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. KAISA GROUP HOLDINGS LTD. ʮ̡ * (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1638) ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 The board (the “ Board ”) of directors (the “ Directors ”) of Kaisa Group Holdings Ltd. (the “Company ”) announces the unaudited interim results of the Company and its subsidiaries (collectively referred to as the “ Group ”) for the six months ended 30 June 2026 together with the comparative figures for the corresponding period in 2025. FINANCIAL HIGHLIGHTS • Total revenue for the six months ended 30 June 2026 d ecreased by 40.6% to approximately RMB2,196.7 million from the corresponding period in 2025. • Gross profit for the six months ended 30 June 2026 increased by 22.7% to approximately RM B567.8 million and the gross profit margin for the period was 25.8%. • Loss for the six months ended 30 June 2026 decreased by 7.0% to approximately RMB9,387.3 million from the corresponding period in 2025. • Contracted sales of the Group, together with its joint ventures and associated companies for the six months ended 30 June 2026, increased by 474.8% to approximately RMB11,514.0 million. • No interim dividend was declared for the six months ended 30 June 2026. * For identification purposes only
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– 2 – CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 June 2026 Unaudited Six months ended 30 June 2026 2025 Notes RMB’000 RMB’000 Revenue 4 2,196,748 3,700,964 Cost of sales (1,628,921) (3,238,229) Gross profit 567,827 462,735 Other income, gains and losses, net 5 (3,941,907) (5,294,652) Selling and marketing costs (135,083) (131,927) Administrative expenses (424,398) (472,983) Fair value losses of investment properties, net (276,800) (294,612) Gain on disposals of subsidiaries, net – 18 Impairment loss recognised 6 (3,213,803) (1,646,488) Operating loss (7,424,164) (7,377,909) Share of results of associates (810,265) (1,046,885) Share of results of joint ventures (25,752) (100,102) Finance income 7 557 3,091 Finance costs 7 (1,246,758) (1,204,873) Loss before income tax 8 (9,506,382) (9,726,678) Income tax credit (expense) 9 119,075 (369,988) Loss for the period (9,387,307) (10,096,666) Loss for the period attributable to: – Owners of the Company (9,328,535) (10,030,459) – Non-controlling interests (58,772) (66,207) (9,387,307) (10,096,666) RMB per share RMB per share Loss per share – Basic 10 (0.945) (1.430) – Diluted 10 (0.945) (1.430)
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– 3 – Unaudited Six months ended 30 June 2026 2025 Notes RMB’000 RMB’000 Loss for the period (9,387,307) (10,096,666) Other comprehensive income (expense) for the period, net of tax Items that will be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations 39,297 36,987 Share of other comprehensive expense of associates (9,796) (823) Other comprehensive income for the period 29,501 36,164 Total comprehensive expense for the period (9,357,806) (10,060,502) Total comprehensive expense for the period attributable to: – Owners of the Company (9,313,666) (9,998,116) – Non-controlling interests (44,140) (62,386) (9,357,806) (10,060,502)
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– 4 – CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION For the six months ended 30 June 2026 Unaudited 30 June 2026 Audited 31 December 2025 Notes RMB’000 RMB’000 Non-current assets Property, plant and equipment 3,215,181 4,064,514 Right-of-use assets 365,116 390,833 Investment properties 7,113,000 7,389,800 Land use rights 325,411 333,899 Goodwill and intangible assets 833,325 844,105 Investments in associates 12,058,887 12,879,827 Investments in joint ventures 7,279,680 7,304,010 Financial assets at fair value through profit or loss 432,795 641,405 Deposits and other receivables 7,503 8,300 Deferred tax assets 1,110,077 1,108,459 Total non-current assets 32,740,975 34,965,152 Current assets Properties under development 62,891,142 63,505,030 Completed properties held-for-sale 13,419,912 14,115,500 Inventories 302,500 313,737 Trade receivables, prepayments, deposits and other receivables 12 27,288,862 30,414,704 Deposits for land acquisition 2,513,412 2,513,325 Prepayments for proposed development projects 36,413,760 36,144,399 Financial assets at fair value through profit or loss 369,431 574,614 Restricted bank balances and cash 822,092 1,054,872 Cash and bank balances 372,069 544,685 Total current assets 144,393,180 149,180,866 Current liabilities Contract liabilities 12,593,330 13,174,530 Accrued construction costs 13,805,919 13,099,021 Other payables 39,980,869 38,483,148 Income tax payable 13,003,054 12,967,619 Lease liabilities 23,576 24,698 Borrowings 13 35,326,689 36,152,156 Convertible bonds 27,057 57,265 Total current liabilities 114,760,494 113,958,437 Net current assets 29,632,686 35,222,429 Total assets less current liabilities 62,373,661 70,187,581
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– 5 – Unaudited 30 June 2026 Audited 31 December 2025 Notes RMB’000 RMB’000 Non-current liabilities Other payables 216,694 7,395 Lease liabilities 56,017 70,718 Borrowings 13 49,202,341 47,643,689 Convertible bonds 467,505 983,456 Deferred tax liabilities 1,849,899 2,035,421 Total non-current liabilities 51,792,456 50,740,679 Net assets 10,581,205 19,446,902 Equity Share capital 1,008,899 850,316 Share premium 6,774,586 6,457,420 Reserves (5,678,218) 3,610,077 Equity attributable to owners of the Company 2,105,267 10,917,813 Non-controlling interests 8,475,938 8,529,089 Total equity 10,581,205 19,446,902
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– 6 – NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months ended 30 June 2026 1. GENERAL INFORMATION Kaisa Group Holdings Ltd. (the “ Company ” or “ Kaisa ”) was incorporated in the Cayman Islands on 2 August 2007 as an exempted company with limited liability under the Companies Law, Cap. 22 (2009 Revision as consolidated and revised from time to time) of the Cayman Islands and its shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”). The address of the registered office and principal place of business of the Company are disclosed in the “Corporate Information” section to the interim report. The Company is engaged in investment holding. The Company and its subsidiaries (collectively, the “Group ”) are principally engaged in property development, property investment, property management, hotel and catering operations, cultural centre operations and healthcare operations in the People’s Republic of China (the “ PRC”). The unaudited condensed consolidated interim financial statements are presented in Renminbi (“ RMB”), which is also the functional currency of the Company. 2. BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (i) Basis of preparation These unaudited condensed consolidated interim financial statements for the six months ended 30 June 2026 have been prepared in accordance with the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”) and the Hong Kong Accounting Standard (“ HKAS ”) 34, “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA ”). The unaudited condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with the Hong Kong Financial Reporting Standards (“ HKFRS Accounting Standards ”) issued by the HKICPA. (ii) Application of amendments to HKFRSs Accounting Standards Amendments to HKFRS Accounting Standards that are mandatorily effective for annual periods beginning or after 1 January 2026 The unaudited condensed consolidated interim financial statements for the six months ended 30 June 2026 have been prepared in accordance with the accounting policies adopted in the Group’s annual financial statements for the year ended 31 December 2025, except for the a doption of following amendments to HKFRS Accounting Standards effective as of 1 January 2026. The Group has not early adopted any other standards, interpretation or amendment that has been issued but is not yet effective. Amendment 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 amended HKFRS Accounting Standards in the current period had no material impact on the results and financial positions for the current and prior periods have been prepared and presented.
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– 7 – (iii) Going concern assessment The directors of the Company have, at the time of approving the unaudited condensed consolidated interim financial statements for the current period, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the unaudited condensed consolidated interim financial statements. During the six months ended 30 June 2026, the Group incurred a net loss attributable to the owners of the Company of approximately RMB9,328.5 million (six months ended 30 June 2025: RMB10,030.5 million). As at 30 June 2026, the Group had borrowings and convertible bonds amounting to approximately RMB35,326.7 million (31 December 2025: RMB36,152.2 million) and RMB27.1 million (31 December 2025: RMB57.3 million) respectively that would fall due and be repayable within one year while the Group’s cash and bank balances amounted to approximately RMB372.1 million (31 December 2025: RMB544.7 million) only. Further, as at 30 June 2026, the Group’s borrowings in the amount of RM B29,327.8 million (31 December 2025: RMB30,544.5 million) were defaulted and/or cross-defaulted with other borrowings, which, as a consequence, would be immediately repayable if and when requested by the respective lenders. In March 2026, the Company completed a solicitation of consents to amend the maturity date of the 5% Senior Notes due 2027 from 30 November 2027 to 31 July 2026. The maturity date shall be automatically extended to 31 January 2027, and then to 30 November 2027, unless the trustee receives objections to such extension from eligible holders holding no less than 20% of the aggregate principal amount of the notes outstanding. In July 2026, the trustee received objections to the automatic extension from one or more eligible holders, who collectively hold more than 20% of the aggregate principal amount of the outstanding notes that constitute eligible holdings and the objection threshold to the automatic extension has been met. Hence, the automatic extension did not proceed and the maturity date of the notes amounting to US$30,847,942 (representing 99% of the aggregate outstanding principal amount of US $31,159,537) remains 31 July 2026. As at the date of approval of these unaudited condensed consolidated interim financial statements, the notes remained outstanding. The Company is working closely with the holders of the notes to formulate a viable solution aimed at addressing the current liquidity constraints and protecting the interests of all stakeholders. Moreover, the Group has been facing more challenges in obtaining financing through the issuance of new domestic corporate bonds and overseas senior notes due to the difficulties and challenging debt financing environment in the PRC in recent years. In addition, the Group is committed to timely deliver properties to the property buyers, which requires the Group to place higher priority in utilising the available funds for the construction of pre-sale properties, further increasing the Group’s liquidity pressure. The conditions described above indicate the existence of material uncertainties which may cast significant doubt on the Group’s ability to continue as a going concern and hence, its ability to realise its assets and discharge its liabilities in the normal course of business. In preparing the unaudited condensed consolidated interim financial statements, the directors of the Company have given careful consideration to the future liquidity of the Group. The directors of the Company have reviewed the Group’s cash flow forecast (the “ Cash Flow Forecast ”) prepared by the management of the Company. The Cash Flow Forecast covers a period of not less than twelve months from 30 June 2026. They are of the opinion that, taking into account the following plans and measures (the “ Plans and Measures ”), the Group would have sufficient working capital to finance its operations and to meet its financial obligations as and when they fall due within the next twelve months from 30 June 2026. The unaudited condensed consolidated interim financial statements were prepared based on the assumption that the Group can be operated as a going concern, after taking into consideration of the following Plans and Measures: (i) As at 30 June 2026, the Group’s borrowings with an aggregate amount of approximately RMB29,327.8 million (31 December 2025: RMB30,544.5 million) were defaulted. Up to the
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– 8 – date of the issuance of these unaudited condensed consolidated interim financial statements, the Group’s borrowings amounted to approximately RMB391.1 million, where the repayment periods have been extended to 2028. Moreover, the Group had borrowings of approximately RMB14,644.4 million that were secured by the Group’s assets and thus the directors of the Company believe that it is highly probable that these borrowings can be renewed in the next twelve months. Based on progress in communicating with the lenders and creditors, the directors of the Company believe that the Group is highly probable to obtain continuous support from the lenders and creditors for an amicable solution in respect of the renewal and extension of repayment date of the instalments of the Group’s remaining borrowings due in the Group’s favour. (ii) The management of the Company maintains a detailed plan to closely monitor the progress of the construction of its property development projects according to the Group’s sales plan, to ensure that construction and related payments are fulfilled and relevant properties sold under pre-sale arrangements are completed and delivered to the properties buyers on schedule as planned. As at the date of approval of these unaudited condensed consolidated interim financial statements, the Group has obtained support from certain of its major contractors and suppliers so as to complete the construction progress as scheduled. As at the date of approval of these unaudited condensed consolidated interim financial statements, the directors of the Company consider that the majority of the Group’s property development projects are in progress according to the schedule, and the Group is able to complete the delivery of its property development projects as planned. (iii) The Group continues to actively adjust the sales and pre-sale activities to respond to market changes and capture demands. The management considers that the PRC property market will gradually return to a sound and stable development track taking into account the PRC Central Government’s persistent efforts to stabilise the property market in the PRC. The management of the Company has prepared a detailed plan which has been reviewed by the directors of the Company regarding the pre-sale and sale of the Group’s properties under development and completed properties held for sale according to the schedule. The management of the Company also takes proactive steps to enhance the payment collection progress from customers in respect of the property sales and pre-sales through closely following up with the customers and communicating and coordinating with banks for the timely grant of individual mortgage loans to the customers in accordance with the timeline of Cash Flow Forecast prepared by the management. Accordingly, the directors of the Company believe that the Group is able to complete its project selling plan as scheduled, and to speed up the collection of the sales proceeds so as to generate adequate net cash flows. (iv) During the six months ended 30 June 2026, the Gr oup’s administrative expenses were reduced to approximately RM B424.4 million (six months ended 30 June 2025: RMB473.0 million). The management of the Company is continuing to implement a detailed plan with the detailed timetable and actions to be carried out which has been reviewed by the directors of the Company to control operational and administrative costs through various channels, including but not limited to (1) optimise and adjust human resources; (2) streamline logistics operations through human resources consolidation and productivity optimisation; (3) restrain capital expenditures; and (4) assess additional measures to further reduce discretionary spending, among others. Further, the management of the Company has also prepared a detailed plan which has been reviewed by the directors of the Company to implement more stringent cash flow management with the objective to expedite the collection of receivables and also to achieve better payment terms with trade vendor.
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– 9 – (v) The management of the Company regularly conducts detailed analyses and estimates of the cost saving and cash inflows upon the implementing the above-mentioned relevant actions so as to assess whether the Company could reduce operating and administrative costs and achieve cost saving and generate cash inflow to the desired level within the period planned in the Cash Flow Forecast. The directors of the Company have reviewed the Group’s Cash Flow Forecast prepared by management, which covers a period of at least 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 funds to maintain its operations and to meet its financial obligations as and when they fall due within the next twelve months from 30 June 2026. Accordingly, the directors of the Company are satisfied that it is appropriate to prepare the unaudited condensed consolidated interim 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 Group’s ability to obtain financing and operating cash flows in the near future. Should the Group fail to achieve the abovementioned Plans and Measures, it might not be able to continue to operate as a going concern, and 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 unaudited condensed consolidated interim financial statements. 3. SEGMENT INFORMATION The chief operating decision-maker (the “ CODM”) has been identified as the executive directors of the Company who are responsible for reviewing the Group’s internal reporting in order to assess performance and allocate resources. The CODM identified the following segments based on the nature of business operations and regarded these as the Group’s reporting segments: • Property development; • Property investment; • Property management; • Hotel and catering operations; • Cultural centre operations; • Healthcare operations; and • Others
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– 10 – (a) Segment revenue and results, assets and liabilities For the purposes of assessing segment performance and allocating resources between segments, the Group’s CODM monitors the revenue and results, attributable to each reportable segment mentioned above. The accounting policies of the operating segments are the same as the Group’s accounting policies. Segment revenue from external parties reported to the management is measured in a manner consistent with that in the consolidated statement of profit or loss. Segment profit and loss represents the profit and loss earned or incurred by each segment without allocation of corporate and other unallocated expenses, fair value gain and loss on financial assets at FVTPL, net, finance income, finance costs and income tax expenses and credit. This is the information reported to the CODM for the purposes of resource allocation and performance assessment. Information regarding the Group’s reportable segment revenue, results and other information as provided to the CODM for the purposes of resource allocation and assessment of segment performance for the six months ended 30 June 2026 and 30 June 2025 is set out below. Property development Property investment Property management Hotel and catering operations Cultural centre operations Healthcare operations Others Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Six months ended 30 June 2025 Revenue and results Revenue 2,089,839 285,579 846,169 107,825 92,930 304,225 124,555 3,851,122 Less: Inter-segment revenue – (60,822) (74,265) (1,921) (7,473) – (5,677) (150,158) Revenue from external customers 2,089,839 224,757 771,904 105,904 85,457 304,225 118,878 3,700,964 Results Segment results before the items below: (6,816,268) 444,065 135,111 12,132 (9,295) 21,715 (780,299) (6,992,839) Gain on disposal of subsidiaries, net 18 – – – – – – 18 Fair value losses on investment properties, net – (294,612) – – – – – (294,612) Share of results of associates (1,048,472) – 4,407 – – – (2,820) (1,046,885) Share of results of joint ventures (100,107) – – – – – 5 (100,102) Segment results (7,964,829) 149,453 139,518 12,132 (9,295) 21,715 (783,114) (8,434,420) Fair value losses on financial assets at FVTPL, net (22,046) Corporate and other unallocated expenses (68,430) Finance income 3,091 Finance costs (1,204,873) Finance costs, net (1,201,782) Loss before income tax (9,726,678) Income tax expense (369,988) Loss for the period (10,096,666)
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– 11 – The segment information provided to the CODM for the reportable segments for the six months ended 30 June 2026 is as follows: Property development Property investment Property management Hotel and catering operations Cultural centre operations Healthcare operations Others Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Six months ended 30 June 2026 Revenue and results Revenue 714,839 264,564 848,876 95,090 76,345 252,118 58,683 2,310,515 Less: Inter-segment revenue – (39,692) (67,580) – (5,521) – (974) (113,767) Revenue from external customers 714,839 224,872 781,296 95,090 70,824 252,118 57,709 2,196,748 Results Segment results before the items below: (7,865,157) 141,831 101,702 4,774 (5,718) (21,385) 964,234 (6,679,719) Fair value losses on investment properties, net – (276,800) – – – – – (276,800) Share of results of associates (826,084) – 9,639 – – – 6,180 (810,265) Share of results of joint ventures (25,763) – – – – – 11 (25,752) Segment results (8,717,004) (134,969) 111,341 4,774 (5,718) (21,385) 970,425 (7,792,536) Fair value losses on financial assets at FVTPL, net (378,340) Corporate and other unallocated expenses (89,305) Finance income 557 Finance costs (1,246,758) Finance costs, net (1,246,201) Loss before income tax (9,506,382) Income tax credit 119,075 Loss for the period (9,387,307) (b) Geographical information As the CODM considers most of the revenue and results of the Group for the six months ended 30 June 2026 and 30 June 2025 are attributable to the market primarily in the PRC, and over 90% of the Group’s assets as at 30 June 2026 and 31 December 2025 are located in the PRC, no geographical segment information is presented. (c) Information about major customers For the six months ended 30 June 2026 and 30 June 2025, none of the Group’s customers accounted for more than 10% of the Group’s total revenue.
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– 12 – 4. REVENUE Revenue represents the amount received and receivable for goods sold and services provided by the Group to outside customers, less discounts, returns and value added tax or other sales taxes. During the six months ended 30 June 2026 and 30 June 2025, the Group’s operating activities are attributable to following operating segments focusing on the operation of: • Property development: Sales of properties • Property investment: Rental from leasing of properties • Property management: Provision of property management service • Hotel and catering operations: Provision of hotel and catering operations services • Cultural centre operations: Provision of cultural centre operations services • Healthcare operations: Provision of healthcare operations services • Others Disaggregation of revenue from contracts with customers (i) The Group derives revenue from the transfer of goods and services by categories of major product lines and business. Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 Revenue from contracts with customers Sales of properties 714,839 2,089,839 Provision of property management service 781,296 771,904 Provision of hotel and catering operations services 95,090 105,904 Provision of cultural centre operations services 70,824 85,457 Provision of healthcare operations services 252,118 304,225 Others 57,709 118,878 1,971,876 3,476,207 Revenue from other sources Rental from leasing of properties 224,872 224,757 2,196,748 3,700,964
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– 13 – (ii) The Group derives revenue from the transfer of goods and services by timing of revenue recognition Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 Revenue from contracts with customers – Over time 1,004,919 963,265 – At a point in time 966,957 2,512,942 1,971,876 3,476,207 5. OTHER INCOME, GAINS AND LOSSES, NET Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 Dividend income from financial assets at FVTPL – 760 Government subsidy income 7,725 3,927 (Loss) gain on disposal of property, plant and equipment, net (162,823) 54 Exchange gain, net 1,102,381 469,456 Gain on disposals of financial assets at FVTPL, net – 11,317 Fair value loss on financial assets at FVTPL, net (378,340) (22,046) Impairment loss recognised for properties under development and completed properties held for sale (5,018,637) (6,213,390) Reversal of written-off of trade receivables, deposits and other receivables – 485,625 Change in fair value of mandatory convertible bonds 517,989 – Others (10,202) (30,355) (3,941,907) (5,294,652) 6. IMPAIRMENT LOSS RECOGNISED Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 Impairment loss recognised (reversed) for: – Financial assets, including trade and other receivables, amounts due from associates, amounts due from joint ventures and amounts due from non-controlling interests in subsidiaries 3,257,902 1,582,780 – Financial liabilities in respect of financial guarantees regarding liabilities of the Group’s associates and joint ventures and third parties (44,099) 63,708 3,213,803 1,646,488
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– 14 – 7. FINANCE INCOME AND FINANCE COSTS Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 Finance income Interest income on bank deposits 557 3,091 Finance costs Interest expense: – Bank and other borrowings 2,351,117 2,624,111 – Senior Notes 2,689,484 4,217,783 – Lease liabilities 4,627 3,149 Total interest expenses 5,045,228 6,845,043 Less: interests capitalised (3,798,470) (5,640,170) 1,246,758 1,204,873 8. LOSS BEFORE INCOME TAX Loss before income tax has been arrived at after charging (crediting): Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 Staff cost, including directors’ remuneration – Staff salaries and allowances 210,275 229,546 – Performance bonus – – – Equity-settled share-based payment expenses – – – Contributions to defined contribution retirement schemes 14,058 10,842 224,333 240,388 Gross rental income from investment properties 224,872 224,757 Less: Ou tgoing in respect of investment properties that generated rental income during the period (73,746) (76,357) 151,126 148,400 Others: Depreciation and amortisation: – Property, plant and equipment 132,141 122,864 – Right-of-use assets 32,028 23,957 – Land use rights 8,488 6,671 – Intangible assets 10,780 16,692 Minimum lease payments under operating leases 560 620 Cost of sales 1,628,921 3,238,229
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– 15 – 9. INCOME TAX (CREDIT) EXPENSE Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 Current income tax – PRC enterprise income tax 31,707 80,754 – PRC land appreciation tax 33,122 366,967 Deferred income tax (183,904) (77,733) (119,075) 369,988 10. LOSS PER SHARE The calculation of the basic and diluted loss per share attributable to owners of the Company is based on the following data: Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 Loss for the period attributable to owners of the Company for the purpose of basic and diluted loss per share (9,328,535) (10,030,459) Number of shares 2026 2025 (number of shares’000) Weighted average number of ordinary shares in issue during the period for the purpose of basic and diluted loss per share 9,873,574 7,015,469 The computation of diluted loss per share for the six months ended 30 June 2026 and 30 June 2025 did not assume the exercise of outstanding share options of the Company and its subsidiaries or the conversion of convertible bonds, since their inclusion would result in an anti-dilutive effect on loss per share. Therefore, the diluted loss per share is the same as basic loss per share for the six months ended 30 June 2026 and 30 June 2025. 11. DIVIDENDS No interim dividends were paid, declared or proposed for the six months ended 30 June 2026 and 2025, nor has any dividend been proposed since the end of the reporting periods.
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– 16 – 12. TRADE RECEIVABLES Trade receivables mainly arise from sales of properties, provision of property management services, provision of construction and design services, provision of healthcare operations services and provision of financial services. Trade receivables are settled in accordance with the terms stipulated respectively in the property sale and purchase agreements or service agreements. The ageing analysis of trade receivables based on contractual terms as at the respective reporting dates is as follows: Unaudited Audited 30 June 2026 31 December 2025 RMB’000 RMB’000 Within 90 days 534,384 219,447 Over 90 days and within 180 days 68,080 102,919 Over 180 days and within 270 days 89,015 119,012 Over 270 days and within 365 days 57,572 76,537 Over 365 days 544,618 587,233 1,293,669 1,105,148 Less: Provision for impairment (257,760) (206,914) 1,035,909 898,234 13. BORROWINGS Unaudited Audited 30 June 2026 31 December 2025 RMB’000 RMB’000 Borrowings comprise: – Senior Notes 749,199 773,168 – New Senior Notes 34,791,210 33,466,715 – Bank borrowings 18,918,034 19,382,150 – Other borrowings 29,846,806 29,950,031 – Loan from a related company 108,781 108,781 – Loan from the controlling shareholder of the Company 115,000 115,000 84,529,030 83,795,845 Less: current portion (35,326,689) (36,152,156) Amounts shown under non-current liabilities 49,202,341 47,643,689 Analysed as: – Fixed-rated bank and other borrowings 61,571,471 61,113,102 – Variable-rated bank and other borrowings 22,957,559 22,682,743 84,529,030 83,795,845 Analysed as: – Senior Notes 749,199 773,168 – New Senior Notes 34,791,210 33,466,715 – Secured 32,634,303 32,557,168 – Unsecured 16,354,318 16,998,794 84,529,030 83,795,845
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– 17 – 14. COMMITMENTS (a) C ommitments for property development expenditure, acquisitions of property, plant and equipment, acquisitions of subsidiaries, an associate and a joint venture Unaudited Audited 30 June 2026 31 December 2025 RMB’000 RMB’000 Contracted but not provided for – A cquisitions of land use rights and property development activities 11,035,606 11,292,484 – Acquisitions of subsidiaries 13,000,000 13,000,000 24,035,606 24,292,484 (b) Lease commitments At the reporting date, the lease commitments for short-term leases and low-value assets leases are as follows: Unaudited Audited 30 June 2026 31 December 2025 RMB’000 RMB’000 Not later than one year 4,831 304 (c) Operating lease rentals receivable The future aggregate minimum lease rentals receivable under non-cancellable operating leases in respect of land and buildings are as follows: Unaudited Audited 30 June 2026 31 December 2025 RMB’000 RMB’000 Within 1 year 188,297 183,239 After 1 year but within 2 years 164,656 164,509 After 2 years but within 3 years 108,552 113,552 After 3 years but within 4 years 81,169 79,143 After 4 years but within 5 years 76,989 71,989 After 5 years 169,883 171,883 789,546 784,315
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– 18 – CHAIRMAN’S STATEMENT Dear Shareholders, On behalf of the board of directors (the “ Board ”) of Kaisa Group Holdings Ltd. (“ Kaisa ” or the “ Company ”, which together with its subsidiaries is referred to as the “ Group ”), I present the results of the Group for the six months ended 30 June 2026 (the “ Period ”) and the comparative figures for the corresponding period in 2025. RESULTS AND DIVIDEND For the Period, the Group’s revenue decreased by approximately 40.6% to approximately RMB2,196.7 million, while gross profit increased by approximately 22.7% to approximately RMB567.8 million, as compared to the corresponding period in 2025. Loss attributable to equity holders of the Company and basic loss per share amounted to approximately RMB9,328.5 million and RMB0.945, respectively (corresponding period in 2025: loss of approximately RMB10,030.5 million and basic loss per share of RMB1.430). The Board did not recommend the payment of an interim dividend for the Period (six months ended 30 June 2025: nil). BUSINESS REVIEW Property Market and Policies In the first half of 2026, global economic growth momentum diverged, and geopolitical conflicts continued to disrupt the stability of energy markets and production and supply chains. Against this backdrop, China implemented more proactive macroeconomic policies, with various policies working in tandem to expand domestic demand, optimize supply, and promote stable economic operation and high-quality development. In the first half of the year, China’s GDP grew by 4.7% year-on-year, with the increment reaching RMB3.6 trillion, hitting a five-year high for the same period. The economy operated steadily with improved quality and new quality productive forces accelerated their growth, laying a solid foundation for a promising start to the 15th Five-Year Plan period. In respect of the property market, policies adhered to the principle of seeking progress while maintaining stability, market trends diverged, and housing prices in higher-tier cities have shown phased stabilization. The central government strengthened the top-level design around the new development model for real estate under the 15th Five-Year Plan. The policy focus shifted to controlling incremental supply, reducing inventory, and optimizing supply, thereby promoting urban renewal, the revitalization of existing housing stock, and the construction of “Quality Housing”. Various localities optimized regulation through city-specific measures, encouraged the acquisition of existing commodity housing for use as affordable housing, improved project financing and sales systems, and guided the industry toward a transition to high-quality development. Data showed that in the first half of the year, the sales area of new commodity housing nationwide fell by 11.6% year-on-year, and the sales amount fell by 13.6% year-on-year, with the declines narrowing for three consecutive months. New housing prices in first-tier cities rose month-on-month for four consecutive months, the online-contracted area of second-hand housing rose by 10.2% year-on-year, and the area of
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– 19 – commodity housing for sale continued to decline. Overall, with the continuous release of the positive effects of these policies, market divergence is expected to continue, and the industry is accelerating its transformation towards a high-quality development model focused on asset revitalization, quality improvement, and the fulfillment of housing needs. Securing Livelihood, Ensuring Delivery, and Guaranteeing Quality For the six months ended 30 June 2026, the Group, together with its joint ventures and associates, recorded contracted sales of approximately RMB11,514.0 million. In the first half of 2026, Kai sa closely followed the market trends an d flexibly coordinated its marketing efforts, implementing a project-by-project differentiated strategy, continuously expanding diversified sales channels, and achieving sales breakthroughs in projects in the Greater Bay Area, Beijing, and other regions, effectively accelerating capital recovery. Building upon residential property sales, the Company actively pushed forward bulk transactions of commercial and office assets, while simultaneously engaging in the leasing operations of non-residential assets such as parking spaces and shops, broadening funding sources. Meanwhile, the Company deepened the synergistic linkage among its real estate, commercial, and property management segments, implemented owner benefits and services, improved the conversion efficiency of referrals from existing customers, and facilitated the destocking of existing properties. Through multiple measures to broaden cash flow channels, the Company maximized the revitalization of various assets and funds, making every effort to ensure the guaranteed delivery of projects and normalized operations. During the Period, Kaisa fulfilled its responsibilities, overcame difficulties, and resolutely implemented the mission of “securing livelihood, ensuring delivery, and guaranteeing quality”. Half a year prior to delivery, the customer service team spearheaded the establishment of a task force for project delivery and formulated an overall project delivery plan. From a customer’s perspective, the Company strictly monitored construction quality at every level, collaborating with the engineering teams to conduct multiple rounds of simulated inspections and risk screenings to rigorously control delivery quality. At the delivery sites, the Company provided one-stop move-in services for property owners, with professional home inspectors accompanying them one-on-one throughout the entire inspection and acceptance process. Kaisa closely adhered to the national “Quality Housing” construction standards, taking the Dongjiaotou project in Shenzhen as the benchmark and the Baiyun project in Guangzhou as the core to build differentiated leading competitiveness. The Company deeply integrated its comprehensive super base, professional property management services, and community operation capabilities into its technology system, building a three-in-one full-chain living ecosystem of “quality products, quality services, and quality living”, thereby enabling the steady shift of real estate development from traditional space construction to full-cycle living-scenario operation. In the first half of 2026, projects under construction and delivered, including Guangzhou Phoenix Mansion, Jiangmen Yuefeng Mansion, Guangzhou Kaisa Center, and Shenzhen Kaisa Cloud, obtained national green building certifications covering a total area of 400,000 square meters. Kaisa remains committed to practicing green and low-carbon construction and implementing a sustainable development path for high-quality residences.
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– 20 – Land Bank Deepening its penetration into the first-tier and major second-tier cities has always been the development strategy of the Group. As at 30 June 2026, the Group had a total land bank of approximately 19.1 million sq.m. in 41 cities nationwide, of which approximately 12.2 million sq.m. or representing 64.1% of the Group’s total land bank was located in the Greater Bay Area. Among the cities in the Greater Bay Area, Shenzhen and Guangzhou, as the key markets where the Group has deeply cultivated for many years, accounted for 40% of its land bank within the Greater Bay Area market. Urban Renewal At the end of 2025, the Ministry of Natural Resources and the Ministry of Housing and Urban- Rural Development jointly issued the “Notice on Certain Measures for Further Supporting Urban Renewal Actions”, stipulating provisions regarding enhancing the adaptability of detailed planning, optimizing transitional support policies, advancing the temporary use of existing land and spaces, encouraging integrated operations through the portfolio supply of resources and assets, innovating real estate registration services, and properly handling issues left over from history. The core objective of the policy is to encourage and support urban renewal that meets the development needs of new industries and new business models. In response to the needs of urban renewal initiatives, detailed planning for areas designated for renewal shall be evaluated and optimized through technical corrections and adjustment refinements. For projects meeting the development needs of new industries and new business models, a positive list for mixed-use land development and composite spatial utilization shall be established. Upon approval during the renewal implementation, projects conforming to this positive list shall be deemed to comply with the detailed planning. On 27 February 2026, the Housing and Construction Bureau of Shenzhen Municipality and the Municipal Planning and Natural Resources Bureau jointly issued the “Notice on Further Matters Regulating the Management of Urban Renewal Projects”, proposing to reduce the land handover rate and stipulating that unapproved planning projects shall in principle not be required to construct affordable housing, thereby enhancing the economic feasibility of the projects. On 5 March 2026, the Ministry of Natural Resources and the National Forestry and Grassland Administration issued the “Notice on Further Strengthening the Guarantee of Natural Resources Elements”. The notice stipulates that all provinces (autonomous regions and municipalities) shall establish and improve a mechanism linking newly added construction land with the revitalization of existing construction land, and that the annual newly added urban and rural construction land shall in principle not exceed the area of revitalized stock land. Newly added construction land shall be prioritized for securing the construction of major projects and the development of livelihood undertakings, and shall in principle not be used for commercial property development. The introduction of these policies has not only created a high-quality, sustainable policy environment for Kaisa’s urban renewal projects, but has also provided more opportunities for breakthroughs in key projects, enabling the Company to stabilize its operations, drive transformation, improve quality, and open a new chapter of sustainable development.
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– 21 – The Group plans to convert its land bank for urban renewal into high-quality saleable resources and at the same time to provide a full-process renewal service model, empowering urban industrial upgrading and contributing to the construction of a high-quality and sustainable urban development system. Financing In the first half of 2026, as the policy anchoring period for the commencement of the 15th Five-Year Plan, real estate policies maintained an accommodative tone, with the policy focus further shifting toward “promoting development, improving quality, and transforming models”, and building a comprehensive support system around stabilizing the real estate market, revitalizing existing urban stock, improving housing security, and advancing the equalization of public services. The Political Bureau of the CPC Central Committee explicitly stated that “it is necessary to effectively prevent and defuse risks in key areas. Efforts shall be made to stabilize the real estate market and solidly advance urban renewal.” The strategic importance of urban renewal was thus elevated, becoming a core lever for preventing risks, stabilizing the property market, and improving public welfare. Against this backdrop, the focus of real estate finance shifted from supporting large-scale new construction toward supporting structural optimization and the revitalization of stock assets. Currently, real estate financing is characterized by “a low-base rebound in total volume and sharp structural divergence”, with the financing logic shifting from “entity credit” to “project credit” and “asset quality”. Against this backdrop, the Group continued to proactively mitigate outstanding debt risks while advancing the extension of existing financing and interest rate reductions. Consequently, financing costs steadily declined compared with the end of 2025. By accelerating the revitalization of key projects and enhancing the operational quality of premium assets, the Group has expanded financing channels and promoted the implementation of revitalization plans for multiple projects. The Group will address development challenges through reform and innovation, enhance its development resilience through improved operational quality, foster new growth momentum through industrial upgrades, and continuously improve its core competitiveness. By leveraging its core advantages in land bank and urban renewal in the Greater Bay Area, the Company will contribute its corporate strength to optimizing urban structure, improving quality, and enhancing the living environment, while building momentum for the Group’s transformation and high-quality development. PROSPECTS Looking ahead, the central authorities have made it clear that they will implement a more proactive fiscal policy and a moderately accommodative monetary policy, fully leverage the effectiveness of various existing policies, promptly plan and introduce pragmatic and effective incremental policies, and intensify counter-cyclical adjustment efforts. They will also step up efforts to expand domestic demand and optimize supply, effectively ensure and improve people’s livelihoods, boost development momentum and stimulate social vitality, and promote sustained economic development toward new, high-quality, and structurally optimized growth. The real estate industry will continue to advance the construction of a new development model, focusing on stabilizing the market, mitigating risks, and promoting transformation. Policy measures such as urban renewal, the revitalization of existing housing stock, and the construction of “Quality Housing” are expected to continuously release their effects. As various localities optimize regulation through city-specific measures, reasonable
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– 22 – housing demand in core cities is expected to be gradually released. The market will present a development trend of differentiated recovery and steady-to-positive improvement, and the foundation for high-quality development of the industry is expected to be further consolidated. In the future, the Group will continue to focus on the strategic mainline of “risk mitigation, model innovation, and high-quality development” and steadily advance operational recovery and capability rebuilding. Adhering to profit and cash flow as the core, we will continuously optimize our business structure, actively explore asset-light operations and sustainable development paths, constantly improve operational quality and development resilience, and expedite our return to a sound and healthy development track. ACKNOWLEDGEMENT The Board will continue to take proactive measures to mitigate the operational risks of the Group. We firmly believe that supported by favorable macroeconomic policies and driven by industry transformation opportunities , the Group will prioritize both sustainable development and strategic innovation , striving relentlessly to return to a virtuous development track . On behalf of the Board, I would like to take this opportunity to extend my wholehearted gratitude to all shareholders, investors, business partners and customers of the Company. We will overcome the difficulties together hand in hand to maximize the value and returns to our shareholders and investors. KWOK Ying Shing Chairman Hong Kong, 31 August 2026
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– 23 – MANAGEMENT DISCUSSION AND ANALYSIS Overall performance During the Period, the Group recorded revenue of approximately RM B2,196.7 million, representing a decrease of 40.6% as compared with approximately RMB3,701.0 million for the corresponding period in 2025. Loss for the Period amounted to approximately RMB9,387.3 million as compared to loss of RM B10,096.7 million for the six months ended 30 June 2025. Loss for the Period attributable to owners of the Company amounted to approximately RMB9,328.5 million as c ompared to loss of approximately RM B10,030.5 million for the corresponding period in 2025. Basic loss per share amounted to RMB0.945 (six months ended 30 June 2025: RMB1.430). The Board did not recommend the payment of an interim dividend for the Period (six months ended 30 June 2025: nil). Contracted sales in the first half of 2026 In the first half of 2026, the Group together with its joint ventures and associates recorded contracted sales of approximately RM B11,514.0 million (six months ended 30 June 2025: RMB2,003.0 million). Aggregated gross floor area (“ GFA”) sold for the Period was 193,201 sq.m. (six months ended 30 June 2025: 171,315 sq.m.). The table below shows the contracted sales by region in the first half of 2026: Region Contracted sales area Contracted sales amount (sq.m.) (RMB in millions) Greater Bay Area 162,474 11,201.8 Yangtze River Delta 5,369 58.9 Central China 5,227 48.2 Western China 11,935 95.7 Pan-Bohai Bay Rim 8,196 109.4 Total 193,201 11,514.0 Property development Projects completed in the first half of 2026 The Group adopts a strict and prudent practice in project development and adjusts its pace of business expansion as and when appropriate. During the Period, the GFA of newly completed projects of the Group together with its joint ventures and associates amounted to approximately 0.04 million sq.m..
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– 24 – Projects under development As at 30 June 2026, the Group together with its joint ventures and associates had 54 projects under development with an aggregate of GFA of approximately 5.9 million sq.m.. Property management The Group generated revenue from providing property management services. During the Period, the Group managed a total GFA of approximately 98.8 million sq.m.. The Group’s property management is striving to deliver excellent and professional services to its customers and enhance brand and corporate image. As at 30 June 2026, the Group’s property services penetrated into 78 cities nationwide, covering residential, commercial, office, tourism and large-scale stadiums. Investment properties The Group adopts a diversified business strategy. The portfolio of investment properties will generate steady and reliable income and enlarge the overall income base of the Group. The Group develops commercial properties such as office buildings, retail stores and car parks for leasing purpose. In managing its investment property portfolio, the Group takes into account long-term growth potential, the overall market conditions, and its cash flows and financial condition. As at 30 June 2026, the Group held 9 investment property projects, with an aggregate GFA of approximately 0.42 million sq.m.. Land bank The Group remained cautious in replenishing its land bank nationwide by making reference to the development of the Company, availability of land supply and its existing land bank in the regions. By ways such as joint development, acquisition and bidding, auction and listing as well as urban renewal, the Group continues to seek project resources in China’s regions where economy prospers. As at 30 June 2026, the Group together with its joint ventures and associates had a total land bank of approximately 19.1 million sq.m. of which approximately 64.1% of land bank was located in the Greater Bay Area, which is sufficient for the Group’s development needs for the next five years.
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– 25 – FINANCIAL REVIEW Revenue The Group’s revenue was primarily derived from the following business segments: (i) property development, (ii) property investment, (iii) property management, (iv) hotel and catering operations, (v) cultural centre operations, (vi) healthcare operations and (vii) others. Revenue for the Period decreased by 40.6% to approximately RMB2,196.7 million from approximately RMB3,701.0 million for the corresponding period in 2025. 32.5% of the Group’s revenue was generated from the sales of properties (six months ended 30 June 2025: 56.5%) and 67.5% from other segments (six months ended 30 June 2025: 43.5%). Sales of properties Revenue from sales of properties decreased by approximately RMB1,375.0 million, or 65.8%, to approximately RMB714.8 million for the Period from approximately RMB2,089.8 million for the corresponding period in 2025. The decrease was attributable to lower selling prices of the GFA delivered for the Period and the decrease in total delivered GFA to approximately 0.09 million sq.m. for the Period from approximately 0.11 million sq.m. for the corresponding period in 2025. Rental income Revenue from rental income increased by approximately RMB0.1 million, or 0.1%, to approximately RM B224.9 million for the Pe riod from approximately RMB224.8 million for the corresponding period in 2025. Property management Revenue from property management service increased by approximately RM B9.4 million, or 1.2%, to approximately RMB781.3 million for the Period from approximately RMB771.9 million for the corresponding period in 2025. Hotel and catering operations Revenue from hotel and catering operations of the Group decreased by approximately RMB10.8 million, or 10.2% to approximately RM B95.1 million for the Period from approximately RM B105.9 million for the corresponding period in 2025. The decrease was primarily attributable to the decrease in the revenue from catering operations. Cultural centre operations Revenue from cultural centre operations decreased by approximately RM B14.6 million, or 17.1%, to approximately RM B70.8 million for the Period from approximately RM B85.5 million for the corresponding period in 2025. The decline was mainly due to the decrease in the number of venues for the cultural centre operations.
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– 26 – Healthcare operations Revenue from healthcare operations decreased by approximately RMB52.1 million, or 17.1%, to approximately RM B252.1 million for the Period from approximately RM B304.2 million for the corresponding period in 2025. The decrease was primarily attributable to the decline in pharmaceutical revenue. Gross profit As a result of the foregoing, the Group’s gross profit increased by approximately RMB105.1 million, or 22.7%, to approximately RM B567.8 million for the Period from approximately RMB462.7 million for the corresponding period in 2025. The Group’s gross profit margin increased from 12.5% for the six months ended 30 June 2025 to 25.8% for the Period, primarily attributable to lower costs for the properties completed and delivered to the purchasers during the Period. Other income, gains and losses – net The Group had net other losses of approximately RM B3,941.9 million for the Period, as compared with approximately RMB5,294.7 million for the corresponding period in 2025. The Group’s net other gains and losses for the six months ended 30 June 2025 mainly comprised the write-down of completed properties held for sale and properties under development of approximately RM B6,213.4 million, net exchange gain of approximately RM B469.5 million and reversal of written-off of trade receivables, deposits and other receivables of RMB485.6 million. The Group’s net other income, gains and losses for the Period mainly comprised the write-down of completed properties held for sale and properties under development of approximately RMB5,018.6 million, net exchange gain of approximately RMB1,102.4 million and change in fair value of mandatory convertible bonds of RMB518.0 million. Selling and marketing costs The Group’s selling and marketing costs increased by approximately RMB3.2 million, or 2.4%, to approximately RMB135.1 million for the Period from approximately RMB131.9 million for the corresponding period in 2025. The increase in selling and marketing costs was in line with the increase in the Group’s contracted sales for the Period. Administrative expenses The Group’s administrative expenses decreased by approximately RM B48.6 million, or 10.3%, to approximately RM B424.4 million for the Period from approximately RM B473.0 million for the corresponding period in 2025. The decrease was mainly due to the decrease in staff costs.
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– 27 – Fair value losses of investment properties – net For the Period, the Group recorded net fair value losses on investment properties of approximately RMB276.8 million (six months ended 30 June 2025: RMB294.6 million). Finance costs – net The Group’s net finance costs increased by approximately RM B44.4 million, or 3.7% to approximately RM B1,246.2 million for the Period from approximately RMB1,201.8 million for the corresponding period in 2025. Income tax credit/expense The Group’s income tax credit amounted to approximately RMB119.1 million for the Period as compared to income tax expense of approximately RMB370.0 million for the corresponding period in 2025. Loss and total comprehensive expense for the Period As a result of the foregoing, the Group’s loss and total comprehensive expense for the Period amounted to approximately RM B9,387.3 million and approximately RM B9,357.8 million, respectively (six months ended 30 June 2025: loss and total comprehensive expense amounted to approximately RMB10,096.7 million and RMB10,060.5 million, respectively). Liquidity, financial and capital resources Cash position As at 30 June 2026, the carrying amount of the Group’s cash and bank deposits (including restricted bank balances and cash) was approximately RM B1,194.2 million (31 December 2025: RMB1,599.6 million), representing a decrease of 25.3% as compared to that as at 31 December 2025. Certain property development companies of the Group placed a certain amount of pre-sales proceeds to designated bank accounts as collateral for the construction loans. Such collateral will be released after the completion of the pre-sales properties or the issuance of the title of the properties, whichever is the earlier. Additionally, as at 30 June 2026, certain of the Group’s cash was deposited in certain banks as collateral for the benefit of mortgage loan facilities granted by the banks to the purchasers of the Group’s properties. The aggregate of the above collaterals (i.e. balance of pre-sale escrow funds) amounted to approximately RM B822.1 million as at 30 June 2026 (31 December 2025: RMB1,054.9 million).
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– 28 – Borrowings and charges on the Group’s assets As at 30 June 2026, the Group had aggregate borrowings of approximately RM B84,529.0 million (31 December 2025: RMB83,795.8 million), of which approximately RM B35,326.7 million (31 December 2025: RMB36,152.2 million) will be repayable on demand or within 1 year, approximately RMB 3,978.9 million (31 December 20 25: RMB4,623.8 million) will be repayable between 1 and 2 years, approximately RM B27,521.1 million (31 December 2025: RMB25,928.8 million) will be repayable between 2 and 5 years and approximately RMB17,702.3 million (31 December 2025: RMB17,091.0 million) will be repayable over 5 years. As at 30 June 2026, the senior notes were secured by the share pledge of the Company’s subsidiaries incorporated outside the PRC, and are jointly and severally guaranteed by certain subsidiaries of the Company. The Group’s domestic bank loans carried a floating interest rate linking up with the base lending rate of the People’s Bank of China. The Group’s interest rate risk is mainly from the floating interest rate of domestic bank loans. Key financial ratios As at 30 June 2026, the Group’s leverage ratio (defined as net debts (total borrowings net of cash, bank balances, and restricted bank balances and cash) divided by total assets) was 47.1% (31 December 2025: 44.6%). The Group’s net current assets amounted to approximately RMB29,632.7 million as at 30 June 2026, c ompared to net current assets of RM B35,222.4 million as of 31 December 2025. The quick ratio (cash and bank deposits divided by short- term borrowings) was 0.03 times (31 December 2025: 0.04 times), and the current ratio was 1.3 times (31 December 2025: 1.3 times). The cash to short-term debt ratio is defined as cash and bank balances (excluding restricted bank balances and cash) divided by short-term borrowings. As of 30 June 2026, the Group’s cash and bank balances (excluding restricted bank balances and cash) were approximately RMB372.1 million (31 December 2025: RMB544.7 million), while short-term borrowings were approximately RM B35,326.7 million (31 December 2025: RMB36,152.2 million), resulting in a ratio of 0.01 (31 December 2025: 0.02). The liabilities to assets ratio (excluding contract liabilities) is calculated by dividing total liabilities (including perpetual capital securities) less contract liabilities and dividing by total assets less contract liabilities. As of 30 June 2026, the G roup’s contract liabilities, total liabilities, and total assets were approximately RM B12,593.3 million, RM B166,553.0 million and RMB177,134.2 million, respectively (31 December 2025: RMB13,174.5 million, RMB164,699.1 million and RM B184,146.0 million). Consequently, the adjusted total liabilities and adjusted total assets were approximately RMB153,959.6 million (31 December 2025: RMB151,524.6 million) and approximately RMB164,540.8 million (31 December 2025: RMB170,971.5 million), respectively. The resulting ratio was 93.6%, compared to 88.6% of 31 December 2025, representing an increase of approximately 5.0 percentage points.
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– 29 – Cost of borrowings For the Period, the Group’s total interest expenses were approximately RMB5,045.2 million, representing a decrease of approximately RM B1,799.8 million or 26.3% as c ompared with approximately RMB6,845.0 million for the corresponding period in 2025. Foreign currency risks The Group’s property development projects are substantially located in China and most of the related transactions are settled in RMB. The Company and certain of the Group’s intermediate holding companies which operate in Hong Kong have recognised assets and liabilities in currencies other than RMB. As at 30 June 2026, the Group had borrowings in US dollar and HK dollar with an aggregate carrying amount of approximately RMB37,603.1 million, which are subject to foreign currency exposure. The Group does not have a foreign currency hedging policy. However, the management of the Group monitors foreign exchange exposure and will consider hedging significant foreign currency exposure should the need arise. Financial guarantees As at 30 June 2026, the Group had contingent liabilities relating to guarantees in respect of mortgage facilities provided by domestic banks to its customers amounting to approximately RMB20,708.4 million (31 December 2025: RMB21,617.4 million). Pursuant to the terms of the guarantees, upon default in mortgage payments by a purchaser, the Group would be responsible for repaying the outstanding mortgage principal together with accrued interest and penalties owed by the defaulting purchaser to the bank, but the Group would be entitled to assume legal title to and possession of the related property. These guarantees will be released upon the earlier of (i) the satisfaction of the mortgage loan by the purchaser of the property; and (ii) the issuance of the property ownership certificate for the mortgage property and the completion of the deregistration of the mortgage. As at 30 June 2026, the financial guarantees given by the Group relating to the liabilities of the Group’s joint ventures and associates and third parties were approximately RMB17,430.9 million (31 December 2025: RMB17,409.1 million). The proceeds of the financings were mainly applied towards property development projects of the joint ventures and associates of the Group.
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– 30 – Employees and remuneration policy As at 30 June 2026, the Group had 14,789 employees (31 December 2025: 14,286 employees) including 11,790 employees of Kaisa Prosperity Holdings Limited (2168 .HK), 1,340 employees of Kaisa Health Group Holdings Limited (876.HK) and 104 employees of Kaisa Capital Investment Holdings Limited (936.HK). The related employees’ costs (including the directors’ remuneration) for the Period amounted to approximately RM B224.3 million (six months ended 30 June 2025: RMB240.4 million). The remuneration of employees was based on their performance, skills, knowledge, experience and market trend. The Group reviews the remuneration policies and packages on a regular basis and will make necessary adjustment commensurate with the pay level in the industry. In addition to basic salaries, employees may be offered with discretionary bonus and cash awards based on individual performance. The Group provides trainings for its employees so that new employees can master the basic skills required to perform their functions and existing employees can upgrade or improve their production skills. Further, the Company adopted a new share scheme on 17 June 2026 in order to promote the development and success of the business of the Group. CORPORATE GOVERNANCE The Company is committed to the establishment of stringent corporate governance practices and procedures with a view to enhancing investor confidence and the Company’s accountability and transparency. The Company strives to maintain a high standard of corporate governance. The Board is of the view that, for the Period, the Company complied with the code provisions on the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules ”). AUDIT COMMITTEE The audit committee of the Company (the “ Audit Committee ”) assists the Board in providing an independent review of the effectiveness of the financial reporting process, internal control and risk management systems of the Group, overseeing the audit process and performing other duties and responsibilities as may be assigned by the Board from time to time. The members of the Audit Committee comprise the independent non-executive directors of the Company, namely, Mr. Rao Yong, Mr. Zhang Yizhao and Mr. Liu Xuesheng. Mr. Rao Yong is the Chairman of the Audit Committee. The Audit Committee has reviewed the Group’s unaudited condensed consolidated interim financial statements for the Period. COMPLIANCE WITH THE MODEL CODE FOR DIRECTORS’ SECURITIES TRANSACTIONS The Company 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 the standard for securities transactions by the Directors. The Company has made specific enquiries of all the Directors and all the Directors confirmed that they have complied with the required standards set out in the Model Code during the Period. The Company has also established written guidelines on no less exacting terms than the Model Code for securities transactions by the relevant employees of the Group, who are likely to be in possession of inside information of the Company.
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– 31 – PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES During the Period, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities (including sale of treasury shares). As at 30 June 2026, the Company did not hold any treasury shares. INTERIM DIVIDEND The Board did not recommend the payment of an interim dividend for the Period (six months ended 30 June 2025: nil). PUBLICATION OF THE 2026 INTERIM REPORT ON THE WEBSITES OF THE STOCK EXCHANGE AND THE COMPANY The Company’s Interim Report for the six months ended 30 June 2026 will be published on the websites of the Stock Exchange at www.hkex.com.hk and the Company at www.kaisagroup.com in due course. By Order of the Board Kaisa Group Holdings Ltd. Kwok Ying Shing Chairman and Executive Director Hong Kong, 31 August 2026 As at the date of this announcement, the executive Directors are Mr. Kwok Ying Shing, Mr. Mai Fan, Mr. Kwok Hiu Kwan, Ms. Luo Tingting, Mr. Song Wei and Mr. Liu Lihao; and the independent non-executive Directors are Mr. Rao Yong, Mr. Zhang Yizhao, Mr. Liu Xuesheng and Mr. Li Dapeng.