E9%9D%9E%E6%A5%AD%E4%B8%BB%E5%A2%9E%E5%80%BC%E6%9C%8D%E5%8B%99) Revenue from value-added services to non-property owners, including preliminary planning and sales office management, significantly decreased by 59.2% year-on-year to RMB 4.0 million, primarily due to a decline in sales office management services - Revenue from value-added services to non-property owners decreased by **59.2%** to approximately **RMB 4.0 million** compared to approximately **RMB 9.9 million** in the prior period of 2024[49](index=49&type=chunk) - The decrease in revenue was primarily due to a decline in sales office management services[49](index=49&type=chunk) Revenue from Value-Added Services to Non-Property Owners | Service Type | 2025 (RMB thousand) | 2025 Share (%) | 2024 (RMB thousand) | 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Preliminary planning and design consultancy services | 2,148 | 53.1 | 2,110 | 21.3 | | Sales office management services | 1,702 | 42.1 | 6,500 | 65.6 | | Pre-delivery services | 9 | 0.2 | 525 | 5.3 | | Repair and maintenance services | 153 | 3.8 | 505 | 5.1 | | Property transaction assistance services | 33 | 0.8 | 270 | 2.7 | | **Total** | **4,045** | **100** | **9,910** | **100** | [Community Value-Added Services](index=20&type=section&id=%E7%A4%BE%E5%8D%80%E5%A2%9E%E5%80%BC%E6%9C%8D%E5%8B%99) Revenue from community value-added services, including community space management and renovation, decreased by 22.1% year-on-year to RMB 21.1 million, mainly due to a decline in "move-in ready" services, despite significant growth in convenience living and community retail services - Revenue from community value-added services decreased by **22.1%** to approximately **RMB 21.1 million** compared to approximately **RMB 27.1 million** in the prior period of 2024[51](index=51&type=chunk) - The decrease in revenue was primarily due to a decline in "move-in ready" services[51](index=51&type=chunk) Revenue from Community Value-Added Services | Service Type | 2025 (RMB thousand) | 2025 Share (%) | 2024 (RMB thousand) | 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Community space management services | 3,164 | 15.0 | 3,915 | 14.4 | | Renovation and "move-in ready" services | 6,397 | 30.3 | 16,766 | 61.9 | | Convenience living services | 9,592 | 45.5 | 6,314 | 23.3 | | Community retail services | 1,950 | 9.2 | 98 | 0.4 | | **Total** | **21,103** | **100** | **27,093** | **100** | [Financial Review](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) During the reporting period, the Group's total revenue slightly increased, but higher cost of sales led to a decrease in gross profit and gross profit margin; administrative expenses rose due to increased labor costs, while income tax expense decreased due to lower taxable profit, resulting in a 14% year-on-year decline in profit attributable to owners of the parent - The Group's revenue was approximately **RMB 321.0 million**, an increase of approximately **2.4%** compared to **RMB 313.3 million** in the prior period of 2024[54](index=54&type=chunk) - The Group's gross profit decreased by **4.5%** from approximately **RMB 99.6 million** in the prior period of 2024 to approximately **RMB 95.1 million**, and the gross profit margin decreased by **2.2 percentage points** from **31.8% to 29.6%**[58](index=58&type=chunk) - Profit and total comprehensive income attributable to owners of the parent was approximately **RMB 49.9 million**, a decrease of approximately **14%** compared to **RMB 58 million** in the prior period of 2024[62](index=62&type=chunk) [Revenue Analysis](index=21&type=section&id=%E6%94%B6%E7%9B%8A%E5%88%86%E6%9E%90) Total revenue increased by 2.4% year-on-year to RMB 321.0 million, with property management services remaining the largest revenue source at 92.1%, driven by higher average unit prices for newly delivered properties, while non-property owner and community value-added services revenue both declined Revenue by Business Segment | Business Segment | 2025 (RMB thousand) | 2025 Revenue Percentage (%) | 2024 (RMB thousand) | 2024 Revenue Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Property management services | 295,812 | 92.1 | 276,291 | 88.2 | | Value-added services to non-property owners | 4,045 | 1.3 | 9,910 | 3.2 | | Community value-added services | 21,103 | 6.6 | 27,093 | 8.6 | | **Total** | **320,960** | **100** | **313,294** | **100** | - The increase in property management services revenue was attributable to higher average unit prices for newly delivered properties[56](index=56&type=chunk) - The decrease in revenue from value-added services to non-property owners was mainly due to a reduction in sales office management services; the decrease in revenue from community value-added services was mainly due to a decline in "move-in ready" services[56](index=56&type=chunk) [Cost of Sales](index=22&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales increased by 5.7% year-on-year to RMB 225.9 million, primarily due to increased operational costs from greater investment in infrastructure to enhance property management quality - The Group's cost of sales was approximately **RMB 225.9 million**, an increase of approximately **5.7%** compared to approximately **RMB 213.7 million** in the prior period of 2024[57](index=57&type=chunk) - The main reason for the increase in cost of sales was the Group's increased investment in infrastructure to enhance property quality, leading to higher operating costs[57](index=57&type=chunk) [Gross Profit and Gross Profit Margin](index=22&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross profit decreased by 4.5% year-on-year to RMB 95.1 million, and the gross profit margin declined by 2.2 percentage points to 29.6%, mainly due to increased operating costs, with community value-added services experiencing the largest margin decrease - The Group's gross profit decreased by **4.5%** from approximately **RMB 99.6 million** in the prior period of 2024 to approximately **RMB 95.1 million**[58](index=58&type=chunk) - The Group's gross profit margin decreased by **2.2 percentage points** from **31.8%** in the prior period of 2024 to **29.6%**, primarily due to increased operating costs[58](index=58&type=chunk) Gross Profit Margin by Business Segment | Business Segment | 2025 Gross Profit Margin (%) | 2024 Gross Profit Margin (%) | Gross Profit Margin Change (%) | | :--- | :--- | :--- | :--- | | Property management services | 29.4 | 30.2 | -0.8 | | Value-added services to non-property owners | 31.1 | 33.3 | -2.2 | | Community value-added services | 38.0 | 46.9 | -8.9 | | **Total** | **29.6** | **31.8** | **-2.2** | [Administrative Expenses](index=23&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses increased by 2.2% year-on-year to RMB 28.1 million, primarily attributable to higher labor costs - The Group's administrative expenses increased by approximately **2.2%** from approximately **RMB 27.5 million** in the prior period of 2024 to approximately **RMB 28.1 million**, mainly due to increased labor costs[60](index=60&type=chunk) [Income Tax Expense](index=23&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense decreased by 31% year-on-year to RMB 7.8 million, mainly due to a reduction in taxable profit - The Group's income tax expense decreased by approximately **31%** from **RMB 11.2 million** in the prior period of 2024 to approximately **RMB 7.8 million**, primarily due to a decrease in taxable profit[61](index=61&type=chunk) [Profit Attributable to Owners of the Parent](index=23&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E5%88%A9%E6%BD%A4) Profit and total comprehensive income attributable to owners of the parent decreased by 14% year-on-year to RMB 49.9 million - Profit and total comprehensive income attributable to owners of the parent was approximately **RMB 49.9 million**, a decrease of approximately **14%** compared to **RMB 58 million** in the prior period of 2024[62](index=62&type=chunk) [Trade Receivables](index=24&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Trade receivables increased to RMB 141.3 million, up 4.2% from the end of 2024, primarily driven by an increase in total revenue - As of June 30, 2025, the Group's trade receivables were approximately **RMB 141.3 million**, an increase of approximately **RMB 5.7 million** or **4.2%** compared to approximately **RMB 135.6 million** as of December 31, 2024, primarily due to an increase in total revenue[63](index=63&type=chunk) [Prepayments, Deposits and Other Receivables](index=24&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%E6%AC%BE%E9%A0%85) Prepayments, deposits, and other receivables decreased by 15.6% to RMB 44.6 million, mainly due to a significant reduction in cash in transit balances - As of June 30, 2025, the Group's prepayments, deposits, and other receivables were approximately **RMB 44.6 million**, a decrease of approximately **15.6%** compared to approximately **RMB 52.8 million** as of December 31, 2024, primarily due to a significant decrease in cash in transit balances[64](index=64&type=chunk) [Trade Payables](index=24&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Trade payables decreased by 9.6% to RMB 37.1 million, primarily due to the company's adjustment of payment schedules based on market conditions - As of June 30, 2025, the Group's trade payables were approximately **RMB 37.1 million**, a decrease of approximately **9.6%** compared to approximately **RMB 41.1 million** as of December 31, 2024, mainly due to the Group adjusting its payment schedule based on market conditions[65](index=65&type=chunk) [Liquidity and Financial Resources](index=24&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group maintains prudent financial management, closely monitoring its liquidity to ensure future funding needs are met, with cash primarily used for investments, information technology, and working capital - The Board of Directors closely monitors the Group's liquidity position to ensure that the liquidity structure of the Group's assets, liabilities, and other commitments can meet its funding needs in the foreseeable future[66](index=66&type=chunk) - During the reporting period, the Group's cash was primarily used for investments, information technology construction, and working capital, mainly funded by proceeds from the company's operations[66](index=66&type=chunk) [Interest Rate Risk](index=24&type=section&id=%E5%88%A9%E7%8E%87%E9%A2%A8%E9%9A%AA) The Group faces no significant direct risks from market interest rate fluctuations as it has no material interest-bearing assets or liabilities - As the Group has no material interest-bearing assets and liabilities, it does not face significant direct risks related to changes in market interest rates[67](index=67&type=chunk) [Foreign Exchange Risk](index=25&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) Operating primarily in China with all transactions denominated and settled in RMB, the Group does not engage in foreign exchange hedging, though RMB depreciation could adversely affect the value of dividends paid to overseas shareholders - The Group primarily conducts its business operations in China, with all transactions denominated and settled in RMB[68](index=68&type=chunk) - Any depreciation of the RMB would adversely affect the value of any dividends paid by the company to its shareholders outside China[68](index=68&type=chunk) - The Group currently does not engage in hedging activities aimed at or intended to manage foreign exchange rate risk[68](index=68&type=chunk) [Gearing Ratio](index=25&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) The gearing ratio is not meaningful as of June 30, 2025, due to zero interest-bearing borrowings - The gearing ratio as of June 30, 2025, is not meaningful as the Group had zero interest-bearing borrowings on the same date (December 31, 2024: zero)[69](index=69&type=chunk) [Contingent Liabilities](index=25&type=section&id=%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities[70](index=70&type=chunk) [Material Acquisitions and Disposals](index=25&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) During the reporting period, the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures[71](index=71&type=chunk) [Material Investments](index=25&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) During the reporting period, the Group held no material investments - During the reporting period, the Group held no material investments[72](index=72&type=chunk) [Future Investments and Capital Asset Plans](index=25&type=section&id=%E6%9C%AA%E4%BE%86%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E8%A8%88%E5%8A%83) As of June 30, 2025, the Group had no significant future investment or capital asset plans beyond those disclosed in its prospectus - Except for those disclosed in the "Future Plans and Use of Proceeds" section of the company's prospectus dated June 29, 2021, the Group had no significant plans for investments and capital assets as of June 30, 2025[73](index=73&type=chunk) [Pledge of Assets](index=25&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group's pledged deposits amounted to RMB 0.1 million, consistent with the end of 2024 - As of June 30, 2025, the Group's pledged deposits amounted to **RMB 0.1 million** (December 31, 2024: RMB 0.1 million)[74](index=74&type=chunk) [Other Information](index=26&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) [Staff](index=26&type=section&id=%E5%93%A1%E5%B7%A5) As of June 30, 2025, the Group had 5,260 employees, a decrease from the end of 2024, with total staff costs remaining largely stable year-on-year, and plans to enhance training and adhere to local social security and provident fund regulations - As of June 30, 2025, the Group had **5,260 employees** (December 31, 2024: 5,644 employees)[75](index=75&type=chunk) - During the reporting period, total staff costs were approximately **RMB 149.7 million**, compared to approximately **RMB 149.5 million** in the prior period of 2024[75](index=75&type=chunk) - The Group will further strengthen its employee training programs using internal and external resources, adopt remuneration policies similar to its peers, and comply with local government regulations for social insurance contribution schemes or other retirement schemes[75](index=75&type=chunk) [Significant Post-Reporting Period Events](index=26&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) There have been no significant post-reporting period events affecting the company from June 30, 2025, up to the announcement date - There have been no significant events affecting the company from June 30, 2025, up to the date of this announcement[76](index=76&type=chunk) [Compliance with Corporate Governance Code](index=26&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The Group is committed to maintaining high standards of corporate governance, having adopted and complied with all applicable provisions of the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules during the reporting period - The Group is committed to maintaining and enhancing high standards of corporate governance to safeguard shareholders' interests, enhance corporate value, and improve accountability[77](index=77&type=chunk) - The company has adopted the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and has complied with all applicable code provisions during the reporting period[77](index=77&type=chunk) [Standard Code for Securities Transactions by Directors](index=27&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, with all directors confirming compliance during the reporting period - 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[78](index=78&type=chunk) - Following specific enquiries made to all directors, they confirmed that they have complied with the standards for securities transactions by directors as set out in the Standard Code during the reporting period[78](index=78&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=27&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and no treasury shares were held as of June 30, 2025 - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[79](index=79&type=chunk) - As of June 30, 2025, the company held no treasury shares[79](index=79&type=chunk) [Interim Dividends](index=27&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[80](index=80&type=chunk) [Audit Committee Review of Unaudited Interim Results](index=27&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%AF%A9%E9%96%B1%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%9A%84%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) The Audit Committee reviewed the Group's unaudited interim results for the six months ended June 30, 2025, agreeing with management on accounting principles, risk management, internal controls, and financial reporting, with the committee comprising three independent non-executive directors, including a professionally qualified chair - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and has agreed with the company's management on the accounting principles and practices adopted by the Group, risk management, internal controls, and financial reporting matters[81](index=81&type=chunk) - The Audit Committee comprises three independent non-executive directors, Ms. Luo Ying, Mr. Hu Ning, and Ms. Zou Dan, with Ms. Zou Dan appointed as the chairperson of the Audit Committee, possessing the appropriate professional qualifications or relevant financial management expertise as required by Rule 3.10(2) of the Listing Rules[81](index=81&type=chunk) [Publication of Interim Results Announcement and Interim Report on HKEX and Company Website](index=28&type=section&id=%E6%96%BC%E8%81%AF%E4%BA%A4%E6%89%80%E5%8F%8A%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%B6%B2%E7%AB%99%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The interim results announcement has been published on the websites of HKEX and the company, with the interim report to be made available to shareholders in due course - This interim results announcement will be published on the websites of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk) and the company (www.lingyue-service.com) respectively[82](index=82&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be provided to shareholders in due course and will be available on the aforementioned websites[82](index=82&type=chunk) [Board of Directors](index=28&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) As of the announcement date, the Board of Directors includes executive directors Mr. Liu Yuqi and Ms. Luo Hongping; non-executive directors Ms. Wang Tao and Ms. Hou Sanli; and independent non-executive directors Ms. Luo Ying, Mr. Hu Ning, and Ms. Zou Dan - As of the date of this announcement, the Board of Directors comprises executive directors Mr. Liu Yuqi and Ms. Luo Hongping; non-executive directors Ms. Wang Tao and Ms. Hou Sanli; and independent non-executive directors Ms. Luo Ying, Mr. Hu Ning, and Ms. Zou Dan[84](index=84&type=chunk)