中国唐商中期报告 2025

（於百慕達註冊成立之有限公司）（股份代號：00674） 2025 中期報告 中 國 唐 商 控 股 有 限 公 司CHINA TANGSHANG HOLDINGS LIMITED The board (the “Board”) of directors (the “Directors”)of China Tangshang Holdings Limited (the “Company”)is pleased to announce the unaudited interim condensedconsolidated results of the Company and its subsidiaries(collectivelyreferred to as the“Group”)for the sixmonthsended 30 September 2025.The consolidatedstatementof comprehensive income,the consolidatedstatementof changes in equity and the consolidatedstatementof cash flows of the Group for the sixmonths ended 30 September 2025 and the consolidatedstatementof financial position of the Group as at30September 2025,all of which are unaudited andcondensed,along with selected explanatory notes,areset out on pages 20 to 51 of this report. 本公司董事董 事 會本 集 團2051 MANAGEMENT DISCUSSION ANDANALYSIS 管理層討論及分析 綜合業績 CONSOLIDATED RESULTS 205,300,000328,200,00037.4%10,100,00041,800,000 For the six months ended 30 September 2025, the Grouprecordeda revenue of approximately HK$205.3 millioncomparedto a revenue of approximately HK$328.2million for the corresponding period of 2024, representingadecrease of revenue of approximately 37.4%,andrecordeda loss of approximately HK$10.1 millioncomparedto a loss of approximately HK$41.8 millionfor the corresponding period of 2024. The decrease inloss was primarily due to the decrease in recognition ofrevenue of property development business and decreaseof fair value loss on investment properties during the sixmonths ended 30 September 2025. 中 國 唐 商 控 股 有 限 公 司CHINA TANGSHANG HOLDINGS LIMITED BUSINESS REVIEW 業務回顧 PROPERTY SUB-LEASING AND INVESTMENTBUSINESS 物業分租及投資業務 Forthe six months ended 30 September 2025,thisbusiness segment recorded a revenue of approximatelyHK$21.2 million compared to a revenue of approximatelyHK$20.1million for the corresponding period in 2024,representingan increase of revenue of about 5.5%,and recorded a loss of approximately HK$7.4 million ascompared to a loss of approximately HK$15.5 million forthe corresponding period of 2024. The loss was mainlydueto the decrease of fair value loss on investmentproperties. 21,200,00020,100,0005.5%7,400,00015,500,000 PROPERTY DEVELOPMENT BUSINESS 物業發展業務 184,100,000308,000,0004 , 0 0 0 , 0 0 018,900,000(i)R2(ii)30,00045,000建 築 面積88,000216,00019,000 During the six months ended 30 September 2025, theproperty development business in the PRC contributedrevenueof approximately HK$184.1 million comparedto approximately HK$308.0 million for the last financialperiod,and segment recorded loss of approximatelyHK$4.0million(2024:loss of approximately HK$18.9million) to the Group. The decrease in segment revenuewas attributable to two development projects, namely (i)TangshangHanlin Mansion*inDongguanland situates at Caole Village, Xiegang Town, DongguanCity, the PRC designated for urban residential use andbusinessservice use(R2 Class II residential land R2)and(ii)Puning Tangshang ZhongyangGarden*in Beihuan Avenue, Puning,Jieyang, Guangdong Province, the PRC. The constructionofthe properties was completed in December 2021and October 2022, respectively. The existing use in thepropertiesheld for sale/lease is mainly residential,carparks and commercial shops. The site area of TangshangHanlin Mansion is approximately 30,000 sq.m and PuningTangshangZhongyang Garden is approximately 45,000sq.m,and the gross floor area(“GFA”)of TangshangHanlin Mansion is approximately 88,000 sq.m and PuningTangshang Zhongyang Garden is approximately 216,000sq.m.There were approximately 19,000 sq.m.bookedGFA delivered and recognised into the revenue during theperiod. 中 國 唐 商 控 股 有 限 公 司CHINA TANGSHANG HOLDINGS LIMITED 35%55%90%70%1,304,600,00061.7%1,475,900,00064.3%83,800,0004.0%99,700,0004.3% TheGroup had indirect acquisition of the 35%equityinterestof the Huachuangwen Land by the Companyfrom Mr. Chen Weiwu in accordance with the equity saleand purchase agreement signed on 9 April 2020. It hadacquired55%equity interest of Huachuangwen Landby the Company from Shenzhen Yaoling in accordancewiththe equity sale and purchase agreement signedon 30 July 2021. At as 30 September 2025, the Groupholds 90% of the equity interest in Huachuangwen Land.In 2023, the Group had acquired the total issued sharecapitalof Reach Glory Holdings Limited,a companyisindirectly holding 70%equity interest in the projectcompany Puning Huachuangwen Industrial DevelopmentCo., Ltd., and completed the very substantial acquisitionand connected transaction on 10 March 2023. As at 30September 2025, the Group’s completed properties heldforsale/lease and investment properties amounted ofHK$1,304.6 million (61.7% of the total assets) comparedtoamounted of HK1,475.9 million(64.3%of the totalassets) as at 31 March 2025; and HK$83.8 million (4.0%of the total assets) compared to amounted of HK$99.7million(4.3%the total assets)as at 31 March 2025,respectively. The completed properties are held for sale/lease and the management expects part o