宝龙商业2025 中期报告

2 3 4 18 28 29 30 32 33 34 9909.HK201912 30 20256 309711.112914.2 20256 3012823.713830.1 3319 1399201101 Maples Fund Services (Cayman) LimitedP.O. Box 1093Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands 20253 26 183171712-1716 Maples Corporate Services LimitedP.O. Box 309Ugland HouseGrand Cayman KY1-1104Cayman Islands 9131305-07 www.powerlongcm.com 20256 309711.112914.220255 20256 3012823.713830.1 20256 30(i)(ii) (ii) (iii) (i) (iii) 20256 301,048.620246 301,076.92.6%11.1202410.80.39720249714.2202414.90.7 (1)(2)(1) 20256 30 20256 30 20256 30 20256 30 2025 2025 20256 30252.320246 30256.11.5%23.7202423.20.51282024127130.1202431.21.1 (1)(2)(1) 2025 20252025(GDP)5.3%66.05GDP52%20255.0% 20251280%+ (I) (II) (III)1 + 5 20256 301,300.920246 301,332.932.0 (i)(ii) 20256 3020.851.3%1.6% 2024 (i)(ii)(iii) 20256 30915.91.6%70.4% 20256 30111.88.0%8.6% (i)(ii)(iii) 20256 30252.31.5%19.4% (i)(ii)(iii) 20256 301,184.620246 301,186.51.991.1% 20256 30 (i)(ii)(iii)(iv)(v)(vi)(vii) 20256 30895.71.4% 20256 30405.39.8%20256 3031.2%20246 3033.7%2.5 20256 30361.66.0%20256 3034.5%20246 3035.7%1.2 20256 3043.732.4%20256 3017.3%20246 3025.3%8.0 20256 3096.5482.9% 20256 30116.4222.4% 20256 307.720248.5 202520246 3027.4%26.8% 20256 30182.820246 30194.56.0% 20256 30431.320241231413.24.4% 20256 301,066.7202412 311,028.93.7% 20256 30248.3202412 31274.39.5% 20256 30202412 31 20256 30202412 31 20256 300.442024 12 310.47 20256 30 20256 30 20256 304,285.2202412314,131.63.7% 20256 30202412 31 20256 305,566202412 315,56620256 30408.220246 30427.520256 30 20253 2620256 30 20256 30 20256 30XV352C3 (1)20256 30642,900,000 (2)202012 31202012 31 (3)Sky Infinity Family LimitedSky Infinity Family LimitedTMF (Cayman) Ltd.Sky Infinity Trust100%Sky Infinity Trust (1)20256 304,140,403,000 (2) (3)Sky Infinity Family LimitedSky Infinity Family LimitedTMF (Cayman) Ltd.Sky Infinity Trust100%Sky Infinity Trust (4) 20256 30XV(a)352(b) 20256 30336 1.20256 30642,900,000 2.44.15%Skylong Family LimitedSkylong Family LimitedTMF (Cayman) Ltd.The Skylong TrustSkylong Family LimitedTMF (Cayman) Ltd. 3. 20258 2820256 3020246 30 20209 10 1.2.3. (a)(b)(c)(d) Tricor Trust (HongKong) Limited 20209 1010 20209 105%31,075,0004.83% 20209 105% 14A 202011 2411,250,000(1) 50%202361(2) 50%20256 1 20209 10202011 6 20236 150%5,625,000 202411 150%5,625,000 20256 30 20251 120256 3025,450,0003.96% 20256 3017.07(1)(c)17.07(3) C1 C.1.7C.2.1 C.1.720254 1 C.2.1202411 120251 21 20251 21 C.2.1 C3 20256 30 (i) 201912 301,380.51,236.920201 2222,500,0009.5208.0184.6201912 161,588.5 (i)50%(ii)25%(iii)10%(iv)5%(v)10% 20236 3020236 30 20256 30 (ii) 11,250,000273.420209 10202011 6 20236 3020236 30 20256 30 20256 30 20251 21 202413.51B(1) 20256 3013.2013.21 13.22 3.21(i)(ii)(iii) 3.10(2) 20256 30 20253 720253 2620255 1320257 14202511 17202512 4 20258 28 20256 30 296020256 303434 2410 34 P04686 20258 28 296020258 28 1 20193 25221961Maples Corporate Services Limited, PO Box 309,Ugland House, Grand Cayman, KY1-1104, Cayman Islands 201912 30 200910 1420256 3044.15% 20258 28 2 20256 3034 202412 31 20256 30202412 31 20251 1 (a) •21 2 (b) 20251 1 3 202412 31 202412 31 4 202412 31 5 (a)(b)(c) 5 (a) 5 (a) 5 (b) 5 1314 6 6 (a)20256 30 (i) (ii)20256 308.5%20246 309.8%10%20246 30 (iii) (iv) (i)(ii)(iii)(iv) 20256 30111,818,00020246 30103,541,000 (v)20256 30225,332,00020246 30231,201,000 (vi)20256 30503,265,00020246 30500,106,000 (b) 20256 30202412 31 6 (b) (i) (ii) 8 (a) (b) 11 202520246 3027.40%26.83% 25% 22 20256 3020246 30 20081 120081 110%5% 12 (a) 202420256 30 (b) 202520246 30 13 14 (a) 15 20256 30 16 16 (a) (b)920256 30341,939,000202412 31237,187,000 20256 30202412 31 20 (a) 202011 24Tricor Trust (HongKong) LimitedElitelong Holdings Limited202012 4Elitelong Holdings Limited11,250,000 Elitelong Holdings LimitedElitelongHoldings LimitedElitelong Holdings Limited 2023650%2025650% 202365,625,000202411 15,625,000 20.15112,500226,688,000192,446,00020256 3020246 3010,128,000 20 (a) 20197 198,77810% 201912 101,962,000,0000.0120,000,000201912 104,499,122.22449,912,2228,77845,000,00010% 20229 211.1111 100%20256 3027,558,000202412 3121,428,00020256 303,433,00020246 301,563,000 21 20256 3020246 30 22 23 (f) 24 (ii) 24 (b) 20198 8(i)(ii) (c) (d) 24 (i) 25 20256 30202412 31 26 20256 30202412 31