汇景控股(09968) - 2025 - 中期财报

Company Information Board of Directors and Committees The company's board members changed with Mr. Lun Zhaoming and Mr. Lu Peijun resigning, and Ms. Wang Di appointed as executive director, while committee members remained stable - Executive Director Mr. Lun Zhaoming resigned effective from January 1, 2025, and Mr. Lu Peijun resigned effective from September 8, 2025[5] - Ms. Wang Di was appointed as an executive director effective from May 16, 2025[5] - The chairmen and members of the Audit Committee, Nomination Committee, and Remuneration Committee remained unchanged[5][6] Registered and Principal Places of Business The company's registered office is in the Cayman Islands, with its principal place of business in Dongguan, Guangdong, and Hong Kong - The registered office is located at Cricket Square, Hutchins Drive, Cayman Islands[7] - The principal place of business and head office in China is located at No. 1 Beihuan Road, Houjie Town, Dongguan City, Guangdong Province[10] - The principal place of business in Hong Kong is located at Room 1907, 19th Floor, Great Eagle Centre, 23 Harbour Road, Hong Kong[11] Professional Advisors and Banks The company's auditor is BCT CPA Limited, legal counsel is Leung & Yentak Solicitors, and principal bankers include Hang Seng Bank - The auditor is BCT CPA Limited[11] - The legal counsel is Leung & Yentak Solicitors (for Hong Kong law)[12] - Principal bankers include Hang Seng Bank, Dongguan Rural Commercial Bank Houjie Branch, Industrial and Commercial Bank of China Dongguan Houjie Branch, and China Construction Bank Dongguan Houjie Branch[12] Management Discussion and Analysis Overall Review China's real estate market continued deep adjustments in 2025; the Group maintained its "one core, two wings" strategy focusing on residential development and urban renewal in high-value cities - China's real estate industry continued to experience deep adjustments in 2025, with the government adhering to the "housing is for living, not for speculation; city-specific policies" policy, aiming for "stable land prices", "stable housing prices", and "stable expectations"[17][20] - The Group maintained its "one main, one core, two wings" business structure, namely, residential development as the main business, urban renewal as the core, and cultural tourism, health, and technology innovation industries as the two wings[17][21] - The Group's strategy is "based in the Greater Bay Area, deeply cultivating Dongguan, and expanding into South China, Central China, and East China and other high-value cities"[17][21] Business Review The Group's total revenue for H1 2025 was RMB 136.1 million, up 297%, driven by property sales, despite significant drops in contracted sales and area 2025 H1 Business Overview | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | 136.1 | 34.3 | +297% | | Property Sales Revenue | 117.8 | 18.213 | +547.0% | | Investment Property Rental Income | 7.1 | - | - | | Contracted Sales Amount | 1.7 | - | -97.7% | | Contracted Sales GFA | 437.1 sq.m. | - | -93.3% | | Total GFA of Properties Sold and Recognized | 23,929 sq.m. | 2,779 sq.m. | +761.0% | | Average Selling Price | 4,924 RMB/square meter | 6,554 RMB/square meter | -24.9% | 2025 H1 Property Sales Regional Distribution | City | Recognized GFA (sq.m.) | % of Total GFA | Average Selling Price (RMB/square meter) | Recognized Revenue (RMB thousand) | % of Recognized Revenue | | :--- | :--- | :--- | :--- | :--- | :--- | | Dongguan | 51 | 0.2% | 2,235 | 114 | 0.1% | | Heyuan | 22,836 | 95.5% | 5,012 | 114,450 | 97.2% | | Hengyang | 152 | 0.6% | 5,697 | 866 | 0.7% | | Changsha | 890 | 3.7% | 2,701 | 2,404 | 2.0% | | Total | 23,929 | 100% | 4,924 | 117,834 | 100% | - As of June 30, 2025, the Group's land reserve was approximately 2,175,219 sq.m., including 15 projects and 3 land parcels, distributed across 5 cities in the Greater Bay Area, Yangtze River Delta urban cluster, and Central Yangtze River urban cluster[36][38] Financial Review H1 2025 total revenue increased by 297% to RMB 136.1 million, but gross profit margin fell to 13.8%, expanding net loss to RMB 240.9 million due to product mix and exchange losses 2025 H1 Key Financial Performance | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | 136.1 | 34.3 | +297% | | Gross Profit | 18.8 | 18.8 | +0.1% | | Gross Profit Margin | 13.8% | 54.8% | -41.0 percentage points | | Loss for the Period | 240.9 | 228.1 | +5.6% | | Loss Attributable to Owners of the Parent | 250.8 | 227.8 | +10.1% | | Other Income and Gains | 0.7 | 5.9 | -88.1% | | Selling and Distribution Expenses | 1.5 | 6.6 | -77.3% | | Administrative Expenses | 28.9 | 51.8 | -44.2% | | Other Expenses | 77.3 | 19.0 | +306.8% | | Share of Loss of Joint Ventures | 12.0 | 5.9 | +103.4% | | Finance Costs | 134.3 | 149.4 | -10.1% | | Income Tax Expense | 30.8 | 1.7 | +1711.8% | - The decrease in gross profit margin was primarily due to changes in the product and geographical mix of properties delivered in 2025 and the relatively lower average selling price of delivered properties[54][58] - The decrease in other income and gains was primarily due to a decrease in interest income from joint ventures of approximately RMB 3.7 million and a decrease in exchange gains of approximately RMB 1.5 million[61][66] - The increase in other expenses was primarily due to an increase in exchange losses of approximately RMB 32.5 million[65][70] - The increase in income tax expense was primarily due to a significant decrease in land appreciation tax provision leading to an increase in deferred income tax of approximately RMB 24.2 million, and an increase in land appreciation tax accrual due to increased property sales of