美的置业2025中期报告

CONTENTS 3Financial Overview4Management Discussion and Analysis13Corporate Governance and Other Information30Report on Review of Interim Financial Information32Interim Condensed Consolidated Statement of Comprehensive Income34Interim Condensed Consolidated Balance Sheet36Interim Condensed Consolidated Statement of Changes in Equity38Interim Condensed Consolidated Statement of Cash Flows40Notes to the Interim Financial Information81Corporate Information COMPANY PROFILE 3990.HK2004+++ Midea Real Estate Holding Limited (the“Company”and together with itssubsidiaries, the“Group”or“Midea Real Estate”) (Stock Code: 3990.HK) isa listed company of The Stock Exchange of Hong Kong Limited (the“StockExchange”), whose shares are included in Hang Seng Composite MidCap& SmallCap Index and the constituents of indexes such as Hang Seng StockConnect Hong Kong Index. Founded in 2004, the Group, guided by thedevelopment positioning as a“Smart Healthy Life Service Provider”, has builtcomprehensive development ecology of“project management services +property management services+ asset operation + real estate technology”,and continued to move steadily towards high-quality development. TOP16 For project management services, with its extensive project managementexperience, it is committed to providing customers with high-quality servicesthat are green and energy-saving as well as healthy and multi-functional. Forproperty management services, upholding service-oriented original aspiration,it established three core multi-business sectors of residential, industrial parksand medical care and wellness, ranking among the top 16 property servicecompanies by comprehensive strength in China with its craftsmanship andexpertise in property services. For asset operation, it focused on enhancing itslight-asset operation capabilities continuously, orderly expanded third-partybusiness, and strengthened relationship with customers to achieve qualitygrowth. For real estate technology, it leverages its core products to providegreen services for business scenarios along the entire value chain, therebyfacilitating the construction of high-quality residential properties. Looking ahead, Midea Real Estate will continue to adhere to long-termdevelopment, consolidate its industrial foundation and enhance technologicalempowerment, creating greater value for the society in a high-quality,achievable and sustainable way. FINANCIAL OVERVIEW 20241022 Note:The Company completed the Distribution and Disposal on 22 October 2024. The above is theresults of Continuing Operations. For details, please refer to the consolidated statement ofcomprehensive income in this report. MANAGEMENT DISCUSSION AND ANALYSIS Business Review The business of the Group includes project management services, propertymanagement services, asset operation and real estate technology. 20241022*4 “Project Management Services”is a new business segment of the Groupfollowing completion of the Group’s distribution in specie and disposal (the“Restructuring”) on 22 October 2024. It mainly undertakes the full-chaindevelopment management of real estate development assets held by thecontrolling shareholders* after completion of the Restructuring, covering theentire process or phased development management services such as propertydesign, development, planning and construction, and sales. Moreover, theGroup will continue to pursue high-quality expansion of third-party externalbusiness. During the period, four third-party residential projects wereexpanded in key cities such as Wuxi and Guiyang. Among these, Wuxi MideaDongwangfu, as the first light-asset project, surpassing the client’s expectationsin both volume and price. 9,6067,945644100 “Property Management Services”during the Reporting period, the contractedarea and an area under management for property management services were96.06 million square metres and 79.45 million square metres respectively,covering diverse sectors including residential, industrial parks and medicalcare and wellness. Among these, there were 64 non-residential industrial parksunder management and 4 medical care and wellness projects, covering anarea under management exceeding 1 million square metres. Dedicated fundswere continuously invested in community quality improvements, initiating anoperational ecology of co-creation and shared community engagement. 7091%3399% “Asset Operation”covers commercial and industrial parks. During the ReportingPeriod, the commercial operational area amounted to approximately 700,000square meters and the occupancy rate of commercial properties undermanagement exceeded 91%. The operational area of industrial parks wasapproximately 330,000 square meters, achieving a leasing rate of 99%. TheGroup actively secured third-party projects in key cities such as Guangzhou,Foshan, and Guiyang, providing services to property owners through entrustedmanagement and brand licensing models. “Real Estate Technology”focuses on building good house