[Interim Results Summary](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) Key Financial and Operational Indicators for H1 2025 | Indicator | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 822.0 | 898.0 | -8.5 | | Gross Profit | 203.9 | 255.4 | -20.2 | | Profit and Total Comprehensive Income | 53.4 | 50.7 | +5.3 | | Total Contracted GFA of Property Management (million sq.m.) | 126.2 | 129.1 (As of Dec 31, 2024) | -2.2 | | Total GFA Under Management of Property Management (million sq.m.) | 99.9 | 102.7 (As of Dec 31, 2024) | -2.7 | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Total revenue and gross profit declined by 8.5% and 20.2% respectively, while net profit grew 5.3% due to reduced fair value losses and optimized expenses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue | 822,001 | 897,997 | | Direct operating expenses | (618,105) | (642,570) | | Gross profit | 203,896 | 255,427 | | Operating profit | 71,359 | 104,487 | | Change in fair value loss of financial assets at FVTPL | (3,000) | (42,706) | | Profit before income tax | 73,610 | 65,418 | | Income tax expense | (20,221) | (14,714) | | Profit and total comprehensive income for the period | 53,389 | 50,704 | | Profit and total comprehensive income for the period attributable to owners of the Company | 47,821 | 44,346 | | Basic and diluted earnings per share (RMB) | 0.31 | 0.29 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) Net assets increased to RMB 1.004 billion with improved net current assets, though cash equivalents decreased while trade receivables rose Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (RMB in thousands) | Dec 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Non-current assets | 859,113 | 842,638 | | Current assets | 859,576 | 862,331 | | Current liabilities | 697,877 | 735,296 | | Net current assets | 161,699 | 127,035 | | Net assets | 1,003,811 | 955,140 | | Cash and cash equivalents | 188,197 | 243,300 | | Trade receivables | 526,883 | 455,570 | | Other payables (current) | 304,812 | 329,500 | [Notes to the Condensed Consolidated Interim Financial Statements](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [1. Corporate Information](index=5&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Kaisa Prosperity Holdings Limited was incorporated in the Cayman Islands in 2017 and primarily engages in a range of property management services - The company was incorporated in the Cayman Islands on October 13, 2017, with Kaisa Group Holdings Ltd as its ultimate holding company[9](index=9&type=chunk) - Its principal business is providing property management services, including building maintenance, security, parking management, and consultancy[9](index=9&type=chunk) [2. Basis of Preparation](index=5&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim financial information is prepared in accordance with HKAS 34 and the Listing Rules of the Stock Exchange - The unaudited condensed consolidated interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the Listing Rules of the Stock Exchange[11](index=11&type=chunk) [3. Application of Amendments to Hong Kong Financial Reporting Standards](index=5&type=section&id=3.%20%E6%87%89%E7%94%A8%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E7%9A%84%E4%BF%AE%E8%A8%82%E6%9C%AC) The adoption of amendments to HKFRS effective January 1, 2025 did not have a material impact on the Group's results and financial position - The adoption of amendments to Hong Kong Financial Reporting Standards **did not have a material impact** on the results and financial position for the current and prior periods[13](index=13&type=chunk) [4. Segment Information](index=6&type=section&id=4.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's business is managed as a single operating segment, with all revenue and non-current assets derived from China - Management regards the business as a single operating segment, with all revenue and non-current assets derived from China[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) - Revenue from Kaisa Group and its associates and joint ventures **decreased from 12.2%** of total revenue in H1 2024 **to 7.3%** in H1 2025[17](index=17&type=chunk) [5. Revenue](index=6&type=section&id=5.%20%E6%94%B6%E7%9B%8A) The Group's revenue primarily comes from property management, value-added services to owners, and non-owners, with total revenue declining 8.5% - Revenue mainly comprises property management services, value-added services to owners, and value-added services to non-owners[19](index=19&type=chunk) Revenue by Major Product Lines and Business Segments (For the six months ended June 30) | Service Type | 2025 Revenue (RMB in thousands) | 2024 Revenue (RMB in thousands) | | :--- | :--- | :--- | | Property management services | 694,653 | 707,257 | | Value-added services to owners | 80,339 | 84,843 | | Value-added services to non-owners | 47,009 | 105,897 | | **Total Revenue** | **822,001** | **897,997** | - Regarding the timing of revenue recognition, the majority of revenue (approximately **98.5%**) is recognized over time[22](index=22&type=chunk) [6. Other Income, Gains and Losses, Net](index=8&type=section&id=6.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E3%80%81%E6%94%B6%E7%9B%8A%E5%8F%8A%E8%99%A7%E6%90%8D%E6%B7%A8%E9%A1%8D) A net loss of RMB 1.64 million was recorded in H1 2025, a shift from a net gain in H1 2024, mainly due to increased write-offs of receivables Other Income, Gains and Losses, Net (For the six months ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Unconditional government grants income | 1,268 | 1,315 | | Write-off of uncollectible receivables | (1,394) | (627) | | Others | (1,374) | 93 | | **Total** | **(1,639)** | **808** | [7. Profit Before Income Tax](index=8&type=section&id=7.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) Profit before income tax increased by 12.5% to RMB 73.61 million, driven by lower staff costs and a significantly narrowed fair value loss on financial assets Components of Profit Before Income Tax (For the six months ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Staff costs | 351,229 | 403,092 | | Amortisation and depreciation | 14,302 | 14,938 | | Impairment of financial and contract assets | 48,054 | 58,014 | | Change in fair value of financial assets at FVTPL | 3,000 | 42,706 | [8. Income Tax Expense](index=9&type=section&id=8.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense increased by 37.4% to RMB 20.22 million, primarily due to the increase in profit before income tax Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Current income tax | 33,670 | 40,605 | | Deferred tax credit | (13,449) | (25,891) | | **Total** | **20,221** | **14,714** | [9. Earnings Per Share](index=9&type=section&id=9.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic and diluted earnings per share attributable to owners of the Company increased to RMB 0.31 from RMB 0.29 in the prior period Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit and total comprehensive income for the period attributable to owners of the Company (RMB in thousands) | 47,821 | 44,346 | | Weighted average number of ordinary shares in issue (in thousands) | 154,110 | 154,110 | | Basic and diluted earnings per share (RMB) | 0.31 | 0.29 | [10. Dividend](index=9&type=section&id=10.%20%E8%82%A1%E6%81%AF) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025[30](index=30&type=chunk) [11. Property, Plant and Equipment](index=9&type=section&id=11.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) The Group's additions to property, plant and equipment decreased year-on-year, and a loss was recorded on the disposal of related assets - Additions to property, plant and equipment amounted to **RMB 1,606,000** (2024: RMB 3,880,000)[31](index=31&type=chunk) - A loss on disposal of property, plant and equipment of **RMB 111,000** was recognized (2024: gain of RMB 37,000)[31](index=31&type=chunk) [12. Financial Assets](index=10&type=section&id=12.%20%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) Financial assets at FVTPL stood at RMB 91.48 million, with a further fair value loss of RMB 3 million recognized due to China's slow economic recovery Financial Assets (As of June 30) | Item | 2025 (RMB in thousands) | Dec 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Financial assets at FVTPL - contractual rights to properties | 91,481 | 94,481 | - For the six months ended June 30, 2025, a further fair value loss of approximately **RMB 3,000,000** was recognized in profit or loss due to the slower-than-expected economic recovery in China (2024: RMB 42,706,000)[34](index=34&type=chunk) [13. Trade and Other Receivables](index=11&type=section&id=13.%20%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Trade receivables increased to RMB 527 million due to slow collection from real estate developers, while other receivables slightly decreased Trade and Other Receivables (As of June 30) | Item | 2025 (RMB in thousands) | Dec 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Trade receivables (net) | 526,883 | 455,570 | | Other receivables (net) | 85,124 | 87,813 | | Loss allowance for trade receivables | (1,026,971) | (988,288) | Ageing Analysis of Trade Receivables (As of June 30) | Ageing | 2025 (RMB in thousands) | Dec 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Within 180 days | 438,042 | 455,227 | | 181 to 365 days | 206,106 | 214,781 | | 1 to 2 years | 303,696 | 286,923 | | 2 to 3 years | 223,000 | 218,876 | | Over 3 years | 383,010 | 268,051 | | **Total** | **1,553,854** | **1,443,858** | [14. Trade and Other Payables](index=12&type=section&id=14.%20%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Trade payables increased to RMB 231.5 million, while other payables decreased to RMB 312.2 million mainly due to settlement of receipts on behalf of residents Trade and Other Payables (As of June 30) | Item | 2025 (RMB in thousands) | Dec 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Trade payables | 231,490 | 206,574 | | Total other payables | 312,205 | 333,933 | Ageing Analysis of Trade Payables (As of June 30) | Ageing | 2025 (RMB in thousands) | Dec 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Within 90 days | 104,224 | 101,798 | | 91 to 180 days | 45,711 | 41,644 | | 181 to 270 days | 26,080 | 18,502 | | 271 to 365 days | 13,324 | 13,506 | | Over 365 days | 42,151 | 31,124 | | **Total** | **231,490** | **206,574** | [15. Lease Commitments](index=13&type=section&id=15.%20%E7%A7%9F%E8%B3%83%E6%89%BF%E6%93%94) The Group's short-term lease commitments as a lessee are mainly for staff quarters and offices, while future minimum rentals receivable as a lessor have decreased - The Group leases staff quarters and offices with lease terms of one to twelve months[41](index=41&type=chunk) Future Minimum Rentals Receivable as Lessor (As of June 30) | Period | 2025 (RMB in thousands) | Dec 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Not later than one year | 1,792 | 1,442 | | In the second to fifth years | 237 | 1,652 | | **Total** | **2,029** | **3,094** | [Business Review and Prospects](index=14&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%89%8D%E6%99%AF) [Macroeconomic and Industry Overview](index=14&type=section&id=%E5%AE%8F%E8%A7%80%E7%B6%93%E6%BF%9F%E5%8F%8A%E8%A1%8C%E6%A5%AD%E6%A6%82%E8%A6%BD) China's economy grew steadily with a 5.3% GDP increase in H1 2025, while the property management industry undergoes deep transformation amid policy shifts - In the first half of 2025, China's Gross Domestic Product (GDP) grew by approximately **5.3% year-on-year**, maintaining steady economic growth[43](index=43&type=chunk) - The real estate market saw continued policy support, but new home sales remained under pressure, accelerating the industry's shift towards an "operation + service" model[44](index=44&type=chunk) - Policies are driving the property management industry towards transparency and standardization, with accelerated adoption of technology shifting the focus from "fee-oriented" to "service value-oriented"[45](index=45&type=chunk) [Corporate Strategy and Operations](index=15&type=section&id=%E5%85%AC%E5%8F%B8%E6%88%B0%E7%95%A5%E8%88%87%E9%81%8B%E7%87%9F) The company maintained a stable management scale of approximately 99.9 million sq.m. across 707 projects, driven by a dual-engine growth strategy - Guided by the "Better is Happening" philosophy, the company enhances property management with intelligent technology[46](index=46&type=chunk) - Through a dual-engine strategy of "organic growth + independent expansion," the management scale remains stable with **99.9 million sq.m. under management** across 707 projects in 77 cities[46](index=46&type=chunk) - The company received multiple accolades, including "TOP 17 of 2025 Top 100 Property Management Companies in Service Quality" and "2025 China's Leading Enterprise in Property Service Quality"[47](index=47&type=chunk) [Financial Summary](index=15&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's operating revenue decreased by 8.5% to RMB 822.0 million, while comprehensive net profit increased by 5.3% to RMB 53.4 million Financial Performance for H1 2025 | Indicator | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 822.0 | 898.0 | -8.5 | | Comprehensive Net Profit | 53.4 | 50.7 | +5.3 | | Profit Attributable to Owners of the Company | 47.8 | 44.3 | +7.9 | [Enriching Service System and Consolidating Basic Services](index=16&type=section&id=%E8%B1%90%E5%AF%8C%E6%9C%8D%E5%8B%99%E9%AB%94%E7%B3%BB%EF%BC%8C%E5%A4%AF%E5%AF%A6%E5%9F%BA%E7%A4%8E%E6%9C%8D%E5%8B%99) The company enhanced its service system across nine property types, focusing on customer experience, community safety, and technological optimization - Released a standardized service manual covering 9 major property types, including residential, commercial, and office buildings[49](index=49&type=chunk) - Launched "Better FUN" community cultural services targeting children, seniors, youth, and pets with "12+2+X" themed activities[50](index=50&type=chunk) - Implemented service experience enhancement and safety campaigns to improve quality and ensure a secure environment[51](index=51&type=chunk)[52](index=52&type=chunk) - Continuously optimized the "K-Service Technology Product Operation and Control" platform to improve inspection efficiency[53](index=53&type=chunk) - Achieved significant annual energy consumption reduction through energy-saving technologies and refined operational management[54](index=54&type=chunk) [Transforming from a Space Operator to a Community Quality Living Service Provider](index=17&type=section&id=%E5%BE%9E%E7%A9%BA%E9%96%93%E9%81%8B%E7%87%9F%E5%95%86%E8%BD%89%E5%9E%8B%E7%A4%BE%E5%8D%80%E5%93%81%E8%B3%AA%E7%94%9F%E6%B4%BB%E6%9C%8D%E5%8B%99%E5%95%86) The company is transitioning to a community service provider, leveraging its "Little K Life Platform" to boost user engagement and expand high-value services - The "Little K Life Platform" focuses on high-frequency services, achieving **over 50% growth in daily active users and repurchase rates**[56](index=56&type=chunk) - Promoted a universal marketing and distribution model, with registered distributors **exceeding 10,000**[56](index=56&type=chunk) - Increased penetration of low-frequency, high-value services such as home rental/sales and renovation services[57](index=57&type=chunk) [Diversified Services for Precise Outreach and Closed-Loop Ecosystem for Revenue Growth](index=18&type=section&id=%E5%A4%9A%E5%85%83%E6%9C%8D%E5%8B%99%E7%B2%BE%E6%BA%96%E8%A7%B8%E9%81%94%EF%BC%8C%E9%96%89%E7%92%B0%E7%94%9F%E6%85%8B%E5%89%B5%E6%94%B6%E5%A2%9E%E6%95%88) The company offers diversified services targeting seniors and pet owners and is piloting a digital elderly care service platform - Launched comprehensive solutions for seniors covering health, social activities, and home modifications, along with services for pet owners[58](index=58&type=chunk) - Pet business orders, service counts, and user registrations all increased in H1 2025[58](index=58&type=chunk) - Established the first elderly care business pilot in Shenzhen Central Plaza, with plans to build a digital platform to empower communities[59](index=59&type=chunk)[60](index=60&type=chunk) [Future Prospects](index=19&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The company will focus on high-quality growth and sustainable development by consolidating basic services and expanding into commercial operations and urban services - The company will align with national strategies for high-quality development, improving people's well-being, and fostering new productive forces[61](index=61&type=chunk) - Future plans include consolidating basic services, expanding commercial operations and urban services, and strengthening management and talent development for sustainable growth[61](index=61&type=chunk) [Management Discussion and Analysis](index=19&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) [Business Review](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group operates as an integrated property management service provider with three main business lines covering the entire value chain - With over 26 years of experience, the Group's business covers the Guangdong-Hong Kong-Macao Greater Bay Area and other major economic zones[62](index=62&type=chunk) - The three existing business lines—property management services, value-added services to owners, and value-added services to non-owners—form an integrated service scope[63](index=63&type=chunk) [Property Management Services](index=19&type=section&id=%E7%89%A9%E6%A5%AD%E7%AE%A1%E7%90%86%E6%9C%8D%E5%8B%99) The Group's GFA under management decreased by 2.7% to 99.9 million sq.m. due to the strategic withdrawal from underperforming projects - As of June 30, 2025, the Group managed **707 properties** with a total GFA of **99.9 million sq.m.** across 77 cities in 20 provinces[64](index=64&type=chunk) Key Operational Indicators for Property Management | Indicator | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Contracted GFA (thousand sq.m.) | 126,214 | 129,067 | | GFA Under Management (thousand sq.m.) | 99,900 | 102,697 | | Number of Properties Under Management | 707 | 728 | Changes in GFA Under Management and Number of Projects | Change Type | GFA Under Management (thousand sq.m.) | Number of Projects | | :--- | :--- | :--- | | As of January 1 | 102,697 | 728 | | New engagements | 1,561 | 37 | | Terminations | (4,358) | (58) | | **Total** | **99,900** | **707** | - The portfolio includes a diverse range of residential and non-residential properties, operating under lump-sum or commission-based models[69](index=69&type=chunk)[70](index=70&type=chunk) - Total revenue from property management services was approximately **RMB 695 million**, a year-on-year decrease of about **1.8%**, mainly due to the strategic withdrawal from underperforming projects[72](index=72&type=chunk) [Value-added Services to Owners](index=23&type=section&id=%E6%A5%AD%E4%B8%BB%E5%A2%9E%E5%80%BC%E6%9C%8D%E5%8B%99) Revenue from value-added services to owners decreased by 5.3% to RMB 80.3 million, impacted by weak consumer spending and increased competition - The Group offers diversified products and services through the "Little K Life" platform, covering four main areas: Little K Space, Little K Retail, Little K Rental and Sales, and Little K Home Decoration[74](index=74&type=chunk) - "Little K Life Showrooms" have been established in 11 major cities, including Guangzhou, Shenzhen, and Shanghai, to explore community lifestyle service circles[75](index=75&type=chunk) - Total revenue from value-added services to owners was approximately **RMB 80.3 million**, a year-on-year decrease of about **5.3%**, mainly due to sluggish consumer spending and intensified industry competition[76](index=76&type=chunk) [Value-added Services to Non-owners](index=24&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-owners fell sharply by 55.6% to RMB 47.0 million due to adverse macroeconomic and real estate market conditions - The Group provides services to non-owners, including construction site management, sales office management, consultancy, and smart solutions[77](index=77&type=chunk)[78](index=78&type=chunk) - Total revenue from value-added services to non-owners was approximately **RMB 47.0 million**, a significant year-on-year decrease of about **55.6%**, mainly due to reduced demand caused by national macroeconomic policies and the real estate market conditions[78](index=78&type=chunk) [Financial Performance Analysis](index=25&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) The Group's total revenue and gross profit decreased by 8.5% and 20.2% respectively, while profit for the period grew 5.3% due to cost controls [Revenue](index=25&type=section&id=%E6%94%B6%E7%9B%8A) Total revenue decreased by 8.5% to RMB 822.0 million, with the sharpest decline of 55.6% seen in value-added services to non-owners Revenue Contribution by Business Segment (For the six months ended June 30) | Business Segment | 2025 (RMB in thousands) | 2025 (%) | 2024 (RMB in thousands) | 2024 (%) | Change (RMB in thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property management services | 694,653 | 84.5 | 707,257 | 78.8 | (12,604) | (1.8) | | Value-added services to owners | 80,339 | 9.8 | 84,843 | 9.4 | (4,504) | (5.3) | | Value-added services to non-owners | 47,009 | 5.7 | 105,897 | 11.8 | (58,888) | (55.6) | | **Total** | **822,001** | **100.0** | **897,997** | **100.0** | **(75,996)** | **(8.5)** | - The decrease in property management services revenue was mainly due to the **strategic withdrawal from underperforming projects**[81](index=81&type=chunk) - The decrease in revenue from value-added services to owners was primarily due to **sluggish consumer spending and intensified industry competition**[82](index=82&type=chunk) - The significant decrease in revenue from value-added services to non-owners was mainly attributable to the **impact of national macroeconomic policies and the real estate market conditions**[83](index=83&type=chunk) [Direct Operating Expenses](index=26&type=section&id=%E7%9B%B4%E6%8E%A5%E7%B6%93%E7%87%9F%E9%96%8B%E6%94%AF) Direct operating expenses decreased by 3.8% to RMB 618 million, primarily consisting of staff costs and subcontracting costs - Direct operating expenses decreased by **3.8%** from RMB 643 million to **RMB 618 million**[84](index=84&type=chunk) [Gross Profit and Gross Profit Margin](index=26&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Overall gross profit decreased by 20.2% to RMB 204 million, with the gross profit margin declining by 3.6 percentage points to 24.8% Gross Profit and Gross Profit Margin by Business Segment (For the six months ended June 30) | Business Segment | 2025 Gross Profit (RMB in thousands) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB in thousands) | 2024 Gross Profit Margin (%) | Change (RMB in thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property management services | 149,373 | 21.5 | 171,012 | 24.2 | (21,639) | (12.7) | | Value-added services to owners | 48,291 | 60.1 | 54,870 | 64.7 | (6,579) | (12.0) | | Value-added services to non-owners | 6,232 | 13.3 | 29,545 | 27.9 | (23,313) | (78.9) | | **Total** | **203,896** | **24.8** | **255,427** | **28.4** | **(51,531)** | **(20.2)** | - The decrease in gross profit margin for property management services was mainly due to **increased subcontracting costs** to improve service quality[87](index=87&type=chunk) - The decrease in gross profit margin for value-added services to owners was primarily due to **sluggish consumer spending and intensified industry competition**[88](index=88&type=chunk) - The decrease in gross profit margin for value-added services to non-owners was mainly due to a **lower revenue contribution from projects with higher gross profit margins**[89](index=89&type=chunk) [Selling and Marketing Expenses](index=27&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%B8%82%E5%A0%B4%E6%8E%A8%E5%BB%A3%E9%96%8B%E6%94%AF) Selling and marketing expenses increased by 15.6% to RMB 5.2 million due to an increase in marketing activities - Selling and marketing expenses increased by approximately **15.6% to RMB 5.2 million**, mainly due to an increase in marketing activities[90](index=90&type=chunk) [Administrative Expenses](index=27&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses decreased by 13.1% to RMB 77.6 million, primarily due to enhanced cost control and personnel structure optimization - Administrative expenses decreased by approximately **13.1% to RMB 77.6 million**, mainly due to enhanced cost control and optimization of personnel structure[91](index=91&type=chunk) [Income Tax Expense](index=27&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense increased by 37.4% to RMB 20.2 million, mainly due to the increase in profit before income tax - Income tax expense increased by approximately **37.4% to RMB 20.2 million**, mainly due to the increase in profit before income tax[92](index=92&type=chunk) [Profit and Total Comprehensive Income for the Period](index=28&type=section&id=%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9%E5%8F%8A%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E7%B8%BD%E9%A1%8D) Profit and total comprehensive income for the period increased by 5.3% to RMB 53.4 million, driven by reduced provisions and administrative expenses - Profit and total comprehensive income for the period increased by approximately **5.3% to RMB 53.4 million**, mainly due to the decrease in loss allowance for trade receivables and administrative expenses[93](index=93&type=chunk) [Liquidity, Capital Structure and Financial Resources](index=28&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) Cash and cash equivalents decreased to RMB 188 million, while the net current asset position improved, and the Group remained free of interest-bearing debt - Cash and cash equivalents were approximately **RMB 188 million**, a decrease of about RMB 55.1 million from December 31, 2024, mainly due to slow collection of trade receivables and settlement of consideration for acquisitions[94](index=94&type=chunk) - Net current assets were approximately **RMB 162 million** (Dec 31, 2024: RMB 127 million), with a current ratio of about **1.19 times** (Dec 31, 2024: 1.15 times)[94](index=94&type=chunk) - The Group had **no other loans or borrowings** as of June 30, 2025[95](index=95&type=chunk) [Other Financial Information](index=28&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%A1%E5%8B%99%E4%BF%A1%E6%81%AF) The Group's financial position remained stable with no significant capital commitments or contingent liabilities and a gearing ratio of zero - Goodwill was approximately **RMB 136.5 million**, with no signs of impairment[96](index=96&type=chunk) - Right-of-use assets were approximately **RMB 166.1 million**, mainly for providing property management services and subleasing non-residential properties[97](index=97&type=chunk) - Trade receivables increased by approximately **RMB 71.3 million to RMB 527 million**, mainly due to slow progress in collecting receivables from real estate developers[98](index=98&type=chunk) - Payments on behalf of residents under the commission basis increased by approximately **RMB 21.7 million to RMB 158 million**, mainly due to a slowdown in the collection of such payments[99](index=99&type=chunk) - Trade payables increased by approximately **RMB 24.9 million to RMB 232 million**[100](index=100&type=chunk) - Other payables decreased by approximately **RMB 21.7 million to RMB 312 million**, mainly due to the settlement of receipts on behalf of residents[101](index=101&type=chunk) - The Group had **no significant capital commitments, charges on assets, or contingent liabilities**, and the gearing ratio was **zero**[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - Foreign exchange risk arises mainly from cash and cash equivalents denominated in HKD and USD, which are currently unhedged but continuously monitored[107](index=107&type=chunk) [Other Information](index=30&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Employees and Remuneration Policy](index=30&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E7%A6%8F%E5%88%A9%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group employed 11,737 people, with remuneration based on performance, skills, and market trends - As of June 30, 2025, the Group had **11,737 employees** (December 31, 2024: 12,013)[108](index=108&type=chunk) - Employee remuneration is based on performance, skills, knowledge, experience, and market trends, with training and share option schemes available[108](index=108&type=chunk) [Events After the Reporting Period](index=31&type=section&id=%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) There were no other significant subsequent events from the end of the reporting period up to the date of this announcement - From the end of the reporting period up to the date of this announcement, there were **no other significant subsequent events**[109](index=109&type=chunk) [2024 Annual Report](index=31&type=section&id=2024%E5%B9%B4%E5%B9%B4%E5%A0%B1) The maximum number of share options available for grant under the 2019 scheme was 4,820,000, representing approximately 3.13% of issued share capital - The maximum number of share options available for grant under the share option scheme was **4,820,000**, representing approximately **3.13%** of the Company's issued share capital on the relevant dates[110](index=110&type=chunk) [Compliance with the Corporate Governance Code](index=31&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 Company has adopted and complied with all applicable code provisions of the Corporate Governance Code during the reporting period - The Company has adopted and complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules for the six months ended June 30, 2025[111](index=111&type=chunk) [Review of Interim Results](index=31&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%AF%A9%E9%96%B1) The Audit Committee has reviewed the Group's accounting policies and the unaudited interim financial statements for the period - The Audit Committee has reviewed the accounting policies adopted by the Group and the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025[112](index=112&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=31&type=section&id=%E9%81%B5%E5%AE%88%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted the Model Code and confirmed that all directors have complied with its required standards during the reporting period - Specific enquiry has been made of all Directors, and they have all confirmed their compliance with the required standards set out in the Model Code during the six months ended June 30, 2025[113](index=113&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&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) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities during the six months ended June 30, 2025[115](index=115&type=chunk) [Interim Dividend](index=32&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board has resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board has resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025[116](index=116&type=chunk) [Publication of 2025 Interim Report on the Websites of the Stock Exchange and the Company](index=32&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%85%A7%E5%88%8A%E7%99%BB2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The 2025 interim report will be published on the websites of the Stock Exchange and the Company in due course - The interim report for the six months ended June 30, 2025 will be published on the websites of the Stock Exchange (www.hkex.com.hk) and the Company (www.jzywy.com) in due course[117](index=117&type=chunk) [Acknowledgement](index=32&type=section&id=%E8%87%B4%E8%AC%9D) The Board extends its gratitude to all staff for their diligence and integrity, and to stakeholders for their trust and support - The Board would like to express its sincere gratitude to all staff for their diligence, loyalty and integrity, and to thank our shareholders, customers, business partners and other business associates for their trust and support[118](index=118&type=chunk) [Board of Directors Information](index=32&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E8%B3%87%E6%96%99) As of the announcement date, the Board of Directors comprises six executive directors and three independent non-executive directors - As of the date of this announcement, the Board of Directors comprises **six executive Directors** and **three independent non-executive Directors**[120](index=120&type=chunk)

[Summary](index=1&type=section&id=Summary) The company reported a **9.7% revenue increase** to RMB 510.4 million in H1 2025, but gross profit and net profit declined due to rising costs and impairment losses Key Financial and Operating Indicators for the Six Months Ended June 30, 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Financial Performance:** | | | | | Revenue | 510.4 | 465.3 | +9.7% | | Property Management Services Revenue | 420.0 | 375.4 | +11.9% | | Value-Added Services to Non-Property Owners Revenue | 11.0 | 20.3 | -45.8% | | Community Value-Added Services Revenue | 79.4 | 69.6 | +14.1% | | Gross Profit | 113.4 | 127.5 | -11.1% | | Gross Profit Margin | 22.2% | 27.4% | -5.2 percentage points | | Profit for the Period | 28.5 | 40.1 | -29.1% | | Profit Attributable to Owners of the Parent | 24.4 | 36.6 | -33.2% | | **Operating Indicators:** | | | | | Contracted GFA | 49.9 million sq.m. | 51.8 million sq.m. | -3.7% | | GFA Under Management | 48.2 million sq.m. | 47.1 million sq.m. | +2.3% | - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (nil for the corresponding period in 2024)[3](index=3&type=chunk) [Interim Results](index=3&type=section&id=Interim%20Results) This section presents the condensed consolidated financial statements, including profit or loss, financial position, and detailed notes on accounting policies and key financial items [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Revenue grew by **9.7% to RMB 510.4 million**, while gross profit and net profit decreased by **11.1%** and **29.1%** respectively, impacted by higher service costs and impairment losses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 510,371 | 465,332 | +9.7% | | Cost of services | (396,971) | (337,795) | +17.5% | | Gross Profit | 113,400 | 127,537 | -11.1% | | Other income and gains | 1,671 | 1,515 | +10.3% | | Selling and distribution expenses | (1,020) | (636) | +60.4% | | Administrative expenses | (41,387) | (30,727) | +34.7% | | Net impairment losses on financial assets | (26,858) | (40,852) | -34.2% | | Profit before tax | 44,258 | 54,646 | -19.0% | | Income tax expense | (15,788) | (14,515) | +8.8% | | Profit for the period | 28,470 | 40,131 | -29.1% | | Profit attributable to owners of the parent | 24,444 | 36,602 | -33.2% | | Profit attributable to non-controlling interests | 4,026 | 3,529 | +14.1% | | Basic and diluted earnings per share | RMB 0.06 | RMB 0.09 | -33.3% | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total equity increased by **3.1%**, and the asset-liability ratio improved to **40.6%**, despite a **14.7%** decrease in cash and bank balances Condensed Consolidated Statement of Financial Position (As at June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets:** | | | | | Total non-current assets | 272,158 | 283,121 | -3.9% | | Total current assets | 1,307,333 | 1,375,200 | -4.9% | | Cash and bank balances | 478,039 | 560,574 | -14.7% | | **Liabilities:** | | | | | Total current liabilities | 620,535 | 719,008 | -13.7% | | Total non-current liabilities | 21,408 | 30,235 | -29.2% | | **Equity:** | | | | | Total equity | 937,548 | 909,078 | +3.1% | | **Other:** | | | | | Net current assets | 686,798 | 656,192 | +4.7% | | Total assets less current liabilities | 958,956 | 939,313 | +2.1% | [Notes to the Condensed Consolidated Financial Information](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Information) Provides detailed disclosures on the group's operations, accounting policies, revenue breakdown, profit before tax, income tax, and analyses of trade receivables and payables [1. Company and Group Information](index=7&type=section&id=1.%20Company%20and%20Group%20Information) - The Company was incorporated in the Cayman Islands on December 12, 2019, and listed on the Main Board of the Hong Kong Stock Exchange on July 7, 2020[8](index=8&type=chunk) - The Group's principal activities are the provision of property management services, value-added services to non-property owners, and community value-added services[9](index=9&type=chunk) [2. Basis of Preparation](index=7&type=section&id=2.%20Basis%20of%20Preparation) - The condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024[10](index=10&type=chunk) [3. Changes in Accounting Policies and Disclosures](index=7&type=section&id=3.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) - The revised International Financial Reporting Standards accounting standards adopted for the first time in this period, including the amendments to IAS 21 (Lack of Exchangeability), have no significant impact on the condensed consolidated financial statements as the Group's transaction currencies are all exchangeable[11](index=11&type=chunk)[12](index=12&type=chunk) [4. Operating Segment Information](index=8&type=section&id=4.%20Operating%20Segment%20Information) - Management aggregates all operating locations into a single reportable operating segment due to similar economic characteristics and business nature[13](index=13&type=chunk) - All of the Group's revenue is derived from mainland China, and no non-current assets are located outside mainland China, thus no geographical information is presented[14](index=14&type=chunk) Major Customer Revenue Contribution (For the six months ended June 30) | Customer | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Customer A | Not exceeding 10% of total revenue | 52,717 | [5. Revenue](index=8&type=section&id=5.%20Revenue) Revenue Analysis (For the six months ended June 30) | Business Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Property management services | 420,018 | 375,410 | | Value-added services to non-property owners | 10,993 | 20,321 | | Community value-added services | 79,360 | 69,601 | | **Total** | **510,371** | **465,332** | Customer Revenue Recognized by Timing (For the six months ended June 30) | Recognition Method | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total customer revenue recognized over time | 427,937 | 391,626 | | Total customer revenue recognized at a point in time | 82,434 | 73,706 | [6. Profit Before Tax](index=9&type=section&id=6.%20Profit%20Before%20Tax) - Profit before tax is primarily affected by factors such as cost of services, depreciation and amortization, and net impairment losses on financial assets[20](index=20&type=chunk) Deductions/(Credits) Affecting Profit Before Tax (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of services provided | 396,971 | 337,795 | | Depreciation of property, plant and equipment | 4,636 | 3,530 | | Amortisation of other intangible assets | 7,999 | 8,133 | | Impairment losses on trade receivables | 2,086 | 13,984 | | Impairment losses on amounts due from related companies | 19,831 | 26,064 | [7. Income Tax Expense](index=10&type=section&id=7.%20Income%20Tax%20Expense) - Mainland China subsidiaries generally pay enterprise income tax at a **25%** rate, with some western city subsidiaries enjoying a **15%** preferential rate, and small and micro enterprises a **2.5%** or **5%** preferential rate[21](index=21&type=chunk) Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax: Enterprise income tax | 18,237 | 22,024 | | Deferred tax | (2,449) | (7,509) | | **Total tax expense for the period** | **15,788** | **14,515** | [8. Dividends](index=10&type=section&id=8.%20Dividends) - The Board has resolved not to declare an interim dividend for the six months ended June 30, 2025 (2024: nil)[23](index=23&type=chunk) [9. Earnings Per Share Attributable to Owners of the Parent](index=11&type=section&id=9.%20Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) - Basic earnings per share are calculated based on the profit attributable to owners of the parent and the weighted average number of **415,000,000** ordinary shares outstanding during the period[24](index=24&type=chunk)[25](index=25&type=chunk) Basis for Basic Earnings Per Share Calculation (For the six months ended June 30) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the parent (RMB thousand) | 24,444 | 36,602 | | Weighted average number of ordinary shares outstanding (shares) | 415,000,000 | 415,000,000 | [10. Trade Receivables](index=11&type=section&id=10.%20Trade%20Receivables) Ageing Analysis of Trade Receivables (As at June 30) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 221,541 | 186,521 | | 1 to 2 years | 62,408 | 71,535 | | 2 to 3 years | 17,931 | 25,855 | | Over 3 years | 6,223 | 6,025 | | **Total** | **308,103** | **289,936** | Credit Risk Information for Trade Receivables (As at June 30) | Ageing | Expected Credit Loss Rate (June 30, 2025) | Expected Credit Loss (June 30, 2025, RMB thousand) | Expected Credit Loss Rate (December 31, 2024) | Expected Credit Loss (December 31, 2024, RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Current | 3.61% | 8,303 | 2.95% | 5,662 | | 1 to 2 years | 6.50% | 4,340 | 7.52% | 5,816 | | 2 to 3 years | 16.48% | 3,538 | 15.32% | 4,676 | | Over 3 years | 47.83% | 5,705 | 37.70% | 3,646 | | **Total** | **6.63%** | **21,886** | **6.39%** | **19,800** | [11. Trade Payables](index=13&type=section&id=11.%20Trade%20Payables) Ageing Analysis of Trade Payables (As at June 30) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 118,556 | 179,903 | | Over 1 year | 2,368 | 3,873 | | **Total** | **120,924** | **183,776** | [12. Other Payables and Accrued Expenses](index=13&type=section&id=12.%20Other%20Payables%20and%20Accrued%20Expenses) Other Payables and Accrued Expenses (As at June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Collections on behalf of community residents for utilities | 23,920 | 49,849 | | Deposits received | 60,861 | 65,979 | | Other payables for taxes | 31,514 | 27,795 | | Accrued salaries and welfare | 22,669 | 22,138 | | Others | 4,119 | 11,910 | | **Total** | **143,083** | **177,671** | [13. Share Capital](index=13&type=section&id=13.%20Share%20Capital) Share Capital (As at June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Issued and fully paid ordinary shares (415,000,000 shares of HK$0.01 par value each) | 3,764 | 3,764 | [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's performance in H1 2025, discusses its business model, operational and financial results, liquidity, and outlines the strategic outlook for H2 2025 [Review of H1 2025](index=14&type=section&id=Review%20of%20H1%202025) The property management sector faced economic pressures, shifting to quality-driven growth, with the Group achieving strategic transformation and ranking **16th** among top service providers - The property management industry's scale expansion logic is being reshaped, focusing on core city clusters like the Yangtze River Delta and Greater Bay Area, with slower growth in managed area and an accelerated shift from scale-driven to quality-driven competition[31](index=31&type=chunk) - The national "14th Five-Year Plan" mandates smart property services, with core cities incorporating smart community construction into urban assessment systems[31](index=31&type=chunk) - In H1, the Group's strategy focused on "penetrating Greater Jiangsu," "deepening the Yangtze River Delta," and "strengthening central cities" to build a national development pattern, transforming towards quality and efficiency-driven growth by focusing on high-value regions, enhancing service depth, and integrating regional resources[32](index=32&type=chunk) - New school and data center property types were added, consolidating the core business, while the investment segment made precise and breakthrough progress[32](index=32&type=chunk) - The 2025 new three-year strategic development plan was released, identifying **ten key cities** for deep cultivation and planning to establish quality strongholds, with the first batch covering **8 cities and 13 projects**[33](index=33&type=chunk) - The Group ranked **16th** among "2025 China Property Service Top 100 Enterprises" and received honors as "2025 China Property Service Top 100 Satisfaction Leading Enterprise" and "2025 China Red Property Service Excellent Enterprise"[34](index=34&type=chunk) Key Operating and Financial Data for H1 2025 | Indicator | June 30, 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Contracted GFA | 49.9 million sq.m. | 51.8 million sq.m. | -3.7% | | Total GFA Under Management | 48.2 million sq.m. | 47.1 million sq.m. | +2.3% | | Revenue | RMB 510.4 million | RMB 465.3 million | +9.7% | | Gross Profit | RMB 113.4 million | RMB 127.5 million | -11.1% | | Net Profit | RMB 28.5 million | RMB 40.1 million | -29.1% | [Business Review](index=16&type=section&id=Business%20Review) The Group's revenue increased by **9.7%**, driven by property management and community value-added services, but overall profitability declined due to rising service costs [Our Business Model](index=16&type=section&id=Our%20Business%20Model) - The Group adheres to the strategy of "penetrating Greater Jiangsu, deepening the Yangtze River Delta, and expanding into urban clusters," providing property management services, value-added services to non-property owners, and community value-added services with a "customer-centric" philosophy[36](index=36&type=chunk) [Property Management Services](index=16&type=section&id=Property%20Management%20Services) - Provides comprehensive services including security, cleaning, landscaping, facility management, customer service, and maintenance, covering residential, commercial, and other non-residential properties (e.g., shopping malls, office buildings, schools)[36](index=36&type=chunk) [Value-Added Services to Non-Property Owners](index=17&type=section&id=Value-Added%20Services%20to%20Non-Property%20Owners) - Includes consulting services, preliminary planning and design consultation, co-selling services, acceptance services, and property repair services, primarily for real estate developers and other property management companies[37](index=37&type=chunk) [Community Value-Added Services](index=17&type=section&id=Community%20Value-Added%20Services) - Offers eight categories of services to residential property owners and residents, including property agency, home beautification, community convenience, public area value-added services, smart solutions, retail, asset management, and home decoration[37](index=37&type=chunk) [Revenue Analysis](index=17&type=section&id=Revenue%20Analysis) Total Revenue Breakdown by Business Line (As at June 30) | Business Line | 2025 (RMB thousand) | Share (%) | 2024 (RMB thousand) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Property management services | 420,018 | 82.3 | 375,410 | 80.6 | | Value-added services to non-property owners | 10,993 | 2.2 | 20,321 | 4.4 | | Community value-added services | 79,360 | 15.5 | 69,601 | 15.0 | | **Total** | **510,371** | **100.0** | **465,332** | **100.0** | Property Management Services Revenue, GFA Under Management, and Number of Projects by Developer Type (As at June 30) | Developer Type | 2025 Revenue (RMB thousand) | 2025 Number of Projects | 2025 GFA Under Management (thousand sq.m.) | 2024 Revenue (RMB thousand) | 2024 Number of Projects | 2024 GFA Under Management (thousand sq.m.) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hongyang Group | 166,735 | 98 | 17,624 | 167,530 | 100 | 17,255 | | Third-party real estate developers | 253,283 | 225 | 30,607 | 207,880 | 199 | 29,833 | | **Total** | **420,018** | **323** | **48,231** | **375,410** | **299** | **47,088** | Property Management Services Revenue, GFA Under Management, and Number of Projects by Property Type (As at June 30) | Property Type | 2025 Revenue (RMB thousand) | 2025 Number of Projects | 2025 GFA Under Management (thousand sq.m.) | 2024 Revenue (RMB thousand) | 2024 Number of Projects | 2024 GFA Under Management (thousand sq.m.) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Residential properties | 352,785 | 252 | 43,770 | 319,418 | 243 | 42,584 | | Non-residential properties | 67,233 | 71 | 4,461 | 55,992 | 56 | 4,504 | | **Total** | **420,018** | **323** | **48,231** | **375,410** | **299** | **47,088** | Property Management Services Revenue, GFA Under Management, and Number of Projects by Geographical Distribution (As at June 30) | City | 2025 Revenue (RMB thousand) | 2025 Number of Projects | 2025 GFA Under Management (thousand sq.m.) | 2024 Revenue (RMB thousand) | 2024 Number of Projects | 2024 GFA Under Management (thousand sq.m.) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing | 118,274 | 95 | 12,962 | 134,980 | 94 | 12,966 | | Jiangsu (excluding Nanjing) | 99,567 | 81 | 14,644 | 66,213 | 75 | 13,628 | | Shanghai | 4,466 | 1 | 601 | 9,863 | 2 | 808 | | Anhui | 47,021 | 35 | 7,269 | 42,713 | 36 | 8,210 | | Shandong | 773 | 1 | 100 | – | – | – | | Hunan | 9,067 | 9 | 1,111 | 8,806 | 9 | 1,110 | | Henan | 2,164 | 1 | 239 | 2,140 | 1 | 239 | | Zhejiang | 16,559 | 11 | 1,331 | 22,796 | 15 | 1,745 | | Hubei | 76,168 | 47 | 5,617 | 59,913 | 36 | 4,558 | | Chongqing | 16,278 | 8 | 1,101 | 10,902 | 8 | 1,102 | | Guangdong | 7,634 | 6 | 685 | 745 | 3 | 411 | | Jiangxi | 4,210 | 3 | 411 | 2,814 | 6 | 685 | | Sichuan | 16,217 | 17 | 1,743 | 11,916 | 13 | 1,540 | | Shaanxi | 1,620 | 8 | 417 | 1,609 | 1 | 86 | | **Total** | **420,018** | **323** | **48,231** | **375,410** | **299** | **47,088** | - Total revenue increased by **9.7%** year-on-year to **RMB 510.4 million**, primarily due to increased revenue from property management services and community value-added services[45](index=45&type=chunk) - Property management services revenue increased by **11.9%** year-on-year to **RMB 420.0 million**, mainly due to an increase in projects[46](index=46&type=chunk) - Value-added services to non-property owners revenue decreased by **45.8%** year-on-year to **RMB 11.0 million**, primarily due to a reduction in sales venue projects[47](index=47&type=chunk) - Community value-added services revenue increased by **14.1%** year-on-year to **RMB 79.4 million**, mainly driven by increased revenue from community retail services[48](index=48&type=chunk) [Cost of Services](index=20&type=section&id=Cost%20of%20Services) - Cost of services increased by **17.5%** year-on-year to **RMB 397.0 million**, primarily due to increased staff costs and outsourcing costs for property management projects[49](index=49&type=chunk) [Gross Profit and Gross Profit Margin](index=21&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) - Gross profit decreased by **11.1%** year-on-year to **RMB 113.4 million**, mainly due to increased property management service costs[50](index=50&type=chunk) Gross Profit Margin by Business Line (As at June 30) | Business Line | 2025 Gross Profit Margin (%) | 2024 Gross Profit Margin (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | | Property management services | 20.0 | 26.4 | -6.4 | | Value-added services to non-property owners | 15.0 | 15.0 | 0.0 | | Community value-added services | 35.1 | 36.6 | -1.5 | | **Total** | **22.2** | **27.4** | **-5.2** | - The gross profit margin for property management services decreased by **6.4 percentage points**, mainly due to increased staff costs and outsourcing costs[51](index=51&type=chunk) - The gross profit margin for community value-added services decreased by **1.5 percentage points**, primarily due to a decrease in the average selling price of parking spaces and an increased revenue contribution from lower-margin community retail businesses[52](index=52&type=chunk) [Other Income and Gains](index=22&type=section&id=Other%20Income%20and%20Gains) - Other income and gains increased year-on-year to **RMB 1.7 million**, mainly due to increased government grants[53](index=53&type=chunk) [Administrative Expenses](index=22&type=section&id=Administrative%20Expenses) - Administrative expenses increased by **34.9%** year-on-year to **RMB 41.4 million**, primarily due to an increase in project management personnel[54](index=54&type=chunk) [Net Impairment Losses on Financial Assets](index=22&type=section&id=Net%20Impairment%20Losses%20on%20Financial%20Assets) - Net impairment losses on financial assets decreased year-on-year to **RMB 26.9 million**, mainly due to a decrease in impairment provisions for amounts due from related companies[55](index=55&type=chunk) [Profit Before Tax](index=22&type=section&id=Profit%20Before%20Tax) - Profit before tax decreased by **19.0%** year-on-year to **RMB 44.3 million**[56](index=56&type=chunk) [Income Tax Expense](index=22&type=section&id=Income%20Tax%20Expense) - Income tax expense increased by **9.0%** year-on-year to **RMB 15.8 million**, primarily due to a decrease in deferred income tax expenses[57](index=57&type=chunk) [Liquidity, Reserves and Capital Structure](index=23&type=section&id=Liquidity%2C%20Reserves%20and%20Capital%20Structure) The Group maintained a sound financial position with a **3.1%** increase in total equity and a reduced asset-liability ratio, despite lower cash balances - As at June 30, 2025, current assets were **RMB 1,307.3 million**, a slight decrease from December 31, 2024[58](index=58&type=chunk) - Cash and bank balances were **RMB 478.0 million**, a **14.7%** decrease from December 31, 2024[58](index=58&type=chunk) - The asset-liability ratio (total liabilities divided by total assets) was **40.6%**, a **4.6 percentage point** decrease from **45.2%** as at December 31, 2024[58](index=58&type=chunk) - Total equity was **RMB 937.5 million**, a **3.1%** increase from December 31, 2024, primarily due to growth from operating profit[58](index=58&type=chunk) - Trade receivables were **RMB 308.1 million**, an increase of approximately **6.3%** from December 31, 2024, mainly due to an increase in the number of projects under management[59](index=59&type=chunk) - Prepayments, other receivables, and other assets were **RMB 120.1 million**, a decrease of approximately **9.7%** from December 31, 2024, mainly due to a decrease in prepayments made to utility suppliers on behalf of customers[60](index=60&type=chunk) - Trade payables were **RMB 120.9 million**, a decrease of approximately **34.2%** from December 31, 2024, mainly due to shorter payment terms for outsourcing suppliers[61](index=61&type=chunk) - Contract liabilities were **RMB 258.0 million**, largely consistent with December 31, 2024[62](index=62&type=chunk) - Other payables and accrued expenses were **RMB 143.1 million**, a decrease of approximately **19.5%** from December 31, 2024, mainly due to a decrease in payables to utility suppliers on behalf of customers[63](index=63&type=chunk) - As at June 30, 2025, the Group had no significant contingent liabilities or guarantees[64](index=64&type=chunk) [Outlook for H2 2025](index=25&type=section&id=Outlook%20for%20H2%202025) The Group plans to enhance service innovation, optimize resource allocation, improve operational efficiency, and strengthen organizational capabilities for sustainable growth - In the second half of the year, the Group will continue to expand into new sectors, refine advantageous areas, and balance business growth with existing operations to achieve sustainable and quality growth in business scale and profit[65](index=65&type=chunk) - Core Capability Building: - **Sharpening Service Innovation**: Deepen customized standards for various property types, expand the value-added service chain, and accelerate the implementation of smart platforms and IoT tools[65](index=65&type=chunk) - **Aggregating Resource Focus**: Establish a "headquarters coordination + regional linkage" mechanism, deeply cultivate core urban clusters, expand into new scenarios such as urban services and public facilities, and address capability gaps through strategic joint ventures and acquisitions[66](index=66&type=chunk) - **Refining Efficient Operations**: Optimize the "selection, cultivation, utilization, and retention" mechanism, compile service manuals for all property types, promote mobile management platforms across all regions, and achieve online and data-driven service processes[66](index=66&type=chunk) - Focus on investment-led strategy, strengthen standard construction, promote the implementation of multi-property standardized operating guidelines, complete service plans and operational bottom-line checklists, and optimize investment mechanisms[67](index=67&type=chunk) - Enhance organizational leadership, deepen the flat organizational structure, and cultivate four key talent teams: "General Plan," "Hong Elite Plan," "Hong Steward," and "Hong Guard"[68](index=68&type=chunk) - Foster cultural cohesion, uphold the core values of "people-oriented business, integrity leads to success," with core principles of "health, striving, great love, pragmatism, simplicity, vitality, sunshine, humanistic care, cross-functional collaboration, and direct problem-solving"[69](index=69&type=chunk) [Corporate Governance / Other Information](index=28&type=section&id=Corporate%20Governance%20%2F%20Other%20Information) This section covers significant investments, employee policies, post-reporting events, dividend policy, securities transactions, foreign exchange risk, and compliance with corporate governance standards [1. Material Investments, Acquisitions and Disposals](index=28&type=section&id=1.%20Material%20Investments%2C%20Acquisitions%20and%20Disposals) The Group engaged in significant parking space transfers and equity acquisitions totaling approximately **RMB 488.61 million**, which are pending completion - On February 17, 2025, the Company entered into a parking space transfer framework agreement with Hongyang Group, whereby the Company conditionally agreed to purchase the property rights or usage rights of target parking spaces for a total consideration of approximately **RMB 230.92 million**[70](index=70&type=chunk) - Nanjing Hongshenghuo Property Consulting Co., Ltd. (an indirect wholly-owned subsidiary of the Company) entered into equity transfer agreements with indirect wholly-owned subsidiaries of Hongyang Group to acquire **70%** equity in Chengdu Hongsheng Heding Real Estate Development Co., Ltd. (consideration of approximately **RMB 142.4 million**), **20%** equity in Suqian Tongjin Hongzhiye Co., Ltd. (consideration of approximately **RMB 73.95 million**), and **19%** equity in Jurong Jinjiarun Real Estate Development Co., Ltd. (consideration of approximately **RMB 41.34 million**)[71](index=71&type=chunk) - The aforementioned acquisitions were not completed as at June 30, 2025[72](index=72&type=chunk) [2. Employees and Remuneration Policy](index=29&type=section&id=2.%20Employees%20and%20Remuneration%20Policy) The Group employs **2,799** staff, with remuneration based on performance and market rates, supported by comprehensive talent development programs Employee Headcount (As at June 30, 2025) | Category | Number of Employees | | :--- | :--- | | Total employees | 2,799 | | Residential property management and related services | 2,326 | | Non-residential property management and related services | 473 | - Employee remuneration is determined based on responsibilities, work performance, and market levels, complemented by competitive employee incentive plans and comprehensive talent development programs[73](index=73&type=chunk) - Three-tier talent development programs, "General Plan," "Hong Elite Plan," and "Hongyao Plan," are designed for key talents, alongside systematic "Hong Steward" and "Hong Master" training platforms[74](index=74&type=chunk) [3. Events After Reporting Period](index=29&type=section&id=3.%20Events%20After%20Reporting%20Period) No significant events occurred after the reporting period ended June 30, 2025 - The Company did not undertake any significant events after June 30, 2025[75](index=75&type=chunk) [4. Interim Dividends](index=30&type=section&id=4.%20Interim%20Dividends) The Board does not recommend paying any interim dividends for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[76](index=76&type=chunk) [5. Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=5.%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the reporting period, holding no treasury shares - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[77](index=77&type=chunk) - As at the end of the reporting period, the Company did not hold any treasury shares[77](index=77&type=chunk) [6. Exposure to Foreign Exchange Risk](index=30&type=section&id=6.%20Exposure%20to%20Foreign%20Exchange%20Risk) The Group primarily operates in China, with most transactions denominated and settled in RMB, and will continue to monitor foreign exchange activities to protect cash value - The Group primarily operates in China, with most transactions denominated and settled in RMB[78](index=78&type=chunk) - The Group will continue to monitor foreign exchange activities and make its best efforts to safeguard the Group's cash value[78](index=78&type=chunk) [7. Compliance with Corporate Governance Code](index=30&type=section&id=7.%20Compliance%20with%20Corporate%20Governance%20Code) The company adheres to the Corporate Governance Code of the HKEX Listing Rules, confirming full compliance during the reporting period - 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 as its corporate governance standards[79](index=79&type=chunk) - To the best knowledge of the Directors, the Company has complied with all applicable code provisions in Part 2 of the Corporate Governance Code during the reporting period[79](index=79&type=chunk) [8. Model Code for Securities Transactions by Directors](index=30&type=section&id=8.%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Model Code for securities transactions by directors, with all directors confirming compliance during the reporting period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as the code for directors' dealings in the Company's securities[81](index=81&type=chunk) - The Directors confirm that they have complied with the required standards set out in the Model Code throughout the reporting period[82](index=82&type=chunk) [9. Audit Committee and Review of Interim Results](index=31&type=section&id=9.%20Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising four members, reviewed and confirmed the unaudited interim results for H1 2025, ensuring compliance and adequate disclosure - The Board has established an Audit Committee in accordance with the Corporate Governance Code, with primary responsibilities including reviewing and monitoring the Group's financial reporting process, internal controls, and risk management systems[83](index=83&type=chunk) - The Audit Committee consists of four members, including three independent non-executive directors and one non-executive director, with Mr. Zhao Xianbo as Chairman[83](index=83&type=chunk) - The Audit Committee has reviewed the Company's unaudited condensed consolidated interim results for the six months ended June 30, 2025, and confirmed that they comply with all applicable accounting principles, standards, and requirements, and provide adequate disclosure[83](index=83&type=chunk) [10. Publication of Interim Results and 2025 Interim Report on HKEX and Company Website](index=31&type=section&id=10.%20Publication%20of%20Interim%20Results%20and%202025%20Interim%20Report%20on%20HKEX%20and%20Company%20Website) The interim results announcement is published on the HKEX and company websites, with the full interim report to be made available to shareholders - This announcement is published on the HKEX website (www.hkexnews.hk) and the Company's website (www.rsunservice.hk)[84](index=84&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be provided to the Company's shareholders and published on the aforementioned websites in due course[84](index=84&type=chunk)

新 傳 企 劃 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」或「董 事」）公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）於 截 至2025年6月30日 止 六 個 月（「本 期 間」）之 未 經 審 核 簡 明 綜 合 業 績。 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。 2025年 度 之 中 期 業 績 公 告 本集團自2011年起開展線上業務，目前經營9個媒體品牌，包括「 新假期 」、 「 東 方 新 地 」、「 經 濟 一 週 」、「 新Monday 」、「 More 」、「 GOtrip 」、「 Sunday Kiss 親子童盟 」、「 SSwagger 」及「 Madame Figaro 」。每個品牌有其專門的主打內容， 涵 蓋 餐 飲 及 本 地 人 氣 景 點、美 饌 及 烹 飪、 ...

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。 Shinelong Automotive Lightweight Application Limited 勛龍汽車輕量化應用有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1930） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 佈 勛 龍 汽 車 輕 量 化 應 用 有 限 公 司（「本 公 司」，連 同 其 附 屬 公 司 為「本 集 團」） 董 事（「董 事」）會（「董 事 會」）謹 此 宣 佈 本 集 團 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月（「二 零 二 五 年 上 半 年」）的 未 經 審 核 綜 合 中 期 業 績。本 集 團 的 中 期 ...

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。 Optima Automobile Group Holdings Limited 傲迪瑪汽車集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8418） 截至二零二五年六月三十日止六個月之中期業績公告；及 有關截至二零二四年十二月三十一日止年度之年報的澄清公告 傲迪瑪汽車集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈 本公司及其附屬公司（統稱為「本集團」）截至二零二五年六月三十日止六個月的 未經審核簡明合併財務業績。本公告載列本公司二零二五年中期報告（「二零二五 年中期報告」）全文，並符合香港聯合交易所有限公司GEM 證券上市規則（「GEM 上市規則」）有關中期業績初步公告隨附資料的相關規定。二零二五年中期報告的 印刷版本將按GEM上市規則規定的方式適時寄發予本公司股東，並可於香港聯合 交易所有限公司網站http://www.hkexnews.hk及本公司網站www ...

領先的線上線下一體化的房產交易和服務平台貝殼控股有限公司（「貝殼」或「本公 司」）（紐交所代碼：BEKE；香港聯交所代號：2423）今日公佈其截至2025年6月 30日止六個月（「報告期間」）未經審計財務業績，有關業績乃根據不同於國際財務 報告準則的美國公認會計準則（「公認會計準則」）編製。 於本公告中，「我們」指本公司，倘文義另有所指，則為本集團（定義見「一般資 料」一節）。 截至2025年6月30日止六個月經營及財務摘要 1 特定期間的總交易額按本公司於本公司平台上促成的所有交易的總價值計算，並以截至期 末簽署的合約得以證實，包括存量房交易、新房交易、家裝家居以及新興業務及其他（不 包括房屋租賃服務）的價值，且包括於有關期末已簽約但有待完成的交易。為免生疑問， 就隨後未能完成的交易而言，該等交易應佔的相應總交易額將被相應扣減。 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。 KE Holdings Inc. 貝殼控股有限公司 （於開曼群島註冊成立 ...

Company Information and Financial Highlights [Company Overview](index=1&type=section&id=Company%20Overview) Shouhui Group Limited, incorporated in the Cayman Islands, listed on HKEX in May 2025, presents its unaudited interim results for H1 2025 - The company was incorporated in the Cayman Islands on **August 3, 2023**, and listed on the Main Board of the Hong Kong Stock Exchange on **May 30, 2025**[2](index=2&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) H1 2025 revenue and gross profit declined, but profit surged due to financial instrument fair value changes, while adjusted net profit decreased Key Financial Data for H1 2025 | Metric | H1 2025 (RMB Million) | H1 2024 (RMB Million) | YoY Change | |---|---|---|---| | Adjusted Net Profit* | 65.7 | 129.0 | -49.0% | - The significant increase in profit for the period was primarily driven by gains from changes in the fair value of financial instruments issued to investors[4](index=4&type=chunk)[41](index=41&type=chunk) Business Review [Business Model and Strategy](index=2&type=section&id=Business%20Model%20and%20Strategy) The company operates as a leading Chinese life insurance intermediary, focusing on digital transformation to build a comprehensive transaction and service platform - The company is positioned as a leading Chinese life insurance intermediary service provider, with digital transformation as its core strategy[5](index=5&type=chunk) - Core revenue is derived from premium distribution commissions, synergistically served by three major platforms: Xiaoyusan (2C), Kacha Bao (2A), and Niubao 100 (2B)[5](index=5&type=chunk) - The distributed product matrix covers diverse categories including long-term life insurance, long-term critical illness insurance, long-term medical insurance, and short-term insurance[5](index=5&type=chunk) [Operating Performance](index=2&type=section&id=Operating%20Performance) Despite macroeconomic uncertainties and commission rate adjustments, the company achieved RMB 4.9 billion in total premiums for H1 2025, a 25.7% increase, though first-year premiums and revenue declined - In H1 2025, the company's total premiums were approximately **RMB 4.9 billion**, representing a **25.7%** year-on-year increase[6](index=6&type=chunk) - Affected by macroeconomic conditions, slowing financial consumption, and the "reporting and execution alignment" policy, H1 2025 first-year premiums decreased by **0.6%**, revenue by **21.2%**, and adjusted net profit by **49.0%** year-on-year[8](index=8&type=chunk) - First-year premiums and revenue in Q1 and Q2 2025 both maintained double-digit quarter-on-quarter growth, indicating a positive business growth trend after the adjustment of pre-set interest rates[6](index=6&type=chunk) [Product Structure and Asset Status](index=3&type=section&id=Product%20Structure%20and%20Asset%20Status) Long-term critical illness first-year premiums grew by 30.7%, and participating products surged by 147.7%; total assets increased by 18.5% to RMB 2.2 billion, with net assets turning positive to RMB 1.2 billion due to IPO reclassification H1 2025 Product Structure Performance | Product Category | First-Year Premiums (RMB Billion) | YoY Growth | Growth Category | |---|---|---|---| | Participating Products | 2.41 | +147.7% | >+100% | - As of June 30, 2025, the company's total assets amounted to approximately **RMB 2.2 billion**, an **18.5%** increase from the end of 2024[7](index=7&type=chunk) - As of June 30, 2025, the company's net assets totaled approximately **RMB 1.2 billion**, a significant improvement from net liabilities of **RMB 0.7 billion** at the end of 2024, primarily due to the reclassification of financial instruments issued to investors from liabilities to equity after the IPO[7](index=7&type=chunk) Business Updates [Market-Oriented Product Customization and IP Management](index=3&type=section&id=Market-Oriented%20Product%20Customization%20and%20IP%20Management) The company continues to develop customer-centric customized insurance products, collaborating with over 100 insurers to distribute more than 2,200 products, with customized products accounting for over 51% of first-year premiums - As of June 30, 2025, the company has established deep cooperation with over **100** insurance companies, cumulatively distributing over **2,200** insurance products[9](index=9&type=chunk) - During the reporting period, customized product first-year premiums totaled approximately **RMB 799.4 million**, accounting for over **51%** of the company's total first-year premiums[9](index=9&type=chunk) - Over **14** IPs have been incubated, covering various insurance products, with continuous iteration and optimization of Super Mary adult critical illness and Bumblebee child critical illness series driving a **30.7%** year-on-year increase in long-term critical illness first-year premiums[10](index=10&type=chunk) [Digitally-Driven Omnichannel Strategic Layout](index=4&type=section&id=Digitally-Driven%20Omnichannel%20Strategic%20Layout) The company deepens its "2C+2A+2B" omnichannel strategy through Xiaoyusan, Kacha Bao, and Niubao 100 platforms, serving over 3.8 million policyholders and expanding its agent network - The company deepens its "2C+2A+2B" omnichannel strategic layout through its three major platforms: Xiaoyusan (2C), Kacha Bao (2A), and Niubao 100 (2B)[11](index=11&type=chunk) - As of June 30, 2025, the company has cumulatively served over **3.8 million** policyholders, aggregated over **1,300** business partners, signed over **29,000** agents, and its service footprint covers **15** provincial administrative regions nationwide[11](index=11&type=chunk) - The company is building a comprehensive self-media matrix across platforms like Douyin, Xiaohongshu, Bilibili, Baidu, WeChat ecosystem, and Weibo, establishing a full-link marketing system[12](index=12&type=chunk) [R&D Capabilities Closely Integrated with Industry Practices](index=5&type=section&id=R%26D%20Capabilities%20Closely%20Integrated%20with%20Industry%20Practices) The company continuously invests in online transaction capabilities and AI technology, launching a unified product configuration platform and self-developed AI systems that significantly improve efficiency and drive a 46.7% increase in insurance technology service revenue - In H1 2025, the unified product configuration platform was fully launched, supporting efficient listing of over **200** products and shortening the average delivery cycle by over **50%**[13](index=13&type=chunk) - Self-developed AI multi-modal quality inspection system and AI Eagle Eye verification system improved efficiency by **56%** and **63%** respectively, ensuring compliance and efficiency[13](index=13&type=chunk) - Nearly **30** AI services have been launched, including AI policy management, private domain customer AI management, and AI outbound calling robots, empowering various business scenarios[13](index=13&type=chunk) - Insurance technology service revenue was approximately **RMB 5.1 million**, a **46.7%** year-on-year increase, with the AI intelligent risk control system contributing over half of this revenue[14](index=14&type=chunk) [Efficient and Convenient Insurance Customer Service](index=6&type=section&id=Efficient%20and%20Convenient%20Insurance%20Customer%20Service) The company provides 24/7 consultation and claims reporting services, processing over 15,000 flash claims totaling over RMB 11 million in H1 2025 with an average processing time of 0.27 days and 99% customer satisfaction - The company provides **24/7** consultation and claims reporting services, covering comprehensive policy management[15](index=15&type=chunk) - In H1 2025, over **15,000** flash claims were processed, totaling over **RMB 11 million**, with an average claims processing time as low as **0.27 days** and customer satisfaction reaching **99%**[15](index=15&type=chunk) - As of June 30, 2025, the company has over **3.8 million** policyholders, with those aged **30-45** contributing **62.1%** of total premiums[16](index=16&type=chunk) Business Outlook and Future Plans [Market Outlook and Strategic Direction](index=7&type=section&id=Market%20Outlook%20and%20Strategic%20Direction) The company anticipates further declines in China's life insurance pre-set interest rates in H2 2025 and plans to strengthen its business foundation to consolidate market position and increase market share - China's life insurance industry is expected to see further declines in pre-set interest rates in H2 2025, presenting both opportunities and challenges[17](index=17&type=chunk) - The company will further strengthen its business foundation, actively consolidate its market position, and increase market share[17](index=17&type=chunk) [Product and Brand Development](index=7&type=section&id=Product%20and%20Brand%20Development) The company plans to continuously iterate existing IP products, enrich its distribution portfolio, and actively develop customized participating insurance series to increase their sales proportion, while also expanding enterprise insurance products - The company will continuously iterate existing IP products, such as Super Mary adult critical illness and Bumblebee child critical illness, and actively develop customized participating insurance series[17](index=17&type=chunk) - It plans to expand its enterprise insurance product series (e.g., aviation, legal, travel, employee benefits) to build a comprehensive insurance product ecosystem covering both individual and enterprise clients[17](index=17&type=chunk) [Channel and Partnership Expansion](index=7&type=section&id=Channel%20and%20Partnership%20Expansion) The company will deepen its online-offline integrated marketing strategy, strengthen product IP and brand promotion, and expand its offline branch network while recruiting and empowering professional agents - The company will deepen its online-offline integrated marketing strategy, strengthen product IP creation and brand promotion, and enhance user coverage and conversion[18](index=18&type=chunk) - It plans to deepen the layout of its offline branch network, continuously recruit and cultivate a professional agent team, and empower agents through technological innovation[19](index=19&type=chunk) - The company will strengthen existing business partnerships, deepen cooperation with media advertising companies, and explore property and casualty insurance business scenarios to achieve diversified development[19](index=19&type=chunk) [R&D and Technological Innovation](index=8&type=section&id=R%26D%20and%20Technological%20Innovation) The company will continue to deepen the application of technology across the entire insurance value chain, upgrading core transaction systems and intelligent marketing tools, while focusing on AI applications like underwriting and advisory to achieve full-process intelligent upgrades - The company will continue to deepen the application of technology across the entire insurance business chain, iterating and upgrading its online core transaction system, intelligent marketing tools, and quality management system[20](index=20&type=chunk) - It will focus on key areas such as AI underwriting, AI insurance advisors, and AI insurance document precise analysis to achieve full-process intelligent upgrades and enhance AI technology penetration[20](index=20&type=chunk) [Overseas Business Exploration](index=8&type=section&id=Overseas%20Business%20Exploration) The company will actively explore overseas insurance business expansion to inject new momentum for long-term sustainable development - The company will actively explore overseas insurance business expansion to inject new momentum for its long-term sustainable development[21](index=21&type=chunk) Financial Analysis [Revenue Analysis](index=9&type=section&id=Revenue%20Analysis) In H1 2025, total group revenue decreased by 21.2% to RMB 554.5 million, primarily due to macroeconomic uncertainties, slowing financial consumption, and reduced commission rates, with insurance transaction services declining and technology services growing [Revenue Overview](index=9&type=section&id=Revenue%20Overview) Group revenue decreased by 21.2% to RMB 554.5 million in H1 2025 from RMB 703.6 million in H1 2024, mainly due to reduced insurance transaction service revenue - Revenue decreased by **21.2%** year-on-year to **RMB 554.5 million**, primarily due to a combination of macroeconomic uncertainties, slowing financial consumption demand, and reduced commission rates under the "reporting and execution alignment" policy[22](index=22&type=chunk) [Revenue by Business Segment](index=9&type=section&id=Revenue%20by%20Business%20Segment) Insurance transaction service revenue decreased by 21.5% to RMB 549.5 million, accounting for 99.1% of total revenue, while insurance technology service revenue increased by 46.7% to RMB 5.1 million Revenue by Business Segment (RMB Thousand) | Business Segment | H1 2025 | % of Total | H1 2024 | % of Total | |---|---|---|---|---| | **Total** | **554,548** | **100.0%** | **703,560** | **100.0%** | - The decrease in insurance transaction service revenue was mainly due to reduced demand for long-term life insurance products, lower commission rates, and lower-than-expected sales of customized product Jinyibao[25](index=25&type=chunk) - The increase in insurance technology service revenue was primarily due to growth in risk assessment assistance and other technology services[25](index=25&type=chunk) [Revenue by Insurance Product](index=10&type=section&id=Revenue%20by%20Insurance%20Product) Long-term life insurance revenue significantly decreased year-on-year, while critical illness insurance revenue increased by 24.0%, partially offsetting declines in life and medical insurance Revenue by Insurance Product (RMB Thousand) | Insurance Product | H1 2025 | % of Total | H1 2024 | % of Total | |---|---|---|---|---| | **Total** | **549,488** | **100.0%** | **700,111** | **100.0%** | - Long-term life insurance revenue decreased year-on-year, while critical illness insurance revenue increased year-on-year, partially offsetting the decline in life and medical insurance[25](index=25&type=chunk) [Cost and Gross Profit Analysis](index=11&type=section&id=Cost%20and%20Gross%20Profit%20Analysis) In H1 2025, operating costs decreased by 16.4% to RMB 357.9 million due to lower revenue, leading to a 28.6% decline in overall gross profit to RMB 196.6 million and a drop in gross margin to 35.5% [Operating Costs](index=11&type=section&id=Operating%20Costs) Operating costs, primarily comprising commissions to agents, channel promotion fees, and staff salaries, decreased by 16.4% to RMB 357.9 million in H1 2025, mainly due to reduced revenue - Operating costs decreased by **16.4%** year-on-year to **RMB 357.9 million**, primarily due to a year-on-year reduction in commission expenses and channel promotion fees resulting from lower revenue[28](index=28&type=chunk) [Gross Profit and Gross Margin](index=11&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Overall gross profit decreased by 28.6% to RMB 196.6 million, with gross margin falling from 39.2% to 35.5%, mainly due to a decline in insurance transaction service gross margin, while insurance technology service gross margin increased Gross Profit and Gross Margin by Business Segment (RMB Thousand) | Business Segment | H1 2025 Gross Profit | H1 2025 Gross Margin | H1 2024 Gross Profit | H1 2024 Gross Margin | |---|---|---|---|---| | **Total** | **196,605** | **35.5%** | **275,485** | **39.2%** | - The gross margin for insurance transaction services decreased, primarily due to a reduced contribution from high-margin long-term medical and other insurance products, and increased commission expenses and promotion fees to gain market share in long-term critical illness insurance[31](index=31&type=chunk) - The gross margin for insurance technology services increased, mainly due to enhanced cost control measures for risk control and assessment technology services[31](index=31&type=chunk) [Expenses and Other Gains/Losses](index=12&type=section&id=Expenses%20and%20Other%20Gains%2FLosses) Other net income decreased by 46.7% to RMB 2.7 million, sales and marketing expenses decreased by 9.4%, while general and administrative expenses increased by 13.4% due to listing expenses and depreciation; R&D expenses decreased by 16.9%, and profit for the period surged 977.3% to RMB 664.6 million, driven by fair value changes of financial instruments [Other Net Income](index=12&type=section&id=Other%20Net%20Income) Other net income decreased by 46.7% to RMB 2.7 million, primarily due to reduced realized gains from financial assets measured at fair value and diluted gains from associates Other Net Income Details (RMB Thousand) | Item | H1 2025 | % of Total | H1 2024 | % of Total | |---|---|---|---|---| | **Total** | **2,668** | **100.0%** | **5,010** | **100.0%** | - The decrease in other net income was mainly due to reduced diluted gains from associates and lower realized gains and losses from financial assets measured at fair value[35](index=35&type=chunk) [Sales and Marketing Expenses](index=13&type=section&id=Sales%20and%20Marketing%20Expenses) Sales and marketing expenses decreased by 9.4% to RMB 61.1 million, primarily due to enhanced cost control and optimized marketing processes, leading to reduced advertising and marketing expenses and controlled personnel costs - Sales and marketing expenses decreased by **9.4%** to **RMB 61.1 million**, primarily due to reduced advertising and marketing expenses and lower salaries and other benefits[36](index=36&type=chunk) [General and Administrative Expenses](index=13&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses increased by 13.4% to RMB 53.3 million, mainly due to increased listing expenses and higher depreciation of right-of-use assets from new leased office premises - General and administrative expenses increased by **13.4%** to **RMB 53.3 million**, primarily due to increased listing expenses and higher depreciation expenses for right-of-use assets from newly leased office premises[37](index=37&type=chunk) [Research and Development Expenses](index=13&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses decreased by 16.9% to RMB 22.9 million, primarily due to improved internal organizational efficiency, controlled personnel costs, and a reduction in the average number of R&D personnel - Research and development expenses decreased by **16.9%** to **RMB 22.9 million**, primarily due to reduced salaries and other benefits[38](index=38&type=chunk) [Impairment Loss Provision](index=13&type=section&id=Impairment%20Loss%20Provision) Impairment loss provision decreased by 22.4% to RMB 0.3 million, mainly due to a year-on-year reduction in the increase of trade receivables and contract assets - Impairment loss provision decreased by **22.4%** to **RMB 0.3 million**, primarily due to a year-on-year reduction in the increase of trade receivables and contract assets[39](index=39&type=chunk) [Finance Costs](index=14&type=section&id=Finance%20Costs) Finance costs, primarily interest expenses on lease liabilities, remained relatively stable at RMB 0.2 million for the six months ended June 30, 2025 - Finance costs remained relatively stable at **RMB 0.2 million**[40](index=40&type=chunk) [Changes in Fair Value of Financial Instruments Issued to Investors](index=14&type=section&id=Changes%20in%20Fair%20Value%20of%20Financial%20Instruments%20Issued%20to%20Investors) For the six months ended June 30, 2025, the company recorded a gain of RMB 619.0 million from changes in the fair value of financial instruments issued to investors, compared to a loss of RMB 190.2 million in the prior period, mainly due to changes in the company's valuation - A gain of **RMB 619.0 million** was recognized from changes in the fair value of financial instruments issued to investors (H1 2024: loss of **RMB 190.2 million**), primarily due to changes in the company's valuation[41](index=41&type=chunk) [Share of Loss of Associates](index=14&type=section&id=Share%20of%20Loss%20of%20Associates) Share of loss of associates increased from RMB 1.0 million in H1 2024 to RMB 2.5 million in H1 2025 - Share of loss of associates increased from **RMB 1.0 million** to **RMB 2.5 million**[42](index=42&type=chunk) [Income Tax](index=14&type=section&id=Income%20Tax) Income tax decreased by 40.6% to RMB 13.4 million, primarily due to a reduction in taxable income compared to the prior period - Income tax decreased by **40.6%** to **RMB 13.4 million**, primarily due to reduced taxable income[43](index=43&type=chunk) [Profit Overview](index=15&type=section&id=Profit%20Overview) In H1 2025, the Group's profit for the period was RMB 664.6 million, a significant increase of 977.3% from a loss of RMB 75.8 million in the prior year, while adjusted net profit (non-HKFRS) decreased by 49.0% to RMB 65.7 million [Profit/(Loss) for the Period](index=15&type=section&id=Profit%2F%28Loss%29%20for%20the%20Period) The Group recorded a profit of RMB 664.6 million in H1 2025, a 977.3% increase from a loss of RMB 75.8 million in H1 2024 - Profit for the period was **RMB 664.6 million**, a **977.3%** year-on-year increase (H1 2024: loss of **RMB 75.8 million**)[44](index=44&type=chunk) [Adjusted Net Profit](index=15&type=section&id=Adjusted%20Net%20Profit) Adjusted net profit (non-HKFRS measure) was RMB 65.7 million, a 49.0% year-on-year decrease, excluding the impact of fair value changes of financial instruments issued to investors, share-based payment expenses, and listing expenses Reconciliation of Profit/(Loss) for the Period to Adjusted Net Profit (RMB Thousand) | Item | H1 2025 | H1 2024 | |---|---|---| | **Adjusted Profit for the Period** | **65,738** | **129,003** | - Adjusted net profit (non-HKFRS measure) decreased by **49.0%** year-on-year to **RMB 65.7 million**[46](index=46&type=chunk) [Balance Sheet Items Analysis](index=16&type=section&id=Balance%20Sheet%20Items%20Analysis) As of June 30, 2025, intangible assets remained stable, equity in associates decreased, while prepayments, other receivables, other assets, trade receivables, contract assets, trade payables, other payables, accrued expenses, and lease liabilities all increased [Intangible Assets](index=16&type=section&id=Intangible%20Assets) As of June 30, 2025, the carrying value of intangible assets remained stable at RMB 40.6 million, primarily comprising software, copyrights, trademarks, and licenses - The carrying value of intangible assets remained stable at **RMB 40.6 million**[47](index=47&type=chunk) [Equity in Associates](index=16&type=section&id=Equity%20in%20Associates) Equity in associates decreased from RMB 5.1 million at the end of 2024 to RMB 2.6 million as of June 30, 2025 - Equity in associates decreased from **RMB 5.1 million** to **RMB 2.6 million**[48](index=48&type=chunk) [Prepayments, Other Receivables and Other Assets](index=16&type=section&id=Prepayments%2C%20Other%20Receivables%20and%20Other%20Assets) Prepayments, other receivables, and other assets increased significantly from RMB 29.5 million at the end of 2024 to RMB 118.1 million as of June 30, 2025, mainly due to subscriptions to time deposits exceeding three months - Prepayments, other receivables, and other assets increased from **RMB 29.5 million** to **RMB 118.1 million**, primarily due to subscriptions to time deposits with maturities exceeding three months[49](index=49&type=chunk) [Trade Receivables](index=16&type=section&id=Trade%20Receivables) Trade receivables increased from RMB 96.1 million at the end of 2024 to RMB 134.9 million as of June 30, 2025, mainly due to increased unsettled amounts from business growth in Q2 2025 - Trade receivables increased from **RMB 96.1 million** to **RMB 134.9 million**, primarily due to business growth in Q2 2025[50](index=50&type=chunk) [Contract Assets](index=16&type=section&id=Contract%20Assets) Contract assets increased from RMB 849.6 million at the end of 2024 to RMB 913.0 million as of June 30, 2025 - Contract assets increased from **RMB 849.6 million** to **RMB 913.0 million**[51](index=51&type=chunk) [Trade Payables](index=17&type=section&id=Trade%20Payables) Trade payables increased from RMB 463.6 million at the end of 2024 to RMB 512.0 million as of June 30, 2025, primarily due to increased operating costs related to renewal income - Trade payables increased from **RMB 463.6 million** to **RMB 512.0 million**, primarily due to increased operating costs related to renewal income[52](index=52&type=chunk) [Other Payables, Accrued Expenses and Other Liabilities](index=17&type=section&id=Other%20Payables%2C%20Accrued%20Expenses%20and%20Other%20Liabilities) Other payables, accrued expenses, and other liabilities increased from RMB 126.8 million at the end of 2024 to RMB 162.9 million as of June 30, 2025, mainly due to increased premium collection business - Other payables, accrued expenses, and other liabilities increased from **RMB 126.8 million** to **RMB 162.9 million**, primarily due to increased premium collection business[53](index=53&type=chunk) [Lease Liabilities](index=17&type=section&id=Lease%20Liabilities) Lease liabilities increased from RMB 5.7 million at the end of 2024 to RMB 18.2 million as of June 30, 2025, mainly due to multiple office lease agreements entered into during the period - Lease liabilities increased from **RMB 5.7 million** to **RMB 18.2 million**, primarily due to multiple office lease agreements entered into during the period[54](index=54&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[55](index=55&type=chunk) [Liquidity and Capital Resources](index=17&type=section&id=Liquidity%20and%20Capital%20Resources) The Group primarily funds its operations through net cash generated from operations and net proceeds from the global offering, with bank balances and cash at RMB 249.1 million as of June 30, 2025, and no asset pledges or significant foreign currency risks - The Group primarily funds its operations through net cash generated from operations and net proceeds from the global offering[56](index=56&type=chunk) - As of June 30, 2025, bank balances and cash amounted to **RMB 249.1 million**[56](index=56&type=chunk) - Capital expenditure was **RMB 17.7 million**, primarily for right-of-use assets related to leased offices[57](index=57&type=chunk) - As of June 30, 2025, the Group had no pledged assets, the gearing ratio was not applicable, and it was not exposed to significant foreign currency risk[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) Financial Statements [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=19&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents the unaudited consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, detailing financial performance including revenue, costs, expenses, profit/loss, and earnings/loss per share Summary of Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | H1 2025 | H1 2024 | |---|---|---| | Diluted Earnings/(Loss) Per Share | RMB 0.22 | RMB (0.94) | [Consolidated Statement of Financial Position](index=21&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This section presents the unaudited consolidated statement of financial position as of June 30, 2025, detailing asset and liability structure including non-current assets, current assets, current liabilities, non-current liabilities, and capital and reserves Summary of Consolidated Statement of Financial Position (RMB Thousand) | Item | As of June 30, 2025 | As of December 31, 2024 | |---|---|---| | Total Equity/(Deficiency) | 1,182,294 | (739,803) | Notes to the Financial Report [Basis of Preparation and General Information](index=23&type=section&id=Basis%20of%20Preparation%20and%20General%20Information) This interim financial report is prepared in accordance with HKAS 34 "Interim Financial Reporting" and has been reviewed by KPMG - This interim financial report is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and has been reviewed by KPMG[69](index=69&type=chunk)[70](index=70&type=chunk) [Changes in Accounting Policies](index=23&type=section&id=Changes%20in%20Accounting%20Policies) The Group has applied HKAS 21 (Amendment) "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," which has no material impact on the interim financial report, and no other new standards or interpretations not yet effective have been adopted - Hong Kong Accounting Standard 21 (Amendment) has been applied, but it has no material impact on the interim financial report[71](index=71&type=chunk) - No new standards or interpretations not yet effective have been adopted in the current accounting period[72](index=72&type=chunk) [Revenue and Segment Reporting](index=23&type=section&id=Revenue%20and%20Segment%20Reporting) The Group's revenue primarily derives from two segments: insurance transaction services and insurance technology services, with the former accounting for the majority but declining, and the latter showing growth; all revenue and operating profit originate from China Revenue Breakdown (RMB Thousand) | Item | H1 2025 | H1 2024 | |---|---|---| | **Total** | **554,548** | **703,560** | - The Group reports by two business lines: insurance transaction services and insurance technology services, with all revenue and operating profit originating from China[74](index=74&type=chunk)[75](index=75&type=chunk)[78](index=78&type=chunk) [Profit/(Loss) Before Tax](index=26&type=section&id=Profit%2F%28Loss%29%20Before%20Tax) This section details finance costs, staff costs, and other items affecting profit/loss before tax, noting stable finance costs, reduced staff costs, and increased depreciation, amortization, professional service fees, and listing expenses Finance Costs (RMB Thousand) | Item | H1 2025 | H1 2024 | |---|---|---| | Interest expense on lease liabilities | 222 | 154 | Staff Costs (RMB Thousand) | Item | H1 2025 | H1 2024 | |---|---|---| | **Total** | **70,878** | **78,382** | Other Items (RMB Thousand) | Item | H1 2025 | H1 2024 | |---|---|---| | Listing expenses | 14,247 | 9,656 | [Income Tax in the Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=27&type=section&id=Income%20Tax%20in%20the%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group is exempt from income tax in the Cayman Islands and Hong Kong, while its PRC subsidiaries are subject to a 25% tax rate, with Shenzhen Shouhui Technology Group Co., Ltd. enjoying a preferential 15% rate as a high-tech enterprise; income tax expense decreased by 40.6% to RMB 13.4 million - Shenzhen Shouhui Technology Group Co., Ltd., as a high-tech enterprise, enjoys a preferential income tax rate of **15%**[82](index=82&type=chunk) Income Tax in the Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB Thousand) | Item | H1 2025 | H1 2024 | |---|---|---| | **Total** | **13,393** | **22,550** | [Earnings/(Loss) Per Share](index=29&type=section&id=Earnings%2F%28Loss%29%20Per%20Share) In H1 2025, basic earnings per share were RMB 5.93 and diluted earnings per share were RMB 0.22, a significant improvement from basic and diluted losses per share of RMB (0.94) in the prior period, driven by a substantial increase in profit for the period Earnings/(Loss) Per Share | Metric | H1 2025 | H1 2024 | |---|---|---| | Diluted Earnings/(Loss) Per Share | RMB 0.22 | RMB (0.94) | - Basic earnings per share are calculated based on profit attributable to ordinary equity shareholders of the Company of **RMB 664.26 million** and a weighted average of **111.94 million** shares[84](index=84&type=chunk) - Diluted earnings per share are calculated based on profit attributable to ordinary equity shareholders of the Company of **RMB 45.245 million** and a weighted average of **204.82 million** shares[85](index=85&type=chunk) [Trade Receivables and Contract Assets](index=29&type=section&id=Trade%20Receivables%20and%20Contract%20Assets) As of June 30, 2025, net trade receivables were RMB 134.9 million and net contract assets were RMB 913.0 million, both increasing from the end of 2024, reflecting business growth Trade Receivables and Contract Assets (RMB Thousand) | Item | As of June 30, 2025 | As of December 31, 2024 | |---|---|---| | Net contract assets | 912,990 | 849,584 | Ageing Analysis of Trade Receivables (RMB Thousand) | Ageing | As of June 30, 2025 | As of December 31, 2024 | |---|---|---| | No invoice | 105,716 | 92,351 | [Cash and Cash Equivalents and Restricted Cash](index=30&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Restricted%20Cash) As of June 30, 2025, cash and cash equivalents significantly increased to RMB 249.1 million from RMB 113.4 million at the end of 2024, with restricted cash totaling RMB 92.3 million, primarily for regulatory reserves and premiums collected on behalf of insurers Cash and Cash Equivalents (RMB Thousand) | Item | As of June 30, 2025 | As of December 31, 2024 | |---|---|---| | **Total** | **249,143** | **113,368** | Restricted Cash (RMB Thousand) | Item | As of June 30, 2025 | As of December 31, 2024 | |---|---|---| | **Total** | **92,294** | **49,806** | - Restricted cash primarily includes reserves required by regulations and premiums collected on behalf of insurance companies[91](index=91&type=chunk) [Trade Payables](index=31&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables were RMB 512.0 million, an increase from RMB 463.6 million at the end of 2024, mainly comprising amounts due to suppliers Trade Payables (RMB Thousand) | Item | As of June 30, 2025 | As of December 31, 2024 | |---|---|---| | **Total** | **511,957** | **463,616** | [Financial Instruments Issued to Investors](index=32&type=section&id=Financial%20Instruments%20Issued%20to%20Investors) As of June 30, 2025, the carrying value of financial instruments issued to investors was zero, as all preference shares were converted to ordinary shares upon IPO completion, and the carrying value of financial liabilities was reclassified to equity Changes in Financial Instruments Issued to Investors (RMB Thousand) | Item | As of June 30, 2025 | As of December 31, 2024 | |---|---|---| | **At period/year-end** | **—** | **1,702,171** | - Upon completion of the initial public offering, all preference shares were converted to ordinary shares, and the carrying value of financial liabilities was reclassified to equity[93](index=93&type=chunk) [Capital and Reserves](index=32&type=section&id=Capital%20and%20Reserves) As of June 30, 2025, share capital was RMB 0.016 million and share premium was RMB 183.528 million, with changes primarily driven by the IPO, preference share conversion, and capitalization issue; no dividends were paid during the period Share Capital and Share Premium (RMB Thousand) | Item | Number of Shares | Share Capital | Share Premium | |---|---|---|---| | **As of June 30, 2025** | **226,379** | **16** | **183,528** | - Preference shares were reclassified to equity upon completion of the initial public offering on May 30, 2025, resulting in a capital reserve of approximately **RMB 1,083.156 million**[95](index=95&type=chunk) - No dividends were paid by the Company for the six months ended June 30, 2025[99](index=99&type=chunk) Other Information [Material Investments, Acquisitions and Disposals](index=34&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) During the reporting period, the Group held no material investments and made no significant acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group held no material investments and made no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[101](index=101&type=chunk) [Future Plans for Material Investments or Capital Assets](index=34&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Group intends to utilize the net proceeds from the global offering as planned in the prospectus, with no other material investment or capital asset plans disclosed - The Group intends to utilize the net proceeds from the global offering as planned in the prospectus[102](index=102&type=chunk) [Employees and Remuneration Policy](index=34&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 704 full-time employees, all located in China, offering competitive remuneration, continuous training, and an IPO pre-share award scheme to incentivize staff - As of June 30, 2025, the Group had **704** full-time employees, all located in China[103](index=103&type=chunk) - The company provides competitive remuneration, continuous education and training programs, and has adopted a pre-IPO share award scheme[103](index=103&type=chunk) [Use of Listing Proceeds](index=35&type=section&id=Use%20of%20Listing%20Proceeds) The company listed on May 30, 2025, with net proceeds from the global offering of approximately HKD 134.2 million; as of June 30, 2025, HKD 0.9 million was utilized for expanding sales teams, marketing, and server purchases, with the remaining HKD 133.3 million to be used as planned - Net proceeds from the global offering were approximately **HKD 134.2 million**[104](index=104&type=chunk) Use of Listing Proceeds (HKD Million) | Item | Planned Amount | % of Total | Amount Used | Remaining Amount | |---|---|---|---|---| | **Total** | **134.2** | **100.0%** | **0.9** | **133.3** | [Interim Dividend](index=36&type=section&id=Interim%20Dividend) 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[105](index=105&type=chunk) [Corporate Governance and Compliance](index=36&type=section&id=Corporate%20Governance%20and%20Compliance) The Group maintains high corporate governance standards, complying with all applicable principles and code provisions of the Corporate Governance Code, except for the combined roles of Chairman and CEO, which the Board believes benefits management and is continuously reviewed; directors and employees have complied with the Model Code for Securities Transactions, and the Audit Committee has reviewed the interim results [Compliance with Corporate Governance Practices](index=36&type=section&id=Compliance%20with%20Corporate%20Governance%20Practices) The Company has complied with all applicable principles and code provisions of the Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer, which the Board believes benefits management and is continuously reviewed - The company has complied with all applicable principles and code provisions of the Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer[106](index=106&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer benefits the Group's management and will continue to review its effectiveness[106](index=106&type=chunk) [Compliance with Model Code for Securities Transactions](index=36&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions) All Directors have confirmed compliance with the Model Code for Securities Transactions from the listing date up to June 30, 2025 - All Directors have confirmed compliance with the Model Code for Securities Transactions from the listing date up to June 30, 2025[108](index=108&type=chunk) [Audit Committee](index=37&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive Directors, has reviewed the Group's unaudited condensed consolidated interim results for the reporting period and found them to be in compliance with applicable accounting standards and Listing Rules - The Audit Committee, composed of three independent non-executive Directors, has reviewed the Group's interim results and found them to be in compliance with applicable accounting standards and Listing Rules[109](index=109&type=chunk) [Purchase, Sale or Redemption of the Company's Securities](index=37&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Securities) From the listing date up to June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - From the listing date up to June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[110](index=110&type=chunk) [Events After the Reporting Period](index=37&type=section&id=Events%20After%20the%20Reporting%20Period) No significant post-reporting period events have occurred that would materially affect the Group - No significant post-reporting period events have occurred that would materially affect the Group[111](index=111&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=38&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the HKEX and Company websites, and the interim report will be dispatched to shareholders who elected to receive printed copies and published on the aforementioned websites in due course - This interim results announcement has been published on the HKEX website and the Company's website, and the interim report will be dispatched to shareholders and published on the aforementioned websites in due course[112](index=112&type=chunk) Definitions [Definitions](index=38&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used in the report to ensure accurate understanding of its content - This section provides definitions for key terms and abbreviations used in the report[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，且表明不會就本公告全部或任何部分內容所導致或因倚賴該 等內容而產生的任何損失承擔任何責任。 中國外運股份有限公司 Sinotrans Limited 股票代碼：00598HK 601598SH 創造價值 成就客戶 中 期 報 告 2 0 2 5 2025 中期報告 2025年中期報告 1 重要提示 經董事會批准，本公司將以實施權益分派股權登記日登記的總股本（扣除公司回購專用賬戶中的股份） 為基數派發2025年中期股息，每股派發現金紅利0.145元（含稅）。截至本報告披露之日，公司總股本為 7,272,197,875股，扣除公司回購專用賬戶中的94,714,181股，預計派發中期現金紅利1,040,735,135.63 元（含稅）。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00598） 截至二零二五年六月三十日止六個月之本集團業績公告 中國外運股份有限公司（「本公司」）董事會（「董事會」）在此欣然宣佈本公司及附屬公司（統稱「本 集團」）根據中國企業會計準則編製的截至二零二五年六月三十日止 ...

[Company Information](index=4&type=section&id=Company%20Information) This section provides corporate details, including the board of directors, management, and other basic company information [Board of Directors and Management](index=4&type=section&id=Board%20of%20Directors%20and%20Management) This section lists the members of the Board and its main committees, including their respective roles and chairmanships - The Board of Directors includes Executive Directors Wong King Shiu (Chairman and CEO), Chu Kiu Wah, So Han Meng Julian; Non-executive Directors Li Sai Wing, Leung Ka Ming; and Independent Non-executive Directors Wong Hoi Kuen, Chan Shing Yung, and Chu Woon Chiu[10](index=10&type=chunk) - Mr Wong Hoi Kuen chairs the Nomination Committee, Remuneration Committee, and Audit Committee[10](index=10&type=chunk) [Corporate Information](index=4&type=section&id=Corporate%20Information) This section provides basic operational details such as the company's auditor, legal advisors, principal bankers, and stock code - The company's auditor is BDO Limited[10](index=10&type=chunk) - The company's principal bankers include The Hongkong and Shanghai Banking Corporation Limited, Public Bank (Hong Kong) Limited, DBS Bank (Hong Kong) Limited, and Bank of China (Hong Kong) Limited[10](index=10&type=chunk) - The GEM stock code is 8178, and the company website is www.citd.com.hk[11](index=11&type=chunk) [Summary](index=6&type=section&id=Summary) The Group's revenue slightly increased, but a significant loss attributable to owners was recorded due to a fair value loss on investment properties | Metric | H1 2025 (HK$'000) | H1 2024 (HK$'000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 20,846 | 20,068 | +3.9% | | Loss attributable to owners of the Company | (55,625) | (7,686) | Loss widened | | Loss per share | (75.92) HK cents | (12.44) HK cents | Loss widened | - The increased loss was mainly attributable to a fair value decrease in investment properties of approximately **HK$51,571,000**[14](index=14&type=chunk) - The Board does not recommend the payment of an interim dividend for the six months ended 30 June 2025[14](index=14&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews business development, financial performance, and future strategies, focusing on cloud computing, Web 3.0, and AI initiatives [Business Review](index=6&type=section&id=Business%20Review) The Group focused on technological innovation in AI, Web 3.0, and cloud computing, with updates on major events like a share subscription and property disposal - The company strategically focuses on technological advancements in cloud computing, Web 3.0, and AI to meet evolving digital transformation needs[13](index=13&type=chunk) - The Group prudently navigates geopolitical and macroeconomic uncertainties while expanding its AI and IT businesses with cautious risk management[13](index=13&type=chunk) - The company will continue to explore the United Arab Emirates (UAE) market to diversify its revenue streams and mitigate risks from domestic market volatility[29](index=29&type=chunk) [Overall Business Strategy and Challenges](index=6&type=section&id=Overall%20Business%20Strategy%20and%20Challenges) The company strategically focuses on cloud computing, Web 3.0, and AI, while prudently managing risks amid macroeconomic uncertainty - In response to rapid digital transformation across industries, the company strategically focuses on technological advancements in cloud computing, Web 3.0, and AI to meet evolving customer needs[13](index=13&type=chunk) - The Group prudently navigates geopolitical instability and macroeconomic fluctuations, seizing opportunities to strengthen and expand its AI and other IT businesses while adopting cautious risk management[13](index=13&type=chunk) [Subscription of New Shares under General Mandate](index=7&type=section&id=Subscription%20of%20New%20Shares%20under%20General%20Mandate) A planned share subscription with AMKM INVESTMENTS L.L.C. was terminated due to the subscriber's failure to fulfill obligations - The company had entered into a subscription agreement with AMKM INVESTMENTS L.L.C. to allot and issue **12,353,000 subscription shares** at a price of **HK$6.31 per share**[15](index=15&type=chunk) - Net proceeds of approximately **HK$77,750,000** were intended for general working capital, with **70% for the UAE** and **30% for Hong Kong**[17](index=17&type=chunk) - Due to the subscriber's non-compliance, the company will not proceed with the subscription and is seeking legal advice to protect its interests[18](index=18&type=chunk) [Proposed Disposal of the Property](index=8&type=section&id=Proposed%20Disposal%20of%20the%20Property) The planned disposal of an investment property in Guangzhou for RMB 150 million was terminated by the purchaser - The company planned to sell an investment property in Guangzhou for **RMB 150,000,000** (approximately HK$163,800,000) to realize its value and reallocate financial resources[19](index=19&type=chunk) - The purchaser decided not to proceed with the disposal and agreed to compensate the vendor **RMB 1,000,000**[20](index=20&type=chunk) - The Group believes the termination will not have a material adverse impact and will continue to seek potential buyers for the property[21](index=21&type=chunk) [Megasoft Limited](index=9&type=section&id=%E8%90%AC%E9%AB%98%E8%A8%8A%E7%A7%91) Megasoft Limited maintained stable business with a 2.7% revenue increase, driven by its digital transformation solutions and top-tier partnerships - Megasoft drives digital transformation in the Hong Kong enterprise market and showcases smart office solutions at its Tsim Sha Tsui experience center[22](index=22&type=chunk)[23](index=23&type=chunk) - Megasoft achieved Nutanix "Master Partner" status and continues to be a Sangfor Technology "Gold Partner," IBM "Silver Partner," and VMware "Advanced Partner"[22](index=22&type=chunk) - Megasoft recorded revenue of approximately **HK$11,783,000**, a **2.7% increase** from the same period in 2024, maintaining stable business operations[24](index=24&type=chunk) [DataCube](index=10&type=section&id=%E6%95%B8%E7%AB%8B%E6%96%B9) DataCube applied its AI algorithms for predictive maintenance with public transport companies and developed solutions for SMEs, with a slight revenue decrease - DataCube utilizes AI to develop sophisticated algorithms for collecting real-time vibration frequency data from train bogies, collaborating with public transport companies to enhance monitoring and maintenance efficiency[25](index=25&type=chunk) - Its AI Book and BI Canvas are serving clients in China, and it has developed smart logistics and CRM systems as part of its AI Booster solution for SMEs without AI experts[25](index=25&type=chunk)[26](index=26&type=chunk) - DataCube contributed revenue of approximately **HK$2,214,000**, a slight decrease of **0.8%** from the same period in 2024, primarily focusing on collaborations with mass transit companies[26](index=26&type=chunk) [Popsible](index=11&type=section&id=Popsible) Popsible Limited, a cloud technology and digital marketing service provider, contributed revenue of approximately HK$574,000 during the period - Popsible Limited is a service provider specializing in cloud technology and digital marketing, offering IT services for cloud-based solutions in customer loyalty management and data analytics[27](index=27&type=chunk) - During the period, Popsible contributed revenue of approximately **HK$574,000**[28](index=28&type=chunk) [Future Prospects](index=11&type=section&id=%E6%9C%AA%E4%BE%86%E5%89%8D%E6%99%AF) The Group will prudently explore the UAE market and leverage its AI capabilities to expand into new sectors like transportation and agriculture - The company will maintain a cautious approach while diversifying its revenue streams by exploring the United Arab Emirates (UAE) market to mitigate risks associated with domestic market volatility[29](index=29&type=chunk) - The company will leverage DataCube's experience in AI predictive maintenance to engage with business partners in regions like the UAE and Egypt for projects in air traffic management, airport train safety, and vessel traffic management systems[29](index=29&type=chunk) - The Group will also utilize data analytics to monitor crop scale and health, aiming to improve efficiency, productivity, and reduce operational costs for potential clients[29](index=29&type=chunk) [Events After the Reporting Period](index=12&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The company plans a rights issue to raise approximately HK$35.44 million to HK$38.04 million, fully underwritten by RaffAello Securities (HK) Limited - The company proposes to raise not less than approximately **HK$35,440,000** (before expenses) through a rights issue of up to **27,474,463 rights shares**[30](index=30&type=chunk) - The basis of the rights issue is three (3) rights shares for every eight (8) existing shares held by qualifying shareholders on the record date[30](index=30&type=chunk) - The rights issue will be fully underwritten by RaffAello Securities (HK) Limited[31](index=31&type=chunk) [Employees](index=13&type=section&id=%E5%83%B1%E5%93%A1) The Group's total number of full-time employees increased to 61, with total employee benefit expenses amounting to approximately HK$10,704,000 - As of 30 June 2025, the Group employed a total of **61 full-time employees** (2024: 58)[33](index=33&type=chunk) - Total employee benefit expenses for the six months ended 30 June 2025 were approximately **HK$10,704,000** (2024: approximately HK$10,391,000)[33](index=33&type=chunk) [Financial Review](index=13&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) Revenue grew 3.9% and gross profit increased 10.6%, but a significant fair value loss on investment properties led to a widened net loss - The Group's revenue increased by **3.9%** year-on-year to approximately **HK$20,846,000**, mainly due to a slight increase in the trading of computer hardware and software[34](index=34&type=chunk) - Cost of sales and services decreased by **3.7%** to **HK$9,079,000**, resulting in a **10.6%** increase in gross profit to **HK$11,767,000**[34](index=34&type=chunk) - A fair value decrease in investment properties of approximately **HK$51,571,000** led to a loss attributable to owners of the Company of approximately **HK$55,625,000**[36](index=36&type=chunk) - Administrative expenses decreased by **13.1%** to **HK$15,117,000**, primarily due to a reduction in legal and professional fees[35](index=35&type=chunk) [Financial Position](index=14&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) The Group's cash and bank balances decreased significantly, while total borrowings and the gearing ratio increased - As of 30 June 2025, the Group's cash and bank balances were approximately **HK$1,553,000** (31 December 2024: approximately HK$5,371,000)[37](index=37&type=chunk) - The Group's total borrowings were approximately **HK$64,137,000** (31 December 2024: approximately HK$60,740,000), with the gearing ratio increasing to **0.34** (31 December 2024: 0.25)[37](index=37&type=chunk) - The Group has minimal foreign exchange risk and therefore did not engage in any hedging activities[37](index=37&type=chunk) [Capital Expenditure](index=14&type=section&id=%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA) The Group's capital expenditure on property, plant, and equipment amounted to HK$16,000 during the reporting period - The Group incurred capital expenditure of **HK$16,000** for the acquisition of property, plant, and equipment (31 December 2024: approximately HK$39,000)[38](index=38&type=chunk) [Contingent Liabilities](index=14&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5‚„) The Group had no significant contingent liabilities as of 30 June 2025 and 31 December 2024 - As at 30 June 2025 and 31 December 2024, the Group did not have any significant contingent liabilities[39](index=39&type=chunk) [Capital Commitments](index=14&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) The Group had no significant capital commitments as of 30 June 2025 and 31 December 2024 - As at 30 June 2025 and 31 December 2024, the Group did not have any significant capital commitments[40](index=40&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=15&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) This statement shows a slight revenue increase but a significantly wider loss for the period due to fair value changes in investment properties | Metric (HK$'000) | H1 2025 (Unaudited) | H1 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 20,846 | 20,068 | | Cost of sales and services | (9,079) | (9,426) | | Gross profit | 11,767 | 10,642 | | Other income and gains | 490 | 793 | | Selling and distribution expenses | (368) | (360) | | Administrative expenses | (15,117) | (17,392) | | Change in fair value of investment properties | (51,571) | – | | Fair value loss on investments at FVTPL | (102) | (189) | | Finance costs | (1,108) | (1,347) | | Loss before tax | (56,009) | (7,853) | | Income tax credit | 67 | 3 | | Loss for the period | (55,942) | (7,850) | | Loss attributable to owners of the Company | (55,625) | (7,686) | | Non-controlling interests | (317) | (164) | | Basic and diluted loss per share | (75.92) HK cents | (12.44) HK cents | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=16&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This statement shows the total comprehensive loss for the period, widened by exchange differences and fair value changes in equity investments | Metric (HK$'000) | H1 2025 (Unaudited) | H1 2024 (Unaudited) | | :--- | :--- | :--- | | Loss for the period | (55,942) | (7,850) | | Other comprehensive loss for the period, net of tax | | | | －Exchange differences on translation of foreign operations | 3,527 | (4,131) | | －Fair value change of equity investments at FVTOCI | (2,496) | (997) | | Total comprehensive loss for the period | (54,911) | (12,978) | | Attributable to owners of the Company | (54,552) | (12,839) | | Non-controlling interests | (359) | (139) | [Condensed Consolidated Statement of Financial Position](index=17&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This statement shows a decrease in total non-current assets, net current assets, and total equity, primarily due to a decline in investment property value | Metric (HK$'000) | 30 June 2025 (Unaudited) | 31 December 2024 (Audited) | | :--- | :--- | :--- | | **Non-current assets** | | | | Investment properties | 169,850 | 216,035 | | Total non-current assets | 220,695 | 267,142 | | **Current assets** | | | | Bank and cash balances | 1,553 | 5,371 | | Total current assets | 58,168 | 60,762 | | **Current liabilities** | | | | Bank and other loans | 33,422 | 35,651 | | Total current liabilities | 55,809 | 57,313 | | Net current assets | 2,359 | 3,449 | | Total assets less current liabilities | 223,054 | 270,591 | | **Non-current liabilities** | | | | Bank and other loans | 25,757 | 20,273 | | Total non-current liabilities | 32,965 | 25,591 | | Net assets | 190,089 | 245,000 | | Total equity | 190,089 | 245,000 | [Condensed Consolidated Statement of Changes in Equity](index=19&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This statement shows a significant reduction in equity attributable to owners, driven by the loss for the period and other comprehensive losses | Metric (HK$'000) | 30 June 2025 (Unaudited) | 1 January 2024 (Unaudited) | | :--- | :--- | :--- | | Share capital | 7,327 | 6,177 | | Share premium account | 192,707 | 178,462 | | Retained earnings/(Accumulated losses) | (2,245) | 97,806 | | Total attributable to owners of the Company | 200,979 | 270,759 | | Non-controlling interests | (10,890) | (9,819) | | Total equity | 190,089 | 260,940 | | Loss for the period (attributable to owners) | (55,625) | (7,686) | | Total comprehensive loss for the period (attributable to owners) | (54,552) | (12,839) | [Condensed Consolidated Statement of Cash Flows](index=20&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This statement shows net cash outflows from operating, investing, and financing activities, leading to a significant decrease in cash and cash equivalents | Metric (HK$'000) | H1 2025 (Unaudited) | H1 2024 (Unaudited) | | :--- | :--- | :--- | | Net cash (used in)/from operating activities | (3,430) | 553 | | Net cash (used in)/from investing activities | (13) | 9 | | Net cash used in financing activities | (4,969) | (1,039) | | Net decrease in cash and cash equivalents | (8,412) | (477) | | Cash and cash equivalents at beginning of period | 5,371 | 11,595 | | Net effect of exchange rate changes | 4,594 | 318 | | Cash and cash equivalents at end of period | 1,553 | 11,436 | [Notes to the Condensed Consolidated Interim Financial Statements](index=21&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes on accounting policies, segment information, revenue, expenses, assets, liabilities, and equity movements [Accounting Policies](index=21&type=section&id=%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The financial statements are prepared in accordance with HKAS 34 and the GEM Listing Rules, consistent with the prior annual financial statements - The condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA and the applicable disclosure requirements of the GEM Listing Rules[47](index=47&type=chunk) - The accounting policies and methods of computation used in preparing these unaudited condensed interim financial statements are consistent with those used in the annual consolidated financial statements for the year ended 31 December 2024[47](index=47&type=chunk) [Adoption of New and Revised Hong Kong Financial Reporting Standards](index=21&type=section&id=%E6%8E%A1%E7%B4%8D%E6%96%B0%E8%A8%82%E5%8F%8A%E7%B6%93%E4%BF%AE%E8%A8%82%E7%9A%84%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87) The Group adopted all new and revised HKFRSs effective 1 January 2025, with no material impact on its accounting policies or reported amounts - During the current period, the Group has adopted all new and revised Hong Kong Financial Reporting Standards (HKFRSs) issued by the HKICPA that are relevant to its operations and effective for the annual period beginning on 1 January 2025[48](index=48&type=chunk) - The adoption of these new and revised HKFRSs has not resulted in any substantial changes to the Group's accounting policies, the presentation of the Group's financial statements, or the amounts reported for the current and prior periods[48](index=48&type=chunk) [Operating Segment Information](index=22&type=section&id=%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates in three segments: IT solutions, securities investment, and property leasing, with the latter reporting a significant loss - The Group has three reportable segments: provision of IT infrastructure solutions and maintenance services, trading of securities, and property leasing[52](index=52&type=chunk) | Segment (HK$'000) | H1 2025 Revenue | H1 2024 Revenue | H1 2025 (Loss)/Profit | H1 2024 (Loss)/Profit | | :--- | :--- | :--- | :--- | :--- | | IT solutions and maintenance | 15,071 | 14,499 | (3,256) | (3,173) | | Securities investment | – | – | (123) | (222) | | Property leasing | 5,775 | 5,569 | (46,203) | 4,593 | | **Total** | **20,846** | **20,068** | **(49,582)** | **1,198** | | Region | H1 2025 Revenue (HK$'000) | H1 2024 Revenue (HK$'000) | | :--- | :--- | :--- | | Hong Kong | 14,972 | 14,202 | | The PRC (excluding Hong Kong) | 5,874 | 5,866 | | **Consolidated Total** | **20,846** | **20,068** | [Revenue, Other Income and Gains](index=24&type=section&id=%E6%94%B6%E7%9B%8A%E3%80%81%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) The Group's revenue is primarily derived from sales of computer hardware and software, technical support services, and rental income | Revenue Stream (HK$'000) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Sales of computer hardware and software | 7,567 | 6,835 | | Provision of technical support and maintenance services | 7,504 | 7,664 | | Rental income | 5,775 | 5,569 | | **Total Revenue** | **20,846** | **20,068** | | Timing of Revenue Recognition (HK$'000) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | At a point in time | 7,567 | 6,835 | | Over time | 7,504 | 7,664 | | **Total** | **15,071** | **14,499** | | Other Income and Gains (HK$'000) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Other interest income | 3 | 9 | | Others | 487 | 784 | | **Total** | **490** | **793** | [Finance Costs](index=25&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) The Group's finance costs, comprising interest on various loans and leases, decreased compared to the prior period | Finance Costs (HK$'000) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest on bank loans | 582 | 774 | | Interest on other loans | 368 | 372 | | Interest on bonds | 142 | 134 | | Interest on leases | 16 | 67 | | **Total** | **1,108** | **1,347** | [Loss Before Tax](index=25&type=section&id=%E7%A8%85%E5%89%8D%E8%99%A7%E6%90%8D) The Group's loss before tax widened significantly to HK$56,009,000, mainly due to the fair value loss on investment properties - For the six months ended 30 June 2025, the loss before tax was **HK$56,009,000** (2024: HK$7,853,000)[41](index=41&type=chunk) | Deductions (HK$'000) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Amortisation of other intangible assets | 432 | 432 | | Depreciation of property, plant and equipment | 93 | 295 | | Depreciation of right-of-use assets | 1,112 | 1,171 | | Directors' remuneration | 1,190 | 1,224 | [Income Tax Credit](index=26&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E6%8A%B5%E5%85%8D) The Group recorded an income tax credit of HK$67,000, with no provision for Hong Kong or PRC profits tax due to accumulated tax losses - For the six months ended 30 June 2025, the income tax credit was **HK$67,000** (2024: HK$3,000)[41](index=41&type=chunk) - No provision for Hong Kong Profits Tax has been made for the six months ended 30 June 2025 as the Group has accumulated tax losses brought forward from previous years[58](index=58&type=chunk) - No provision for PRC Enterprise Income Tax has been made for the period as the Group did not generate any assessable profits arising from the PRC[58](index=58&type=chunk) [Loss Per Share](index=26&type=section&id=%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) Basic and diluted loss per share attributable to owners widened to 75.92 HK cents, with no dilutive effect from share options - The loss per share attributable to owners of the Company for the six months ended 30 June 2025 was approximately **75.92 HK cents** (2024: approximately 12.44 HK cents)[59](index=59&type=chunk) | Metric | H1 2025 (Unaudited) | H1 2024 (Unaudited) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company (HK$'000) | (55,625) | (7,686) | | Weighted average number of ordinary shares for basic and diluted loss per share | 73,265,237 | 61,765,237 | - The diluted loss per share is the same as the basic loss per share as the exercise of the Company's share options would have an anti-dilutive effect on the loss per share[60](index=60&type=chunk) [Interim Dividend](index=27&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors does not recommend the payment of any interim dividend for the six months ended 30 June 2025 - The Board does not recommend the payment of any interim dividend for the six months ended 30 June 2025 (2024: Nil)[61](index=61&type=chunk) [Investment Properties](index=27&type=section&id=%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD) The carrying amount of investment properties decreased significantly to HK$169,850,000 due to a fair value loss of HK$51,571,000 | Metric (HK$'000) | Amount (Unaudited) | | :--- | :--- | | At 1 January 2025 | 216,035 | | Fair value loss | (51,571) | | Exchange difference | 5,386 | | **At 30 June 2025** | **169,850** | - As at 30 June 2025, investment properties with a carrying amount of approximately **HK$33,422,000** (31 December 2024: approximately HK$35,651,000) were pledged as security for the Group's bank loans[62](index=62&type=chunk) [Additions to Property, Plant and Equipment](index=27&type=section&id=%E6%B7%BB%E7%BD%AE%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) The Group's capital expenditure on additions to property, plant, and equipment was HK$16,000 for the period - During the six months ended 30 June 2025, the Group spent approximately **HK$16,000** (30 June 2024: HK$Nil) on additions to property, plant and equipment[63](index=63&type=chunk) [Prepayments, Deposits and Other Receivables](index=28&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) Total prepayments, deposits, and other receivables stood at HK$33,293,000, primarily comprising consideration receivable from the disposal of a subsidiary | Metric (HK$'000) | 30 June 2025 (Unaudited) | 31 December 2024 (Audited) | | :--- | :--- | :--- | | Prepayments | 46 | 146 | | Consideration receivable from disposal of a subsidiary | 31,152 | 34,300 | | Deposits and other receivables | 2,321 | 2,249 | | **Subtotal** | **33,519** | **36,695** | | Less: Provision for credit losses | (226) | (226) | | **Adjusted Total** | **33,293** | **36,469** | - As of 30 June 2025, the provision for credit losses was **HK$226,000**[64](index=64&type=chunk) [Trade Receivables](index=29&type=section&id=%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE) Trade receivables totaled HK$23,410,000, with the largest portion aged over 3 months, and credit terms range from 30 to 90 days | Ageing | 30 June 2025 (HK$'000) | 31 December 2024 (HK$'000) | | :--- | :--- | :--- | | Within 1 month | 2,143 | 12,779 | | 1 to 2 months | 1,074 | 1,694 | | 2 to 3 months | 972 | 1,553 | | Over 3 months | 19,221 | 2,912 | | **Total** | **23,410** | **18,938** | - The Group grants credit terms ranging from 30 to 90 days to its customers and does not hold any collateral or other credit enhancements over its trade receivable balances[65](index=65&type=chunk) [Trade Payables](index=29&type=section&id=%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE) Trade payables decreased to HK$2,153,000 as of 30 June 2025 | Ageing | 30 June 2025 (HK$'000) | 31 December 2024 (HK$'000) | | :--- | :--- | :--- | | Within 1 month | 427 | 581 | | 1 to 2 months | 557 | 1,320 | | 2 to 3 months | 1,133 | 905 | | Over 3 months | 36 | 181 | | **Total** | **2,153** | **2,987** | [Other Payables and Accrued Charges](index=30&type=section&id=%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E8%A8%88%E9%96%8B%E6%94%AF) Other payables and accrued charges totaled HK$16,722,000, mainly consisting of accrued charges and other payables | Metric (HK$'000) | 30 June 2025 (Unaudited) | 31 December 2024 (Audited) | | :--- | :--- | :--- | | Accrued charges | 8,201 | 5,401 | | Other payables | 8,521 | 7,261 | | Deposits received | – | 1,682 | | Value-added tax payable | – | 646 | | **Total** | **16,722** | **14,990** | [Bank and Other Loans](index=30&type=section&id=%E9%8A%80%E8%A1%8C%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B2%B8%E6%AC%BE) Total bank and other loans amounted to HK$59,179,000, comprising secured mortgage loans and various other unsecured loans | Loan Type (HK$'000) | 30 June 2025 (Unaudited) | 31 December 2024 (Audited) | | :--- | :--- | :--- | | Bank loans: Mortgage loans | 33,422 | 35,651 | | Other loans: Loans from independent third parties | 25,757 | 20,273 | | **Total** | **59,179** | **55,924** | - The mortgage loan of approximately **HK$33,422,000** has a term of 8 years until March 2030, carries an average interest rate of **3.75%**, and is secured by the Group's investment properties and a corporate guarantee from the Company[70](index=70&type=chunk) - Loans from independent third parties include unsecured loans bearing interest at **13.8%** per annum (approx. HK$493k, HK$274k, HK$1,096k) and interest-free unsecured loans (approx. HK$10,290k, HK$6,860k, HK$3,457k), with repayment terms extending to 2027-2028[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) [Bonds](index=32&type=section&id=%E5‚‚%E5%88%B8) The Group issued zero-coupon bonds with a principal amount of HK$100 million, with a portion sold at a discount to a third party - The Group completed the issuance of zero-coupon bonds with an aggregate principal amount of **HK$100,000,000** on 12 July 2023[71](index=71&type=chunk) - Bonds with a principal amount of **HK$24,750,000** were purchased by a third party at a discount of approximately **66.66%** to the face value, with an effective yield to maturity of **3.73%** per annum[71](index=71&type=chunk) - The bonds will mature on 27 June 2053[71](index=71&type=chunk) [Share Capital](index=33&type=section&id=%E8%82%A1%E6%9C%AC) The Company's issued and fully paid share capital was HK$7,327,000, comprising 73,265,237 ordinary shares of HK$0.1 each - As of 30 June 2025, the authorised share capital was **12,000,000,000** ordinary shares of HK$0.1 each, totaling **HK$1,200,000,000**[74](index=74&type=chunk) - As of 30 June 2025, the issued and fully paid share capital was **73,265,237** ordinary shares of HK$0.1 each, totaling **HK$7,327,000**[74](index=74&type=chunk) [Fair Value Measurement](index=33&type=section&id=%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F) This section details the fair value measurement of the Group's assets, including investments and investment properties valued using the direct income method - Fair value measurement inputs are categorized into three levels: Level 1 for quoted prices in active markets, Level 2 for directly or indirectly observable inputs, and Level 3 for unobservable inputs[75](index=75&type=chunk)[76](index=76&type=chunk) | Description | Total at 30 June 2025 (HK$'000) | Total at 31 December 2024 (HK$'000) | | :--- | :--- | :--- | | Investments at FVTPL (Equity securities) | 218 | 320 | | Equity investments at FVTOCI (Equity securities) | 19,094 | 21,590 | | Investment properties (Commercial - The PRC) | 169,850 | 216,035 | | **Total recurring fair value measurements** | **189,162** | **237,945** | - Investment properties are valued using the direct income method, with a fair value of **HK$169,850,000** as of 30 June 2025, after recognizing a fair value loss of **HK$51,571,000** during the period[78](index=78&type=chunk)[80](index=80&type=chunk) [Share Option Schemes](index=37&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The Group operates two share option schemes (2012 and 2023) to incentivize eligible participants, with 5,373,213 options outstanding - The Company adopted a share option scheme on 2 August 2012 and a new scheme on 15 May 2023 to provide incentives and rewards to eligible participants who contribute to the Group's success[82](index=82&type=chunk) | Metric | 30 June 2025 (Unaudited) | 30 June 2024 (Unaudited) | | :--- | :--- | :--- | | Number of share options (outstanding) | 5,373,213 | 5,440,775 | | Weighted average exercise price (HK$) | 2.33 | 2.32 | - The estimated fair value of the share options is calculated using the Binomial option pricing model, with inputs including share price, exercise price, expected volatility, expected term, risk-free rate, expected dividend yield, and expected early exercise multiple[87](index=87&type=chunk) [Contingent Liabilities](index=40&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5‚„) The Group had no significant contingent liabilities as of 30 June 2025 - As at 30 June 2025, the Group did not have any significant contingent liabilities (31 December 2024: Nil)[88](index=88&type=chunk) [Approval of the Condensed Consolidated Interim Financial Statements](index=40&type=section&id=%E6%89%B9%E5%87%86%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The condensed consolidated interim financial statements were approved and authorized for issue by the Board of Directors on 26 August 2025 - These condensed consolidated interim financial statements were approved and authorised for issue by the Board of Directors on 26 August 2025[89](index=89&type=chunk) [General Information](index=41&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) This section provides details on directors' interests, share option schemes, and major shareholdings [Directors' Service Contracts](index=41&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%8D%E5%8B%99%E5%90%88%E7%B4%84) No director has a service contract with the Company that is not terminable within one year without payment of compensation - As at 30 June 2025, none of the Directors had entered into or proposed to enter into a service contract with the Company which is not determinable by the Company within one year without payment of compensation (other than statutory compensation)[90](index=90&type=chunk) [Directors' Interests in Contracts](index=41&type=section&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E5%90%88%E7%B4%84%E7%9A%84%E6%AC%8A%E7%9B%8A) No director had a material interest in any significant contract to which the Group was a party during the period - For the six months ended 30 June 2025, no Director had a material interest, either directly or indirectly, in any contract of significance to the business of the Group to which the Company, any of its subsidiaries or fellow subsidiaries was a party[91](index=91&type=chunk) [Directors' Interests and Short Positions in Shares and Underlying Shares](index=41&type=section&id=Directors'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) Several directors held long positions in the Company's ordinary shares and share options as of 30 June 2025 | Director's Name | Capacity | Registered Shareholder (Shares) | Associated Interest (Shares) | Approx. % of Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Wong King Shiu | Beneficial owner | 665,550 | 615,000 (Share Options) | 0.91% (Registered) / 0.84% (Associated) | | Li Sai Wing, MH, JP | Beneficial owner | – | 200,000 | 0.27% | | Wong Hoi Kuen | Beneficial owner | – | 34,000 | 0.05% | | Chan Shing Yung | Beneficial owner | – | 34,000 | 0.05% | | Cheung Kei Sum (Former Executive Director) | Beneficial owner | – | 614,374 | 0.84% | - Save as disclosed above and in the "Share Options" section, as at 30 June 2025, none of the Directors or chief executive had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations that were required to be recorded in the register[93](index=93&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=43&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) No rights were granted to any director or their families to acquire shares or debentures of the Company during the period - Save as disclosed under the sections "Directors' Interests and Short Positions in Shares and Underlying Shares" and "Share Options", at no time during the six months ended 30 June 2025 were rights to acquire benefits by means of the acquisition of shares in or debentures of the Company granted to any Director or their respective spouse or children under 18 years of age, nor were any such rights exercised by them[95](index=95&type=chunk) [Share Option Schemes](index=43&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) This section details the Company's 2012 and 2023 share option schemes, including their purpose, limits, and terms - The Company has adopted the 2012 Share Option Scheme and the 2023 Share Option Scheme to grant options to selected eligible participants as a reward or return for their contributions or potential contributions to the Group[96](index=96&type=chunk)[97](index=97&type=chunk)[112](index=112&type=chunk) - The schemes aim to attract and retain the best available personnel and provide additional incentives to employees, directors, consultants, professional advisers, customers, business partners, and suppliers of the Group[98](index=98&type=chunk)[112](index=112&type=chunk) - The total number of shares which may be issued upon exercise of all options to be granted to each participant in any 12-month period is limited to **1%** of the shares of the Company in issue as at the date of grant[100](index=100&type=chunk)[115](index=115&type=chunk) [2012 Share Option Scheme](index=43&type=section&id=%E4%BA%8C%E9%9B%B6%E4%B8%80%E4%BA%8C%E5%B9%B4%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The 2012 scheme expired in 2022, but 3,835,213 previously granted options remain outstanding and exercisable - The 2012 Share Option Scheme expired on 1 August 2022, but the outstanding options granted thereunder shall continue to be exercisable[99](index=99&type=chunk)[105](index=105&type=chunk) - During the period and as at the date of this report, **3,835,213 share options** were outstanding, representing **5.23%** of the issued shares as at the date of this report[99](index=99&type=chunk) - The exercise period for each granted option is 10 years from the date of grant, from 13 May 2021 to 12 May 2031 and from 16 June 2022 to 15 June 2032, with no vesting period[101](index=101&type=chunk)[102](index=102&type=chunk)[109](index=109&type=chunk) | Category | Balance at 1 Jan 2025 (No. of Options) | Outstanding at 30 June 2025 (No. of Options) | | :--- | :--- | :--- | | Substantial Shareholders | 25,730 | 25,730 | | Directors | 411,000 | 411,000 | | Former Directors | 751,374 | 751,374 | | Employees | 2,483,773 | 2,483,773 | | Consultants | 574,336 | 574,336 | | **Total** | **3,835,213** | **3,835,213** | [2023 Share Option Scheme](index=48&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%B8%89%E5%B9%B4%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The 2023 scheme, effective since May 2023, has 1,538,000 options outstanding, representing 2.10% of issued shares - The 2023 Share Option Scheme became effective on 15 May 2023, authorising the Company to grant options for up to **6,176,523 shares**[111](index=111&type=chunk)[113](index=113&type=chunk) - As at the date of this report, **1,538,000 share options** were outstanding, representing approximately **2.10%** of the issued shares[114](index=114&type=chunk) - Options granted under the 2023 Share Option Scheme are exercisable within 10 years from the date of grant, with a minimum vesting period of not less than 12 months[116](index=116&type=chunk)[117](index=117&type=chunk) | Category | Balance at 1 Jan 2025 (No. of Options) | Outstanding at 30 June 2025 (No. of Options) | | :--- | :--- | :--- | | Directors | 472,000 | 472,000 | | Former Directors | 274,000 | 274,000 | | Employees | 822,000 | 792,000 | | **Total** | **1,538,000** | **1,538,000** | [Substantial Shareholders' and Other Persons' Interests in Shares and Underlying Shares](index=51&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A) This section discloses the interests of substantial shareholders, including Mr. Zhang Rong, JStage Technology Limited, and Mr. Lam Shu Song | Name | Capacity & Nature of Interest | Number of Ordinary Shares Held | Approx. % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Zhang Rong | Beneficial owner (Registered Shareholder) | 15,949,499 | 21.77% | | | Beneficial owner (Associated Interest) | 25,730 | 0.04% | | | Interest through a controlled corporation | 3,134,800 | 4.28% | | JStage Technology Limited | Beneficial owner (Registered Shareholder) | 11,500,000 | 15.70% | | Mr. Lam Shu Song | Beneficial owner (Registered Shareholder) | 3,801,300 | 5.19% | | Ms. Choi Hing Lin | Interest of spouse | 3,801,300 | 5.19% | - Save as disclosed above, as at 30 June 2025, no other person had an interest or short position in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO[123](index=123&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=52&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) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - Neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company's listed securities (including the sale of treasury shares) during the six months ended 30 June 2025[124](index=124&type=chunk) [Competing Interests of Directors and Controlling Shareholders](index=52&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%8E%A7%E8%82%A1%E8%82%A1%E6%9D%B1%E7%9A%84%E7%AB%B6%E7%88%AD%E6%AC%8A%E7%9B%8A) No director or controlling shareholder had any interest in a business that competes or is likely to compete with the Group's business - During the six months ended 30 June 2025 and up to the date of this report, none of the Directors or the controlling shareholders of the Company was considered to have an interest in a business which competes or is likely to compete, either directly or indirectly, with the business of the Group[125](index=125&type=chunk) [Corporate Governance](index=52&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) This section outlines the Company's corporate governance practices, compliance with the GEM Listing Rules, and internal control systems [Corporate Governance Practices](index=52&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Company complied with the Corporate Governance Code with two deviations regarding director attendance and the combined role of Chairman and CEO - For the six months ended 30 June 2025, the Company has complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 to the GEM Listing Rules, except for the deviations described below[126](index=126&type=chunk) - Code provision C.1.5 requires non-executive directors to attend general meetings, but Ms. Leung Ka Ming and Mr. Chu Woon Chiu were unable to attend the AGM on 24 June 2025 due to other business engagements[126](index=126&type=chunk) - Code provision C.2.1 stipulates that the roles of chairman and chief executive should be separate, but Mr. Wong King Shiu currently holds both positions, which the Board believes is beneficial for policy continuity and business stability[127](index=127&type=chunk)[129](index=129&type=chunk) [Code of Conduct for Securities Transactions by Directors](index=53&type=section&id=%E6%9C%89%E9%97%9C%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%93%8D%E5%AE%88%E5%AE%88%E5%89%87) The Company has adopted a code of conduct for directors' securities transactions, and all directors have complied with it - The Company has adopted a code of conduct regarding securities transactions by Directors on terms no less exacting than the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules[130](index=130&type=chunk) - Having made specific enquiry of all Directors, the Directors have complied with the required standard of dealings and the code of conduct throughout the six months ended 30 June 2025[130](index=130&type=chunk) [Audit Committee](index=53&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors, oversees financial reporting, risk management, and internal controls - The Company has established an audit committee with written terms of reference in compliance with Rules 5.28 and 5.29 of the GEM Listing Rules[131](index=131&type=chunk) - The Audit Committee consists of three independent non-executive Directors, namely Mr. Wong Hoi Kuen (Chairman), Dr. Chan Shing Yung, and Mr. Chu Woon Chiu[131](index=131&type=chunk) - The role and function of the Audit Committee include overseeing the Group's financial reporting process, reviewing the consolidated financial statements, and monitoring the Company's financial reporting system, risk management, and internal control systems[131](index=131&type=chunk) [Change of Information of Directors](index=53&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E8%AE%8A%E5%8B%95) This section notes the updated roles of Executive Director Mr. Chu Kiu Wah - Mr. Chu Kiu Wah is an Executive Director of the Company, the current Co-Chairman of the Hong Kong Web3 Association, Legal Advisor of Hong Kong Web3 Women, and a Director of the Hong Kong Corporate Counsel Association[132](index=132&type=chunk) [Continuing Disclosure Obligations under the GEM Listing Rules](index=54&type=section&id=%E6%A0%B9%E6%93%9AGEM%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E6%89%BF%E6%93%94%E7%9A%84%E6%8C%81%E7%BA%8C%E6%8A%AB%E9%9C%B2%E8%B2%AC%E4%BB%BB) The Company confirms it has no other disclosure obligations under GEM Listing Rules 17.22, 17.23, and 17.24 - The Company does not have any other disclosure obligations under Rules 17.22, 17.23 and 17.24 of the GEM Listing Rules[133](index=133&type=chunk) [Internal Control and Risk Management](index=54&type=section&id=%E5%85%A7%E9%83%A8%E7%9B%A3%E6%8E%A7%E5%8F%8A%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Board is responsible for maintaining effective internal control and risk management systems, which are reviewed at least annually - The Board has the ultimate responsibility for ensuring that the Group maintains sound and effective internal control and risk management systems to safeguard shareholders' investments and the Group's assets[134](index=134&type=chunk) - The Group has established a risk management organisational framework, which consists of the Board, the Audit Committee and the senior management of the Group[134](index=134&type=chunk) - The Board, through the Audit Committee, reviews the effectiveness of these systems at least annually, covering all material control areas[134](index=134&type=chunk) [Interim Dividend](index=54&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors does not recommend the payment of any interim dividend for the six months ended 30 June 2025 - The Board does not recommend the payment of any interim dividend for the six months ended 30 June 2025 (2024: Nil)[135](index=135&type=chunk) [Events After the Reporting Period](index=54&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No other significant events occurred after the reporting period other than those already disclosed in this report - Save as disclosed in this report, there are no other significant events after the reporting period[136](index=136&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（「聯交所」）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。 KAISA CAPITAL INVESTMENT HOLDINGS LIMITED 佳兆業資本投資集團有限公司 （ 於開曼群島註冊成立之有限公司 ） （股份代號：936） 截至二零二五年六月三十日止六個月之中期業績公布 佳兆業資本投資集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事 會（分別簡稱「董事」及「董事會」）宣布本集團截至二零二五年六月三十日止六個 月（「本期間」）之未經審核簡明綜合業績連同截至二零二四年六月三十日止六個月 的未經審核比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二五年六月三十日止六個月 截至六月三十日止六個月 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | | | | （經重列） | | 持續經營業務 ...