正商实业2025年中期报告

2Corporate Information4Property Development in the PRC and Project Summary19Management Discussion and Analysis30Other Information37Interim Condensed Consolidated Statement of Profit or Loss38Interim Condensed Consolidated Statement of Comprehensive Income39Interim Condensed Consolidated Statement of Financial Position41Interim Condensed Consolidated Statement of Changes in Equity43Interim Condensed Consolidated Statement of Cash Flows45Notes to the Interim Condensed Consolidated Financial Statements The performance and the results of operations of Zensun Enterprises Limited (the “Company”) and its subsidiaries (collectively, the “Group”) as set out inthis interim report are historical in nature and past performance is not a guarantee of future performance. This interim report may contain forward-lookingstatements and opinions (including statements, figures, plans, images and other information) that involve risks and uncertainties. Actual results may also differmaterially from expectations discussed in such forward-looking statements and opinions. Neither the Group nor any of its directors, employees or agents shallassume any obligations or liabilities in the event that any forward-looking statements or opinions does not materialise or turns out to be incorrect. CORPORATE INFORMATION BOARD OF DIRECTORS Executive DirectorsZhang Jingguo(Chairman andChief Executive Officer)Zhang Guoqiang Non-Executive DirectorHuang Yanping Huang Yanping Independent Non-Executive DirectorsLiu DaMa YuntaoLi Huiqun AUDIT COMMITTEELiu Da(Chairman)Ma YuntaoLi Huiqun REMUNERATION COMMITTEE Ma Yuntao(Chairman)Zhang JingguoLi Huiqun NOMINATION COMMITTEELi Huiqun(Chairman)Zhang JingguoLiu Da AUTHORISED REPRESENTATIVESZhang JingguoZhang Guoqiang COMPANY SECRETARYChang Eric Jackson AUDITORPrism Hong Kong LimitedRegistered Public Interest Entity Auditor SOLICITORHowse Williams PRINCIPAL BANKERS China Construction Bank (Asia)Corporation LimitedCredit Suisse AGEast West BankHang Seng Bank LimitedIndustrial and Commercial Bank ofChina (Asia) LimitedUnited Overseas Bank Limited SHARE REGISTRAR 1617 Tricor Friendly Limited17/F, Far East Finance Centre,16 Harcourt RoadHong Kong 40-4424 REGISTERED OFFICE 24th FloorWyndham Place40-44 Wyndham StreetCentral, Hong Kong www.zensunenterprises.com* CORPORATE WEBSITEwww.zensunenterprises.com* INVESTOR RELATIONSEmail: ir@185hk.com ir@185hk.com STOCK CODEStock Exchange: 185 185 PROPERTY DEVELOPMENT IN THE PRC ANDPROJECT SUMMARY As at 30 June 2025, the Group had 86 completedproperty projects and/or sub-phases and 20 on-goingcomplex property projects on hand with 88 land parcelsunder development and planning with an aggregate sitearea of approximately 6.3 million square metres (“sq.m.”)and aggregate estimated gross floor area (“GFA”) ofapproximately 13.5 million sq.m. in the People’s Republicof China (“PRC”). In return, it is expected that the landreserves will bring to the Group with estimated saleable/leasable GFA under development of approximately2.6 million sq.m. and estimated GFA under planning ofapproximately 2.4 million sq.m.. 20256 308620886.313.52.62.4 MANAGEMENT DISCUSSION AND ANALYSISINTERIM RESULTS AND DIVIDEND During the Period, the Group recorded revenue ofapproximately RMB2,624.1 million and gross profit ofapproximately RMB59.5 million, with an increase ofapproximately 1,326.9% as compared to revenue ofapproximately RMB183.9 million and an increase ofapproximately 340.7% as compared to gross profit ofapproximately RMB13.5 million for the correspondingperiod of 2024, respectively. Revenue and gross profitof the Period and the corresponding period of 2024were primarily derived from the property developmentbusiness in the PRC. The increase in revenue duringthe Period was mainly contributed by more deliveryof saleable/leasable gross floor area (“GFA”) fromthe delivery of the Group’s completed propertydevelopment projects during the Period as comparedto the corresponding period of 2024. The increasein gross profit during the Period as compared to thecorresponding period of 2024 was resulted from moredelivery of the GFA. The lower gross profit margin ofapproximately 2.3% for the Period as compared to7.3% for the corresponding period of 2024 was resultedfrom recognition of certain lower profit margin propertyprojects during the Period, which was caused byunexpected higher construction cost and suppressedselling prices under the decreasing public purchasingdesires and power derived from the macroeconomicdownturn and the continued depletion of demand inreal estate properties. 2,624.159.52024183.91,326.9%13.5340.7%2024202420242.3%20247.3% The Group had other income of approximatelyRMB2.4 million during the Period, with a decrease ofapproximately 42.9% as compared to approximatelyRMB4.2 million for the corresponding period of 2024. 2.420244.242.9% 270.220241,439.3(i)268.520241,241.5(ii)22.22024147.9(iii)21.2202454.4(iv)5.620242.8(v)2.920247.3 The Group had net other