Interim report 2024

CORPORATE INFORMATION

公司資料

EXECUTIVE DIRECTORS

Ms. Kwok Ying Lan

Mr. Lin Conghui

NON-EXECUTIVE DIRECTORS

Mr. Lam Lung On

Mr. Song Jiajun

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Lam Kwong Siu

Mr. Wee Henny Soon Chiang

Mr. Yu Shangyou

AUDIT COMMITTEE

Mr. Wee Henny Soon Chiang (Chairman)

Mr. Lam Kwong Siu

Mr. Yu Shangyou

REMUNERATION COMMITTEE

Mr. Lam Kwong Siu (Chairman)

Ms. Kwok Ying Lan

Mr. Wee Henny Soon Chiang

NOMINATION COMMITTEE

Mr. Lam Kwong Siu (Chairman)

Ms. Kwok Ying Lan

Mr. Wee Henny Soon Chiang

SUSTAINABILITY COMMITTEE

Ms. Kwok Ying Lan (Chairman)

Mr. Lam Lung On

Mr. Lin Conghui

COMPANY SECRETARY

Mr. Chiu Yu Kang

AUTHORIZED REPRESENTATIVES

Mr. Lam Lung On

Ms. Kwok Ying Lan

REGISTERED OFFICE

Cricket Square

Hutchins Drive, P.O. Box 2681

Grand Cayman KY1-1111

Cayman Islands

執行董事

郭英蘭女士 林聰輝先生

非執行董事

林龍安先生 宋家俊先生

獨立非執行董事

林廣兆先生 黃循強先生 于上游先生

審核委員會

黃循強先生（主席） 林廣兆先生

于上游先生

薪酬委員會

林廣兆先生（主席） 郭英蘭女士

黃循強先生

提名委員會

林廣兆先生（主席） 郭英蘭女士

黃循強先生

可持續發展委員會

郭英蘭女士（主席） 林龍安先生

林聰輝先生

公司秘書

邱于賡先生

授權代表

林龍安先生 郭英蘭女士

註冊辦事處

Cricket Square

Hutchins Drive, P.O. Box 2681

Grand Cayman KY1-1111

Cayman Islands

PRINCIPAL ADMINISTRATION AND MANAGEMENT CENTERS IN THE PRC

Yuzhou Plaza

299 Jingang Road

Pudong New District

Shanghai

People's Republic of China

Yuzhou Plaza

Keyuan North Road

Nanshan District

Shenzhen

People's Republic of China

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Units 5801-02, 58/F

The Center

99 Queen's Road Central

Central

Hong Kong

COMPANY'S WEBSITE

https://yuzhou-group.com/

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

Royal Bank of Canada Trust Company (Cayman) Limited

4th Floor, Royal Bank House

24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands

HONG KONG SHARE REGISTRAR

Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor, Hopewell Centre 183 Queen's Road East, Wanchai, Hong Kong

AUDITOR

Prism Hong Kong Limited

Registered Public Interest Entity Auditor

Units 1903A-1905, 19/F, 8 Observatory Road

Tsim Sha Tsui, Kowloon, Hong Kong

中國主要行政及管理中心

中華人民共和國 上海

浦東新區

金港路299號 禹洲廣場

中華人民共和國 深圳

南山區

科苑北路

禹洲廣場

香港主要營業地址

香港

中環

皇后大道中99號 中環中心

58樓5801-02室

本公司網址

https://yuzhou-group.com/

主要股份過戶登記處

Royal Bank of Canada Trust Company (Cayman) Limited

4th Floor, Royal Bank House

24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands

香港證券登記處

香港中央證券登記有限公司 香港灣仔皇后大道東183號 合和中心17樓1712-1716室

核數師

栢淳會計師事務所有限公司 註冊公眾利益實體核數師 香港九龍尖沙咀

天文臺道8號19樓1903A-1905室

LEGAL ADVISORS

Paul Hastings (as to Hong Kong law)

Conyers Dill & Pearman (as to Cayman Islands law)

法律顧問

普衡律師事務所（關於香港法律）

Conyers Dill & Pearman（關於開曼群島法律）

On behalf of the board of directors of Yuzhou Group Holdings Company Limited ("Yuzhou Group" or the "Company"), I am pleased to present the interim results report of the Company and its subsidiaries (the "Group") for the six-month period ended June 30, 2024 (the "Period") for your review.

According to the National Bureau of Statistics, China recorded a gross domestic product ("GDP") of RMB61,683.6 billion during the first half of 2024, representing an uptick of 5.0% from the same period of last year. From January to June 2024, the total investment in real estate development amounted to RMB5,252.9 billion, with a period- on-period dip of 10.1%. Among them, residential investment was RMB3,988.3 billion, which represented a period-on-period fall of 10.4%. The total area of commodity housing sold amounted to 479.16 million sq.m., representing a period-on-period decline of 19.0%, with residential sales area down by 21.9% period-on-period. The sales of commodity housing totaled RMB4,713.3 billion with a period-on- period decrease of 25.0%, of which residential sales recorded a period- on-period decrease of 26.9%. In the same period, China saw its real estate developers have RMB5,353.8 billion available, amounting to a period-on-period retreat of 22.6%. Of the aggregate, domestic loans were RMB820.7 billion with a period-on-period slump of 6.6%; deposits and receipts in advance amounted to RMB1,599.9 billion with a period-on-period decline of 34.1%; and personal mortgage loans stood at RMB774.9 billion with a period-on-period decrease of 37.7%.

本人謹代表禹洲集團控股有限公司（「禹洲 集團」或「本公司」）之董事會，欣然提呈本 公司及附屬公司（「本集團」或「集團」）截至 2024年6月30日止六個月期間（「期內」）之 半年業績報告，請各位股東審閱。

國 家 統 計 局 發 佈 資 料 顯 示 ，2024年 上 半 年 ， 國 內 生 產 總 值（「 GDP 」）達 人 民 幣 616,836 億 元 ， 比 上 年 同 期 增 長 5.0% 。 2024年1-6月份，全國房地產開發投資人 民 幣 52,529 億 元 ， 同 比 下 降 10.1% ； 其 中 ， 住 宅 投 資 人 民 幣 39,883億 元 ， 同 比 下降10.4%。全國商品房銷售面積47,916 萬平方米，同比下降19.0%；其中，住宅 銷 售 面 積 同 比 下 降 21.9%。 全 國 商 品 房 銷 售 金 額 為 人 民 幣 47,133億 元 ， 同 比 下 降 25.0%； 其 中 ， 住 宅 銷 售 額 同 比 下 降 26.9%。 同 期 ， 全 國 房 地 產 開 發 企 業 到 位 資 金 為 人 民 幣 53,538億 元 ， 同 比 下 降 22.6%；其中，國內貸款為人民幣8,207億 元，同比下降6.6%； 定金及預收款為人 民幣15,999億元，同比下降34.1%；個人 按揭貸款為人民幣7,749億元，同比下降 37.7%。

Shijiazhuang Yuzhou Honor Hill

石家 莊 禹洲‧嘉 譽 山

In the first half of 2024, the overall macroeconomic development of China remained relatively stable. However, the performance of the real estate industry was still sluggish. The amount and the gross floor area ("GFA") of sales of commodity housing showed a double- digit decline as compared to the same period of last year, and the downward trend persisted without any signs of stabilization. On the one hand, consumers are constrained by the prospect of decreased future income, resulting in a decrease in the sales of large and high- end consumer goods such as houses and automobiles. Consumers generally upheld the principles of consumption downgrading, substitution in consumption, and delaying purchases. Under such background, the purchase of residential properties, as big-ticket consumer products, was inevitably and severely dropped. Alternative options such as affordable housing and rental housing would transfer part of the rigid housing demand, while the wait-and-see attitude of potential home buyers inhibited their desire for buying houses. On the other hand, potential consumers chose to buy second-hand houses based on the current expected delivery of houses. As compared to new houses, the delivery pressure of second-hand houses was relatively low, and the supporting facilities surrounding the second-hand houses such as schools, transportation, medical care and parks were more established and accessible. The shift to the second-hand market among potential consumers has consequently brought a negative impact on the new housing market. In terms of policies, the first half of this year witnessed a sustained implementation of favorable measures. The adoption of strategies such as decreased down payments, lowered mortgage rates, and eased constraints on home purchase resulted in a certain temporary stimulus on the real estate market. Particularly, following the introduction of the new policy on May 17, there was a positive market response, leading to short-lived revival in the real estate consumption sector. However, after mid to late June, the market continued to show a downward and remained sluggish. Although Yuzhou Group has made every effort and adopted a few promotional measures, it was unable to reverse the declining sales trend under such market environment. As of June 30, 2024, Yuzhou Group recorded total contracted sales of RMB4,346 million, representing a decrease of 62.8% as compared to the same period of last year. The GFA of contracted sales amounted to 279,311 sq.m., representing a decrease of 59.8% as compared to the same period of last year, with an average sales price of RMB15,561 per sq.m., representing a decrease of 7.5% as compared to the same period of last year.

2024年上半年，國家宏觀經濟發展總體較 為平穩，然而房地產行業表現依然低迷， 全國商品房銷售金額、面積較去年同期均 表現出雙位元數下降幅度，且下降趨勢依 然未有止跌企穩跡象。一方面，消費者受 制於未來收入下行預期，房子、汽車等大 件、高檔消費品銷售額均呈下降趨勢，消 費降級、消費替換、消費延遲成為現行消 費的普遍心態。在此背景下，住宅物業的 購買作為大額消費品，勢必受到嚴峻考 驗，保障性住房、租房等替代性選擇，將 一部分剛需購房需求轉移，而潛在購房者 的觀望心態則抑制了購房需求的釋放；另 一方面，潛力消費者基於當下交房預期的 考慮，選擇購置二手房，相比於新房，二 手房交付壓力較小，周邊學校、交通、醫 療、公園等配套設施較為直觀，潛在消費 者的需求轉向二手市場，也對新房市場 產生了消極影響。今年上半年政策端不 斷釋放利好，降首付、降房貸利率、鬆綁 限購政策等措施的實行，對房地產市場起 到一定的短暫刺激作用，尤其是5 · 17新 政頒佈實施以來，市場反應積極，房地產 消費市場走出了一波短暫的復甦行情，但 6月中下旬之後，市場繼續下行，延續疲 軟走勢。在以上市場環境下，儘管禹洲集 團已竭盡全力並採取諸多促銷措施，亦 未能扭轉銷售下降態勢。截至2024年6月 30日止，禹洲集團累計實現合約銷售金 額達人民幣43.46億元，較去年同期下降 62.8%；累計銷售面積為279,311平方米， 較去年同期下降59.8%；平均銷售價格為 每平方米人民幣15,561元，較去年同期下

降7.5%。

Yuzhou Group continued to implement the "Yuzhou Well-pleasing" 1628 Delivery Guarantee System and focused on enhancing "product, delivery and service". It continuously strengthened the "631" construction management and control system, strictly controlled product quality and process. Stringent quality assessments were conducted at every stage, starting from the selection of project construction contractors, construction planning and scheme review, to commencement approval, foundation and final acceptance of key building components so as to ensure high-quality completion and delivery of the projects. It consistently enhanced its commitment to "Life Cycle Dedicated Service" and achieved the perfect project deliveries through the implementation of the "Well-pleasing Delivery Plan". The introduction of the "Deliver Product Officer Plan" involved the establishment of a specialized product officer team to fully oversee product quality, ensuring that every delivered item upholds rigorous standards. The Group upheld a commitment to the "Craftsmanship Quality Assurance", ensuring product excellence through meticulous "craftsmanship" and stringent quality inspection processes. In the first half of 2024, Yuzhou Group overcame obstacles and worked together to steadily advance and complete the operation engineering milestones of each project. It finalized a total of nearly 20 projects batches with well-pleasing delivery of approximately 8,000 residential units across more than 10 cities including Shanghai, Wuhan, Chongqing, Yangzhou, Wuxi, Huizhou, Changshu and Tangshan.

禹洲集團持續落實「禹美好」1628交付保 障體系，持續專注於提升「產品力、交付 率、服務力」。持續強化「631」工程管控體 系，嚴控產品品質，嚴把管控流程，從項 目施工單位選擇、施工策劃及方案審查， 到開工審批、基礎及主體驗收等各個環節 進行品質鑒定和嚴格驗收，確保項目高質 量完成交付。持續深化「全週期臻心服務」 理念，「美好交付計劃」實現每一個交付項 目的完美呈現；「交付產品官計劃」設立專 門的產品官團隊，全程把控產品品質，確 保交付的每一件產品都符合高標準；「匠 心質保」對品質的堅守，通過「匠心」工藝 和嚴格的質檢流程，確保產品品質精益求 精。2024年上半年，禹洲集團攻堅克難、 齊心合力，扎實推進和完成各項目的運營 工程節點，在上海、武漢、重慶、揚州、 無錫、惠州、常熟及唐山等超10座城市， 總計完成近20個項目批次交付，約8千套 住宅美好交付。

Hefei Yuzhou Central Plaza

合 肥 禹洲‧中 央 城