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 的 任 何 損 失 承 擔 任 何 責 任。 Akeso, Inc. 康方生物科技（開曼）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9926） 截 至2025年6月30日 止 六 個 月 中 期 業 績 公 告 董 事 會 謹 此 公 布 本 集 團 截 至2025年6月30日 止 六 個 月 的 未 經 審 核 簡 明 綜 合 業 績。 截 至2025年6月30日 止 六 個 月，本 集 團 毛 利 為 人 民 幣1,120.7百 萬 元，截 至2024年6月30日 止 六 個 月 為 人 民 幣943.2百 萬 元，同 比 增 長18.82%，這 主 要 歸 因 於 商 業 銷 售 收 入 的 變 化。截 至2025年6月30日 止 六 個 月 商 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，且 明 確 表 示，概 不 對 因 本 公 佈 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。 MATRIX HOLDINGS LIMITED 美力時集團有限公司 * （於 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：1005） 二零二五年中期業績公佈 美力時集團有限公司（「本公司」）董 事（「董 事」）會（「董事會」）謹此公佈本公司及 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之未經審核 簡 明 綜 合 中 期 業 績 連 同 二 零 二 四 年 同 期 之 比 較 數 字。 簡明綜合損益及其他全面收入報表 截至二零二五年六月三十日止六個月 | | | | 截至六月三十日止六個月 | | | | --- | --- | --- | --- | --- | --- | | | | | 二零二五年 | | 二零二四年 | | | 註 | 附 | 千港元 | | 千港元 | | | | | （未 經 審 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不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。 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號： 99） 截至二零二五年六月三十日止六個月之中期業績 財務摘要： 未經審核中期業績 2 簡明綜合中期全面收入表 截至二零二五年六月三十日止六個月 未經審核 王氏國際集團有限公司（「本公司」）董事會（「董事會」或「董事」）謹此公佈本公司 及其附屬公司（「本集團」）截至二零二五年六月三十日止六個月之未經審核簡明 綜合業績如下： 1 • 本公司擁有人應佔本集團虧損為港幣158,400,000元，而去年同期則為虧損 港幣388,900,000元。所呈報業績包括本集團及合營企業所持投資物業價值 以及已完成物業存貨（扣除遞延稅項）減少港幣214,800,000元，而去年同期 則減少港幣443,300,000元。 • 本公司擁有人應佔本集團基本利潤（不包括本集團及合營企業所持投資物 業以及已完成物業存貨（扣除遞延稅項）變動的影響）為港幣56,40 ...

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。 China Shuifa Singyes New Materials Holdings Limited 中國水發興業新材料控股有限公司 （於百慕達註冊成立的有限公司） （股份代號：8073） 截至二零二五年六月三十日止六個月的中期業績公告 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。 本公告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定而刊載， 中國水發興業新材料控股有限公司（「本公司」）董事（「董事」）願就本公告的資料共 同及個別地承擔 ...

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

[Summary](index=1&type=section&id=Summary) The company reported a **9.7% revenue increase** to RMB 510.4 million in H1 2025, but gross profit and net profit declined due to rising costs and impairment losses Key Financial and Operating Indicators for the Six Months Ended June 30, 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Financial Performance:** | | | | | Revenue | 510.4 | 465.3 | +9.7% | | Property Management Services Revenue | 420.0 | 375.4 | +11.9% | | Value-Added Services to Non-Property Owners Revenue | 11.0 | 20.3 | -45.8% | | Community Value-Added Services Revenue | 79.4 | 69.6 | +14.1% | | Gross Profit | 113.4 | 127.5 | -11.1% | | Gross Profit Margin | 22.2% | 27.4% | -5.2 percentage points | | Profit for the Period | 28.5 | 40.1 | -29.1% | | Profit Attributable to Owners of the Parent | 24.4 | 36.6 | -33.2% | | **Operating Indicators:** | | | | | Contracted GFA | 49.9 million sq.m. | 51.8 million sq.m. | -3.7% | | GFA Under Management | 48.2 million sq.m. | 47.1 million sq.m. | +2.3% | - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (nil for the corresponding period in 2024)[3](index=3&type=chunk) [Interim Results](index=3&type=section&id=Interim%20Results) This section presents the condensed consolidated financial statements, including profit or loss, financial position, and detailed notes on accounting policies and key financial items [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Revenue grew by **9.7% to RMB 510.4 million**, while gross profit and net profit decreased by **11.1%** and **29.1%** respectively, impacted by higher service costs and impairment losses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 510,371 | 465,332 | +9.7% | | Cost of services | (396,971) | (337,795) | +17.5% | | Gross Profit | 113,400 | 127,537 | -11.1% | | Other income and gains | 1,671 | 1,515 | +10.3% | | Selling and distribution expenses | (1,020) | (636) | +60.4% | | Administrative expenses | (41,387) | (30,727) | +34.7% | | Net impairment losses on financial assets | (26,858) | (40,852) | -34.2% | | Profit before tax | 44,258 | 54,646 | -19.0% | | Income tax expense | (15,788) | (14,515) | +8.8% | | Profit for the period | 28,470 | 40,131 | -29.1% | | Profit attributable to owners of the parent | 24,444 | 36,602 | -33.2% | | Profit attributable to non-controlling interests | 4,026 | 3,529 | +14.1% | | Basic and diluted earnings per share | RMB 0.06 | RMB 0.09 | -33.3% | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total equity increased by **3.1%**, and the asset-liability ratio improved to **40.6%**, despite a **14.7%** decrease in cash and bank balances Condensed Consolidated Statement of Financial Position (As at June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets:** | | | | | Total non-current assets | 272,158 | 283,121 | -3.9% | | Total current assets | 1,307,333 | 1,375,200 | -4.9% | | Cash and bank balances | 478,039 | 560,574 | -14.7% | | **Liabilities:** | | | | | Total current liabilities | 620,535 | 719,008 | -13.7% | | Total non-current liabilities | 21,408 | 30,235 | -29.2% | | **Equity:** | | | | | Total equity | 937,548 | 909,078 | +3.1% | | **Other:** | | | | | Net current assets | 686,798 | 656,192 | +4.7% | | Total assets less current liabilities | 958,956 | 939,313 | +2.1% | [Notes to the Condensed Consolidated Financial Information](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Information) Provides detailed disclosures on the group's operations, accounting policies, revenue breakdown, profit before tax, income tax, and analyses of trade receivables and payables [1. Company and Group Information](index=7&type=section&id=1.%20Company%20and%20Group%20Information) - The Company was incorporated in the Cayman Islands on December 12, 2019, and listed on the Main Board of the Hong Kong Stock Exchange on July 7, 2020[8](index=8&type=chunk) - The Group's principal activities are the provision of property management services, value-added services to non-property owners, and community value-added services[9](index=9&type=chunk) [2. Basis of Preparation](index=7&type=section&id=2.%20Basis%20of%20Preparation) - The condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024[10](index=10&type=chunk) [3. Changes in Accounting Policies and Disclosures](index=7&type=section&id=3.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) - The revised International Financial Reporting Standards accounting standards adopted for the first time in this period, including the amendments to IAS 21 (Lack of Exchangeability), have no significant impact on the condensed consolidated financial statements as the Group's transaction currencies are all exchangeable[11](index=11&type=chunk)[12](index=12&type=chunk) [4. Operating Segment Information](index=8&type=section&id=4.%20Operating%20Segment%20Information) - Management aggregates all operating locations into a single reportable operating segment due to similar economic characteristics and business nature[13](index=13&type=chunk) - All of the Group's revenue is derived from mainland China, and no non-current assets are located outside mainland China, thus no geographical information is presented[14](index=14&type=chunk) Major Customer Revenue Contribution (For the six months ended June 30) | Customer | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Customer A | Not exceeding 10% of total revenue | 52,717 | [5. Revenue](index=8&type=section&id=5.%20Revenue) Revenue Analysis (For the six months ended June 30) | Business Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Property management services | 420,018 | 375,410 | | Value-added services to non-property owners | 10,993 | 20,321 | | Community value-added services | 79,360 | 69,601 | | **Total** | **510,371** | **465,332** | Customer Revenue Recognized by Timing (For the six months ended June 30) | Recognition Method | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total customer revenue recognized over time | 427,937 | 391,626 | | Total customer revenue recognized at a point in time | 82,434 | 73,706 | [6. Profit Before Tax](index=9&type=section&id=6.%20Profit%20Before%20Tax) - Profit before tax is primarily affected by factors such as cost of services, depreciation and amortization, and net impairment losses on financial assets[20](index=20&type=chunk) Deductions/(Credits) Affecting Profit Before Tax (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of services provided | 396,971 | 337,795 | | Depreciation of property, plant and equipment | 4,636 | 3,530 | | Amortisation of other intangible assets | 7,999 | 8,133 | | Impairment losses on trade receivables | 2,086 | 13,984 | | Impairment losses on amounts due from related companies | 19,831 | 26,064 | [7. Income Tax Expense](index=10&type=section&id=7.%20Income%20Tax%20Expense) - Mainland China subsidiaries generally pay enterprise income tax at a **25%** rate, with some western city subsidiaries enjoying a **15%** preferential rate, and small and micro enterprises a **2.5%** or **5%** preferential rate[21](index=21&type=chunk) Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax: Enterprise income tax | 18,237 | 22,024 | | Deferred tax | (2,449) | (7,509) | | **Total tax expense for the period** | **15,788** | **14,515** | [8. Dividends](index=10&type=section&id=8.%20Dividends) - The Board has resolved not to declare an interim dividend for the six months ended June 30, 2025 (2024: nil)[23](index=23&type=chunk) [9. Earnings Per Share Attributable to Owners of the Parent](index=11&type=section&id=9.%20Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) - Basic earnings per share are calculated based on the profit attributable to owners of the parent and the weighted average number of **415,000,000** ordinary shares outstanding during the period[24](index=24&type=chunk)[25](index=25&type=chunk) Basis for Basic Earnings Per Share Calculation (For the six months ended June 30) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the parent (RMB thousand) | 24,444 | 36,602 | | Weighted average number of ordinary shares outstanding (shares) | 415,000,000 | 415,000,000 | [10. Trade Receivables](index=11&type=section&id=10.%20Trade%20Receivables) Ageing Analysis of Trade Receivables (As at June 30) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 221,541 | 186,521 | | 1 to 2 years | 62,408 | 71,535 | | 2 to 3 years | 17,931 | 25,855 | | Over 3 years | 6,223 | 6,025 | | **Total** | **308,103** | **289,936** | Credit Risk Information for Trade Receivables (As at June 30) | Ageing | Expected Credit Loss Rate (June 30, 2025) | Expected Credit Loss (June 30, 2025, RMB thousand) | Expected Credit Loss Rate (December 31, 2024) | Expected Credit Loss (December 31, 2024, RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Current | 3.61% | 8,303 | 2.95% | 5,662 | | 1 to 2 years | 6.50% | 4,340 | 7.52% | 5,816 | | 2 to 3 years | 16.48% | 3,538 | 15.32% | 4,676 | | Over 3 years | 47.83% | 5,705 | 37.70% | 3,646 | | **Total** | **6.63%** | **21,886** | **6.39%** | **19,800** | [11. Trade Payables](index=13&type=section&id=11.%20Trade%20Payables) Ageing Analysis of Trade Payables (As at June 30) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 118,556 | 179,903 | | Over 1 year | 2,368 | 3,873 | | **Total** | **120,924** | **183,776** | [12. Other Payables and Accrued Expenses](index=13&type=section&id=12.%20Other%20Payables%20and%20Accrued%20Expenses) Other Payables and Accrued Expenses (As at June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Collections on behalf of community residents for utilities | 23,920 | 49,849 | | Deposits received | 60,861 | 65,979 | | Other payables for taxes | 31,514 | 27,795 | | Accrued salaries and welfare | 22,669 | 22,138 | | Others | 4,119 | 11,910 | | **Total** | **143,083** | **177,671** | [13. Share Capital](index=13&type=section&id=13.%20Share%20Capital) Share Capital (As at June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Issued and fully paid ordinary shares (415,000,000 shares of HK$0.01 par value each) | 3,764 | 3,764 | [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's performance in H1 2025, discusses its business model, operational and financial results, liquidity, and outlines the strategic outlook for H2 2025 [Review of H1 2025](index=14&type=section&id=Review%20of%20H1%202025) The property management sector faced economic pressures, shifting to quality-driven growth, with the Group achieving strategic transformation and ranking **16th** among top service providers - The property management industry's scale expansion logic is being reshaped, focusing on core city clusters like the Yangtze River Delta and Greater Bay Area, with slower growth in managed area and an accelerated shift from scale-driven to quality-driven competition[31](index=31&type=chunk) - The national "14th Five-Year Plan" mandates smart property services, with core cities incorporating smart community construction into urban assessment systems[31](index=31&type=chunk) - In H1, the Group's strategy focused on "penetrating Greater Jiangsu," "deepening the Yangtze River Delta," and "strengthening central cities" to build a national development pattern, transforming towards quality and efficiency-driven growth by focusing on high-value regions, enhancing service depth, and integrating regional resources[32](index=32&type=chunk) - New school and data center property types were added, consolidating the core business, while the investment segment made precise and breakthrough progress[32](index=32&type=chunk) - The 2025 new three-year strategic development plan was released, identifying **ten key cities** for deep cultivation and planning to establish quality strongholds, with the first batch covering **8 cities and 13 projects**[33](index=33&type=chunk) - The Group ranked **16th** among "2025 China Property Service Top 100 Enterprises" and received honors as "2025 China Property Service Top 100 Satisfaction Leading Enterprise" and "2025 China Red Property Service Excellent Enterprise"[34](index=34&type=chunk) Key Operating and Financial Data for H1 2025 | Indicator | June 30, 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Contracted GFA | 49.9 million sq.m. | 51.8 million sq.m. | -3.7% | | Total GFA Under Management | 48.2 million sq.m. | 47.1 million sq.m. | +2.3% | | Revenue | RMB 510.4 million | RMB 465.3 million | +9.7% | | Gross Profit | RMB 113.4 million | RMB 127.5 million | -11.1% | | Net Profit | RMB 28.5 million | RMB 40.1 million | -29.1% | [Business Review](index=16&type=section&id=Business%20Review) The Group's revenue increased by **9.7%**, driven by property management and community value-added services, but overall profitability declined due to rising service costs [Our Business Model](index=16&type=section&id=Our%20Business%20Model) - The Group adheres to the strategy of "penetrating Greater Jiangsu, deepening the Yangtze River Delta, and expanding into urban clusters," providing property management services, value-added services to non-property owners, and community value-added services with a "customer-centric" philosophy[36](index=36&type=chunk) [Property Management Services](index=16&type=section&id=Property%20Management%20Services) - Provides comprehensive services including security, cleaning, landscaping, facility management, customer service, and maintenance, covering residential, commercial, and other non-residential properties (e.g., shopping malls, office buildings, schools)[36](index=36&type=chunk) [Value-Added Services to Non-Property Owners](index=17&type=section&id=Value-Added%20Services%20to%20Non-Property%20Owners) - Includes consulting services, preliminary planning and design consultation, co-selling services, acceptance services, and property repair services, primarily for real estate developers and other property management companies[37](index=37&type=chunk) [Community Value-Added Services](index=17&type=section&id=Community%20Value-Added%20Services) - Offers eight categories of services to residential property owners and residents, including property agency, home beautification, community convenience, public area value-added services, smart solutions, retail, asset management, and home decoration[37](index=37&type=chunk) [Revenue Analysis](index=17&type=section&id=Revenue%20Analysis) Total Revenue Breakdown by Business Line (As at June 30) | Business Line | 2025 (RMB thousand) | Share (%) | 2024 (RMB thousand) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Property management services | 420,018 | 82.3 | 375,410 | 80.6 | | Value-added services to non-property owners | 10,993 | 2.2 | 20,321 | 4.4 | | Community value-added services | 79,360 | 15.5 | 69,601 | 15.0 | | **Total** | **510,371** | **100.0** | **465,332** | **100.0** | Property Management Services Revenue, GFA Under Management, and Number of Projects by Developer Type (As at June 30) | Developer Type | 2025 Revenue (RMB thousand) | 2025 Number of Projects | 2025 GFA Under Management (thousand sq.m.) | 2024 Revenue (RMB thousand) | 2024 Number of Projects | 2024 GFA Under Management (thousand sq.m.) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hongyang Group | 166,735 | 98 | 17,624 | 167,530 | 100 | 17,255 | | Third-party real estate developers | 253,283 | 225 | 30,607 | 207,880 | 199 | 29,833 | | **Total** | **420,018** | **323** | **48,231** | **375,410** | **299** | **47,088** | Property Management Services Revenue, GFA Under Management, and Number of Projects by Property Type (As at June 30) | Property Type | 2025 Revenue (RMB thousand) | 2025 Number of Projects | 2025 GFA Under Management (thousand sq.m.) | 2024 Revenue (RMB thousand) | 2024 Number of Projects | 2024 GFA Under Management (thousand sq.m.) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Residential properties | 352,785 | 252 | 43,770 | 319,418 | 243 | 42,584 | | Non-residential properties | 67,233 | 71 | 4,461 | 55,992 | 56 | 4,504 | | **Total** | **420,018** | **323** | **48,231** | **375,410** | **299** | **47,088** | Property Management Services Revenue, GFA Under Management, and Number of Projects by Geographical Distribution (As at June 30) | City | 2025 Revenue (RMB thousand) | 2025 Number of Projects | 2025 GFA Under Management (thousand sq.m.) | 2024 Revenue (RMB thousand) | 2024 Number of Projects | 2024 GFA Under Management (thousand sq.m.) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing | 118,274 | 95 | 12,962 | 134,980 | 94 | 12,966 | | Jiangsu (excluding Nanjing) | 99,567 | 81 | 14,644 | 66,213 | 75 | 13,628 | | Shanghai | 4,466 | 1 | 601 | 9,863 | 2 | 808 | | Anhui | 47,021 | 35 | 7,269 | 42,713 | 36 | 8,210 | | Shandong | 773 | 1 | 100 | – | – | – | | Hunan | 9,067 | 9 | 1,111 | 8,806 | 9 | 1,110 | | Henan | 2,164 | 1 | 239 | 2,140 | 1 | 239 | | Zhejiang | 16,559 | 11 | 1,331 | 22,796 | 15 | 1,745 | | Hubei | 76,168 | 47 | 5,617 | 59,913 | 36 | 4,558 | | Chongqing | 16,278 | 8 | 1,101 | 10,902 | 8 | 1,102 | | Guangdong | 7,634 | 6 | 685 | 745 | 3 | 411 | | Jiangxi | 4,210 | 3 | 411 | 2,814 | 6 | 685 | | Sichuan | 16,217 | 17 | 1,743 | 11,916 | 13 | 1,540 | | Shaanxi | 1,620 | 8 | 417 | 1,609 | 1 | 86 | | **Total** | **420,018** | **323** | **48,231** | **375,410** | **299** | **47,088** | - Total revenue increased by **9.7%** year-on-year to **RMB 510.4 million**, primarily due to increased revenue from property management services and community value-added services[45](index=45&type=chunk) - Property management services revenue increased by **11.9%** year-on-year to **RMB 420.0 million**, mainly due to an increase in projects[46](index=46&type=chunk) - Value-added services to non-property owners revenue decreased by **45.8%** year-on-year to **RMB 11.0 million**, primarily due to a reduction in sales venue projects[47](index=47&type=chunk) - Community value-added services revenue increased by **14.1%** year-on-year to **RMB 79.4 million**, mainly driven by increased revenue from community retail services[48](index=48&type=chunk) [Cost of Services](index=20&type=section&id=Cost%20of%20Services) - Cost of services increased by **17.5%** year-on-year to **RMB 397.0 million**, primarily due to increased staff costs and outsourcing costs for property management projects[49](index=49&type=chunk) [Gross Profit and Gross Profit Margin](index=21&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) - Gross profit decreased by **11.1%** year-on-year to **RMB 113.4 million**, mainly due to increased property management service costs[50](index=50&type=chunk) Gross Profit Margin by Business Line (As at June 30) | Business Line | 2025 Gross Profit Margin (%) | 2024 Gross Profit Margin (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | | Property management services | 20.0 | 26.4 | -6.4 | | Value-added services to non-property owners | 15.0 | 15.0 | 0.0 | | Community value-added services | 35.1 | 36.6 | -1.5 | | **Total** | **22.2** | **27.4** | **-5.2** | - The gross profit margin for property management services decreased by **6.4 percentage points**, mainly due to increased staff costs and outsourcing costs[51](index=51&type=chunk) - The gross profit margin for community value-added services decreased by **1.5 percentage points**, primarily due to a decrease in the average selling price of parking spaces and an increased revenue contribution from lower-margin community retail businesses[52](index=52&type=chunk) [Other Income and Gains](index=22&type=section&id=Other%20Income%20and%20Gains) - Other income and gains increased year-on-year to **RMB 1.7 million**, mainly due to increased government grants[53](index=53&type=chunk) [Administrative Expenses](index=22&type=section&id=Administrative%20Expenses) - Administrative expenses increased by **34.9%** year-on-year to **RMB 41.4 million**, primarily due to an increase in project management personnel[54](index=54&type=chunk) [Net Impairment Losses on Financial Assets](index=22&type=section&id=Net%20Impairment%20Losses%20on%20Financial%20Assets) - Net impairment losses on financial assets decreased year-on-year to **RMB 26.9 million**, mainly due to a decrease in impairment provisions for amounts due from related companies[55](index=55&type=chunk) [Profit Before Tax](index=22&type=section&id=Profit%20Before%20Tax) - Profit before tax decreased by **19.0%** year-on-year to **RMB 44.3 million**[56](index=56&type=chunk) [Income Tax Expense](index=22&type=section&id=Income%20Tax%20Expense) - Income tax expense increased by **9.0%** year-on-year to **RMB 15.8 million**, primarily due to a decrease in deferred income tax expenses[57](index=57&type=chunk) [Liquidity, Reserves and Capital Structure](index=23&type=section&id=Liquidity%2C%20Reserves%20and%20Capital%20Structure) The Group maintained a sound financial position with a **3.1%** increase in total equity and a reduced asset-liability ratio, despite lower cash balances - As at June 30, 2025, current assets were **RMB 1,307.3 million**, a slight decrease from December 31, 2024[58](index=58&type=chunk) - Cash and bank balances were **RMB 478.0 million**, a **14.7%** decrease from December 31, 2024[58](index=58&type=chunk) - The asset-liability ratio (total liabilities divided by total assets) was **40.6%**, a **4.6 percentage point** decrease from **45.2%** as at December 31, 2024[58](index=58&type=chunk) - Total equity was **RMB 937.5 million**, a **3.1%** increase from December 31, 2024, primarily due to growth from operating profit[58](index=58&type=chunk) - Trade receivables were **RMB 308.1 million**, an increase of approximately **6.3%** from December 31, 2024, mainly due to an increase in the number of projects under management[59](index=59&type=chunk) - Prepayments, other receivables, and other assets were **RMB 120.1 million**, a decrease of approximately **9.7%** from December 31, 2024, mainly due to a decrease in prepayments made to utility suppliers on behalf of customers[60](index=60&type=chunk) - Trade payables were **RMB 120.9 million**, a decrease of approximately **34.2%** from December 31, 2024, mainly due to shorter payment terms for outsourcing suppliers[61](index=61&type=chunk) - Contract liabilities were **RMB 258.0 million**, largely consistent with December 31, 2024[62](index=62&type=chunk) - Other payables and accrued expenses were **RMB 143.1 million**, a decrease of approximately **19.5%** from December 31, 2024, mainly due to a decrease in payables to utility suppliers on behalf of customers[63](index=63&type=chunk) - As at June 30, 2025, the Group had no significant contingent liabilities or guarantees[64](index=64&type=chunk) [Outlook for H2 2025](index=25&type=section&id=Outlook%20for%20H2%202025) The Group plans to enhance service innovation, optimize resource allocation, improve operational efficiency, and strengthen organizational capabilities for sustainable growth - In the second half of the year, the Group will continue to expand into new sectors, refine advantageous areas, and balance business growth with existing operations to achieve sustainable and quality growth in business scale and profit[65](index=65&type=chunk) - Core Capability Building: - **Sharpening Service Innovation**: Deepen customized standards for various property types, expand the value-added service chain, and accelerate the implementation of smart platforms and IoT tools[65](index=65&type=chunk) - **Aggregating Resource Focus**: Establish a "headquarters coordination + regional linkage" mechanism, deeply cultivate core urban clusters, expand into new scenarios such as urban services and public facilities, and address capability gaps through strategic joint ventures and acquisitions[66](index=66&type=chunk) - **Refining Efficient Operations**: Optimize the "selection, cultivation, utilization, and retention" mechanism, compile service manuals for all property types, promote mobile management platforms across all regions, and achieve online and data-driven service processes[66](index=66&type=chunk) - Focus on investment-led strategy, strengthen standard construction, promote the implementation of multi-property standardized operating guidelines, complete service plans and operational bottom-line checklists, and optimize investment mechanisms[67](index=67&type=chunk) - Enhance organizational leadership, deepen the flat organizational structure, and cultivate four key talent teams: "General Plan," "Hong Elite Plan," "Hong Steward," and "Hong Guard"[68](index=68&type=chunk) - Foster cultural cohesion, uphold the core values of "people-oriented business, integrity leads to success," with core principles of "health, striving, great love, pragmatism, simplicity, vitality, sunshine, humanistic care, cross-functional collaboration, and direct problem-solving"[69](index=69&type=chunk) [Corporate Governance / Other Information](index=28&type=section&id=Corporate%20Governance%20%2F%20Other%20Information) This section covers significant investments, employee policies, post-reporting events, dividend policy, securities transactions, foreign exchange risk, and compliance with corporate governance standards [1. Material Investments, Acquisitions and Disposals](index=28&type=section&id=1.%20Material%20Investments%2C%20Acquisitions%20and%20Disposals) The Group engaged in significant parking space transfers and equity acquisitions totaling approximately **RMB 488.61 million**, which are pending completion - On February 17, 2025, the Company entered into a parking space transfer framework agreement with Hongyang Group, whereby the Company conditionally agreed to purchase the property rights or usage rights of target parking spaces for a total consideration of approximately **RMB 230.92 million**[70](index=70&type=chunk) - Nanjing Hongshenghuo Property Consulting Co., Ltd. (an indirect wholly-owned subsidiary of the Company) entered into equity transfer agreements with indirect wholly-owned subsidiaries of Hongyang Group to acquire **70%** equity in Chengdu Hongsheng Heding Real Estate Development Co., Ltd. (consideration of approximately **RMB 142.4 million**), **20%** equity in Suqian Tongjin Hongzhiye Co., Ltd. (consideration of approximately **RMB 73.95 million**), and **19%** equity in Jurong Jinjiarun Real Estate Development Co., Ltd. (consideration of approximately **RMB 41.34 million**)[71](index=71&type=chunk) - The aforementioned acquisitions were not completed as at June 30, 2025[72](index=72&type=chunk) [2. Employees and Remuneration Policy](index=29&type=section&id=2.%20Employees%20and%20Remuneration%20Policy) The Group employs **2,799** staff, with remuneration based on performance and market rates, supported by comprehensive talent development programs Employee Headcount (As at June 30, 2025) | Category | Number of Employees | | :--- | :--- | | Total employees | 2,799 | | Residential property management and related services | 2,326 | | Non-residential property management and related services | 473 | - Employee remuneration is determined based on responsibilities, work performance, and market levels, complemented by competitive employee incentive plans and comprehensive talent development programs[73](index=73&type=chunk) - Three-tier talent development programs, "General Plan," "Hong Elite Plan," and "Hongyao Plan," are designed for key talents, alongside systematic "Hong Steward" and "Hong Master" training platforms[74](index=74&type=chunk) [3. Events After Reporting Period](index=29&type=section&id=3.%20Events%20After%20Reporting%20Period) No significant events occurred after the reporting period ended June 30, 2025 - The Company did not undertake any significant events after June 30, 2025[75](index=75&type=chunk) [4. Interim Dividends](index=30&type=section&id=4.%20Interim%20Dividends) The Board does not recommend paying any interim dividends for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[76](index=76&type=chunk) [5. Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=5.%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the reporting period, holding no treasury shares - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[77](index=77&type=chunk) - As at the end of the reporting period, the Company did not hold any treasury shares[77](index=77&type=chunk) [6. Exposure to Foreign Exchange Risk](index=30&type=section&id=6.%20Exposure%20to%20Foreign%20Exchange%20Risk) The Group primarily operates in China, with most transactions denominated and settled in RMB, and will continue to monitor foreign exchange activities to protect cash value - The Group primarily operates in China, with most transactions denominated and settled in RMB[78](index=78&type=chunk) - The Group will continue to monitor foreign exchange activities and make its best efforts to safeguard the Group's cash value[78](index=78&type=chunk) [7. Compliance with Corporate Governance Code](index=30&type=section&id=7.%20Compliance%20with%20Corporate%20Governance%20Code) The company adheres to the Corporate Governance Code of the HKEX Listing Rules, confirming full compliance during the reporting period - The Company has adopted the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited as its corporate governance standards[79](index=79&type=chunk) - To the best knowledge of the Directors, the Company has complied with all applicable code provisions in Part 2 of the Corporate Governance Code during the reporting period[79](index=79&type=chunk) [8. Model Code for Securities Transactions by Directors](index=30&type=section&id=8.%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Model Code for securities transactions by directors, with all directors confirming compliance during the reporting period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as the code for directors' dealings in the Company's securities[81](index=81&type=chunk) - The Directors confirm that they have complied with the required standards set out in the Model Code throughout the reporting period[82](index=82&type=chunk) [9. Audit Committee and Review of Interim Results](index=31&type=section&id=9.%20Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising four members, reviewed and confirmed the unaudited interim results for H1 2025, ensuring compliance and adequate disclosure - The Board has established an Audit Committee in accordance with the Corporate Governance Code, with primary responsibilities including reviewing and monitoring the Group's financial reporting process, internal controls, and risk management systems[83](index=83&type=chunk) - The Audit Committee consists of four members, including three independent non-executive directors and one non-executive director, with Mr. Zhao Xianbo as Chairman[83](index=83&type=chunk) - The Audit Committee has reviewed the Company's unaudited condensed consolidated interim results for the six months ended June 30, 2025, and confirmed that they comply with all applicable accounting principles, standards, and requirements, and provide adequate disclosure[83](index=83&type=chunk) [10. Publication of Interim Results and 2025 Interim Report on HKEX and Company Website](index=31&type=section&id=10.%20Publication%20of%20Interim%20Results%20and%202025%20Interim%20Report%20on%20HKEX%20and%20Company%20Website) The interim results announcement is published on the HKEX and company websites, with the full interim report to be made available to shareholders - This announcement is published on the HKEX website (www.hkexnews.hk) and the Company's website (www.rsunservice.hk)[84](index=84&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be provided to the Company's shareholders and published on the aforementioned websites in due course[84](index=84&type=chunk)

新 傳 企 劃 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」或「董 事」）公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）於 截 至2025年6月30日 止 六 個 月（「本 期 間」）之 未 經 審 核 簡 明 綜 合 業 績。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 2025年 度 之 中 期 業 績 公 告 本集團自2011年起開展線上業務，目前經營9個媒體品牌，包括「 新假期 」、 「 東 方 新 地 」、「 經 濟 一 週 」、「 新Monday 」、「 More 」、「 GOtrip 」、「 Sunday Kiss 親子童盟 」、「 SSwagger 」及「 Madame Figaro 」。每個品牌有其專門的主打內容， 涵 蓋 餐 飲 及 本 地 人 氣 景 點、美 饌 及 烹 飪、 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Shinelong Automotive Lightweight Application Limited 勛龍汽車輕量化應用有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1930） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 佈 勛 龍 汽 車 輕 量 化 應 用 有 限 公 司（「本 公 司」，連 同 其 附 屬 公 司 為「本 集 團」） 董 事（「董 事」）會（「董 事 會」）謹 此 宣 佈 本 集 團 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月（「二 零 二 五 年 上 半 年」）的 未 經 審 核 綜 合 中 期 業 績。本 集 團 的 中 期 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Optima Automobile Group Holdings Limited 傲迪瑪汽車集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8418） 截至二零二五年六月三十日止六個月之中期業績公告；及 有關截至二零二四年十二月三十一日止年度之年報的澄清公告 傲迪瑪汽車集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈 本公司及其附屬公司（統稱為「本集團」）截至二零二五年六月三十日止六個月的 未經審核簡明合併財務業績。本公告載列本公司二零二五年中期報告（「二零二五 年中期報告」）全文，並符合香港聯合交易所有限公司GEM 證券上市規則（「GEM 上市規則」）有關中期業績初步公告隨附資料的相關規定。二零二五年中期報告的 印刷版本將按GEM上市規則規定的方式適時寄發予本公司股東，並可於香港聯合 交易所有限公司網站http://www.hkexnews.hk及本公司網站www ...

領先的線上線下一體化的房產交易和服務平台貝殼控股有限公司（「貝殼」或「本公 司」）（紐交所代碼：BEKE；香港聯交所代號：2423）今日公佈其截至2025年6月 30日止六個月（「報告期間」）未經審計財務業績，有關業績乃根據不同於國際財務 報告準則的美國公認會計準則（「公認會計準則」）編製。 於本公告中，「我們」指本公司，倘文義另有所指，則為本集團（定義見「一般資 料」一節）。 截至2025年6月30日止六個月經營及財務摘要 1 特定期間的總交易額按本公司於本公司平台上促成的所有交易的總價值計算，並以截至期 末簽署的合約得以證實，包括存量房交易、新房交易、家裝家居以及新興業務及其他（不 包括房屋租賃服務）的價值，且包括於有關期末已簽約但有待完成的交易。為免生疑問， 就隨後未能完成的交易而言，該等交易應佔的相應總交易額將被相應扣減。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 KE Holdings Inc. 貝殼控股有限公司 （於開曼群島註冊成立 ...