浦江中国2025中期报告

Stock Code1417(Incorporated in the Cayman Islands with limited liability) I N T E R I M R E P O R T2025 CONTENTS 2Financial Highlights3Definitions7Corporate Information9The Group10Management Discussion and Analysis21Other Information2930313335 Interim Condensed Consolidated Statementof Profit or LossInterim Condensed Consolidated Statementof Comprehensive IncomeInterim Condensed Consolidated Statementof Financial PositionInterim Condensed Consolidated Statementof Changes in EquityInterim Condensed Consolidated Statementof Cash Flows37Notes to Interim Condensed ConsolidatedFinancial Information FINANCIAL HIGHLIGHTS * Inthis interim report,unless the context otherwiserequires, the following terms and expressions shall havethe meanings set out below. The English translation ofcompany names in Chinese or another language whichare marked with “*” is for identification purposes only. DEFINITIONS DEFINITIONS VitalKingdom Investments Limited(),a companyincorporated under laws of the BVI on 17 May 2016 with limited liability,whichis wholly-owned by Mr.Xiao and is one of the ControllingShareholders per centum or percentage CORPORATE INFORMATION BOARD OF DIRECTORSExecutive Directors Mr. Xiao Xingtao(Chairman)Mr. Fu QichangMr. Xiao YuqiaoMs. Wang Hui Non-executive DirectorMr. Zhang Yongjun Independent non-executive Directors Mr. Cheng DongMr. Weng GuoqiangMr. Shu Wa Tung Laurence AUDIT COMMITTEE Mr. Shu Wa Tung Laurence(Chairman)Mr. Cheng DongMr. Weng Guoqiang REMUNERATION COMMITTEE Mr. Cheng Dong(Chairman)Mr. Fu QichangMr. Xiao YuqiaoMr. Shu Wa Tung LaurenceMr. Weng Guoqiang NOMINATION COMMITTEE Mr. Xiao Xingtao(Chairman)Mr. Fu QichangMr. Cheng DongMr. Shu Wa Tung LaurenceMr. Weng Guoqiang HEADQUARTER IN THE PRC 2814 14th Floor, Jiushi Tower28 South Zhongshan RoadShanghai, PRC PRINCIPAL PLACE OF BUSINESSIN HONG KONG 33191918 Room 1918, 19/FLee Garden One33 Hysan AvenueCauseway Bay, Hong Kong CORPORATE INFORMATION COMPANY SECRETARYMr. Cai Yufei AUTHORISED REPRESENTATIVESMr. Xiao YuqiaoMr. Cai Yufei LEGAL ADVISERCheung & Choy, Solicitors & Notaries AUDITOR 97927 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong PRINCIPAL BANKERS Shanghai Pudong Development Bank Co., Ltd.Bank of China (Hong Kong) Limited PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE IN THE CAYMANISLANDS Conyers Trust Company (Cayman) LimitedCricket SquareP.O. Box 2681Grand Cayman, KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareP.O. Box 2681Grand Cayman, KY1-1111Cayman Islands HONG KONG BRANCH SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong WEBSITE ADDRESSwww.riverinepm.com www.riverinepm.com SECURITIES CODEEquity: 1417.hk 1417.hk ir@ppmc.com.cn COMPANY ENQUIRESEmail: ir@ppmc.com.cn THE GROUP The Group is a comprehensive provider of urban publicser vicesin the PRC and is mainly engaged in theprovision of property management service for high-endnon-residential properties, leases services of commercialbuildings, catering services and integrated urban sanitaryservices in the PRC. (i)(ii)(iii)(iv) T h eG r o u p p r o v i d e s a w i d e r a n g e o f p r o p e r t ymanagementservices and value-added services to avarietyof properties.The properties managed by theGroupcan generally be classified into four categoriesbasedon nature and usage,which are comprised of(i)public properties(including public arenas such asculturalvenues,stadiums,exhibition halls and publictransportation properties such as rail station and airportetc.); (ii) commercial establishments (including shoppingmalls, hotels, commercial and entertainment complexes)and office buildings; (iii) residential properties; and (iv)others(including schools,land parcels,industrial areasand properties under construction). T h ei n t e g r a t e d u r b a n s a n i t a r y s e r v i c e s i n c l u d eroadcleaning,refuse classification,collec tion andtransportation and maintenance of public environmentalsanitaryfacilities such as public toilets and garbagecontainers. MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY OVERVIEW Theurbanization development of the PRC has beengradually accelerating since 1980s with urbanization rateincreasing from approximately 19.4% in 1980 to 67.00%in2024.As compared with the average urbanizationrate of approximately 70% in developed countries, therearefurther potential for urbanization development inthe PRC. Improved urbanization has led to an increaseddemand for residential and other property developments,resultingin an increased demand for comprehensiveurbanpublic services including property managementservices,sublease services from investment propertiesand urban sanitary services. 198019.4%202467.00%70% However,amid the global economic downturn,therecoveryof post-pandemic economy remained sluggishandalso resulted in the reduction of governmentexp