合生创展集团中期报告2025

Interim Report2025 CONTENTS目 錄 Interim Results and DividendManagement Discussion and AnalysisFinancial ReviewInterim Condensed Consolidated Financial InformationDirectors’ and Chief Executives’Interests and Short Positions in Shares,Underlying Shares and DebenturesSubstantial ShareholdersOther Information02031520717374 INTERIM RESULTS AND DIVIDEND中期業績及股息 1,7320.46 The board (the “Board”) of directors (the “Directors”) of Hopson DevelopmentHoldings Limited (“Hopson” or “Hopson Development” or the “Company”)is pleased to announce that the unaudited consolidated loss attributable toequity holders of the Company and its subsidiaries (collectively the “Group”)for the six months ended 30 June 2025 amounted to approximately HK$1,732million. Basic and diluted losses per share was HK$0.46. The Board did not recommend the payment of any interim dividend for the sixmonths ended 30 June 2025 (2024: HK$Nil). MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 The Group’s business is divided into five major segments consisting of realestate, commercial, property management, investments and infrastructure. A.地產板塊 A.REAL ESTATE SEGMENT I. I.Revenue from and development of the real estatesegment 27.94me19,461 In the first half of 2025, the recognised sales from the real estate segmentamounted to HK$2,794 million. The major projects delivered includeHopson MIYĀ (me), The Town of Hangzhou Bay (), YUNĒ in Guangzhou (), Hopson Shidai City () and Hopson YUNĒ (). The overall average sellingprice in respect of delivered and completed properties was RMB19,461per square metre. 79.2838.0919.2521.941025,070 In the first half of 2025, the contracted sales of the Group amountedto RMB7,928 million. In terms of regional sales, the sales in the YangtzeRiver Delta, the Guangdong-Hong Kong-Macao Greater Bay Area andthe Bohai Rim Economic Zone amounted to RMB3,809 million, RMB1,925million and RMB2,194 million, respectively. During the first half of 2025,the Group boosted the sales of high-end improvement products, andthe sales of products targeting rigid demand remained strong as usual.In particular, YUNĒ in Shanghai () had achieved excellent salesexceeding RMB1,000 million. The average selling price of contractedproperty sales was RMB25,070 per square metre. Management Discussion and Analysis (Continued) A.地產板塊（續） A.REAL ESTATE SEGMENT(Continued) II. II.Real estate segment development strategies 2,656 The Group has abundant quality, low-cost land bank in first-tiercities such as Beijing, Shanghai and Guangzhou, which is one of thecore competitive edges of the Group for maintaining sustainabledevelopment. During the period, the Group did not acquire any landbank. As at 30 June 2025, the Group had a land bank of 26.56 millionsquare metres, which was sufficient for the Group’s development needsin the future. In order to acquire quality land in first-tier cities efficiently,the Group will actively cooperate with the government in facilitatingurban redevelopment projects, thus enabling the Group to expand intoprime locations in core cities while avoiding high land premium resultingfrom tenders, auctions, listing and bidding. a. a.Usage and location 2025 witnessed further complication and fluctuation in the globallandscape, stirring chaos in international economy and trades tocreate heightened instability and uncertainty. In the face of suchcomplications,all regional administrations and authorities havethoroughly implemented the directives and strategic plans of thecentral government and the State Council to coordinate domesticeconomic efforts and tackle the challenges in international economyand trades. With more proactive macro-policies put in place tostabilize employment, businesses, markets, and expectations, thenational economy has weathered through the adversity to achievestabilization, with key indicators outperforming expectations. Further,notable progress has been made in terms of high-quality development,propelling the economy to a steady growth momentum. In the first half of the year, in response to the directives and strategic planof the central government to stabilize the real estate market, all regionaladministrations and authorities implemented relevant measures in a“city-specific” manner. The effectiveness of the policies and measureswas supported by statistics. Despite fluctuations fund in the first half ofthe year, a general turnaround has been seen in the real estate market.The policy effects were mainly reflected in three aspects: First, market transaction volume has seen signs of improvement, withthe year-on-year decline in commercial housing sales narrowing.Commercial housing transactions were relatively active, especially in thesecondary market, where transaction volume has increased as comparedto the same period last year. Second, the overall decline in market prices has narrowed, with somecities seeing rises. Despite fluctuations in the sales prices of newcommercial housing in tier 1, tier 2 and tier 3