Dear shareholders,
 

On a day with clear sky with clouds, the autumn may surpass the spring. On behalf of the Board, I hereby report the interim results of the Group for the six months ended 30 June 2025.
 
Over the past six months, we have adhered to our core values of “Walking the Right Path, Reaping the Right Fruits”. Anchored by a steadfast commitment to long-termism and grounded in the development logic of “Building on Quality”, and guided by our culture of “Pursuing Goodness and Innovation” and “Diligence and Professionalism”, we achieved steady upward momentum in our performance, with high-quality and value-enhancing growth.
 

The Group’s strategy continues to center on our original aspiration of “Service Makes Life Better”. In 2025, we further refined this strategy by breaking it down across each business line, creating execution paths that are quantifiable, actionable and improvable.

Quality Service: With customer satisfaction as our benchmark, we have achieved digital coverage across multiple service touchpoints for realizing traceability and record-keeping, thereby ensuring that our services are both warm in human touch and intelligent in transparency.
 
Business opportunities arise from customer satisfaction. In terms of market expansion for our property services, we have continued to pursue high-quality development, and focus on achieving a high market share in regions with high potential. In particular, we are establishing a strategic presence in the core cities of the Yangtze River Delta, thereby driving growth in both the residential and commercial service segments. Meanwhile, our market has evolved from being a single large market to a comprehensive market system characterised by multi-business synergies and integrated front- and back-end operations, which has been one of the Group’s competitive strengths developed through years of exploration. In the market expansion of our consulting and marketing services, we have continued to promote the “Greentown Standard” across the industry to enable more people and cities to experience the Group’s services. In rental and sales services, we have enhanced efficiency through resource sharing in personnel and space, thereby supporting sustainable business growth.
 
Value creation is the foundation for value appreciation. Targeting the increasing needs of community commerce, we have innovated the “Neighbourhood Ecosystem” model, reinforced our core customer base in our principal business, and integrated our curated consumer offerings for C-end with our B-end, thereby activating all touchpoints through “stores, warehouses, lockers, stations and marketplaces”. Revenue from our community products and services recorded steady year-on-year growth, while demand for our core products within parks increased notably compared with the previous year.
 
Moderate progress is realised through proactive layout. The undertakings of elderly care/education focusing on elderly and youth care are in line with the national policy orientation. The number of home-based elderly care service stations has increased by over 40% compared with the same period last year. The occupancy rate of domestic cultural and educational service institutions continues to rise, achieving profitability for the first time.
 
Only after sifting through sand can one find the gold. These achievements confirm the correctness of our strategic direction, only by adhering to the “right direction”, maintaining correct beliefs and attitudes, and keeping the sail of progress on the right course, can we achieve sustainable value creation, navigate to a broader horizon for both ourselves and the industry, and bring about solid confidence.
 

Every step of our growth reflects the “positive energy” we contribute to society, customers and employees.
 
Through rigorous service refinement, we have made “quality execution” our unwavering principle. In the first half of 2025, we released an in-depth service system, and conducted intensive skills training across engineering, safety and other operational aspects. Nursing licenses and “service craftsman” accreditation served as our frontline staff’s “armor” for professional excellence.
 
All business lines are anchored in the principle of “long-term vision” to strengthen foundational capabilities while maintaining operational agility. We deepened expertise and expanded service offerings for our core fundamental services to establish an industry-leading, comprehensive service system that sets new benchmarks.
 
Spring blossoms yield autumn fruits. Our innovative services continued to pioneer industry trends. We launched the “Park Intelligent Robotic Control System”, a forward-looking solution that unlocks new technological applications. In addition, the publication of the “Study on Practical Integrated Urban Services” demonstrated how service integration, combined with full-scenario digitalization, further reinforced our value contribution in the industry to new urban governance models.
 
We firmly believe that sustainable success stems from unwavering commitment but shortcuts or myopia. By maintaining a long-term perspective and fortifying our competitiveness through expertise, we ensure enduring value creation.
 
This disciplined approach has borne fruit. The Group recorded a revenue of RMB9,288.7 million, an increase of 6.1% y/y, achieving stable growth as a large-scale enterprise. The profit attributable to equity shareholders was RMB612.8 million, representing an increase of 22.6% y/y. The Group has maintained healthy operating cash flow, with our high-quality operations delivering returns that meet and exceed Shareholders’ expectations.
 
Abundance begets social contribution. In our development journey during the first half of 2025, we jointly developed ESG initiatives with international frontrunners to pursue green and low-carbon development. Our “Xingfuli Foundation”, a public welfare platform, has constructed approximately 100 community welfare units. We consistently participated in desertification prevention by planting saxaul trees and the endangered bird conservation programs organised by Alashan SEE Ecological Association, with an aim to nurture a flourishing ecosystem through our public welfare efforts.
 
Development is the fundamental axiom. Our interim results embody both our collective tenacity and the Group’s daily discipline in weaving altruism into daily practice, where altruistic mindset begets virtuous acts, and virtuous acts yield good results.

TALENT POTENTIAL: STRENGTHENING “ORGANIZATIONAL DEVELOPMENT” FOR A PEOPLE-BASED FUTURE
We hold an unwavering belief that behind every achievement lies human endeavor. In the first half of 2025, we prioritised cultural immersion by launching the “Virtue & Beauty Culture” video campaign, which engaged all employees while communicating to the society, thus establishing Greentown’s paradigm for industry standards. We also institutionalised daily learning rituals, “morning reflections and evening reviews”, to cultivate knowledge-driven organizations at the grassroots level.
 
The transformation from a steady influx of talent to a surging wave of capable individuals is inseparable from a robust talent echelon. The Group has implemented management trainee programs such as “Talents for Social Development and New Vitality (城就生、新活力)”. In the first half of 2025, the Group recruited 131 outstanding young managers from prestigious universities. In additional, over 8,000 new professionals with various certifications were added, and the certification rate for project managers reached 97.8%, laying a solid talent foundation for development strategies such as high-quality growth and non-residential business transformation.
 
Insight into needs and responsive actions are rooted in capability renewal. In the first half of 2025, the Group implemented an empowerment mechanism for all housekeepers, providing training to 12,568 person-times in total. This initiative has fostered a brandnew housekeeping team with diverse roles, versatile capabilities, and multiple income streams, turning the exemplary models among young employees into a vibrant landscape of overall excellence.
 
These efforts have culminated in two key achievements: firstly, a yearon-year increase in employee professionalism and engagement; secondly, a significant rise in talent development rate and internal cultivation rate. Our core competitiveness lies in a high-caliber team that upholds integrity in both knowledge and action, with a steady stream of successors.

FUTURE POTENTIAL: TAKING ADVANTAGE OF THE TREND TO ACHIEVE LONG-TERM PROGRESS
At the mid-point of the year, we are keenly aware that amidst accelerated industry transformation, only by “conducting a root-andbranch reform” can we navigate headwinds and achieve stable and sustainable development. In the second half of 2025, we will take advantage of the macro development trend to continuously increase the service density in core areas, constantly improve urban services and enhance the integration of elderly and child care systems. We will regard customer needs as the source water to promote the iterative upgrading of services and products, so as to effectively convert the mid-term lead into a full-year dominant position. At the same time, we will strictly control the quality, make breakthroughs by service improvement, and strengthen risk control and compliance management, in a bid to enhance satisfaction while boosting the rate of return. We will ensure the comprehensive implementation of the concept of high-quality development across all business lines, hold the red line on core principles, and take the initiative to seize the commanding point of market competition.

FUTURE OUTLOOK
Never will we reach the goal if we refuse to take the first step; never will the smallest effort bear fruit if we fail to put it forth. We will maintain our diligent and dedicated attitude, and uphold the belief that business should be developed for a good cause and through continuous innovation, thereby creating wonderful experiences for the property owners and clients, contributing long-term value to the Shareholders, and delivering positive energy to society.
 
We believe that guided by the driving force and source of a better life, there must be a clearer path forward.
 
Yang Zhangfa
Chairman