禹洲集团：2025年中期报告

Contents目錄 2Corporate Information公司資料4Chairman’s Statement主席報告11Management Discussion and Analysis管理層討論及分析28Other Information其他資料49Condensed Consolidated Statement of Profit or Loss簡明綜合損益表51Condensed Consolidated Statement of Comprehensive Income簡明綜合全面收益表52Condensed Consolidated Statement of Financial Position簡明綜合財務狀況表54Condensed Consolidated Statement of Changes in Equity簡明綜合權益變動表56Condensed Consolidated Statement of Cash Flows簡明綜合現金流量表59Notes to Interim Financial Information中期財務資料附註 CORPORATE INFORMATION公司資料 執行董事郭英蘭女士林聰輝先生 EXECUTIVE DIRECTORSMs. Kwok Ying LanMr. Lin Conghui 非執行董事 NON-EXECUTIVE DIRECTORS 林龍安先生林懷漢先生（於2025年9月1日獲委任為非執行董事）梁興超先生（於2025年4月11日獲委任為非執行董事並已於2025年8月29日辭任）宋家俊先生（已於2025年4月11日辭任） Mr. Lam Lung OnMr. Lam Wai Hon(appointed as non-executive Director onSeptember 1, 2025)Mr. Liang Xingchao(appointed as non-executive Director onApril 11, 2025 and resigned on August 29, 2025)Mr. Song Jiajun(resigned on April 11, 2025) 獨立非執行董事林廣兆先生黃循強先生于上游先生 INDEPENDENT NON-EXECUTIVE DIRECTORS Mr. Lam Kwong SiuMr. Wee Henny Soon ChiangMr. Yu Shangyou 審核委員會黃循強先生（主席）林廣兆先生于上游先生 AUDIT COMMITTEE Mr. Wee Henny Soon Chiang(Chairman)Mr. Lam Kwong SiuMr. Yu Shangyou 薪酬委員會林廣兆先生（主席）郭英蘭女士黃循強先生 REMUNERATION COMMITTEE Mr. Lam Kwong Siu(Chairman)Ms. Kwok Ying LanMr. Wee Henny Soon Chiang 提名委員會林廣兆先生（主席）郭英蘭女士黃循強先生 NOMINATION COMMITTEE Mr. Lam Kwong Siu(Chairman)Ms. Kwok Ying LanMr. Wee Henny Soon Chiang 可持續發展委員會郭英蘭女士（主席）林龍安先生林聰輝先生 SUSTAINABILITY COMMITTEE Ms. Kwok Ying Lan(Chairman)Mr. Lam Lung OnMr. Lin Conghui 公司秘書邱于賡先生 COMPANY SECRETARYMr. Chiu Yu Kang 授權代表林龍安先生郭英蘭女士 AUTHORIZED REPRESENTATIVESMr. Lam Lung OnMs. Kwok Ying Lan 註冊辦事處 REGISTERED OFFICE Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands 中國主要行政及管理中心 PRINCIPAL ADMINISTRATION ANDMANAGEMENT CENTERS IN THE PRCYuzhou Plaza 中華人民共和國上海浦東新區金港路299號禹洲廣場 299 Jingang RoadPudong New DistrictShanghaiPeople’s Republic of China 中華人民共和國深圳南山區科苑北路禹洲廣場 Yuzhou PlazaKeyuan North RoadNanshan DistrictShenzhenPeople’s Republic of China 香港主要營業地址香港 PRINCIPAL PLACE OF BUSINESS IN HONG KONGUnits 5801-02, 58/F The Center99 Queen’s Road CentralCentralHong Kong 中環皇后大道中99號中環中心58樓5801-02室 本公司網址https://yuzhou-group.com/ COMPANY’S WEBSITEhttps://yuzhou-group.com/ 主要股份過戶登記處 PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICERoyal Bank of Canada Trust Royal Bank of Canada TrustCompany (Cayman) Limited4th Floor, Royal Bank House24 Shedden Road, George TownGrand Cayman KY1-1110Cayman Islands Company (Cayman) Limited4th Floor, Royal Bank House24 Shedden Road, George TownGrand Cayman KY1-1110Cayman Islands 香港證券登記處香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712–1716號鋪 HONG KONG SHARE REGISTRARComputershare Hong Kong Investor Services Limited Shops 1712–1716, 17th Floor, Hopewell Centre183 Queen’s Road East, Wanchai, Hong Kong 核數師 AUDITORPrism Hong Kong Limited 栢淳會計師事務所有限公司註冊公眾利益實體核數師香港九龍尖沙咀天文臺道8號19樓1903A-1905室 Registered Public Interest Entity AuditorUnits 1903A-1905, 19/F, 8 Observatory RoadTsim Sha Tsui, Kowloon, Hong Kong 法律顧問普衡律師事務所（香港）有限法律責任 LEGAL ADVISORSPaul Hastings (Hong Kong) LLP 合夥（關於香港法律）Conyers Dill & Pearman（關於開曼群島法律） (as to Hong Kong law)Conyers Dill & Pearman (as to Cayman Islands law) 主要往來銀行中國工商銀行中國建設銀行中國農業銀行中國銀行中國銀行（香港）滙豐銀行恒生銀行中信銀行（國際） PRINCIPAL BANKERSIndustrial and Commercial Bank of China China Construction Bank CorporationAgricultural Bank of ChinaBank of ChinaBank of China (Hong Kong)Hongkong and Shanghai Banking CorporationHang Seng BankChina CITIC Bank International CHAIRMAN’SSTATEMENT主 席 報 告 Shaoxing Yuzhou Yinyue Mansion紹興禹洲•印樾府 CHAIRMAN’S STATEMENT主席報告CHAIRMAN’S STATEMENT主席報告 尊敬的各位股東： Dear Shareholders, 本人謹代表禹洲集團控股有限公司（「禹洲集團」或「本公司」）之董事會，欣然提呈本公司及附屬公司（「本集團」或「集團」）截至2025年6月30日止六個月期間（「期內」）之半年業績報告，請各位股東審閱。 On behalf of the board of directors of Yuzhou Group HoldingsCompany Limited (“Yuzhou Group” or the “Company”), I am pleasedto present the interim results report of the Company and its subsidiaries(the “Group”) for the six-month period ended June 30, 2025 (the“Period”) for your review. 2025年上半年，國家宏觀經濟總體依然保持穩定向上發展態勢，而房地產行業在經歷了前幾年的深度調整後，依然在低位區間震蕩徘徊，市場情緒表現與國家宏觀政策刺激呈高度協同效應。受益於去年四季度以來，降低首付比例、取消房貸利率下限、下調公積金貸款利率等政策的陸續出台並落地實施，購房需求得以釋放，2025年一季度市場延續修復態勢；儘管4月中央政治局會議明確提出「加大高品質住房供給」，6月國務院常務會議強調「更大力度推動止跌回穩」，政策定調持續積極，但二季度隨著經濟下行壓力加大，消費者信心有所波動，政策對市場邊際效應減弱，使得商品房銷售在3月「小陽春」行情後，掉頭繼續向下調整。國家統計局數據顯示，2025年上半年，全國新建商品房銷售金額為人民幣44,241億元，同比下降5.5%；其中，住宅銷售額同比下降5.2%。 In the first half of 2025, the overall macroeconomic performance ofChina continued to demonstrate steady growth. However, the real estateindustry, after years of deep adjustments, still fluctuated and stagnatedat low levels, and the market sentiment showed a high degree ofalignment with the stimulation of the national macro-policy. Benefitingfrom the policy measures introduced and implemented since thefourth quarter of 2024, including reduced down payments, abolishedmortgage rate floors and lower prov