宝积资本中期报告2025-2026

GEM GEM GEMGEMGEM GEMGEM 3 5 6 8 11 29 35 202626202626 2026262025112420262620262220251292026262026692026222026262025129202626 2026262026262026692026222026262026332026427202626202626202626 2026262026262026222026332026427202626202626202626 2026262026262026692026222026262026332026427202626202626202626 2026222026262026262026332026427202626 2026222026262026618202622202626 48-52121201 183171712-1716 2026222026618202622 2-4LL Tower 21A Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office ParkPO Box 1350Grand Cayman, KY1-1108Cayman Islands Windward 3, Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands www.amasse.com.hk 8168 20263312025 2026331 2026331 2026331 2026331 1. GEMWindward3,Regatta Office Park,P.O. Box 1350, Grand Cayman KY1-1108, Cayman Islands4852121201 2. 34GEMGEM 20263312025930202520252(c) 2026331 3. 2026331 2026331 5. 2026331 5. 2025331 2026331 5. 2026331 5. 2026331 5. 2026331 5. 8 20262025331 10% 2026331 6. 7. 202633128.25%16.5%2025 2026331 8. 20263312025 9. 2026331 10. 2026331202593020263312025 2026331 2026331 2026331 2026331 16. 2026331 17. 18. (i)20182262024920100,000,000182024920 2024920329,00020241,343,0002024 202633145,000,00039,000,000 2026331 18. 2026331 18. (i)1.202530(g)2.2025218(ii)2025218202512720264815120,470,000202648 19. 571469(i)(ii)6(i)(ii) (i)GEM(ii)(iii) 2026331 2026331137.0%10.920252.92.6 2026331202532.0%4.9 2026412026526114.08 2026331 2024720263315.954.1% 20264120265261.29 20263 201838 202633110.920253314.6137.0% 20263311.420250.20.520250.0420250.2 2026331(i)0.0920250.2(ii)0.220250.01 20263315.920253316.30.4202590.80.20.6 20263312.720253311.6 20263312.620253312.9(i)6.3(ii)0.4(iii)1.6 2026331202593046.018.2202633121.0202593014.4 20263310.2%20259302.8% 20263312025930 3312025930 202633124202593020 2025930 20263312025 2026330240,900,0000.11426.6416.5010.14 2026331 2026331GEMC1 C.2.1132 GEM5.485.67 2026331571XVXV78352GEM5.465.67 China Real Estate Enterprise (Hong Kong) Holdings Ltd.China Real EstateChina Real Estate 2026331XV78352GEM5.465.67 2026331XV23336 2026331336 2018226 2024920100,000,00018202492018 2025218 20252182025127 20264815120,470,000202648 20251012026331120,470,000202633116,000,0001,219,121,9781.31% GEM5.285.29GEMC1 2026331 GEM 2026618(i)GEM5.14(ii)GEM5.24GEMGEM5.145.24 2026529 202669