万城控股2025中期报告

(Incorporated in the Cayman Islands with limited liability)Stock code: 2892 2025中期報告INTERIM REPORT Corporate Information2Chairman’s Statement5Financial Highlights7Management Discussion and Analysis8Other Information19Consolidated Statement of Profit or Loss30Consolidated Statement of Profit or Loss andOther Comprehensive Income31Consolidated Statement of Financial Position32Consolidated Statement of Changes in Equity34Condensed Consolidated Statement of Cash Flows35Notes to the Unaudited Interim Financial Report37Glossary63 Corporate Information BOARD OF DIRECTORS SBS, JPBBS, MH, JP Mr. Wong Ting ChungSBS, JP(Chairman)Mr. Lau Ka KeungBBS, MH, JP(Chief Executive Officer)Mr. Li Wa Tat, Benedict Non-executive DirectorMs. Wong Wai Ling Independent non-executive Directors GBS, JP頴BBS, JP202541202541 Mr. Ip Shu Kwan, StephenGBS, JPMr. Li YinquanMs. Man Wing Yee, GinnyBBS, JP(appointment with effect from 1 April 2025)Mr. Chan Hiu Fung, Nicholas (resignation with effect from1 April 2025) BOARD COMMITTEESAudit Committee GBS, JP頴BBS, JP202541202541 Mr. Li Yinquan(Chairman)Mr. Ip Shu Kwan, StephenGBS, JPMs. Man Wing Yee, GinnyBBS, JP(appointment with effect from 1 April 2025)Mr. Chan Hiu Fung, Nicholas (resignation with effect from1 April 2025) Remuneration Committee 頴BBS, JP202541SBS, JPBBS, MH, JPGBS, JP20254 1 Ms. Man Wing Yee, GinnyBBS, JP(Chairman)(appointment with effect from 1 April 2025)Mr. Wong Ting ChungSBS, JPMr. Lau Ka KeungBBS, MH, JPMr. Li YinquanMr. Ip Shu Kwan, StephenGBS, JPMr. Chan Hiu Fung, Nicholas (resignation with effect from1 April 2025) Nomination Committee GBS, JPSBS, JPBBS, MH, JP頴BBS, JP202541202541 Mr. Ip Shu Kwan, StephenGBS, JP(Chairman)Mr. Wong Ting ChungSBS, JPMr. Lau Ka KeungBBS, MH, JPMr. Li YinquanMs. Man Wing Yee, GinnyBBS, JP(appointment with effect from 1 April 2025)Mr. Chan Hiu Fung, Nicholas (resignation with effect from1 April 2025) Executive Committee BBS, MH, JPSBS, JP Mr. Lau Ka KeungBBS, MH, JP(Chairman)Mr. Wong Ting ChungSBS, JPMr. Li Wa Tat, Benedict COMPANY SECRETARYMr. Li Wa Tat, Benedict BBS, MH, JP AUTHORISED REPRESENTATIVESMr. Lau Ka KeungBBS, MH, JPMr. Li Wa Tat, Benedict REGISTERED OFFICE INTHE CAYMAN ISLANDS Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681, Grand CaymanKY1-1111, Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681, Grand CaymanKY1-1111, Cayman Islands HEADQUARTER AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG Unit D, 21/F., Block 1Tai Ping Industrial Centre57 Ting Kok RoadTai Po, New TerritoriesHong Kong 5721D CAYMAN ISLANDS PRINCIPAL SHAREREGISTRAR AND TRANSFER OFFICE Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681, Grand CaymanKY1-1111, Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681, Grand CaymanKY1-1111, Cayman Islands HONG KONG SHARE REGISTRAR 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchai, Hong Kong Corporate Information(Continued) AUDITOR 11125 BDO Limited25/F, Wing On Centre111 Connaught Road,Central,Hong Kong LEGAL ADVISER 140 Chiu & Partners40/F, Jardine House1 Connaught PlaceHong Kong PRINCIPAL BANKERSHang Seng Bank LimitedThe Bank of East Asia, Limited 2892 STOCK CODE2892 http://www.millioncities.com.cn WEBSITE OF THE COMPANYhttp://www.millioncities.com.cn Chairman’s Statement Dear shareholders, 20256302025 On behalf of the Board, I hereby present the interim report oftheGroup for the six months ended 30 June 2025(“2025Interim Period”). MARKET REVIEW 2025 In the 2025 Interim Period, the domestic real estate industryremained in a period of adjustment, with the overall propertymarket continuing to experience sluggish performance. Whiletheprojected declines in sales and investment volumes areexpected to narrow slightly, market sentiment is anticipated toremain weak. The credit restoration of real estate enterpriseshas not yet been fully accomplished, with homebuyers lackingconfidence in the real estate sector, leading to a cautious flowof funds. Due to the prominent issue of supply and demandimbalance,housing prices are facing downward pressureespecially in third- and fourth-tier cities. Burdened by significantinventorybacklogs and extended destocking periods,thepropertymarket was likely to face greater downward risks.Despitethe introduction of a series of favorable real estatepolicies,their impact has been limited,with the market notshowingsignificant response.It is anticipated that the timerequired for the property market to bottom out and stabilizemay be relatively prolonged. BUSINESS REVIEW Despitethe numerous challenges facing the real estateindustry,our Group remains focused on exploring differentchannels to boost sales while simultaneously controlling costs,thereby generating cash flow to maintain business stability. Todate, all bank