2025-12-22-港交所-嘉创地产_2025_x2f_26_中期报告_38页_2mb

> **来源：[研报客](https://pc.yanbaoke.cn)** # 嘉創房地產控股有限公司 # KRP Development Holdings Limited （於開曼群島註冊成立的有限公司） (Incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code : 2421 # CORPORATE INFORMATION # REGISTERED OFFICE Cricket Square, Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands # HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS Block C, 9th Floor Southeast Industrial Building 611-619 Castle Peak Road Tsuen Wan New Territories Hong Kong # WEBSITE www.krpd.com.hk # DIRECTORS Executive Directors Mr. HO Man Chung (Chief Executive Officer) Mr. HO Wai Hon, Brian Ms. YIU Yueet Fung Mr. ZHU Nianhua Non-executive Directors Mr. HO Cheuk Fai (Chairman) Ms. HO Man Yiu Independent Non-executive Directors Mr. CHOI Wai Hin Mr. YAM Chung Shing Ms. LEUNG Man Lai, Lily # AUDIT COMMITTEE Mr. CHOI Wai Hin (Chairman) Mr. YAM Chung Shing Ms. LEUNG Man Lai, Lily # REMUNERATION COMMITTEE Mr. YAM Chung Shing (Chairman) Mr. HO Wai Hon, Brian Mr. CHOI Wai Hin # 公司資料 # 註冊辦事處 Cricket Square, Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands # 總辦事處及主要營業地點 香港 新界 荃灣 青山公路611-619號 東南工業大廈 9樓C室 # 網址 www.krpd.com.hk # 董事 執行董事 何文忠先生（行政總裁） 何偉汗先生 姚月凰小姐 祝年化先生 非執行董事 何焯耀先生（主席） 何蔓娆小姐 独立非執行董事 蔡璋轩先生 任重誠先生 梁文麗小姐 # 審核委員會 蔡璋軒先生(主席) 任重誠先生 梁文麗小姐 # 薪酬委員會 任重誠先生(主席) 何偉汗先生 蔡璋轩先生 # NOMINATION COMMITTEE Mr. YAM Chung Shing (Chairman) Mr. CHOI Wai Hin Mr. HO Wai Hon, Brian Ms. LEUNG Man Lai, Lily # COMPANY SECRETARY Mr. WONG Ho Kwan # AUDITOR Forvis Mazars CPA Limited Certified Public Accountants Public Interest Entity Auditor registered in accordance with the Accounting and Financial Reporting Council Ordinance 42/F, Central Plaza 18 Harbour Road Wanchai, Hong Kong # LEGAL ADVISER Bird & Bird 6/F, The Annex, Central Plaza 18 Harbour Road Hong Kong # PRINCIPAL BANKERS Hang Seng Bank Limited The Bank of East Asia, Limited Agricultural Bank of China Limited Dongguan Rural Commercial Bank Co., Ltd # PRINCIPAL SHARE REGISTRAR AND # TRANSFER OFFICE Conyers Trust Company (Cayman) Limited Cricket Square, Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands # HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Computershare Hong Kong Investor Services Limited Rooms 1712-1716, 17th Floor Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong # 提名委員會 任重誠先生(主席) 蔡璋轩先生 何偉汗先生 梁文麗小姐 # 公司秘書 黄浩钧先生 # 核數師 富睿瑪澤會計師事務所有限公司 執業會計師 於《會計及財務匯報局條例》下的 註冊公眾利益實體核數師 香港灣仔 港灣道18號 中環廣場42樓 # 法律顧問 鴻鶯律師事務所 香港灣仔 港灣道18號 中環廣場新翼6樓 # 主要往來銀行 恒生銀行有限公司 東亞銀行有限公司 中國農業銀行股份有限公司 東莞農村商業銀行股份有限公司 # 主要股份過戶登記處 Conyers Trust Company (Cayman) Limited Cricket Square, Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands # 香港股份過戶登記分處 香港中央證券登記有限公司 香港灣仔 皇后大道東183號 合和中心 17楼1712-1716室 # UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME # 未經審核簡明綜合損益及其他全面收入表 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 (Expressed in Renminbi ("RMB")) (以人民幣列示) For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 RMB'000 RMB'000 人民幣千元 人民幣千元 (Unaudited) (Unaudited) (未經審核) (未經審核) Revenue 收入 4 68,818 104,254 Cost of revenue 收入成本 (31,192) (40,613) Gross profit 毛利 37,626 63,641 Other net gains 其他收益凈額 3,339 2,523 Selling expenses 銷售開支 (6,927) (9,669) General and administrative expenses 一般及行政開支 (14,538) (14,909) Valuation losses on investment properties 投資物業估值虧損 (1,973) (439) Operating profit 經營溢利 17,527 41,147 Finance income 財務收入 6(a) 1,601 1,560 Finance costs 財務成本 6(a) (161) (1) Finance income, net 財務收入,淨額 1,440 1,559 Profit before taxation 除稅前溢利 6 18,967 42,706 Income tax charge 所得稅開支 7 (8,925) (22,131) Profit for the period 本期溢利 10,042 20,575 Earnings per share — Basic and diluted (RMB Cents) 每股收益— 基本和攤薄後 (人民幣分) 8 2.0 4.1 The accompanying notes are an integral part of this interim附註為本中期財務報告之組成部分。financial report. # UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME # 未經審核簡明綜合損益及其他全面收入表 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 (ExpressedinRMB）（以人民幣列示） For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 RMB'000 RMB'000 人民幣千元 人民幣千元 (Unaudited) (Unaudited) (未經審核) (未經審核) Profit for the period 本期溢利 10,042 20,575 Other comprehensive income for the period: 本期其他全面收入: Item that may be reclassified subsequently to profit or loss: 其後可能重新分類至 損益之項目: Exchange differences on consolidation 合併報表上的匯兑 差額 372 67 Total comprehensive income for the period 本期全面收入總額 10,414 20,642 The accompanying notes are an integral part of this interim 附註為本中期財務報告之組成部分。financial report. # UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION # 未經審核簡明綜合財務狀況表 As at 30 September 2025 於二零二五年九月三十日 (ExpressedinRMB）（以人民幣列示） 30 September 2025 二零二五年 九月三十日 RMB'000 人民幣千元 (Unaudited) (未經審核) 31 March 2025 二零二五年 三月三十一日 RMB'000 人民幣千元 (Audited) (經審核) The accompanying notes are an integral part of this interim financial report. # UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY # 未經審核簡明綜合權益變動表 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 (ExpressedinRMB）（以人民幣列示） Attributable to the equity shareholders of the Company 本公司权益持有人愿占 Reserves 儲備 Share capital Share premium Exchange reserve Statutory surplus reserve 法定 Merger reserve Retained profits Total reserves Total equity 股本 RMB'000 人民幣千元 股份溢價 RMB'000 人民幣千元 匯兑儲備 RMB'000 人民幣千元 盈餘儲備 RMB'000 人民幣千元 合併儲備 RMB'000 人民幣千元 保留盈利 RMB'000 人民幣千元 儲備總值 RMB'000 人民幣千元 權益總值 RMB'000 人民幣千元 At 1 April 2024 (Audited) 二零二四年四月一日之 結餘(經審核) 4,394 362,006 (19,921) 81,444 (262,279) 683,579 844,829 849,223 Profit for the period 本期溢利 - - - - - 20,575 20,575 20,575 Other comprehensive income 其他全面收入 Item that may be reclassified subsequently to profit or loss 其後可能重新分類至損益之項目: Exchange differences on consolidation 合併報表上的匯兑差額 - - 67 - - - 67 67 Total comprehensive income for the period 本期全面收入總額 - - 67 - - 20,575 20,642 20,642 Transactions with the equity shareholders 與股東的交易 Contributions and distributions 貢獻與分配 Appropriation to statutory surplus reserve 法定盈餘儲備轉撥 - - - 1,474 - (1,474) - - Dividend paid (Note) 已付股息(附註) - - - - - (9,359) (9,359) (9,359) - - - 1,474 - (10,833) (9,359) (9,359) At 30 September 2024 (Unaudited) 二零二四年九月三十日之 結餘(未經審核) 4,394 362,006 (19,854) 82,918 (262,279) 693,321 856,112 860,506 Note: A final dividends of approximately RMB9,359,000 for the year ended 31 March 2024 was approved and paid during the six months ended 30 September 2024. 附註： 截至二零二四年三月三十一日止年度之末期股息約人民幣9,359,000元，已於截至二零二四年九月三十日止六個月內獲批准並支付。 # UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF # CHANGES IN EQUITY (continued) # 未經審核簡明綜合權益變動表(續) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 (ExpressedinRMB）（以人民幣列示） Attributable to the equity shareholders of the Company 本公司權益持有人應佔 Reserves 儲備 Share capital Share premium Exchange reserve Statutory surplus reserve 法定 盈餘儲備 Merger reserve Retained profits Total reserves Total equity 股本 RMB'000 人民幣千元 股份溢價 RMB'000 人民幣千元 匯兑儲備 RMB'000 人民幣千元 RMB'000 人民幣千元 合併儲備 RMB'000 人民幣千元 保留盈利 RMB'000 人民幣千元 儲備總值 RMB'000 人民幣千元 權益總值 RMB'000 人民幣千元 At 1 April 2025 (Audited) 二零二五年四月一日之 結餘(經審核) 4,394 362,006 (19,835) 84,842 (262,279) 691,017 855,751 860,145 Profit for the period 本期溢利 - - - - - 10,042 10,042 10,042 Other comprehensive income Item that may be reclassified subsequently to profit or loss 其他全面收入 其後可能重新分類至損益之項目: Exchange differences on consolidation 合併報表上的匯兑差額 - - 372 - - - 372 372 Total comprehensive income for the period 本期全面收入總額 - - 372 - - 10,042 10,414 10,414 Transactions with the equity shareholders 與股東的交易 Contributions and distributions 貢獻與分配 Appropriation to statutory surplus reserve 法定盈餘儲備轉撥 - - - 1,834 - (1,834) - - At 30 September 2025 (Unaudited) 二零二五年九月三十日之 結餘(未經審核) 4,394 362,006 (19,463) 86,676 (262,279) 699,225 866,165 870,559 The accompanying notes are an integral part of this interim financial report. 附註為本中期財務報告之組成部分。 # UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENT # 未經審核簡明綜合現金流量表 For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 (Expressed in RMB) (以人民幣列示) For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 RMB'000 二零二四年 RMB'000 人民幣千元 (Unaudited) 人民幣千元 (Unaudited) (未經審核) (未經審核) OPERATING ACTIVITIES 經營活動 Profit before taxation 除稅前溢利 18,967 42,706 Adjustments for: 調整項目: Depreciation of property, plant and equipment 物業、廠房及設備之 折舊 427 375 Depreciation of right-of-use assets 使用權資產之折舊 235 46 Valuation losses on investment properties 投資物業估值 虧損 1,973 439 Gain on disposal of a subsidiary 出售附屬公司之收益 - (636) Loss on disposal of property, plant and equipment, net 出售物業、廠房及設備 之虧損,淨額 69 - Finance costs 財務成本 161 1 Interest income 利息收入 (1,601) (1,560) Foreign exchange (gain)/loss 外幣匯兌(收益)/虧損 (199) 67 Operating cash flows before changes in working capital 營運資金變動前之營運 現金流量 20,032 41,438 Changes in working capital: 營運資金變動： Decrease in inventories and other contract costs 存貨及其他合同成本 減少 23,895 29,595 Increase in prepayments, deposits and other receivables 預付款項、按金及其他 應收賬款增加 (13,147) (42,346) Decrease in other payables 其他應付賬款減少 (7,215) (6,448) Decrease in contract liabilities 合約負債減少 (250) (9,661) Cash generated from operations 經營所得之現金 Income tax paid 已付所得稅 (9,465) (24,177) Net cash generated from/ (used in) operating activities 經營活動所得/(所用) 之現金淨額 13,850 (11,599) # UNAUDITED CONDENSED CONSOLIDATED CASH FLOW # STATEMENT (continued) # 未經審核簡明綜合現金流量表(續) For the six months ended 30 September 2025 截至二零二五年九月三十日止六個月 (Expressed in RMB) (以人民幣列示) For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 RMB'000 二零二四年 RMB'000 人民幣千元 (Unaudited) 人民幣千元 (Unaudited) (未經審核) (未經審核) Note 附註 INVESTING ACTIVITIES 投資活動 Decrease in restricted deposits 受限制存款減少 297 Payment for addition of property,plant and equipment 添置物業、廠房及設備的付款 (23) Proceeds from disposal ofproperty, plant and equipment 出售物業、廠房及設備所得款項 3 Redemption from financial assetsmeasured at FVPL 贖回透過損益按公允價值入賬計量之金融資產 50,000 Interest received 已收利息 1,601 Net cash outflow from disposal ofa subsidiary 出售附屬公司之淨現金流出 — Net cash generated frominvesting activities 投資活動所得之現金淨額 51,878 FINANCING ACTIVITIES 融資活動 Capital element of lease rentalspaid 已付租賃租金的資本部分 (158) Interest element of lease rentalspaid 已付租賃租金的利息部分 (161) Dividends paid 已付股息 — Net cash used in financingactivities 融資活動所用之淨現金 (319) Net increase/(decrease) incash and cash equivalents 現金及現金等價物之淨增加/(減少) 65,409 Cash and cash equivalentat the beginning of thereporting period 期初之現金及現金等價物 130,552 Effect of foreign exchange ratechanges 外幣匯率變動之影響 571 Cash and cash equivalent atthe end of the reportingperiod, represented by cashand bank deposits 期末之現金及現金等價物，以現金及銀行存款構成 11 196,532 155,491 # NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT (Expressed in RMB unless otherwise indicated) # 1 GENERAL INFORMATION KRP Development Holdings Limited (the "Company") was incorporated in the Cayman Islands on 2 September 2020 as an exempted company with limited liability under the Companies Act, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The shares of the Company have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") with effect from 23 March 2023. The Company is an investment holding company. The Company and its subsidiaries (together, the "Group") are principally engaged in development and sales of residential properties in Dongguan, Huizhou and Foshan in Chinese Mainland. # 2 BASIS OF PREPARATION The unaudited condensed consolidated interim financial statements (the "Interim Financial Statements") have been prepared in accordance with the Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" as issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") and the applicable disclosure provisions to the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules"). The preparation of the Interim Financial Statements in conformity with HKAS 34 requires the management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year-to-date basis. Actual results may differ from these estimates. The Interim Financial Statements include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since 31 March 2025, and therefore, do not include all of the information required for a full set of financial statements prepared in accordance with the HKFRS Accounting Standards which collective term includes all applicable individual Hong Kong Financial Reporting Standards ("HKFRSS"), HKAS and Interpretations as issued by the HKICPA. # 未經審核簡明綜合中期財務報告附註 （除另有說明外，以人民幣列示） # 1 一般資料 嘉創房地產控股有限公司(「本公司」)在開曼群島根據開曼群島法律第22章公司法(一九六一年第3條法例，經綜合及修訂)於二零二零年九月二日註冊成立為獲豁免有限公司。 本公司股份自二零二三年三月二十三日起在香港聯合交易所有限公司（「聯交所」）主板上市。 本公司為投資控股公司。本公司及其附屬公司（統稱「本集團」）主要在中國內地東莞、惠州及佛山從事住宅物業的發展及銷售。 # 2 編製基準 未經審核簡明合併中期財務報表（「中期財務報表」）已按照香港會計師公會（「香港會計師公會」）頒佈之香港會計準則（「香港會計準則」）第34號「中期財務報告」及香港聯合交易所有限公司證券上市規則（「上市規則」）之適用披露規定編製。 根據香港會計準則第34號編製中期財務報表，要求管理層作出會影響政策的應用以及迄今為止資產及負債、收入及開支所呈報金額的判斷、估計及假設。實際結果可能有別於該等估計。中期財務報表包括對本集團自二零二五年三月三十一日以來的財務狀況及表現的變動而言屬重大的事件及交易的解釋，因此並無載列根據香港會計師公會頒佈的香港財務報告準則會計準則詮釋適用於所有個別香港財務報告準則及香港會計準則編製的全份財務報表所需的所有資料。 # 2 BASIS OF PREPARATION (continued) The Interim Financial Statements have been prepared in accordance with the same accounting policies adopted in the annual consolidated financial statements for the year ended 31 March 2025 (the "2025 Annual Financial Statements"), except for the accounting policy changes that are effective during the period. Details of any changes in accounting policy are set out in note 3. The financial information relating to the year ended 31 March 2025 that is included in this Interim Financial Statements as comparative information does not constitute the Company's statutory annual consolidated financial statements for that financial year but is derived from those financial statements. The Interim Financial Statements should be read in conjunction with the Group's 2025 Annual Financial Statements. The Interim Financial Statements are presented in RMB and all amounts have been rounded to the nearest thousand ("RMB'000"), unless otherwise indicated. The measurement basis used in the preparation of the Interim Financial Statements is historical cost except for financial assets measured at FVPL and investment properties which are measured at fair value. # 3 CHANGES IN ACCOUNTING POLICIES The Group has applied the following new and/or amended HKFRS Accounting Standards as issued by the HKICPA to the Interim Financial Statements for the current accounting period: - Amendments to HKAS 21, The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability None of the amendments have had a material effect on how the Group's result and financial position for the current and prior periods have prepared or presented in the Interim Financial Statements. The Group has not applied any new and/or amended HKFRS Accounting Standards that is not yet effective for current accounting period. # 2 編製基準(續) 本中期財務報表已按照截至二零二五年三月三十一日止年度合併財務報表（「2025年度財務報告」）所採用的相同會計政策編製，除本期生效的會計政策變動除外。會計政策之變動詳情載於附註3。 本中期財務報表所列示的截至二零二五年三月三十一日止年度之財務資料，僅作為比較資訊之用，並不構成本公司的法定年度合併財務報表，但源自這些財務報表。本中期財務報表應與本集團二零二五年度財務報表一併閱讀。 中期財務報表以人民幣呈列，除另有說明外，所有金額均已約整至最接近之千位（「人民幣千元」）。 中期財務報表乃以歷史成本基準編製，除了金融資產計量透過損益按公允價值入賬及投資性房地產以公允值計量。 # 3 會計政策之變動 本集團之中期財務報表已採納以下最新及/或經修訂由香港會計師公會於本會計期間頌佈之香港財務報告準則會計準則之修訂本： 香港會計準則第21號修訂本，外匯匯率變動的影響：缺乏可互通性 該等修訂對於本中期財務報表所編製或呈列本期及以往期間之本集團業績及財務狀況並無重大影響。本集團並無採納任何於本會計期間尚未生效之任何新及或經修訂香港財務報告準則會計準則。 # 4 REVENUE # 4 收入 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 RMB'000 RMB'000 人民幣千元 人民幣千元 (Unaudited) (Unaudited) (未經審核) (未經審核) Recognised at a point in time under HKFRS 15: 根據香港財務報告準則第15號於某個時間點確認： Sale of properties 物業銷售 68,818 104,254 The principal activities of the Group are property sales and development in Dongguan, Huizhou and Foshan in Chinese Mainland. Revenue represents the income from sale of properties, net of sales related taxes and discounts allowed. For the six months ended 30 September 2025 and 2024, the Group's customer base was diversified and did not have a customer with whom transactions had exceeded $10\%$ of the Group's revenue. # 5 SEGMENT REPORTING Operating segments are identified on the basis of internal reports that the Group's most senior executive management reviews regularly in allocating resources to segments and in assessing their performances. The Group's most senior executive management makes resources allocation decisions based on internal management functions and assess the Group's business instead of by separate business lines or geographical regions. Accordingly, the Group has only one operating segment and therefore, no segment information is presented. The Group primarily operates in Chinese Mainland and accordingly, no geographical information is presented. 本集團的主要活動為在中國內地東莞，惠州及佛山的物業銷售及發展。 收入主要指物業銷售收入及物業租金總額，已扣除銷售相關税項及所給予折扣。 截至二零二五年及二零二四年九月三十日止六個月，本集團的客戶基礎分散，並無單一客戶的交易佔本集團收入超過 $10\%$ 。 # 5 分部报告 經營分部乃根據本集團最高行政管理層定期審閱分配予分部資源及評估其業績的內部報告確認。本集團的最高行政管理層根據內部管理職能作出資源分配決策，並評估本集團的業務，而非透過單條業務線或地理區域。由於本集團僅擁有一個經營分部，因此並無提供任何分部資料。 本集團主要於中國內地營運，因此並無提供任何地理資料。 # 6 PROFIT BEFORE TAXATION Profit before taxation is arrived at after charging/ (crediting): (a) Finance income, net # 6 除税前盈利 除税前溢利已扣除／（計入）以下項目： (a) 財務收入，淨額 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 RMB'000 RMB'000 人民幣千元 人民幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Finance costs —Interest expense on lease liabilities 財務成本 —租賃負債的利息開支 161 1 Finance income —Interest income 財務收入 —利息收入 (1,601) (1,560) Finance income, net 財務收入，淨額 (1,440) (1,559) # 6 PROFIT BEFORE TAXATION (continued) (b) Staff costs # 6 除税前盈利（續） (b) 員工成本 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 RMB'000 RMB'000 人民幣千元 人民幣千元 (Unaudited) (Unaudited) (未經審核) (未經審核) Wages and salaries 薪酬及工資 9,597 9,810 Contributions to defined contribution retirement plan 界定供款退休計劃之供款 506 419 Less: staff costs capitalised into property under development for sales 減：待售發展中物業員工 成本資本化 (1,814) (2,045) 8,289 8,184 (c) Other items (c) 其他項目 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年RMB'000 二零二四年RMB'000 人民幣千元(Unaudited) 人民幣千元(Unaudited) (未經審核) (未經審核) Cost of properties sold 已售物業成本 31,192 40,613 Depreciation of property, plant and equipment 物業、廠房及設備折舊 427 375 Depreciation of right-of-use assets 使用權資產之折舊 235 46 Gain on disposal of a subsidiary 出售附屬公司之收益 — (636) Loss on disposal of property,plant and equipment, net 出售物業、廠房及設備之虧損,淨額 69 — Outgoings relating to investment properties 與投資物業有關的支出 351 510 Rental income 租金收入 (878) (837) Valuation losses on investment properties 投資物業估值虧損 1,973 439 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 RMB'000 RMB'000 人民幣千元 人民幣千元 (Unaudited) (Unaudited) (未經審核) (未經審核) Current taxation 本期稅項 Taxes in Chinese Mainland — Provision for Enterprise Income Tax ("EIT") — Provision for Land Appreciation Tax ("LAT") 中國內地税項 —企業所得稅 (「企業所得稅」)撥備 —土地增值稅 (「土地增值稅」)撥備 4,674 5,654 7,487 19,803 12,161 25,457 Deferred taxation 遞延稅項 Origination and reversal of temporary differences 暫時性差額產生及撥回 (3,236) (3,326) Total income tax charge 所得税開支總額 8,925 22,131 Notes: (i) EIT The provision for EIT is calculated at $25\%$ based on the estimated taxable income for the subsidiaries operated in Chinese Mainland during the six months ended 30 September 2025 and 2024. (ii) LAT LAT is levied on properties developed by the Group for sale, at progressive rates ranging from $30\%$ to $60\%$ on the appreciation of land value, which under the applicable regulations is calculated based on the proceeds of sales of properties less deductible expenditures including cost of land use rights, property development costs and borrowing costs. (iii) Hong Kong Profits Tax Hong Kong Profits Tax has been provided at the rate of $16.5\%$ on the estimated assessable profit for the period for the subsidiaries incorporated in and operated in Hong Kong. No provision for Hong Kong Profits Tax for the period as the subsidiaries incorporated in and operated in Hong Kong did not have any assessable profits for the period. (iv) Pursuant to the rules and regulations of the Cayman Islands and the British Virgin Islands (the "BVI"), the Group is not subject to any income tax in the Cayman Islands and the BVI. 附註： (i) 企業所得税 截至二零二五年及二零二四年九月三十日止六個月內，企業所得税撥備乃根據在中國內地營運的附屬公司於本期的估計應課税收入按 $25\%$ 計算。 (ii) 土地增值税 土地增值稅乃就出售本集團發展的物業時，按其土地的升值以累進稅率 $30\%$ 至 $60\%$ 微收，其計算方法乃根據適用的規定，以出售物業所得款項扣除可扣減項目(包括土地使用權成本、物業開發成本及借貸成本)計算。 (iii) 香港利得税 在香港註冊成立並營運的附屬公司已按本期估計應課税溢利的 $16.5\%$ 計算香港利得稅。由於在香港註冊成立並營運的附屬公司於本期並無任何應課稅溢利，故於本期並無香港利得稅撥備。 (iv) 根據開曼群島及英屬處女群島的規則及法規，本集團毋須繳納開曼群島及英屬處女群島的任何所得税。 # 8 EARNINGS PER SHARE Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted average number of ordinary shares in issue during the period. As there were no potential dilutive ordinary shares during the six months ended 30 September 2025 and 2024, the amount of diluted earnings per share is equal to basic earnings per share. # 8 每股盈利 每股基本溢利乃根據本公司權益持有人應佔溢利除以期內已發行之普通股加權平均數計算。 由於截至二零二五年及二零二四年九月三十日止六個月並無潛在攤薄普通股，故每股攤薄溢利金額等於每股基本溢利。 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 RMB'000 RMB'000 人民幣千元 人民幣千元 (Unaudited) (Unaudited) (未經審核) (未經審核) Profit attributable to equity shareholders of the Company 本公司權益持有人應佔溢利 10,042 20,575 Weighted average number of ordinary shares in issue (in thousand shares) 已發行普通股之加權平均數 (千股) 505,365 505,365 Basic earnings per share (RMB cents) 每股基本溢利(人民幣分) 2.0 4.1 Diluted earnings per share (RMB cents) 攤薄後每股溢利(人民幣分) 2.0 4.1 # 9 PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTIES (a) Right-of-use assets During the six months ended 30 September 2025, there were new lease agreements entered, and therefore the Group has additions of right-of-use assets of approximately RMB27,655,000 (for the six months ended 30 September 2024: Nil). (b) Transfer from inventories to investment properties During the six months ended 30 September 2025, the Group transferred the completed properties held for sale with a net cost of approximately RMB11,246,000 (for the six months ended 30 September 2024: approximately RMB6,967,000) to investment properties. (c) Valuations The valuation of investment properties were updated on 30 September 2025 by the management of the Group based on current market trends and an appraisal of the properties owned by the Company to ensure the reasonableness of the valuation. As a result of the abovementioned update, a fair value loss of approximately RMB1,973,000 (for the six months ended 30 September 2024: approximately RMB439,000), upon the transfer from inventories to investment properties and deferred tax thereon of approximately RMB493,000 (for the six months ended 30 September 2024: approximately RMB110,000), have been recognised in profit or loss for the six months ended 30 September 2025 in respect of investment properties. # 9 物業，廠房及設備及投資物業 (a) 使用權資產 截至二零二五年九月三十日止六個月內，簽訂新的租賃協議，因此本集團認可的使用權資產增加約人民幣27,655,000元（截至二零二四年至九月三十日止六個月：無）。 (b) 存貨轉至投資物業 截至二零二五年九月三十日止六個月內，本集團將已完成的持有待售竣工物業，淨成本為約人民幣11,246,000元轉至投資物業（截至二零二四年至九月三十日止六個月：約人民幣6,967,000元）。 (c) 估值 投資性房地產的估值由本集團管理層根據當前的市場趨勢及對公司擁有的物業進行評估於二零二五年九月三十日更新估算，確保估值的合理性。 更新上述結果是，公允值虧損為約人民幣1,973,000元(截至二零二四年至九月三十日止六個月：約人民幣439,000元)，從存貨轉至投資物業時公允值變動及其遞延所得稅為約人民幣493,000元(截至二零二四年至九月三十日止六個月：約人民幣110,000元)就現有投資物業，截至二零二五年九月三十日止六個月已計入損益帳。 # 10 INVENTORIES AND OTHER CONTRACT COSTS # 10 存貨及其他合同成本 30 September 2025 二零二五年 九月三十日 RMB'000 人民幣千元 (Unaudited) (未經審核) 31 March 2025 二零二五年 三月三十一日 RMB'000 人民幣千元 (Audited) (經審核) Properties under development for sale 待售發展中物業 Completed properties held for sale 持有的待售已竣工物業 228,582 223,343 614,019 654,618 842,601 877,961 Other contract costs 其他合同成本 650 431 843,251 878,392 # 11 CASH AND CASH EQUIVALENTS # 11 現金及現金等價物 30 September 2025 二零二五年 九月三十日 RMB'000 人民幣千元 (Unaudited) (未經審核) 31 March 2025 二零二五年 三月三十一日 RMB'000 人民幣千元 (Audited) (經審核) Cash and bank deposits 現金及銀行存款 Deposits with banks with less than three months to maturity when placed 35,987 36,362 Cash at bank and in hand 銀行存款及現金 160,545 94,190 196,532 130,552 Restricted deposits (note (i)) 受限制存款(附註(i)) 2,269 2,566 198,801 133,118 Notes: (i) As at 30 September 2025, the balance mainly represented the restricted cash for guarantees issued to a bank to secure the mortgage arrangements of certain property buyers who may have the opportunity for default payment. 附註： (i) 截至二零二五年九月三十日，該餘額主要為受限制現金用於銀行擔保，以保障物業買家的按揭安排，因該買家可能有違約付款的風險。 # 11 CASH AND CASH EQUIVALENTS (Continued) (ii) The remittance of bank balances of approximately RMB146,498,000 (31 March 2025: approximately RMB71,969,000) as at 30 September 2025 placed with banks in the People's Republic of China (the "PRC") are subject to relevant rules and regulations of foreign exchange control promulgated by the PRC's Government. # 12 DIVIDENDS The Board does not recommend the payment of interim dividend to shareholders of the Company for the six months ended 30 September 2025 and 2024. # 13 OTHER CASH FLOW INFORMATION Major non-cash transaction In addition to the information disclosed elsewhere in the Interim Financial Statements, the Group had the following major non-cash transaction: During the six months ended 30 September 2025, the Group recognised right-of-use assets by incurring lease liabilities of approximately RMB27,655,000 (six months ended 30 September 2024: Nil). # 14 COMMITMENTS AND FINANCIAL GUARANTEES (a) Commitments outstanding at 30 September 2025 not provided for in the Interim Financial Statements were as follows: # 11 現金及現金等價物（續） (ii) 於二零二五年九月三十日，存入中國銀行的銀行結餘匯款約人民幣146,498,000元（二零二五年三月三十一日：約人民幣71,969,000元）須受中國政府頌佈的相關外匯管制規則及法規規管。 # 12 股息 董事會不建議向本公司股東派付截至二零二五年及二零二四年九月三十日止六個月的中期股息。 # 13 其他現金流量資料 重大非現金交易 除本中期財務報表其他部分已披露的資訊外，本集團於以下期間發生重大非現金交易： 於二零二五年九月三十日止六個月期內，本集團因承擔租賃負債而確認使用權資產約人民幣27,655,000元（截至二零二四年九月三十日止六個月：無）。 # 14 承擔及財務擔保 (a) 截至二零二五年九月三十日未有於中期財務報告計提準備的餘下承擔： 30 September 31 March 2025 2025 二零二五年 二零二五年 九月三十日 三月三十一日 RMB'000 RMB'000 人民幣千元 人民幣千元 (Unaudited) (Audited) (未經審核) (經審核) Contracted for 已訂約 31,132 15,865 Commitments mainly related to development costs for the Group's construction project. 承擔主要與本集團建設項目的開發成本有關。 # 14 COMMITMENTS AND FINANCIAL GUARANTEES (continued) (b) Commitments under leases The Group as lessor The undiscounted lease payments to be received under non-cancellable operating leases by the Group were as follows: # 14 承擔及財務擔保（續） (b) 租賃承擔 # 本集團作為出租人 本集團將收取未折現租金根據不可撤銷的經營租賃合約如下： 30 September 2025 31 March 二五年 2025 九月三十日 二零二五年 RMB'000 月三十一日 人民幣千元 RMB'000 (Unaudited) 人民幣千元 （未經審核） (Audited) （經審核） Within one year 一年内 1,250 1,230 (c) Financial guarantees The Group has issued guarantees to banks to secure the mortgage arrangements of certain property buyers. At 30 September 2025, the outstanding guarantees to the banks amounted to approximately RMB194,581,000 (31 March 2025: approximately RMB242,453,000) which will be released upon the completion of the transfer procedures with the property buyers in respect of the legal title of the properties. The directors of the Company do not consider the Group will sustain a loss under these guarantees as the bank has the rights to sell the property and recovers the outstanding loan balance from the sale proceeds if the property buyers have default payment. The Group has not recognised any deferred income in respect of these guarantees as its fair value is considered to be insignificant. (c) 財務擔保 本集團已向銀行發出擔保，為若干物業買家的按揭安排作抵押。於二零二五年九月三十日，向銀行發出的未償還擔保金額為約人民幣194,581,000元（二零二五年三月三十一日：人民幣約242,453,000元），有關擔保將於完成向物業買家方轉讓有關物業法定業權的程序後釋出。 本公司董事認為，由於在該等物業買家違約付款的情況下，銀行有權出售該物業並從銷售所得款項中收回未償還貸款餘額，故本集團不大可能因該等擔保而蒙受損失。本集團並無就該等擔保確認任何遞延收入，因其公允值被認為屬微不足道。 # 15 RELATED PARTY TRANSACTIONS The Group has the following related party transactions during the reporting periods. # 15 關聯方交易 本集團已訂立以下關聯方交易於報告期内。 For the six months ended 30 September 截至九月三十日止六個月 2025 2024 二零二五年 二零二四年 RMB'000 RMB'000 人民幣千元 人民幣千元 (Unaudited) (Unaudited) (未經審核) (未經審核) Rental income received from related parties 已收關聯方租金收入 210 210 # MANAGEMENT DISCUSSION AND ANALYSIS # DIVIDEND The Board does not recommend the payment of any interim dividend for the six months ended 30 September 2025 (for the six months ended 30 September 2024 interim dividend: Nil). # BUSINESS REVIEW 1. The revenue of the Group for the six months ended 30 September 2025 (the "Period") amounted to RMB68,818,000 (for the six months ended 30 September 2024: RMB104,254,000), which decreased by approximately $34\%$ as compared with that of the corresponding period last year. Profit attributable to the equity shareholders of the Company amounted to RMB10,042,000 (for the six months ended 30 September 2024: RMB20,575,000), which decreased by approximately $51\%$ as compared with that of the corresponding period last year. During the six months ended 30 September 2025, the Group recorded a fair value loss of RMB1,973,000 upon the transfer of certain shops from inventories to investment properties. Such transfer was an adjustment based on the Group's asset allocation strategy, with an aim of enhancing the long-term yield potential of its asset portfolio. 2. As at 30 September 2025, the Group had land bank of approximately 226,292 square meter ("sq.m.") (as at 31 March 2025: 230,791 sq.m.), which mainly included the land parcel located at Hecheng Sub-district, Gaoming District, Foshan (the "Foshan Project"), Phases 4 and 5 of Castfast Villas, Dongguan, and Louvre Mansion, Huizhou in the PRC. In addition, the Group also has a potential land reserve located in Yantian Village, Fenggang Town, Dongguan, the PRC, which is currently used as industrial land with a total land area of approximately 23,862 sq.m.. 3. 33 units of a three-old renewal residential project, Phase 4 of Castfast Villas, Dongguan were delivered and a revenue of RMB56,214,000 was recorded correspondingly, with a total area of approximately 3,245 sq.m. and an average selling price of approximately RMB18,900 per sq.m. during the Period. # 管理層討論及分析 # 股息 董事會並不建議派發截至二零二五年九月三十日止六個月的中期股息(截至二零二四年九月三十日止六個月中期股息：無)。 # 業務回顧 1. 本集團截至二零二五年九月三十日止六個月(「期內」)之收入為人民幣68,818,000元(截至二零二四年九月三十日止六個月:人民幣104,254,000元)較去年同期減少約34%;本公司權益持有人應佔溢利為人民幣10,042,000元(截至二零二四年九月三十日止六個月:人民幣20,575,000元),較去年同期減少約51%。 截至二零二五年九月三十日止六個月，由於本集團將部分商鋪由存貨轉為投資物業，因此期內錄得公允價值虧損人民幣1,973,000元。此項轉換乃基於本集團資產配置策略的調整，旨在提升資產組合的長期收益潛力。 2. 於二零二五年九月三十日，本集團的土地儲備約為226,292平方米(「平方米」)（於二零二五年三月三十一日：230,791平方米），主要包括處於內地之佛山高明荷城片區地塊(「佛山項目」)、東莞嘉輝豪庭第四、五期及惠州羅浮公館。此外，本集團在內地東莞市鳳崗鎮雁田村尚有一幅潛在土地儲備，現為工業用地，土地面積約為23,862平方米。 3. 三舊改造住宅項目—東莞嘉輝豪庭第四期住宅項目，期內已交付33個單位，共錄得收入為人民幣56,214,000元（共計約有3,245平方米，平均售價為每平方米約人民幣18,900元）。 4. 5 units of another three-old renewal residential project, Phase 5 of Castfast Villas, Dongguan were delivered and a revenue of RMB12,328,000 was recorded correspondingly, with a total area of approximately 703 sq.m. and an average selling price of approximately RMB19,100 per sq.m. during the Period. 5. The Group continues to communicate with relevant government departments in relation to the Foshan Project. The Group will carefully evaluate market sentiments and supply and demand trend to select the best time to proceed with development. 6. In order to maintain information transparency, the Company issued a profit warning announcement on 14 November 2025 for its unaudited condensed results for the six months ended 30 September 2025, which indicated a decrease of approximately $50\%$ in profit attributable to the equity shareholders of the Company as compared with that of the corresponding period last year. Such decrease is mainly attributable to (i) the inevitable reduction in property sales due to the fluctuation in market condition of the real estate market in the PRC; and (ii) the decrease in the fair value of the investment properties owned by the Group. 7. KPMG ("KPMG") has resigned as the auditor of the Company with effect from 24 October 2025 as the Company and KPMG could not reach a consensus on the audit fee for the financial year ending 31 March 2026. KPMG has not commenced any review or audit work on the consolidated financial statements of the Group for the year ending 31 March 2026 before its resignation. It is therefore expected that the change of auditor will not have any significant impact on the annual audit and the publication of annual results of the Group for the year ending 31 March 2026. The Board has, having regard to the recommendation from the audit committee of the Board (the "Audit Committee") and other factors, appointed Forvis Mazars CPA Limited ("Forvis Mazars") as the new auditor of the Company with effect from 24 October 2025 and to hold office until the conclusion of the next annual general meeting of the Company. The Company would like to welcome Forvis Mazars on its appointment as the auditor of the Company and express its sincere gratitude to KPMG for its professional and quality services rendered for the past years. 4. 另一三舊改造住宅項目—東莞嘉輝豪庭第五期住宅項目，期內已交付5個單位，共錄得收入為人民幣12,328,000元（共計約有703平方米，平均售價為每平方米約人民幣19,100元）。 5. 本集團持續就佛山項目與相關政府部門保持溝通，並審慎評估市場氣氛與供需節奏，以擇機推進開發。 6. 為保持資訊透明度，本公司已於二零二五年十一月十四日就截至二零二五年九月三十日止六個月之未經審核簡明綜合業績發出盈利警告，顯示本公司權益擁有人應佔溢利較上年同期下跌約 $50\%$ 。該下跌主要由於(i)內地房地產市場狀況波動，導致我們的物業銷售不可避免地減少；及(ii)本集團擁有之投資物業公允值減少。 7. 鉴於本集團與畢馬威會計師事務所（「畢馬威」）未能就截至二零二六年三月三十一日止財政年度之審計費用達成共識，畢馬威已辭任本公司核數師，自二零二五年十月二十四日起生效。畢馬威辭任前並未就本集團截至二零二六年三月三十一日止年度的綜合財務報表開展任何審查或審計工作，因此預期更換核數師不會對本集團截至二零二六年三月三十一日止年度的年度審計及年度業績的發佈產生任何重大影響。經考慮董事會審核委員會（「審核委員會」）的推薦建議及各種因素後，委任富睿瑪澤會計師事務所有限公司（「富睿瑪澤」）為本公司新任核數師，自二零二五年十月二十四日起生效，至下屆股東週年大會結束為止。 本公司謹此歡迎富睿瑪澤獲委任為本公司核數師，及感謝畢馬威多年提供之專業且優質的服務。 8. During the Period, the real estate market in the PRC is still undergoing adjustment and solidifying stage. The central government continues to introduce measures focusing on "stabilizing the real estate market and preventing risks", with an aim to optimize market structure, support residents' reasonable needs for housing and lower buying property burden. Trading activities are gradually stabilizing under the influence of policies, yet it still takes time to regain confidence. The Group is able to record gains under these circumstances, reflecting the resilience in its operating foundation. 9. In face of the complicated and challenging operating environment, the Group strives to "maintain its results, enhance its management, stabilize its finances and seek breakthrough", with an aim to increase value for the shareholders of the Company. (a) Maintain its Results: The Group adopts a marketing strategy of balanced quantity and price, understands market changes, flexibly adjusts its marketing strategy, enhances sale efficiency, and speeds up inventory reduction and fund recovery to stabilize operating results. (b) Enhance its Management: The Group promotes lean management, reduces cost and enhances efficiency, optimises management system and organizational structure and enhances operating efficiency. The Group also strictly controls construction quality, ensures compliance delivery, constantly enhances product quality and solidifies brand image. (c) Stabilize its Finances: Although the Group's earnings for the Period decreased, the Group has been able to maintain a positive earning level. The Group strives to achieve a solid financial structure and there is no significant borrowings or loans outstanding, all financial indexes remain at a healthy level, with cash and cash equivalents amounted to RMB196,532,000. The Group has adhered to strengthening risk management and internal control, adopted "safeguard value and lower risks" as its principles to safeguard the interests of the shareholders of the Company. 8. 期內，內地房地產市場整體仍處調整與穩固階段。中央圍繞「穩楼市、防風險」持續出台措施，著力優化市場結構、支持居民合理住房需求並降低購房負擔；在政策作用下，交易活動逐步回穩，惟信心修復仍需時間。於此環境下，本集團仍錄得盈利，反映經營基礎具一定韌性。 9. 虽然面對複雜而嚴峻的經營環境，本集團致力「保業績、提管理、穩財務、謀突破」，冀能為本公司股東提升價值。 (a) 保業績：本集團採取量價平衡的營銷策略，了解市場變化，靈活調整營銷策略，提升銷售效率，及加快去庫存及資金回籲，以穩定業績表現。 (b) 提管理：本集團推行精益管理，降本增效，優化管理制度及組織結構，提升營運效率。本集團亦嚴控施工質量，確保交付合規，持續提升產品品質與鞏固品牌口碑。 (c) 稳財務：本集團期內盈利雖然下降，但本集團仍能保持正面盈利水平。本集團力臻財務結構穩健，無顯著借款或未償還貸款，各項財務指標處健康水平。現金及現金等價物達人民幣196,532,000元。本集團一貫強化風險管理與內部監控，以「守價值、減風險」為準則，維護本公司股東利益。 (d) Seek Breakthrough: Since a heavy reliance on real estate development in the PRC could hardly enhance overall financial performance in a continuous manner and the industry is still undergoing an adjustment stage, the Group promoted diversified asset allocation as it deemed appropriate. In August 2025, an indirect wholly-owned subsidiary of the Company leased the land of Long Feng Villa* (龍鳳山莊), to expand cultural tourism-related business, drive property values and popularity of the nearby area and strengthen the rent-sales synergies of the area. For further details, please refer to the announcement of the Company dated 4 August 2025. In addition, in September 2025, an indirect wholly-owned subsidiary of the Company entered into a contractor construction contract with Shenzhen Lighting Century Technology Limited* ("Shenzhen Lighting Century") to initiate the night tour project of Long Feng Villa* (龍鳳山莊). Shenzhen Lighting Century is a leading cultural and creative industry team and also one of the enterprises to first enter the cultural tourism and night tourism industry. It possesses significant professional abilities and industry experiences in digital innovation and immersive experiences projects. The Group plans to promote the attractiveness and scale of the attractions by way of operation import and facilities enhancement, thereby enriching cultural tourism and creating synergies with the nearby residential project. For further details, please refer to the announcement of the Company dated 2 September 2025. The abovementioned measures will assist the Group to expand its business portfolio and diversify income stream, with an aim to strengthen its overall financial performance, which is in line with the Group's long-term development strategies. (d) 請突破：鑑於高度依賴內地房地產開發難以持續提升整體財務表現，且行業仍處調整期，本集團在其認為適當的情況下推進多元資產配置。於二零二五年八月，本公司間接全資附屬公司租賃龍鳳山莊之土地，以拓展文化旅游相關業務，帶動相鄰物業價值與區域人氣，強化區內租售協同（更多詳情請參閱本公司於二零二五年八月四日所刊發之公告）。 此外，於二零二五年九月，本公司間接全資附屬公司與深圳光影百年科技有限公司(「深圳光影百年」)訂立承包商施工合同，啟動龍鳳山莊之夜遊項目。深圳光影百年為中國領先的文化創意產業團隊，亦為最早涉足文旅夜遊領域的企業之一，於數字創新及沉浸式體驗項目方面擁有深厚專業實力與行業經驗。本集團計劃透過運營導入與設施升級，提升景區吸引力與規模，有望豐富文化旅游版圖並與相鄰住宅項目產生協同（更多詳情請參閱本公司於二零二五年九月二日所刊發之公告）。 上述措施有助本集團擴大業務組合、分散收入來源，並有望強化整體財務表現，與本集團之長期發展策略一致。 10. The Group is dedicated to creating a harmonious community, optimizing project design, ensuring the quality, safety and green level of the properties in compliance with regulatory requirements, attending to the impact of global climate change on the development of the real estate industry, pursuing green building and materializing sustainability among the corporate, the environment, the society and all stakeholders of the Group. # PROSPECTS Under the framework of the 14th Five-Year Plan and growth stabilizing policies, economy of the PRC is continuously promoting internal circulation and gradually solidifying on ground level, coupled with supporting monetary and property policies, the real estate market in the PRC has shown signs of recovery and gradual stability. The Group will adhere to the principle of cautious operation, constantly enhance operational resilience and professional abilities, strengthen management efficiency and market expansion, promote high quality and sustainable development based on a healthy financial foundation and precise investment as well as structure optimization. The Group has commenced of theme park n