金地商置2025 中期报告

Gemdale Properties and Investment Corporation Limited金地商置集團有限公司* (Incorporated in Bermuda with limited liability)（於百慕達註冊成立之有限公司） (Stock Code股份代號: 535) 2025INTERIM REPORT中 期 報 告 Contents目錄 4 11 12 16 18 21 56 Corporate Information公司資料 BOARD OF DIRECTORS 董事會 執行董事 Executive Directors 20256252025625 Mr. Huang Juncan(Chairman)Mr. Xu Jiajun(Chief Executive Officer)Mr. Li Ronghui (appointed on 25 June 2025)Mr. Wei Chuanjun(Chief Financial Officer)Mr. Ling Ke (retired on 25 June 2025) 非執行董事 Non-executive Directors Mr. Loh Lian HuatMs. Zhang Feiyun Loh Lian Huat 獨立非執行董事 Independent Non-executive Directors Mr. Hui Chiu ChungMr. Chiang Sheung Yee, AnthonyMr. Xia Xinping 委員會 COMMITTEES 審核委員會 Audit Committee Mr. Xia Xinping(Chairman)Mr. Hui Chiu ChungMr. Chiang Sheung Yee, Anthony 提名委員會 Nomination Committee Mr. Huang Juncan(Chairman)Mr. Hui Chiu ChungMr. Chiang Sheung Yee, Anthony 薪酬委員會 Remuneration Committee Mr. Hui Chiu Chung(Chairman)Mr. Xia XinpingMr. Xu Jiajun 公司秘書 COMPANY SECRETARY Mr. Wong Ho Yin 註冊辦事處 REGISTERED OFFICE Victoria Place, 5th Floor31 Victoria StreetHamilton HM 10Bermuda Victoria Place, 5th Floor31 Victoria StreetHamilton HM 10Bermuda 香港總辦事處及主要營業地址 HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESSIN HONG KONG 11116 16/F, Lee Garden Six,111 Leighton Road,Causeway Bay,Hong Kong. 股份過戶登記總處 PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE Ocorian Services (Bermuda) LimitedVictoria Place, 5th Floor31 Victoria StreetHamilton HM 10Bermuda Ocorian Services (Bermuda) LimitedVictoria Place, 5th Floor31 Victoria StreetHamilton HM 10Bermuda 香港股份過戶登記分處 BRANCH SHARE REGISTRAR AND TRANSFEROFFICE IN HONG KONG 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 核數師 AUDITORS Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor LEGAL ADVISERS 法律顧問 Sidley AustinSit, Fung, Kwong & Shum PRINCIPAL BANKERS 主要往來銀行 The Bank of East Asia, LimitedChina CITIC Bank International LimitedCMB Wing Lung Bank LimitedDBS Bank (Hong Kong) LimitedStandard Chartered Bank (Hong Kong) Limited COMPANY WEBSITE 公司網址 http://www.gemdalepi.com http://www.gemdalepi.com STOCK CODE 股份代號 535 535 Management Discussion and Analysis管理層之討論及分析 財務回顧 FINANCIAL REVIEW 202563020241231202511 The accounting policies adopted in the preparation of the financialstatements for the six months ended 30 June 2025 are consistentwiththose used in the last financial year ended 31 December2024, except that the Group has applied, for the first time, therevisedHong Kong Financial Reporting Standards(“HKFRS”,which include all HKFRSs, Hong Kong Accounting Standards andInterpretations)issued by the Hong Kong Institute of CertifiedPublic Accountants which are effective for the Group’s financialyears beginning on or after 1 January 2025. 截至2025年6月30日止六個月之業績 RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2025 2 0 2 563 02 0 2 463 03,286,900,0006,467,800,0003,180,900,000 The revenue of the Group increased from RMB3,286.9 million forthe corresponding six months ended 30 June 2024 to RMB6,467.8millionfor the six months ended 30 June 2025,increased byRMB3,180.9 million. The increase was mainly due to increase inrevenue recognition from sales of properties during the period. 2024630354,300,000195,700,00098,400,00028,000,000 Otherincome and gains decreased from RMB354.3 million forthe corresponding six months ended 30 June 2024 to RMB195.7million for the current period. The decrease was mainly due toreduction in interest income of RMB98.4 million and consultingservices income of RMB28.0 million. 20256302024630627,800,000608,500,000 The Group’s direct operating expenses for the six months ended30June 2025 decreased to RMB608.5 million from RMB627.8million for the corresponding period ended 30 June 2024. TheGroupcontinued to streamline its workforce and resulted inareduction in staff cost.However,as certain projects werecompletedwith sales revenue recognised during the currentperiod, sales expenses increased accordingly, offsetting part ofthe salary savings. 2024630613,100,000493,800,000112,000,000 Thefinance cost went down from RMB613.1 million for thecorresponding period ended 30 June 2024 to RMB493.8 million forthe current period. Due to partial repayment of bank borrowingsandreduction in loan interest rates,the interest expenses onborrowings for the current period decreased by RMB112.0 million(net of capitalised interest). Management Discussion and Analysis管理層之討論及分析 Impairmentlosses of receivables for the current period wasRMB773.9million,of which RMB733.2 million was made forthe receivables from joint ventures and associates where largeimpairmentmade for the inventory of properties held by thosejoint ventures and associates. For the corresponding period of lastyear, RMB281.7 million of impairment losses of receivables wasreported, of which RMB212.4 million was made for the receivablesfromjoint ventures where their inventory of properties wasim