佳兆业美好二零二五年中期报告

2Corporate Information4Chairman’s Statement12Management Discussion and Analysis30Corporate Governance and Other Information32Disclosure of Interests41Condensed Consolidated Statement of Profit or Loss andOther Comprehensive Income42Condensed Consolidated Statement of Financial Position44Condensed Consolidated Statement of Changes in Equity45Condensed Consolidated Statement of Cash Flows46Notes to the Condensed Consolidated Interim FinancialStatements CONTENTS CORPORATE INFORMATION EXECUTIVE DIRECTORSMr. KWOK Ying Shing(Chairman) Mr. LIAO Chuanqiang(Chief executive officer)Mr. LIU Lihao(Appointed on 10 July 2025)Mr. KWOK Hiu KwanMr. ZHAO JianhuaMs. MOU ZhaohuiMr. LI Haiming(Resigned on 10 July 2025) 20257 1020257 10 INDEPENDENT NON-EXECUTIVE DIRECTORSMr. LIU Hongbai Ms. MA XiuminMr. CHEN Bin AUDIT COMMITTEEMr. CHEN Bin(Chairman)Ms. MA XiuminMr. LIU Hongbai REMUNERATION COMMITTEEMr. LIU Hongbai(Chairman) Mr. LIAO ChuanqiangMs. MA XiuminMr. CHEN Bin NOMINATION COMMITTEE Mr. KWOK Ying Shing(Chairman)Mr. LIU HongbaiMs. MA XiuminMr. CHEN Bin AUTHORISED REPRESENTATIVESMr. LIAO ChuanqiangMr. YU Kwok Leung COMPANY SECRETARYMr. YU Kwok Leung REGISTERED OFFICECricket Square Hutchins DriveP.O. Box 2681Grand Cayman, KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman, KY1-1111Cayman Islands HEADQUARTERS IN THE PRCRoom 507, Block A, Kaisa Center 66 Nanyuan RoadFutianShenzhenPRC 66A507 Corporate Information (continued) PRINCIPAL PLACE OF BUSINESS IN HONG KONG Room 1901, 19/FLee Garden One33 Hysan AvenueCauseway BayHong Kong 33191901 THE CAYMAN ISLANDS PRINCIPAL SHAREREGISTRAR AND TRANSFER OFFICE Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands HONG KONG SHARE REGISTRAR 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-171617th Floor, Hopewell Centre183 Queen’s Road EastWanchai, Hong Kong PRINCIPAL BANKERS Huaxia Bank, Nanyuan BranchChina Merchants Bank, Tianhe BranchIndustrial and Commercial Bank of China, Youyi BranchIndustrial and Commercial Bank of China, Huizhou Branch LEGAL ADVISERSAs to Hong Kong law:Sidley Austin As to PRC law:King & Wood Mallesons Conyers Dill & Pearman As to Cayman Islands law:Conyers Dill & Pearman AUDITORSFAI (HK) CPA LimitedCertified Public AccountantsRegistered Public Interest Entity Auditors STOCK CODE2168.HK 2168.HK COMPANY’S WEBSITEhttp://www.jzywy.com http://www.jzywy.com 3 CHAIRMAN’S STATEMENT Dear Shareholders, On behalf of Kaisa Prosperity Holdings Limited (“Kaisa Prosperity” or the“Company”, together with its subsidiaries, the“Group”), I hereby presentto you the unaudited consolidated results of the Group for the six monthsended 30 June 2025 the (“Reporting Period”). 20256 30 BUSINESS REVIEW AND PROSPECTS 2025(GDP)660,5365.3% In the first half of 2025, China’s economy maintained stable growth.According to preliminary statistics, the gross domestic product (GDP) forthe first half of the year amounted to RMB66,053.6 billion, representing ayear-on-year increase of approximately 5.3%, continuing the overall trendof high-quality development. The government adhered to implementingproactive fiscal policies and prudent monetary policies, intensifiedsupport for technological innovation, advanced manufacturing, andlivelihood sectors, while promoting the “dual-circulation” strategy toexpand domestic demand and deepen opening-up. Regional coordinateddevelopment progressed, with key areas like Beijing-Tianjin-Hebei,Yangtze River Delta, and the Guangdong-Hong Kong-Macau Bay Areaplaying prominent roles as growth engines. China’s economic structurecontinued to optimize, forging new economic growth points within theprocess of safeguarding and enhancing people’s livelihood, thereby layinga solid foundation for achieving annual targets. 20255LPR160+ In the first half of 2025, China’s real estate sector generally progressedtoward stemming declines and restoring stability. Policy effortscontinually intensified as authorities rolled out multiple measures:the central bank cut reserve requirements and interest rates, pushingthe 5-year LPR and housing provident fund rates to historic lows, anddestocking was accelerated through special-purpose bond-fundedacquisition of housing inventory; and over 160 cities implementedstimulus policies. Polarization was seen in different property markets,with upgraded housing demand recovering in core regions, while overallnationwide new home sales remained under pressure. Real estatecompanies accelerated debt restructuring to ensure project delivery. Thereal estate industry accelerated its transformation towards an “operations+ services” model, with urban renewal initiatives and completed homesales pilots advancing. Guided by the “Good Housing” standards, theindustry has been transitioning from scal