Financial Performance Overview The Group's H1 2025 financial results show a significant reduction in losses driven by cost efficiencies and tax credits, alongside a slight asset decline and increased net current liabilities reflecting ongoing financial challenges Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income KWG Group Holdings significantly narrowed losses in H1 2025, with revenue down 27.5% year-on-year, but pre-tax and period losses substantially reduced by 59.6% and 73.3% respectively, due to decreased costs and a tax credit | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,792,305 | 5,233,954 | -27.5% | | Gross Profit | 93,476 | 97,829 | -4.4% | | Other Income and Gains, Net | 29,689 | 509,963 | -94.2% | | Loss Before Tax | (3,161,750) | (7,819,148) | -59.6% | | Loss for the Period | (2,171,682) | (8,133,016) | -73.3% | | Loss Attributable to Owners of the Company | (2,053,365) | (8,223,670) | -75.0% | | Basic Loss Per Share | RMB (60) cents | RMB (241) cents | -75.1% | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total non-current and current assets slightly decreased, while total current liabilities increased, expanding net current liabilities to RMB 39.8 billion, with net assets and total equity both declining by 17.8% | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 73,695,025 | 75,234,188 | -2.0% | | Total Current Assets | 77,348,857 | 78,102,099 | -1.0% | | Total Current Liabilities | 117,148,780 | 115,751,563 | +1.2% | | Net Current Liabilities | (39,799,923) | (37,649,464) | +5.7% | | Net Assets | 7,510,769 | 9,136,369 | -17.8% | | Total Equity | 7,510,769 | 9,136,369 | -17.8% | Notes to the Financial Statements This section provides detailed notes on the Group's financial statements, covering company information, accounting policies, key financial performance drivers, and significant post-reporting events Company Information K WG Group Holdings Limited is a limited liability company incorporated in the Cayman Islands, primarily engaged in property development, property investment, and hotel operations - The company's principal businesses are property development, property investment, and hotel operations912 Basis of Preparation The unaudited condensed consolidated interim financial information is prepared in accordance with HKAS 34 and Appendix 16 of the HKEX Listing Rules, with significant uncertainty regarding the Group's going concern ability, despite management's plans to mitigate liquidity pressure - The financial information is prepared in accordance with HKAS 34 and Appendix 16 of the Listing Rules10 Going Concern Basis The Group faces significant net losses, net current liabilities, and substantial current bank borrowings, with defaults on USD senior notes and bank loans since 2023, creating material uncertainty about its going concern ability, which management addresses through project white-list financing, offshore debt restructuring, asset disposals, and cost controls - As of June 30, 2025, the Group reported a net loss of approximately RMB 2.172 billion, net current liabilities of approximately RMB 39.8 billion, current portion of bank and other borrowings of approximately RMB 48.172 billion, and cash and bank balances of approximately RMB 837 million11 - Since December 31, 2023, the Group has defaulted on principal and interest payments for certain USD-denominated senior notes and bank borrowings, triggering defaults or cross-defaults totaling approximately RMB 46.681 billion11 - To alleviate liquidity pressure, the Group has formulated several plans, including: 33 projects being included in the project white-list, with approximately RMB 8.6 billion in project financing loan principal successfully extended; engaging financial and legal advisors to explore a comprehensive offshore debt restructuring plan targeting existing debt totaling approximately USD 4.6 billion; the 50%-owned Hong Kong Kaiyue project company successfully securing HKD 8.2 billion in refinancing; accelerating pre-sales and sales of properties under development and completed properties held for sale, and negotiating the disposal of entire commercial properties, hotels, urban renewal projects, and non-core properties; continuing to control administrative costs and capital expenditures; and seeking to dispose of equity interests in joint ventures or associates engaged in property development131415 Changes in Accounting Policies The Group adopted the revised HKFRS 21 'Lack of Exchangeability—Effects of Changes in Foreign Exchange Rates' effective January 1, 2025, which did not have a significant impact on the financial statements - Adopted the revised HKAS 21 'Lack of Exchangeability—Effects of Changes in Foreign Exchange Rates' effective January 1, 20251718 - The revision did not have a significant impact on the Group's financial statements20 Revenue, Other Income and Gains, Net, and Segment Information The Group's H1 2025 revenue, primarily from property sales, investment property rentals, and hotel operations, decreased by 27.5% year-on-year, with property development, investment, and hotel revenues all declining, and other income and gains, net, significantly reduced by 94.2% | Revenue Source | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Property Sales | 3,072,560 | 4,421,186 | -30.5% | | Hotel Operations Revenue | 313,640 | 365,388 | -14.2% | | Total Rental Income | 406,105 | 447,380 | -9.2% | | Total Revenue | 3,792,305 | 5,233,954 | -27.5% | | Other Income and Gains, Net | 29,689 | 509,963 | -94.2% | - The Group's operating segments include property development, property investment, and hotel operations22 Finance Costs The Group's H1 2025 finance costs were RMB 1.008 billion, a significant 47.3% decrease from RMB 1.911 billion in H1 2024, primarily due to a substantial increase in capitalized interest | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank and other borrowings | 2,543,808 | 2,301,817 | +10.5% | | Interest on lease liabilities | 1,538 | 9,393 | -83.6% | | Less: Capitalized interest | (1,537,224) | (400,707) | +283.6% | | Total Finance Costs | 1,008,122 | 1,910,503 | -47.3% | Loss Before Tax The Group's H1 2025 loss before tax narrowed significantly to RMB 3.162 billion from RMB 7.819 billion in H1 2024, mainly due to substantial reductions in cost of properties sold, cost of services provided, employee benefit expenses, and impairment losses recognized on properties under development and completed properties held for sale | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cost of properties sold | 3,504,344 | 4,894,630 | -28.5% | | Cost of services provided | 194,485 | 241,495 | -19.5% | | Employee benefit expenses (excluding directors' and chief executive's emoluments) | 131,434 | 219,116 | -40.0% | | Impairment losses recognized on properties under development and completed properties held for sale | 255,105 | 3,917,521 | -93.5% | Income Tax Credit / (Expense) The Group recorded an income tax credit of RMB 990 million in H1 2025, compared to an expense of RMB 314 million in H1 2024, primarily due to the reversal of previously accrued but no longer payable income tax expenses | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Current – PRC corporate income tax | (995,472) | 399,319 | | Current – Land appreciation tax | 24,208 | 98,662 | | Deferred | (18,804) | (184,113) | | Total tax (credit) / expense for the period | (990,068) | 313,868 | - The income tax credit was primarily due to the reversal of previously accrued but no longer payable income tax expenses58 Dividends The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025 (2024: nil)34 Loss Per Share Attributable to Owners of the Company For the six months ended June 30, 2025, both basic and diluted loss per share were RMB (60) cents, a significant narrowing from RMB (241) cents in H1 2024 | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (RMB thousands) | (2,053,365) | (8,223,670) | | Weighted average number of ordinary shares in issue | 3,418,883,945 | 3,418,883,945 | | Basic and diluted loss per share | RMB (60) cents | RMB (241) cents | Trade Receivables As of June 30, 2025, total trade receivables amounted to RMB 294 million, with the majority (approximately 88.5%) aged within three months | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within three months | 260,004 | 260,450 | | Seven to twelve months | 726 | 5,252 | | Over one year | 32,911 | 21,841 | | Total | 293,641 | 287,543 | Cash and Bank Balances As of June 30, 2025, cash and bank balances totaled RMB 837 million, comprising RMB 688 million in restricted cash and RMB 149 million in cash and cash equivalents | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and bank balances | 837,316 | 787,445 | | Less: Restricted cash | (688,120) | (634,881) | | Cash and cash equivalents | 149,196 | 152,564 | Trade and Bills Payables As of June 30, 2025, total trade and bills payables amounted to RMB 19.854 billion, with approximately 78.7% due within one year | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within one year | 15,623,515 | 13,807,265 | | Over one year | 4,230,981 | 5,121,139 | | Total | 19,854,496 | 18,928,404 | Events After Reporting Period Subsequent to the reporting period, Shandong Sunshine New World Microcredit Co Ltd filed a winding-up petition against the Company with the Hong Kong High Court on August 11, 2025, involving guaranteed outstanding principal of approximately RMB 642 million and accrued interest of approximately RMB 136 million - On August 11, 2025, Shandong Sunshine New World Microcredit Co Ltd filed a winding-up petition against the Company with the Hong Kong High Court41 - The petition involves guaranteed outstanding principal of approximately RMB 642 million and accrued interest of approximately RMB 136 million41 Management Discussion and Analysis This section provides a comprehensive review of the Group's financial performance, liquidity, market conditions, business operations, and future outlook for the reporting period Financial Review The Group's H1 2025 revenue declined 27.5% due to business segment downturns, while cost reductions, improved administrative efficiency, and lower finance costs led to a significant narrowing of the period's loss Revenue In H1 2025, the Group's revenue was approximately RMB 3.792 billion, a 27.5% year-on-year decrease, primarily from property sales, investment property rentals, and hotel operations, with equity-accounted revenue at RMB 5.641 billion, down 23.7% | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,792.3 | 5,234.0 | -27.5% | | Equity-accounted revenue | 5,641.4 | 7,397.7 | -23.7% | Property Development H1 2025 property development revenue was approximately RMB 3.073 billion, a 30.5% year-on-year decrease, driven by a 12.7% reduction in GFA delivered and a 20.4% decline in average selling price, reflecting price promotions to accelerate inventory destocking | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Property development revenue (RMB millions) | 3,072.6 | 4,421.2 | -30.5% | | Total GFA delivered (square meters) | 348,103 | 398,698 | -12.7% | | Average selling price (RMB/square meter) | 8,827 | 11,089 | -20.4% | - The decrease in average selling price was primarily due to price promotion activities implemented to accelerate inventory destocking in response to the downturn in the real estate market43 Property Investment H1 2025 property investment revenue was approximately RMB 406 million, a 9.2% year-on-year decrease, mainly due to reduced leasing volume amid a challenging overall economic environment | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Property investment revenue | 406.1 | 447.4 | -9.2% | - The decrease in revenue was primarily due to reduced leasing volume amid a challenging overall economic environment45 Hotel Operations H1 2025 hotel operations revenue was approximately RMB 314 million, a 14.2% year-on-year decrease, mainly due to lower hotel occupancy rates amid a challenging overall economic environment | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Hotel operations revenue | 313.6 | 365.4 | -14.2% | - The decrease in revenue was primarily due to lower hotel occupancy rates amid a challenging overall economic environment46 Cost of Sales H1 2025 cost of sales was approximately RMB 3.699 billion, a 28.0% year-on-year decrease, primarily due to a reduction in total GFA delivered, with both per-square-meter land and construction costs also declining | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cost of sales | 3,698.8 | 5,136.1 | -28.0% | | Land cost per square meter (RMB) | 3,689 | 3,835 | -3.8% | | Construction cost per square meter (RMB) | 4,420 | 4,627 | -4.5% | Gross Profit The Group's H1 2025 gross profit was approximately RMB 93.5 million, a 4.4% year-on-year decrease, primarily due to lower total sales | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 93.5 | 97.8 | -4.4% | Other Income and Gains, Net H1 2025 other income and gains, net, amounted to approximately RMB 29.7 million, a significant 94.2% year-on-year decrease | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other income and gains, net | 29.7 | 510.0 | -94.2% | Selling and Marketing Expenses H1 2025 selling and marketing expenses were approximately RMB 342 million, a 24.6% year-on-year decrease, primarily due to reduced expenses associated with lower sales | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Selling and marketing expenses | 342.0 | 453.6 | -24.6% | Administrative Expenses H1 2025 administrative expenses were approximately RMB 642 million, a 13.9% year-on-year decrease, mainly due to cost savings from optimizing the corporate organizational structure | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 642.2 | 745.5 | -13.9% | Other Operating Expenses H1 2025 other operating expenses were approximately RMB 255 million, a significant 93.5% decrease from RMB 3.918 billion in H1 2024, primarily due to reduced impairment losses on development properties | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other operating expenses | 255.1 | 3,917.5 | -93.5% | Net Fair Value Loss on Investment Properties H1 2025 net fair value loss on investment properties was approximately RMB 122 million, a significant 74.1% decrease from RMB 471 million in H1 2024, primarily due to reduced revaluation losses | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net fair value loss on investment properties | 122.0 | 470.9 | -74.1% | Finance Costs H1 2025 finance costs were approximately RMB 1.008 billion, a 47.3% year-on-year decrease, primarily related to borrowing costs for general corporate loans and certain senior notes, which were not capitalized | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 1,008.1 | 1,910.5 | -47.3% | Share of Loss of Joint Ventures H1 2025 share of loss of joint ventures was approximately RMB 874 million, a 5.4% year-on-year decrease, primarily due to reduced gross loss from changes in inter-city delivery mix | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Share of loss of joint ventures | 873.7 | 923.8 | -5.4% | Income Tax Credit / (Expense) H1 2025 saw an income tax credit of approximately RMB 990 million, compared to an expense of RMB 314 million in H1 2024, primarily due to the reversal of previously accrued but no longer payable income tax expenses | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | | :--- | :--- | :--- | | Income tax credit/(expense) | 990.1 (credit) | 313.9 (expense) | Loss for the Period H1 2025 loss for the period was approximately RMB 2.172 billion, a significant 73.3% narrowing from RMB 8.133 billion in H1 2024 | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period | 2,171.7 | 8,133.0 | -73.3% | Liquidity, Financial and Capital Resources As of June 30, 2025, the Group's cash and bank balances increased slightly, but restricted cash also rose, with substantial secured borrowings and a significantly elevated gearing ratio of 958.7%, indicating high financial leverage and contingent liabilities Cash Position As of June 30, 2025, cash and bank balances were approximately RMB 837 million, a slight increase from year-end 2024, with restricted cash of approximately RMB 688 million primarily comprising guarantee deposits for pre-sale property proceeds | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and bank balances | 837.3 | 787.4 | +6.3% | | Restricted cash | 688.1 | 634.9 | +8.4% | Borrowings and Pledges of the Group's Assets As of June 30, 2025, the Group had substantial bank and other loans, senior notes, and domestic corporate bonds, with approximately RMB 40.759 billion in bank and other loans and RMB 3.487 billion in domestic corporate bonds secured by Group assets, and all senior notes classified as current liabilities | Borrowing Type | June 30, 2025 (RMB millions) | | :--- | :--- | | Bank and other borrowings | 41,428.2 | | Senior notes | 27,925.4 | | Domestic corporate bonds | 3,487.4 | - Approximately RMB 40.759 billion in bank and other borrowings and RMB 3.487 billion in domestic corporate bonds are secured by the Group's assets61 - All senior notes are presented as current liabilities61 Gearing Ratio As of June 30, 2025, the gearing ratio (net borrowings divided by total equity) significantly increased to 958.7% from 789.6% at year-end 2024, indicating further increased financial leverage | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio | 958.7% | 789.6% | Foreign Exchange Fluctuation Risk The Group primarily operates in China, with most revenue and expenses denominated in RMB; despite RMB appreciation against USD and HKD in H1 2025, the Board anticipates no material adverse impact from exchange rate fluctuations on operations - The Group primarily operates in China, with most revenue and expenses denominated in RMB64 - In H1 2025, the RMB appreciated against the USD and HKD, but the Board does not expect a material adverse impact on the Group's operations64 Contingent Liabilities As of June 30, 2025, the Group's contingent liabilities related to guarantees provided to banks for buyers' mortgage financing amounted to approximately RMB 9.289 billion, in addition to guarantees for bank loans of its joint ventures, associates, third parties, and related companies - As of June 30, 2025, the Group's contingent liabilities related to guarantees provided to banks for certain buyers' mortgage financing amounted to approximately RMB 9.289 billion65 - The Group also provided guarantees for certain bank loans of its joint ventures, associates, third parties, and related companies65 Market Review H1 2025 saw China's real estate market exhibit 'structural differentiation,' with core cities resilient amidst national declines in investment and sales, tight developer funding, and falling prices, leading to cautious buyer sentiment - In H1 2025, China's real estate market exhibited 'structural differentiation,' with core cities showing resilience while non-core cities remained deeply in adjustment66 | Indicator (Jan-Jun 2025) | Amount/Data | YoY Change (%) | | :--- | :--- | :--- | | National real estate development investment | 4,665.8 billion RMB | -11.2% | | Commercial housing sales area | 45,851 ten thousand square meters | -3.5% | | Commercial housing sales value | 4,424.1 billion RMB | -5.5% | | Funds available to real estate development enterprises | 5,020.2 billion RMB | -6.2% | - Prices of second-hand homes in 100 cities cumulatively fell by 3.6%, marking 38 consecutive months of decline; new home prices generally trended downwards, and buyer sentiment remained cautious67 Business Review The Group actively responded to market adjustments by prioritizing property delivery, addressing debt, and boosting sales; H1 pre-sales reached RMB 3.565 billion, with 4,900 homes delivered, while investment property and hotel revenues declined, prompting plans to enhance management and expand hotels Overview of Property Development In H1, the Group achieved pre-sales of RMB 3.565 billion, with a pre-sale area of 139,700 square meters and an average pre-sale price of RMB 25,511/square meter; the Greater Bay Area contributed approximately 78% of performance, and approximately 4,900 homes were delivered, totaling about 710,000 square meters | Indicator (H1 2025) | Data | | :--- | :--- | | Pre-sales amount | RMB 3.565 billion | | Pre-sale area | 13.97 ten thousand square meters | | Average pre-sale price | RMB 25,511/square meter | | Greater Bay Area performance contribution | Approximately 78% | | Cumulative number of homes delivered | Approximately 4,900 units | | Cumulative delivery area | Approximately 71 ten thousand square meters | - Land reserve attributable GFA is 11.43 million square meters, with an attributable interest of approximately 75%, primarily located in high-tier cities such as Beijing, Shanghai, Guangzhou, Shenzhen, Hong Kong, and Chengdu69 Investment Properties and Hotels The Group operates 14 shopping malls, 9 office buildings, 13 self-branded hotels, and 5 co-branded foreign hotels; H1 2025 rental income was RMB 406 million, down 9.2%, and hotel revenue was RMB 314 million, down 14.2%, prompting plans to enhance management, operational efficiency, and add two new Moliere hotels in H2 - The Group operates 14 shopping malls, 9 office buildings, 13 self-branded hotels, and 5 co-branded foreign hotels70 | Indicator (H1 2025) | Amount (RMB billions) | YoY Change (%) | | :--- | :--- | :--- | | Rental income | 4.06 | -9.2% | | Hotel business revenue | 3.14 | -14.2% | - The Group plans to add two new Moliere hotels in Guangzhou and Chengdu in H2 202571 Outlook H2 China real estate policy will balance 'stabilizing expectations' and 'preventing risks,' reshaping supply-demand and shifting developers to 'value creation'; KWG Group will focus on Greater Bay Area projects for recovery, cash flow, brand commitments, and full debt restructuring - In H2, policies are expected to enhance the balance between 'stabilizing expectations' and 'preventing risks,' reshaping supply-demand through long-term mechanisms such as land reserves and affordable housing construction72 - The Group will adhere to three main strategies: leveraging core Greater Bay Area projects for recovery and cash flow assurance; fulfilling brand commitments through benchmark projects; and fully advancing domestic and offshore debt restructuring72 Overview of the Group's Property Development As of June 30, 2025, the Group owned 147 major projects (excluding residual properties) across 42 cities in mainland China and Hong Kong, primarily in high-tier cities like Guangzhou, Suzhou, Chengdu, Beijing, and Shanghai, with project types including residential, villas, serviced apartments, office buildings, commercial, and hotels - As of June 30, 2025, the Group had 147 major projects (excluding residual properties) across 42 cities in mainland China and Hong Kong6973 - Project types include residential, villas, serviced apartments, office buildings, commercial, and hotels747576787980 Employees and Remuneration Policy As of June 30, 2025, the Group employed approximately 1,800 staff, with total employee costs of approximately RMB 148 million in H1, and its remuneration policy is based on performance, skills, experience, and industry practice, offering discretionary bonuses, cash incentives, provident fund schemes, and training development - As of June 30, 2025, the Group employed a total of approximately 1,800 employees81 | Indicator | H1 2025 (RMB millions) | | :--- | :--- | | Total employee costs | 148.1 | - Remuneration policy is determined based on performance, skills, experience, and industry practice, offering discretionary bonuses, cash incentives, provident fund schemes, and training and development8182 Corporate Governance The Group largely complies with the CG Code in Appendix C1 of the Listing Rules, but noted deviations include board resolutions for significant connected transactions and company secretary appointments, the Chairman's AGM absence, and non-compliance with major transaction circular dispatch rules, for which remedial actions have been taken - The Group has complied with most of the provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules84 - There was a deviation from Code Provision C.5.7, where the Board approved the renewal of certain continuing connected transactions for leasing properties to Guangzhou Kaichuang by written resolution, involving a material interest of Executive Director Mr. Kong Jian Tao8485 - There was a deviation from Code Provision F.1.3, as Mr. Kong Jian Min, the Chairman of the Board, was unable to attend the Annual General Meeting on June 3, 202587 - There was a deviation from Code Provision C.6.2, where the Board handled the appointment of the company secretary by written resolution instead of holding a physical board meeting8688 - The Company did not comply with Listing Rule 14.41(a) regarding the dispatch of circulars for major transactions, and has taken remedial actions including engaging an independent third party to conduct an internal control review88 - All Directors have confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended June 30, 202589 Other Information This section covers information on the purchase, sale, or redemption of listed securities, review by the audit committee, interim report details, and the composition of the Board of Directors Purchase, Sale or Redemption of the Company's Listed Securities For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities90 Review by Audit Committee The Company's Audit Committee, comprising three independent non-executive directors, has reviewed the Group's unaudited condensed consolidated interim results for the six months ended June 30, 2025 - The Company's Audit Committee has reviewed the Group's unaudited condensed consolidated interim results for the six months ended June 30, 202591 - The Audit Committee comprises three independent non-executive directors91 Interim Report The interim report for the six months ended June 30, 2025, containing all detailed information, will be published on the Company's website and HKEXnews website in due course, with printed copies dispatched to shareholders - The interim report for the six months ended June 30, 2025, containing all detailed information, will be published on the Company's website (www.kwggroupholdings.com) and HKEXnews website (www.hkexnews.hk)[92](index=92&type=chunk) By Order of the Board The Board of Directors comprises seven directors, including four executive directors and three independent non-executive directors - The Board of Directors comprises seven directors, among whom Mr. Kong Jian Min (Chairman), Mr. Kong Jian Tao (Chief Executive Officer), Mr. Kong Jian Nan, and Mr. Cai Feng Jia are executive directors; and Mr. Tam Chun Fai, Mr. Law Yiu Wing, and Ms. Wong Man Ming are independent non-executive directors94
合景泰富集团(01813) - 2025 - 中期业绩