新天地产集团中期报告 2025

(Incorporated in Bermuda with limited liability)(Stock Code: 760) 目錄CONTENTS Management Discussion and Analysis2Other Information10Condensed Consolidated Statement of Profit or Loss andOther Comprehensive Income14Condensed Consolidated Statement of Financial Position16Condensed Consolidated Statement of Cash Flows18Condensed Consolidated Statement of Changes in Equity19Notes to the Condensed Consolidated Financial Statements21 MANAGEMENT DISCUSSION AND ANALYSIS管理層之討論及分析 BUSINESS AND FINANCIAL REVIEW Overview The principal activity of Talent Property Group Limited isinvestment holding. The Group engages in the businesses of (i)property development, (ii) property investment and (iii) propertymanagement in the PRC since the Group completed theacquisition of equity interests in various real estate projects in thePRC in 2011 (the “Previous Acquisition”). (i)(ii)(iii) Revenue and gross profit 153.88.9170.436.4 During the six months ended 30 June 2025 (the “ReportingPeriod”), the Group recorded an unaudited consolidated revenueand gross profit of RMB153.8 million and RMB8.9 million,respectively, compared to revenue of RMB170.4 million andgross profit of RMB36.4 million for the six months ended 30 June2024 (the “Preceding Period”). 90017,5001,3004,30049.093.681.943.915.917.9 Revenues of RMB49.0 million and RMB93.6 million (PrecedingPeriod: RMB81.9 million and RMB43.9 million) were recognisedfrom the respective delivery of properties sold for GuangzhouXintian Banshan and Xuzhou Linan Intelligent Industrial Park withgross floor areas (“GFA”) of approximately 900 square meters(“sqm”) and 17,500 sqm (Preceding Period: 1,300 sqm and 4,300sqm), respectively. However, there were no sales revenue fromYangzhou Intelligence Living City and other properties of theGroup (Preceding Period: RMB15.9 million and RMB17.9 million,respectively). 51.5859001,300 During the Reporting Period, the overall Chinese real estatemarket exhibited mixed performance with occasional stabilizationdue to various government measures that bolstered sales.In Guangzhou, luxury housing market showed differentiatedcharacteristics. High-end projects in the core areas sold well,while transactions in the peripheral areas remained weak.Subscription and contract sales for Xintian Banshan totaledapproximately RMB51.5 million (Preceding Period: RMB85million) with GFA of approximately 900 sqm (Preceding Period:1,300 sqm). MANAGEMENT DISCUSSION AND ANALYSIS管理層之討論及分析 5318 Xuzhou real estate market showed signs of bottoming out andincreasing differentiation. While, there was still de-stockingpressure in the commercial office market in certain areas ofYangzhou. New subscriptions and contract sales totallingRMB53 million (Preceding Period: RMB18 million) were recorded,substantially driven by the Xuzhou project. 7.56.83.74.0 Slight improvements in export and retail sales of consumergoods in Guangzhou compared to the Preceding Period, thesegains have not yet translated into growth in the commercial andindustrial real estate markets. Within the city, the supply of newoffice space increased, and rental adjustments to attract newretailers continue in the market. Rental income and propertymanagement fee income from our Talent Shoes Trading Centerand other Group properties amounted RMB7.5 million (PrecedingPeriod: RMB6.8 million) and RMB3.7 million (Preceding Period:RMB4.0 million), respectively. 8.95.8%36.421.3% After taking into account the costs from the Previous Acquisition,subsequent development cost, the net provision for impairmentloss as well as our pricing and changes in revenue mix, grossprofit decreased to RMB8.9 million and overall gross profitmargin reduced to 5.8% (Preceding Period: gross profit ofRMB36.4 million and gross profit margin of 21.3%), respectively. Distribution costs, administrative and other operatingexpenses 23.423.0 During the Reporting Period, distribution cost, administrative andother operating expenses totalling RMB23.4 million (PrecedingPeriod: RMB23.0 million) was recorded. The Group maintained acautious approach to cost control. Share of result in an associate 30%70%0.62.0 The Linhe Cun Rebuilding project is an old village redevelopmentproject located in the CBD of Tianhe District, Guangzhou,adjacent to the Guangzhou East Railway Station. The projectis undertaken by an associate (the “Associate”) which is owned30% by the Group and 70% owned by Sun Hung Kai PropertiesGroup. All commercial and residential units were sold anddelivered in previous years. During the Reporting Period, theAssociate generated modest income from the sale and rental ofcar parking spaces. The Group’s share of the Associate’s profitfor the Reporting Period was RMB0.6 million (Preceding Period:RMB2.0 million). MANAGEMENT DISCUSSION AND ANALYSIS管理層之討論及分析 Fair value changes on investment properties andprovisions for impairment losses on properties underdevelopment and held for sale 35.318.81.95.7 We have considered the factors outlined in t