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 liabili ty) (Stock Code: 1755) S-Enjoy Service Group Co., Limited 新城悅服務集團有限公司 (1) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026; AND (2) CONTINUED SUSPENSION OF TRADING RESULTS HIGHLIGHTS Six months ended 30 June 2026 2025 Unaudited Unaudited YoY (RMB’000 except as otherwise specified) Revenue 2,140,756 2,318,981 -7.7% — Property management services 1,739,340 1,785,976 -2.6% — Community-related value-added services 375,163 494,665 -24.2% — Developer-related value-added services* 26,253 38,340 -31.5% * Developer-related value-added services contain on-site sale assistance services, consulting services, house inspection services and smart community services Gross profit 403,333 470,333 -14.2% Gross profit margin 18.8% 20.3% -1.5 percentage points — Property management services 16.9% 18.5% -1.6 percentage points — Community-related value-added services 28.8% 27.4% 1.4 percentage points — Developer-related value-added services 7.6% 9.7% -2.1 percentage points
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– 2 – Six months ended 30 June 2026 2025 Unaudited Unaudited YoY (RMB’000 except as otherwise specified) Profit for the period 134,478 94,015 43.0% Profit for the period attributable to owners of the Company 129,045 85,383 51.1% Earnings per share (Expressed in RMB) — Basic earnings per share 0.15 0.10 50.0% — Diluted earnings per share 0.15 0.10 50.0%
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– 3 – The board (the “ Board”) of directors (the “ Directors ”) of S-Enjoy Service Group Co., Limited (the “Company”) announces the unaudited condensed consolidated interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2026 (the “Reporting Period”), together with the comparative figures for the corresponding period of 2025, as follows: CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2026 Six months ended 30 June 2026 2025 Notes Unaudited Unaudited RMB’000 RMB’000 Revenue 5 2,140,756 2,318,981 Cost of sales and services 5, 6 (1,737,423) (1,848,648) Gross profit 403,333 470,333 Selling and marketing expenses 6 (15,171) (16,235) Administrative expenses 6 (165,483) (193,274) Net impairment losses on financial assets and contract assets (102,528) (158,685) Other income 7 21,227 12,968 Other expenses (6,604) (8,091) Other gains — net 33,787 1,853 Operating profit 168,561 108,869 Finance income 27,718 26,067 Finance cost (278) (294) Finance income — net 8 27,440 25,773 Share of net profit/(loss) of associates accounted for using the equity method 134 (546) Profit before income tax 196,135 134,096 Income tax expense 9 (61,657) (40,081) Profit for the period 134,478 94,015
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– 4 – Six months ended 30 June 2026 2025 Notes Unaudited Unaudited RMB’000 RMB’000 Other comprehensive income Items that may be reclassified to profit or loss Changes in the fair value of debt instruments at fair value through other comprehensive income (195) (26) Credit loss of debt instruments at fair value through other comprehensive income 195 26 Other comprehensive income for the period — — Total comprehensive income for the period 134,478 94,015 Profit for the period attributable to: — Owners of the Company 129,045 85,383 — Non-controlling interests 5,433 8,632 134,478 94,015 Total comprehensive income for the period attributable to: — Owners of the Company 129,045 85,383 — Non-controlling interests 5,433 8,632 134,478 94,015 Earnings per share (expressed in RMB) — Basic earnings per share 10(a) 0.15 0.10 — Diluted earnings per share 10(b) 0.15 0.10
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– 5 – CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 As at 30 June 2026 As at 31 December 2025 Notes Unaudited Audited RMB’000 RMB’000 Assets Non-current assets Property, plant and equipment 25,591 33,175 Investment properties 29,657 27,880 Right-of-use assets 10,959 14,723 Intangible assets 11 383,038 405,801 Investments in associates 3,526 3,391 Deferred tax assets 110,278 107,434 Financial assets at fair value through profit or loss 75,624 75,624 Prepayments, deposits and other receivables 13 818,805 776,995 Total non-current assets 1,457,478 1,445,023 Current assets Inventories 11,608 8,375 Contract assets 46,546 50,015 Financial assets at fair value through other comprehensive income 602 797 Financial assets at fair value through profit or loss 339,894 334,886 Trade receivables 12 1,068,307 1,014,786 Prepayments, deposits and other receivables 13 618,124 603,566 Restricted cash 36,658 34,507 Cash and cash equivalents 1,905,823 2,145,597 Total current assets 4,027,562 4,192,529 Total assets 5,485,040 5,637,552
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– 6 – As at 30 June 2026 As at 31 December 2025 Notes Unaudited Audited RMB’000 RMB’000 Equity Equity attributable to owners of the Company Share capital 14 59,980 59,980 Reserves 2,099,884 1,973,074 2,159,864 2,033,054 Non-controlling interests 93,741 134,729 Total equity 2,253,605 2,167,783 Liabilities Non-current liabilities Lease liabilities 5,409 8,430 Provisions 5,382 5,382 Trade and other payables 16 5,653 15,225 Deferred tax liabilities 58,145 61,273 Total non-current liabilities 74,589 90,310 Current liabilities Lease liabilities 6,486 7,115 Contract liabilities 1,099,404 1,173,838 Trade and other payables 16 1,875,831 2,016,778 Current income tax liabilities 147,133 174,060 Dividend payable 27,992 7,668 Total current liabilities 3,156,846 3,379,459 Total liabilities 3,231,435 3,469,769 Total equity and liabilities 5,485,040 5,637,552 Net current assets 870,716 813,070
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– 7 – NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION For the six months ended 30 June 2026 1 GENERAL INFORMATION S-Enjoy Service Group Co., Limited (the “Company”) was incorporated in the Cayman Islands on 16 January 2018 as an exempted company with limited liability under the Companies Act (Cap. 22, Law 3 of 1961 as consolidated and revised) of the Cayman Islands and listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 6 November 2018. The address of the Company’s registered office is PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The Company is an investment holding company and its subsidiaries are principally engaged in the provision of property management services and related value-added services in the People’s Republic of China (the “PRC”). The ultimate controlling company is Infinity Fortune Development Limited. The ultimate controlling shareholder of the Group is Mr. Wang Zhenhua (“Mr. Wang” or the “Ultimate Controlling Shareholder”). The condensed consolidated interim financial information is presented in thousands of Renminbi (“RMB’000”), unless otherwise stated. The condensed consolidated interim financial information has not been audited. 2 BASIS OF PREPARATION The condensed consolidated interim financial information for the six months ended 30 June 2026 has been prepared in accordance with Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting”, as issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The condensed consolidated interim financial information should be read in conjunction with the annual consolidated financial statements of the Company for the year ended 31 December 2025 (“2025 Financial Statements”), which have been prepared in accordance with Hong Kong Financial Reporting Standards as issued by the Hong Kong Institute of Certified Public Accountants, which collective term includes all applicable individual HKFRS Accounting Standards, Hong Kong Accounting Standards and Interpretations (“HKFRS Accounting Standards”) and the accounting principles generally accepted in Hong Kong. 3 ACCOUNTING POLICIES Except for the newly effective standards, amendments and interpretations that became applicable to the Group first time in the six months ended 30 June 2026, the accounting policies adopted are consistent with those of the 2025 Financial Statements as described therein. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
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– 8 – 3.1 New standards, amendments and interpretation adopted by the Group in the six months ended 30 June 2026 Amendments to HKFRS 9 and HKFRS 7 Classification and Measurement of Financial Instruments Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity HKFRS 1, HKFRS 7, HKFRS 9, HKFRS 10 and HKAS 7 Annual Improvements to HKFRS Accounting Standards — V olume 11 The adoption of the above amendments and interpretation starting from 1 January 2026 did not give rise to any significant impact on the Group’s results of operations and financial position for the six months ended 30 June 2026. 3.2 Impact of standards issued but not yet applied by the Group Certain new accounting standard, amendments and interpretation have been published but are not mandatory for the financial year beginning 1 January 2026 and have not been early adopted by the Group. These new accounting standard, amendments and interpretation are not expected to have a material impact on the Group’s financial information when they become effective. 4 SEGMENT INFORMATION Management has determined the operating segments based on the reports reviewed by chief operating decision maker (“CODM”). The CODM, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the executive and non-executive directors. For the six months ended 30 June 2026, the Group was principally engaged in the provision of property management services and value-added services, including community-related value-added services and developer-related value-added services in the PRC. Management reviews the operating results of the business as one operating segment to make decisions about resources to be allocated. Therefore, the CODM of the Company regards that there is only one segment which is used to make strategic decisions. The principal operating entity of the Group is domiciled in the PRC. Accordingly, all of the Group’s revenue was derived in the PRC during the six months ended 30 June 2026. As at 30 June 2026 and 31 December 2025, all of the non-current assets of the Group were located in the PRC (excluding financial instruments and deferred tax assets).
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– 9 – 5 REVENUE AND COST OF SALES AND SERVICES Revenue mainly comprises of proceeds from property management services and value-added services. An analysis of the Group’s revenue and cost of sales and services by category for the six months ended 30 June 2026 and 2025 is as follows: Six months ended 30 June 2026 2025 Unaudited Unaudited RMB’000 RMB’000 Revenue Cost of sales and services Revenue Cost of sales and services Revenue from customers and recognised over time: Property management services 1,739,340 1,446,206 1,785,976 1,454,769 Value-added services: — Community-related value-added services 360,256 259,056 429,763 315,125 — Developer-related value-added services 26,253 24,264 38,340 34,613 2,125,849 1,729,526 2,254,079 1,804,507 Revenue from customers recognised at a point in time Value-added services: — Community-related value-added services 14,907 7,897 64,902 44,141 2,140,756 1,737,423 2,318,981 1,848,648
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– 10 – 6 EXPENSES BY NATURE Expenses included in cost of sales and services, selling and marketing expenses and administrative expenses are as follows: Six months ended 30 June 2026 2025 Unaudited Unaudited RMB’000 RMB’000 Employee benefit expenses 760,863 782,804 Outsourced security, greening and cleaning costs 677,355 768,319 Consumables and goods used 184,186 217,900 Utilities 169,869 160,863 Depreciation and amortisation charges 20,710 31,238 Office expenses 12,011 9,663 Travelling expenses 15,623 17,075 Employee uniform and related expenses 20,368 17,333 Business entertainment expenses 11,966 14,202 Taxes and surcharges 5,748 6,198 Professional fees 14,135 6,287 Bank charges 4,141 4,680 Operating lease payments 978 1,017 Others 20,124 20,578 1,918,077 2,058,157 7 OTHER INCOME Six months ended 30 June 2026 2025 Unaudited Unaudited RMB’000 RMB’000 Interest income from financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income 13,056 358 Government grants 3,142 8,533 Others 5,029 4,077 21,227 12,968
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– 11 – 8 FINANCE INCOME — NET Six months ended 30 June 2026 2025 Unaudited Unaudited RMB’000 RMB’000 Interest income on cash and cash equivalents 6,162 9,673 Interest income on loan receivables 21,556 16,394 Interest and finance charges paid/payable for lease liabilities (278) (294) Finance income — net 27,440 25,773 9 INCOME TAX EXPENSE Six months ended 30 June 2026 2025 Unaudited Unaudited RMB’000 RMB’000 Current income tax — PRC corporate income tax 68,546 69,079 Deferred income tax (6,889) (28,998) 61,657 40,081 (a) Cayman Islands income tax The Company was incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Act of the Cayman Islands and accordingly, is exempted from Cayman Islands income tax. (b) British Virgin Islands income tax Under the current laws of British Virgin Islands (“BVI”), all dividends, interest, rents, royalties, compensation and other amounts paid by companies incorporated in the BVI to persons who are not resident in the BVI and any capital gains realised with respect to any shares, debt obligations, or other securities of such companies incorporated in the BVI by persons who are not resident in the BVI are exempt from income tax. In addition, upon payments of dividends by our BVI companies to us, no BVI withholding tax is imposed. (c) Hong Kong profits tax No provision for Hong Kong profits tax was made as the Group did not derive any income subject to Hong Kong profits tax during the six months ended 30 June 2026 and 2025.
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– 12 – (d) PRC corporate income tax Income tax provision of the Group in respect of operations in Mainland China has been calculated at the applicable tax rate on the estimated assessable profits for the year, based on the existing legislation, interpretations and practices in respect thereof. During the six months ended 30 June 2026 and 2025, Guizhou Bajie Property Management Co., Ltd., the subsidiary of the Company, registered in Western area of China, is entitled to a preferential tax rate of 15% according to the Preferential Policies for the Development of Western China. During the six months ended 30 June 2026 and 2025, Beihai Xinchengyue Business Service Co., Ltd., the subsidiary of the Company, registered in Guangxi Province is entitled to a preferential tax rate of 15% and a further 40% tax exemption according to the Tax Incentives for the Beibu Gulf Economic Zone of Guangxi Province, resulting in 9% preferential income tax rate. The corporate income tax rate applicable to other entities of the Group located in Mainland China is 25% according to the Corporate Income Tax Law of the PRC (the “CIT Law”).
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– 13 – 10 EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY (a) Basic earnings per share Basic earnings per share for the period is calculated by dividing the profit for the period attributable to owners of the Company by the weighted average number of ordinary shares in issue during the period. Six months ended 30 June 2026 2025 Unaudited Unaudited Earnings: Profit for the period attributable to owners of the Company used in the basic earnings per share calculation (RMB’000) 129,045 85,383 Number of shares: Weighted average number of ordinary shares in issue during the period per share calculation (in thousand) 855,637 855,637 Basic earnings per share for profit attributable to the owners of the Company during the period (expressed in RMB) 0.15 0.10 (b) Diluted earnings per share Six months ended 30 June 2026 2025 Unaudited Unaudited Earnings: Profit for the period attributable to owners of the Company used in the diluted earnings per share calculation (RMB’000) 129,045 85,383 Number of shares: Weighted average number of ordinary shares in issue during the period per share calculation (in thousand) 855,637 855,637 Add: numbers of dilutive shares (in thousand) 58 24 Weighted average number of ordinary shares in issue and potential ordinary shares used as the denominator in calculating diluted earnings per share (in thousand) 855,695 855,661 Diluted earnings per share for profit attributable to the owners of the Company during the period (expressed in RMB) 0.15 0.10
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– 14 – 11 INTANGIBLE ASSETS Computer software Licenses Goodwill Trademark Customer relationships Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Unaudited) As at 1 January 2026 Cost 50,754 1,314 388,388 8,000 464,009 912,465 Accumulated amortisation and impairment (30,376) (774) (108,757) (3,022) (363,735) (506,664) Net book amount 20,378 540 279,631 4,978 100,274 405,801 Six months ended 30 June 2026 Opening net book amount 20,378 540 279,631 4,978 100,274 405,801 Disposal of a subsidiary — — (10,515) — — (10,515) Amortisation (2,636) (65) — (267) (9,280) (12,248) Closing net book amount 17,742 475 269,116 4,711 90,994 383,038 As at 30 June 2026 Cost 50,754 1,314 346,196 8,000 423,309 829,573 Accumulated amortisation and impairment (33,012) (839) (77,080) (3,289) (332,315) (446,535) Net book amount 17,742 475 269,116 4,711 90,994 383,038
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– 15 – Computer software Licenses Goodwill Trademark Customer relationships Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Unaudited) As at 1 January 2025 Cost 50,398 1,314 421,099 8,000 501,889 982,700 Accumulated amortisation and impairment (26,639) (591) (119,268) (2,489) (377,574) (526,561) Net book amount 23,759 723 301,831 5,511 124,315 456,139 Six months ended 30 June 2025 Opening net book amount 23,759 723 301,831 5,511 124,315 456,139 Additions 979 — — — — 979 Disposal of a subsidiary — — — — — — Amortisation (3,023) (66) — (267) (10,118) (13,474) Closing net book amount 21,715 657 301,831 5,244 114,197 443,644 As at 30 June 2025 Cost 51,377 1,314 421,014 8,000 501,889 983,594 Accumulated amortisation and impairment (29,662) (657) (119,183) (2,756) (387,692) (539,950) Net book amount 21,715 657 301,831 5,244 114,197 443,644
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– 16 – 12 TRADE RECEIV ABLES 30 June 2026 31 December 2025 Unaudited Audited RMB’000 RMB’000 Trade receivables (Note (a)) — Related parties 852,569 857,930 — Third parties 1,532,097 1,379,014 2,384,666 2,236,944 Less: expected credit loss (“ECL”) allowance of trade receivables (1,316,359) (1,222,158) 1,068,307 1,014,786 (a) Trade receivables mainly arise from property management services managed under lump sum basis and value-added services. Property management services income under lump sum basis is received in accordance with the term of the relevant property service agreements. Income from property management services is due for payment by the property owners upon rendering of services. As at 30 June 2026 and 31 December 2025, the ageing analysis of the trade receivables based on invoice date was as follows: 30 June 2026 31 December 2025 Unaudited Audited RMB’000 RMB’000 Within 1 year 943,147 814,529 1 to 2 years 451,249 454,477 2 to 3 years 488,380 603,792 3 to 4 years 359,642 249,982 4 to 5 years 90,102 83,229 Over 5 years 52,146 30,935 2,384,666 2,236,944 As at 30 June 2026 and 31 December 2025, the trade receivables were denominated in RMB, and the fair value of trade receivables approximated their carrying amounts. Property management services and value-added services are either billed in accordance with the terms of the relevant services agreements, or due for payment upon the issuance of invoice. As at 30 June 2026 and 31 December 2025, no trade receivables of the Group were pledged to secure borrowings granted to the Group.
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– 17 – 13 PREPAYMENTS, DEPOSITS AND OTHER RECEIV ABLES 30 June 2026 31 December 2025 Unaudited Audited RMB’000 RMB’000 Current Non-current Current Non-current Prepayments — Utilities and outsourced services 50,047 — 49,970 — — Consumables to be used in value- added services 13,679 — 12,736 — Subtotal 63,726 — 62,706 — Input V AT to be deducted and others 29 — 31 — Deposits (a) 496,717 — 505,193 — Other receivables — Payments on behalf of property owners (b) 68,460 — 68,995 — — Lending to third parties including interests (c) 32,272 — 32,272 — — Lending to related parties including interests 68,392 752,909 42,920 755,486 — Others 86,602 100,200 81,285 50,200 Subtotal 255,726 853,109 225,472 805,686 Total 816,198 853,109 793,402 805,686 Less: ECL allowance of other receivables and deposits (198,074) (34,304) (189,836) (28,691) 618,124 818,805 603,566 776,995 (a) As at 30 June 2026 and 31 December 2025, deposits mainly included deposits paid to government-related bodies for property management services contracts and deposits paid to car parking lots owners to secure the agent role in selling the car parking lots. Deposits of approximately RMB420,008,000 (as at 31 December 2025: RMB421,845,000) were disclosed as related parties balances by the Group for exclusive rights to sales of some car parking lots owned by related parties.
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– 18 – (b) As at 30 June 2026 and 31 December 2025, the amounts represented the payments on behalf of property owners in respect of mainly utilities and elevator maintenance costs of the properties. (c) As at 30 June 2026 and 31 December 2025, the loans to third parties including interests are unsecured, carried at average interest rate of 7.4% per annum and repayable based on scheduled installments. Considering the loans to third parties including interests are already past due, the Group considers the loans are credit-impaired and categorised as stage 3 for the six months ended 30 June 2026 and the year ended 31 December 2025. The ECL rate is estimated by individual assessment with reference to the historical loss record and adjusted to reflect the current conditions and forecasts of future economic conditions, as appropriate. As at 30 June 2026 and 31 December 2025, deposits and other receivables were denominated in RMB. 14 SHARE CAPITAL The Company was incorporated in the Cayman Islands on 16 January 2018. At the date of incorporation, the authorised share capital is USD51,200 comprising 51,200 ordinary shares of USD1.00 each. As at 30 June 2026 and 31 December 2025, the authorised share was 10,000,000,000 shares at par value of USD0.01. Ordinary shares, issued and fully paid: Number of shares USD’000 RMB’000 As at 1 January 2025, 31 December 2025 (audited), 1 January 2026 and 30 June 2026 (unaudited) 871,331,000 8,713 59,980 15 DIVIDENDS Six months ended 30 June 2026 Year ended 31 December 2025 Unaudited Audited RMB’000 RMB’000 Dividends declared by subsidiaries to non-controlling interests (a) 32,528 38,150 The board of directors of the Company did not recommend the payment of any interim dividend for the six months ended 30 June 2026 (Six months ended 30 June 2025: Nil). (a) Several subsidiaries of the Company declared RMB32,528,000 in total to non-controlling interests for the year ended 31 December 2025. As at 30 June 2026, the dividend amounting to RMB7,608,000 has been paid.
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– 19 – 16 TRADE AND OTHER PAYABLES 30 June 2026 31 December 2025 Unaudited Audited RMB’000 RMB’000 Current Non-current Current Non-current Trade payables (a) — Third parties 597,179 — 649,722 — Other payables — Accrued expenses 253,970 — 271,624 — — Amounts collected on behalf of property owners 680,243 — 677,456 — — Contingent consideration payables for acquisition of subsidiaries 18,488 5,653 13,475 15,225 — Others 76,437 — 97,474 — 1,029,138 5,653 1,060,029 15,225 Accrued payroll 181,050 — 197,331 — Other tax payables 68,464 — 109,696 — 1,875,831 5,653 2,016,778 15,225 (a) As at 30 June 2026 and 31 December 2025, the ageing analysis of the trade payables based on invoice date was as follows: As at 30 June 2026 As at 31 December 2025 Unaudited Audited RMB’000 RMB’000 Within 1 year 451,675 551,859 1 to 2 years 85,413 48,303 2 to 3 years 32,506 30,455 Over 3 years 27,585 19,105 597,179 649,722
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– 20 – BUSINESS REVIEW The Group’s revenue amounted to approximately RMB2,140.8 million in the first half of 2026, representing a period-on-period decrease of approximately 7.7%. The operating performance of the Group for the period improved compared with the corresponding period of previous year. Profit for the period attributable to owners of the Company was approximately RMB129.0 million, representing a period-on-period increase of approximately 51.1%. The Group’s revenue from property management services for the period amounted to approximately RMB1,739.3 million, representing a period-on-period decrease of approximately 2.6%. Against the backdrop of intensified market competition and accelerated project handover and termination in the current property management industry, the Group focuses on stable management of high-quality projects, and maintains generally stable operations in its core businesses. The Group’s revenue from community-related value-added services for the period amounted to approximately RMB375.2 million, representing a period-on-period decrease of approximately 24.2%. The revenue from community-related value-added services for the period experienced a decline due to the adjustment in customer demand for value-added services affected by the prevailing macroeconomic environment as well as the Group’s sustained efforts for strategic restructuring of its value-added services segments during the period, with a focus on consolidating its existing advantageous businesses. For the six months ended 30 June 2026, the Group’s revenue from developer-related value-added services amounted to approximately RMB26.3 million, accounting for a very insubstantial proportion of the Group’s total revenue. As at 30 June 2026, the cash and cash equivalents of the Group decreased slightly as compared to 31 December 2025, which was mainly due to net operating cash outflows for the six months ended 30 June 2026. The Group achieved a satisfactory level of advance collection rate of property management services in 2025, and a significant portion of revenue from property management services attributable to 2026 was received in advance during 2025. There were seasonal differences caused by the payment habits of customers in prior years as well, however, the proportion of revenue from property management services collected in advance in 2025 reached the highest level on record, resulting in a more significant impact on operating cash flows as compared to previous years. In addition, the reduction in the scale of value-added services also had some impact on operating cash flows. Nevertheless, considering the nature of our industry, our historical track record and the operating results of the Company, we remain confident in achieving a healthy cash flow for the full year.
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– 21 – PROSPECTS In recent years, the property management services industry has witnessed a contraction in new projects, pressure on collection rates, and a wave of projects termination, marking a shift from scale-driven rapid expansion to a new phase of refined management of existing properties. Leading industry players have been scaling back their operations and focusing on those in core cities, reflecting an industrial consensus on prioritizing quality over quantity. Since 2024, the Group has also undergone a painful process of “shifting from scale-driven growth to quality-driven growth”, and its adjusted operational focus is better in line with the current market environment and the Group has entered a stage of stable development. Furthermore, the property management services industry is also presented with new changes and opportunities amid the rapid advancement of artificial intelligence (“AI”) technology. The Group has launched 12 AI applications in daily operations, covering over 50% of the projects under its management to address various scenarios including customer service, risk management, quality assurance and operational efficiency. Moving forward, the Group will continuously deepen its AI applications to deliver further enhancements in management efficiency and risk control.
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– 22 – MANAGEMENT DISCUSSION AND ANALYSIS The Group is a national residential property management service provider as well as a steadily-developing comprehensive support service provider. FINANCIAL REVIEW Revenue In the first half of 2026, the revenue of the Group amounted to approximately RMB2,140.8 million, representing a decrease of approximately 7.7% as compared to approximately RMB2,319.0 million for the corresponding period in 2025. The revenue of the Group is derived from three categories: (i) property management services; (ii) community-related value-added services; and (iii) developer-related value- added services. For the six months ended 30 June 2026 Growth rate 2025 RMB’000 % RMB’000 Property management services 1,739,340 -2.6 1,785,976 Community-related value-added services 375,163 -24.2 494,665 Developer-related value-added services 26,253 -31.5 38,340 Total 2,140,756 -7.7 2,318,981
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– 23 – • Property management services We provide residents and tenants with an extensive range of property management services, including property and facilities maintenance, security services, cleaning services, gardening services, public areas repair and maintenance and other property management related services. In the first half of 2026, the revenue from property management services of the Group amounted to approximately RMB1,739.3 million, representing a decrease of approximately 2.6% as compared to approximately RMB1,786.0 million for the corresponding period in 2025, accounting for approximately 81.3% of the total revenue during the Reporting Period. The decrease in revenue from property management services was mainly due to the decrease in revenue from property management services of property developed by third parties resulting from the disposal of a subsidiary. In the first half of 2026, the revenue from property management services of the Group recorded a period-on-period increase of approximately 1.8% when excluding the effect resulting from the disposal of a subsidiary. The following table sets forth a breakdown of the revenue generated from property management services of the Group: For the six months ended 30 June 2026 2025 Properties under management of the Group: Revenue from property management services Growth rate Revenue from property management services RMB’000 % RMB’000 Developed by Seazen Holdings 1,096,466 3.2 1,062,270 Developed by third parties 642,874 -11.2 723,706 Total 1,739,340 -2.6 1,785,976
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– 24 – For the six months ended 30 June 2026 2025 Revenue from property management services Growth rate Revenue from property management services RMB’000 % RMB’000 Residential properties 1,373,912 -1.2 1,390,463 Non-residential properties 365,428 -7.6 395,513 Total 1,739,340 -2.6 1,785,976 • Community-related value-added services We render public resources management services, community engineering services, extensive decoration services, catering services, facility management services and various other convenience and living services, which cover various sectors and places, to property owners and customers, with a view to providing them with a more comfortable and convenient living and working environment. In the first half of 2026, the revenue from community-related value-added services amounted to approximately RMB375.2 million, representing a decrease of approximately 24.2% as compared to approximately RMB494.7 million for the corresponding period in 2025, accounting for approximately 17.5% of the total revenue during the Reporting Period. The decrease in revenue from community-related value-added services was mainly due to the strategic contraction of community retail and facilities and equipment services and the decrease in revenue from sales of parking lot. • Developer-related value-added services We mainly provide four types of services related to property developers, namely on- site sale assistance services, consulting services, house inspection services and smart community services. During the Reporting Period, the revenue from developer-related value-added services amounted to approximately RMB26.3 million, representing a decrease of approximately 31.5% as compared to approximately RMB38.3 million for the corresponding period in 2025, accounting for approximately 1.2% of the total revenue during the Reporting Period, which was very insubstantial.
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– 25 – Cost of Sales and Services During the Reporting Period, the cost of sales and services of the Group was approximately RMB1,737.4 million, representing a decrease of approximately 6.0% as compared to approximately RMB1,848.6 million for the corresponding period in 2025. The decrease in cost of sales and services was mainly due to the decline in the business scale. Gross Profit and Gross Profit Margin For the six months ended 30 June 2026 For the six months ended 30 June 2025 Gross profit Gross profit margin Percentage of gross profit Change in gross profit margin Gross profit Gross profit margin Percentage of gross profit RMB’000 % % ppt RMB’000 % % Property management services 293,134 16.9 72.7 –1.6 331,207 18.5 70.4 Community-related value- added services 108,210 28.8 26.8 1.4 135,399 27.4 28.8 Developer-related value- added services 1,989 7.6 0.5 –2.1 3,727 9.7 0.8 Total 403,333 18.8 100.0 –1.5 470,333 20.3 100.0 The Group recorded gross profit of approximately RMB403.3 million for the six months ended 30 June 2026, representing a period-on-period decrease of approximately 14.2% as compared to approximately RMB470.3 million for the corresponding period in 2025. Gross profit margin was approximately 18.8%, representing a decrease of 1.5 percentage points as compared to approximately 20.3% for the corresponding period in 2025 and representing a decrease of 1.2 percentage points as compared with that of the full year of 2025 (2025: 20.0%). Gross profit of property management services was approximately RMB293.1 million, representing a decrease of approximately 11.5% as compared to approximately RMB331.2 million for the corresponding period in 2025. Gross profit margin was approximately 16.9%, representing a period-on-period decrease of 1.6 percentage points, and representing a decrease of 0.8 percentage points as compared with that of the full year of 2025 (2025: 17.7%). The decrease in gross profit margin of property management services was mainly due to the Group’s increase in cost investment in existing projects during the Reporting Period to further enhance service quality.
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– 26 – Gross profit of community-related value-added services was approximately RMB108.2 million, representing a decrease of approximately 20.1% as compared to approximately RMB135.4 million for the corresponding period in 2025. Gross profit margin was approximately 28.8%, representing a period-on-period increase of 1.4 percentage points. The gross profit margin has also experienced fluctuations due to the changes in the proportion of profit composition of various businesses within community-related value-added services. Gross profit of developer-related value-added services was approximately RMB2.0 million, representing a decrease of approximately 46.6% as compared to approximately RMB3.7 million for the corresponding period in 2025. Gross profit margin was only approximately 7.6% due to the significant decline in business scale. The relatively low revenue from developer-related value-added services led to the fluctuation of its gross profit margin arising from variations in the project profit mix. Administrative Expenses Administrative expenses were approximately RMB165.5 million, representing a decrease of approximately 14.4% as compared to approximately RMB193.3 million for the corresponding period in 2025. The decrease in administrative expenses was mainly due to the decline in the business scale of the Group. Other Gains — Net The other gains — net of the Group were approximately RMB33.8 million, as compared to approximately RMB1.9 million for the corresponding period in 2025. Income Tax Expense Income tax expense amounted to approximately RMB61.7 million, representing an increase of approximately 53.8% as compared to approximately RMB40.1 million for the corresponding period in 2025. The increase in tax expense was mainly due to the increase in the Group’s profit before income tax. The tax rate was approximately 31.4%, representing an increase as compared to approximately 29.9% for the corresponding period in 2025. Under the rules and regulations of the Cayman Islands, the Group is exempted from income tax in the Cayman Islands. For the Group entities incorporated in Hong Kong, as the Group did not derive any revenue subject to Hong Kong profits tax for the six months ended 30 June 2026, the Group did not make provision for Hong Kong profits tax accordingly.
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– 27 – Profit for the Period Profit for the Reporting Period of the Group was approximately RMB134.5 million, representing an increase of approximately 43.0% from approximately RMB94.0 million for the corresponding period in 2025; profit for the period attributable to owners of the Company was approximately RMB129.0 million, representing an increase of approximately 51.1% as compared to that for the corresponding period in 2025; and net profit margin was approximately 6.3%, up by 2.2 percentage points over that for the corresponding period in 2025. Gearing Ratio Our gearing ratio was calculated based on total borrowings divided by total equity as of the respective date. As at 30 June 2026, our gearing ratio was 0% (as at 31 December 2025: 0%). SIGNIFICANT INVESTMENTS As at 30 June 2026, the Group held financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income of approximately RMB415.5 million and approximately RMB0.6 million respectively, accounting for approximately 7.6% in aggregate of the total assets of the Group as at 30 June 2026. Such financial assets mainly include investments in various wealth management products of unlisted trust plans and investment funds, derivative financial instruments, investments in listed bonds denominated in US dollars as well as listed equity securities. The Group will closely monitor and assess the performance of these investments and make timely and appropriate adjustments on the investment portfolio to enhance the returns for the Group. The Board considers any single investment with fair value accounting for more than 5% of the total assets of the Group as significant investment. As the Group did not have any single investment accounting for 5% or more of the total assets of the Group as at 30 June 2026, the Group did not hold any significant investments. As at 30 June 2026, the Company had no plans for any significant investments in the future.
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– 28 – As at 30 June 2026 For the six months ended 30 June 2026 Nature of investments Fair value Approximate percentage of the total assets of the Group Fair value gains/(losses) through profit or loss Other income RMB’000 % RMB’000 RMB’000 Financial assets at fair value through profit or loss: Trust products and investment funds 325,401 5.9 3,287 632 Derivative financial instruments 11,825 0.2 (5,704) 632 Listed bonds denominated in US dollars 10,078 0.2 442 — Listed equity securities 68,214 1.3 7,396 3,050 Total 415,518 7.6 5,421 4,314 As at 30 June 2026 For the six months ended 30 June 2026 Nature of investments Fair value Approximate percentage of the total assets of the Group Accrued expected credit impairment Other income RMB’000 % RMB’000 RMB’000 Financial assets at fair value through other comprehensive income: Listed bonds denominated in US dollars 602 — (195) — BORROWINGS As at 30 June 2026, the Group had no borrowings. PLEDGE OF ASSETS As at 30 June 2026, the Group did not pledge any assets.
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– 29 – FOREIGN EXCHANGE RISK As at 30 June 2026 and 31 December 2025, the balances of cash and cash equivalents and restricted cash held by the Group were as follows: As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 USD 685,284 219,596 RMB 1,257,054 1,956,585 HKD 143 3,923 Total 1,942,481 2,180,104 Almost all of the Group’s operating activities are carried out in the PRC with most of the transactions denominated in Renminbi. The Group is exposed to foreign exchange risk arising from the exposure of US dollars and Hong Kong dollars against Renminbi as a result of certain cash balances. We will closely monitor the fluctuations of exchange rates and give prudent consideration as whether to enter into any currency swap arrangement as and when appropriate to hedge corresponding risks. INTERIM DIVIDEND The Board does not recommend the payment of any interim dividend for the six months ended 30 June 2026, as the Company intends to retain more cash to support its future development.
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– 30 – SUSPENSION OF TRADING IN THE SHARES OF THE COMPANY ON THE STOCK EXCHANGE (i) Trading in the shares of the Company on The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) has been suspended since 1 April 2025, and remains suspended as at the date of this announcement. (ii) PricewaterhouseCoopers (“PwC”) resigned as the auditor of the Company with effect from 26 May 2025. For further details and the matters leading to the resignation of PwC, please refer to the announcement of the Company dated 27 May 2025. (iii) On 18 June 2025, the Company received a letter from the Stock Exchange setting out guidance for the resumption of trading in shares of the Company on the Stock Exchange (the “Resumption Guidance”). For details of the Resumption Guidance, please refer to the announcement of the Company dated 23 June 2025. (iv) In furtherance to the resignation of PwC, Grant Thornton Hong Kong Limited (“Grant Thornton ”) was appointed as the new auditor of the Company to fill the casual vacancy. Grant Thornton shall hold office until the conclusion of the next annual general meeting of the Company. For further details, please refer to the announcement of the Company dated 14 July 2025. (v) Forvis Mazars Forensic Investigation Services Limited (the “Independent Forensic Accountant”) was engaged to conduct an independent forensic investigation (the “Independent Forensic Investigation”) into the fund transfers (the “Related Party Fund Transfers”) provided by the Group to Shanghai Yuesong Industrial Development Co., Ltd. (ʮ̡) (“Shanghai Yuesong”), a subsidiary of Seazen Holdings Co., Ltd. (a company listed on the Shanghai Stock Exchange, stock code: 601155), and produce a forensic investigation report to the independent board committee of the Company comprising of all independent non- executive Directors (the “Independent Investigation Committee”). Details of the key findings of the Independent Forensic Investigation are set out in the Company’s announcement dated 30 September 2025. The Company and Mr. Yang Bo entered into a settlement agreement in December 2025, pursuant to which Mr. Yang has agreed to, among other things, to pay to the Company in full the fund occupation fee as a result of the Related Party Fund Transfers in the total amount of RMB4,115,125 in three instalments (i.e. RMB615,125 by 31 December 2025, RMB1,000,000 by 31 January 2026, and RMB2,500,000 by 15 February 2026, respectively). As at the date of this announcement, Mr. Yang has already fully settled such fund occupation fee according to the above schedule. For details, please refer to the announcement of the Company dated 31 December 2025.
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– 31 – (vi) Forvis Mazars Risk Advisory Services Limited (the “Internal Control Consultant”) was engaged to conduct an internal control review on the Group (the “ Internal Control Review”), with the primary objective of reviewing and implementing effective internal control measures to prevent the recurrence of similar incidents as the Related Party Fund Transfers. On 9 June 2026, the Internal Control Consultant conducted an additional internal control follow-up review (the “Second IC Follow-up Review”). Having considered the Second IC Follow-up Review conducted by the Internal Control Consultant and having verified that all remedial measures have been fully implemented, the audit committee (the “Audit Committee”) and the Board remain satisfied that the remedial measures implemented by the Group are adequate and sufficient to address the key findings of the Internal Control Review, and the improved internal control policies and management measures on, among others, payment approval, connected transactions (including continuing connected transactions) and management of the SAP System can facilitate the Group to prevent incidents similar to the Related Party Fund Transfers and other key findings of the Independent Forensic Investigation (as disclosed in the announcement of the Company dated 30 September 2025 in relation to, among other things, the key findings of the Independent Forensic Investigation (the “Key Findings Announcement”)) from happening in the future. The Board accordingly confirms that the Company’s internal control systems are adequate and effective for the purposes of compliance with its obligations under the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”). Details of the key findings of the Internal Control Review are set out in the Company’s announcements dated 31 December 2025 and 30 June 2026. (vii) Status of the Independent Forensic Investigation and dismissal of the Independent Investigation Committee References are made to the Key Findings Announcement and the announcements regarding quarterly update on resumption progress dated 30 June 2025, 30 September 2025, 31 December 2025, 30 March 2026 and 30 June 2026 (the “Quarterly Update Announcements”). Please refer to the Key Findings Announcement and the Quarterly Update Announcements for the key findings of the Independent Forensic Investigation, the observations and recommendations of the Independent Investigation Committee, the corresponding views and responses of the Board and the subsequent development. Following due and careful consideration and having exercised reasonable judgment, the Independent Investigation Committee has come to the view that the relevant investigative work has completed, and that there are no further appropriate steps can be taken. The Independent Forensic Investigation is therefore concluded, and the Independent Investigation Committee has properly discharged its duties and responsibilities. Following the conclusion of the Independent Forensic Investigation, the Independent Investigation Committee was therefore dismissed on 15 June 2026.
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– 32 – (viii) The Company submitted a resumption proposal to the Stock Exchange to seek the resumption of trading of the shares on 27 June 2026 (the “Resumption Proposal”). The Resumption Proposal sets out, among other things, actions taken and proposed to be taken by the Company to fulfil the Resumption Guidance. Further announcements will be made as and when appropriate should there be any material development on the resumption. NO MATERIAL CHANGE Save as disclosed herein, there has been no material change in respect of the future developments in the business of the Group since the publication of the Company’s 2025 annual report. SIGNIFICANT EVENT SUBSEQUENT TO THE REPORTING PERIOD The Group had no significant event subsequent to the end of the Reporting Period and up to the date of this announcement. CORPORATE GOVERNANCE CODE The Group is committed to maintaining high standards of corporate governance to safeguard the interests of the shareholders of the Company (the “Shareholders”) and to enhance corporate value and accountability. The Company has adopted the Corporate Governance Code (the “CG Code”) set out in Appendix C1 to the Listing Rules as its own code of corporate governance. Save as disclosed in this announcement, the Company has complied with all applicable code provisions as set out in the CG Code during the Reporting Period. The Company will continue to review and enhance its corporate governance practices to ensure the compliance with the CG Code. Deviation from Code Provision C.2.1 of the CG Code Under code provision C.2.1 of the CG Code, the roles of chairman and chief executive officer should be separate and performed by different individuals. Mr. Qi Xiaoming, the chairman and chief executive officer of the Company, is responsible for the overall management of the Group and guides the Group’s strategic development and business plans. Considering the Group’s current development status, the Board believes that the structure of the same person holding the two positions of chairman and chief executive officer can provide the Company with a strong and consistent leadership and benefit the implementation and execution of the Group’s business strategies. Nonetheless, we will review the structure from time to time based on the prevailing circumstances. The Board will continue to evaluate relevant situations and separate the two roles of chairman and chief executive officer in due course taking into account the Group’s overall status at that time.
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– 33 – Deviation from Code Provision B.2.2 of the CG Code Under code provision B.2.2 of the CG Code, each of the Directors shall be subject to retirement by rotation at least once every three years. As the Company has delayed the publication of the 2024 annual results and the 2024 annual report, and its shares have been suspended from trading since 9:00 a.m., 1 April 2025, the Company has not convened the annual general meetings for 2024 and 2025. Accordingly, the retirement by rotation and re-election of Directors could not be scheduled at the annual general meetings. In accordance with the Director rotation arrangement and the previous re-election records, Mr. Qi Xiaoming and Mr. Zhu Wei would have been due to retire from office by rotation and offer themselves for re-election had the Company held such annual general meetings. For the reasons stated above, such arrangements could not be effected during the Reporting Period. The Company will convene the annual general meeting as soon as practicable and arrange for the relevant Directors to retire by rotation and offer themselves for re-election at such meeting in compliance with the articles of association of the Company and the Listing Rules. MODEL CODE FOR SECURITIES TRANSACTIONS The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix C3 to the Listing Rules as a code of conduct regarding the Directors’ securities transactions. Having made specific inquiries with all the Directors, each of the Directors has confirmed that he/she has complied with the required standards as set out in the Model Code throughout the six months ended 30 June 2026. PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES Neither the Company nor any of its subsidiaries purchased, sold or redeemed any listed securities (including sale of treasury shares (as defined under the Listing Rules), if any) of the Company during the six months ended 30 June 2026. As of 30 June 2026, the Company did not hold any treasury shares.
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– 34 – SHARE AWARD SCHEME The Company adopted a share award scheme with effect from 15 November 2019 (the “Share Award Scheme”), to recognise the contribution of certain employees and to provide incentives for them to continuously make greater contributions for the Group’s long-term growth in the future, details of which are set out in the announcement of the Company dated 15 November 2019. Accordingly, the Company will entrust the trustee of the Share Award Scheme to purchase existing shares in the open market based on the overall remuneration incentive plan. The said trustee will hold such shares on behalf of certain employees on trust, until such shares are vested with them. The aggregated maximum number of shares underlying all grants made pursuant to the Share Award Scheme (excluding award shares that have been forfeited in accordance with the Share Award Scheme) must not exceed 1.25% of the total issued share capital of the Company as at 15 November 2019. The Share Award Scheme was amended on 1 July 2021 and 23 August 2021, and an adjustment was made so that the aggregated maximum number of shares underlying all grants made pursuant to the Share Award Scheme (excluding award shares that have been forfeited in accordance with the Share Award Scheme) must not exceed 5.0% of the total issued share capital of the Company as at 23 August 2021. During the six months ended 30 June 2026, the Company did not grant any award shares under the Share Award Scheme. AUDIT COMMITTEE The Board has set up an Audit Committee with members including Ms. Zhang Yan, Mr. Zhu Wei and Mr. Jiang Xuzhi, three independent non-executive Directors. Ms. Zhang Yan is the chairperson of the Audit Committee. The primary responsibility of the Audit Committee is to review and oversee the financial reporting system, risk management and internal control of the Company. The Audit Committee, together with the management, has reviewed the unaudited condensed consolidated interim results of the Group for the six months ended 30 June 2026. PUBLICATION OF INTERIM RESULTS AND 2026 INTERIM REPORT This interim results announcement is published on the website of the Stock Exchange (www.hkexnews.hk) and the website of the Company (www.xinchengyue.com), and the 2026 interim report of the Company containing all information required by the Listing Rules will be sent to the Shareholders and published on the respective websites of the Stock Exchange and the Company in due course.
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– 35 – CONTINUED SUSPENSION OF TRADING At the request of the Company, trading in the shares of the Company on the Stock Exchange has been suspended at 9:00 a.m. on Tuesday, 1 April 2025 and will remain suspended until further notice. The Company wishes to emphasise that the operations of the Group remain stable and unaffected. By order of the Board S-Enjoy Service Group Co., Limited Qi Xiaoming Chairman Executive Director Chief Executive Officer The PRC, 28 August 2026 For ease of reference, the names of the PRC laws and regulations, governmental authorities, institutions, natural persons or other entities have been included in this announcement in both the Chinese and English languages and in the event of any inconsistency, the Chinese version shall prevail. English translation of official Chinese names is for identification purpose only. As at the date of this announcement, the Board comprises Mr. Qi Xiaoming and Ms. Wu Qianqian as executive Directors; and Ms. Zhang Yan, Mr. Zhu Wei and Mr. Jiang Xuzhi as independent non-executive Directors.