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。 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. SMIT HOLDINGS LIMITED 國 微 控 股 有 限 公 司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SEEC MEDIA GROUP LIMITED 財訊傳媒集團有限公司 （於開曼群島註冊成立並於百慕達存續的有限公司） （股份代號：205） 有關截至二零二四年十二月三十一日止年度年報的補充公告 茲提述財訊傳媒集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）於二 零二五年四月三十日刊發截至二零二四年十二月三十一日止年度之年報（「二零 二四年年報」）。除另有說明外，本公告所用詞彙與二零二四年年報所界定者具有 相同涵義。 除年報所披露的資料外，本公司擬向股東及公眾提供有關二零二四年年報的額外 資料如下。 購股權計劃 本公司於二零二一年六月三十日採納的購股權計劃於10年期間內有效及生效。購 股權計劃的剩餘年期為6年。 於本公告日期，董事會由執行董事李亮先生、李煒先生、李振先生及周洪濤先生以 及獨立非執行董事羅智鴻先生、方穎女士及郭輝先生組成。 於年報日期，根據購股權計劃可供發行的股份總數為118,854 ...

（於開曼群島註冊成立之有限公司） （股份代號：8188） 截至二零二五年六月三十日止六個月中期業績公佈 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量 的市場。 香港交易及結算所有限公司及聯交所對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈之全部或任何部分內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公佈（駿傑集團控股有限公司（「本公司」）各董事（「董事」）共同及個別對此負全責） 乃遵照聯交所的GEM證券上市規則（「GEM上市規則」）的規定而提供有關本公司 的資料。董事經作出一切合理查詢後確認，就彼等所深知及確信，本公佈所載資 料在各重要方面均屬準確及完整，且無誤導或欺詐成分；及並無遺漏任何事項致 使本公佈或其所載任 ...

（股份代號：1631） 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 就 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。 REF Holdings Limited （於開曼群島註冊成立的有限公司） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 中 期 業 績 REF Holdings Limited（「本 公 司」）董 事 會（分 別 為「董 事」及「董 事 會」）宣 布，本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 簡 明 綜 合 業 績 連 同 相 關 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 ...

GUDOU HOLDINGS LIMITED 古 兜 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：8308） 截至二零二五年六月三十日止六個月 中期業績公佈 香港聯合交易所有限公司GEM之特色 GEM之定位，乃為相比起其他在香港聯交所上市之公司帶有較高投資風險之中小型公司 提供一個上市之市場。有意投資者應了解投資於該等公司之潛在風險，並應經過審慎周 詳之考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於香港聯交所主板買 賣之證券承受較大之市場波動風險，同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及香港聯交所對本公佈之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 本公佈之資料乃遵照GEM上市規則而刊載，旨在提供有關本公司之資料；董事願就本公 佈之資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後，確認就其所深知 及確信，本公佈所載資料在各重要方面均屬準確完備，沒有誤導或欺詐成份 ...

[Important Notice](index=1&type=section&id=%C2%A71%20Important%20Notice) [Board of Directors' Statement](index=1&type=section&id=1.1%20Board%20of%20Directors'%20Statement) The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the interim report content and assume corresponding legal responsibilities, noting this interim financial report is unaudited - The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the interim report content, with no false records, misleading statements, or major omissions, and assume individual and joint legal responsibilities[4](index=4&type=chunk) - The company's interim financial report for the six months ended June 30, 2025, is unaudited[4](index=4&type=chunk) [Fund Occupancy and Guarantees](index=1&type=section&id=1.3%20Fund%20Occupancy%20and%20Guarantees) During the reporting period, the company had no non-operating fund occupancy by controlling shareholders or other related parties, nor did it provide external guarantees in violation of prescribed decision-making procedures - No non-operating fund occupancy by controlling shareholders or other related parties[4](index=4&type=chunk) - No external guarantees provided in violation of prescribed decision-making procedures[3](index=3&type=chunk) [Statement by Persons Responsible for Financial Report](index=1&type=section&id=1.5%20Statement%20by%20Persons%20Responsible%20for%20Financial%20Report) Mr. Tang Fusheng, the company's responsible person, Ms. Nie Yanhong, the person in charge of accounting, and Mr. Liu Tao, the head of the accounting department, declare that the financial report in the interim report is true, accurate, and complete - Mr. Tang Fusheng, the company's responsible person, Ms. Nie Yanhong, the person in charge of accounting, and Mr. Liu Tao, the head of the accounting department (accounting supervisor), declare that the financial report in the interim report is true, accurate, and complete[3](index=3&type=chunk) [Company Profile](index=2&type=section&id=%C2%A72%20Company%20Profile) [Brief Introduction to Basic Information](index=2&type=section&id=2.1%20Brief%20Introduction%20to%20Basic%20Information) Tianjin Ventures Environmental Protection Group Co., Ltd. is listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, with A-share ticker "Chuangye Huanbao" (600874) and H-share ticker "Tianjin Ventures Environmental Protection" (1065), and the report provides detailed contact information for key personnel Company Stock Information | Indicator | A-share | H-share | | :--- | :--- | :--- | | Stock Abbreviation | Chuangye Huanbao | Tianjin Ventures Environmental Protection | | Stock Code | 600874 | 1065 | | Listing Exchange | Shanghai Stock Exchange | Hong Kong Stock Exchange Limited | Company Contact Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Ms. Qi Lipin | 86-22-23930128 | qi_lp@tjcep.com | | Hong Kong Company Secretary | Ms. Cao Errong | 852-21629620 | cosec@tjcep.com | | Securities Affairs Representative | Mr. Zhu Fan | 86-22-23930128 | zhu_fan@tjcep.com | [Key Accounting Data and Financial Summary Prepared Under Chinese Accounting Standards](index=2&type=section&id=2.2%20Key%20Accounting%20Data%20and%20Financial%20Summary%20Prepared%20Under%20Chinese%20Accounting%20Standards) In H1 2025, operating revenue slightly decreased by **1.81%**, while net profit attributable to shareholders grew by **12.09%** and operating cash flow by **17.96%**; basic EPS increased by **11.11%**, and non-recurring gains totaled **RMB 76.53 million**, mainly from government subsidies and receivable impairment reversals Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,177,915,496.72 | 2,218,165,636.41 | -1.81 | | Net Profit Attributable to Company Shareholders | 472,920,534.82 | 421,928,337.30 | 12.09 | | Net Profit Attributable to Company Shareholders (Excluding Non-recurring Gains/Losses) | 396,393,562.39 | 381,680,626.97 | 3.85 | | Net Cash Flow from Operating Activities | 517,864,524.50 | 439,000,213.39 | 17.96 | Period-End Asset and Liability Data (June 30, 2025 vs. Prior Year-End) | Indicator | Current Period-End (RMB) | Prior Year-End (RMB) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Company Shareholders | 9,869,881,582.87 | 9,668,867,730.10 | 2.08 | | Total Assets | 25,448,212,601.55 | 25,154,981,695.71 | 1.17 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.30 | 0.27 | 11.11 | | Diluted Earnings Per Share (RMB/share) | 0.30 | 0.27 | 11.11 | | Basic EPS (Excluding Non-recurring Gains/Losses) (RMB/share) | 0.25 | 0.24 | 4.17 | | Weighted Average Return on Net Assets (%) | 4.80 | 4.58 | 0.22 | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains/Losses) (%) | 4.02 | 4.15 | -0.13 | Non-recurring Gains and Losses Items (Jan-Jun 2025) | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -2,727,673.58 | | Government Subsidies Included in Current Profit/Loss | 38,025,791.26 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 53,953,772.88 | | Other Non-operating Income and Expenses Apart from the Above | 352,207.20 | | Less: Income Tax Impact | 12,812,616.20 | | Minority Interest Impact (After Tax) | 264,509.13 | | **Total** | **76,526,972.43** | [Share Capital Changes and Shareholder Information](index=5&type=section&id=%C2%A73%20Share%20Capital%20Changes%20and%20Shareholder%20Information) [Statement of Share Capital Changes](index=5&type=section&id=3.1%20Statement%20of%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or shareholding structure, and no share changes after the reporting period until the announcement date impacted financial indicators like EPS or net assets per share - During the reporting period, there were no changes in the company's total share capital or shareholding structure[11](index=11&type=chunk) - No share changes occurred from the end of the reporting period to the announcement date that impacted financial indicators such as earnings per share or net assets per share[12](index=12&type=chunk) [Changes in Restricted Shares](index=6&type=section&id=3.2%20Changes%20in%20Restricted%20Shares) During the reporting period, there were no changes in the company's restricted shares - Changes in restricted shares: Not applicable[13](index=13&type=chunk) [Shareholder Numbers and Shareholding](index=6&type=section&id=3.3%20Shareholder%20Numbers%20and%20Shareholding) As of the end of the reporting period, the company had **52,554** common shareholders, including **61** H-share shareholders; among the top ten shareholders, Tianjin Municipal Investment Co., Ltd. held the highest stake at **45.57%**, with some shares pledged, and Hong Kong Securities Clearing (Nominees) Limited was the second-largest shareholder, holding **21.52%** - As of the end of the reporting period, the total number of common shareholders was **52,554**, including **61** H-share shareholders[13](index=13&type=chunk)[14](index=14&type=chunk) Top Ten Shareholders' Shareholding (as of June 30, 2025) | Shareholder Name | Number of Shares Held at Period-End (shares) | Percentage (%) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Municipal Investment Co., Ltd. | 715,565,186 | 45.57 | Pledged | 285,000,000 | State-owned Legal Person | | Hong Kong Securities Clearing (Nominees) Limited | 337,888,710 | 21.52 | None | - | Other | | Hong Kong Securities Clearing Company Limited | 13,915,164 | 0.89 | None | - | Other | | Central Huijin Asset Management Co., Ltd. | 13,868,294 | 0.88 | None | - | State-owned Legal Person | | China Construction Bank Corporation - Oriental Red CSI Oriental Red Dividend Low Volatility Index Securities Investment Fund | 7,318,800 | 0.47 | None | - | Other | | Zhejiang Jinxin Construction Engineering Co., Ltd. | 6,920,000 | 0.44 | None | - | Domestic Non-state-owned Legal Person | | Wang Caijin | 6,860,738 | 0.44 | None | - | Domestic Natural Person | | Jinan Hanxiang Investment Management Partnership (Limited Partnership) | 6,412,789 | 0.41 | None | - | Other | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF Securities Investment Fund | 5,688,700 | 0.36 | None | - | Other | | Yan Gang | 5,032,150 | 0.32 | None | - | Overseas Natural Person | - Ningbo Bestless Trading Co., Ltd. and its concerted parties collectively held **156,956,000** H-shares of the company, accounting for **9.99%** of the company's total share capital, with none of the shares pledged[19](index=19&type=chunk) [Changes in Controlling Shareholder and Actual Controller](index=7&type=section&id=3.4%20Changes%20in%20Controlling%20Shareholder%20and%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - Changes in controlling shareholder and actual controller: Not applicable[19](index=19&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=8&type=section&id=%C2%A74%20Information%20on%20Directors,%20Supervisors,%20and%20Senior%20Management) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=8&type=section&id=4.1%20Changes%20in%20Shareholdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management - Changes in shareholdings of directors, supervisors, and senior management: Not applicable[20](index=20&type=chunk) [Equity Incentives Granted to Directors, Supervisors, and Senior Management During the Reporting Period](index=8&type=section&id=4.2%20Equity%20Incentives%20Granted%20to%20Directors,%20Supervisors,%20and%20Senior%20Management%20During%20the%20Reporting%20Period) During the reporting period, no equity incentives were granted to the company's directors, supervisors, or senior management - Equity incentives granted to directors, supervisors, and senior management during the reporting period: Not applicable[20](index=20&type=chunk) [Board Report](index=8&type=section&id=%C2%A75%20Board%20Report) [Explanation of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) In 2025, the water and environmental protection industry benefits from policies like urban renewal and beautiful river/lake initiatives, shifting towards quality improvement and new business areas; the company's core business includes municipal sewage, water supply, and reclaimed water, complemented by strategic new ventures in new energy heating/cooling, solar, and waste treatment, optimizing its business structure - As the final year of the '14th Five-Year Plan' in 2025, the Central Urban Work Conference proposed the goal of building modern people's cities, requiring the water and environmental protection industry to shift from incremental expansion to quality improvement of existing assets, and fostering new segmented business areas in the urban environmental protection market[20](index=20&type=chunk)[21](index=21&type=chunk) - The Ministry of Ecology and Environment and the National Development and Reform Commission issued the 'Action Plan for Beautiful River and Lake Protection and Construction (2025-2027)', setting quantitative targets and bringing business opportunities in environmental monitoring, industrial park wastewater, rural domestic sewage, and agricultural non-point source pollution control[22](index=22&type=chunk) - The General Office of the CPC Central Committee and the General Office of the State Council issued the 'Opinions on Improving the Market-based Allocation System for Resource and Environmental Factors', aiming to promote the sound development of carbon emission rights, water use rights, and pollutant discharge rights trading systems, which is conducive to the development of asset-light professional emission reduction operation services[23](index=23&type=chunk) - The National Development and Reform Commission and other departments issued the 'Action Plan to Promote High-Quality Development of the Heat Pump Industry', emphasizing policy support for heat pump promotion, application, and renovation, facilitating the company's water source and ground source heat pump heating and cooling businesses[24](index=24&type=chunk) [Company's Industry Overview](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89Company's%20Industry%20Overview) In the final year of the '14th Five-Year Plan', policies such as the Central Urban Work Conference, Beautiful River and Lake Action Plan, and opinions on market-based allocation of resource and environmental factors were intensively introduced, guiding the water and environmental protection industry from incremental expansion to quality improvement of existing assets, and fostering new segmented business areas like environmental monitoring, industrial park wastewater, and rural domestic sewage treatment, with the heat pump industry development plan also bringing opportunities for new energy heating and cooling businesses - The Central Urban Work Conference proposed building modern people's cities that are innovative, livable, beautiful, resilient, civilized, and smart, requiring the water and environmental protection industry to shift from large-scale incremental expansion to quality improvement of existing assets, focusing on enhancing comprehensive capabilities in technology, operations, and management[21](index=21&type=chunk) - The 'Action Plan for Beautiful River and Lake Protection and Construction (2025-2027)' sets a target of achieving approximately **40%** beautiful river and lake completion rate by **2027**, covering six aspects: rectification of river discharge outlets, water pollution control in industrial parks, collection and treatment of domestic sewage, control of agricultural non-point source pollution, cleanliness of water bodies and shorelines, and safety of drinking water sources[22](index=22&type=chunk) - The 'Opinions on Improving the Market-based Allocation System for Resource and Environmental Factors' aims to promote the sound development of carbon emission rights, water use rights, and pollutant discharge rights trading systems, with the market expected to be more active by **2027**, benefiting the development of professional emission reduction operation services[23](index=23&type=chunk) [Company's Main Business Operations](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89Company's%20Main%20Business%20Operations) The company's main business comprises basic services and strategic new businesses; basic services include municipal sewage treatment, water supply, and reclaimed water, with a total capacity of **6.2371 million cubic meters/day**, serving as the primary source of revenue and profit, while strategic new businesses include new energy heating/cooling (serving **6.96 million square meters**), distributed photovoltaic power generation and energy storage (total designed installed capacity of **38 MWp/5.5 MWh**), hazardous waste treatment (total disposal capacity of **181,300 tons/year**), and sludge treatment (total capacity of **3,010 tons/day**), aiming to optimize the overall business structure - The company's main business consists of basic services and strategic new businesses. Basic services are the primary source of revenue and profit, while strategic new businesses in terms of profitability, economic added value, and investment payback period complement basic services, optimizing the overall business structure[25](index=25&type=chunk) Basic Business Scale (as of the end of the reporting period) | Business Type | Scale | | :--- | :--- | | Total Water Business Scale | 6.2371 million cubic meters/day | | Equity Sewage Treatment Scale | 5.2701 million cubic meters/day | | Equity Water Supply Business Scale | 0.315 million cubic meters/day | | Equity Reclaimed Water Scale | 0.48 million cubic meters/day | | Entrusted Operation Sewage Treatment Scale | 0.172 million cubic meters/day | Strategic New Business Scale (as of the end of the reporting period) | Business Type | Scale | | :--- | :--- | | Total New Energy Heating/Cooling Service Area | 6.96 million square meters | | Total Designed Installed Capacity of Distributed Photovoltaic Power Generation | 38 MWp | | Designed Installed Capacity of User-side Energy Storage | 5.5 MWh | | Total Hazardous Waste Business Disposal Capacity | 181,300 tons/year | | Total Sludge Treatment Business Scale | 3,010 tons/day | [Analysis of Core Competencies During the Reporting Period](index=12&type=section&id=%E4%BA%8C%E3%80%81Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies lie in safe and efficient operations, practical and leading R&D, professional and innovative teams, and a reputation for integrity and stability, enhanced during the reporting period by optimizing operational control, deepening cost reduction and efficiency improvement, increasing R&D investment (obtaining **2** invention patents), promoting digital intelligence and AI+ technology applications, and strengthening talent development and brand building - The company's core competitive capabilities are reflected in its safe, stable, compliant, and efficient operational capabilities; practical, leading, systematic, and continuous R&D capabilities; professional, responsible, collaborative, and innovative employee team; and a reputation for integrity, accountability, standardization, and stability[27](index=27&type=chunk) - In terms of operational management, the company has established an integrated large-scale operational control system, deepened cost reduction and efficiency improvement management, and vigorously promoted smart water construction[28](index=28&type=chunk) - In terms of scientific research and development, the company continued to increase R&D investment, achieving breakthroughs in phosphorus removal agent application, deep treatment equipment development, and energy storage project promotion, obtaining **2** authorized invention patents, and promoting the deep application of IoT digital intelligence and AI+ technologies in various business areas[28](index=28&type=chunk) - In terms of brand building, the company was recognized as one of the 'Top Ten Influential Enterprises in China's Water Industry' for the **twentieth consecutive year**, won the First Prize of the Natural Science Award from the All-China Environmental Federation, and had multiple cases selected by the All-China Federation of Environmental Service Industry Chambers of Commerce[29](index=29&type=chunk) [Discussion and Analysis of Operating Performance](index=13&type=section&id=%E4%B8%89%E3%80%81Discussion%20and%20Analysis%20of%20Operating%20Performance) During the reporting period, the company achieved significant results in innovation-driven development, operational efficiency, deepening reforms, and capital management, focusing on 'three new' and 'three quantity' initiatives, with R&D investment of approximately **RMB 20 million**, the launch of the Baoying Xianhe project, expansion into the asset-light market, restructuring of a two-tier control and institutional system, and successful issuance of a **RMB 500 million** green medium-term note, enhancing market value - The company focused on its technology leadership positioning, restructured its technology management and achievement transformation system, invested approximately **RMB 20 million** in R&D during the reporting period, obtained **2** authorized invention patents, and won the First Prize of the Natural Science Award from the All-China Environmental Federation[30](index=30&type=chunk) - The company actively sought policy and resource support, explored and promoted existing asset revitalization projects such as plant-network integration and Xianyang Road Phase II, steadily advanced projects like Wuhu, Karamay, and Wendeng upgrade and renovation, launched the Baoying Xianhe project, and steadily expanded the asset-light market[30](index=30&type=chunk) - The company restructured its 'Group-Project' two-tier control and institutional system by adjusting its organizational structure, compressing management levels, clarifying control responsibilities, built **11** full-level module control systems, and successfully completed the first phase of its digital transformation with a focus on business-finance integration[31](index=31&type=chunk) - The company actively engaged with financial institutions, successfully completed the filing for a **RMB 500 million** green medium-term note issuance, has over **RMB 4 billion** in available bank credit lines, and enhanced its capital market image through market value management and investor relations management[31](index=31&type=chunk) [Analysis of Main Business Operations](index=15&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89Analysis%20of%20Main%20Business%20Operations) The company's operating revenue decreased by **1.81%** year-on-year, mainly due to the water inflow at Tianjin No. 4 Plant; operating costs, selling expenses, administrative expenses, and financial expenses all decreased, with financial expenses decreasing by **17.43%** primarily due to loan interest rate replacement; net cash flow from operating activities increased by **17.96%** year-on-year, but net cash flow from investing activities saw a significant outflow due to increased project construction payments and asset acquisition payments, and net cash flow from financing activities significantly decreased due to reduced borrowings Analysis of Changes in Financial Statement Items (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,177,915,496.72 | 2,218,165,636.41 | -1.81 | Tianjin No. 4 Plant's sewage treatment revenue decreased due to water inflow | | Operating Costs | 1,361,599,524.47 | 1,375,177,188.63 | -0.99 | Continuous optimization of operating costs | | Selling Expenses | 3,853,033.52 | 5,114,154.66 | -24.66 | Decrease in selling expenses for hazardous waste business | | Administrative Expenses | 91,448,154.98 | 94,702,270.65 | -3.44 | Continuous promotion of cost reduction and efficiency improvement | | Financial Expenses | 146,373,643.87 | 177,271,541.28 | -17.43 | Interest expenses decreased due to loan interest rate replacement | | R&D Expenses | 16,303,446.24 | 20,828,281.90 | -21.72 | Recognized based on research project progress | | Net Cash Flow from Operating Activities | 517,864,524.50 | 439,000,213.39 | 17.96 | Operating cash receipts higher than prior year period | | Net Cash Flow from Investing Activities | -664,062,442.29 | -420,007,736.25 | -58.11 | Payments for project construction and asset acquisition higher than prior year period | | Net Cash Flow from Financing Activities | -210,528,343.58 | 5,099,916.95 | -4,228.07 | Decrease in cash received from borrowings | | Taxes and Surcharges | 35,690,376.21 | 22,408,506.23 | 59.27 | Increase in property tax and land tax | | Investment Income | 829,978.35 | 0.00 | Not applicable | Disposal of equity in Hong Kong subsidiary | | Credit Impairment Losses | 25,286,554.13 | -1,218,065.09 | 2,175.96 | Recovery of some accounts receivable for which impairment was previously recognized | | Asset Disposal Income | -3,553,929.71 | -322.07 | -1,103,365.00 | Termination of Shandong Tanchuang Company's landfill project | | Non-operating Income | 286,355.32 | 4,858,010.19 | -94.11 | Last year's period recognized case execution funds, none this period | | Non-operating Expenses | 69,581.34 | 127,024.30 | -45.22 | Last year's period subsidiary paid overdue property tax | | Minority Interest Income/Loss | 17,982,216.75 | 38,749,741.81 | -53.59 | Net profit of non-wholly owned subsidiaries lower than prior year period | [Analysis of Assets and Liabilities](index=18&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets increased by **1.17%** compared to the end of the previous year; notes receivable and receivables financing significantly decreased due to endorsement transfers and maturities; investment properties and right-of-use assets grew notably due to property leasing and new building leases; short-term borrowings and contract liabilities increased due to new borrowings and increased prepayments, while employee compensation payable and taxes payable decreased due to payments of year-end accruals Analysis of Changes in Major Balance Sheet Items (June 30, 2025 vs. December 31, 2024) | Item Name | Current Period-End Amount (RMB) | Percentage of Total Assets (%) | Prior Year-End Amount (RMB) | Prior Year-End Percentage of Total Assets (%) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 20,705,527.71 | 0.08 | 34,433,958.06 | 0.14 | -39.87 | Subsidiary's bank acceptance bills endorsed and transferred | | Receivables Financing | 2,000,000.00 | 0.01 | 7,024,347.00 | 0.03 | -71.53 | Subsidiary's bank acceptance bills matured | | Investment Properties | 14,211,374.09 | 0.06 | 7,657,173.00 | 0.03 | 85.60 | Subsidiary's properties leased out | | Right-of-Use Assets | 8,796,274.63 | 0.03 | 3,722,393.42 | 0.01 | 136.31 | Subsidiary added new building leases | | Short-term Borrowings | 62,425,038.33 | 0.25 | 29,228,819.26 | 0.12 | 113.57 | Subsidiary added new short-term borrowings | | Contract Liabilities | 314,139,225.82 | 1.23 | 221,717,388.90 | 0.88 | 41.68 | Prepayments for road tolls, reclaimed water pipeline connection fees, EPC contract payments, etc. | | Employee Compensation Payable | 49,525,761.49 | 0.19 | 105,252,309.61 | 0.42 | -52.95 | Payment of part of performance bonuses accrued at year-end | | Taxes Payable | 54,665,202.58 | 0.21 | 111,152,981.14 | 0.44 | -50.82 | Payment of taxes accrued at year-end | | Lease Liabilities | 4,504,548.79 | 0.02 | 1,280,116.25 | 0.01 | 251.89 | Subsidiary added new building leases | [Analysis of Investment Status](index=19&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89Analysis%20of%20Investment%20Status) During the reporting period, the company's main external equity investments were for capital injections into subsidiaries in the water business sector, such as a **RMB 11.2 million** investment in Baoying Chuangye Water Co., Ltd. for the Xianhe Sewage Treatment Plant upgrade and renovation project, while Shandong Tanchuang Environmental Technology Development Co., Ltd. terminated the Tancheng Integrated Material Ecological Disposal Center project - During the reporting period, the company's external equity investments were distributed in the water business sector, primarily for capital injections into subsidiaries[43](index=43&type=chunk) - The company invested **RMB 11.2 million** in Baoying Chuangye Water Co., Ltd. to implement the Xianhe Sewage Treatment Plant upgrade and renovation project, accounting for **70%** of the project's capital[44](index=44&type=chunk) - Shandong Tanchuang Environmental Technology Development Co., Ltd. terminated the Tancheng Integrated Material Ecological Disposal Center project and completed the signing of the 'Land Reclamation Agreement'[44](index=44&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major holding subsidiaries include Tianjin Zhongshui Co., Ltd. and Hangzhou Tianchuang Water Co., Ltd.; Tianjin Zhongshui primarily engages in reclaimed water production, sales, and facility construction, with operating revenue of **RMB 101.891 million** and net profit of **RMB 29.7975 million** during the reporting period, while Hangzhou Tianchuang Water mainly operates and maintains sewage treatment and reclaimed water utilization facilities, with operating revenue of **RMB 129.3892 million** and net profit of **RMB 47.7081 million** Financial Data of Major Holding and Participating Companies (as of the end of the reporting period) | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Zhongshui Co., Ltd. | Subsidiary | Reclaimed water production, sales; development and construction of reclaimed water facilities, etc. | 10,000 | 175,429.01 | 48,360.25 | 10,189.1 | 3,877.06 | 2,979.75 | | Hangzhou Tianchuang Water Co., Ltd. | Subsidiary | Operation and maintenance of sewage treatment and reclaimed water utilization facilities and technical services, etc. | 37,744.5 | 74,884.63 | 70,359.21 | 12,938.92 | 5,658.9 | 4,770.81 | [Other Disclosure Matters](index=21&type=section&id=%E4%BA%94%E3%80%81Other%20Disclosure%20Matters) The company faces government credit risk, policy and market risk, operational management risk, and legal risk; to mitigate these, the company adopts measures such as proactive policy research, strengthening risk management, adhering to rule of law in enterprise governance, and improving management levels, including enhancing policy analysis, establishing sound risk prevention and control mechanisms, utilizing legal means to protect rights, standardizing management, and perfecting emergency plans - The company faces government credit risk, as sewage treatment service fees primarily originate from the government; any issues with government fiscal revenue or credit directly impact project companies' cash flow[47](index=47&type=chunk) - The company faces policy and market risks, including the impact of policy changes on business models (e.g., new concession mechanisms), regional industrial policy impacts on hazardous waste business, and slowing growth in the environmental protection industry with intensified market competition[47](index=47&type=chunk) - The company faces operational management risks due to increasingly stringent environmental governance standards, leading to renovation and operational risks for sewage treatment plants, and risks associated with adjusting original concession agreements[48](index=48&type=chunk) - The company faces legal risks, including default risks from government delays in service fee payments under concession contracts, and risks of illegal subcontracting/sub-subcontracting in construction contracts, or general contractors' tight cash flow leading to lawsuits from actual constructors demanding joint liability from the company[48](index=48&type=chunk) [Potential Risks](index=21&type=section&id=1%E3%80%81Potential%20Risks) The company's main risks include government credit risk (reliance on government payments), policy and market risk (policy adjustments, intensified market competition), operational management risk (higher environmental standards, renovation and operational challenges), and legal risk (contract breaches, joint liability) - Government credit risk: Funds for sewage treatment service fees primarily come from the government, and government fiscal revenue and credit directly affect the cash flow of project companies[47](index=47&type=chunk) - Policy and market risk: Policy changes involve industrial structure adjustment, financial regulation, taxation, environmental protection, and other areas, significantly impacting the business models of public utilities and the water and environmental protection industry; intensified market competition will lead to changes in industry structure[47](index=47&type=chunk) - Operational management risk: The nation's increasing emphasis on environmental protection issues and increasingly stringent environmental governance standards impose higher requirements on environmental enterprises' management capabilities and operational quality, leading to renovation and operational risks for sewage treatment plants[48](index=48&type=chunk) - Legal risk: Concession-type contracts carry default risks due to government delays in service fee payments; construction engineering contracts carry risks of illegal subcontracting/sub-subcontracting, or general contractors' tight cash flow leading to lawsuits from actual constructors demanding joint liability from the company[48](index=48&type=chunk) [Risk Control Measures](index=22&type=section&id=2%E3%80%81Risk%20Control%20Measures) The company manages risks through policy research, strengthening risk management, adhering to rule of law in enterprise governance, and improving management levels; specific measures include high-standard planning for the '15th Five-Year Plan', establishing sound risk prevention and control mechanisms, utilizing litigation management to increase collections, standardizing production and operation risk management, strengthening facility and equipment maintenance, improving quality monitoring, and developing emergency plans - Proactive policy research and strategic future planning: Closely monitor domestic and international economic situations, intensify research and analysis of industry policies, plan for the '15th Five-Year Plan' with high standards, and seek new developments in comprehensive water resource utilization and comprehensive energy utilization[49](index=49&type=chunk)[50](index=50&type=chunk) - Strengthening risk management and adhering to rule of law in enterprise governance: Establish a comprehensive risk management organization, enhance policy risk assessment and early warning, improve risk prevention and control mechanisms, and utilize litigation management and other means to increase collections and protect legitimate corporate rights and interests[51](index=51&type=chunk) - Improving management levels and reducing operational risks: Timely control production and operational risks through standardized management, including personnel training, compiling compliance obligation checklists, strengthening facility and equipment maintenance, improving quality monitoring, and developing water environment rescue plans and safety production plans[51](index=51&type=chunk) [Company Guarantee Status](index=24&type=section&id=%C2%A76%20Company%20Guarantee%20Status) [Company's External Guarantees](index=24&type=section&id=Company's%20External%20Guarantees) During the reporting period, the company provided no guarantees to entities other than its subsidiaries; guarantees provided to subsidiaries totaled **RMB 164.505 million**, with a total outstanding guarantee balance of **RMB 2.7925064 billion** at period-end, accounting for **28.29%** of the company's net assets, and debt guarantees provided to guaranteed parties with an asset-liability ratio exceeding **70%** amounted to **RMB 222.3688 million** Company Guarantee Status (as of the end of the reporting period) | Guarantee Type | Amount (RMB 10,000) | | :--- | :--- | | Total Guarantees Issued During Reporting Period (Excluding Guarantees to Subsidiaries) | 0 | | Total Outstanding Guarantees at Period-End (A) (Excluding Guarantees to Subsidiaries) | 0 | | Total Guarantees Issued to Subsidiaries During Reporting Period | 16,450.50 | | Total Outstanding Guarantees to Subsidiaries at Period-End (B) | 279,250.64 | | Total Guarantees (A+B) | 279,250.64 | | Total Guarantees as Percentage of Company's Net Assets (%) | 28.29 | | Amount of Guarantees Provided to Shareholders, Actual Controllers, and Their Related Parties (C) | 0 | | Amount of Debt Guarantees Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 22,236.88 | | Amount of Total Guarantees Exceeding 50% of Net Assets (E) | 0 | | Total of the Above Three Guarantee Amounts (C+D+E) | 22,236.88 | [Financial Accounting Report](index=25&type=section&id=%C2%A77%20Financial%20Accounting%20Report) [Condensed Consolidated Balance Sheet](index=25&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were **RMB 25.448 billion**, an increase of **1.17%** from year-end 2024; total current assets were **RMB 7.047 billion**, and total non-current assets were **RMB 18.401 billion**; total liabilities were **RMB 14.414 billion**, with current liabilities at **RMB 4.542 billion** and non-current liabilities at **RMB 9.872 billion**; total equity attributable to listed company shareholders was **RMB 9.870 billion** Condensed Consolidated Balance Sheet (as of June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | **Assets** | | | | Total Current Assets | 7,046,972,353.49 | 6,856,660,856.38 | | Total Non-current Assets | 18,401,240,248.06 | 18,298,320,839.33 | | **Total Assets** | **25,448,212,601.55** | **25,154,981,695.71** | | **Liabilities** | | | | Total Current Liabilities | 4,542,127,049.46 | 4,587,557,557.10 | | Total Non-current Liabilities | 9,871,615,008.80 | 9,770,129,592.35 | | **Total Liabilities** | **14,413,742,058.26** | **14,357,687,149.45** | | **Shareholders' Equity** | | | | Total Equity Attributable to Listed Company Shareholders | 9,869,881,582.87 | 9,668,867,730.10 | | Minority Interests | 1,164,588,960.42 | 1,128,426,816.16 | | **Total Shareholders' Equity** | **11,034,470,543.29** | **10,797,294,546.26** | | **Total Liabilities and Shareholders' Equity** | **25,448,212,601.55** | **25,154,981,695.71** | [Condensed Consolidated Statement of Comprehensive Income](index=27&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) In H1 2025, the company achieved operating revenue of **RMB 2.178 billion** and net profit of **RMB 491 million**, a year-on-year increase of **6.56%**; net profit attributable to listed company shareholders was **RMB 473 million**, a year-on-year increase of **12.09%**; basic earnings per share were **RMB 0.30**, and diluted earnings per share were **RMB 0.30** Condensed Consolidated Statement of Comprehensive Income (H1 2025 vs. H1 2024) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 2,177,915,496.72 | 2,218,165,636.41 | | Operating Profit | 585,373,735.98 | 565,452,730.09 | | Total Profit | 585,590,509.96 | 570,183,715.98 | | Income Tax Expense | 94,687,758.39 | 109,505,636.87 | | Net Profit | 490,902,751.57 | 460,678,079.11 | | Net Profit Attributable to Listed Company Shareholders | 472,920,534.82 | 421,928,337.30 | | Minority Interest Income/Loss | 17,982,216.75 | 38,749,741.81 | | Total Comprehensive Income | 490,902,751.57 | 460,678,079.11 | | Basic Earnings Per Share (RMB) | 0.30 | 0.27 | | Diluted Earnings Per Share (RMB) | 0.30 | 0.27 | [Notes to Consolidated Financial Statements](index=28&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The financial statements are prepared in accordance with Chinese Enterprise Accounting Standards and are unaudited; revenue and segment information indicate that the company's income primarily derives from sewage treatment, reclaimed water treatment, heating/cooling, and tap water supply, with sewage treatment business segmented by region; no interim dividends were distributed during the reporting period; total accounts receivable amounted to **RMB 4.418 billion**, with **58.23%** due within **1** year; total accounts payable were **RMB 972 million**, contract liabilities **RMB 314 million**, and other payables **RMB 1.083 billion** - These financial statements are prepared in accordance with the 'Enterprise Accounting Standards - Basic Standards' issued by the Ministry of Finance on February 15, 2006, and subsequent periods, various specific accounting standards, and relevant regulations; this interim financial report does not include all notes of a normal annual financial report[58](index=58&type=chunk) - Management determines operating segments based on reports regularly reviewed by the strategy committee for strategic decision-making, considering operations from the perspectives of services provided and the most significant operating regions[60](index=60&type=chunk) - The company's board of directors did not recommend any interim dividends for the six-month period ended June 30, 2025[68](index=68&type=chunk) [Revenue and Segment Information](index=28&type=section&id=2%20Revenue%20and%20Segment%20Information) The company's operating revenue primarily comes from sewage treatment and sewage treatment plant construction (Tianjin Plant, Hangzhou Plant, other regions), reclaimed water treatment and supporting projects, heating and cooling, and tap water supply; in H1 2025, Tianjin Plant's sewage treatment revenue was **RMB 707 million**, and other regions' sewage treatment revenue was **RMB 644 million**; all of the group's external transaction revenue and non-current assets originate from China Revenue and Other Income Analysis (H1 2025 vs. H1 2024) | Item | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 2,177,915,496.72 | 2,218,165,636.41 | | Other Income | 40,163,815.78 | 44,007,424.19 | | **Total** | **2,218,079,312.50** | **2,262,173,060.60** | External Transaction Revenue by Operating Segment (Six Months Ended June 30, 2025) | Segment | External Transaction Revenue (RMB) | | :--- | :--- | | Tianjin Plant (Sewage Treatment and Sewage Treatment Plant Construction) | 706,958,247.16 | | Hangzhou Plant (Sewage Treatment and Sewage Treatment Plant Construction) | 128,250,559.22 | | Other Regions (Sewage Treatment and Sewage Treatment Plant Construction) | 644,161,934.16 | | Reclaimed Water Treatment and Supporting Projects | 117,086,371.99 | | Heating and Cooling and Related Facility Construction Services | 114,299,849.10 | | Tap Water Supply and Tap Water Plant Construction | 40,974,404.91 | | Other Segments | 426,184,130.18 | | **Consolidated Total** | **2,177,915,496.72** | - The group's external transaction revenue and non-current assets are entirely sourced from China[63](index=63&type=chunk)[64](index=64&type=chunk) - For the six months ended June 30, 2025, the group's operating revenue from a single customer classified under the sewage treatment segment was **RMB 681,775,788.43**, accounting for **31%** of the group's total operating revenue (compared to **34%** in the same period of 2024)[64](index=64&type=chunk) [Operating Profit](index=31&type=section&id=3%20Operating%20Profit) In H1 2025, the company's operating profit was **RMB 585 million**; major expenses included depreciation and amortization of **RMB 375 million**, employee costs of **RMB 214 million**, raw materials and consumables used of **RMB 157 million**, and repair and insurance expenses of **RMB 70 million** Major Expense Components of Operating Profit (H1 2025 vs. H1 2024) | Expense Item | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Depreciation and Amortization Expenses | 375,130,425.96 | 349,291,130.85 | | Employee Costs | 213,808,092.77 | 213,769,641.15 | | Raw Materials and Consumables Used | 156,654,639.80 | 103,954,572.17 | | Repair and Insurance Expenses | 70,287,032.28 | 70,641,293.26 | [Income Tax](index=31&type=section&id=4%20Income%20Tax) Income tax expense for H1 2025 was **RMB 94.6878 million**, comprising current income tax of **RMB 107.1635 million** and deferred income tax of **-RMB 12.4757 million**; the company had no taxable profits in Hong Kong - As the group had no taxable profits in Hong Kong for the six months ended June 30, 2025, there was no Hong Kong income tax for the current period[66](index=66&type=chunk) Income Tax Components (H1 2025 vs. H1 2024) | Item | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Current Income Tax | 107,163,453.52 | 104,739,330.95 | | Deferred Income Tax | -12,475,695.13 | 4,766,305.92 | | **Total** | **94,687,758.39** | **109,505,636.87** | [Accounts Receivable](index=32&type=section&id=7%20Accounts%20Receivable) As of June 30, 2025, total accounts receivable amounted to **RMB 4.418 billion**, with a net amount of **RMB 4.048 billion** after deducting bad debt provisions of **RMB 369 million**; of this, accounts receivable due within **1** year accounted for **58.23%**, and **1-2** years accounted for **28.69%** Accounts Receivable Details (as of June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Accounts Receivable | 4,417,694,508.41 | 3,984,679,509.64 | | Less: Bad Debt Provision | -369,450,065.44 | -394,853,174.49 | | **Net Amount** | **4,048,244,442.97** | **3,589,826,335.15** | Accounts Receivable Aging Analysis (as of June 30, 2025) | Aging | Amount (RMB) | Percentage (%) | | :--- | :--- | :--- | | Within 1 year | 2,572,325,655.94 | 58.23 | | 1-2 years | 1,267,590,293.76 | 28.69 | | 2-3 years | 196,550,021.89 | 4.45 | | 3-4 years | 240,326,244.67 | 5.44 | | 4-5 years | 91,319,976.56 | 2.07 | | Over 5 years | 49,582,315.59 | 1.12 | | **Total** | **4,417,694,508.41** | **100.00** | [Accounts Payable, Contract Liabilities, Other Payables, and Income Tax and Other Taxes Payable](index=33&type=section&id=8%20Accounts%20Payable,%20Contract%20Liabilities,%20Other%20Payables,%20and%20Income%20Tax%20and%20Other%20Taxes%20Payable) As of June 30, 2025, total accounts payable amounted to **RMB 972 million**, with over **1** year accounting for **32.63%**; total contract liabilities were **RMB 314 million**, mainly including prepayments for heating/cooling project ancillary fees, reclaimed water pipeline connection fees, and road tolls; total other payables were **RMB 1.083 billion**, primarily for engineering payments and quality retention fees Accounts Payable, Contract Liabilities, Other Payables, and Income Tax and Other Taxes Payable (as of June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Accounts Payable | 971,897,012.09 | 946,965,173.51 | | Contract Liabilities | 314,139,225.82 | 221,717,388.90 | | Other Payables | 1,082,597,852.45 | 1,060,257,870.64 | | Income Tax and Other Taxes Payable | 54,665,202.58 | 111,152,981.14 | | **Total** | **2,423,299,292.94** | **2,340,093,414.19** | Accounts Payable Aging Analysis (as of June 30, 2025) | Aging | Amount (RMB) | Percentage (%) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 654,742,041.91 | 67.37 | | Over 1 year | 317,154,970.18 | 32.63 | | **Total** | **971,897,012.09** | **100.00** | - As of June 30, 2025, accounts payable overdue by more than one year amounted to **RMB 317,154,970.18**, primarily consisting of **RMB 97,722,207.03** in raw water fees payable by Qujing Chuangye Water Co., Ltd. and **RMB 43,164,456.80** in engineering payments payable by Tianjin Zhongshui Co., Ltd., which remain unsettled due to incomplete project finalization[70](index=70&type=chunk) Contract Liabilities Details (as of June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Prepayment for Heating/Cooling Project Ancillary Fees | 109,152,098.43 | 124,788,900.75 | | Prepayment for Reclaimed Water Pipeline Connection Fees | 125,468,825.09 | 77,082,139.96 | | Prepayment for Road Tolls | 46,120,000.00 | - | | Prepayment for Hazardous Waste Treatment | 14,466,873.11 | 11,460,666.51 | | Prepayment for EPC Contract | 11,414,027.34 | - | | Other | 7,517,401.85 | 8,385,681.68 | | **Total** | **314,139,225.82** | **221,717,388.90** | Other Payables Details (as of June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Engineering Payments and Quality Retention Fees | 717,112,420.43 | 760,475,061.18 | | Payments for Acquisition of Fixed Assets and Intangible Assets | 44,859,294.77 | 116,882,401.92 | | East Suburb Project Old Plant Asset Transfer Collection | 66,887,408.80 | 66,987,858.80 | | Dividends Payable | 152,364,129.85 | 7,986,980.00 | | Other | 101,374,598.60 | 107,925,568.74 | | **Total** | **1,082,597,852.45** | **1,060,257,870.64** | - As of June 30, 2025, other payables overdue by more than one year primarily consist of engineering payments and quality retention fees for construction projects such as the Honghu City Sewage Treatment Project and Karamay City Sewage Treatment Project, which remain unsettled due to incomplete project finalization[72](index=72&type=chunk) [Repurchase, Sale, or Redemption of the Company's Listed Securities](index=35&type=section&id=%C2%A78%20Repurchase,%20Sale,%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) [Trading Status of the Company's Listed Securities](index=35&type=section&id=Trading%20Status%20of%20the%20Company's%20Listed%20Securities) During the reporting period, neither the company nor its subsidiaries repurchased, sold, or redeemed any of the company's listed securities - During the reporting period, neither the company nor its subsidiaries repurchased, sold, or redeemed any of the company's listed securities[73](index=73&type=chunk) [Corporate Governance Code](index=35&type=section&id=%C2%A79%20Corporate%20Governance%20Code) [Compliance with Corporate Governance Code](index=35&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Board is unaware of any reasonable indications that the company has not complied with the code provisions set out in Part 2 of Appendix C1 to the Listing Rules of the Stock Exchange of Hong Kong Limited during the reporting period or currently - The directors are unaware of any reasonable indications that the company has not complied with the code provisions set out in Part 2 of Appendix C1 to the Listing Rules of the Stock Exchange of Hong Kong Limited at any time during the reporting period or currently[74](index=74&type=chunk) [Audit and Risk Control Committee](index=35&type=section&id=%C2%A710%20Audit%20and%20Risk%20Control%20Committee) [Committee Responsibilities and Review](index=35&type=section&id=Committee%20Responsibilities%20and%20Review) The Audit and Risk Control Committee is responsible for reviewing and monitoring the company's financial reporting procedures, internal controls, and strategies for addressing significant risks; the committee members include Non-executive Director Mr. Wang Yongwei, Independent Non-executive Directors Mr. Xue Tao, Mr. Wang Shanggan, and Ms. Liu Fei; the committee has reviewed and agreed upon the financial accounting principles, standards, and methods adopted in the group's unaudited interim accounts for the six months ended June 30, 2025 - The Audit and Risk Control Committee is responsible for reviewing and monitoring the company's financial reporting procedures and internal controls, and has added responsibilities such as deliberating on significant risk response strategies and risk resolution plans[75](index=75&type=chunk) - The members of the Audit and Risk Control Committee consist of Non-executive Director Mr. Wang Yongwei, Independent Non-executive Directors Mr. Xue Tao, Mr. Wang Shanggan, and Ms. Liu Fei[75](index=75&type=chunk) - The Audit and Risk Control Committee and the company's management have reviewed the accounting principles and methods adopted by the group and discussed matters such as internal controls and financial reporting, including reviewing the unaudited interim results and interim report[75](index=75&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 眾安集團有限公 司 Zhong An Group Limited （於開曼群島註冊成立之有限公司） （股份代 號：672） 截至2025年6月30日止六個月期間之中期業績公告 摘要 1 • 回顧期內本集團收入約為人民幣6,558.7百萬元，較2024年同期下降約 29.3% • 回顧期內本集團的毛利約為人民幣688.7百萬元，較2024年同期下降約 62.4% • 回顧期內本集團利潤約為人民幣90.7百萬元，較2024年同期下降約 23.0% • 回顧期內本集團合同銷售約為人民幣1,973.3百萬元，較2024年同期下降 約31.4% • 於2025年6月30日，本集團總資產負債率及淨負債率分別為約60.0%和 45.0%，維持在合理水平 眾安集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然提呈本公司及 其附屬公司（統稱為「本集團」）截至2025年6月30日止六個月期間（「本期間」或 「 ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) The Group experienced a significant decline in revenue and gross profit for the six months ended June 30, 2025, resulting in a net loss and a decrease in total assets and net assets Financial Summary for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 366,307 | 2,921,774 | -87.5% | | Gross Profit | 77,089 | 1,579,596 | -95.1% | | (Loss)/Profit for the Period | (39,448) | 347,502 | -111.4% | | (Loss)/Profit Attributable to Owners of the Parent | (35,522) | 377,789 | -109.4% | | (Loss)/Earnings Per Share Attributable to Ordinary Equity Holders of the Parent - Basic and Diluted | RMB (1.77) cents | RMB 18.79 cents | -109.4% | | **As of June 30, 2025** | **RMB thousand** | **As of December 31, 2024** | **Change** | | Total Assets | 13,282,430 | 13,385,727 | -0.8% | | Net Assets | 5,262,481 | 5,342,134 | -1.5% | | Net Asset Value Per Share | RMB 2.62 | RMB 2.66 | -1.5% | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's interim condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, and financial position, reflecting a shift from profit to loss and changes in asset and liability structures [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group turned from profit to loss, recording a net loss of RMB 39,448 thousand, compared to a profit of RMB 347,502 thousand in the prior period, primarily due to an 87.5% revenue decline and 95.1% gross profit reduction from decreased property sales Interim Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 366,307 | 2,921,774 | | Cost of Sales | (289,218) | (1,342,178) | | Gross Profit | 77,089 | 1,579,596 | | Other Income and Gains | 174,232 | 25,876 | | Selling and Distribution Expenses | (53,587) | (66,588) | | Administrative Expenses | (45,165) | (67,991) | | Other Expenses | (79,080) | (5,833) | | Finance Costs | (97,642) | (47,317) | | Fair Value Change of Investment Properties | (8,600) | (535,900) | | (Loss)/Profit Before Tax | (32,753) | 877,358 | | Income Tax Expense | (6,695) | (529,856) | | (Loss)/Profit for the Period | (39,448) | 347,502 | | (Loss)/Profit Attributable to Owners of the Parent | (35,522) | 377,789 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive loss for the period was RMB 75,937 thousand, a significant deterioration from the prior period's total comprehensive income of RMB 362,518 thousand, mainly due to the period's loss and negative impacts from other comprehensive income, including exchange differences and fair value changes in equity investments Interim Condensed Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | (Loss)/Profit for the Period | (39,448) | 347,502 | | Exchange Differences Arising from Translation of Financial Statements of Overseas Subsidiaries | (7,613) | 10,812 | | Exchange Differences Arising from Translation of Overseas Operations | (12,467) | 5,690 | | Equity Investments Designated at Fair Value Through Other Comprehensive Income: Fair Value Changes | (21,879) | (1,982) | | Income Tax Impact | 5,470 | 496 | | Other Comprehensive Income for the Period, Net of Tax | (36,489) | 15,016 | | Total Comprehensive (Loss)/Income for the Period | (75,937) | 362,518 | | Attributable to Owners of the Parent | (72,011) | 392,805 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets slightly decreased by 0.8% to RMB 13,282,430 thousand, and net assets decreased by 1.5% to RMB 5,262,481 thousand, with a notable increase in net current assets due to reduced current assets and liabilities Interim Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property and Equipment | 2,128,801 | 2,183,115 | | Investment Properties | 4,328,300 | 4,336,900 | | Properties Under Development | 447,663 | 439,451 | | Investments in Associates | 681,873 | – | | Total Non-current Assets | 7,875,606 | 7,736,991 | | **Current Assets** | | | | Completed Properties Held for Sale | 3,910,663 | 4,085,699 | | Trade Receivables | 75,580 | 61,081 | | Amounts Due from Related Companies | 965,030 | 237,788 | | Cash and Cash Equivalents | 208,647 | 838,999 | | Total Current Assets | 5,406,824 | 5,648,736 | | **Current Liabilities** | | | | Trade Payables | 1,077,301 | 1,543,308 | | Contract Liabilities | 286,895 | 923,714 | | Interest-bearing Bank and Other Borrowings (Current) | 327,079 | 1,072,160 | | Total Current Liabilities | 3,229,136 | 5,055,477 | | Net Current Assets | 2,177,688 | 593,259 | | **Non-current Liabilities** | | | | Interest-bearing Bank and Other Borrowings (Non-current) | 4,127,840 | 2,327,020 | | Total Non-current Liabilities | 4,790,813 | 2,988,116 | | Net Assets | 5,262,481 | 5,342,134 | | Total Equity | 5,262,481 | 5,342,134 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes to the interim condensed consolidated financial information, covering company details, accounting policies, segment information, and specific financial line items [1. Company Information](index=6&type=section&id=1.%20Company%20Information) China New City Group Limited, incorporated in the Cayman Islands in 2013, operates as an investment holding company primarily engaged in commercial property development, leasing, and hotel operations, with Quanhao Management Limited as its ultimate controlling entity - The Company was incorporated in the Cayman Islands on **July 2, 2013**, as an investment holding company[9](index=9&type=chunk) - The Group is principally engaged in **commercial property development, leasing, and hotel operations**[10](index=10&type=chunk) - The ultimate controlling company of the Company is **Quanhao Management Limited**[11](index=11&type=chunk) [2. Basis of Preparation and Accounting Policies](index=6&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and should be read with the 2024 annual consolidated financial statements, with the first-time adoption of revised IAS 21 having no significant financial impact [2.1 Basis of Preparation](index=6&type=section&id=2.1%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and presented in RMB, rounded to the nearest thousand - The interim condensed consolidated financial information is prepared in accordance with **International Accounting Standard 34 "Interim Financial Reporting"** issued by the International Accounting Standards Board[12](index=12&type=chunk) - These financial statements are presented in **RMB** and adjusted to the nearest thousand[12](index=12&type=chunk) [2.2 Changes in Accounting Policies and Disclosures](index=6&type=section&id=2.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The Group adopted revised IAS 21 "Lack of Exchangeability" for the first time during the period, which had no significant financial impact on the financial statements - The Group adopted the revised **International Accounting Standard 21 "Lack of Exchangeability"** for the first time during the period[14](index=14&type=chunk) - The new and revised standards had **no significant financial impact** on these financial statements[14](index=14&type=chunk) [3. Operating Segment Information](index=7&type=section&id=3.%20Operating%20Segment%20Information) The Group operates four reportable segments: commercial property development, property leasing, hotel operations, and other services; in H1 2025, a significant decline in commercial property development revenue led to a sharp drop in overall revenue and segment results, while property leasing revenue increased - The Group has four reportable operating segments: **commercial property development, property leasing, hotel operations, and "other" segments**[17](index=17&type=chunk) [Segment Revenue and Results](index=8&type=section&id=Segment%20Revenue%20and%20Results) Segment revenue and results for the six months ended June 30, showing a substantial decrease in commercial property development revenue and a shift to loss for the segment | Segment | 2025 Revenue (RMB thousand) | 2024 Revenue (RMB thousand) | Change (%) | 2025 Segment Results (RMB thousand) | 2024 Segment Results (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Commercial Property Development | 175,269 | 2,723,530 | -93.6% | (19,071) | 1,403,421 | | Property Leasing | 64,896 | 48,646 | +33.4% | 12,049 | (426,319) | | Hotel Operations | 99,181 | 112,651 | -12.0% | (20,646) | (30,498) | | Other Services | 26,961 | 36,947 | -27.1% | 76,145 | (26,026) | | **Total** | **366,307** | **2,921,774** | **-87.5%** | **48,477** | **920,578** | [Segment Assets and Liabilities](index=10&type=section&id=Segment%20Assets%20and%20Liabilities) Segment assets and liabilities as of June 30, 2025, indicating a slight decrease in total assets and liabilities, with notable changes in commercial property development segment assets and liabilities | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | **13,282,430** | **13,385,727** | **-0.8%** | | Commercial Property Development Segment Assets | 6,015,169 | 6,201,139 | -3.0% | | Property Leasing Segment Assets | 4,644,508 | 4,673,438 | -0.6% | | Hotel Operations Segment Assets | 1,777,294 | 1,913,326 | -7.1% | | Other Services Segment Assets | 1,642,575 | 765,905 | +114.5% | | **Total Liabilities** | **8,019,949** | **8,043,593** | **-0.3%** | | Commercial Property Development Segment Liabilities | 1,471,772 | 2,479,054 | -40.6% | | Property Leasing Segment Liabilities | 376,571 | 371,202 | +1.4% | | Hotel Operations Segment Liabilities | 643,226 | 679,232 | -5.3% | | Other Services Segment Liabilities | 447,718 | 412,300 | +8.6% | [Geographical Information](index=11&type=section&id=Geographical%20Information) Geographical breakdown of revenue from external customers and non-current assets, primarily concentrated in Mainland China | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue from External Customers (Mainland China) | 366,307 | 2,921,774 | | Non-current Assets (Mainland China) | 7,752,031 | 7,299,787 | | Non-current Assets (Other) | 64,245 | 59,891 | [Information about Major Customers](index=11&type=section&id=Information%20about%20Major%20Customers) No single customer or group of customers under common control accounted for 10% or more of the Group's revenue for the six months ended June 30, 2025 and 2024 - No single customer or group of customers under common control accounted for **10% or more of the Group's revenue** for the six months ended June 30, 2025 and 2024[23](index=23&type=chunk) [4. Revenue, Other Income and Gains](index=12&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) Total revenue for the period was RMB 366,307 thousand, an 87.5% year-on-year decrease primarily due to a sharp decline in customer contract revenue, especially property sales, while other income and gains surged by 573.3% mainly from remeasurement of associate investments [Analysis of Revenue](index=12&type=section&id=Analysis%20of%20Revenue) Analysis of revenue sources for the six months ended June 30, showing a significant decrease in customer contract revenue but an increase in gross rental income from investment properties | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from Contracts with Customers | 301,411 | 2,873,128 | -89.5% | | Gross Rental Income from Operating Leases of Investment Properties | 64,896 | 48,646 | +33.4% | | **Total** | **366,307** | **2,921,774** | **-87.5%** | [Disaggregated Revenue Information from Contracts with Customers](index=12&type=section&id=Disaggregated%20Revenue%20Information%20from%20Contracts%20with%20Customers) Disaggregated revenue from contracts with customers for the six months ended June 30, highlighting a substantial decrease in property sales | Type of Goods or Services | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Property Sales | 175,269 | 2,723,530 | -93.6% | | Hotel Operations Revenue | 99,181 | 112,651 | -12.0% | | Other Services | 26,961 | 36,947 | -27.1% | | **Total** | **301,411** | **2,873,128** | **-89.5%** | - The majority of customer contract revenue, including **property sales and hotel operations revenue**, is recognized at a point in time[25](index=25&type=chunk)[26](index=26&type=chunk) [Details of Other Income and Gains](index=13&type=section&id=Details%20of%20Other%20Income%20and%20Gains) Details of other income and gains for the six months ended June 30, showing a significant increase primarily due to a gain from remeasurement of an investment in an associate | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Subsidy Income | 570 | 80 | +612.5% | | Interest Income | 16,412 | 4,097 | +300.6% | | Other Income | 3,852 | 4,137 | -6.9% | | Gain from Remeasurement of an Investment in an Associate | 153,398 | – | N/A | | Gain on Disposal of Items of Property and Equipment | – | 576 | -100% | | Compensation for Lease Termination | – | 2,876 | -100% | | Gain on Disposal of Subsidiaries | – | 2,863 | -100% | | Gain on Disposal of Items of Right-of-use Assets | – | 5,918 | -100% | | Exchange Gain | – | 5,329 | -100% | | **Total** | **174,232** | **25,876** | **+573.3%** | - The significant increase in other income and gains is primarily due to a **gain of approximately RMB 153,398 thousand from the remeasurement of an investment in an associate**[26](index=26&type=chunk)[27](index=27&type=chunk) - This gain resulted from the fair value of Xin Nong Du's identifiable net assets attributable to the buyer exceeding the investment cost after acquiring a **42.50% equity interest** in Xin Nong Du[27](index=27&type=chunk) [5. Profit/Loss Before Tax](index=14&type=section&id=5.%20Profit%2FLoss%20Before%20Tax) The Group's loss before tax was RMB 32,753 thousand, a significant deterioration from the prior period's profit of RMB 877,358 thousand, primarily due to a sharp decrease in property sales costs and reduced fair value losses on investment properties, offset by increased impairment provisions for financial assets and property and equipment Profit/Loss Before Tax Components (For the Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of Properties Sold | 175,036 | 1,217,435 | | Depreciation of Property and Equipment | 57,275 | 62,147 | | Depreciation of Right-of-use Assets | 3,088 | 6,182 | | Staff Costs (Including Directors' and Key Management's Emoluments) | 42,240 | 50,995 | | Fair Value Change of Investment Properties | 8,600 | 535,900 | | Gain from Remeasurement of an Investment in an Associate | (153,398) | – | | Impairment Provision for Financial Assets | 48,367 | – | | Impairment Provision for Property and Equipment | 24,186 | – | | Impairment Provision for Right-of-use Assets | 337 | – | | Impairment of Investment in a Joint Venture | – | 5,626 | [6. Income Tax Expense](index=15&type=section&id=6.%20Income%20Tax%20Expense) Income tax expense for the period was RMB 6,695 thousand, a substantial decrease from RMB 529,856 thousand in the prior period, mainly due to reduced PRC income tax and land appreciation tax, and the impact of deferred tax - Hong Kong-incorporated subsidiaries were **not subject to income tax** during the period[30](index=30&type=chunk) - PRC income tax is provided at a rate of **25%**, and land appreciation tax is levied at progressive rates from **30% to 60%**[30](index=30&type=chunk) Income Tax Expense (For the Six Months Ended June 30) | Tax Category | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | PRC Income Tax for the Period | 14,306 | 295,642 | -95.2% | | PRC Land Appreciation Tax for the Period | 6,006 | 428,946 | -98.6% | | Deferred Tax | (13,617) | (194,732) | -93.0% | | **Total Tax Expense for the Period** | **6,695** | **529,856** | **-98.7%** | [7. Loss/Earnings Per Share Attributable to Ordinary Equity Holders of the Parent](index=15&type=section&id=7.%20Loss%2FEarnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) For the six months ended June 30, 2025, basic loss per share was RMB (1.77) cents, compared to earnings per share of RMB 18.79 cents in the prior period, primarily due to the loss attributable to owners of the parent during the period Loss/Earnings Per Share (For the Six Months Ended June 30) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | (Loss)/Profit Attributable to Ordinary Equity Holders of the Parent | (35,522) thousand RMB | 377,789 thousand RMB | -109.4% | | Basic and Diluted (Loss)/Earnings Per Share | RMB (1.77) cents | RMB 18.79 cents | -109.4% | | Weighted Average Number of Ordinary Shares Outstanding During the Period | 2,010,768,000 shares | 2,010,768,000 shares | 0% | - The Group had **no potentially dilutive ordinary shares** outstanding for the period ended June 30, 2025[33](index=33&type=chunk) [8. Dividends](index=16&type=section&id=8.%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an **interim dividend** for the six months ended June 30, 2025[34](index=34&type=chunk) [9. Trade Receivables](index=16&type=section&id=9.%20Trade%20Receivables) As of June 30, 2025, total trade receivables increased to RMB 75,580 thousand from RMB 61,081 thousand on December 31, 2024, with the largest proportion due within six months Ageing Analysis of Trade Receivables (As of Reporting Period End) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within Six Months | 65,119 | 55,063 | +18.3% | | Over Six Months but Within One Year | 7,180 | 4,802 | +49.5% | | Over One Year but Within Two Years | 3,281 | 1,216 | +169.8% | | **Total** | **75,580** | **61,081** | **+23.7%** | [10. Trade Payables](index=16&type=section&id=10.%20Trade%20Payables) As of June 30, 2025, total trade payables significantly decreased to RMB 1,077,301 thousand from RMB 1,543,308 thousand on December 31, 2024, primarily due to a substantial reduction in amounts due between six months and one year Ageing Analysis of Trade Payables (As of Reporting Period End) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within Six Months | 733,802 | 701,370 | +4.6% | | Over Six Months but Within One Year | 330,547 | 828,857 | -60.1% | | Over One Year but Within Two Years | 5,946 | 3,557 | +67.2% | | Over Two Years but Within Three Years | 7,006 | 9,524 | -26.4% | | **Total** | **1,077,301** | **1,543,308** | **-30.2%** | - The balances are **unsecured and interest-free**, generally payable according to construction progress[36](index=36&type=chunk) [11. Commitments](index=17&type=section&id=11.%20Commitments) As of June 30, 2025, the Group's contracted but unprovided commitments for property development expenditures were RMB 156,839 thousand, a slight decrease from December 31, 2024 Property Development Expenditure Commitments (As of Reporting Period End) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Properties Under Development | 156,839 | 160,697 | -2.4% | [12. Contingent Liabilities](index=17&type=section&id=12.%20Contingent%20Liabilities) As of June 30, 2025, the Group's bank guarantees for property buyers' mortgage loans decreased to RMB 286,410 thousand from December 31, 2024, with directors believing the net realizable value of the properties is sufficient for repayment, thus no provision was made - The Group provides **guarantees for mortgage loans** granted by certain banks to buyers of the Group's properties[38](index=38&type=chunk) - Directors believe that the **net realizable value of the relevant properties is sufficient** to cover the outstanding mortgage loans and any accrued interest and penalties in case of default, thus no provision has been made for these guarantees[38](index=38&type=chunk) Contingent Liabilities (As of Reporting Period End) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Guarantees to Banks for Mortgage Loans Granted to Buyers of the Group's Properties | 286,410 | 359,727 | -20.4% | [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the Group's business performance, financial position, and future outlook, highlighting key operational and financial trends [Overview](index=18&type=section&id=Overview) The Group is a large enterprise integrating commercial development and operations, hotel management, film, education, and cultural tourism, recognized as a leading commercial real estate integrated operator in the Yangtze River Delta region with multiple industry accolades - The Group is a large enterprise integrating **commercial development and operations, hotel management, film, education, and cultural tourism**[40](index=40&type=chunk) - The Group has developed into a leading **commercial real estate integrated operator in the Yangtze River Delta region**, having been recognized as one of the "Top 10 Commercial Real Estate Operators in China"[40](index=40&type=chunk) [Business Review](index=18&type=section&id=Business%20Review) The Group's core business segments include industrial property development, commercial operations, hotel management, and industrial investment, with diversified new industry layouts; consolidated revenue for the period was approximately RMB 366 million, down 87.5% year-on-year, and gross profit was approximately RMB 77 million, down 95.1%, primarily due to a significant reduction in property sales - The Group's core business segments are **industrial property development, commercial operations, hotel management, and industrial investment**, while also diversifying into industrial services, rural cultural tourism, smart agricultural wholesale, film and education, and digital health[41](index=41&type=chunk) Key Financial Data for Business Review (For the Current Period) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 366 | 2,922 | -87.5% | | Gross Profit | 77 | 1,580 | -95.1% | | Gross Profit Margin | 21.0% | 54.1% | -33.1 percentage points | - As of June 30, 2025, the Group's **total equity was approximately RMB 5,262 million**, and **cash book value was approximately RMB 226 million**[41](index=41&type=chunk) [Policies and Outlook](index=18&type=section&id=Policies%20and%20Outlook) China's 2025 real estate policy continues its 'stabilize and recover' approach, fully implementing 'four cancellations, four reductions, and two additions' to support the market and accelerate inventory reduction; the Group will maintain prudent operations, advance urban renewal, and explore new models for the existing market - China's 2025 real estate policy continues its core principle of **"stabilizing decline and achieving recovery"**, fully implementing a policy package of "four cancellations, four reductions, and two additions"[42](index=42&type=chunk) - Policies include **cancelling purchase restrictions, resale restrictions, price caps, and ordinary housing standards**; **reducing down payment ratios, mortgage interest rates, and transaction taxes and fees**; and **adding urban village renovation and "white list" financing for property developers**[42](index=42&type=chunk) - The Group will continue to adhere to a **prudent operating philosophy**, maintain financial stability, effectively integrate Group resources, and intensify business innovation efforts, promoting urban renewal projects and exploring new development models[43](index=43&type=chunk) [Progress of Major Projects](index=19&type=section&id=Progress%20of%20Major%20Projects) The Group's International Office Center (IOC) Plot A2 and Longying Huijinzuo (Binhe Yin) projects in Hangzhou achieved expected sales, with Longying Huijinzuo completed in 2024 [International Office Center (IOC)](index=19&type=section&id=International%20Office%20Center%20%28IOC%29) The International Office Center (IOC) Plot A3 is largely sold out, and Plot A2 sales met expectations during the period - International Office Center (IOC) Plot A3 was completed in **2015** and is largely sold out, except for a small number of units and parking spaces[44](index=44&type=chunk) - Plot A2 commenced construction in **2019**, with sales meeting expectations during the period[44](index=44&type=chunk) [Longying Huijinzuo (Binhe Yin)](index=19&type=section&id=Longying%20Huijinzuo%20%28Binhe%20Yin%29) The Longying Huijinzuo (Binhe Yin) project was completed in 2024, with sales meeting expectations during the current period - The Longying Huijinzuo (Binhe Yin) project was completed in **2024**[45](index=45&type=chunk) - Sales for this project met expectations during the period[45](index=45&type=chunk) [Sales Review](index=20&type=section&id=Sales%20Review) Confirmed sales amount and area significantly decreased during the period, with contracted sales amount and area also declining year-on-year, reflecting a weak property sales market [Confirmed Sales](index=20&type=section&id=Confirmed%20Sales) Confirmed sales amount and total gross floor area delivered for the six months ended June 30, showing a substantial year-on-year decrease Confirmed Sales Data (For the Six Months Ended June 30) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Confirmed Sales Amount | RMB 175,269 thousand | RMB 2,723,530 thousand | -93.6% | | Total Gross Floor Area of Properties Delivered | 10,415 square meters | 73,493 square meters | -85.8% | Confirmed Sales Project Details (H1 2025) | Project | Region | Confirmed Amount (RMB million) | Area (square meters) | | :--- | :--- | :--- | :--- | | Longying Huijinzuo (Binhe Yin) | Hangzhou | 133.8 | 6,212 | | Mingcaicheng | Hangzhou | 28.8 | 2,225 | | Zhong'an Times Square Phase II | Yuyao | 6.9 | 1,200 | | Cixi New City | Cixi | 5.4 | 778 | | Other Remaining Units | Hangzhou | 0.4 | – | | **Total** | | **175.3** | **10,415** | [Contracted Sales](index=20&type=section&id=Contracted%20Sales) Contracted sales area and revenue for the six months ended June 30, both showing a significant year-on-year decrease Contracted Sales Data (For the Six Months Ended June 30) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Contracted Sales Area | 14,981 square meters | 29,997 square meters | -50.0% | | Contracted Sales Revenue | RMB 326,848 thousand | RMB 663,350 thousand | -50.8% | Major Project Contracted Sales Details (H1 2025) | Project | Region | Contracted Amount (RMB million) | Area (square meters) | | :--- | :--- | :--- | :--- | | International Office Center (IOC) A2 | Hangzhou | 195.9 | 4,845 | | Xin Nong Du | Hangzhou | 74.5 | 7,489 | | Longying Huijinzuo (Binhe Yin) | Hangzhou | 48.2 | 1,943 | | Mingcaicheng | Hangzhou | 5.0 | 312 | | Cixi New City | Cixi | 2.8 | 392 | | Zhong'an Times Square Phase II | Yuyao | 0.5 | – | | Chaoyang Ginza | Hangzhou | 0.1 | – | | **Total** | | **326.8** | **14,981** | [Hotel Operations](index=21&type=section&id=Hotel%20Operations) Hotel management revenue for the period was approximately RMB 99,181 thousand, a 12.0% year-on-year decrease, primarily due to a weak market leading to a decline in hotel occupancy rates to approximately 60% - The Group manages **four self-owned hotels**[49](index=49&type=chunk) Hotel Operations Data (For the Six Months Ended June 30) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Hotel Management Revenue | RMB 99,181 thousand | RMB 112,651 thousand | -12.0% | | Hotel Occupancy Rate | Approximately 60% | Approximately 62% | -2 percentage points | - The decrease in revenue is primarily due to a **weak market and a decline in hotel occupancy rates**[49](index=49&type=chunk) [Commercial Operations](index=21&type=section&id=Commercial%20Operations) Total commercial operations revenue for the period was approximately RMB 64,896 thousand, a 33.4% year-on-year increase, primarily benefiting from new community commercial projects, increased occupancy at Yuyao Zhong'an Plaza, and higher per-square-meter rent at Yiwu Zhong'an Plaza, despite a slight decrease in average occupancy rate - The Group's commercial operations revenue primarily derives from **rental income from office buildings, shopping malls, and community commercial complexes**[50](index=50&type=chunk) Commercial Operations Data (For the Six Months Ended June 30) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Commercial Operations Revenue | RMB 64,896 thousand | RMB 48,646 thousand | +33.4% | | Average Occupancy Rate of Leased Properties | Approximately 80% | Approximately 84% | -4 percentage points | - The increase in total revenue primarily benefited from **revenue generation from new community commercial projects, increased occupancy at Yuyao Zhong'an Plaza, and higher per-square-meter rent at Yiwu Zhong'an Plaza**[50](index=50&type=chunk) [Land Bank](index=21&type=section&id=Land%20Bank) As of June 30, 2025, the Group's total land bank for development and/or sale was approximately 3,673,020 square meters, a slight decrease from December 31, 2024 Total Land Bank Gross Floor Area (As of Reporting Period End) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Land Bank Gross Floor Area | 3,673,020 square meters | 3,690,924 square meters | -0.5% | [Financial Performance Analysis](index=21&type=section&id=Financial%20Performance%20Analysis) The Group's financial performance significantly deteriorated during the period, with revenue and gross profit sharply declining due to a substantial drop in property sales, leading to a shift from profit to loss; despite controlled selling and administrative expenses, other expenses and finance costs rose significantly due to increased impairment provisions and interest expenses [Revenue](index=21&type=section&id=Revenue) Consolidated revenue for the six months ended June 30, showing a substantial year-on-year decrease Consolidated Revenue (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 366,307 | 2,921,774 | -87.5% | - The decrease in revenue is primarily due to a **reduction in property sales business** of approximately RMB 2,548,261 thousand compared to the prior period in 2024[52](index=52&type=chunk) [Gross Profit](index=21&type=section&id=Gross%20Profit) Consolidated gross profit and gross profit margin for the six months ended June 30, both showing a significant year-on-year decrease Consolidated Gross Profit and Gross Profit Margin (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Consolidated Gross Profit | 77,089 | 1,579,596 | -95.1% | | Consolidated Gross Profit Margin | 21.0% | 54.1% | -33.1 percentage points | - The decrease in consolidated gross profit is primarily due to a **significant reduction in gross profit from property sales revenue** during the period[53](index=53&type=chunk) [Other Income and Gains](index=22&type=section&id=Other%20Income%20and%20Gains) Other income and gains for the six months ended June 30, showing a substantial year-on-year increase Other Income and Gains (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income and Gains | 174,232 | 25,876 | +573.3% | - The increase is primarily due to a **gain of approximately RMB 153,398 thousand** from the fair net value of an associate's identifiable net assets exceeding the investment cost attributable to the Group[54](index=54&type=chunk) [Selling and Distribution Expenses](index=22&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses for the six months ended June 30, showing a year-on-year decrease Selling and Distribution Expenses (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 53,587 | 66,588 | -19.5% | - The decrease is primarily due to the Group's **effective implementation of cost management strategies**[55](index=55&type=chunk) [Administrative Expenses](index=22&type=section&id=Administrative%20Expenses) Administrative expenses for the six months ended June 30, showing a year-on-year decrease Administrative Expenses (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 45,165 | 67,991 | -33.6% | - The decrease is primarily due to the Group's **effective implementation of cost management strategies**[56](index=56&type=chunk) [Other Expenses](index=22&type=section&id=Other%20Expenses) Other expenses for the six months ended June 30, showing a significant year-on-year increase Other Expenses (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other Expenses | 79,080 | 5,833 | +1,255.7% | - The increase is primarily due to **higher impairment provisions for financial assets, property, and equipment** during the period compared to the prior period in 2024[57](index=57&type=chunk) [Finance Costs](index=22&type=section&id=Finance%20Costs) Finance costs for the six months ended June 30, showing a significant year-on-year increase Finance Costs (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 97,642 | 47,317 | +106.4% | - The increase is primarily due to a **decrease in capitalized interest expenses and an increase in loan balances** during the period[58](index=58&type=chunk) [Loss for the Period](index=22&type=section&id=Loss%20for%20the%20Period) Loss for the period for the six months ended June 30, showing a significant shift from profit to loss (Loss)/Profit for the Period (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | (Loss)/Profit for the Period | (39,448) | 347,502 | -111.4% | - The loss for the period is primarily due to a **significant decrease in revenue generated from the Group's commercial property projects**[59](index=59&type=chunk) [Capital Expenditure](index=22&type=section&id=Capital%20Expenditure) During the period, the Group incurred approximately RMB 31,016 thousand in property and equipment expenditure, an increase compared to the prior period Property and Equipment Capital Expenditure (For the Six Months Ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Property and Equipment Expenditure | 31,016 | 24,835 | +24.9% | [Significant Investments](index=23&type=section&id=Significant%20Investments) The Group held no significant investments during the period - The Group held **no significant investments** during the period[61](index=61&type=chunk) [Capital Structure](index=23&type=section&id=Capital%20Structure) As of June 30, 2025, the Group's total cash and cash equivalents decreased, while the current ratio rose to 1.67; the gearing ratio increased to 52%, reflecting a higher proportion of net debt relative to capital Key Capital Structure Indicators (As of Reporting Period End) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Cash and Cash Equivalents and Restricted Cash | 225,937 | 886,087 | -74.5% | | Current Ratio | 1.67 | 1.12 | +49.1% | | Gearing Ratio | 52% | 46% | +6 percentage points | - As of June 30, 2025, bank and other borrowings repayable within one year amounted to approximately **RMB 327,079 thousand**, and those repayable after one year amounted to approximately **RMB 4,127,840 thousand**[62](index=62&type=chunk) [Pledge of Assets](index=23&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group's bank and other borrowings of approximately RMB 4,454,919 thousand were secured by pledged assets including property and equipment, investment properties, completed properties held for sale, and investments in associates, with the total value of pledged assets increasing from year-end 2024 - As of June 30, 2025, the Group's bank and other borrowings of approximately **RMB 4,454,919 thousand** were secured by the following pledged assets[64](index=64&type=chunk) Pledged Assets Details (As of Reporting Period End) | Pledged Asset Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Property and Equipment | 1,507,805 | 957,123 | +57.5% | | Investment Properties | 3,005,621 | 3,043,315 | -1.2% | | Completed Properties Held for Sale | 2,377,202 | 2,328,953 | +2.1% | | Investments in Associates | 318,475 | – | N/A | | **Total Pledged Assets** | **7,209,103** | **6,329,391** | **+13.9%** | [Foreign Exchange Risk and Funding Policy](index=23&type=section&id=Foreign%20Exchange%20Risk%20and%20Funding%20Policy) Operating primarily in China with revenues, costs, and borrowings denominated in RMB, the Group faces minimal foreign exchange fluctuation risk; it adopts a prudent funding policy, holding most cash in short-term RMB deposits without hedging - As the Group primarily operates in China, with revenues, operating costs, and borrowings mainly denominated in RMB, the **foreign exchange fluctuation risk undertaken by the Group is minimal**[65](index=65&type=chunk) - The Group adopts a **prudent funding policy** for cash and financial management, with cash typically held in short-term deposits, mostly denominated in RMB[66](index=66&type=chunk) - The Group **did not use any financial instruments for hedging purposes** during the period[66](index=66&type=chunk) [Guarantees and Contingent Liabilities](index=24&type=section&id=Guarantees%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group's contingent liabilities, primarily mortgage loan guarantees for property buyers, amounted to approximately RMB 286,410 thousand, a decrease from year-end 2024 Guarantees and Contingent Liabilities (As of Reporting Period End) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Contingent Liabilities (Mortgage Loan Guarantees) | 286,410 | 359,727 | -20.4% | [Capital Commitments](index=24&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's capital commitments for property development expenditures were approximately RMB 156,839 thousand, expected to be funded by internal resources and bank borrowings Capital Commitments (As of Reporting Period End) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Capital Commitments for Property Development Expenditures | 156,839 | 160,697 | -2.4% | - The Group expects to **fund the relevant capital commitments from its own resources and bank borrowings**[68](index=68&type=chunk) [Human Resources and Remuneration Policy](index=24&type=section&id=Human%20Resources%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 1,147 staff, a decrease from year-end 2024; remuneration policy considers market conditions, industry trends, company performance, and employee performance, alongside providing continuous education and training Number of Employees (As of Reporting Period End) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of Employees | 1,147 persons | 1,232 persons | -7.06% | - Employee remuneration policy is determined by referencing **local market salary conditions**, combined with overall industry salary levels, inflation, corporate operating efficiency, and employee performance[69](index=69&type=chunk) - The Group also provides **continuous education and training programs** to enhance employees' skills and knowledge[69](index=69&type=chunk) [Strategies](index=24&type=section&id=Strategies) The Group will formulate effective marketing strategies, enhance product and service quality, strengthen cost and risk management, internal controls, and sustainable environmental management; growth strategies include identifying viable acquisition projects and improving investor relations management - Formulate **effective marketing strategies and plans** and enhance product and service quality to strengthen the brand[70](index=70&type=chunk) - Intensify efforts to develop **new policies, guidelines, systems, and procedures** to effectively facilitate cost management, risk management, internal controls, and sustainable environmental management[70](index=70&type=chunk) - Committed to identifying **acquirable projects with future development and profitability potential**, improving asset returns, and focusing on investor relations management[70](index=70&type=chunk) [Relationships with Employees, Customers and Suppliers](index=24&type=section&id=Relationships%20with%20Employees%2C%20Customers%20and%20Suppliers) The Group considers employees key to success, having adopted a share option scheme for motivation and continuously exploring mechanisms to align employee interests with Group development; it engages with customers to meet needs and adjusts operating strategies based on market trends - The Group believes that its **talent is a key factor for its success and competitive advantage** in the market[72](index=72&type=chunk) - A **share option scheme was adopted on May 20, 2015**, to incentivize and reward eligible participants, and the Group continues to explore suitable mechanisms to align employee interests with its long-term development[72](index=72&type=chunk) - A professional sales team continuously communicates with customers and potential customers to **identify and meet their needs** and assist them in making informed decisions[72](index=72&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) This section covers additional information including events after the reporting period, environmental policies, interim dividends, audit committee review, securities transactions, corporate governance, and board composition [Events After the Reporting Period](index=25&type=section&id=Events%20After%20the%20Reporting%20Period) In July 2025, the Company repurchased and cancelled 166,744,883 shares arising from the Xin Nong Du acquisition transaction - In July 2025, the Company **repurchased and cancelled 166,744,883 shares** arising from the Xin Nong Du acquisition transaction[73](index=73&type=chunk) [Environmental Policies and Performance](index=25&type=section&id=Environmental%20Policies%20and%20Performance) The Group is committed to environmental protection, ensuring operations meet environmental standards, closely monitoring construction at all project stages, collaborating with suppliers to prevent pollution and reduce waste, and promoting environmental awareness among employees - The Group is committed to **protecting the environment** in its operating regions and ensuring consistent compliance with government environmental standards[74](index=74&type=chunk) - Construction processes are **closely monitored at different project stages** to ensure compliance with environmental and safety laws and regulations[74](index=74&type=chunk) - The Group collaborates with suppliers and contractors to ensure they are aware of environmental importance, **prevent pollution, reduce waste**, and encourages all employees to enhance environmental awareness[74](index=74&type=chunk) [Interim Dividends](index=25&type=section&id=Interim%20Dividends) The Board does not recommend the payment of any interim dividend for the current period - The Board does not recommend the payment of any **interim dividend** for the current period (six months ended June 30, 2024: nil)[75](index=75&type=chunk) [Audit Committee](index=25&type=section&id=Audit%20Committee) The Audit Committee reviewed the Group's unaudited consolidated interim results, discussing accounting standards, internal controls, and financial reporting with management; external auditor Ernst & Young reviewed these results in accordance with HKSAE 2410 - The Company's Audit Committee has reviewed the Group's **unaudited consolidated interim results** for the period, and discussed the accounting standards and practices adopted by the Group, as well as internal controls and financial reporting matters with the Group's management[76](index=76&type=chunk) - The Company's external auditor, Ernst & Young, has reviewed the Group's unaudited consolidated interim results for the period in accordance with **Hong Kong Standard on Review Engagements 2410** issued by the Hong Kong Institute of Certified Public Accountants[76](index=76&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities on the Stock Exchange - During the period, neither the Company nor its subsidiaries **purchased, sold, or redeemed any of the Company's shares** on the Stock Exchange[77](index=77&type=chunk) [Standard Code for Securities Transactions by Directors](index=26&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted a code of conduct for directors' securities transactions no less exacting than the Listing Rules' standard code, with all directors confirming compliance during the reporting period - The Company has adopted a **code of conduct for directors' securities transactions** whose terms are no less exacting than the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules[78](index=78&type=chunk) - All Directors have confirmed that they have **complied with the required standards** set out in the Model Code during the period and up to the date of this announcement[78](index=78&type=chunk) [Compliance with the Corporate Governance Code](index=26&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) The Board adopted and reviewed the Corporate Governance Code, confirming the Company's compliance with the code during the reporting period - The Board has adopted the applicable principles and code provisions set out in the **Corporate Governance Code** in Appendix C1 to the Listing Rules[79](index=79&type=chunk) - The Board has reviewed the Company's corporate governance practices and is satisfied that the Company has **complied with the code provisions** set out in the Corporate Governance Code during the period and up to the date of this announcement[79](index=79&type=chunk) [Publication of Interim Results Announcement and Interim Report on the Company's and HKEX Websites](index=26&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report%20on%20the%20Company%27s%20and%20HKEX%20Websites) This interim results announcement is published on the Company's and HKEX websites, with the interim report to be published and dispatched to shareholders in due course - This announcement is published on the Company's website (www.chinanewcity.com.cn) and the HKEX website (www.hkexnews.hk)[80](index=80&type=chunk) - The Company's interim report for the period, containing relevant information required by the Listing Rules, will be **published on the aforementioned websites and dispatched to the Company's shareholders** in due course[80](index=80&type=chunk) [Board of Directors](index=26&type=section&id=Board%20of%20Directors) As of this announcement date, the Company's Board of Directors comprises Executive Directors Mr. Shi Nanlu, Mr. Jin Jianrong, and Ms. Chen Jing; Non-executive Director Mr. Shi Zhongan; and Independent Non-executive Directors Mr. Xu Chengfa, Mr. Lin Youyao, and Mr. Yuan Yuan - As of the date of this announcement, the Company's Board of Directors comprises **Executive Directors Mr. Shi Nanlu, Mr. Jin Jianrong, and Ms. Chen Jing**; **Non-executive Director Mr. Shi Zhongan**; and **Independent Non-executive Directors Mr. Xu Chengfa, Mr. Lin Youyao, and Mr. Yuan Yuan**[80](index=80&type=chunk)

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The company reported interim results for the six months ended June 30, 2025, showing revenue growth but a decline in profit for the period and attributable to owners of the parent, while total assets and net assets increased [Overview of Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%BD%E6%A6%82%E8%A6%BD) Zhong An Smart Living Services Co., Ltd. reported interim results for the six months ended June 30, 2025, with revenue increasing by 17.76% to RMB 214.485 million, but profit for the period and profit attributable to owners of the parent decreased by 23.53% and 20.45% respectively, while total assets and net assets both increased Interim Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (thousand RMB) | 2024 (thousand RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 214,485 | 182,145 | 17.76% | | Gross Profit | 65,484 | 57,711 | 13.47% | | Profit for the Period | 10,904 | 14,260 | -23.53% | | Profit Attributable to Owners of the Parent | 11,419 | 14,354 | -20.45% | | Earnings Per Share Attributable to Owners of the Parent (Basic and Diluted) | RMB 2.21 cents | RMB 2.77 cents | - | | **Balance Sheet (Period End):** | **2025年6月30日** | **2024年12月31日** | **Change (%)** | | Total Assets | 514,130 | 469,846 | 9.43% | | Net Assets | 300,278 | 299,343 | 0.31% | | Net Asset Value Per Share | RMB 0.58 | RMB 0.58 | 0.00% | [Interim Condensed Consolidated Financial Information](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) The notes provide detailed information on the company's incorporation, accounting policies, operating segments, revenue, and financial performance [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company experienced revenue growth but a decline in profit for the period and attributable to owners of the parent due to various increased expenses and impairment losses Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Metric | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Revenue | 214,485 | 182,145 | | Cost of Sales | (149,001) | (124,434) | | Gross Profit | 65,484 | 57,711 | | Other Income | 474 | 2,581 | | Selling and Distribution Expenses | (766) | – | | Administrative Expenses | (38,364) | (37,353) | | Net Impairment Loss on Financial Assets | (10,503) | (3,862) | | Finance Costs | (390) | – | | Profit Before Tax | 15,965 | 19,077 | | Income Tax Expense | (5,061) | (4,817) | | Profit for the Period | 10,904 | 14,260 | | Profit Attributable to Owners of the Parent | 11,419 | 14,354 | | Non-controlling Interests | (515) | (94) | | Earnings Per Share Attributable to Owners of the Parent (Basic and Diluted) | RMB 2.21 cents | RMB 2.77 cents | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the company's total assets and net assets increased, with significant growth in trade receivables and cash, alongside shifts in current liabilities Interim Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | 2025年6月30日 (thousand RMB) | 2024年12月31日 (thousand RMB) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property and Equipment | 4,455 | 4,348 | | Intangible Assets | 52 | 70 | | Investment in an Associate | 87 | 57 | | Deferred Tax Assets | 7,458 | 5,051 | | **Total Non-current Assets** | **12,052** | **9,526** | | **Current Assets** | | | | Inventories | 702 | 719 | | Trade Receivables | 195,359 | 153,294 | | Amounts Due from Related Companies | 81,316 | 104,625 | | Prepayments, Other Receivables and Other Assets | 60,650 | 61,602 | | Cash and Cash Equivalents | 164,051 | 137,178 | | Pledged Deposits | – | 2,902 | | **Total Current Assets** | **502,078** | **460,320** | | **Current Liabilities** | | | | Trade Payables | 20,227 | 24,530 | | Other Payables, Deposits Received and Accrued Charges | 72,832 | 57,433 | | Contract Liabilities | 48,523 | 49,950 | | Tax Payables | 27,866 | 32,980 | | Dividends Payable | 9,779 | – | | Deferred Tax Liabilities | 2,534 | 2,241 | | Interest-bearing Bank Borrowings | 8,000 | – | | **Total Current Liabilities** | **189,761** | **167,134** | | **Net Assets** | **300,278** | **299,343** | | **Total Equity** | **300,278** | **299,343** | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) The notes provide detailed information on the company's incorporation, accounting policies, operating segments, revenue, and financial performance [1. Company Information](index=6&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Zhong An Smart Living Services Co., Ltd. was incorporated in the Cayman Islands on November 16, 2020, as a member of Zhong An Group, primarily providing property management, value-added services to property developers, and community value-added services in China - Company was incorporated in the Cayman Islands on **November 16, 2020**, and is a member of Zhong An Group[7](index=7&type=chunk) - The Group primarily provides **property management services**, **value-added services to property developers**, and **community value-added services** in China[7](index=7&type=chunk) [2. Basis of Preparation and Accounting Policies](index=6&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) Interim condensed consolidated financial information is prepared in accordance with IAS 34 and presented in RMB, with no material impact from new accounting standard amendments - Interim condensed consolidated financial information is prepared in accordance with **International Accounting Standard 34 'Interim Financial Reporting'** and presented in **RMB**[8](index=8&type=chunk) - The amendments to **IAS

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。 Wise Living Technology Co., Ltd 慧 居 科 技 股 份 有 限 公 司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：2481） 截至2025年6月30日止六個月之 中期業績公告 及 變更上市所得款項用途 董事會欣然宣佈，本集團於報告期的未經審核中期業績，連同同期的比較數字 如下： 財務表現摘要 – 1 – ‧ 報告期收入約人民幣759.6百萬元，較同期的約人民幣834.0百萬元減少約 8.9%。 ‧ 報告期毛利約人民幣239.6百萬元，較同期的約人民幣233.8百萬元增加約 2.5%。 ‧ 本公司擁有人應佔利潤約人民幣111.7百萬元，較同期的約人民幣112.3百 萬元減少約0.5%。 管理層討論與分析 行業回顧 中國供熱服務行業概覽 對於冬季面臨極寒天氣的中國北方地區（尤其是「三北地區」）居民而言，供熱 服務為其所需的 ...