宝新置地：2025年中期业绩报告

Interim Report CONTENTS Corporate Information Management Discussion and Analysis5 Corporate Governance and Other Information13 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income19 Condensed Consolidated Statement of Financial Position21 Condensed Consolidated Statement of Changes in Equity23 Condensed Consolidated Statement of Cash Flows25 Notes to the Condensed Consolidated Financial Statements27 CORPORATE INFORMATION Board of Directors John Edward Hunt Executive DirectorsMr. John Edward Hunt(Chairman)Mr. Fong Ching Kong(Chief Financial Officer) Non-Executive DirectorMs. Zhan Yushan Independent Non-Executive Directors Mr. Shi FazhenMs. Tan XinyanMr. Huang Shubo Company SecretaryMr. Fong Ching Kong Legal Advisers Cheung Yan & AssociatesDavid Fong & Co. Audit Committee # Mr. Shi Fazhen#Ms. Tan XinyanMr. Huang Shubo Development Committee #John Edward Hunt Mr. Fong Ching Kong#Mr. John Edward HuntMs. Zhan Yushan #John Edward Hunt Investment Committee Mr. Fong Ching Kong#Mr. John Edward HuntMs. Zhan Yushan Nomination Committee #John Edward Hunt Mr. Shi Fazhen#Mr. John Edward HuntMs. Tan Xinyan Risk Management Committee #John Edward Hunt Mr. Fong Ching Kong#Mr. John Edward HuntMs. Zhan Yushan Salary Review Committee #John Edward Hunt Ms. Tan Xinyan#Mr. John Edward HuntMr. Huang Shubo Authorised Representatives John Edward Hunt Mr. John Edward HuntMr. Fong Ching Kong Auditor BDO LimitedCertified Public Accountants andRegistered Public Interest Entity AuditorHong Kong Principal Bankers Hong Kong and Shanghai Banking CorporationChina CITIC Bank Corporation LimitedChina Minsheng Bank Corp., Ltd.Bank of Communications Co., LtdIndustrial and Commercial Bank of China LimitedChina Everbright Bank Company LimitedAgricultural Bank of China Limited Principal Place of Business in Hong Kong 301101002 Unit 1002, 10th Floor,Silvercord Tower 130 Canton RoadTsim Sha Tsui, KowloonHong Kong Principal Share Registrar and Transfer Office Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3, Building DP.O. Box 1586, Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3, Building DP.O. Box 1586, Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands Registered Office Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman, KY1-1111 Cayman Islands Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman, KY1-1111 Cayman Islands Hong Kong Branch Share Registrar andTransfer Office 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong Contacts (852) 2598 8788(852) 2877 8080http://www.hk0299.cominfo@hk0299.com Telephone:(852) 2598 8788Facsimile:(852) 2877 8080Website:http://www.hk0299.comEmail:info@hk0299.com Stock Code 299 299#Chairman # MANAGEMENT DISCUSSION AND ANALYSISINDUSTRY AND MARKET OVERVIEW GDP5.4% Looking back at 2024, China’s real estate market remained generallyat a low level, as indicated by weak performance industry data. Withthe continued easing of policies, sales gradually rebounded. Despitethe destocking cycle of general inventory for residential sales showeda downward turning point, the inventory remained at a high level andinventory reduction continued to be a key focus for the industry in theshort term. Under the prioritised objective of “stabilising the propertymarket”, promoting stabilisation and recovery of the domestic real estatemarket is likely to remain the primary direction of policy optimisationwith continued implementation of favourable policies to be expected.Nonetheless, people’s income expectations and confidence have notyet fully recovered. In the first half of 2025, China’s economy continuedto develop steadily amid the complicated and uncertain domesticand international environment. In the first quarter of 2025, GDP grewby 5.4% year-on-year, demonstrating the resilience and vitality ofeconomic recovery. Consequently, the market is generally optimisticthat the decline in sales area in the industry in 2025 will ease, and thatpolicies to support real estate industry financing will also continue to beimplemented. While the real estate market had been operating at a lowlevel for an extended period of time, the frequent implementation of loosepolicies could only boost market demand for short periods of time. Dueto the current economic pressures and stagnant income expectations,buyers in Mainland China continued to adopt a wait-and-see approachwith reluctance to increase leverage. Therefore, the time required for themarket to stabilise will be significantly extended. Currently, financial pressure remains one of the biggest challenges facingthe Company and its subsidiaries (collectively the “Group”). The economicdownturn and previous regulatory measures have tightened financingchannels and increased financing costs, and lack of market confidencehas increased sales pressure and difficulties in capital turnover. G