五矿地产二零二五年中期报告

(Incorporated in Bermuda with limited liability)Stock Code230 關 於 五 礦 地 產AboutMinmetals Land Minmetals Land Limitedis a subsidiary and the sole listed real estate flagship of China Minmetals Corporation in Hong Kong. Minmetals Land Limited’sprincipalbusiness includes real estate development,propertymanagement, specialised construction and property investment.Currently,its real estate development business covers the PanBohai Rim, Yangtze River Delta, Central China Region, Chengdu-Chongqing Region and Pearl River Delta (including Hong Kong). 五 礦 地 產 有 限 公 司 目 錄Contents Corporate Information456173240428284Financial HighlightsGroup PropertiesManagement Discussion and AnalysisOther InformationReport on Review of CondensedConsolidated Financial StatementsCondensed Consolidated FinancialStatementsGlossary of TermsAbout China MinmetalsCorporation 公 司 資 料CORPORATE INFORMATION 執行董事—————非執行董事獨立非執行董事公司秘書法律顧問獨立核數師•8835主要往來銀行股份過戶登記分處1831717121716註冊辦事處Victoria Place,5th Floor, 31 Victoria Street,Hamilton HM 10,Bermuda香港主要營業地點79182613 63632581 9823info@minmetalsland.com網址http://www.minmetalsland.com EXECUTIVE DIRECTORSMr. He Jianbo — Chairman Mr. Liu Bo — Managing Director(retired on 15 May 2025)Mr. Dai Pengyu — Managing Director(appointed on 15 May 2025)Mr. Chen Xingwu — Deputy Managing DirectorMr. Yang Shangping — Deputy Managing DirectorNONEXECUTIVE DIRECTORS Ms. He XiaoliMr. Huang GuopingINDEPENDENT NONEXECUTIVE DIRECTORS Mr. Lam Chung Lun, Billy (retired on 27 June 2025)Ms. Law Fan Chiu Fun, FannyProfessor Wang XiuliMr. Su Terry Lumin(appointed on 23 May 2025)COMPANY SECRETARY Mr. Yiu Yu CheungLEGAL ADVISORNorton Rose Fulbright Hong KongINDEPENDENT AUDITOR Deloitte Touche TohmatsuCertified Public AccountantsRegistered Public Interest Entity Auditor35th Floor, One Pacific Place,88 Queensway, Hong KongPRINCIPAL BANKERS Agricultural Bank of China LimitedBank of China (Hong Kong) LimitedBank of Communications Company, LimitedChina Construction Bank CorporationChong Hing Bank LimitedCMB Wing Lung Bank LimitedChina Zheshang Bank Company, LimitedIndustrial and Commercial Bank of China (Asia) LimitedIndustrial Bank Company, Limited BRANCH SHARE REGISTRARComputershare Hong Kong Investor Services Limited Shops 1712–1716,17th Floor, Hopewell Centre,183 Queen’s Road East,Wan Chai, Hong KongREGISTERED OFFICE Victoria Place, 5th Floor, 31 Victoria Street,Hamilton HM 10,Bermuda PRINCIPAL PLACE OF BUSINESS INHONG KONG18th Floor, China Minmetals Tower, 79 Chatham Road South, Tsimshatsui,Kowloon, Hong KongTel: 2613 6363Fax: 2581 9823Email : info@minmetalsland.com 財 務 摘 要FINANCIAL HIGHLIGHTS 集 團 物 業GROUP PROPERTIES GROUP PROPERTIES集 團 物 業 GROUP PROPERTIES集 團 物 業 MAJOR INVESTMENTPROPERTIES主 要 投 資 物 業 MANAGEMENTDiscussion andANALYSIS 管 理 層 討 論 及 分 析MANAGEMENT DISCUSSION AND ANALYSIS 經營回顧概述 OPERATION REVIEWOverview 44.8%5.8010.505.8510.4412.921.59 In the first half of 2025, the real estate market continued to experienceasignificant overhaul,with a decline in real estate developmentinvestment and sluggish sales. Some real estate companies still facedliquidity risks, and market confidence had not yet been fully restored.Despite the implementation of housing support policies at the end of2024, the recovery of the real estate industry remained fragile. TheGroup’s loss for the period decreased by 44.8% to HK$580 million(30 June 2024: HK$1,050 million) compared to the same period lastyear, with the loss attributable to equity holders at HK$585 million (30June2024:HK$1,044 million).The core loss attributable to equityholders of the Company1was HK$292 million (30 June 2024: HK$159million). Note: 1. 1.“Core loss attributable to equity holders of the Company” excludes allowance forimpairment of inventories, share of impairment of inventories of associates and jointventures,exchange loss/gain,fair value changes of investment properties andallowance/reversal for impairment of receivables and other receivables. 市場回顧 Market Review 44,2415.5%45,8513.5%46,65811.2%63,3329.1% In the first half of 2025, the overall real estate market was sluggish, withbothnew home sales as well as development and constructiondeclining. Real estate sales continued to search for the bottom. Withthecontinued favorable policy of easing,short-term sales wereboosted, but the inventory clearance cycle was still at a high level.Accordingto data published by the National Bureau of Statistics,national commercial housing sales decreased by 5.5% year-on-year toRMB4,424.1 billion from January to June 2025, while the commercialhousing sales by floor area decreased by 3.5% year-on-year to 458.51million square meters. Affected by factors such as sluggish sales anddifficult financing environment, real estate construction continued toslow down. According to data from the National Bureau of Statistics,nationalproperty investment decreased by 11.2%year-on-year toRMB4,665.8 billion during January to June 2025 while the developer’shousing construction are