Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. SEAZEN GROUP LIMITED ʮ̡ (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1030) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026 RESULTS HIGHLIGHTS – Revenue was approximately RM B17,686.4 million, of which revenue from commercial property management services and rental income were approximately RMB6,561.1 million, representing a year-on-year increase of 2.1%; – Gross profit was approximately RM B5,424.0 million with a gross profit margin of 30.7%, representing an increase of 6.3 percentage points from 24.4% for the same period in 2025; – Net profit attributable to equity holders of the Company was approximately RMB608.1 million; and – The net debt-to-equity ratio was 57.1%.
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– 2 – The board (the “ Board ”) of directors (the “ Directors ”) of Seazen Group Limited (the “Company ” or “ Seazen ”) is pleased to announce the unaudited interim results of the Company and its subsidiaries (collectively referred to as the “ Group ” or “ Seazen Group ”) for the six months ended 30 June 2026 (the “ Reporting Period ”), together with comparative figures for the corresponding period in 2025, as follows: CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 Note 30 June 2026 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) ASSETS Non-current assets Property, plant and equipment 3,132,675 3,190,759 Right-of-use assets 862,157 877,251 Investment properties 123,852,134 123,785,578 Intangible assets 28,456 33,859 Investment in associates 9,489,589 9,637,591 Investment in joint ventures 10,082,743 10,206,875 Deferred income tax assets 5,836,502 5,842,222 Financial assets at fair value through profit or loss 284,310 364,192 Trade and other receivables and prepayments 5 612 637 Total non-current assets 153,569,178 153,938,964 Current assets Prepayments for leasehold land 607,628 1,096,958 Properties held or under development for sale 64,807,620 71,068,066 Trade and other receivables and prepayments 5 31,362,151 33,018,674 Contract costs 331,868 440,418 Financial assets at fair value through other comprehensive income 41,978 48,133 Financial assets at fair value through profit or loss 35,569 43,991 Financial assets at amortised costs 50,240 54,515 Restricted cash 2,333,511 2,331,491 Cash and cash equivalents 5,514,123 4,567,726 Total current assets 105,084,688 112,669,972 Total assets 258,653,866 266,608,936
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– 3 – Note 30 June 2026 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) EQUITY Equity attributable to owners of the Company Share capital: nominal value 6 5,998 5,822 Reserves 47,652,491 46,578,358 47,658,489 46,584,180 Non-controlling interests 34,883,474 34,974,424 Total equity 82,541,963 81,558,604 LIABILITIES Non-current liabilities Trade and other payables 8 752,909 752,909 Borrowings 7 44,627,952 40,604,196 Lease liabilities 2,804,524 2,445,175 Deferred income tax liabilities 8,038,393 7,580,939 Total non-current liabilities 56,223,778 51,383,219 Current liabilities Trade and other payables 8 70,416,023 75,340,546 Advances from lessees 1,092,268 1,237,309 Contract liabilities 26,191,543 31,322,225 Current income tax liabilities 11,062,991 11,317,194 Borrowings 7 10,812,752 14,153,992 Lease liabilities 312,548 295,847 Total current liabilities 119,888,125 133,667,113 Total liabilities 176,111,903 185,050,332 Total equity and liabilities 258,653,866 266,608,936 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) As at 30 June 2026
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– 4 – CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the six months ended 30 June 2026 Six months ended 30 June Note 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Revenue 9 17,686,416 22,173,548 Cost of sales and services 10 (12,262,465) (16,772,983) Gross profit 5,423,951 5,400,565 Fair value losses on investment properties (203,226) (83,461) Selling and marketing costs 10 (674,348) (988,759) Administrative expenses 10 (1,179,521) (1,350,414) Net impairment losses on financial assets (18,465) (101,649) Other income 22,441 43,803 Other expenses (56) (1,987) Other losses – net (47,063) (8,157) Operating profit 3,323,713 2,909,941 Finance income 11 21,183 33,731 Finance costs 11 (1,476,365) (1,412,056) Finance costs – net 11 (1,455,182) (1,378,325) Share of results of associates (99,771) (3,319) Share of results of joint ventures (5,810) 128,512 Profit before income tax 1,762,950 1,656,809 Income tax expense 12 (945,339) (763,727) Profit for the period 817,611 893,082 Profit for the period attributable to: – Equity holders of the Company 608,088 691,550 – Non-controlling interests 209,523 201,532 817,611 893,082 Earnings per share for profit attributable to equity holders of the Company – Basic earnings per share 13 RMB0.08 RMB0.10 – Diluted earnings per share 13 RMB0.08 RMB0.10
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– 5 – CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2026 Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Profit for the period 817,611 893,082 Other comprehensive income Items that may be reclassified subsequently to profit or loss – Currency translation differences 31,442 14,030 – Changes in fair value of debt instruments at fair value through other comprehensive income (866) 5,725 Items that will not be reclassified subsequently to profit or loss – Currency translation differences attributable to non-controlling interests (507) 158 – Share of other comprehensive loss of an associate accounted for using the equity method – (6,770) – Changes in fair value of equity investments at fair value through other comprehensive income (552) (810) Other comprehensive income for the period, net of tax 29,517 12,333 Total comprehensive income for the period 847,128 905,415 Total comprehensive income for the period attributable to: – Equity holders of the Company 638,112 702,168 – Non-controlling interests 209,016 203,247 847,128 905,415
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– 6 – 1 GENERAL INFORMATION Seazen Group Limited (the “ Company ”) was incorporated in the Cayman Islands on 23 April 2010 as an exempted company with limited liability under the Companies Law (2010 Revision) of the Cayman Islands. The address of its registered office is Grand Pavilion, Hibiscus Way, 802 West Bay Road, P.O. Box 31119, Grand Cayman KY1-1205, Cayman Islands. The principal activities of the Company and its subsidiaries (together, the “ Group ”) are property development, property investment and commercial property management in the People’s Republic of China (the “ PRC”). The Company’s parent company is Wealth Zone Hong Kong Investments Limited and the Company’s ultimate holding company is First Priority Group Limited, both of which are incorporated in the British Virgin Islands (“ BVI”). The ultimate controlling party of the Group is Mr. Wang Zhenhua (“Mr. Wang ” or the “ Controlling Shareholder ”). The Company’s shares began to list on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”) on 29 November 2012 (the “ Listing ”). The condensed consolidated interim financial statements are presented in thousands of Renminbi (“RMB’000 ”), unless otherwise stated, and were approved and authorized for issue by the Board of the Company on 26 August 2026. The condensed consolidated interim financial statements have not been audited. 2 BASIS OF PREPARATION The condensed consolidated interim financial statements for the six months ended 30 June 2026 have been prepared in accordance with Hong Kong Accounting Standard (“ HKAS ”) 34 “Interim Financial Reporting”, as issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”). The interim results announcement does not include all the notes normally included in an annual financial report. Accordingly, the condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial statements of the Company for the year ended 31 December 2025, which have been prepared in accordance with HKFRS Accounting Standards as issued by the HKICPA. 3 ACCOUNTING POLICIES The accounting policies adopted are consistent with the annual consolidated financial statements of the Group for the year ended 31 December 2025, except for the adoption of the new and amended HKFRS Accounting Standards which are effective as of 1 January 2026. New standards, amendments and interpretation adopted by the Group for the six months ended 30 June 2026 Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measurement of Financial Instruments Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity Amendments to HKFRS Accounting Standards Annual Improvements to HKFRS Accounting Standards – Volume 11 The adoption of the new amendments starting from 1 January 2026 had no significant impact on the condensed consolidated interim financial statements of the Group.
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– 7 – 4 SEGMENT INFORMATION Management has determined the operating segments based on the reports reviewed by the chief operating decision maker (the “ CODM”) that are used to make strategic decisions. The Board has been identified as the CODM. The Group manages its business by two operating segments, which is consistent with the way in which information is reported internally to the Group’s CODM for the purpose of resources allocation and performance assessment. No operating segments have been aggregated to form the following reportable segments. • Seazen Holdings Co., Ltd., a company listed on the Shanghai Stock Exchange (the “ A share company ” or “ Seazen Holdings ”). • Other service companies not within the A share company (the “ Non-A share companies ”). The A share company is mainly engaged in development of residential properties and mixed-use complexes for sale and investment, while the Non-A share companies are mainly engaged in services. All the property development projects are in the PRC, and accordingly majority of the revenue of the Group are derived from the PRC and most of the assets are located in the PRC. The CODM assesses the performance of the operating segments based on a measure of revenue and profit before income tax. The measurement basis excludes the effects of income tax expense. Six months ended 30 June 2026 (Unaudited) A share company Non-A share companies Total segment Elimination Total Group RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment revenue 17,644,161 44,675 17,688,836 (2,420) 17,686,416 – At a point in time 10,883,122 23,652 10,906,774 (92) 10,906,682 – Over time 3,367,234 17,224 3,384,458 (877) 3,383,581 – Rental income 3,393,805 3,799 3,397,604 (1,451) 3,396,153 Segment profit before income tax expense 1,769,058 15,550 1,784,608 (21,658) 1,762,950 Fair value losses on investment properties (128,261) (74,965) (203,226) – (203,226) Finance income 20,970 279,137 300,107 (278,924) 21,183 Finance costs (1,601,640) (153,649) (1,755,289) 278,924 (1,476,365) Depreciation and amortisation (90,891) (2,674) (93,565) – (93,565) Share of results of associates (92,610) 14,461 (78,149) (21,622) (99,771) Share of results of joint ventures (6,230) 420 (5,810) – (5,810) Six months ended 30 June 2026 RMB’000 (Unaudited) Total segment profits before income tax expense after elimination 1,762,950 Income tax expense (945,339) Profit for the period 817,611
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– 8 – As at 30 June 2026 (Unaudited) A share company Non-A share companies Total segment Elimination Total Group RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment assets 257,676,300 10,524,349 268,200,649 (9,546,783) 258,653,866 Segment assets include: Investments in associates 9,426,414 1,180,258 10,606,672 (1,117,083) * 9,489,589 Investments in joint ventures 10,054,953 27,790 10,082,743 – 10,082,743 Additions to non-current assets (other than financial instruments and deferred tax assets) 490,803 5,889 496,692 – 496,692 Segment liabilities 179,674,304 3,647,299 183,321,603 (7,209,700) 176,111,903 * The elimination mainly represents the Non-A share companies’ associate interests in companies controlled by the A share company. Six months ended 30 June 2025 (Unaudited) A share company Non-A share companies Total segment Elimination Total Group RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment revenue 22,100,442 84,768 22,185,210 (11,662) 22,173,548 – At a point in time 15,459,880 55,818 15,515,698 (4,197) 15,511,501 – Over time 3,284,080 25,284 3,309,364 (6,509) 3,302,855 – Rental income 3,356,482 3,666 3,360,148 (956) 3,359,192 Segment profit before income tax expense 1,645,184 99,558 1,744,742 (87,933) 1,656,809 Fair value losses on investment properties (83,461) – (83,461) – (83,461) Finance income 27,429 245,263 272,692 (238,961) 33,731 Finance costs (1,520,870) (130,147) (1,651,017) 238,961 (1,412,056) Depreciation and amortisation (89,535) (4,992) (94,527) – (94,527) Share of results of associates (16,545) 101,159 84,614 (87,933) (3,319) Share of results of joint ventures 128,183 329 128,512 – 128,512 Six months ended 30 June 2025 RMB’000 (Unaudited) Total segment profits before income tax expense after elimination 1,656,809 Income tax expense (763,727) Profit for the period 893,082
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– 9 – As at 30 June 2025 (Unaudited) A share company Non-A share companies Total segment Elimination Total Group RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment assets 288,328,937 11,922,943 300,251,880 (9,133,316) 291,118,564 Segment assets include: Investments in associates 9,968,608 1,294,632 11,263,240 (1,200,510) * 10,062,730 Investments in joint ventures 10,352,967 27,063 10,380,030 – 10,380,030 Additions to non-current assets (other than financial instruments and deferred tax assets) 275,840 2,753 278,593 – 278,593 Segment liabilities 207,630,555 5,334,813 212,965,368 (6,712,840) 206,252,528 * The elimination mainly represents the Non-A share companies’ associate interests in companies controlled by the A share company. 5 TRADE AND OTHER RECEIVABLES AND PREPAYMENTS As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Trade accounts receivables 525,700 533,448 Notes receivables 7,954 5,830 Total trade receivables 533,654 539,278 Less: Impairment losses (18,120) (18,359) Trade receivables – net 515,534 520,919 Prepayments – Prepaid income tax and land appreciation tax 1,298,807 1,355,639 – P repaid value-added tax and input value-added tax to be deducted 3,767,959 3,897,990 – Prepaid surcharges and other taxes 103,004 397,928 – Prepayments for construction costs – 25,733 – Others 637,317 838,048 5,807,087 6,515,338
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– 10 – As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Other receivables – Receivables from government related bodies 2,232,714 2,634,289 – Due from related parties 9,554,600 9,631,660 – Receivables from joint ventures partners 386,862 385,155 – Receivables from non-controlling shareholders of subsidiaries 12,277,518 12,590,164 – Receivables from other deposits 1,275,743 1,371,773 – Others 2,172,049 2,425,739 27,899,486 29,038,780 Less: Impairment losses (2,859,344) (3,055,726) 25,040,142 25,983,054 Trade and other receivables and prepayments – net 31,362,763 33,019,311 Less: Non-current portion (612) (637) Current portion 31,362,151 33,018,674 Trade receivables are mainly arisen from sales of properties, leases of investment properties and other services businesses. Proceeds in respect of properties sold are normally received within three months after signing of related sales and purchase agreements, and rentals in respect of leased properties are generally received in advance. Customers of other services businesses are generally granted a credit term of 30 days to 90 days. The aging of trade accounts receivables and notes receivables based on invoice date as at 30 June 2026 and 31 December 2025 are as follows: As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Within 1 year 262,017 277,317 Between 1 and 2 years 63,564 147,570 Between 2 and 3 years 141,485 105,546 Over 3 years 66,588 8,845 533,654 539,278 The maximum exposure to credit risk at 30 June 2026 and 31 December 2025 is the carrying value of each class of receivables mentioned above. As at 30 June 2026 and 31 December 2025, the fair values of trade and other receivables are approximately as their carrying amounts. As at 30 June 2026 and 31 December 2025, the carrying amounts of trade and other receivables and prepayments are primarily denominated in RMB.
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– 11 – 6 SHARE CAPITAL (a) Authorised shares Number of authorised shares HK$ share As at 1 January 2025, 30 June 2025, 1 January 2026 and 30 June 2026 (par value of HK$0.001) 10,000,000,000 (b) Issued shares Number of issued shares Ordinary shares HK$0.001 each RMB’000 As at 1 January 2026 7,065,741,521 5,822 Issue of Shares 198,000,000 176 As at 30 June 2026 7,263,741,521 5,998 7 BORROWINGS As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Long-term, secured: – Loans from banks and non-bank financial institutions 37,192,552 35,445,599 – Middle term notes 8,236,251 8,230,604 – Corporate bonds – 400,000 – Financing under securitisation arrangements 3,314,701 2,294,751 48,743,504 46,370,954 Long-term, unsecured: – Loans from banks and non-bank financial institutions 112,000 541,527 – Senior notes 5,281,044 6,320,584 5,393,044 6,862,111 54,136,548 53,233,065 Less: Non-current portion of long-term borrowings (44,627,952) (40,604,196) Current portion of long-term borrowings 9,508,596 12,628,869
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– 12 – As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Short-term borrowings, secured: – Loans from banks and non-bank financial institutions 763,060 1,098,959 Short-term borrowings, unsecured: – Loans from banks and non-bank financial institutions 100,000 100,000 10,371,656 13,827,828 Interest payable – Short-term borrowings 2,249 6,983 – Long-term borrowings 438,847 319,181 441,096 326,164 10,812,752 14,153,992 8 TRADE AND OTHER PAYABLES As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Trade payables 32,375,683 36,132,147 Notes payable 775,583 702,714 Payables to related parties 21,175,972 21,519,071 Output value-added tax on contract liabilities to be transferred 2,237,332 2,710,360 Advances from non-controlling shareholders of subsidiaries 3,316,133 3,356,165 Amounts received for potential investments in property projects 851,803 851,871 Accrued expenses 1,467,501 1,327,013 Value-added tax and other taxes payable 891,425 927,204 Deposits for construction biddings and rental deposits 2,483,454 2,509,692 Accrued payroll 33,845 447,188 Payables for acquisition of subsidiaries, joint ventures and associates 6,997 6,997 Others 5,553,204 5,603,033 71,168,932 76,093,455 Less: Non-current portion (752,909) (752,909) Current portion 70,416,023 75,340,546
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– 13 – The aging analysis of trade payables and notes payable based on the date of invoice or demand note as at 30 June 2026 and 31 December 2025 are as follows: As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Within 1 year 25,752,520 30,423,322 Between 1 and 2 years 7,398,746 6,411,539 33,151,266 36,834,861 As at 30 June 2026 and 31 December 2025, the fair values of trade and other payables approximate their carrying amounts. As at 30 June 2026 and 31 December 2025, the carrying amounts of trade and other payables are primarily denominated in RMB. 9 REVENUE Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Revenue from contract with customers recognised at a point in time A share company – Sales of properties 10,564,341 15,168,156 – Other services 318,781 291,724 Non-A share companies – Other services 23,560 51,621 10,906,682 15,511,501 Revenue from contract with customers recognised over time A share company – Commercial property management services 3,164,990 3,066,037 – Other services 202,171 218,017 Non-A share companies – Other services 16,420 18,801 3,383,581 3,302,855 Rental income A share company 3,392,354 3,355,526 Non-A share companies 3,799 3,666 3,396,153 3,359,192 17,686,416 22,173,548
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– 14 – 10 EXPENSES BY NATURE Expenses included in cost of sales and services, selling and marketing costs and administrative expenses are analysed as follows: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Construction costs 6,632,219 8,465,502 Land use rights costs 3,510,089 5,598,100 Capitalised interest 691,946 1,037,726 Staff costs 1,049,285 1,185,839 Advertising and publicity costs and sales commission 522,869 680,808 Tax and surcharges 445,594 557,765 Depreciation of property, plant and equipment 75,612 73,508 Professional fees 85,924 87,649 Bank charges 80,495 55,338 Amortisation of right-of-use assets and intangible assets 17,953 21,019 Travelling expenses 40,161 56,279 Entertainment expenses 20,846 22,911 Rental expenses of low-value and short-term leases 411 471 Auditors’ remuneration 285 249 Other expenses 942,645 1,268,992 Total cost of sales and services, selling and marketing costs and administrative expenses 14,116,334 19,112,156 11 FINANCE COSTS – NET Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Finance costs – Interest on borrowings (1,691,415) (1,570,054) – Interest and finance charges paid/payable for lease liabilities (77,689) (28,923) – Less: Interest capitalised 80,419 197,844 (1,688,685) (1,401,133) – Net foreign exchange gains/(losses) 212,320 (10,923) Total finance costs (1,476,365) (1,412,056) Finance income – Interest income on bank deposits 21,183 33,731 Net finance costs (1,455,182) (1,378,325)
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– 15 – 12 INCOME TAX EXPENSE Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Current income tax – PRC land appreciation tax 400,366 337,700 – PRC corporate income tax 109,157 552,170 509,523 889,870 Deferred income tax 435,816 (126,143) Total income tax charged for the period 945,339 763,727 Cayman Island income tax The Company is incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Act of Cayman Islands and accordingly, is exempted from Cayman Islands income tax. BVI income tax Under the current laws of BVI, the Group’s subsidiaries incorporated in the BVI and all dividends, interest, rents, royalties, compensation and other amounts paid by such subsidiaries incorporated in the BVI to persons who are not resident in the BVI and any capital gains realised with respect to any shares, debt obligations, or other securities by such subsidiaries incorporated in the BVI by persons who are not resident in the BVI are exempt from all provisions of the Income Tax Ordinance in the BVI. In addition, upon payments of dividends by our BVI subsidiaries to us, no BVI withholding tax is imposed. Hong Kong profits tax Hong Kong profits tax has been provided at a tax rate of 16.5%, on the Group’s assessable profits in Hong Kong during the six months ended 30 June 2026 (for the six months ended 30 June 2025: 16.5%). The mainland China corporate income tax Under the Corporate Income Tax Law of the mainland China (“ CIT Law ”), the CIT rate applicable to the Group’s subsidiaries located in mainland China is 25%. The CIT Law and its implementation rules impose a withholding tax at 10% for dividends distributed by the PRC-resident enterprise to its immediate holding company outside the PRC for earnings generated beginning 1 January 2008 and undistributed earnings generated prior to 1 January 2008 are exempted from such withholding tax. A lower 5% withholding tax rate may be applied when the immediate holding companies are established in Hong Kong according to the tax treaty arrangement between the mainland China and Hong Kong. For the six months ended 30 June 2026, the Group made provision for PRC withholding tax based on the tax rate of 5% on a portion of the earnings generated by its mainland China entities. The Group controls the dividend policies of these subsidiaries and it has been determined that it is probable that a majority of these earnings will not be distributed in the foreseeable future. Land appreciation tax PRC land appreciation tax is levied at progressive rates ranging from 30% to 60% on the appreciation of land value, being the proceeds from sales of properties less deductible expenditures including lease charges for land use rights and all property development expenditures, and is included in the condensed consolidated statement of profit or loss as income tax expense.
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– 16 – 13 EARNINGS PER SHARE Basic earnings per share for the six months ended 30 June 2026 and 2025 is calc ulated by dividing the profit of the Group attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period. Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) Consolidated profit attributable to equity holders of the Company (RMB’000) 608,088 691,550 Weighted average number of ordinary shares in issue (’000) 7,196,732 7,043,583 Basic earnings per share (RMB) 0.08 0.10 For the six months ended 30 June 2026, diluted earnings per share were equal to the basic earnings per share as the Group does not have any dilutive shares. 14 DIVIDENDS The Board did not recommend the payment of an interim dividend for the six months ended 30 June 2026 (for the six months ended 30 June 2025: nil).
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– 17 – MANAGEMENT DISCUSSION AND ANALYSIS Review and Prospects In the first half of 2026, the domestic real estate and consumer markets exhibited differentiated development trends. In terms of residential real estate, the focus of policies shifted significantly from “controlling risks” to “stabilising expectations and promoting recovery”, with the core logic centering on three key pillars: urban renewal, housing consumption, and reshaping of asset attributes. The industry in general showed significant characteristics of “trading volume contracts as prices stabilize, with divergence across sectors”. Core cities were the first to show signs of stabilisation, whilst the national market remained in a phase of bottoming-out following a period of profound adjustment. In terms of commercial consumption, with 2026 marking the beginning of the 15th Five-Year Plan, the government called for nationwide efforts to proactively expand and improve the quality of consumption, driven simultaneously by policy planning and a series of initiatives. The State Council of the PRC has approved the “Plan for Expanding Consumption During the 15th Five-Year Plan Period ( ᓒɽऊ൬ɤʞʞྌ)”, which serves as the general outline for promoting nationwide consumption over the next five years. Meanwhile, the state is prioritising the implementation of consumption policies in the western regions, where regional consumption resilience is gradually becoming apparent, providing companies holding commercial assets with opportunities for value reassessment amidst the wave of regional consumption upgrading. In the first half of 2026, the Company established the pathway towards high-quality development in line with its asset management strategy, and seized the opportunities arising from industry transformation. All business segments operated steadily with synergies, achieving an overall improvement in the quality of the Company’s fundamental performance whilst maintaining stability. In terms of commercial operations, in the first half of 2026, three new Wuyue Pl azas were successfully opened, which were located in Tai'an, Shandong, Chongqing and Taizhou Wan, Zhejiang respectively, adding a total of 272,200 sq.m. of commercial gross floor area. As of 30 June 2026, the number of Wuyue Plazas in operation nationwide had increased to 181. The quality of the Company’s commercial real estate operation continued to improve. From January to June 2026, our operating Wuyue Plazas achieved commercial operation revenue of RMB7.112 billion, representing a year-on-year increase of 2.42%; total retail sales of RMB52 billion (excluding sales of vehicles), representing a year-on-year increase of 0.97%; total customer traffic of 1.033 billion, representing a year-on-year increase of 8.74%. In terms of residential development, the Company adheres to its core strategy of “ensuring property delivery and reducing real estate inventory”, and concentrates its resources on advancing the construction and delivery of existing projects. In the first half of 2026, over 10,000 properties were successfully delivered. On the sales side, it maintains an operational approach focused on steady destocking and profit strengthening, making every effort to accelerate capital recovery and enhance operational efficiency. From January to June 2026, the Company achieved cumulative contracted sales of approximately RMB6.357 billion, with total capital recovery reaching RMB7.530 billion.
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– 18 – In terms of construction management business, leveraging the Company’s comprehensive advantages in entity credit, asset base, and nationwide layout, the construction management segment of Seazen has established core competitiveness that withstands economic cycles, advancing steadily in the construction management sector whilst steadily expanding its business scope. From January to June 2026, the planned gross floor area of newly signed construction management projects amounted to 5.53 million sq.m., with a total delivered area of 700,000 sq.m. The construction management segment of Seazen has utilised its professional capabilities to realise market value, effectively diversifying the revenue structure of the Company. In the first half of 2026, the Company continued to optimise its debt structure. By accurately seizing the window of market opportunities, the Company diversified its financing instruments layout reasonably extended their maturity structure to boost financial resilience. During the year, Seazen Holdings, our subsidiary, successfully issued US$355 million offshore bonds and RMB750 million domestic medium-term notes, and completed the first expansion issuance of consumer-class inter-institutional REITs of RM B2.146 billion in China, achieving the full continuation of the RMB895.8 million Phase 1 Commercial Mortgage-Backed Securities (CMBS) following the put option period, which effectively supplemented its operating cash flow and strengthened its financial security. In active response to policy guidance, the Company successfully completed the filing of Commercial REITs (as defined thereafter), positioning the Company as one of the first private commercial operating entities which had proactively captured policy benefits. In May 2026, S&P Global Ratings upgraded its outlook on Seazen Group from “negative” to “stable”. In August 2026, the MSCI ESG rating of Seazen Group was upgraded to AA, signifying the high recognition from the international capital market of the Company’s comprehensive performance in environmental, social, and governance, which further solidified the Company’s long-term credit and brand value. Looking ahead to the second half of the year, as the industry may see a further deepened trend of existing asset transformation, the Company will adhere to the development strategy of maintaining “stability” and winning with “quality” to continuously pursue the synergy between its business segments. For the commercial segment, we will seek to build professional capacities to drive sustainable and leading year-on-year growth in operating results with inherent certainty; for the residential segment, we will optimise asset structure, accelerate the unlocking of existing asset value, and fully support business development; for the construction management segment, we will expand into external markets and amplify our asset-light competitive advantages; for the asset management segment, we will comprehensively implement REITs and revitalise the value of existing assets; and for the financing segment, we will leverage policies to optimise debt structure and consolidate credit advantages. All Seazen employees remain dedicated and grounded in their role to hard work, conduct themselves with integrity and act with practical effort, striving together toward our new goals and new directions!
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– 19 – Investment Properties The Group’s investment properties were mainly derived from the 181 Wuyue Plazas in operation as of 30 June 2026 with an area in operation amounting to 16.7531 million sq.m. Table 1: Breakdown of rental and management fee income from investment properties of the Group for the first half of 2026 Province/Region Number of plazas Occupancy rate Rental and management fee income for the first half of 2026 Rental and management fee income for the first half of 2025 RMB’000 RMB’000 Jiangsu 44 97.58% 1,738,533 1,766,642 Zhejiang 19 98.12% 767,307 795,440 Anhui 14 98.85% 473,639 462,995 Shaanxi 7 99.25% 353,117 344,597 Shandong 17 98.11% 446,997 399,963 Hunan 6 98.09% 188,216 201,125 Guangxi 5 99.89% 148,573 145,074 Yunnan 6 99.14% 189,086 183,189 Hubei 8 100.00% 316,084 302,148 Jiangxi 4 98.04% 130,175 137,659 Sichuan 6 99.21% 177,209 170,316 Jilin 2 99.31% 109,631 101,068 Hainan 1 96.45% 74,820 81,254 Tianjin 4 99.46% 139,232 139,206 Hebei 2 99.29% 100,872 98,492 Shanghai 3 95.58% 89,587 89,214 Guizhou 2 98.79% 70,654 65,364 Qinghai 2 99.34% 106,559 100,885 Inner Mongolia 2 98.01% 45,317 45,936 Fujian 3 99.63% 104,208 97,873 Liaoning 3 96.99% 90,951 85,308 Henan 6 99.69% 210,726 129,600 Ningxia 1 98.68% 38,953 39,595 Chongqing 6 95.31% 99,558 88,192 Guangdong 3 97.21% 88,909 91,383 Shanxi 3 99.02% 144,627 142,397 Gansu 1 100.00% 69,774 63,853 Xinjiang 2 99.08% 122,536 109,888 Total 182 98.32% 6,635,847 6,478,655
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– 20 – Notes: 1. The data of Shanghai include the occupancy of the offices of Shanghai Seazen Holdings Tower B. 2. Rental income includes rentals, management fees, carpark income, various operation income and other sporadic management income. 3. The Company’s total commercial operating income from January to June 2026 was RMB7.112 billion (i.e. tax-included rental income), including: rentals, management fees, carpark income, various operation income and other sporadic management income from shops and shopping centres. 4. The occupancy rate represents the occupancy of the commercial property on 30 June 2026. 5. In the first half of 2026, the total retail sales of Wuyue Plazas was RMB52.0 billion (excluding sales of vehicles), which increased by 0.97% year-on-year. Development Business In the first half of 2026, the revenue of the Group’s property development business was approximately RM B10,564 million. Properties with a total GFA of 1,859,625 sq.m. were delivered. The average selling price of properties delivered and recognised as sales was approximately RMB5,681 per sq.m. Table 2: Breakdown of property development revenue for the first half of 2026 The following table sets forth the revenue information relating to the properties the Group delivered for sale during the first half of 2026: Province Revenue GFA Average selling price (RMB million) (sq.m.) (RMB/sq.m.) Jiangsu Province 1,843 258,857 7,119 Henan Province 1,077 221,392 4,866 Tianjin City 1,613 200,898 8,031 Hubei Province 928 168,445 5,510 Shaanxi Province 691 165,127 4,182 Sichuan Province 920 160,553 5,731 Hunan Province 511 137,020 3,729 Yunnan Province 406 88,841 4,571 Shandong Province 374 83,965 4,449 Chongqing City 308 71,077 4,329 Anhui Province 272 70,649 3,847 Zhejiang Province 572 68,376 8,364 Guizhou Province 413 47,572 8,685 Hebei Province 374 44,664 8,384 Others 262 72,189 3,632 Total 10,564 1,859,625 5,681
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– 21 – As at 30 June 2026, the pre -sold but not delivered properties of the Group (including joint ventures and associates) amounted to approximately RMB47,429 million, with a total GFA of approximately 7.45 million sq.m. For the six months ended 30 June 2026, the contracted sales of the Group amounted to approximately RM B6,357 million, the total GFA sold was approximately 1.02 million sq.m. and the average contracted selling price (excluding parking space sales) amounted to approximately RMB8,489 per sq.m. Table 3: Breakdown of the Group’s contracted sales for the first half of 2026 The following table sets out the geographic breakdown of the Group’s contracted sales for the first half of 2026: Province/Region Contracted GFA sold Contracted sales (sq.m.) (RMB million) Yangtze River Delta Region Jiangsu Province 147,594 1,212 Zhejiang Province 99,058 708 Anhui Province 35,649 58 Central and Western Regions Hubei Province 91,371 451 Henan Province 55,610 247 Chongqing City 67,662 354 Sichuan Province 15,433 67 Hunan Province 50,638 221 Jiangxi Province 8,584 56 Yunnan Province 25,781 121 Guizhou Province 34,716 245 Bohai Rim Region Tianjin City 74,976 597 Shandong Province 117,511 519 Hebei Province 27,595 223 Greater Bay Area Guangdong Province 81,900 623 Fujian Province 48,124 499 Other Regions 42,549 155 Total 1,024,751 6,357
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– 22 – Rentable and Saleable Land Resources The geographic spread of the rentable and saleable land resources of the Group as at 30 June 2026 was as follows, among which the area for future residential sales was about 24.95 million sq.m.: Table 4: Breakdown of rentable and saleable land resources of the Group Province/Region Rentable and saleable area Accumulative contracted area as of 30 June 2026 (sq.m.) (sq.m.) Yangtze River Delta Region Jiangsu Province 20,545,217 14,915,958 Zhejiang Province 4,085,147 3,017,573 Anhui Province 3,428,903 2,368,785 Shanghai City 625,019 458,093 Central and Western Regions Hubei Province 6,508,502 4,621,200 Hunan Province 5,327,036 3,051,254 Yunnan Province 4,558,805 1,903,181 Chongqing City 4,294,021 2,698,685 Guizhou Province 4,175,812 1,617,616 Henan Province 4,123,011 2,546,643 Sichuan Province 2,420,977 1,757,597 Guangxi Zhuang Autonomous Region 1,151,050 861,179 Shaanxi Province 1,217,609 733,397 Shanxi Province 2,571,024 1,717,391 Xinjiang Uygur Autonomous Region 2,163,293 1,114,410 Jiangxi Province 1,614,527 794,801 Inner Mongolia Autonomous Region 129,664 120,690 Qinghai Province 574,629 381,118 Ningxia Hui Autonomous Region 599,832 435,963 Gansu Province 421,328 223,799 Bohai Rim Region Shandong Province 12,204,575 6,390,441 Tianjin City 3,921,627 2,935,899 Hebei Province 1,603,859 891,253 Beijing City 658,759 517,021 Liaoning Province 971,304 710,782 Greater Bay Area and Other Regions Guangdong Province 4,852,350 3,161,377 Fujian Province 998,818 419,481 Total 95,746,698 60,365,587
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– 23 – Financial Review Revenue For the six months ended 30 June 2026, the Group’s revenue amounted to approximately RMB17,686.4 million. The main reason for the year-on-year decrease compared to the corresponding period in 2025 was the decrease in revenue from sale of properties due to the downturn in the real estate industry. The amount of revenue of each significant category is as follows: Six months ended 30 June 2026 2025 RMB million RMB million Revenue from sale of properties 10,564.3 15,168.2 Revenue from commercial property management services 3,165.0 3,066.0 Rental income 3,396.1 3,359.2 Other income 561.0 580.1 17,686.4 22,173.5 Gross Profit For the six months ended 30 June 2026, the gross profit of the Group was approximately RMB5,424.0 million, representing an increase of RMB23.4 million from RMB5,400.6 million for the same period of 2025. For the six months ended 30 June 2026, gross profit margin was 30.7%, representing an increase of 6.3 percentage points from 24.4% for the same period of 2025, which was mainly due to the increase in the proportion of commercial property management service income and rental income with higher gross profit margin in total revenue compared with the same period of last year.
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– 24 – Fair Value Losses on Investment Properties The Group develops and holds several commercial properties such as shopping malls and carparks for rental income or capital appreciation. The Group’s investment properties are appraised semi-annually by an independent property valuer. Any appreciation or depreciation in the Group’s investment property value is recognised as fair value gains or losses in the Group’s condensed consolidated statement of profit or loss. Valuation losses on investment properties for the six months ended 30 June 2026 were approximately RM B203.2 million, which was mainly due to the decrease in valuation of certain investment properties in certain market segments affected by increased market competition. Selling and Marketing Costs For the six months ended 30 June 2026, the selling and marketing costs of the Group decreased by 31.8% to approximately RM B674.3 million from approximately RM B988.8 million for the same period in 2025, which was primarily attributable to the reduction in advertising and publicity costs, sales commissions and staff payroll compared with the corresponding period last year. Administrative Expenses For the six months ended 30 June 2026, the administrative expenses of the Group decreased by 12.7% to approximately RMB1,179.5 million from approximately RMB1,350.4 million for the same period in 2025, which was mainly due to cost savings. Finance Costs – Net For the six months ended 30 June 2026, net finance costs of the Group increased by 5.6% to approximately RM B1,455.2 million from approximately RM B1,378.3 million for the same period in 2025 primarily due to the decreased in capitalised inte rest with the contraction of property development business. Income Tax Expense Income tax expense comprises the corporate income tax and land appreciation tax. The income tax expense of the Group for the six months ended 30 June 2026 increased by 23.8% to approximately RMB 945.3 mi llion from approximately RMB 763.7 m illion for the same period in 2025. The increase was primarily attributable to the increase in deferred income tax expense compared with the same period of last year. Half-year Profit and use of non-HKFRS measures Net profit attributable to equity holders of the Company amounted to approximately RMB608.1 million for the six months ended 30 June 2026, representing a year-on-year decrease of 12.1% compared to the six months ended 30 June 2025. The change was mainly due to the combined effect of revenue, costs of sales and services, selling and marketing costs, fair value losses on investment properties, administrative expenses, net finance costs and income tax expense.
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– 25 – To supplement the consolidated financial statements prepared and presented in accordance with HKFRS, we utilise non-HKFRS adjusted core earnings as an additional financial measure. Core earnings is a non-HKFRS measure for facilitating the evaluation of financial performance of the Group’s core operations, which primarily excludes the impact of (i) fair value losses on investment properties and financial assets of approximately RMB118.0 million; (ii) unrealised foreign exchange gains relating to borrowings and financial assets of approximately RMB99.2 million; and (iii) losses on acquisition and disposal of subsidiaries of RMB0. The Board believes that the exclusion of the above items which are non-recurring in nature and not indicative of the Group’s operating performance during the Reporting Period would facilitate the evaluation of financial performance of the Group’s core operations by shareholders of the Company (the “ Shareholders ”) and potential investors of the Company. However, the use of non-HKFRS measures has limitations as an analytical tool, and should not be considered in isolation from, or as a substitute for analysis of, our results of operations or financial conditions as reported under HKFRSs. In addition, these non-HKFRS financial measures may be defined differently from similar terms used by other companies, and may not be comparable to other similar measures used by other companies. Reconciliation of our net profit attributable to equity holders of the Company to non-HKFRS adjusted core earnings is as follows: For the six months ended 30 June 2026 30 June 2025 (RMB million) (RMB million) Net profit attributable to equity holders of the Company (HKFRS measure) 608.1 691.6 Add: Fair value losses on investment properties and financial assets 118.0 76.2 Unrealised foreign exchange gains relating to borrowings and financial assets (99.2) (10.7) Losses on acquisition and disposal of subsidiaries – 8.6 Core earnings attributable to equity holders of the Company (non-HKFRS measure) 626.9 765.7
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– 26 – Financial Position As at 30 June 2026, the total borrowings of the Group amounted to RM B55.44 billion and cash on hand amounted to RMB7.85 billion*. Net debt-to-equity ratio** was 57.1%, and the debt-to-asset ratio excluding advances received*** was 64.3%. As of 30 June 2026, the proportion of long-term borrowings to total borrowings of the Group was 80.5%, ensuring the healthy and stable future cash flow of the Group. The Group continued to optimise and maintain a reasonable debt level and financial structure. The Board believes that it has laid a solid foundation for the Group to withstand market fluctuations and reduce financial risks. The weighted average borrowing cost of the Group’s bank borrowings, senior notes, medium- term notes and other financing instruments was 6.0% per annum; and the proportion of unsecured debt to total debt was 10.0%. Borrowings due within one year amounted to RMB10.81 billion, accounting for 19.5% of the total borrowings. In the first half of 2026, New Metro Global Limited (ʮ̡ ) (“ New Metro Global ”), a subsidiary of the Company, completed the issuance of the 11.8% senior notes amounting to US$355,000,000 which will mature in 2029. As at 30 June 2026, the cash balances held by the Group are as follows: Cash balances 30 June 2026 31 December 2025 RMB million RMB million Denominated in RMB 7,582.6 6,826.8 Denominated in USD 157.2 31.1 Denominated in HKD 107.8 41.3 7,847.6 6,899.2 Significant Investments Held As at 30 June 2026, the Group did not hold any significant investments. * Among which, the restricted funds amounted to approximately RMB2.33 billion, which mainly comprise pre-sale regulatory funds and security for mortgage loans. ** Net debt-to-equity ratio = net debts/total equity at the end of the period. Net debts = total borrowings – (interest payable + cash and cash equivalents + restricted cash). *** The debt-to-asset ratio excluding advances received = (total debt – advances – contract liabilities)/(total assets – advances – contract liabilities).
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– 27 – Material Acquisition and Disposal During the Reporting Period, the Group did not have any material acquisitions or disposals of subsidiaries, associates or assets. Future Plans for Material Investments or Capital Assets The Directors confirmed that as at the date of this announcement, the Group currently has no intention to acquire any material investments or capital assets other than those acquired in the Group’s ordinary business of property development. Dividend The Board did not recommend the declaration of any interim dividend for the six months ended 30 June 2026 (for the six months ended 30 June 2025: nil). Employees and Compensation Policy As at 30 June 2026, the Group had a total of 17,796 full-time employees. The Group determines the remuneration packages of all the employees (including Directors) based on their performance, work experience and the prevailing market wage level, and provides promotional opportunities with reference to their individual strengths and potentials. The remuneration package of the employees consists of basic salary, cash bonus and share- based payments. The Group has established a performance appraisal system to evaluate the performance of its employees on an annual basis and use the evaluation results to determine their salary increment or promotion accordingly. Purchase, Sale or Redemption of any Listed Securities of the Company Save as disclosed in this announcement, during the six months ended 30 June 2026, neither the Company nor any of its subsidiaries had purchased, sold or redeemed listed securities (including sale of treasury shares (as defined under the Rules Governing the Listing of Securities on the Stock Exchange (the “ Listing Rules ”), if any) of the Company. The Company does not have any treasury shares as at 30 June 2026.
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– 28 – EVENTS DURING THE REPORTING PERIOD Connected transaction – Disposal of Subsidiaries On 20 January 2026, Seazen Resources Capital Investment Management Limited (ࢤࣜ۬ ʮ̡ ) (a wholly-owned subsidiary of the Company) (“ SRCIM ”) entered into two share transfer agreements (the “ Transfer Agreements ”) with Resocore Capital Hong Kong Investments Limited (ʮ̡ ) (“ Resocore ”) (a company indirectly wholly-owned by Ms. Wang Kelly, an associate of Mr. Wang Xiaosong and Mr. Wang, controlling shareholder of the Company), pursuant to which SRCIM sold to Resocore, the entire issued share capital of Seazen Resources Asset Management Limited (༟ପ၍ ʮ̡ ) (“ Target Company A ”) and the entire issued share capital of Seazen Resources Securities Limited (ʮ̡ ) (“ Target Company B ”) at the consideration of HK$25,230,000 and HK$62,820,000, respectively (the “ Disposals ”). For details of the Disposals, please refer to the announcement of the Company dated 20 January 2026. As at the date of this announcement, Resocore has obtained approval from the Securities and Futures Commission to become a substantial shareholder in Target Company A and Target Company B. As all conditions precedent under the Transfer Agreements have been fulfilled, the parties will proceed with completion accordingly. Placing of Existing Shares and Top-up Subscription of New Shares under General Mandate in February 2026 On 5 February 2026, Wealth Zone Hong Kong Investments Limited (“ Wealth Zone Hong Kong”), the Company, Citigroup Global Markets Limited (“ Citi”), China International Capital Corporation Hong Kong Securities Limited (“ CICC”) and Huatai Financial Holdings (Hong Kong) Limited (“ Huatai ”, together with Citi and CICC, the “ Placing Agents ”) entered into the placing and subscription agreement (the “ Placing and Subscription Agreement ”), pursuant to which: (a) Wealth Zone Hong Kong agreed to appoint the Placing Agents as agents, and the Placing Agents agreed to procure, on a several (and not joint or joint and several) and best effort basis, not less than six purchasers to purchase the 198,000,000 existing shares (the “ Sale Shares ”) at the placing price (the “ Placing Price ”) of HK$2.39 per share; and (b) Wealth Zone Hong Kong agreed to subscribe for, and the Company agreed to allot and issue to Wealth Zone Hong Kong, the new shares (which shall be the same number as the number of the Sale Shares actually sold by Wealth Zone Hong Kong pursuant to the Placing and Subscription Agreement) (the “ Subscription Shares ”) at the subscription price of HK $2.39 per share (which is the same as the Placing Price). The net subscription price (after deducting all related costs and expenses borne by the Company) is estimated to be approximately HK $2.37 per share. The closing price of the shares as quoted on the Stock Exchange on 4 February 2026, being the last full trading day prior to the date of the announcement, was HK$2.81 per share. The aggregate nominal value of the Subscription Shares is HK$198,000. The completion of the placing of the Sale Shares took place on 9 February 2026, and the Company allotted and issued 198,000,000 Subscription Shares to Wealth Zone Hong Kong on 11 February 2026 (the “Subscription ”) under the general mandate granted to the Directors pursuant to a resolution passed at the annual general meeting of the Company held on 8 May 2025. For further details, please refer to the announcements of the Company dated 5 February 2026 and 11 February 2026, respectively.
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– 29 – The Company received total net proceeds from the Subscription of approximately HK$468.92 million. The Directors are of the view that the placing and subscription will strengthen the financial position and liquidity of the Group and provide funding to the Group for the future development of the Group, the repayment of the Company’s debts when they fall due in the future and as general working capital of the Group. As of 30 June 2026, the Company has fully utilised the net proceeds from the Subscription for future development of the Group, the repayment of the Company’s debts when they fall due in the future and as general working capital of the Group. PROPOSED SPIN-OFF OF COMMERCIAL REITS In response to the favourable policies published by the relevant authorities of the PRC and to further enhance the professional capabilities of Seazen Holdings Group Co., Ltd. (“ Seazen Holdings ”), a subsidiary of the Company whose A-shares are listed on the Shanghai Stock Exchange (“ SSE ”) (Stock Code: 601155), in real estate operation, optimize its capital structure, and strengthen its core competitiveness and sustainable development capabilities, the Company has announced on 9 March 2026 that Seazen Holdings has commenced its application for the public issuance of commercial property real estate investment trusts (“Commercial REITs ”) using its commercial real estate projects as underlying assets. As disclosed in the announcement of the Company dated 9 March 2026, Seazen Holdings proposes to spin off two projects and their underlying assets (the “ Projects ”) as the underlying assets of its Commercial REITs (the “ Proposed Spin-off ”). The Projects include: 1. Changzhou Xincheng Hongxing Commercial Op eration and Management Co., Ltd. ( ੬ ʮ̡ ) (“ Changzhou Project Company ”) and its holding of the Changzhou Tianning Wuyue Plaza Project (ᄿఙධͦ ) (“ Tianning Wuyue Plaza Project ”) located on the south side of Dongfang West Road and the east side of Mingshan Road in Tianning District, Changzhou City; and 2. Qidong Yuebo Commercial Operation and Management Co., Ltd. (௹ਠุᐄ ʮ̡ ) (“ Qidong Project Company ”, which, together with Changzhou Project Company, are referred to as “ Project Companies ”) and its holding of the Nantong Qidong Wuyue Plaza Project (ᄿఙධͦ ) (“ Qidong Wuyue Plaza Project ”) located in Huilong Town, Qidong City. The above proposal is subject to refinement or necessary adjustments based on subsequent application progress, relevant rules and requirements of regulatory authorities, and market conditions. For details, please refer to the announcement of the Company dated 9 March 2026. As of 30 June 2026, the Company has submitted an application in relation to the Proposed Spin-off to the Stock Exchange for approval pursuant to PN15 of the Listing Rules, and the Stock Exchange has confirmed that the Company may proceed with the Proposed Spin- off under P N15 of the Listing Rules. As at the date of this announcement, save for the confirmation given by the Stock Exchange pursuant to P N15 of the Listing Rules, the Proposed Spin-off remains subject to, among other things, the requisite approvals of the SSE and the China Securities Regulatory Commission. The Company will issue further announcements to keep Shareholders informed of any material developments regarding the Proposed Spin-off, as and when appropriate.
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– 30 – Issue of Senior Notes On 9 March 2026, New Metro Global completed the issuance of the 11.8% guaranteed senior notes in the aggregate principal amount of US $355,000,000 which will mature on 9 March 2029. For details of the issuance, please refer to the announcements of the Company dated 26 February 2026 and 10 March 2026, respectively. Repurchase of Senior Notes As part of the Group’s strategies to actively manage its balance sheet liabilities and optimize its debt structure, the Company repurchased the following senior notes: On 11 March 2026, New Metro Global accepted and repurchased its issued US $167,978,000 of the May 2026 Senior Notes, which were cancelled on 10 March 2026. Upon cancellation, principal amount of US$236,022,000 in a ggregate of the May 2026 Se nior Notes remained outstanding. For details, please refer to the announcements of the Company dated 26 February 2026, 6 March 2026 and 11 March 2026, respectively. On 11 March 2026, New Metro Global accepted and repurchased its issued US$65,973,000 of the September 2027 Senior Notes, which were cancelled on 10 March 2026. Upon cancellation, principal amount of US $94,027,000 in aggregate of the September 2027 Senior Notes remained outstanding. For details, please refer to the announcements of the Company dated 26 February 2026, 6 March 2026 and 11 March 2026, respectively. Resignation of Executive Director Mr. Lv Xiaoping has resigned as an executive Director, the chief executive officer and a member of the environmental, social and governance committee of the Company with effect from 16 March 2026, due to his desires to devote more time and effort to other endeavours. For details, please refer to the announcement of the Company dated 16 March 2026. Save as disclosed above, the Group did not have any significant events as at the end of the Reporting Period. SIGNIFICANT EVENT SUBSEQUENT TO THE REPORTING PERIOD The Group had no significant event subsequent to the end of the Reporting Period and up to the date of this announcement. MATERIAL CHANGES Save as disclosed in this announcement, there have been no material changes in respect of the future development of the business of the Group (including the Company’s prospects for the current financial year) since the publication of the Company’s 2025 annual report.
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– 31 – CORPORATE GOVERNANCE PRACTICES The Group is committed to maintaining high standards of corporate governance to safeguard the interests of the Shareholders and to enhance corporate value and accountability. The Company has adopted the Corporate Governance Code (the “ CG Code ”) as set out in Appendix C1 to the Listing Rules as its own code of corporate governance. The Company has complied with the code provisions as set out in Part 2 of the CG Code for the six months ended 30 June 2026. The Company will continue to review and enhance its corporate governance practices to ensure compliance with the CG Code. MODEL CODE FOR SECURITIES TRANSACTIONS The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “ Model Code ”) as set out in Appendix C3 to the Listing Rules as its own code of conduct regarding Directors’ securities transactions. Having made specific enquiries with all the Directors, each of the Directors has confirmed that he/she has complied with the Model Code during the Reporting Period. REVIEW OF INTERIM RESULTS BY THE AUDIT COMMITTEE The audit committee of the Company, comprising all the independent non-executive Directors, namely Ms. Wu Ke (Chairman), Mr. Zhu Zengjin and Mr. Zhong Wei, has reviewed with the management the accounting principles and policies adopted by the Group and the unaudited interim results of the Group for the six months ended 30 June 2026. PUBLICATION OF THE INTERIM RESULTS AND 2026 INTERIM REPORT ON THE WEBSITES OF THE STOCK EXCHANGE AND THE COMPANY This interim results announcement is published on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.seazengroup.com.cn), and the 2026 interim report containing all the information required under the Listing Rules will be dispatched to the Shareholders (if requested) and published on the respective websites of the Stock Exchange and the Company in due course. By order of the Board Seazen Group Limited Wang Xiaosong Chairman The PRC, 26 August 2026 As at the date of this announcement, the Directors are Mr. Lu Zhongming and Mr. Zhou Fudong as executive Directors, Mr. Wang Xiaosong as non-executive Director, and Mr. Zhu Zengjin, Mr. Zhong Wei and Ms. Wu Ke as independent non-executive Directors.