阳光100中国2025中期报告

( 於開曼群島註冊成立的有限公司 )(Incorporated in the Cayman Islands with limited liability)股份代號 Stock Code：2608 INTERIM REPORT中 期 報 告2025 CONTENTS 2Corporate Information 5Chairman’s Statement 7Management Discussion and Analysis Corporate Governance 42 46Disclosure of the Interests Information Other Information 59Condensed Consolidated Statement ofComprehensive Income Condensed Consolidated Statement of FinancialPosition 63Condensed Consolidated Statement of Changes ofEquity Condensed Consolidated Statement of Cash Flows 67Notes to the Condensed Consolidated FinancialStatements CORPORATE INFORMATION BOARD OF DIRECTORSExecutive DirectorsMr. Yi Xiaodi(Chairman and Chief Executive Officer)Mr. Fan Xiaochong(Vice Chairman) Non-executive DirectorsMs. Fan XiaohuaMr. Wang Gongquan Independent Non-executive DirectorsMr. Gu YunchangMr. Ng Fook Ai, VictorMr. Li Chunping AUDIT COMMITTEE Mr. Ng Fook Ai, Victor(Chairman)Mr. Gu YunchangMr. Li Chunping REMUNERATION COMMITTEE Mr. Li Chunping(Chairman)Mr. Fan XiaochongMr. Gu Yunchang NOMINATION COMMITTEE Mr. Li Chunping(Chairman)Mr. Gu YunchangMs. Fan Xiaohua JOINT COMPANY SECRETARYMr. Han BinMs. Yu Anne COMPANY’S WEBSITEwww.ss100.com.cn www.ss100.com.cn AUTHORISED REPRESENTATIVESMr. Yi XiaodiMs. Yu Anne CORPORATE INFORMATION (Continued) REGISTERED OFFICE One Nexus Way,Camana Bay,Grand Cayman KY1-9005,Cayman Islands One Nexus Way,Camana Bay,Grand Cayman KY1–9005,Cayman Islands HEAD OFFICE 2D12100026 12th Floor, Tower DNo. 2 Guang Hua RoadBeijing 100026PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 24840 40/F, Dah Sing Financial Centre,248 Queen’s Road East,Wanchai,Hong Kong LEGAL ADVISER 15323203-3207 Jingtian & Gongcheng LLPSuites 3203-3207,32/F, Edinburgh TowerThe Landmark15 Queen’s Road CentralCentralHong Kong CORPORATE INFORMATION (Continued) AUDITOR 1842 Forvis Mazars CPA Limited42nd Floor, Central Plaza, 18 Harbour Road,Wanchai, Hong Kong PRINCIPAL BANKS Bank of ChinaHua Xia BankChina Construction BankChina Everbright BankChina Merchants Bank HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 18317M Computershare Hong Kong Investor Services Limited17M Floor, Hopewell Centre183 Queen’s Road East,WanchaiHong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE Suntera (Cayman) LimitedSuite 3204, Unit 2A,Block 3, Building D,P.O. Box 1586, Gardenia Court,Camana Bay, Grand Cayman,KY1–1100, Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2A,Block 3, Building D,P.O. Box 1586, Gardenia Court,Camana Bay, Grand Cayman,KY1-1100, Cayman Islands LISTING INFORMATION 2608 Place of listing: The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)Stock code: 2608 CHAIRMAN’S STATEMENT 1002025630 The board (the “Board”) of directors (the “Director(s)”) of Sunshine100 China Holdings Ltd (the ”Company”, together with its subsidiaries,the “Group”) would like to present the business review and outlookof the Group for the six months ended 30 June 2025 (the ”ReportingPeriod”). Business Review and Outlook Business Review 2025 In the first half of 2025, China’s real estate market experiencedmoderate recovery under policy stimulus, yet the rebound paceremained subdued with year-on-year declines in both commercialhousing sales area and value, indicating ongoing market demandpressures. Overall, the national real estate market continues to showa differentiated trend. High-quality projects in first-tier and core citieshave performed relatively steadily, while inventory pressure in third –and fourth-tier cities remains significant, presenting persistent saleschallenges for the sales end. 339.531,839 Due to the tight liquidity in the industry and the downward trendin the market, although the Company achieved contracted salesof approximately RMB339.5 million and a contracted sales area ofapproximately 31,839 square meters during the Reporting Period,representing growth compared to the same period last year, overallsales performance remained impacted by sluggish market conditionsand tightening financial conditions. The self-driven inventory digestioncapacity still requires improvement, and sales momentum remainsinsufficient. 1,376.3202414.8%20256.21,146.6 During the Reporting Period, the Company generated revenue ofapproximately RMB1,376.3 million, representing a 14.8% year-on-year decrease. The gross profit for the first half of 2025 amounted toRMB6.2 million, primarily due to reduced gross losses from propertydeliveries compared to the previous year. However, the Companyrecognized a net loss of approximately RMB1,146.6 million for theperiod, mainly driven by gross losses on delivered properties andincreased expensed interest costs. CHAIRMAN’S STATEMENT (Continued) Outlook The industry is experiencing growing divergence, with profit marginsin traditional development businesses continuing to shrink, highlightingmounting pressures for corporate transformation. Facing thesechallenges, the Group will steadfastly focus on three key strategicpilla