景瑞控股：2025年中期报告

2025中 期 報 告INTERIM REPORT Contents 256102837•39•41•42•43•45•47 Corporate InformationFinancial HighlightsChairman’s StatementManagement Discussion and AnalysisOther InformationReport on Review of Condensed Consolidated Financial StatementsCondensed Consolidated Financial Statements•Condensed Consolidated Balance Sheet•Condensed Consolidated Income Statement•Condensed Consolidated Statement of Comprehensive Income•Condensed Consolidated Statement of Changes in Equity•Condensed Consolidated Cash Flows Statement•Notes to the Condensed Consolidated Financial Statements Corporate Information COMPANY NAME Jingrui Holdings Limited * EXECUTIVE DIRECTORS Mr. Yan Hao(Chairman and Chief Executive Officer)Mr. Xu Hai FengMr. Chen Chao NONEXECUTIVE DIRECTOR Mr. Chen Xin Ge INDEPENDENT NONEXECUTIVE DIRECTORS Mr. Tianmin LiuMs. Wu JilanMs. Hong Ting AUDIT COMMITTEE Ms. Hong Ting(Chairman)Mr. Tianmin LiuMs. Wu Jilan REMUNERATION COMMITTEE Ms. Wu Jilan(Chairman)Mr. Tianmin LiuMs. Hong TingMr. Yan Hao NOMINATION COMMITTEE Mr. Tianmin Liu(Chairman)Ms. Wu JilanMs. Hong TingMr. Chen Xin Ge COMPANY SECRETARY Ms. Jiang Bing Xian AUTHORISED REPRESENTATIVES Mr. Yan HaoMs. Jiang Bing Xian www.jingruis.com COMPANY’S WEBSITEwww.jingruis.com * 2025 Interim Report Corporate Information REGISTERED OFFICE One Nexus WayCamana BayGrand Cayman KY1-9005Cayman Islands One Nexus WayCamana BayGrand Cayman KY1-9005Cayman Islands PRINCIPAL PLACE OF BUSINESS ANDHEAD OFFICE IN THE PRC 207B8 8/F, Building B, BenQ Plaza207 Songhong RoadShanghai, PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 26121222 Room 1222, 12/F, China Resources Building26 Harbour RoadWanchai, Hong Kong LEGAL ADVISERS 39 As to Hong Kong Law: Sidley Austin39/F, Two International Finance CentreCentral, Hong Kong As to PRC Law: 96823-25 Grandall Law Firm23-25/F, Garden Square968 Beijing West Road, Shanghai, China As to Cayman Islands law: WalkersSuite 1501-1507, Alexandra House18 Chater Road, Central, Hong Kong Walkers181501-1507 AUDITOR 512151510-17 CCTH CPA LimitedUnit 1510-17, 15/F., Tower 2, Kowloon Commerce CentreNo. 51 Kwai Cheong Road, Kwai Chung, New Territories, Hong Kong STOCK CODE 01862 01862 Corporate Information HONG KONG SHARE REGISTRAR 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th Floor, Hopewell Centre183 Queen’s Road East, Wanchai, Hong Kong PRINCIPAL BANKS Hong KongIndustrial and Commercial Bank of China (Asia) LimitedThe Bank of East Asia, LimitedBank of China (Hong Kong) Limited PRC Agricultural Bank of China, Shanghai BranchChina Construction Bank, Shanghai BranchBank of China, Shanghai BranchBank of Shanghai, Shanghai Branch (1)100% Chairman’s Statement DEAR SHAREHOLDERS, *20256 302025 On behalf of Jingrui Holdings Limited (“Jingrui” or the “Company”),I am pleased to present the unaudited interim results and businessreview of the Company and its subsidiaries (the “Group”, “we” or “us”)for the six months ended 30 June 2025 (the “Period under Review”) aswell as our outlook for the second half of 2025. MARKET REVIEW 2025660,5365.3% In the first half of 2025, driven by the early implementation of policiesand a surge in external demand, economy of the People’s Republic ofChina (the “PRC” or “China”) achieved a phased recovery and presentedan overall resilient operation. However, its growth remained overly relianton policy support and suffered from misaligned timing, exhibiting a“pulse-like” characteristic, while still lacking stable endogenous impetus.In the first half of the year, the gross domestic product (GDP) reachedRMB66,053.6 billion, representing a year-on-year increase of 5.3%. Theeconomy continued its recovery trend, showing signs of a marginalslowdown after seasonal adjustments. 202520253.52.9%2.6%3.43.8%2.8%3.3222.8%1.7121.4%18,38517.3% In the first half of 2025, the real estate market as a whole was in a stageof profound adjustment and differentiation. The new housing marketremained stable in core cities but lost momentum in the secondquarter. The secondary housing market stuck to a price-for-volumecondition, whereas premium land in core cities pushed land transferfees higher despite a continued decline in transaction area. As thegovernment continued to strengthen its policy support, the marketis increasingly shifting toward companies that focus on enhancingtheir product and service capabilities. In the first half of 2025, thesales area of commercial properties amounted to 350 million squaremetres (“sq.m.”), representing a year-on-year decrease of 2.9%, ofwhich the sales area of residential properties declined by 2.6%. Salesof commercial properties amounted to RMB3.4 trillion, representinga year-on-year decrease of 3.8%, of which the sales of residentialproperties decreased by 2.8%. The area of new housing constructionby real estate developers was 332 million sq.m., representing a year-on-year decrease of 22.8%, of which the area of new residentia