易居企业控股2025中期报告

E-House (China) Enterprise Holdings Limited易居（中國）企業控股有限公司 （於開曼群島註冊成立的有限公司）Stock Code股份代號：2048(Incorporated in the Cayman Islands with limited liability) 中國創新的、基於房地產數據的房地產交易服務商 Interim Report中期報告2025 目 錄CONTENTS 2Corporate Information5Business Review and Outlook6Financial Highlights7Management Discussion and Analysis15Corporate Governance andOther Information26Report on Review ofCondensed ConsolidatedFinancial Statements 30Condensed Consolidated Statement ofProfit or Loss and Other ComprehensiveIncome32Condensed Consolidated Statement ofFinancial Position34Condensed Consolidated Statement ofChanges in Equity35Condensed Consolidated Statement ofCash Flows36Notes to theCondensed ConsolidatedFinancial Statements73Definitions 公 司 資 料CORPORATE INFORMATION 董事會 BOARD OF DIRECTORS 執行董事 Executive Directors Mr. Zhou Xin(Chairman and Chief Executive Officer)Mr. Huang CanhaoDr. Cheng Li-LanDr. Ding Zuyu 非執行董事 Non-Executive Directors Dr. Yang Yong(resigned on 24 February 2025)Mr. Song Jiajun(resigned on 25 April 2025)Mr. Chen DaipingMs. Yuan Li(resigned on 28 August 2025)Mr. Liang Xingchao(appointed on 25 April 2025)Ms. Zhou Tianfeng(appointed on 28 August 2025) 20252242025425202582820254252025828 獨立非執行董事 Independent Non-Executive Directors Mr. Zhang BangMr. Zhu HongchaoMr. Wang LiqunMr. Li Jin 審計委員會 AUDIT COMMITTEE Mr. Zhang Bang(Chairman)Mr. Wang LiqunMr. Li Jin 薪酬委員會 REMUNERATION COMMITTEE Mr. Zhu Hongchao(Chairman)Mr. Wang LiqunDr. Cheng Li-Lan 提名委員會 NOMINATION COMMITTEE Mr. Zhou Xin(Chairman)Mr. Zhu HongchaoMr. Wang Liqun 公司秘書 COMPANY SECRETARY Mr. Cheng Ching Kit 授權代表 AUTHORIZED REPRESENTATIVES Dr. Cheng Li-LanMs. Yuan Li(resigned on 28 August 2025)Ms. Zhou Tianfeng(appointed on 28 August 2025) 20258282025828 核數師 AUDITOR Zhonghui Anda CPA LimitedCertified Public Accountants 註冊辦事處 REGISTERED OFFICE Maples Corporate Services LimitedPO Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands Maples Corporate Services LimitedPO Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands HEADQUARTERS 總部 38311200072 11/F, Yinli Building383 Guangyan Road, Jing’an DistrictShanghai 200072, China 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS INHONG KONG 40th Floor, Dah Sing Financial CentreNo. 248 Queen’s Road EastWan Chai, Hong Kong 24840 法律顧問 LEGAL ADVISORS 香港及美國法律 As to Hong Kong law and United States law Skadden, Arps, Slate, Meagher & Flom and affiliates 開曼群島法律 As to Cayman Islands law Maples and Calder (Hong Kong) LLP 公 司 資 料CORPORATE INFORMATION 香港證券登記處 HONG KONG SHARE REGISTRAR 1831717121716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong 主要股份過戶登記處 PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands PRINCIPAL BANKER Shanghai Pudong Development Bank Co., Ltd. (Nanhui Branch)China CITIC Bank (Shanghai Hongkou Branch)Bank of Communications (Shanghai Zhabei Branch)China Merchants Bank (Dongfang Branch) 股份代號 STOCK CODE 2048 2048 公司網站 www.ehousechina.com COMPANY WEBSITE www.ehousechina.com 業務回顧及展望 BUSINESS REVIEW AND OUTLOOK 202520.9% In the first half of 2025, China’s real estate market showed signs ofstabilization, helped by continued policy easing. Sales of new homeswere flat compared to the same period last year while the declineinprices slowed.However,developers continue to face inventorydestocking pressure and liquidity risks, which will likely continue todepressmarket confidence and home purchase intentions.Overall,therecovery of property market still faces significant headwinds.TheGroup’s performance was impacted by the sustained marketdownturn, with total sales revenue declining by 20.9% year-on-yearduring the Reporting Period. The Group’s real estate agency services,brokeragenetwork services and digital marketing services werenegatively affected by continued weakness in real estate transactionvolume.The Group’s data and consulting services were negativelyaffected by continued weak demand by developers as many of themcontinued to face their own financial difficulties. 46.0% Amidthis challenging environment,the Group continued to focuson cost reduction and cash flow, and achieved a 46.0% year-on-yearreduction in total net loss. The majority of the Group’s business unitsbecame profitable. 2025重組202442該公告2024328 The Company continued to work closely with its creditors and advisorson the restructuring of its offshore debt (the “Restructuring”) inthe first half of 2025. Reference is made to the announcement ofthe Company dated 2 April 2024 in relation to the Restructuring (the“Announcement”). As disclosed in the Announcement, in light ofthe termination of the Prior Schemes described in the announcementdated 28 March 2024, the Company intends to propose