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. (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1233) INTERI M RESULT S ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026 INTERIM RESULTS HIGHLIGHTS – Contracted sales for the Period of RMB 1.831 billion, representing a decrease of 36.2% as compared with the corresponding period in 2025; Average contracted sales price of RMB9,797 per square meter (“sq.m.”), representing a decrease of 22.5% as compared with the corresponding period in 2025; – Revenue for the Period of RMB 1,148.3 million, representing a decrease of 49.4 % as compared with the corresponding period in 2025; – Profit for the Period of RMB3,713.2 million, representing a turnaround from the loss for the corresponding period in 2025 amounting to RMB3,417.9 million; – Profit attributable to the owners of the Company for the Period of RMB 3,690.1 million, representing a turnaround from the loss attributable to the owners of the Company for the corresponding period in 2025 amounting to RMB3,436.1 million; and – During the Period, the Group effectively managed the costs and controlled the expenses and expenditures.
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– 2 – RESULTS The board (the “Board”) of directors (the “Directors”) of Times China Holdings Limited ( “Times China” or the “Company”) is pleased to announce the unaudited interim condensed consolidated results of the Company and its subsidiaries (collectively, the “Group”) for the six months ended 30 June 2026 (the “Period”), together with the comparative figures for the corresponding period in 2025 as follows: INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the six months ended 30 June 2026 Six months ended 30 June 2026 2025 Notes RMB’000 (Unaudited) RMB’000 (Unaudited) REVENUE 5 1,148,293 2,267,935 Cost of sales ( 1 , 0 6 0 , 4 1 3 ) ( 2 , 0 8 7 , 8 4 3 ) GROSS PROFIT 87,880 180,092 Other income and gains 5 7,920,412 195,033 Selling and marketing costs ( 4 5 , 0 9 4 ) ( 6 3 , 2 9 2 ) Administrative expens es ( 1 9 5 , 4 9 7 ) ( 2 0 9 , 1 0 8 ) Impairment and write -off losses on financial assets ( 5 3 6 , 7 9 9 ) ( 1 6 3 , 2 2 1 ) Other expenses ( 1 , 9 9 2 , 5 0 5 ) ( 2 , 0 7 5 , 3 1 4 ) Finance costs 7 ( 8 3 2 , 2 7 7 ) ( 1 , 1 5 5 , 3 2 8 ) Share of losses of joint ventures and associates ( 4 4 4 , 8 7 4 ) ( 2 3 , 9 7 2 ) PROFIT/(LOSS) BEFORE TAX 6 3,961,246 ( 3 , 3 1 5 , 1 1 0 ) Income tax expense 8 ( 248 , 089 ) ( 1 0 2 , 7 5 2 ) PROFIT/(LOSS) FOR THE PERIOD 3, 713,157 ( 3 , 4 1 7 , 8 6 2 ) Attributable to: Owner s of the Company 10 3, 690,115 ( 3 , 4 3 6 , 1 2 8 ) Non-controlling interests 23,042 18,266 3, 713,157 ( 3 , 4 1 7 , 8 6 2 )
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– 3 – INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2026 Six months ended 30 June 2026 2025 Notes RMB’000 (Unaudited) RMB’000 (Unaudited) EARNINGS /(LOSS) PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY Basic and diluted – profit/( loss) for the period 10 R M B89 c e n t s RMB(163) cents PROFIT/(LOSS) FOR THE PERIOD 3, 713,157 ( 3 , 4 1 7 , 8 6 2 ) OTHER COMPREHENSIVE INCOME Other comprehensive income that may be reclassified to profit or loss in subsequent periods: Exchange differences on translation of foreign operations 315,329 282,689 Net other comprehensive income that may be reclassified to profit or loss in subsequent periods 31 5,329 282,689 Other comprehensive income that will not be reclassified to profit or loss in subsequent periods: (Loss)/gain on property revaluation ( 9 8 8 ) 10,758 Net gain s on equity investments designated at fair value through other comprehensive income 7,686 1,958 Net other comprehensive income that will not be reclassified to profit or loss in subsequent periods 6,698 12,716 0B0B0BOTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX 322,027 295,405 1B1B1BTOTAL COMPREHENSIVE INCOME/( LOSS) FOR THE PERIOD 4 , 035 , 184 ( 3 , 1 2 2 , 4 5 7 ) Attributable to: Owner s of the Company 4,012,142 ( 3 , 1 4 0 , 7 2 3 ) Non-controlling interests 23,042 18,266 4 , 035,184 ( 3 , 1 2 2 , 4 5 7 )
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– 4 – INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 30 June 2026 31 December 2025 Notes RMB’000 (Unaudited) RMB’000 (Audited) NON-CURRENT ASSETS Property, plant and equipment 456,155 477,656 Inventories of properties 447,605 447,605 Right -of-use assets 182 416 Investment properties 6,017,574 6,410,148 Goodwill 2,154 2,335 Other intangible assets 88,808 106,928 Interests in joint ventures 2,540,536 3,436,413 Interests in associates 1,981,909 1,986,788 Equity investments designated at fair value through other comprehensive income 133,749 136,195 Deferred tax assets 1,036,759 1,258,420 Prepayments, deposits and other receivables 2,005,330 2,027,331 Total non -current assets 14,710,761 16,290,235 CURRENT ASSETS Inventories of properties 28,644 ,257 30,705,743 Trade receivables 11 634,225 603,521 Contract assets 46,938 47,802 Contract costs 89,244 82,737 Prepayments, deposits and other receivables 11,011,743 11,812,618 Amounts due from joint ventures 2,025,260 2,065,386 Amounts du e from associates 199,480 216,143 Tax prepayments 1,749,062 1,957,322 Restricted bank deposits 677,170 663,054 Cash and cash equivalents 403,301 412,886 45,480,680 48,567,212 Assets classified as held for sale - 10,550 Total current a ssets 45,480,680 48,577,762
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– 5 – INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued) As at 30 June 2026 30 June 2026 31 December 2025 Notes RMB’000 (Unaudited) RMB’000 (Audited) CURRENT LIABILITIES Trade and bills payab les 12 1,840,599 4,540,503 Other payables and accruals 14,305,4 57 14,567,792 Contract liabilities 2,491,299 2,514,592 Amounts due to joint ventures 2,499,873 2,509,605 Amounts due to associates 2,364,000 2,324,883 Interest -bearing bank and ot her borrowings and interest payable 13,539,662 21,325,964 Lease liabilities 5,919 16,494 Tax payable 11,536,329 11,534,441 Derivative financial instruments 61,479 88,998 Total current liabilities 48,644,617 59,423,272 NET CURRENT LIABILIT IES (3,163,937 ) (10,845,510) TOTAL ASSETS LESS CURRENT LIABILITIES 11,546,824 5,444,725 NON-CURRENT LIABILITIES Interest -bearing bank and other borrowings and interest payable 11,336,029 8,784,879 Amount due to ultimate controlling shareh older 213,072 214,250 Lease liabilities 2,700,828 3,102,905 Deferred tax liabilities 1,130,963 1,174,078 Total non -current liabilities 15,380,892 13,276,112 Net liabilities (3,834,068 ) (7,831,387) EQUITY Equity attributable to owners of the Company Share capital 247,744 211,974 Reserves (11,870,498) (15,869,831) (11,622,754) (15,657,857) Non-controlling interests 7,788,6 86 7,826,470 Deficiency in assets (3,834,068) (7,831,387)
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– 6 – NOTES TO FINANCIAL STATEMENTS For the six months ended 30 June 2026 1. CORPORATE INFORMATION The Company was incorporated in the Cayman Islands on 14 November 2007 under the name of Times Property (Holdings) Co., Limited as an exempted company with limited liability under the Companies Act, Cap. 22 of the Cayman Islands. Pursuant to a special resolution passed on 24 January 2008, the Company’s name was changed from Times Property (Holdings) Co., Limited to Times Property Holdings Limited. Pursuant to a special resolution passed on 15 January 2018, the Company’s name was changed from Times Property Holdings Limited to Times China Holdings Limited. The registered office address is Windward 3, Regatta Office Park, PO Box 1350, Grand Cayman KY1-1108, Cayman Islands. The Company is an investmen t holding company. During the six months ended 30 June 2026, the Company’s subsidiaries were mainly involved in property development, urban redevelopment business and property leasing in the People’s Republic of China (the “PRC”). In the opinion of the Directors, the immediate holding company of the Company is Asiaciti Enterprises Ltd., which was incorporated in the British Virgin Islands (the “BVI”) and the ultimate holding company is Renowned Brand Investments Limited ( “Renowned Brand ”), which was incorp orated in the BVI. Renowned Brand is wholly owned by Mr. Shum Chiu Hung (“Mr. Shum”), the founder of the Company and the Group. The Company’s shares were listed on the Main Board of the Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 11 December 2013. 2. BASIS OF PREPARATION The interim condensed consolidated financial information for the six months ended 30 June 2026 has been prepared in accordance with the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on the Stock Exchange and International Accounting Standard (“IAS”) 34 Interim Financial Reporting. This interim condensed consolidated financial information does not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual consolidated financial statements for the year ended 31 December 2025. Going concern basis The Group recorded a profit attributable to the owners of the Company of RMB3,690,115,000 for the six months ended 30 June 2026. As at 30 June 2026, (i) the Group’s current liabilities exceeded its current assets by RMB3,163,937,000; (ii) the Group’s total bank and other borrowings and interest payable amounted to RMB24,875,691,000, out of which RMB13,539,662,000 will be due for repayment within the next twelve months, while its cash and cash equivalents amounted to RMB403,301,000; (iii) the Group was in default of bank and other borrowings with principal amount totaling RMB8,883,413,000 and interest totaling RMB1,240,272,000 because of non-payment at their respective due dates. Such default events also triggered cross-defaults of certain bank and other borrowings with an aggregate amount of RMB217,710,000.
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– 7 – The above conditions indicate the existence of material uncertainties which cast significant doubt over the Group’s ability to continue as a going concern. In view of such circumstances, the Directors have undertaken a number of plans and measures to improve the Group’s liquidity and financial position, including: (i) The Group is actively negotiating with several existing financial institutions on the renewal , extension or restructuring of certain borrowings. (ii) The Group has been actively negotiating with several financial institutions to obtain n ew loans at a reasonable cost for ensuring delivery of its property projects under development. (iii) The Group will continue to implement measures to accelerate the sales of its properties under development and completed properties, and to speed up the collection of outstanding sales proceeds and other receivables; (iv) The Group will continue to take active measures to control administrative costs and capital expenditures; (v) The Group will continue to seek opportunities to dispose its assets such as land and equity interests in urban redevelopment projects. (vi) The Group will proceed with the selection and allocation among the options under the restructuring plan in accordance with the relevant terms of the onshore debt restructuring. During the period from April 2026 to July 2026, the restructuring plans for the domestic corporate bonds and asset -backed schemes (collectively, the “Onshore Bonds”) issued by Guangzhou Times Holdings Group Co., Ltd.* （廣州市時代控股集團有限公司）(“Guangzhou Times”, a wholly-owned subsidiary of the Company) were all considered and approved at the relevant meetings of bondholders, pursuant to which the principal and interest /expected yield payment arrangements as well as credit enhanc ement guarantee measures for the Onshore Bonds will be adjusted, the maturities will be extended to 2036 and 2038, with the annual interest rates will be reduced to 1%; and plan options including bond repurchase, debt-for-asset swap, and full extension ( “Onshore Debt Restructuring”) were provided to investors. As the next step, Guangzhou Times will, in accordance with the relevant provisions of the resolutions of the bondholders’ meetings, coordinate with bondholders to select and receive allocations of th e restructuring plan options in respect of the bonds held by them. (vii) The Group will continue to monitor compliance with the terms of the Offshore Debt Restructuring, including the post-completion obligations, which became effective on 28 November 2025. As at the date of this announcement, (1) certain zero coupon mandatory convertible bonds due 2027 issued by the Company on 28 November 2025 (the “MCB I ”) with an aggregate principal amount of USD267,867,388 have been converted into 348,227,585 new Shares of the Company at a conversion price of HKD6 per Share; and (2) certain other zero coupon mandatory convertible bonds due 2027 issued by the Company on 28 November 2025 (the “MCB II”, and together with the MCB I, the “MCBs”) with an aggregate principal amount of USD75,617,889 have been converted into 58,981,922 new Shares of the Company at a conversion price of HKD10 per Share. As set out in the explanatory statement, all Residual Scheme Consideration s have been transferred to the securities accounts designate d by the Holding Period Trustee in accordance with the instructions of the Company. Such Residual Scheme Considerations are held on trust for the Residual Creditors in accordance with the terms of the Holding Period Trust Deed until the Holding Period Expiry Date. The Holding Period expired on 29 May 2026, where Medium Term Notes in an aggregate principal amount of USD25,777,484, the MCB I in an aggregate principal amount of USD30,857,784 and the MCB II in an aggregate principal amount of USD4,902,346 remained unclaimed. Accordingly, such portion of the Medium Term Notes and MCBs have been cancelled. (viii) On 26 March 2026, the Group launched a consent solicitation process inviting holders of the senior notes and MCBs (collectively, the “Notes”) issued under the offshore debt restructuring to consent to: (1) an amendment to remove the sunset date of 31 March 2026 corresponding to the exception clause relating to the exempted offshore debt; and (2) waivers of certain actual or potential events of default on the included offshore indebtedness(collectively, the “ Proposed Amendments and Waivers ”). As the Company has received consents from holders representing the requisite percentage of the principal amount of each series of the Notes, following the execution of the s upplemental indentures for each series of the Notes, the Proposed Amendments and Waivers became effective on 18 June 2026.
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– 8 – The Directors have reviewed the Group’s cash flow projections prepared by management, which cover a period of not less than twelve months from 30 June 2026. They are of the opinion that, taking into account the abovementioned plans and measures, the Group will have sufficient working capital to finance its operations and to meet its financial obligations as and when they fall due within twelve months from 30 June 2026. Accordingly, the Directors are satisfied that it is appropriate to prepare the interim condensed consolidated financial statements on a going concern basis. Notwithstanding the above, significant uncertainties exist as to whether the Group is able to achieve its plans and measures as described above. Whether the Group will be able to continue as a going concern would depend upon the following: (i) successfully negotiating with the Group ’s existing lenders for the renewal, extension or restructuring of repayment of the Group’s bank and other borrowings; (ii) smoothly coordinating with bondholders in respect of the Onshore Debt Restructuring to make selections and allocations among the options under the restructuring plan for the bonds held by them; (iii) successfully securing project development loans for qualified projects in a timely manner; (iv) the Group’s ability to accelerate the sales of properties and urban redevelopment projects by carrying out the Group’s business strategy plan and to accelerate the collection of outstanding sales proceeds; and (v) successful and timely implementation of the plans to dispose of certain of its other assets, such as land, equity interests in project development companies and timely collection of the proceeds. Should the Group be unable to achieve the above -mentioned plans and measures and operate as a going concern, adjustments would have to be made to write down the carrying values of the Group’s assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify non-current assets and non-current liabilities as current assets and current liabilities, respectively. The effects of these adjustments have not been reflected in these interim condensed consolidated financial statements.
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– 9 – 3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those applied in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2025, except for the adoption of the following amended IFRS Accounting Standards for the first time for the current period’s financial information. Amendments to IAS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments Amendments to IAS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity Annual Improvements to IFRS Accounting Standards – Volume 11 Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 The Group has assessed the impact of the adoption of these amended standards that are effective for the first time for this interim period. The adoption of these amended standards did not result in any significant impact on the results and financial position of the Group. 4. OPERATING SEGMENT INFORMATION For management purposes, the Group is organised into the following reportable operating segments: (a) Property development: Development and sale of properties (b) Urban redevelopment business: Sale of land held for development and other related activities (c) Property leasing: Property leasing (including the leasing of self-owned properties and subleasing of leased properties) and other related activities The property development projects undertaken by the Group during the six months ended 30 June 2026 are all located in Mainland China.
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– 10 – Six months ended 30 June 2026 Property development Urban redevelopment business Property leasing Elimination Total (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment revenue Sales to external customers 836,980 - 311,313 - 1,148,293 Intersegment sales 3,034 - 4,639 (7,673) - 840,014 - 315,952 (7,673) 1,148,293 Segment results (1,228,702) (690,851) (56,749) - (1,976,302) Reconciliation: Bank interest income 557 Gain on debt restructuring 7,828,392 Unallocated corporate expenses (192,824) Finance costs (other than interest on lease liabilities) (724,427) Share of losses of joint ventures and associates (444,874) Impairment of interest of joint ventures (529,274) Profit before tax 3,961,248 Six months ended 30 June 2025 Property development Urban redevelopment business Property leasing Elimination Total (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment revenue Sales to external customers 1,958,839 – 309,096 – 2,267,935 Intersegment sales – – 67,409 (67,409) – 1,958,839 – 376,505 (67,409) 2,267,935 Segment results (1,517,759) (59,248) (229,749) – (1,806,756) Reconciliation: Bank interest income 2,017 Unallocated corporate expenses (392,904) Finance costs (other than interest on lease liabilities) (1,030,405) Share of losses of joint ventures and associates (23,972) Loss on disposal of associates (51,653) Loss on disposal of a joint venture (9,069) Loss on change from joint ventures to subsidiaries (2,368) Loss before tax (3,315,110)
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– 11 – The following table presents the asset information of the Group’s operating segments as at 30 June 2026 and 31 December 2025: As at 30 June 2026 Property development Urban redevelopment business Property leasing Total (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 Segment assets 39,074,505 3,455,758 6,910,421 49,440,684 Reconciliation: Unallocated assets 10,750,757 Total assets 60,191,441 As at 31 December 2025 Property development Urban redevelopment business Property leasing Total (Audited) RMB’000 RMB’000 RMB’000 RMB’000 Segment assets 41,195,108 4,142,853 7,393,378 52,731,339 Reconciliation: Unallocated assets 12,136,658 Total assets 64,867,997 The following table presents the liability information of the Group’s operating segments as at 30 June 2026 and 31 December 2025: As at 30 June 2026 Prope rty development Urban redevelopment business Property leasing Total (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 Segment liabilities 13,817,133 2,243,284 3,435,270 19,495,687 Reconciliation: Unallocated liabilities 44,529,822 Total liabilities 64,025,509 As at 31 December 2025 Property development Urban redevelopment business Property leasing Total (Audited) RMB’000 RMB’000 RMB’000 RMB’000 Segment liabilities 17,125,085 2,199,176 3,919,337 23,243,598 Reconciliation: Unallocated liabilities 49,455,786 Total liabilities 72,699,384
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– 12 – 5. REVENUE, OTHER INCOME AND GAINS An analysis of revenue is as follows: Six months ended 30 June 2026 2025 RMB’000 (Unaudited) RMB’000 (Unaudited) Revenue from contracts with customers 8 3 6 , 9 8 0 1 , 9 5 8 , 8 3 9 Revenue from other sources Gross rental income from: Leases of self-owned properties 6 5 , 9 9 0 5 6 , 5 5 0 Subleases of leased properties 2 4 5 , 3 2 3 2 5 2 , 5 4 6 1, 1 4 8 , 2 9 3 2 , 2 6 7 , 9 3 5 Disaggregated revenue information for revenue from contracts with customers For the six months ended 30 June 2026 Segments Property development RMB’000 Types of goods or services Sale of properties 836,980 Total revenue from contracts with customers 836,980 Geographical market Mainland China 836,980 For the six months ended 30 June 2025 Segments Property development RMB’000 Types of goods or services Sale of properties 1 , 9 5 8 , 8 3 9 Total revenue from contracts with customers 1 , 9 5 8 , 8 3 9 Geographical market Mainland China 1 , 9 5 8 , 8 3 9
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– 13 – An analysis of the Group’s other income and gains is as follows: Six months ended 30 June 2026 2025 RMB’000 (Unaudited) RMB’000 (Unaudited) Other income Bank interest income 5 5 7 2 , 0 1 7 Net investment income related to lease 2 3 , 0 2 4 2 3 , 5 1 3 Compensation income 8 0 2 8 1 2 Government grant income 1 , 6 4 2 5 7 7 Others 6 5 , 9 95 2 4 , 9 7 5 9 2 , 020 5 1 , 8 9 4 Gains, net Gain on debt restructuring, net# 7 , 8 2 8 , 3 9 2 1 4 3 , 1 3 9 7, 9 2 0 , 4 12 1 9 5 , 0 3 3 # Included in the gain on debt restructuring, there were approximately RMB7.8 billion relating to the onshore debt restructuring on 26 May 2026.
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– 14 – 6. PROFIT/(LOSS) BEFORE TAX The Group’s profit/(loss) before tax is arrived at after charging/(crediting): Six months ended 30 June 2026 2025 RMB’000 (Unaudited) RMB’000 (Unaudited) Cost of properties sold 8 2 4 , 9 4 6 1 , 8 9 0 , 9 9 9 Direct operating expenses (including repairs and maintenance) arising on leasing of self-owned properties 34 , 1 6 4 2 9 , 4 1 0 Cost of subleasing of leased properties 2 01 , 3 03 1 6 7 , 4 3 4 Depreciation of property, plant and equipment 1 9 , 0 3 2 3 1 , 5 5 6 Depreciation of right-of-use assets 2 3 4 5 1 8 Amortisation of other intangible assets 1 9 , 0 2 8 1 9 , 6 7 4 Changes in fair value of self-owned investment properties 2 , 2 2 8 2 , 6 4 2 Changes in fair value of sub-leased investment properties ( 7 , 9 2 8 ) 5 , 7 8 2 Employee benefit expense (excluding Directors’ remuneration): Wages and salaries 9 3 , 1 4 3 11 5 , 7 8 4 Pension scheme contributions 6 , 5 9 7 7, 20 8 Less: Amount capitalised in properties under development ( 4 6 , 8 3 5) ( 5 8 , 2 0 2 ) 5 2 , 9 0 5 5 9 , 8 9 5 Lease payments not included in the measurement of lease liabilities 3 , 8 3 0 3 , 8 8 1 Foreign exchange loss, net 1 1 8 , 9 4 4 3 3 1 , 2 3 4 Loss on disposal of a subsidiary 7 5 , 3 4 8 1 7 2 , 8 7 6 Loss on disposal of a joint venture - 9 , 0 6 9 Loss on disposal of associates - 5 1 , 6 5 3 Impairment and write-off losses on financial assets 5 3 6 , 7 9 9 1 6 3, 2 2 1 Impairment loss of interests in joint ventures 5 2 9 , 2 7 4 - Loss on change from joint ventures to subsidiaries - 2 , 3 6 8 Write-down of inventories of properties to net realisable value 9 4 6 , 5 6 8 1 , 5 0 6 , 1 1 2
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– 15 – 7. FINANCE COSTS Six months ended 30 June 2026 2025 RMB’000 (Unaudited) RMB’000 (Unaudited) Interest expense 1, 1 4 1, 22 5 1 , 6 3 5 , 2 1 8 Interest on lease liabilities 1 0 7 , 8 5 0 1 2 4 , 9 2 3 Total interest expense on financial liabilities not at fair value through profit or loss 1 , 2 4 9 , 0 7 5 1 , 7 6 0 , 1 4 1 Less: Interest capitalised ( 4 1 6 , 7 9 8 ) ( 6 0 4 , 8 1 3 ) 8 3 2 , 2 7 7 1 , 1 5 5 , 3 2 8 8. INCOME TAX EXPENSE The Group is subject to income tax on an entity basis on profits arising in or derived from the jurisdictions in which members of th e Group are domiciled and operate. Pursuant to the rules and regulations of the Cayman Islands and the BVI, the entities of the Group which were incorporated in the Cayman Islands and the BVI are not subject to any income tax. Hong Kong profits tax The statutory rate of Hong Kong profits tax was 16.5% on the estimated assessable profits arising in Hong Kong. No provision for Hong Kong profits tax was made as the Group had no assessable profits arising in Hong Kong during the current and prior periods. PRC corporate income tax (“CIT”) The Group’s income tax provision in respect of its operations in Mainland China has been calculated at the applicable tax rates on the taxable profits for both reporting periods, based on the existing legislation, interpretations and practices in respect thereof.
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– 16 – PRC land appreciation tax ( “LAT”) PRC LAT is levied at progressive rates ranging from 30% to 60% on the appreciation of land value, being the proceeds from sales of completed properties less deductible expenditures including cost of land, borrowing costs and relevant property development expenditures, and is included in profit or loss as income tax expense. Six months ended 30 June 2026 2025 RMB’000 (Unaudited) RMB’000 (Unaudited) Current: CIT ( 1 2 1, 1 6 5 ) 6 1 , 3 1 4 LAT 1 7 9 , 4 9 6 7 , 3 0 9 Deferred 1 8 9 , 7 5 8 3 4 , 1 2 9 Total tax charge for the period 2 4 8 , 0 8 9 1 0 2 , 7 5 2 9. DIVIDENDS The Board has resolved not to pay an interim dividend for the six months ended 30 June 2026 (six months ended 30 June 2025: nil). 10. EARNINGS/( LOSS) PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY The calculation of the basic earnings/(loss) per share amount is based on the profit/(loss) attributable to ordinary equity holders of the Company and the weighted average number of ordinary shares of 4,130,497,000 (six months ended 30 June 2025: 2,101,816,000) in issue during the period. The Group had no potentially dilutive ordinary shares in issue during six months ended 30 June 2026 and 2025. Six months ended 30 June 2026 2025 RMB’000 (Unaudited) RMB’000 (Unaudited) Profit/(l oss) attributable to ordinary equity holders of the Company (RMB’000) 3, 6 9 0 , 1 1 5 ( 3 , 4 3 6 , 1 2 8 ) Weighted average number of ordinary shares in issue (in thousand) 4 , 1 3 0 , 4 9 7 2 , 1 0 1 , 8 16 Basic and diluted profit/( loss) per share (RMB cents per share) 89 ( 1 6 3 )
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– 17 – 11. TRADE RECEIVABLES Trade receivables mainly arise from sales of completed properties, urban redevelopment business and property leasing. Considerations in respect of the comp leted properties sold are payable by the purchasers in accordance with the terms of the related sale and purchase agreements; receivables from urban redevelopment business are payable by the government or customers in accordance with urban redevelopment contracts and rentals in respect of leased properties are generally received in accordance with contracts. 30 June 2026 31 December 2025 RMB’000 (Unaudited) RMB’000 (Audited) Trade receivables 7 0 2 , 1 0 7 6 2 0 , 5 7 4 Impairment ( 6 7 , 8 8 2 ) ( 1 7 , 0 5 3 ) T o tal 6 3 4 , 2 2 5 6 0 3 , 5 2 1 An ageing analysis of the trade receivables as at the end of the reporting period, based on the invoice date and net of loss allowance, is as follows: 30 June 2026 31 December 2025 RMB’000 (Unaudited) RMB’000 (Audited) Within 6 months 3 3 6 , 8 6 2 3 3 8 , 1 0 6 7 to 12 months 1 3 9 , 9 8 8 1 7 , 9 5 8 Over 1 year 1 5 7 , 3 7 5 2 4 7 , 4 5 7 T o t a l 6 3 4 , 2 2 5 6 0 3 , 5 2 1 12. TRADE AND BILLS PAYABLES The ageing analysis of the trade and bills payables is as follows: 30 June 2026 31 December 2025 RMB’000 (Unaudited) RMB’000 (Audited) Within 1 year 3 3 4 , 5 6 5 5 8 7 , 9 6 6 Over 1 year 1 , 5 0 6 , 0 3 4 3 , 9 5 2 , 5 3 7 1 , 8 4 0 , 5 9 9 4 , 5 4 0 , 5 0 3 The trade and bills payables are unsecured, interest -free and repayable within the normal operating cycle or on demand.
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– 18 – BUSINESS REVIEW Overview For the six months ended 30 June 2026, the Group recorded a revenue of RMB 1,148.3 million, representing a decrease of 49.4% when compared with the six months ended 30 June 2025. Profit for the Period amounted to RMB 3,713.2 million, representing a turnaround from the loss for the corresponding period in 2025 amounting to RMB3,417.9 million . Core net profit(Note) for the Period (net profit of RMB3,713.2 million less fair value loss of self-owned investment properties of RMB2.3 million and net of the impact of the related deferred tax of RMB0.6 million) was RMB3,714.9 million, representing a turnaround from the core net loss for the six months ended 30 June 2025 amounting to RMB3,415.9 million (net loss of RMB3,417.9 million less fair value loss of self -owned investment properties of RMB2.6 million and net of the impact of the related deferred tax of RMB 0.6 million). Profit attributable to the owners of the Company for the Period was RMB3,690.1 million, representing a turnaround from the loss attributable to the owners of the Company for the six months ended 30 June 2025 amounting to RMB3,436.1 million. Basic and diluted profit per share for the Period was RMB89 cents (basic and diluted loss per share for the six months ended 30 June 2025: RMB163 cents). Note: The Group believes that the presentation of core profit/loss, being a non-IFRS measure, will facilitate the evaluation of financial performance of the Group by excluding the impact of fair value loss of self-owned investment properties, being a non-operating item which the Group does not consider to be indicative of the operating performance of the Group. Such non-IFRS measure does not have a standa rdised meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. The Group’s presentation of this non-IFRS measure should not be construed as an inference that the Group’s future results will be unaffected by these items. Property Development The Group focuses on the major core cities in the Pearl River Delta region. As at 30 June 2026, the Group had 127 major projects in various stages in total, including 116 projects in major cities of Guangdong Provi nce, namely Guangzhou, Foshan, Jiangmen, Dongguan, Huizhou, Zhuhai, Zhongshan, Qingyuan, Zhaoqing, Shantou, Shanwei and Heyuan, 5 projects in Changsha, Hunan Province, 2 projects in Chengdu, Sichuan Province, 2 projects in Hangzhou Area, Zhejiang Province, 1 project in Wuhan, Hubei Province and 1 project in Nanjing, Jiangsu Province. For the Period, the Group’s contracted sales(1) amounted to approximately RMB1.831 billion with a total gross floor area (the “GFA”) of approximately 186,900 sq.m. The Group focuses in its projects on peripheral facilities, seeking to enrich customers’ experience in arts and to fulfill needs of the middle to upper class households. Note (1): Contracted sales is summarised based on sale and purchase agreements and purchase confirmation agreements.
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– 19 – The table below illustrates the contracted sales achieved by the Group by region for the Period: Region Numbe r of projects available for sale Aggregate sales area this year Aggregate sales amount this year Aggregate average sales price this year (sq.m.) (RMB million) (RMB/sq.m.) Guangzhou 14 36,800 651 17,690 Foshan 14 46,700 441 9,443 Dongguan 5 17,200 164 9,535 Zhaoqing 1 23,800 136 5,714 Nanjing 1 5,200 105 20,192 Qingyuan 4 13,600 100 7,353 Hangzhou Area 1 5,500 65 11,818 Jiangmen 4 19,700 48 2,437 Changsha 3 4,600 41 8,913 Huizhou 4 3,300 32 9,697 Zhongshan 4 4,600 16 3,478 Zhuhai 5 1,000 12 12,000 Hangzhou 1 1,000 11 11,000 Chengdu 2 3,400 7 2,059 Heyuan 1 300 1 3,333 Shanwei 1 200 1 5,000 Total 65 186,900 1,831 9,797 Urban Redevelopment Business During the Period, the Group had no income from urban redevelopment business. Properties for Leasing and Sub-leasing As at 30 June 2026, the Group held a GFA of approximately 35,810 sq.m. and 218 car parking spaces at Times Property Center, a GFA of approximately 30,490 sq.m. at Times Center of Chengdu and a GFA of approximately 64,800 sq.m. at Times E -PARK (Tianhe) Phase II for rental purposes, and a GFA for Guangzhou Times Commercial Management Co., Ltd. and its subsidiaries for sub -leasing purposes of approximately 735,551 sq.m. For the Period, the Group’s rental income amounted to RMB311.3 million, accounting for 27.1% of the total revenue.
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– 20 – Land Reserves As at 30 June 2026, the Group had total land reserves of approxi mately 9.0 million sq.m., which the Group believes will be sufficient to support its development need for the next two to three years. The table below sets forth the information of land reserves in major cities where the Group has established footholds: Region Total land reserves (sq.m.) (%) Guangzhou 1,865,527 20.8 Qingyuan 2,097,319 23.4 Foshan 1,159,463 12.9 Jiangmen 991, 005 11.0 Huizhou 813,307 9.1 Zhaoqing 650,22 4 7.2 Changsha 369,164 4.1 Dongguan 331,018 3.7 Wuhan 284,027 3.2 Zhuhai 114,402 1.3 Hangzhou Area 78,941 0.9 Zhongshan 67,866 0. 8 Chengdu 54,849 0. 6 Nanjing 44,917 0. 5 Shanwei 25,611 0. 3 Heyuan 23,556 0. 2 Shantou 4,121 0. 0 Total 8,975,317 100.0
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– 21 – Portfolio of Property Development Projects The table below is a summary of the Group’s portfolio of property development projects as at 30 June 2026(1): Completed Under development/ Future development Project Project type Actual/Expected Completion date Site area GFA for sale(2)(4) Other GFA(3) GFA for sale(4) Other GFA(3) Ownership interest(5) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (%) Guangzhou Times Bund Residential and commercial 2013 - 2016 92,123 - 74 - - 99 Ocean Times Residential and commercial 2011 - 2015 354,156 94 10,962 - - 100 Yun Du Hu Apartment and commercial 2015 17,480 - 38 - - 50 Times Cloud Atlas (Guangzhou) Residential and commercial 2016 45,593 - 6,808 - - 100 Times Bridges (Zengcheng) Residential and commercial 2017 93,756 - 24,901 - - 100 Times Centralpark Living (Guangzhou) Residential and commercial 2017 70,648 - 4,885 - - 100 Nansha Times Long Island Project Residential and commercial 2016 - 2018 71,310 - 17,062 - - 100 Times Cloud Port (Huadu) Residential and commercial 2020 29,959 - 1,457 - - 100 Times Park Laurel (Guangzhou) Residential and commercial 2018 45,537 - 2,523 - - 100 Times Aerobic City (Guangzhou) Residential and commercial 2018 64,374 - 53,693 - - 95 B2-2 land parcel, Sino- Singapore Knowledge City Residentia l and commercial 2019 61,145 - 18,187 - - 100 B2-1 land parcel, Sino- Singapore Knowledge City Residential and commercial 2016 - 2019 103,890 - 32 - - 100 Times Cambridge (Huadu) Residential and commercial 2017 - 2018 31,665 - 422 - - 100 Project of Shigang Road, Haizhu District Residential and commercial 2022 - 2023 20,211 - 7,452 - - 100 Times Fairy Land Residential and commercial 2019 20,076 81 11,361 - - 100 Times Fortune Residential and commercial 2018 20,177 383 27,182 - - 100 Times The Shore Residential and commercial 2020 53,985 267 26,254 - - 100 Times Elegance (Zengcheng) Residential and commercial 2020 24,825 33 824 - - 100 Times King City (Sino- Singapore) Residential and commercial 2020 - 2021 90,976 41,622 95,037 - - 100 Times King City (Sino - Singapore) Residential and commercial 2027 - 2028 31,509 - - 98,138 52,970 100 Times City (Guangzhou) Residential and commercial 2021 - 2029 178,038 36,340 63,729 117,199 42,790 51 Times Yunlai (Guangzhou) Residential and commercial 2021 - 2025 67,695 34,733 57,534 - - 100 Times Realm (Guangzho u) Residential and commercial 2022 - 2023 44,995 549 22,716 - - 100 Times Impression (Guangzhou) Residential and commercial 2021 - 2029 102,948 12,833 63,531 125,542 27,700 75
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– 22 – Completed Under development/ Future development Project Project type Actual/Expected Completion date Site area GFA for sale(2)(4) Other GFA(3) GFA for sale(4) Other GFA(3) Ownership interest(5) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (%) Times Classic (Zengc heng) Residential and commercial 2021 - 2027 77,530 16,082 17,863 42,138 10,848 75 Times Horizon (Huangpu) Residential and commercial 2023 - 2029 100,321 10,069 55,929 183,876 75,572 70 Times Flourism (Huangpu) Residential and commercial 2022 - 2023 23,467 3,443 20,835 - - 100 Times Rhythm (Guangzhou) Residential and commercial 2022 - 2027 110,168 2,574 10,161 139,601 102,098 50 Times Realm (Huadu) Residential and commercial 2026 - 2028 20,819 - - 41,075 25,426 69 Foshan Times King City (Shunde) Residential and commercial 2016 - 2017 125,782 60 8,646 - - 100 Times City (Foshan) Residential and commercial 2010 - 2017 505,776 1,740 86,253 - - 100 Times City (Foshan) Phases V, VI Residential and commercial 2016 12,860 - 3,048 - - 100 Times King City (Foshan) Phase IV Residential and commercial 2015 34,308 68 - - - 100 Golden Lotus (Foshan) Residential and commercial 2017 20,464 - 83 - - 100 Times Prime (Foshan) Residential and commercial 2016 17,148 - 68 - - 100 Times Riverbank (Foshan) Residential and commercial 2017 64,697 - 4,218 - - 100 Times Classic (Foshan) Residential and commercial 2018 35,383 - 833 - - 100 Times Riverbank (Foshan) Phase II Residential and commercial 2018 - 2019 111,658 - 366 - - 100 Ocean Times (Foshan) Phase I Residential and commercial 2018 105,553 251 12,649 - - 100 Timing Home Residential and commercial 2019 40,794 2,141 5,246 - - 100 Ocean Times (Foshan) Phase II Residential and commercial 2019 89,927 401 9,912 - - 100 Project of Juxian, Nanshan, Sanshui, Foshan Residential and commercial 2020 49,125 2,127 16,857 - - 100 Project of Aoli Garden, Datang, Sanshui, Foshan Residential and commercial 2018 - 2019 91,760 62 39,339 - - 80 Xinya Project, Nanhai, Foshan Residential and commercial 2020 41,772 - 8,536 - - 100 Times Starry Mansion (Foshan) Residential and commercial 2018 - 2019 37,835 131 - - - 75 Times Merchants Tianxi (Foshan) Residential and commercial 2021 43,518 2,300 9,143 - - 50 Times Realm (Foshan) Residential and commercial 2021 - 2022 67,579 385 21,316 - - 100 Poly Times (Foshan) Residential and commercial 2022 48,498 6,625 10,031 - - 49 Toplus (Foshan) Residential and commercial 2021 - 2023 120,487 4,327 42,387 - - 33 Times Memory (Foshan) Residential and commercial 2021 - 2024 62,063 62,947 19,074 - - 51 Foshan Dali Yanjiang Road Project Residential and commercial 2021 - 2022 36,313 - 6,648 - - 100
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– 23 – Completed Under development/ Future development Project Project type Actual/Expected Completion date Site area GFA for sale(2)(4) Other GFA(3) GFA for sale(4) Other GFA(3) Ownership interest(5) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (%) Hexiquan Project in Shuitou Industrial Zone, Nanhai, Foshan Residential and commercial 2021 12,688 - 2,799 - - 33 Foshan Shunde Lunjiao Project Residential and commercial 2022 38,654 2,067 8,708 - - 100 Times Global Chuangke Town Residential and commercial 2022 - 2029 223,952 51,635 2,133 315,262 132,766 75 Panjian Project in Shuitou Industrial Zone, Nanhai, Foshan Residential and commercial 2023 11,304 3,676 11,576 - - 33 Times Cloud Atlas (Sanshui) Phase II Residential and commercial 2022 26,658 6,251 3,973 - - 100 Changke Phase II Residential and commercial 2028 66,422 - - 169,496 60,903 40 Jiangmen Times King City (Heshan) Residential and commercial 2019 - 2020 120,804 1,881 14,726 - - 70 Lake Forest Residential and commercial 2020 - 2029 316,980 22,881 98,056 123,981 3,143 51 Central Park Living Residential and commercial 2019 90,034 553 8,878 - - 100 Times Horizon (Heshan) Residential and commercial 2020 - 2022 49,735 709 9,395 - - 90 Central Park Living (Heshan) Phase II Residential and commercial 2020 - 2030 119,153 417 3,497 110,335 24,596 100 Times Elegance (Heshan) Residential and commercial 2023 - 2028 187,782 38,905 - 397,324 127,658 100 Times King C ity (Jiangmen) Residential and commercial 2020 34,674 - 4,070 - - 100 Zhuhai Times King City (Zhuhai) Phase I Residential and commercial 2015 52,950 - 4,679 - - 100 Times King City (Zhuh ai) Phases II, III, IV Residential and commercial 2016 - 2017 198,204 91 8,758 - - 100 The Shore (Zhuhai) Residential and commercial 2016 - 2017 119,169 - 1,642 - - 100 West of Tin Ka Ping Secondary School, Zhuhai Residential and commercial 2018 85,363 - 26,082 - - 100 Zhuhai Times Eolia City (Zhuhai) Residential and commercial 2018 53,963 - 6,278 - - 100 Times King City (Zhuhai) Phase V Residential and commercial 2018 17,791 - 8,181 - - 80 Times TOPlaza (Zhuhai) Residential and commercial 2019 - 2023 60,138 3,704 37,082 - - 100 West of Heyi Road (Middle), Baijiao Township, Doumen District, Zhuhai Residential and commercial 2020 20,000 - 4,142 - - 100 Times Horizon II Residential and commercial 2020 11,393 - 4,195 - - 100 Times Horizon III Residential and commercial 2021 23,712 2,550 7,018 - - 100
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– 24 – Completed Under development/ Future development Project Project type Actual/Expected Completion date Site area GFA for sale(2)(4) Other GFA(3) GFA for sale(4) Other GFA(3) Ownership interest(5) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (%) Zhongshan Times King City (Zhongshan) Residential and commercial 2013 - 2015 101,821 1,468 525 - - 100 Jin Sha Project (Zhongshan) Residential and commercial 2020 - 2022 132,290 20,305 19,028 - - 93 Sanxi Village Project (Zhongshan) Residential and commercial 2019 39,351 518 - - - 91 Baoyi Project (Zhongshan) Residential and commercial 2020 26,256 315 9,062 - - 100 Jieyue Project of Times North Shore (Zhongshan) Residential and commercial 2019 25,672 1,257 6,556 - - 80 Guanfu Project of Times North Shore (Zhongshan) Residential and commercial 2020 24,328 901 7,931 - - 80 Qingyuan Times King City (Qingyua n) Residential and commercial 2014 - 2019 301,368 116 7,752 - - 100 Times Garden (Qingyuan) (Phase I) Residential and commercial 2016 70,650 82 13,245 - - 100 Times Garden (Qingyuan) (Phase II) Residential and commercial 2019 - 2020 84,440 128 5,114 - - 100 Fogang Huanghua Lake Project Residential and commercial 2028 - 2031 477,020 - - 490,363 12,281 100 Times The Shore (Qingyuan) Jiada Feilai Lake Project Residential and commercial 2029 91,127 - - 331,466 103,810 100 Times The Shore (Qingyuan) Wanda West Project Residential and commercial 2019 68,840 83 32 - - 100 Fogang Songfeng Project (Qingyuan) Residential and commercial 2021 - 2029 118,164 3,061 11,482 235,500 83,726 70 Times The Shore II (Qingyuan) Hengda Feilai Lake Project Residential and commercial 2019 - 2025 133,102 34,548 84,610 - - 100 Feilai South Road Project (Qingyuan) Residential and commercial 2026 - 2028 23,137 - - 71,498 30,832 100 Xinteng Project (Qingyuan) Residential and commercial 2022 - 2029 123,987 32,370 27,351 247,788 76,187 75 Project of Hengfeng (Qingyuan) Residential and commercial 2029 53,164 - - 143,663 50,231 100 Changsha Times King City (Changsha) Residential and commercial 2013 – 2028 649,862 8,571 56,921 88,707 27,225 100 Times Prime (Changsha) Residential and commercial 2020 48,017 54 13,444 - - 100 Times Memory (Changsha) Residential and commercial 2021 39,722 - 7,438 - - 100 Times Mt. Tittlis (Meixi) Residential and commercial 2021 – 2024 71,041 140 29,601 - - 100 S16 Series Land Parcel, Moon Island, Changsha Residential and commercial 2024 - 2029 121,666 40,851 41,636 35,481 19,095 51
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– 25 – Completed Under development/ Future development Project Project type Actual/Expected Completion date Site area GFA for sale(2)(4) Other GFA(3) GFA for sale(4) Other GFA(3) Ownership interest(5) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (%) Dongguan Times King City (Dongguan) Residential and commercial 2018 55,792 1,363 - - - 100 Times Realm (Dongguan) Residential and commercial 2018 - 2020 79,190 978 3,247 - - 100 Times Thriving City (Dongguan) Residential and commercial 2018 - 2020 42,519 1,000 435 - - 100 Acquisition Project of Xia ohe Road, Daoqiang Town (Dongguan) Residential and commercial 2019 - 2023 56,298 531 4,606 - - 60 Shipai Town Project (Dongguan) Residential and commercial 2019 – 2023 95,977 511 20,422 - - 13 Project of Douchizhou, Zhongtang Town, Dongguan Residential and commercial 2021 22,451 1,396 9,780 - - 51 Project of Land Parcel II of Douchizhou, Zhongtang Town, Dongguan Residential and commercial 2021 - 2027 38,096 13,119 19,299 1,083 - 49 Project of Dingshan, Houjie Town, Dongguan Residential and commercial 2023 - 2024 69,524 710 39,393 - - 33 Land Parcel 014 of Douchizhou, Zhongtang Town, Dongguan Residential and commercial 2022 - 2023 41,837 2,228 20,502 - - 51 Land Parcel 016 of Douchizhou, Zhongtang Town, Dongguan Residential and commercial 2024 - 2028 27,572 26,776 - 21,270 27,385 49 Project of Liaoxia, Houjie, Dongguan Residential and commercial 2023 - 2024 104,561 3,049 59,831 - - 30 Times Brilliance Plant and commercial 2021 - 2023 51,886 40,321 11,783 - - 100 Huizhou Desai Land Parcel of Gutang ’ao Residential and commercial 2020 - 2029 284,414 76,226 124,859 86,205 105,354 49 Golden Totus (Huizhou) Residential and commercial 2020 23,459 7,075 23,078 - - 80 Vantin Casa (Huiyang) Residential and commercial 2020 71,274 603 42,154 - - 100 Sanhe Road Housing Estate (Huizhou) Residential and commercial 2026 - 2028 62,000 - - 121,389 45,783 80 Project of Baiyunshan Town, Zhongkai District, Huizhou Residential and commercial 2023 - 2028 51,762 2,223 51,438 117,304 9,616 100 Chengdu Times Blossom (Chengdu) Residential and commercial 2020 30,429 - 20,634 - - 100 Times Realm (Chengdu) Residential and commercial 2021 - 2023 38,338 188 34,027 - - 100
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– 26 – Completed Under development/ Future development Project Project type Actual/Expected Completion date Site area GFA for sale(2)(4) Other GFA(3) GFA for sale(4) Other GFA(3) Ownership interest(5) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (%) Zhaoqing Times Bund ( Zhaoqing) Residential and commercial 2020 59,677 - 109 - - 100 Times Prime (Zhaoqing New District) Residential and commercial 2023 - 2028 51,385 29,636 18,313 85,154 18,751 100 Times Shimao Riverbank (Zhaoqing) Residential and commercial 2027 - 2030 59,394 - - 168,382 47,097 50 Times Xinghu Memory (Zhaoqing) Residential and commercial 2023 - 2028 43,031 445 12,265 16,444 - 100 Times Impression (Zhaoqing) Residential and commercial 2028 - 2029 69,999 - - 208,739 44,889 100 Shantou Times Horizon (Shantou) Residential and commercial 2022 36,230 - 4,121 - - 100 Shanwei Times Riverbank (Haifeng) Residential and commercial 2021 27,612 2,478 23,133 - - 100 Hangzhou Area Times Realm (Hangzhou) Residential and commercial 2023 26,861 - 4,723 - - 100 Times Realm (Haining) Residential and commercial 2025 - 2029 46,938 20,834 - 22,628 30,756 51 Heyuan Times King City (Heyuan) Residential and commercial 2021 44,470 235 23,321 - - 100 Wuhan Times Mar k (Wuhan) Residential and commercial 2025 - 2029 78,037 - - 202,546 81,481 50 Nanjing Times Zhenro Runqi Mansion Residential 2024 - 2027 32,844 19,156 25,072 689 - 55 Total 10,423,081 773,837 2,140,246 4,560,265 1,500,969
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– 27 – Notes: (1) The table above includes properties for which (i) the Group has obtained relevant land use rights certificate(s), but has not obtained requisite construction permits, or (ii) the Group has signed a land grant contract with relevant government authority, but has not obtained the land use rights certificate(s). The figures for total and saleable GFA are based on figures provided in relevant governmental documents, such as the property ownership certifi cates, the construction work planning permits, the pre-sale permits, the construction land planning permits or the land use rights certificate. The categories of information are based on our internal records. (2) Certain completed projects have no GFA available for sale by the Group as all saleable GFA have been sold, pre-sold or rented out. (3) “Other GFA” mainly includes car parks and ancillary facilities. (4) “GFA for sale” and “GFA under development and GFA held for future development ” are derived from the Group’s internal records and estimates. (5) “Ownership interest” is based on the Group’s effective ownership interest in the respective project companies. Acquisitions of Land Parcels for the Six Months ended 30 June 2026 During the Period, the Group did not acquire any land parcels.
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– 28 – MARKET REVIEW In the first half of 2026, the property market in China continued its deep adjustment. According to the National Bureau of Statistics, as of 30 June 2026, the saleable area of new commercial properties nationwide was 401.40 sq.m., a decrease of 57.11 million sq.m. compared to the corresponding period in 2025, representing a year -on-year decrease of 11.6%; while the transaction value amounted to RMB3,794.5 billion, a decrease of RMB626.9 billion compared to the corresponding period in 2025, representing a year-on-year decrease of 13.6%. The declines in both saleable area and transaction value widened by 8.1 percentage points as compared to the corresponding period in 2025. Under the policy guidance of “city-specific policies to control new supply, reduce inventory and optimise supply” in China, a comprehensive contraction in transaction volume was experienced. Data from the China Index Academy showed that in the first half of 2026, the planned GFA of transacted residential lands in 300 cities nationwide was 145.81 million sq.m., representing a year-on-year decrease of 20.4%. The land premium for residential lands amounted to RMB607.7 billion, representing a year -on-year decrease of 29.9%. Broken down by tier, the t ransacted residential land GFA in Tier 1, Tier 2, and Tier 3 cities decreased by 16.3%, 35.7%, and 14.9% year -on-year, respectively. In terms of regulatory policies, on the demand side, Shanghai and Shenzhen have further relaxed home purchase restrictions in core areas, and Beijing also introduced relaxed home purchase restrictions on 7 August 2026. The scope for relaxing administrative restrictive policies has been largely exhausted, and new incremental policies in various regions are mainly focused on relaxing provident fund policies. On the supply side, measures were mainly introduced to address inventory reduction. On 17 January 2026, the People’s Bank of China adjusted the minimum down payment ratio for commercial property (including mixed-use commercial and residential properties) purchase loans from 50% to no less than 30%, supporting the reduction of inventory in commercial and office real estate. In March, the government work report proposed “acquiring existing commercial housing primarily used for affordable housing.” On 16 March 2026, the Ministry of Natural Resources issued “Document No. 38”, which proposed a mechanism linking new construction land with the revitalisation of existing land, and that new construction land should prioritise the safeguarding of major projects and people’s livelihood and, in principle, not be used for commercial property development. Multiple cities have introduced subsidy policies for the acquisition of existing housing and “trade-in” schemes. The establishment of the fundamental systems for a “new model of property development” is being accelerated. The outline of the “15th Five-Year Plan” proposes to “forcefully and orderly promote the sale of completed properties”, and cities such as Nanjing and Guangzhou have already launched pilot programmes on certain newly introduced residential land parcels. The construction of “good housing” is accelerating its implementation and has been included in the “15th Five-Year Plan” Outline, the Government Work Report and the Urban Renewal Plan. On 17 August 2026, the State Council issued the new version of the Regulations on Management of Housing Provident Fund.
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– 29 – Prospects Looking ahead to the second half of 2026, China’s economy will continue to face difficult challenges, and economic structural differentiation will intensify. Traditional industries will continue to undergo deep adjustments, while some high-tech industries will continue to grow rapidly. The property market will continue its adjustment trend in the second half of the year. With declining expectations for residents’ employment and income, the recovery of market demand still faces significant challenges and will require a longer period of time. As the gap between new land supply and new construction starts expands, re sidential property destocking will make progress, but the overall market will remain in an oversupply situation. The Group will closely align with policy direction, leverage opportunities from policies, actively promote sales, strengthen receivables, and continue to drive investment recovery from urban redevelopment projects. We will proactively manage our debt, optimise debt structure, enhance asset quality, and improve our balance sheet. At the same time, the Group will uphold a long-term approach, continue to improve project quality and service standards, and ensure high -quality delivery and high customer satisfaction.
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– 30 – FINANCIAL REVIEW Revenue The Group’s revenue is primarily generated from property development and property leasing and sub- leasing, which contributed approximately 72.9% and 27.1% respectively of the revenue for the Period. The Group’s revenue decreased by RMB1,119.6 million, or 49.4%, to RMB1,148.3 million for the six months ended 30 June 2026 from RMB2,267.9 million for the six months ended 30 June 2025. Such decrease was primarily attributable to the decrease of area delivered in property sales. Property development The Group’s revenue from sales of properties decreased by RMB 1,121.8 million, or 57.3%, to RMB837.0 million for the six months ended 30 June from RMB1,958.8 million for the six months ended 30 June 2025. The decrease was primarily due to the decrease in properties sales and area delivered. Projects that contributed significant revenue to the Group for the Period mainly included Times Global Chuangke Town, Times Impression (Guangzhou), Times Yunlai (Guangzhou) , and Times King City (Sino-Singapore) etc. Urban redevelopment business During the Period, the Group had no income from urban redevelopment business (for the six months ended 30 June 2025: Nil). Property leasing and sub-leasing The Group’s gross rental income increased by RMB2.2 million, or 0.7%, to RMB311.3 million for the six months ended 30 June 2026 from RMB309.1 million for the six months ended 30 June 2025. Cost of sales The Group’s cost of sales decreased by RMB 1,027.4 million, or 49.2%, to RMB1,060.4 million for the six months ended 30 June from RMB2,087.8 million for the six months ended 30 June 2025. Such decrease was primarily attributable to the decr ease of area delivered in property sales as compared with the six months ended 30 June 2025.
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– 31 – Gross profit and gross profit margin The Group’s gross profit decreased by RMB 92.2 million, or 51.2%, to RMB87.9 million for the six months ended 30 June from RMB180.1 million for the six months ended 30 June 2025. For the six months ended 30 June 2026, the Group’s gross profit margin was 7.7%, which remained stable as compared to that of 7.9% for the six months ended 30 June 2025. Other income and gains The Group’s other income and gains increased to RMB 7,920.4 million for the six months ended 30 June from RMB195.0 million for the six months ended 30 June 2025, which was primarily attributable to the gain on partial completion of Onshore Debt Restructuring during the Period. Selling and marketing costs The Group’s selling and marketing costs decreased by RMB 18.2 million, or 28.8%, to RMB 45.1 million for the six months ended 30 June from RMB63.3 million for the six months ended 30 June 2025. The decrease was mainly due to the strict control over the marketing costs by the Group. Administrative expenses The Group’s administrative expenses decreased by RMB 13.6 million, or 6.5%, to RMB195.5 million for the six months ended 30 June 2026 from RMB209.1 million for the six months ended 30 June 2025. The decrease was mainly due to the strict control over the administrative expenses by the Group. Impairment and write-off losses on financial assets The Group’s impairment and write -off losses on financial assets increased by RMB373.6 million, or 228.9%, to RMB536.8 million for the six months ended 30 June 2026 from RMB163.2 million for the six months ended 30 June 2025. The increase was mainly due to the increase in impairment and write- off losses on trade receivables and financial assets included in prepayments, deposits and other receivables, resulting from the irrecoverability of certain amounts for the Period. Other expenses The Group’s other expenses amounted to RMB1,992.5 million for the six months ended 30 June 2026, which was broadly comparable with that of RMB 2,075.3 million for the six months ended 30 June 2025.
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– 32 – Finance costs The Group’s finance costs decreased by RMB323.0 million, or 28.0%, to RMB832.3 million for the six months ended 30 June 2026 from RMB1,155.3 million for the six months ended 30 June 2025. The decrease was mainly due to the completion of offshore debt restructuring of the Group in the end of 2025. Income tax expense The Group’s income tax expenses increased by RMB145.3 million, or 141.3%, to RMB248.1 million for the six months ended 30 June 2026 from RMB102.8 million for the six months ended 30 June 2025. The increase was primarily attributable to the increase in land appreciation tax recognised by the Group for the Period. Profit/(loss) for the Period The Group’s profit for the Period amounted to RMB 3,713.2 million for the six months ended 30 June 2026, representing a turnaround from the loss for the period for the six months ended 30 June 2025 amounting to RMB3,417.9 million. The turnaround was primarily attributable to partial completion of Onshore Debt Restructuring for the Period. Basic and diluted profit per share for the Period were RMB89 cents (basic and diluted loss per share for the six months ended 30 June 2025: RMB163 cents). Profit/(loss) attributable to the owners of the Company The profit attributable to the owners of the Company amounted to RMB3 ,690.1 million for the six months ended 30 June 2026, representing a turnaround from the loss attributable to the owners of the Company for the six months ended 30 June 2025 amounting to RMB3,436.1 million. Core net profit attributable to the owners of the Company for the six months ended 30 June 202 6 (net profit attributable to the owners of the Company of RMB3,690.1 million less fair value loss of self-owned investment properties of RMB2.3 million and net of the impact of the related deferred tax of RMB0.6 million) was RMB3,691.8 million, representing a turnaround from the core net loss attributable to the owners of the Company for the six months ended 30 June 2025 amounting to RMB3, 434.1 million (net loss attributable to the owners of the Company of RMB3,436.1 million less fair value loss of self- owned investment properties of RMB 2.6 million and net of the impact of the related deferred tax of RMB0.6 million). Such turnaround was mainly attributable to the combined impact of a gain recognized from the approval of the restructuring plans for certain onshore corporate bonds and asset -backed securities of the Group by the re spective meetings of bondholders as at 30 June 2026; partially off -set by (1) the provision of impairment for property projects, financial assets and interests in joint ventures; and (2) the decrease in revenue of projects recognized during the current per iod due to the macro weak real estate market. Excluding the impact of the restructuring gain, the Company would record an increase in net loss attributable to the owners of the Company as compared to the corresponding period in 2025.
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– 33 – Liquidity, Financial and Capital Resources Cash position As at 30 June 2026, the carrying balance of the Group’s cash and bank deposits was approximately RMB1,080.5 million (31 December 2025: RMB1,075.9 million), representing an increase of 0.4% when compared with t hat of 31 December 2025. Under relevant PRC laws and regulations, some of the Group’s project companies are required to place a certain amount of pre-sale proceeds in designated bank accounts as guarantee deposits for construction of the relevant propertie s. These guarantee deposits may only be used for payments to construction contractors in the project development process and for other construction-related payments, such as purchase of materials. The remaining guarantee deposits are released when certific ates of completion for the relevant properties have been obtained. In addition, a portion of the Group’s bank deposits represented loan proceeds in the regulatory accounts designated by the banks, in which case the use of the restricted bank deposits, subj ect to the banks’ approval, is restricted to the purposes as set out in the relevant loan agreements. As at 30 June 2026, the amount of the Group’s restricted bank deposits was RMB 677.2 million (31 December 2025: RMB663.1 million). Borrowings and pledged assets As at 30 June 2026, the interest -bearing payables of the Group were RMB 4,354.7 million (31 December 2025: RMB 4,524.6 million), of which interest-bearing payables in default comprised principal amount totaling RMB2,220 .5 million and interest totalin g RMB626 .9 million . These balances were secured partially by part of inventories of properties with a carrying value of RMB967.8 million. As at 30 June 2026, equity interests in certain subsidiaries of the Group were pledged as security for certain of the Group’s interest-bearing payables with an aggregate amount of RMB4,010.2 million. The Group had aggregate interest-bearing bank loans and other borrowings (excluding interest payable) of approximately RMB24,100.6 million as at 30 June 2026. Borrowings that are due within one year decreased from RMB19,229.3 million as at 31 December 2025 to RMB12,961.9 million as at 30 June 2026, and approximately RMB 6,859.9 million of borrowings are due within two to five years and approximately RMB4,278.8 million of borro wings are due over five years. As at 30 June 2026, the Group’s outstanding borrowings were secured by certain of investment properties, trade receivables, inventories of properties and property, plant and equipment with carrying value s of approximately RMB811.8 million, RMB95.1 million, RMB9,281.2 million and RMB235.7 million, respectively. As at 30 June 2026, equity interests in certain subsidiaries of the Group were pledged as security for certain of the Group’s interest-bearing bank and other borrowings. The Company has been actively managing its financing costs. The total interest expenses amounted to approximately RMB1.14 billion for the Period, as compared to RMB1.64 billion for the corresponding period in 2025, representing a decrease of approximatel y RMB0. 50 billion. Such decrease was primarily attributable to: (i) completion of the offshore debt restructuring at the end of 2025, which reduced offshore debt interest by approximately RMB 0.32 billion; (ii) partial completion of the onshore debt restruc turing in the first half of the year, which reduced onshore debt interest by approximately RMB0.05 billion; and (iii) the Company’s strict control over project financing costs. In particular, project loan interest dropped by approximately RMB0.13 billion as interest rates of certain domestic project loans decreased from approximately 3. 7% to 11.5% to approximately 2.9% to 6.5% since the second half of 2025. Up to 30 June 2026, based on the project construction milestones and the relevant timing for payment of project costs, the Company has secured a new project development loan in the amount of approximately RMB 25 million.
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– 34 – Details of the equity or debt securities issued by the Company and/or its subsidiaries and other borrowings as at 30 June 2026 are set out below: Issue date Maturity date Issued principal Principal outstanding Interest rate ’000 ’000 145783.SH September 2017 May 2036 RMB1,100,000 RMB1,058,111 1.0% 155454.SH June 2019 February 2027 RMB500,000 RMB493,268 6.8% 163141.SH February 2020 February 2027 RMB575,000 RMB567,262 6.2% 163142.SH February 2020 May 2036 RMB740,000 RMB718,072 1.0% 163315.SH March 2020 May 2036 RMB950,000 RMB937,303 1.0% 163316.SH March 2020 May 2036 RMB1,550,000 RMB1,512,939 1.0% 163571.SH May 2020 May 2036 RMB2,500,000 RMB2,458,926 1.0% 163722.SH July 2020 May 2036 RMB1,600,000 RMB1,554,465 1.0% 167340.SH August 2020 May 2036 RMB500,000 RMB444,122 1.0% 167463.SH August 2020 May 2036 RMB1,100,000 RMB977,928 1.0% 168298.SH April 2020 May 2036 RMB520,000 RMB500,193 1.0% 179831.SH March 2021 May 2036 RMB700,000 RMB673,380 1.0% 189872.SH August 2021 May 2036 RMB700,000 RMB691,892 1.0% 136111.SZ June 2021 May 2036 RMB500,000 RMB481,094 1.0% 2023 Senior Notes December 2023 On demand USD99,500 USD99,500 5.0% Short Term Notes November 2025 March 2029 USD190,095 USD192,946 4.0% Medium Term Notes November 2025 September 2032 USD825,005 USD816,552 4.2% Long Term Notes November 2025 September 2033/ October 2035 USD400,000 USD409,000 4.5% MCB I November 2025 March 2027 USD1,008,339 USD714,026 - MCB II November 2025 March 2027 USD302,668 USD223,626 -
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– 35 – Conversion of MCBs As at the date of this anno uncement, (i) certain MCB I in an aggregate principal amount of USD267,867,388 have been converted into 348,227,585 new Shares at a conversion price of HKD6 per Share; and (ii) certain MCB II in an aggregate principal amount of USD75,617,889 have been converted into 58,981,922 new Shares at a conversion price of HKD10 per Share. Cancellation of unclaimed scheme consideration during the Holding Period As set out in the explanatory statement, all Residual Scheme Consideration s have been transferred to the securities accounts designated by the Holding Period Trustee in accordance with the instructions of the Company. Such Residual Scheme Considerations are held on trust for the Residual Creditors in accordance with the terms of the Holding Period Trust Deed u ntil the Holding Period Expiry Date. The Holding Period expired on 29 May 2026, where Medium Term Notes in an aggregate principal amount of USD25,777,484, the MCB I in an aggregate principal amount of USD30,857,784 and the MCB II in an aggregate principal amount of USD4,902,346 remained unclaimed. Accordingly, such portion of the Medium Term Notes and the MCBs has been cancelled. Consent Solicitation On 26 March 2026, the Group initiated a consent solicitation process to invite the holders of the Notes issued under the offshore debt restructuring to consent to: (1) amendments to delete the 31 March 2026 termination date corresponding to the exception clause relating to the exempted offshore debt; and (2) waivers of certain existing or potential events of default in respect of the offshore debt included in the scope of the restructuring. As the Company has obtained the consent of the holders representing the requisite percentage of the principal amount of each series of the Notes, following the execution of the supplemental indentures for each series of the Notes, the Proposed Amendments and Waivers became effective on 18 June 2026. For details, please refer to the announcements of the Company dated 26 March 2026, 16 April 2026, 15 May 2026, 16 June 2026 and 17 June 2026. Onshore Debt Restructuring The Group has commenced an Onshore Debt Restructuring in respect of its onshore debts in the PRC on 13 April 2026. The onshore restructuring covers a total of fourteen Onshore Bonds issued by Guangzhou Times, offering options such as bond repurchases, debt-for-asset swap, and full extension. As at the date of this announcement, the restructuring plans for the fourteen Onshore Bonds with an aggregate principal amount of approximately RMB13.07 billion have been approved by the respective bondholders’ meetings. As the next step, Guangzhou Times will, in accordance with the relevant provisions of the resolutions of the bondholders’ meetings, coordinate with bondholders to select and receive allocations of the restructuring plan options in respect of the bonds held by them.
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– 36 – Contingent liabilities As at 30 June 2026, the outstanding guarantee mortgage loans that domestic banks provided to purchasers of the Group’s properties amounted to approximately RMB 7,289.6 million (31 December 2025: approximately RMB10,067.1 million). These guarantees are released upon the earlier of (i) the relevant certificates of registration of mortgage or the certificates of other interests with respect to the relevant properties being delivered to the mortgagor banks; and (ii) the settlement of mortgage loans between the mortgagor banks and the purchasers of the Group’s projects. If a purchaser defaults on a mortgage loan before the guarantees are released, the Group may have to repurchase t he underlying property by paying off mortgage. If the Group fails to do so, the mortgagor bank may auction the underlying property and recover any outstanding amount from the Group if the amount of outstanding loan exceeds the net foreclosure sales proceed s from the auction. In line with industry practices, the Group does not conduct independent credit reviews of our customers but rely s on the credit reviews conducted by the mortgagor banks. As at 30 June 2026, the Group had provided guarantees in respect of certain bank loans of approximately RMB995,680,000 (31 December 2025: approximately RMB1,009,478,000) for its joint ventures and associates. Foreign currency risks The Group mainly operates in the PRC and conducts its operations mainly in RMB. The Gro up will closely monitor the fluctuations of the RMB exchange rate and give prudent consideration as to entering into any currency swap arrangement as and when appropriate for hedging corresponding risks. As at 30 June 2026, the Group had not engaged in hed ging activities for managing foreign exchange rate risk. Significant Investments Held, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures, and Future Plans for Material Investments or Capital Assets There were no significa nt investments held, no material acquisitions or disposals of subsidiaries, associates and joint ventures during the Period, nor were there any plans authorised by the Board for other material investments or additions of capital assets as at the date of this announcement. Events After the Period Save as disclosed in this announcement, there have been no other material events since 30 June 2026 up to the date of this announcement.
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– 37 – Employees and Remuneration Policy As at 30 June 2026, the Group had 942 employees (31 December 2025: 1,049 employees). The remunerations of the employees are commensurate with their performance, skills, knowledge, experience and the market trend. Employee benefits provided by the Group include provident fund scheme, medical insurance scheme, unemployment insurance scheme and housing provident fund. The Group reviews the remuneration policies and packages on a regular basis and will make necessary adjustments that accommodate the pay levels in the industry. In addition to basic salaries, the employees may be offered with discretionary bonuses and cash awards based on individual performance. The Group also provides training programs for the employees with a view to constantly upgrading their skills and knowledge. For the Period, t he Group’s employee benefit expense (excluding Directors’ remuneration) was approximately RMB99.7 million (for the six months ended 30 June 2025: RMB118.1 million). INTERIM DIVIDEND The Board did not recommend the payment of an interim dividend for Period (for the six months ended 30 June 2025: nil). CORPORATE GOVERNANCE PRACTICES The Group is committed to maintaining high standards of corporate governance to safeguard the interests of our shareholders and to enhance corporate value and accountability. The Company has adopted the Corporate Governance Code (the “CG Code”) contained in Part 2 of Appendix C1 to the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”) as its own code of corporate governance. The Company has been conducting its business according to the principles of the CG Code. Save for the deviation disclosed below, in the opinion of the Directors, the Company has complied with all the applicable code provisions as set out in the CG Code for the Period. Code provision C.2.1 of the CG Code provides that the roles of chairman and chief executive should be separate and should not be performed by the same individual. Mr. Shum currently assumes the roles of both the chairman and the chief executive officer of the Company. Mr. Shum is one of the founders of the Group and has extensive experience in property development. The Board believes that by holding both roles, Mr. Shum will be able to provide the Group with strong and consistent leadership and allows for mor e effective and efficient business planning and decisions as well as execution of long-term business strategies of the Group. As such, the structure is beneficial to the business prospects of the Group. Furthermore, the Directors have regular discussions in relation to major matters affecting the operations of the Group and the Group has effective risk management and internal control systems in place for providing adequate checks and balances. Based on the foregoing, the Board believes that a balance of power and authority has been and will be maintained.
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– 38 – Compliance with Code of Conduct Regarding Directors’ Securities Transactions The Company has also adopted a code of conduct regarding Directors’ securities transactions on terms no less exacting than th e required standard set out in the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix C3 to the Listing Rules. All Directors have confirmed, following specific enquiry by the Company, that they h ave complied with the Model Code throughout the Period. The Company has also adopted a code for dealing in the Company’s securities by relevant employees, who are likely to be in possession of inside information in relation to the Company or its securities, on no less exacting terms than the required standard set out in the Model Code. Audit Committee and Review of Financial Statements The Board has established the audit committee of the Company (the “Audit Committee ”) which comprises three independent n on-executive Directors, namely Mr. Wong Wai Man (chairman), Mr. Jin Qingjun and Ms. Sun Hui. The Audit Committee has reviewed the interim report and the unaudited condensed consolidated interim results of the Group for the six months ended 30 June 2026 in conjunction with the Company’s management. The Audit Committee has also reviewed the effectiveness of the risk management and internal control systems of the Company, and considers the risk management and internal control systems to be effective and adequate. Purchase, Sale or Redemption of Listed Securities There was no purchase, sale or redemption of any listed securities of the Company by the Company or any of its subsidiaries during the Period (including sale of treasury shares). As at 30 June 2026, the Company did not hold any treasury shares.
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– 39 – Public Float Based on the information that is publicly available to the Company and within the knowledge of the Board, at least 25% of the Company’s total number of issued shares was held by the public at all times during the Period and up to the date of this announcement as required under the Listing Rules. PUBLICATION OF THE INTERIM RESULTS AND 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.timesgroup.cn), and the 2026 interim report containing all the information required by the Listing Rules will be published on the re spective websites of the Stock Exchange and the Company in due course. By Order of the Board Times China Holdings Limited Shum Chiu Hung Chairman Hong Kong, 28 August 2026 As at the date of this announcement, the executive Directors are Mr . Shum Chiu Hung, Mr . Guan Jianhui, Mr . Bai Xihong, Mr . Li Qiang, Mr . Shum Siu Hung and Mr . Niu Jimin; and the independent non-executive Directors are Mr . Jin Qingjun, Ms. Sun Hui and Mr . Wong Wai Man. * For identification purpose only