弘阳地产二零二五年中期报告

CONTENTS Corporate Information2Financial Highlights5Business Review and Outlook6Management Discussion and Analysis9Corporate Governance and Other Information39Condensed Consolidated Statement of Profit or Loss andOther Comprehensive Income50Condensed Consolidated Statement of Financial Position51Condensed Consolidated Statement of Changes in Equity53Condensed Consolidated Statement of Cash Flows55Notes to Condensed Consolidated Financial Information59 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Zeng Huansha ()(Chairman and Chief Executive Officer)Mr. Chen Bin ()Ms. Hu Fang () Independent Non-executive Directors Mr. Lee Kwok Tung Louis ()Mr. Leung Yau Wan John ()Mr. Au Yeung Po Fung () AUDIT COMMITTEE Mr. Leung Yau Wan John () (Chairman)Mr. Lee Kwok Tung Louis ()Mr. Au Yeung Po Fung () REMUNERATION COMMITTEE Mr. Lee Kwok Tung Louis () (Chairman)Mr. Chen Bin ()Ms. Hu Fang ()Mr. Leung Yau Wan John ()Mr. Au Yeung Po Fung () NOMINATION COMMITTEE Mr. Zeng Huansha () (Chairman)Mr. Leung Yau Wan John ()Mr. Lee Kwok Tung Louis ()Mr. Au Yeung Po Fung () AUDITOR 51215 1510-1517 CCTH CPA LimitedUnit 1510-1517, 15/F., Tower 2Kowloon Commerce CentreNo. 51 Kwai Cheong RoadKwai Chung, New TerritoriesHong Kong LEGAL ADVISERS As to Hong Kong law:Paul Hastings (Hong Kong) LLP () Walkers As to Cayman Islands law:Walkers CAYMAN ISLANDS PRINCIPAL SHARE REGISTRARAND TRANSFER OFFICE Walkers Corporate LimitedCayman Corporate Centre190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands Walkers Corporate LimitedCayman Corporate Centre190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands HONG KONG SHARE REGISTRAR MUFG Corporate Markets Pty Limited2816160120257 7 MUFG Corporate Markets Pty LimitedSuite 1601, 16/F, Central Tower28 Queen’s Road CentralHong Kong(ceased on 7 July 2025) 161720257 7 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong(with effect from 7 July 2025) REGISTERED OFFICE Cayman Corporate Centre190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands Cayman Corporate Centre190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands CORPORATE INFORMATION HEAD OFFICES IN THE PRC 926 26th FloorHong Yang BuildingNo. 9 Daqiao North Road, Pukou District, NanjingJiangsu Province PRINCIPAL PLACE OF BUSINESS IN HONG KONG 262612 Room 2612, 26/FChina Merchants Tower, Shun Tak CentreSheung WanHong Kong JOINT COMPANY SECRETARIES Mr. Jia Hongbo ()Ms. Chan Charmayne () AUTHORIZED REPRESENTATIVES Mr. Zeng Huansha ()Ms. Chan Charmayne () PRINCIPAL BANKS Agricultural Bank of China(Nanjing Jiangbei New District Branch) Industrial and Commercial Bank of China(Nanjing Chengzhong Sub-branch) Bank of Communications(Nanjing Central Gate Sub-branch) www.rsunproperty.hk WEBSITEwww.rsunproperty.hk 1996 STOCK CODEHKEx: 1996 FINANCIAL HIGHLIGHTS 20256 30 The board (the “Board”) of directors (the “Directors”) of RedsunProperties Group Limited (the “Company”) is pleased to announcethe unaudited consolidated interim results of the Company and itssubsidiaries (the “Group”) for the six months ended 30 June 2025 (the“Reporting Period”). 28.70213,60013,438 •Contracted sales reached RMB2.870 billion, aggregated sales areawas 213,600 square meters and the average selling price wasRMB13,438 per square meter; 2,712.3202454.8%20246,006.441.1%167.02024283.3 •Revenue amounted to RMB2,712.3 million, representing a decreaseof 54.8% for the corresponding period of 2024 (correspondingperiod of 2024: RMB6,006.4 million). The revenue of the commercialoperations and hotel operations decreased by 41.1% to RMB167.0million (corresponding period of 2024: RMB283.3 million); 222.18.2% •Gross loss and gross loss margin amounted to RMB222.1 millionand 8.2%, respectively; 2,320.620241,710.3 •The net loss was RMB2,320.6 million (corresponding period of2024: a net loss of RMB1,710.3 million); and 20256302024 •The Board does not recommend the payment of any interimdividend for the six months ended 30 June 2025 (2024 Interim: Nil). BUSINESS REVIEW AND OUTLOOK OVERVIEW AND OUTLOOK 2025 Review for the First Half of 2025 2025660,5365.3% According to the National Bureau of Statistics, in the first half of 2025, theGDP was RMB66.0536 trillion, representing a year-on-year increase of 5.3%at constant prices. The national economy withstood pressure and forgedahead against challenges, maintaining a generally stable economicperformance with a steady upward trend. In terms of real estate, thecentral government and regulatory authorities continued to implementpolicies related to “consolidating the stable trend of the real estatemarket”, primarily focusing on destocking, demand expansion, newmodels and risk relief. At the local level, policies were mainly adjusted tostimulate demand and optimize supply. Under the continuous regulationof policies, the real estate industry continues to develop towardstransitioning from a downturn to stabilizat