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. China Jinmao Holdings Group Limited ʮ̡ (Incorporated in Hong Kong with limited liability) (Stock Code: 00817) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026 The Board is pleased to announce the unaudited interim results of the Company and its subsidiaries for the six months ended 30 June 2026. This announcement, which contains the full text of the 2026 Interim Report of the Company, complies with the disclosure requirements for interim results announcement as stipulated in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Printed versions of the Company ’s 2026 Interim Report will be despatched to the shareholders of the Company and available for viewing on the HKExnews website at www.hkexnews.hk and the Company ’s website at www.chinajinmao.cn by the end of September 2026. The Board resolved to distribute an interim dividend of HK3 cents per share to the shareholders and offer the shareholders an option to receive the interim dividend in the form of scrip shares. The interim dividend will be distributed to the shareholders on or before Friday, 30 October 2026. The Company will separately publish an announcement on the closure of its register of members in relation to the interim dividend. Such announcement will be published at least ten business days before the closure pursuant to Rule 13.66(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The Company will also announce the details of the scrip dividend arrangements as and when appropriate.
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財務摘要 Financial Highlights 2026中期業績 2026 Interim results 截至6月30日止六個月 For the six months ended 30 June 2026 年 （未經審核） 2026 (Unaudited) 2025年 （未經審核） 2025 (Unaudited) 變動 百分比 Percentage change 收入 （人民幣百萬元） Revenue (RMB million) 21,418.2 25,112.6 -15% 本公司所有者應佔溢利 （人民幣百萬元） Profit attributable to owners of the parent (RMB million) 879.2 1,090.1 -19% 本公司所有者應佔溢利－扣除投資物業公平值虧損 （已扣除遞延稅項） （人民幣百萬元） Profit attributable to owners of the parent – net of fair value losses on investment properties (net of deferred tax) (RMB million) 1,009.9 1,123.2 -10% 每股基本盈利 （人民幣分） Basic earnings per share (RMB cents) 4.08 5.64 -28% 每股基本盈利－扣除投資物業公平值虧損 （已扣除遞延稅項） （人民幣分） Basic earnings per share – net of fair value losses on investment properties (net of deferred tax) (RMB cents) 5.05 5.89 -14% 股息 （港仙） －中期股息每股 Dividend (HK cents) – interim dividend per share 3.0 3.0 0% 於2 0 2 6年6月3 0日 （未經審核） 人民幣百萬元 As at 30 June 2026 (Unaudited) RMB million 於2025年12月31日 （經審核） 人民幣百萬元 As at 31 December 2025 (Audited) RMB million 變動 百分比 Percentage change 資產總額 Total assets 482,259.7 441,733.8 9% 本公司所有者應佔權益 Equity attributable to owners of the parent 54,632.2 53,237.1 3%
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1 公司資料 CORPORATE INFORMATION INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED ʮ̡Τ၈ Company Name ʮ̡ China Jinmao Holdings Group Limited ፬ԫஈ Principal Office ಥᝄ˺ ಥᝄ༸1 ᄿఙ ፬ʮɽᅽ 47 ᅽ 4702-4703܃ Rooms 4702-4703 47th Floor, Office Tower Convention Plaza No. 1 Harbour Road Wanchai, Hong Kong ੂБԫ Executive Directors ੵሾ͛ ৷ॴਓᐼ Mr. TAO Tianhai (Chairman & Acting Chief Executive Officer) Mr. ZHANG Hui (Senior Vice President) Ms. QIAO Xiaojie (Chief Financial Officer) ੂБԫ Non-Executive Directors ੦⇴͛ ᄎ˖͛ ɓϪ͛ เΐሾɾɻ Mr. CUI Yan Mr. LIU Wen Mr. CHEN Yijiang Ms. YANG Liehui ੂБԫ Independent Non-Executive Directors ͛ ˖ᅃ͛ ৷˰ⅳ͛ ᒤਃ͛ Mr. LIU Feng Mr. SUEN Man Tak Mr. GAO Shibin Mr. ZHONG Wei ֜ Chief Financial Officer ఐወᆎɾɻ Ms. QIAO Xiaojie ࢪࠇ Qualified Accountant ࿋ᘱා͛ Mr. LIAO Chi Chiun ࣣ Company Secretary ࿋ᘱා͛ Mr. LIAO Chi Chiun ڌ Authorised Representatives ௗ˂ऎ͛ ఐወᆎɾɻ Mr. TAO Tianhai Ms. QIAO Xiaojie ڌ Alternate Authorised Representative ࿋ᘱා͛ Mr. LIAO Chi Chiun ᚥਪ Legal Advisors ה ಥʍፕ༸ʕ 1 ፄʕː 7ᅽ ה ፄɽ 35 ყΆุɽข Aࢭ509 Jun He Law Offices 7/F AIA Central 1 Connaught Road Central, Hong Kong Tian Yuan Law Firm Unit 509, Tower A, Corporate Square No. 35 Finance Street, Xicheng District, Beijing
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2 中國金茂控股集團有限公司 二零二六年中期報告 公司資料 CORPORATE INFORMATION ࢪ Auditor ה ࢪࠇ ࢪ ༸ 979 ࢭ27 ᅽ Ernst & Young Certified Public Accountants Registered Public Interest Entity Auditor 27/F, One Taikoo Place 979 King ’s Road, Quarry Bay, Hong Kong ୃ˾ Stock Code 00817 00817 ΅ཀ˒೮াஈ Share Registrar and Transfer Office ʮ̡ ؇183 Υձʕː 17 ᅽ1712-1716 ⧕ Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor, Hopewell Centre 183 Queen ’s Road East, Wanchai, Hong Kong ᑌഖ˙ό Investor Enquiry ཥɿඉjchinajinmao_IR@sinochem.com Email: chinajinmao_IR@sinochem.com ʮ̡ၣ१ Website www.chinajinmao.cn www.chinajinmao.cn
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3 主席致辭 CHAIRMAN’S STATEMENT INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED j ԫึ ԫึ я͉ʮ̡ʿՉɿʮ̡ ͉ණ ࿚Ї2026 ϋ6˜30˜ Ϋᚥಂ e జѓಂ e 2026ɪ̒ϋ ʘʕಂุᐶజѓdሗЗ ᄲቡf 2026ഄ ᜑf2026dໝྼɧ௴ᅺdӻ୕પආʬɢɧˢd f ٰ32026 ϋ10 ˜30ಂʞ ༉ઋf ଫ ᔝྡdၳೊ˴ப˴ุdਿᓾɪd fଡ଼ᔌᜊ ਿᓾɪd੶ʷ༶ᐄ၍છdᄴ ᅰοʷ၍ଣ̨̻e f2026ɛ͏࿆ 575 ᄂʩdΝˢ ڗ8%dБุરΤʺЇୋ 7ุᐶൺ ࢥڡ2лᆗଟ൴ 50%ʺЇ 94 ʱdѩ༺ՑБุᅺ ც Ӌf ̋ᄣඎධͦ մᔷdપਗධͦҞකeҞΫeҞf2026Ϋ͍d༰λ༺ϓ ɓϋɓᆞ dԘ ɹዚึdྼତ৷ሯඎɛ͏࿆ 294 ᄂd12֚ ɺή̻ѩ๐ᄆଟ 1.36%ධͦਂɓϓɓ͂ɨԄλਿᓾfॎf12֚ d9ضࠦ ᚃΣλΣᎴf
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4 中國金茂控股集團有限公司 二零二六年中期報告 主席致辭 CHAIRMAN’S STATEMENT Dear shareholders, On behalf of the board of directors (the “Board ”) of China Jinmao Holdings Group Limited ( “China Jinmao ” or the “Company ”), I am pleased to present the interim report of the Company and its subsidiaries (the “Group”, “we” or “us”) for the six months ended 30 June 2026 (the “period under review ”, “reporting period ”, “first half of 2026 ” or “first half of the year ”) for your review. 2026 marks the opening year of the “ 15th Five-Year Plan ”, and China ’s economy has maintained a generally stable development trend, advancing towards new and superior quality. The real estate industry remains in the process of bottoming out and consolidating. While favourable policies are frequently being introduced, market divergence intensifies, and the landscape where “ the strong stays strong ” has become increasingly prominent. In the first half of 2026, the Company deepened the “ four ultimates ”, implemented the “ three benchmarks ”, and systematically advanced the “ six forces and three benchmarks ”. All units resolutely implemented the execution strategy of “ having a clear picture in mind and implementing precise policies ”. The Company ’s operating performance sustained a favourable momentum, achieving new results in its renewed development. The Board resolved to distribute an interim dividend of HK3 cents per share to the shareholders of the Company and offer the shareholders an option to receive the interim dividend in the form of scrip shares. The interim dividend is expected to be distributed on or before Friday, 30 October 2026. The Company will announce the details of the distribution of interim dividend (including scrip dividend arrangements) as and when appropriate. The Company adhered to strategic guidance, strengthened closed-loop execution of strategies, implemented penetrative management, and significantly improved operating quality and efficiency. Firmly adhering to the strategic direction of the “15th Five-Year Plan ” and following the “three-step ” strategic blueprint, the Company focused on its main responsibilities and businesses, and is committed to becoming a leading real estate enterprise with “a technological core, the pursuit of ultimate products, and ultimate service experience ”. On the basis of continuous improvement in the development business, the Company focused on developing premium holding, quality service, and building technology businesses, creating a recognisable leading brand. The value of a blueprint lies in its planning, while its true worth lies in practice. On the basis of comprehensive organisational reform, the Company strengthened operational control. Utilising the “four penetrations ” of organisation, strategy, system, and empowerment as its core management grip, the Company paired this with the construction of a “top-level ” digital management platform and “bottom-level ” full-cycle practical project standards to comprehensively elevate operational quality and efficiency. In the first half of 2026, the Company ’s sales results outperformed the market, achieving contracted sales of RMB57.5 billion, a year-on-year increase of 8%. Its industry ranking rose to No. 7, further consolidating the Company ’s sustained positive momentum. The operating revenue and net profit of the second curve businesses outperformed general market trends. Hotel performance surpassed that of its competitive set. The two commercial projects in Changsha and Qingdao achieved an EBITDA margin of over 50%, and the overall satisfaction score for property services business improved to 94 points, all reaching industry benchmark levels. In terms of building technology business, Xiamen Huanji High-Tech Co., Ltd. provided vibration and noise reduction services for the construction, automotive, and high-speed rail sectors, better satisfying the people ’s desire for a better life. The Company continued its execution approach of “giving equal importance to both additional projects and existing projects ”, further establishing the path to make use of additional projects to drive the disposal of existing projects, thereby achieving phased results in its three-year renewal. It accelerated the turnover of additional projects to the extreme by promoting their fast opening, fast recovery of funding, and fast clearance. In the first half of 2026, multiple projects achieved high-quality openings and operating cash flows turning positive, realising “one crop per year ”, and rapidly returning funding to be reinvested into production. Facing “intense competition for selected prime sites ”, the Company maintained investment discipline, seized the window of opportunity in the first quarter, and achieved high-quality inventory replenishment of RMB29.4 billion. The average premium rate for the 12 land parcels was 1.36%, laying a solid foundation for ensuring the success of every project undertaken. Placing greater emphasis on tackling existing projects, the Company vigorously implemented “endeavour and planning ” and achieved breakthroughs in revitalising existing projects. The revitalisation of 12 land parcels and office building assets, together with the completion of nine project tail ends, accelerated funding return, optimised asset structure, and systematically reduced the scale of liabilities. The Company ’s overall inventory profile continues to improve and optimise in line with the direction of three-year renewal.
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5 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 主席致辭 CHAIRMAN’S STATEMENT ˒ኬΣd ɢʺॴfڥ ᅺධͦd3ዾ2တ5ӻ fгତf ߅ Ҧӻ୕ 3.0ሯҸ e ɧɽሯඎᙹ๘ dໝྼ 631/136ღዚՓd2026ϋɪ̒ϋ 100%ሯгତၾ৷ሯඎʹ˹dɓϣՑஞʹ˹ଟ 98%ܓ97ܓ96Бุᅺ˥̻d ᚃ࿎ᜑf ุᐶгତdስБԴնዄfʕ̯ Άุձɪ̹ʮ̡d2026ਕ ᔖபԴնffอᄣ 9ʿ˸ɪၠЍ ጘᅺᗆe2d൙ॴዚ MSCI᳅ һอəESGdʮ̡൙ॴ͟ AॴᚔʺЇ AAБุჯ˥̻f ܵج ࢝ ːձӔːf ҸɹಂdБุᐼඎʕᅹɨ ᗫᒟዚ༾ಂf͂ிϓ ̹༶ᐄਠfήପБุ ɢdൖ dӔ͂ᙊᐄุᐶгତe fλ e ᒕආf
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6 中國金茂控股集團有限公司 二零二六年中期報告 主席致辭 CHAIRMAN’S STATEMENT The Company continuously strengthened cultural guidance, deepening the philosophy of “Product-driven, Customer First ” gradually into people ’s minds, and further demonstrating the Company ’s long-termism and dedication to quality craftsmanship. Adhering to a customer-oriented approach, the Company made all-out efforts to drive the upgrade of product strength. It promoted the realisation of the product philosophy of “understanding customers, understanding life, and understanding art ”, and accelerated iterative product upgrades. With the successful creation of a batch of benchmark projects that “possess highlights on top of all-around excellence ” and even reaching outstanding levels, the projects under the “Pu”, “Man”, and “Tang” series (3 Pu, 2 Man, 5 Tang) made brilliant debuts, gaining recognition from the market and customers. The Company promoted the launch of lighthouse projects in Changsha and Xi ’an, establishing new benchmarks for the Jinmao Palace series and utilising product strength to support deep brand cultivation and long-term sustainable development. Adhering to quality craftsmanship, the Company ensured the delivery of high-standard products. These initiatives include a “five-year extended warranty ”, “three durabilities ”, and the “iterative upgrade to tech system 3.0 ”. Moreover, the Company advanced the “three major quality tough battles ” and the “three major quality annihilation battles ”, and implemented the “631/136 ” delivery guarantee mechanism. In the first half of 2026, it achieved 100% high-quality realisation and high-quality delivery. The first-visit delivery rate reached 98%, satisfaction at delivery touchpoints scored 97, and overall satisfaction scored 96, maintaining industry benchmark levels. The Company continued to lead the construction of “good houses ”, with its brand reputation shining continuously. The Company has always integrated corporate development into the broader national landscape, focusing on its core missions while fulfilling corporate social responsibilities to a high standard. It fulfilled its sense of mission and responsibility through the firm realisation of its operational performance. As a state-owned enterprise and a listed company, it fulfilled its operational performance commitments to a high standard in the first half of 2026. By taking the lead in the industry to “stop the decline and stabilise ”, the Company rewarded the expectations of shareholders and the capital market, demonstrating its duty and mission to serve national deployments for stabilising the real estate market and promoting high-quality development. Implementing the concept of “green development ”, the Company achieved high-quality development. It obtained nine new green building labels of two stars or above and launched two ultra-low energy consumption projects, aiding green and low-carbon transformation and sustainable development of cities. In the updated ESG rating results of MSCI, a rating agency, the Company ’s rating leaped from A to AA, firmly securing a leading level in the industry. Through strategic execution practice, the Company ’s “three-step ” strategic blueprint and the core philosophy of “Product-driven, Customer First ” have become more deeply rooted in people ’s minds. The tactical approach of “optimising the additional projects and revitalising the existing projects ” has been continuously iterated, with results gradually materialising. Through highly efficient execution, more units have entered a positive cycle of “brand-investment-performance ”, further cementing our confidence and determination in our future renewed development. The next five years represent a critical stage for the macroeconomy to stabilise growth and adjust structures. It is also a crucial window of opportunity for the real estate sector to build new development models and promote high-quality development. While the downward trend in the overall industry volume has slowed down, structural opportunities become prominent, presenting a key timeframe for enterprises with robust financials and leading quality to achieve breakthrough development. The Company is committed to building China Jinmao into a top-tier city operator with leading products, a rational structure, and prominent characteristics. In the short term, although marginal recovery signals have appeared in some high-tier cities, the real estate industry as a whole is still in the phase of consolidating and bottoming out. The risks associated with existing stock have not been completely cleared. We will maintain strategic focus, closely revolve around the “three tough battles and two emphases ”, and resolutely win the three battles of realising operating performance, building product culture, and accelerating the second curve. We will place greater emphasis on tackling existing projects and reducing liabilities, continuously accumulate momentum for upward renewal, and march firmly towards the goals of “living well ” and “living brilliantly ”.
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7 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 主席致辭 CHAIRMAN’S STATEMENT ᘥқጙБdኧโකอfʈਗ਼͑௴อ௴ุၚग़dҸдᗭeॐᘥኧ ޢ ᑽจl ௗ˂ऎ ࢩ ಥ 2026 ϋ8˜25 ˚
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8 中國金茂控股集團有限公司 二零二六年中期報告 主席致辭 CHAIRMAN’S STATEMENT Forging ahead with determination and breaking new ground, China Jinmao is currently in a critical period of deepening cultivation, enhancing quality, and revitalising development. All employees of the Company will always maintain the spirit of innovation and entrepreneurship, overcome difficulties and forge ahead, creating greater value for all shareholders, living up to trust and exceeding expectations. On behalf of the Board, I would like to express my sincere gratitude to the shareholders, customers, business partners of the Company and various sectors of the community. TAO Tianhai Chairman Hong Kong 25 August 2026
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9 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED ̹ఙΫᚥ d̮ᐑྤᜊʹᔌd ࿁ል ᙣʕ̯ eၝ ҃ Ꮠ ᚃᐼ ତ̈੶ɽ ɢf2026 ϋɪ̒ϋʫ͛ପᐼ ڗ4.7%f 1-6 ˜ᅼ˸ɪʈุᄣ̋ ڗ5.4%༟ପҳ༟Νˢ ࠥ5.7%ࠥ 18.0%͏ɛѩ̙˕ৣϗɝΝˢΤ່ ڗ5.2%f d2026ג ˸Ը̹ त dᛌ̋ ɚ˓ નඎᒈᖢ੭ ̹ʊ̈ତ Άᖢ༦f2026 ϋ1-6ۜ ࠥ11.6%ቖ ࠥ13.6%f MARKET REVIEW From the macroeconomic perspective, the external environment was fraught with changes and turmoil, while domestically, new situations and long-standing problems intertwined and superimposed. Faced with this complex situation, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at the core, all regions and departments have taken proactive actions and applied comprehensive measures, precisely and effectively implementing more proactive macroeconomic policies. They developed new productive forces tailored to local conditions, and effectively addressed external shocks and challenges. Withstanding the pressure, the Chinese economy has sustained a generally stable development trend characterised by progress towards new and superior quality, demonstrating strong resilience and vitality. In the first half of 2026, China’s gross domestic product grew by 4.7% as compared with that in the same period of last year. Real added value of industrial enterprises above designated size from January to June increased by 5.4% as compared with that in the same period of last year. Fixed asset investment in China decreased by 5.7%, while real estate development investment across China decreased by 18.0% as compared with that in the same period of last year. Nominal per capita disposable income of the residents in China increased by 5.2% as compared with that in the same period of last year. From the perspective of the real estate industry, in the first half of 2026, the overall real estate market maintained a bottom-building trend. Since the second quarter, the market has seen a marginal recovery, while still exhibiting distinct structural characteristics. The continuous release of pent-up demand since the end of last year, coupled with the further optimisation of policies in core cities, propelled the transactions of second-hand residential properties to maintain a high level of activity after the Spring Festival. Meanwhile, the stabilisation of listing volumes drove an overall narrowing of price declines, and certain core cities have already shown signs of phased stabilisation. During January to June 2026, sales area of new commodity housing decreased by 11.6% as compared with that in the same period of last year; and sales amount of new commodity housing decreased by 13.6%.
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10 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS MARKET REVIEW (CONTINUED) From the perspective of the regional office market, in the first half of 2026, the Beijing office market was overall in a phased bottom- building process, with rental levels continuing to diverge and the broader market still exhibiting a fluctuating trend. The Shanghai commercial real estate market generally continued its recovery momentum; the demand side for office buildings continued to rebound, the activity of retail properties increased driven by new supply, and transaction activity in the investment market steadily recovered. From the perspective of the retail commercial leasing market, in the first half of 2026, the consumption market continued its recovery trend, with the total retail sales amount of consumer goods reaching RMB24,872.2 billion, an increase of 1.3% as compared with that in the same period of last year. Among them, retail sales of consumer goods amounted to RMB22,046.7 billion, representing an increase of 1.1% compared to the same period last year. The recovery of consumption market boosted the vitality of the commercial real estate market. Overall, in the first half of 2026, driven by the recovery of consumption market, the decline in rents narrowed in some cities, but there remained downward pressure on overall rents. From the perspective of the hotel market, in the first half of 2026, the scale of domestic hotel market continued to expand. The ongoing recovery of consumption market drove the steady release of accommodation demand, and the industry’s business climate continued its recovery trend. However, market confidence remained in a period of restoration and consolidation, and the structural pressure in operations faced by various regions and market segments remained prominent. ̹ఙΫᚥᚃ d2026 ϋɪ̒ϋ̏ ཀdॡ ᚃʱʷd̹ఙʥяቤጺԐැf ᚃూ࿒ැd፬ʮ ุίอᄣԶᏐ੭ ᖢӉΫ ʺf d2026 ϋɪ̒ ۜ ཧਯᐼᕘɛ͏࿆ 248,722ڗ 1.3%ཧਯᕘɛ͏࿆ 220,467 ᄂ ڗ1.1%ూʺə d2026 ϋɪ ږ ʥπɨБᏀɢf d2026 ϋɪ̒ϋdʫ ᚃూ ࡌ ూቩոಂd ᐄᏀɢԱ ̈f
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11 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW OVERVIEW During the period under review, the Group’s property development, property investment, hotel operations and Jinmao Services segments maintained good operating momentum. The profit of the Group for the first half of 2026 was mainly derived from certain projects in Sanya, Nanjing and Xi’an, etc. The sales of other property development projects also progressed well, which consolidated the results foundation for the long-term development of the Company. With respect to property development, in the first half of 2026, the real estate industry as a whole was in a deep adjustment cycle. In the face of a severe external environment, China Jinmao firmly adhered to the orientation of high-quality development, focused closely on sales, and seized market windows. It achieved contracted sales of approximately RMB57.5 billion, bucking the trend to achieve an 8% growth against the backdrop of a 9% year-on-year decline among the top 10 developers. Its industry ranking rose to 7th place, further consolidating the Company’s sustained positive momentum. With respect to the land acquisition, in the first half of 2026, the Group successfully acquired Changsha Kaifu Xiangjiang Middle Road S10 Project East and West land parcel, Chengdu Wuhou Yuehu Lake 53-mu land parcel, Xi’an Xincheng Xingfu Forest Belt 46-mu land parcel, etc. The plot ratio based gross floor area of the projects acquired by the Group since 2026 reaches approximately 0.82 million sq.m., thus providing guarantee for its future development. In 2026, the Group continued to actively expand a variety of fundraising channels. In February 2026, corporate bonds in the amount of RMB1.7 billion were issued with a coupon rate of 2.48%. In April 2026, inter-bank market medium-term notes of RMB2.5 billion were issued with a coupon rate of 2.39%. ุਕΫᚥ ࠑ ุҳ༟eৢ ༶ᐄ ࿒ැf ͉ණྠ 2026ɧԭe ุක೯ධͦ ಂ೯ d2026 ϋɪ̒ ࿁ ኬ ɛ ߒ575 ᄂʩdί TOP10ࠥ9%ઋ ڗ8%dБุરΤʺЇୋ 7dආɓ ැ᎘f d2026 ϋɪ̒ϋ͉ණྠϓ Ӎ̹ක၅ਜಱϪʕ༩ S10Г ಳ 53 लή෯eГτ̹ ੭ 46 लή෯ഃf͉ණྠ 2026 ߒ82 ຬ̻˙ ღf ͉ණྠί 2026ᘪණ ಬ༸d2026 ϋ2˜೯Бʮ̡ව 17ࠦ лଟ2.48%f 2026 ϋ4 ˜೯БვБග̹ఙʕ ಂୃኽɛ͏࿆ 25лଟ 2.39%f
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12 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY DEVELOPMENT Hangzhou • Gongchen Jinmao Palace Tracing the lineage of the Gongchen Bridge and facing the Grand Canal, the project inherits the persistent craftsmanship of the Jinmao Palace series. Gathering the essence of the four previous Palaces in Hangzhou and the cultural heritage of Gongchen, it invited multiple top-tier master designers to jointly create the fifth Jinmao Palace in Hangzhou. Centring around the 12 major technological systems, the project constructs a “Five Balances and One Comfort” health system, leading the model of 3.0 high-tech residences. During the period under review, the project ranked No. 1 in Gongshu District within the RMB15 million to RMB30 million upgrader segment across three metrics: online-contracted units, transaction area, and transaction amount. These three core metrics also placed among the top 3 in Hangzhou’s main city area within the same price bracket. Leveraging its solid product strength, the project continued to gain high recognition from high-end upgrader customers in Hangzhou. Nanjing • Jiangning Jinmao Palace Located in Jiangning District, Nanjing, the project occupies the ultimate resources of Jiulong Lake and Baijia Lake. Nestled within Jiulong Lake Park, it embraces lakes and gardens, offering close views of mountains and rivers. Hundreds of metres away from the hustle and bustle, yet just one step away from prosperity. As the first low- density fourth-generation Jinmao Palace in Nanjing, with the first approximately 1,400 sq.m. three-dimensional forest landscape in Jiangning, and the first museum-grade ceramic art palace gate in Jiangning, Jiangning Jinmao Palace leverages its “ten firsts” to create the ultimate product strength of “experiencing what Jiangning has never seen before”. During the period under review, the project continuously dominated the top 1 ranking in Jiangning District in terms of transaction volume, sold area, and sales value of residential properties priced above RMB5 million, securing the “triple crown” title. The project also claimed the top spot in Nanjing in terms of transaction volume of residential properties priced above RMB5 million, creating a “miracle of dual success in both volume and price”. ุਕΫᚥᚃ ุක೯ ψ•ִ߱ږ࢚ܹ ӻி ɛ˖ʘၚയdɢ ߱ږࢭ fධͦఖᔎ 12ʞፅɓ ബ ੰӻ୕dˏჯ3.0ҦИσᇍ͉f ྨਜᐼᄆɛ͏࿆ 1,500 ຬՑɛ͏࿆ 3,000ࢁ ᕘɧධ TOP1ࣨ ݬTOP3 dኯᔟ ܓ Ⴉ̙f ԯ•ִ߱ږ ಳ ɘᎲಳʮʘʫdѬኹಳ dᙬϵϷʘ̮dᐿശɓӉʘ eϪྐྵ ߒࡈ1,400 ˸ ۜ ɢf ᚃᕹᓙϪྐྵਜɛ͏࿆ 500 ᕘ TOP1ɧ ԯ̹ɛ͏࿆500 ຬ˸ɪИσϓ ᅰTOP1d௴ி ඎᄆᕐϗփᔴ f
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13 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY DEVELOPMENT (Continued) Shanghai • Jiangwan Jinmao Palace Located in the Wusong sub-centre sector, one of Shanghai’s nine sub- centres, the project is the first TOD Jinmao Palace in Shanghai. It integrates six key dimensions: high-tech housing, property atop the subway, all-round premium fit-out, customised services, a luxurious clubhouse, and the ultimate in value, achieving a further upgrade of the Jinmao Palace series 3.0 of high-tech residences, and earning it the market acclaim as the “Six-Dimensional King of the North”. It has also formulated a new high-end residential improvement product for northern Shanghai, creating a future-oriented residential space with an international flair, a sense of technology, and a healthy lifestyle. During the period under review, the project achieved success in both launches, sustaining its robust sales momentum. It successfully secured the “triple crown” in the Songnan sector of Baoshan District for contracted sales area, transaction volume, and sales value. Tianjin • Tibei Jinmao Palace As the first of its kind in Jinmao Palace series 3.0, the project is located within Expressway Heiniucheng Road and the core intersection of the two axes of Weijin Road and Binshui Road. It has a planned large-scale community of approximately 200,000 sq.m., and is a rare aircraft carrier-level improvement site within the main city during the past decade. With approximately 35,000 sq.m. of lake ecological resources, the project also adopts innovative open balcony design, upgrades and iterates its technology system comprehensively, and plans large flat-floor products of legendary lake residence, redefining the residence of Tianjin. During the period under review, the project long maintained a leading position in the market for properties priced above RMB6 million, perfectly conquering the “impossible triangle” of “large floor area, high pricing, and rapid sales velocity” in the premium upgrade market. ุਕΫᚥᚃ ุක೯ᚃ ɪऎ•ִ߱ږ ̹ ࡈTODfධ ֛ ܓ ӻ 3.0Ύϣʺ ̏ɪ dᐄிə f ᚃᆠቖdᐏ ڿ ˮf ݵ•ִ߱ږ ӻ 3.0೯ʘЪdήஈҞ༩ ڃࣨ ߒ20ڐ ߒ3.5 ຬ̻˙Ϸಳਹ͛࿒༟๕d௴อකόජ̨ண ֢ f Ϋᚥಂʫdධͦίɛ͏࿆ 600 ຬ˸ɪᐼᄆ̹ Ҹд৷ҷ̹ఙ ʔ̙ঐɧԉf
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14 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY DEVELOPMENT (Continued) Beijing • Puyue Located on the golden wealth axis of the Beijing Guomao CBD, the project boasts mature commercial amenities, is surrounded by three major parks, and features convenient transportation with a dense and well-developed road network. Integrating luxury DNA, the project inherits oriental aesthetics while embracing a global perspective. It incorporates 12 major technological systems and a high-end exclusive clubhouse spanning over 4,000 sq.m., crafting a true oriental tech- enabled luxury residence. During the period under review, the project ranked among the top 3 in Chaoyang District in terms of contracted sales amount, successfully establishing its image as a best-selling luxury residence in the Beijing market. Guangzhou • Jinmao Yuexiu • Puyue Villas Offering a sanctuary for the soul, the project is located in the Grand World Scenic Park area of Tianhe District, Guangzhou, commanding a 50,000-sq.m. pristine lake view. Emerging as a pure villa mega- development with an ultra-low plot ratio rarely seen in Tianhe District over the past decade, it redefines the pinnacle of low-density living in the central urban area. Inheriting the DNA of Jinmao’s highest-tier “Pu” series and Yuexiu’s “Yue” series, the project boasts Olympic- grade sports amenities and top-tier educational resources, satisfying the ultimate housing upgrade needs of the city’s elite families. Through the five major dimensions of “lakeside setting in the central urban area, fourth-generation villa living, an exclusive social circle, eight-balance technology, and a comprehensively equipped clubhouse”, it masterfully crafts an unreplicable benchmark for lakeside villas in the central urban area. During the period under review, the project claimed the top 1 spot in both contracted sales volume and contracted sales amount among villa properties in the urban area of Guangzhou. ุਕΫᚥᚃ ุක೯ᚃ ̏ԯ•ዾ⭮ ධͦήஈ̏ԯ൱ CBDൿʘɪdਠุ ઠd ؇ו ՈΌଢൖdණΥ 12Ҧӻ ୕d൴ 4,000؇ Ҧσf ᕘ TOP3 d ϓ̌ዓͭ̏ԯ̹ఙᆠቖႴσҖf ᄿψ•൳Ӹ•ዾ⭮ྨ ˰ ɽᝈdੂ 5͛ಳ౻d˸ᄿψ d ௰ ӻ ዾ ӻၾ൳Ӹ ⭮ ӻਿΪdኹϞ ̹ ಳྤe Ҧeတ༱ึ ಳྨᅺ f ࢁߒ ᕘ TOP1f
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15 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY DEVELOPMENT (Continued) Hefei • Jinmao • Puyi Yunhu Located in the Hefei Hi-Tech Zone, it is the debut project of Jinmao’s top-tier “Pu” series in Hefei. The project boasts frontline lake view resources and is planned with an ultra-low plot ratio to feature lake- view flat villas and lakefront stacked villas. The community is equipped with a high-end customised clubhouse of approximately 2,600 sq.m. and a sunken courtyard of approximately 1,800 sq.m. The facade utilises ceramic panels and double-curved glass, seamlessly combining artistic aesthetics with a core of oriental charm. During the period under review, relying on its unreplicable location and exceptional product realisation capabilities, the project successfully defended its title as the champion in sales value for commodity residential properties across the nine districts of Hefei. It also secured the “triple crown” in sales value, transaction volume, and sales area for commodity residential properties priced at RMB5 million and above in Hefei. The project accurately caters to the housing upgrade demands of both new tech elites and the city’s “old money”, becoming the consensus choice for cross-cyclical value in Hefei’s ultra- luxury real estate market. Shanghai • Jinmao • Puyuan As the first development of the Pu series in Shanghai, Jinmao Puyuan is located in the Ruihong section within the Inner Ring Road, condensing a century of Hongkou’s elegance into one “Pu”. Gathering the “six firsts”, Jinmao Puyuan brings a landscape of “mountains, rivers, streams, and valleys” to the inner ring of Shanghai, and further leads the inner ring with its “five comforts and 12 major technological systems”. The community features supporting facilities such as three- dimensional gardens and an art gallery-grade private clubhouse, creating the only high-tech luxury residence within the inner ring with a GFA of approximately 130-240 sq.m., and bringing a pinnacle lifestyle model that seamlessly integrates an international flair, artistic sensibility, and oriental charm. During the period under review, the project secured the top 1 ranking in transaction volume and the top 2 ranking in transaction value within the RMB20 million to 45 million total price segment in Shanghai. ุਕΫᚥᚃ ุක೯ᚃ ٭•߱ږ•ዾඅථಳ ɨ TOP ॴ ዾӻ fධͦѬኹɓᇞಳ౻༟ ጐଟྌᝈಳ̻ྨၾፋಳᛌ ߒ2,600ʿ ߒ1,800મ͜ௗ ˙ᗲʫ f ࣨ Иσቖਯ ̹ɛ͏࿆ 500ۜ ڿ ̹ ϼ፺ ൳ಂ ᗆʘ፯f ɪऎ•߱ږ•ዾʩ ɓ ɪऎʫ ʆʇԋ dһ˸ ʞബɤɚ ਜྌͭ ߒࠦܔ 130-240Ҧσd੭Ը ᇍ ͉f Ϋᚥಂʫdධͦᐏɪऎ̹ɛ͏࿆ 2,000 ຬ Ց4,500ᅰ TOP1ᕘ TOP2f
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16 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY DEVELOPMENT (Continued) Zhengzhou • Jinmao • Puyi Manhu Strategically located on the central axis of Beilong Lake, the project is crafted as Jinmao’s premier lakefront fourth-generation low-rise residential masterpiece of the “Pu” series in 2026. Guided by the “Pu” series product development philosophy that integrates the craftsmanship of intangible cultural heritage masters, Zen-inspired oriental aesthetics, and timeless elegance, it constructs a dual-first- floor boundaryless garden-style clubhouse, creating a simple-style healing and tranquil natural sanctuary. By leveraging Jinmao’s Green Gold Technology System and integrating the premium Jinmao service system, it comprehensively caters to the lifestyle, social, and spiritual fulfillment needs of high-net-worth families. During the period under review, the project reached the top of the market immediately upon its initial launch in February, achieving a remarkable record of selling out across all six of its launches. It captured the top 1 ranking in single-project sales value in Zhengzhou for the first half of 2026, and decisively claimed the “triple crown” in transaction volume, sold area, and sales value within the high-end residential market for properties priced above RMB5 million. Beijing • Jinmao Manyao The project is located in the heart of the three major CBDs in Chaoyang District, Beijing, namely Guomao, Wangjing, and Tongzhou Canal. As the first flagship project of China Jinmao’s Man series in Beijing, it seamlessly integrates Jinmao 3.0 technology with an artistic lifestyle, creating a new generation of artistic luxury homes. The project is equipped with Jinmao 3.0 technological systems, 2,000- sq.m. art club and clubhouse, a landscape system comprising four major “collector’s gardens” and luxury-grade refined decoration configurations, creating an urban landscape garden with a strong artistic ambiance. Showcasing sophisticated, technologically advanced luxury residences, the project leads the “good houses” portfolio in Chaoyang. During the period under review, the project secured the top 1 ranking in the number of online contracted units, sold area, and sales value for residential properties with a unit price under RMB100,000 per sq.m. in Chaoyang District, Beijing. The immense popularity of this “Man” series tech-enabled project is truly well-deserved. ุਕΫᚥᚃ ุක೯ᚃ ቍψ•߱ږ•ዾඅᑃಳ ߱ږ2026 ؇ ᕐ І್ ˚ጲ e ʹၾၚग़ᓥ᙮f Ϋᚥಂʫdධͦ 2කу೮dʬකʬ ግdૃᐏ 2026ᕘ top1 dίɛ͏࿆ 500৷၌Иσ̹ఙ ˮf ̏ԯ•တᓚ ѧ̏ԯʕːή੭ಃජਜ൱eૐԯeஷψ ɧɽ CBDတӻᘶ ږ ߱3.0ፄΥdϓఱ ߱ږ3.0Ҧӻ ୕e2,000ה+ e̬ɽ ӻʿႴσॴၚѱৣ d˸ f Ϋᚥಂʫdධͦᐏ̏ԯಃජਜఊᄆӊ̻˙ Ϸɛ͏࿆ 10ᕘ TOP1ྼЇΤᓥf
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17 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY DEVELOPMENT (Continued) Nanjing • Jinmao • Yueman Yunchuan Based in the intersection core of the “three centres and one belt” in Jiangning, the project is China Jinmao’s first “Man” series fourth- generation luxury residence in Nanjing, creating the “Man” value system of “one trend, five fulfillments, three sports, two supporting facilities, and four services”. The project pioneers a rain-free homecoming experience and a tournament-grade sports clubhouse in Jiangning, and is equipped with an ultra-large-scale prestigious visitor clubhouse. Having the largest stilt floor space with the most diverse scenes in Jiangning, the city’s first “City in the Sky” commercial complex is created by drawing on the lifestyle philosophy of Tai Koo in Hong Kong, boasting a 20,000 sq.m. three-dimensional lifestyle gathering place. During the period under review, the project ranked top 2 in Nanjing in terms of sold area, transaction volume, and sales value, and secured the “triple crown” in Jiangning District for sold area, transaction volume, and sales value. Shanghai • Jinmao • Manyu As the debut masterpiece of the “Man” series in Shanghai, Jinmao Manyu is strategically positioned on the central axis of North Daning. Situated adjacent to dual transit lines and dual parks, it features six major industry firsts and pioneers Northern Shanghai with its “five comforts and ten major technological systems”. Fully equipped with a dual-pavilion and dual-camp clubhouse of approximately 2,700 sq.m., along with multi-dimensional landscaping, the project creates villa- quality high-rises as well as tech-enabled stacked villas, presenting a phenomenal paradigm for upgraded residential living. During the period under review, the project ranked top 1 across Shanghai in terms of sales volume during its initial launch. It also secured the top 1 ranking in Shanghai for transaction volume and sold area in June. ุਕΫᚥᚃ ุක೯ᚃ ԯ•߱ږ.⭮တථʇ ږ တӻ̬˾σd͂ி ɓᆓe တӻᄆ eᒄԫॴ༶ dϪྐྵ ࡈ ࡪݺ ኪd͂ி 2ၳఙf ࢁ ᕘ TOP2ږ ˮ f ɪऎ•߱ږ•တᚑ dͭҏɽ Ҧӻ୕ ௴ჯ̏ɪऎf ߒ2,700ၾͭ Ҧᛌྨdяᘠତॴ ᇍ͉f ᅰ TOP1 dᐏɪऎ̹ 6ጐ TOP1f
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18 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY DEVELOPMENT (Continued) Tianjin • Jinmao Panhu Manting Jinmao Panhu Manting, the first Jinmao “Man” series development in Tianjin, is located on the site of the former Tiangong University in Hedong. Breaking the boundaries of traditional high-end residential design with its subversive artistic DNA and nestled along the approximately 35,000 sq.m. Panhu Park, the project features a complex art club of approximately 2,100 sq.m. Driven by a dual approach of art and product, the project establishes a new paradigm for residential living that combines natural resources, artistic aesthetics, and social value. During the period under review, the project was completely sold out by the end of April, achieving a full inventory clearance across all property types within 16 months of land acquisition, and demonstrating its undeniable popularity. Chengdu • Dongcheng Jinmao Jintang Taking the Dongcheng PARK5747 mega-city as its super foundation, the project is crafted as the first masterpiece under the new standards of China Jinmao’s “Tang series” in Chengdu, focusing on the needs of growing families. While Phase I crafts a super perfect home through the five key dimensions of “noble prosperity, exquisite aesthetics, all- age accessibility, exceptional space, and generous storage, Phase II crafts an ace space through the five key dimensions of “mega-city activation, exquisite aesthetics, all-age accessibility, ace space, and Tang Owner CLUB”. It innovates the sense of happiness in Chengdu and reconstructs the beauty and fulfillment of home. During the period under review, the project ranked among the top 3 in Chengdu in terms of sales value for the first half of 2026, with the “Tang series Phenomenon” taking the Chengdu market by storm. ุਕΫᚥᚃ ุක೯ᚃ ݵ•ࢬ Ъd ᖵஔਿΪ͂ ߒ3.5 ຬ̻ ߒ2,100 ̻˙ϷልΥᖵ dஷཀᖵஔ +ܔ Иσอᇍ όf Ϋᚥಂʫdධͦ 4ܝ16 ໄဲf ϓே•ᎀಆ ۬؇PARK5747ᆵd͂ி ಆӻ อɽЪdၳೊ ცӋdɓಂ˸ ఠԢᐿശe৷ᕙ ගeᗼчϗॶ ʞ ዧ ගeಆ˴ CLUBอϓே ၾတf ΫᚥಂʫdධͦЗΐϓே 2026 ϋɪ̒ϋቖਯ ᕘTOP3dಆӻତᆠჯϓேf
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19 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY DEVELOPMENT (Continued) Foshan • Sanlong Bay Jinmao Xiaotang An epitome of prosperity, presenting a perfect Foshan lifestyle. The project is strategically located in Qicha, occupying the prime core position between Chancheng and Guicheng. Situated within a super- integrated living circle, it brings together a comprehensive educational cluster from kindergarten to high school, an ecological green environment featuring “one river and three parks”, and a bustling matrix of seven major shopping centres, with a vibrant one-mile commercial block situated just downstairs. The project presents twelve beautifully realised landscaping scenes and features maximised whole- house storage capacity, crafting new-standard four-bedroom units with a GFA of approximately 98-142 sq.m. Boasting a leading space utilisation rate, it is a high-quality housing product jointly developed by the government and the enterprise. During the period under review, following its market launch in April 2026, the project was crowned top 1 in the Sanlong Bay section of Chancheng, Foshan, and continuously maintained its leading position in Sanlong Bay. Shanghai • Jinmao Tangqian The project, located in the Yanghang section of Baoshan District, Shanghai, sits within the core of the TOD5.0 Baoshan Station-City Integration Zone. Being Jinmao’s first development of “Tang” series in Shanghai, and embracing the concept of a “pioneering artistic living community”, the project integrates high-end architecture, landscape, and art to create a panoramic, artistically designed residential environment. The community features a custom-designed swimming pool clubhouse, a sunken courtyard, a three-stage homecoming ritual, and a Tang-themed resort garden, creating a stylish and artistic residence. During the period under review, the project secured the “triple crown” in Baoshan District for contracted sales area, transaction volume, and sales value within the unit price segment of RMB50,000 to 60,000 per sq.m.. ุਕΫᚥᚃ ุක೯ᚃ Нʆ•ወಆ ɓಆᐿശdɤʱНʆfධͦЦЗփ⛀dᐥ ࣭C৷Όᗡ ɧ͛࿒ၠྤe7ʕː ᐿശॉ৬dɨᅽу༺ఠԢᐿശਜfධͦɤ ߒࠦܔ 98-142݊ f Ϋᚥಂʫdධͦ 2026 ϋ4೮ ෯ TOP1ᚃჯൺɧᎲ ᝄf ɪऎ•ۃ ෯dѬኹ TOD5.0 ܔ ༺d͂ிΌ౻ጵᖵ eɨӐό d f ΫᚥಂʫdධͦЗΐᘒʆਜӊ̻˙Ϸɛ͏࿆ 5-6ڿ ˮ f
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20 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY DEVELOPMENT (Continued) Tianjin • Shangdong Jinmao Guantang As the Phase VIII masterpiece of the Shangdong Jinmao Smart Science City mega-development, the project is strategically located in the core area of the sector, surrounded by abundant amenities of the large-scale community. The project features an upgraded fine- finish storage system across all units, perfectly tailored for families seeking full-lifecycle housing upgrades. Guided by the planning concept of “homes embraced by parks”, the community is adjacent to a municipal park on the outside, while internally leveraging a 10-metre elevation difference to create a multi-dimensional forest- island landscape. It is equipped with a three-storey multi-dimensional clubhouse of approximately 2,400 sq.m., featuring a heated swimming pool, private banquet halls, and recreational spaces for all age groups. With an exceptional sense of premium configuration, the project presents the city’s core demographic of upgrade buyers with a high-end living paradigm that harmonises natural poetic charm with contemporary quality. During the period under review, upon its initial launch in May, the project immediately claimed the top spot in the city in terms of the number of online contracted units for commodity residential properties for that month. In June, driven by key milestones such as the opening of the demonstration area, it sustained the robust sales momentum. Overall, for the first half of 2026, the project secured the top 1 ranking across the entire city in terms of the number of online contracted units and sold area for commodity residential properties. ุਕΫᚥᚃ ุක೯ᚃ ݵ•ᝈಆ d ᐑУfධ ͦΌӻၚༀʺॴϗॶӻdቇৣΌಂҷഛ d ࠾10͂ிͭ ߒࢁ2,400 ̻˙Ϸɧᄴͭ ٤ ̹ʕҷഛච ৷ච ᇍ͉f Ϋᚥಂʫd5කఱ೮˜Ό̹ਠ d6׳ ᚃᆠቖd2026 ϋɪ̒ϋЦЗΌ ጐ TOP1f
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21 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY DEVELOPMENT (Continued) Xi’an • Jinmao Beihaojia | Xingfu Xiaotang Jointly developed by China Jinmao and Beihaojia, it is the first “Tang” series masterpiece in Xi’an. The project is strategically located in the core area of the Xingfu Forest Belt in the main city, enjoying close access to the comprehensive and mature amenities of the sector. Positioned as a “premium-configured, fourth-generation mid- rise community with a two-unit-per-floor layout in the main city”, and driven by the product design philosophy of “bringing luxury- grade living to compact layouts”, the project is equipped with a comprehensive, high-end customised clubhouse and library cultural facilities, redefining the standard for upgraded residential living in the main city. During the period under review, the project maintained a robust sales momentum throughout the first half of 2026, successfully defending its top 1 ranking in project sales value in Xi’an for three consecutive months. It demonstrated a phenomenal level of market heat dubbed “There is a kind of best-seller called Jinmao Tang”. Qingdao • China-Europe Jinmao Jintang Anchored in the 12-year China-Europe mega-development, the project embraces a long-term vision to create the debut masterpiece of “Tang” series in Shandong. Integrating the five major endowments of “situated in a mega-city, resting under crabapple trees, located at the confluence of river and sea, immersed in vibrant local life, and adjacent to premium academic institutions”, and nestled among three major parks, the project masterfully crafts a low-density community tailored for housing upgrades. Featuring a three-stage homecoming ritual, a pioneering symmetrical all-weather corridor, an all-age clubhouse of approximately 2,200 sq.m., and seven major children’s theme parks, it collectively constitutes Jinmao’s definitive offering for high-end living dedicated to Qingdao. During the period under review, the project seized an early market lead in the spring, successfully defending its “dual crown” title in both sold area and sales value within the region. ุਕΫᚥᚃ ุක೯ᚃ Гτ•၅ወಆ ಆ ڐ ൴ৣ T2 ʃ৷ ٙ ᅺf Ϋᚥಂʫdධͦ 2026ᆠቖ ᕘ TOP1 f ତॴᆠ f ࢥڡ•ᎀಆ ͭਿʕᆄ 12ಂ˴່ൖd ɪe ऱ ʞɽາ ٟ ஹ఼e ߒ2,200eɖɽՅഁ˴ᕚᆀ ഈ ՜f ࠦ ˮf
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22 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY DEVELOPMENT (Continued) The unsold area of property development projects held by the Group was approximately 23.34 million sq.m. Major property development projects acquired since 2026: ุਕΫᚥᚃ ุක೯ᚃ ߒމ 2,334 ຬ̻˙Ϸf 2026ุක೯ධͦj ධͦΤ၈ ήᓃ ጐ ̻˙Ϸ Name of the project Location Plot ratio based gross floor area of the project (square metres) Гτ̹ϜϪӁ 61 लή෯ Xi’an Qujiang Duling 61-mu Land Parcel Гτ̹ϜϪอਜ Qujiang New District, Xi ’an, Shaanxi Province, China 49,012 ਜ JDC1-1703 ఊʩB06-01 ή෯ Shanghai Jiading JDC1-1703 Unit B06-01 Land Parcel ਜ Jiading District, Shanghai, China 59,558 Ӎ̹ක၅ਜಱϪʕ༩ S10 ධͦГή෯ Changsha Kaifu Xiangjiang Middle Road S10 Project West Land Parcel Ӎ̹ක၅ਜ Kaifu District, Changsha, Hunan Province, China 112,725 Ӎ̹ක၅ਜಱϪʕ༩ S10ή෯ Changsha Kaifu Xiangjiang Middle Road S10 Project East Land Parcel Ӎ̹ක၅ਜ Kaifu District, Changsha, Hunan Province, China 71,372 ۬No.2026G01 ή෯ Nanjing Qinhuai Southern New City No.2026G01 Land Parcel ԯ̹ॢଊਜ Qinhuai District, Nanjing, Jiangsu Province, China 70,501 ᘽψ̹ᘽਜɛ͏༩ή෯ Suzhou Gusu People ’s Road Land Parcel ᘽψ̹ᘽਜ Gusu District, Suzhou, Jiangsu Province, China 37,437 ̹ 43 लή෯ Chengdu Qingyang Waijinsha Qingbo Flower Market 43-mu Land Parcel Ϻਜ Qingyang District, Chengdu, Sichuan Province, China 57,474 ̹⢹ʆਜΝτ༩ή෯ Qingdao Laoshan Tong ’an Road Land Parcel ̹⢹ʆਜ Laoshan District, Qingdao, Shandong Province, China 22,065 ̏ਉ AL011119 ή෯ Guangzhou Liwan Zhongshan 8 Interchange Northeast Side AL011119 Land Parcel ᄿψ̹টᝄਜ Liwan District, Guangzhou, Guangdong Province, China 55,904 ᜠή෯ Beijing Chaoyang Dongba Land Parcel ʕ̏ԯ̹ಃජਜ Chaoyang District, Beijing, China 51,101
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23 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS ධͦΤ၈ ήᓃ ጐ ̻˙Ϸ Name of the project Location Plot ratio based gross floor area of the project (square metres) ಳ 53 लή෯ Chengdu Wuhou Yuehu Lake 53-mu Land Parcel ਜ Wuhou District, Chengdu, Sichuan Province, China 78,244 ੭ 46 लή෯ Xi’an Xincheng Xingfu Forest Belt 46-mu Land Parcel ਜ Xincheng District, Xi ’an, Shaanxi Province, China 75,847 อਜɘʆɓಂή෯ Qingdao West Coast New Area Jiudingshan Phase I Land Parcel ਜ Huangdao District, Qingdao, Shandong Province, China 75,703 ุਕΫᚥᚃ ุක೯ᚃ BUSINESS REVIEW (CONTINUED) PROPERTY DEVELOPMENT (Continued)
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24 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS ุਕΫᚥᚃ ุҳ༟ ਠਕॡ༣ 2026 ϋ6˜30 ˚ʿ2025 ϋ6˜30 ˚d͉ණ ᄳοᅽ̈ॡଟνɨj ̏ԯ௱ો ˰൱ʕː ۬ ʕː ɽข ᄳοᅽ Beijing Chemsunny World Trade Centre Beijing Xicheng Jinmao Centre Shanghai Jin Mao Tower – office portion 2026 ϋ6˜30 ˚ As at 30 June 2026 96.3% 95.7% 88.8% 2025 ϋ6˜30 ˚ As at 30 June 2025 98.0% 93.4% 83.4% BUSINESS REVIEW (CONTINUED) PROPERTY INVESTMENT Commercial Leasing As at 30 June 2026 and 30 June 2025, the occupancy rate of the major office premises held by the Group was as follows:
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25 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY INVESTMENT (Continued) Commercial Leasing (Continued) During the period under review, the various office projects held by the Group are located in core commercial areas of cities. The overall quality and profile of the tenants are good, and the property occupancy rates have generally been maintained at a high level. All office premises held by the Group are situated at the prime locations or inside new town cities with favourable geographical locations. In particular, Beijing Chemsunny World Trade Centre and Xicheng Jinmao Centre are situated in the business circle of Beijing Financial Street, which are close to Metro Line No. 1 and West Chang’an Avenue; whereas Shanghai Jin Mao Tower is located in Lujiazui Finance and Trade Zone, Pudong. Beijing Chemsunny World Trade Centre is the first premium office building in China being granted China Three-Star Green Label and USGBC’s LEED-EB platinum certification at the same time; Jin Mao Tower is one of China’s landmark buildings, and represents a perfect combination of China’s traditional architectural styles and the world’s advanced and new technology. ุਕΫᚥᚃ ุҳ༟ᚃ ਠਕॡ༣ᚃ ᄳοᅽධͦήஈ ːਠุਜਹdɝታॡ˒ၝΥ༟ሯԄ ༰৷˥f ː ʫdήଣਜЗԳfՉʕd ̏ԯ τi ਜ ʫf ᐏʕၠᅺ ጘึ LEED-EBॴᕐ ʕᅺႦ ৷ ഐΥf
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26 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY INVESTMENT (Continued) Retail Operations Nanjing Jinmao Mall of Splendor Located in the Central Road Business District in the main city area of Nanjing, adjacent to Xuanwu Lake to the east and Hunan Road Business District to the west, the project owns an excellent geographical location and a strong traffic diversion capability from the Xuanwumen Station of the subway. Since its second opening in 2021, it has become one of the new shopping malls with most youthful vitality in the main city of Nanjing. During the period under review, Nanjing Jinmao Mall of Splendor demonstrated multiple positive trends, hosting a total of 126 events from January to June. Firstly, it reshaped the project’s brand identity as “Lakeside Splendor, Great for Shopping and Fun”, reinforcing its lakeside spatial positioning and its value proposition as a premier shopping and leisure destination. Secondly, it optimised its tenant mix with 34 brand adjustments in the first half of 2026; notably, the introduction of a popular extended pop-up store and its first store in Gulou District significantly enriched the project’s overall shopping experience. Thirdly, it hosted two major flagship events, the “Flower Life Festival 5.0: Spring Utopia” in March and the “In the Company of Joy: 5th Anniversary Celebration” during the May Day holiday, successfully integrating Nanjing Jinmao Mall of Splendor into the city’s broader tourism and cultural landscape. Finally, under the integrated operational strategy of Nanjing Jinmao Mall of Splendor and Westin Nanjing, it continuously strengthened cross-format synergy and achieved resource sharing, steadily advancing towards its vision of building “Nanjing’s most enjoyable lakeside cultural, commercial, and tourism complex”. ุਕΫᚥᚃ ุҳ༟ᚃ ཧਯਠุ༶ᐄ ۬ ಳe ኹϞ ঐɢdІ 2021 ϋɚ ٙ ʕːʘɓf Σλᒈ ැd1-6ਗ 126෧ ධͦᅺᜀ ಳऱᚎӸ d੶ʷಳऱ ЗfՉϣd2026 ϋɪ̒ϋሜ 34Τ f Ύϣdᑘ፬ 3ື5.0˚ढϖ ͼ Ñ5ϋᅅ Շɽ ༷ ۾ ᚃ̋੶ุ࿒ᑌ ٙ ᚃኧආf
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27 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY INVESTMENT (Continued) Retail Operations (Continued) Changsha Jinmao Mall of Splendor Changsha Jinmao Mall of Splendor is the first Mall of Splendor under China Jinmao, which is located in the core region of Meixi Lake, facing an excellent view of Meixi Lake, with Meixi Lake International Culture and Arts Centre to the east, and is seamlessly connected with the Changsha Metro Line No. 2. Since its opening, the project focused on the customer groups of young families and young people in Changsha, collected a variety of famous domestic brands, and presented the innovative and proprietary hotel and retail business forms of Jinmao. It became a gathering place for pioneer experience- based, leisure-based and social-based business lifestyles in central China. In March 2024, CAMC-Jinmao Commercial Property REIT, with Changsha Jinmao Mall of Splendor as its underlying asset, was officially listed on the Shanghai Stock Exchange, becoming one of the first consumption infrastructure public REITs listed in China. During the period under review, Changsha Mall of Splendor has continuously optimised its brand matrix, driving the transition of its tenant mix towards high-quality and highly experiential formats. At the same time, the project has deeply leveraged the locational advantages of the “Greater Meixi Lake Area” to create popular IPs such as the “Spring of Meixi Lake: Cherry Blossom Season”. Through cross-sector synergies with Meixi Lake Hotel, A Luxury Collection Hotel, Changsha, drone innovation, and the surrounding art museum, and by capitalising on exclusive resources such as a giant dome screen, celebrity fan club activations, and concert ticketing, the single-day customer flow on 1 June shattered the project’s record. Since its listing, it has completed nine better-than-expected dividend distributions, with cumulative payouts reaching RMB123 million. ุਕΫᚥᚃ ุҳ༟ᚃ ཧਯਠุ༶ᐄᚃ ۬ ᚎ ቌૠಳɓ ᑗૠಳყ˖ʷᖵஔʕːd Ӎή᚛ 2 ᇞೌᐻ࿁ટfධͦІකุ˸ ໊dථණ ৢਠ௴ ࢈ ˙όၳණήf2024 ϋ3ശ ਠุ REIT͍όɪ ʮ REITsf ܔ f ෯ ਜЗᎴැd͂ ˂• ഃᆠᓃIP f eೌ ༟๕d ʬɓ ఊ fɪ̹˸Ըʊҁϓ ༺ɛ͏࿆ 1.23 ᄂ ʩf
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28 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY INVESTMENT (Continued) Retail Operations (Continued) Qingdao Jinmao Mall of Splendor Qingdao Jinmao Mall of Splendor is located in the Hi-Tech Industry Development Zone along the north coast of Jiaozhou Bay in Qingdao, which is the core zone of the north coast city area of Qingdao. It is positioned as the “life exploration centre of future city” with new middle-class families as its core customer group. In the future, the project will cooperate with businesses along the China-Europe’s dynamic axis to jointly create an ecological commercial centre integrating ecological leisure and exploration experience, gathering consumption, focusing on experience, and emphasising on innovation. The project is set to help the region transform from a new city area on the north coast of Qingdao into a main city area. During the period under review, Qingdao Mall of Splendor successfully hosted the 4th “GALA” Cultural Festival and partnered with Jinmao Shandong to successfully organise the first marathon in Chengyang District, Qingdao. It also executed 16 Splendor celebrity fan club activation events and frequently rolled out 47 cross-sector collaborative events. In the first half of 2026, total customer flow reached 5.75 million, averaging 32,000 visitors per day, representing a year-on-year increase of 11%. ุਕΫᚥᚃ ุҳ༟ᚃ ཧਯਠุ༶ᐄᚃ ۬ ৷อҦ ː З ઞ॰ʕː d͊Ըਗ਼ᑌਗʕᆄ ණ͛࿒;ඝձઞ ɓeၳණऊ൬eၳೊ᜕eၳჯ ֦ ਜ༨൳ၾᜊf ֣ GALAڡ ˢᒄd16Ꮠ౪ ӻΐᏐ౪ึd৷᎖ໝή 47 ఙମุΥЪf2026 ༺ϓ 575 ຬd˚ѩ 3.2 ຬdΝˢ ʺ11%f
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29 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) PROPERTY INVESTMENT (Continued) Retail Operations (Continued) Zhangjiagang Mall of Splendor Zhangjiagang Mall of Splendor is located next to the lake of Shazhou, Zhangjiagang with a total area of approximately 200,000 sq.m. Grandly opened in December 2022 and with the theme of “relaxing life at city centre”, the project is set to lead the upgrading of consumer life in Zhangjiagang, creating a cheer-up station, a social gathering place and an entertainment energy field for the locals, as well as a new landmark of quality business in the harbour city. During the period under review, Zhangjiagang Jinmao Mall of Splendor continued to solidify its positioning as a city commercial landmark in the Shazhou Lake area. During the Spring Festival, it hosted a Song Dynasty-themed lantern festival, triggering a viral social media check-in trend. During the May Day holiday, it presented a spectacular drone light show. The “Carefree Lifestyle Festival”, which integrated live performances, vibrant markets, and traditional Chinese cultural scenes, drove customer flow to a peak in the first half of the year. In terms of tenant mix optimisation, the introduction of an immersive escape room by a well-known brand has enriched the leisure and entertainment options for the youth demographic. At the same time, the mall comprehensively launched the holistic revitalisation and renovation of B1 level, completed the leasing and preparatory work for the debut stores of a large supermarket and various specialty dining brands, laying a solid foundation for a large- scale, centralised brand rollout during summer. The mall steadfastly adhered to a dual-focus operational strategy targeting both family and youth demographics. By continuously creating synergies with municipal cultural and tourism consumption campaigns and leveraging its rare outdoor plaza resources, the project has consistently reinforced its status as the benchmark for cultural and commercial experiences in the port city. ุਕΫᚥᚃ ุҳ༟ᚃ ཧਯਠุ༶ᐄᚃ ۬ ಳऱdᐼඎ ߒ20 ຬ̻˙Ϸd2022 ϋ12 ˜ସɽකุd˸ ذ ሯ ඎਠุอήᅺf ݲ ͂ி҂ᗲዱದ ᆼɪစೌ ື ණΥစᖵe̹ fุ࿒ dᔮబϋჀ໊ ɓᄴอ םֳ ͂λਿ ᚃ ਗdԱϖॹ˒̮ᄿఙ ˖ਠ᜕ᅺήЗf
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30 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) HOTEL OPERATIONS In the first half of 2026, as the macroeconomic domestic demand environment continued to improve, the Company firmly executed its strategy of “integration, dual synergies, and distinctive elegance”. Through refined operations and continuous enhancement of its brand system, the overall quality of asset profitability continued to be optimised, and the resilience of the Company’s operational development was further consolidated. The Company’s hotel operations focus on boutique, characteristic, and high-end hotels, cultivating proprietary high-end product lines such as “Puxiu”, “Yinyi”, and “Jiayue”. By building synergies with international brands such as Marriott and Hyatt, and optimising its brand operational strategies, the Company has enhanced the profit resilience of the segment, delivering an operating performance that leads the market. Average room rate, average occupancy rate and RevPAR (RMB) of each major hotel as at 30 June 2026 were as follows: Average room rate, average occupancy rate and RevPAR (RMB) of each major hotel as at 30 June 2025 were as follows: ุਕΫᚥᚃ ᐄ 2026ᚃҷഛd ӻʔᓙҁഛd ࢝ तЍ ІϞ৷၌ dᎴʷ dᐄุ ᐶჯൺ̹ఙf 2026 ϋ6˜30ᄆe̻ѩ ϗू ɛ͏࿆ʩ νɨj ߱ږ ֳ ଉέ JWຬႴ ֳ ԯ ͓ ֳ ̏ԯ ຬᘆ ֳ Ӎૠಳ Ⴔശ ֳ Grand Hyatt Shanghai JW Marriott Hotel Shenzhen Westin Nanjing Renaissance Beijing Wangfujing Hotel Meixi Lake Hotel, A Luxury Collection Hotel, Changsha ᄆ Average room rate 1,380 1,205 743 1,312 586 ̻ѩɝИଟ Average occupancy rate 90.3% 88.3% 80.6% 89.8% 65.7% ϗू RevPAR 1,247 1,064 599 1,179 385 2025 ϋ6˜30ᄆe̻ѩ ϗू ɛ͏࿆ʩ νɨj ߱ږ ֳ ଉέ JWຬႴ ֳ ԯ ͓ ֳ ̏ԯ ຬᘆ ֳ Ӎૠಳ Ⴔശ ֳ Grand Hyatt Shanghai JW Marriott Hotel Shenzhen Westin Nanjing Renaissance Beijing Wangfujing Hotel Meixi Lake Hotel, A Luxury Collection Hotel, Changsha ᄆ Average room rate 1,245 1,142 751 1,246 633 ̻ѩɝИଟ Average occupancy rate 83.4% 85.6% 81.1% 89.2% 71.6% ϗू RevPAR 1,038 977 609 1,112 453
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31 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) HOTEL OPERATIONS (Continued) Grand Hyatt Shanghai Located in the core area of Pudong Financial and Trade Zone, Grand Hyatt Shanghai stands proudly on top of the famous Jin Mao Tower and is within easy reach of Puxi across the river. This 88-storey obelisk- shaped building stands in the centre of Shanghai, boasting stunning views of the Bund and the bright cityscape of Shanghai. The hotel rooms are elegant and spacious, integrating Western decorative art style and traditional Chinese classical cultural features, and equipped with modern conveniences to create a comfortable and convenient stay experience and unique dining and entertainment experiences for guests. Renaissance Beijing Wangfujing Hotel Renaissance Beijing Wangfujing Hotel is situated at Wangfujing Avenue and adjacent to Tian’anmen Square and Palace Museum. Its predecessor is Wangfujing Grand Hotel opened in 1995. The hotel adopts a unique dual-wing architecture design with an endless stream of spectacular palaces from the Ancient Wall of the Imperial City and The Forbidden City to the west and the modernised international metropolitan clusters in the CBD of Wangfujing to the east, blending the modern and classic into one. The hotel rooms blend stylish modern and cozy elegant tones, offering stunning views of the Forbidden City. The nearly 1,000 sq.m. banquet hall is one of the best in the Wangfujing area. The hotel also features two restaurants and a lobby bar to meet different catering needs, and is equipped with an indoor swimming pool and fitness centre, thoughtfully creating a healthy lifestyle for guests. ุਕΫᚥᚃ ᐄᚃ ֳ ࣨٙ ɽขʘᛁdၾ ɪऎ ٙ88ጘdѬኹɛ ֳ ၾෂ лண ɝИ᜕ձၾ ᆀ᜕f ֳ ቌ 1995ٙ ஹၧʔ ʜ CBDତ˾ʷ ጘ໊dးᚎତ˾ၾ̚Պʘʹፄfৢ Ѝሜd ڐ1,000 ̻Ϸ ணϞ 2ᝂձ 1ʔΝභ ϫձԒʕːഃତ˾ண ˙όf
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32 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) HOTEL OPERATIONS (Continued) JW Marriott Hotel Shenzhen JW Marriott Hotel Shenzhen is located in the Futian Central Business District of Shenzhen, which is close to Futian Port, major tourist attractions and major shopping malls. It is only a 25-minute drive from Shenzhen Bao’an International Airport and a 200-metre walk to the Exit J2 of Chegongmiao metro station, providing convenient access to transportation. The hotel rooms are modernly decorated and equipped with complete facilities. Chinese and Western restaurants, lounges, banquets and other facilities are also available, making the hotel the first choice for business and leisure guests. Westin Nanjing Westin Nanjing is located in the core area of Nanjing’s Central Avenue, just across the street from Xuanwu Lake, also known as “Jinling Pearl”, an ancient Chinese royal garden lake and Nanjing’s landmark tourist destination. Being an ideal choice for business and leisure guests, the hotel is adjacent to the thousand-year-old Jiming Temple and the city wall built in the Ming Dynasty. It is directly connected to a Line 1 subway station and the commercial complex of Jinmao Mall of Splendor. The hotel has more than 200 guest rooms, each of which has a panoramic view of the romantic cityscape and the beautiful Xuanwu Lake, plus nearly 1,000 sq.m. of conference and banquet space to meet various needs of guests for banquets, wedding banquets, conferences and more. Restaurants serving Chinese and Western cuisine as well as a lobby bar serves a wide variety of nutritious and delicious healthy food, allowing guests to enjoy a taste bud journey. Meanwhile, the Westin fitness centre allows guests to relax and rejuvenate. ุਕΫᚥᚃ ᐄᚃ ଉέJWֳ ଉέ JWଉέ၅͞ʕ̯ਠ ༷౻ᓃʿ d൷ଉέᘒτყዚఙස 25 ʱᙒ ԓdӉБ 200 Ϸу̙Ց༺ԓʮᄽή᚛१ J2 ༀ⤶ତ˾e Ꮄ፯ɨʘ f ֳ ԯ̹ʕ̯ɽ ή ಳස ଣ ஷɓᇞή᚛१ձਠุၝΥ dӊග ᘆ ڐ1,000ึఙήdတ ֳ ၇ းԮբ ᕦԒːd ɢf
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33 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) HOTEL OPERATIONS (Continued) Meixi Lake Hotel, A Luxury Collection Hotel, Changsha Opened in 2017, Meixi Lake Hotel, A Luxury Collection Hotel, Changsha is located at the prime location in the Xiangjiang New District, Hunan and adjacent to Meixi Lake International Culture & Art Centre, a masterpiece by the legendary architect Zaha Hadid. Taking the design of “exploring the peach garden” and blending the essence of Huxiang culture, the hotel, which promotes unique experiences rich in local characteristics, leads travellers from all over the world to embark on the journey of exploring the peach garden. In addition to the above hotels that are in operation, the Group also builds luxury hotels at the prime locations in a number of cities in China to improve the brand strength of the hotel operations segment, with a view to generating long-term and stable revenue to the Group. The completion and commencement of operation of the hotels under construction will further consolidate the Group’s position as the leading luxury hotel investor in the PRC, and enhance the position and recognition of the Group in other operating segments to achieve a higher premium level. ุਕΫᚥᚃ ᐄᚃ ֳ ಱϪ ۞•۞ ෂ˰ʘЪ Ñ ૠಳყ˖ʷᖵஔʕ 2017๕ ᜳชdፄΥಳಱ˖ʷၚdપਫ਼బϞ ක f ̮dᒔί Ⴔശৢ މ ϗूf ໝϓձҳɝ༶ᐄਗ਼ආɓӉቩո͉ ჯήЗd Τ ๐ᄆ˥f
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34 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) SERVICES AND TECHNOLOGY Jinmao Services Jinmao Services adhered to the customer-oriented principle, providing excellent scenario design capabilities and stable quality output capabilities. Through the Internet of Everything management equipment and mobile Internet management services, Jinmao Services deeply promoted the digital transformation of enterprises, and continuously improved the management service efficiency and user digital experience. At the same time, Jinmao Services actively strengthened the community ecosystem, expanded city services, led the sustainable development concept of low-carbon, environmental protection and green, assumed social responsibilities with services, enhanced people’s happiness, and grew and prospered together with communities, cities, environment, and the society. ุਕΫᚥᚃ Ҧ ਕ ఙ ሯ፩̈ঐɢfஷཀຬ ਕ ਕጐਂ ਕdˏჯЭ၁eᐑ ٟ ̹e ึ͛f
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35 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) SERVICES AND TECHNOLOGY (Continued) Jinmao Services (Continued) Property management services During the period under review, the property management services of Jinmao Services adhered to steady development. Focusing on diversified property portfolios in tier-1, new tier-1, and tier-2 cities, the advantages in the high-end commercial and office sectors became prominent. Value-added services to non-property owners During the period under review, Jinmao Services standardised its service models from dimensions such as organisational teams, service processes, and product standards, continuously elevating the level of value-added services to non-property owners. Community value-added services During the period under review, Jinmao Services continued to refine its community value-added service teams, constantly optimised its service products, and established a standardised service system. Building Technology China Jinmao focused on building technology, striving to cultivate “unicorn” businesses in technological innovation, strengthening a technical moat for its main business, and consolidating its differentiated competitive advantages. During the period under review, focusing on green, energy-saving, smart, comfortable and healthy “good houses”, China Jinmao continued to consolidate the one-stop full-process service model from design consultation to operational management such as the technological living system and vibration and noise reduction, driving the continuous upgrade of its “technology” hard core IP . As for the smart energy segment, China Jinmao focused on comprehensive energy services and green big data centre business, striving to improve operating efficiency and continuing to improve social environmental benefits, thus contributing to the goals of “carbon peaking” and “carbon neutrality”. ุਕΫᚥᚃ Ҧᚃ ਕᚃ ਕ ̻ᖢ ̹εʩุ ࿒d৷၌ਠᄳჯਹᎴැ̉ᜑf ਕ ݴ ਕᅼόdʔ ਕ˥̻f ਕ ਕ ਕ ӻf Ҧ Ҧ௴อ dឝྼ Ꮄැf ΫᚥಂʫdఖᔎၠЍeືঐe౽ᅆeബቇe Ҧɛ ɓ ࣨIP ʔ ਕձ ूd e ͦᅺ্ᘠΆุɢඎf
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36 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW (CONTINUED) SERVICES AND TECHNOLOGY (Continued) Building Technology (Continued) Technological living system Positioned as a leading comprehensive service provider of technological living system in China, it adheres to a customer- centric approach, continuously iterates and upgrades through R&D and innovation, and builds a high “technological moat” for its main business, creating more comfortable and healthier “good houses” for China Jinmao. Smart energy Positioned as a digitally and intelligently driven service provider of full- lifecycle energy-saving and carbon-reduction solutions, it focuses on industry pain points and user needs, and leverages on the Company’s advantages in technology, products, and experience, continuously enhancing social and environmental benefits. FUTURE OUTLOOK The next five years represent a critical stage for the macroeconomy to stabilise growth and adjust structures. It is also a crucial window of opportunity for the real estate sector to build new development models and promote high-quality development. While the downward trend in the overall industry volume has slowed down, structural opportunities become prominent, presenting a key timeframe for enterprises with robust financials and leading quality to achieve breakthrough development. The Company is committed to building China Jinmao into a top-tier city operator with leading products, a rational structure, and prominent characteristics. In the short term, although marginal recovery signals have appeared in some high-tier cities, the real estate industry as a whole is still in the phase of consolidating and bottoming out. The risks associated with existing stock have not been completely cleared. We will maintain strategic focus, closely revolve around the “three tough battles and two emphases ”, and resolutely win the three battles of realising operating performance, building product culture, and accelerating the second curve. We will place greater emphasis on tackling existing projects and reducing liabilities, continuously accumulate momentum for upward renewal, and march firmly towards the goals of “living well” and “living brilliantly”. ุਕΫᚥᚃ Ҧᚃ Ҧᚃ ֢ ܵ މ ͂ிһ ɿ f ౽ᅆঐ๕ ၁༆Ӕ ਕਠdၳೊБุ೨ᓃձ͜˒ცӋd೯ ٟ ूf ૐ ᗫᒟච อᅼόeપਗ৷ሯ ҸɹಂdБุᐼඎʕᅹɨБ࿒ ዚึ̉ᜑdՈ௪ᖢৌ ᗫᒟዚ ༾ಂfۜ ̹༶ᐄ ਠf̹̈ତᗙ ֵ ࡁ ɢdࠠ ˖ʷ ൖπ fʔᓙጐႅอ ̈ ͦᅺ ᒕආf
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37 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW REVIEW ON OVERALL RESULTS OF THE COMPANY For the six months ended 30 June 2026, profit attributable to owners of the parent amounted to approximately RMB879.2 million, representing a decrease of 19% as compared with approximately RMB1,090.1 million in the corresponding period of last year. Excluding the fair value losses on investment properties, net of deferred tax, the profit attributable to owners of the parent amounted to approximately RMB1,009.9 million, representing a decrease of 10% as compared with approximately RMB1,123.2 million in the corresponding period of last year. I. Revenue For the six months ended 30 June 2026, the revenue of the Group amounted to approximately RMB21,418.2 million (for the six months ended 30 June 2025: approximately RMB25,112.6 million), representing a decrease of 15% as compared with the corresponding period of last year, primarily attributable to the decrease in revenue from property development as compared with the corresponding period of last year. Revenue by business segments ৌਕΫᚥ ʮุ̡ᐶΫᚥ ࿚Ї 2026 ϋ6 ˜30ה ɛ͏࿆ 879.2 ϵຬʩd ɛ͏࿆ 1,090.1ࠥ 19%ᑦฦ ʊϔৰ ɛ ͏࿆ 1,009.9ɛ͏࿆ 1,123.2ࠥ10%f 一、 收入 ࿚Ї 2026 ϋ6 ˜30˜d͉ණྠϗ ɛ͏࿆ 21,418.2 ϵຬʩ ࿚Ї2025 ϋ 6 ˜30ɛ͏࿆ 25,112.6 ϵຬ ʩ d༰ɪϋΝಂಯˇ15%ุක f ุਕʱྌʱʘϗɝ ࿚Ї6˜30˜ For the six months ended 30 June 2026ϋ 2025ϋ 2026 2025 ɛ͏࿆ϵຬʩ Цᐼϗɝʘ ϵʱˢ(%) ɛ͏࿆ϵຬʩ Цᐼϗɝʘ ϵʱˢ(%) ᜊਗ ϵʱˢ(%) (Unaudited) RMB million Percentage of the total revenue (%) (Unaudited) RMB million Percentage of the total revenue (%) Change in percentage (%) ุක೯ Property development 16,803.4 76 20,041.0 78 -16 ุҳ༟ Property investments 852.6 4 814.4 3 5 ᐄ Hotel operations 629.3 3 775.6 3 -19 ਕ Jinmao Services 1,887.1 9 1,783.4 7 6 Չ˼ Others 1,993.4 8 2,431.6 9 -18 ࠇTotal 22,165.8 100 25,846.0 100 -14 Չʕjʱගቖਯ Among which: Intersegment sales 747.6 3 733.4 3 2 ˒ ቖਯ Sales to external customers 21,418.2 97 25,112.6 97 -15
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38 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) I. Revenue (Continued) Revenue by business segments (Continued) In the first half of 2026, revenue from property development of the Group was approximately RMB16,803.4 million, representing a decrease of 16% as compared with that of the corresponding period of last year, mainly due to the decrease in the sales properties delivered and settled as compared with the corresponding period of last year. Revenue from property investments increased by 5% as compared with that of the corresponding period of last year, mainly due to the newly added investment properties such as Changsha ICC in the second half of 2025. Revenue from hotel operations decreased by 19% as compared with that of the corresponding period of last year, mainly due to the disposal of The Ritz-Carlton Sanya in the second half of 2025. Revenue from Jinmao Services grew by 6% over that of the corresponding period of last year, which was mainly due to the increase in revenue from basic property management service and community value-added service during the period. Revenue from others (primarily including the property-related revenues arising from the observation deck on the 88th floor of Jin Mao Tower, green buildings technology and building decoration) decreased by 18% over that of the corresponding period of last year, which was mainly due to the decrease in revenue from building decoration, etc. II. Cost of sales and gross profit margin For the six months ended 30 June 2026, cost of sales of the Group was approximately RMB18,928.6 million (for the six months ended 30 June 2025: approximately RMB21,053.8 million) and the overall gross profit margin of the Group was 12%, down 4 percentage points as compared with the corresponding period of last year, which was mainly due to the decrease in gross profit margin for property development. During the first half of 2026, the gross profit margin of property development was 7% (corresponding period of last year: 12%); the gross profit margin of property investments was 80% (corresponding period of last year: 79%); the gross profit margin of hotel operations was 33% (corresponding period of last year: 34%); the gross profit margin of Jinmao Services was 18% (corresponding period of last year: 23%). ৌਕΫᚥᚃ ɓe ϗɝᚃ ุਕʱྌʱʘϗɝᚃ 2026މߒ ɛ͏࿆ 16,803.4 ϵຬʩd༰ɪϋΝಂಯˇ 16%ุ༰ɪ ุҳ༟ϗɝ༰ɪϋΝಂ ᄣ̋ 5%2025Ӎ ICCุҳ༟ϗɝᄣ̋iৢ ᐄϗɝ༰ɪϋΝಂಯˇ 19%ڷࠅ 2025הֳ ਕϗɝ༰ɪϋΝಂᄣ̋ 6%d˴ ਕϗ ɽข 88 ഃήପ ϗɝd༰ɪϋΝಂಯˇ 18%d˴ ഃϗɝಯˇf ɚe ቖਯϓ͉ʿˣлଟ ࿚Ї 2026 ϋ6 ˜30˜d͉ණྠʘ ɛ͏࿆ 18,928.6 ϵຬʩ ࿚ Ї 2025 ϋ 6 ˜ 30ɛ͏࿆ 21,053.8 ϵຬʩ i͉ණྠቖਯˣлଟ މ12%d༰ɪϋΝಂಯˇ 4ࠅ f 2026މ7%ɪϋ Νಂj12%މ80%ɪϋ Νಂj79%މ33%ɪϋ Νಂj34%މ18%ɪϋ Νಂj23%f
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39 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) III. Other income and gains For the six months ended 30 June 2026, other income and gains of the Group increased by 36% from approximately RMB1,240.6 million in the corresponding period of last year to approximately RMB1,693.0 million, mainly due to the gain from derecognition of financial liabilities measured at amortised cost during the period. Details are set out in note 6 to the interim condensed consolidated financial information. IV. Selling and marketing expenses For the six months ended 30 June 2026, selling and marketing expenses of the Group amounted to approximately RMB815.1 million, basically the same as approximately RMB832.1 million in the corresponding period of last year. Selling and marketing expenses comprise primarily the advertising expenses, commission to sales agencies, staff costs and other expenses in relation to market promotion incurred in the Group’s daily operations. V. Administrative expenses For the six months ended 30 June 2026, administrative expenses of the Group amounted to approximately RMB1,086.1 million, representing a decrease of 11% from approximately RMB1,215.9 million in the corresponding period of last year, mainly due to the decrease of employee expenses as compared with those in last year. Administrative expenses mainly comprise staff costs, consulting fees, entertainment expenses, general office expenses and property depreciation expenses. ৌਕΫᚥᚃ ɧe Չ˼ϗɝձϗू ࿚Ї2026 ϋ6˜30˜d͉ණྠʘՉ ɛ͏࿆ 1,693.0 ϵຬʩd ɛ͏࿆ 1,240.6ڗ 36%ඎ ʕಂᔊ ൗ 6f ̬e ቖਯձᐄቖක˕ ࿚Ї2026 ϋ6˜30˜d͉ණྠʘቖ ɛ͏࿆ 815.1 ϵຬʩdၾ ɛ͏࿆ 832.1̻f ͉ණྠ˚੬ᐄʕ Щ ක ˕f ʞe ၍ଣ൬͜ ࿚Ї2026 ϋ6˜30 ˚˟d͉ණྠʘ၍ଣ൬͜ ɛ͏࿆ 1,086.1 ϵຬʩd༰ɪϋΝಂɛ͏ ࿆1,215.9 ϵຬʩಯˇ 11%ʈක ʈ ൬͜eፔ༔൬͜eʹყ൬͜eɓছ፬ʮක˕ ұᔚf
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40 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) VI. Other expenses and losses, net Other expenses and losses, net, of the Group for the six months ended 30 June 2026 amounted to approximately RMB348.2 million, representing a decrease of 36% from approximately RMB539.8 million in the corresponding period of last year, mainly attributable to the decrease in the amount of the provision for impairment of the Group as compared with the corresponding period of last year. On 30 June 2026, the Group reviewed the market conditions of the properties under development and properties held for sale of the Group and its associates and joint ventures as of that date. The Group estimated the net realisable value of properties under development and properties held for sale by mainly taking into account the latest selling prices and prevailing market conditions, estimated development costs to be incurred by the time of completion and necessary selling expenses and related taxes estimated to be incurred in the process of sales. Provision for impairment is made for properties under development and properties held for sale whose net realisable value is lower than the cost. In the first half of 2026, the Group recognised a total of RMB47.1 million in impairment losses on properties held for sale. Details are set out in note 8 to the interim condensed consolidated financial information. VII. Finance costs For the six months ended 30 June 2026, total interest expenses of the Group were approximately RMB2,890.0 million, representing a decrease of 11% from approximately RMB3,256.2 million in the corresponding period of last year. For the six months ended 30 June 2026, interest expenses capitalised by the Group were approximately RMB1,882.5 million, representing a decrease of 8% from approximately RMB2,041.8 million in the corresponding period of last year. As a result, for the six months ended 30 June 2026, finance costs were approximately RMB1,007.5 million, representing a decrease of 17% from approximately RMB1,214.4 million in the corresponding period of last year. ৌਕΫᚥᚃ ʬe Չ˼൬͜ʿฦ̰ଋᕘ ࿚Ї 2026 ϋ6 ˜30˜d͉ණྠʘ ɛ͏࿆ 348.2 ϵຬ ɛ͏࿆ 539.8 ϵຬʩಯˇ 36%ᕘ༰ɪϋΝ f 2026 ϋ6 ˜30͉ණྠʿ ุձ d͉ණྠ eЇ ක೯ϓ͉eཫПቖਯ d ̙ᜊ ي 2026 ϋ ฦ̰ ɛ͏࿆ 47.1ʕಂᔊ ൗ 8f ɖe ፄ༟ϓ͉ ࿚Ї 2026 ϋ6 ˜30˜d͉ණྠʘ ɛ͏࿆ 2,890.0 ϵຬʩd ɛ͏࿆ 3,256.2 ϵຬʩಯˇ 11%f࿚Ї 2026 ϋ6 ˜30˜d͉ ɛ͏࿆ 1,882.5 ɛ͏࿆ 2,041.8 ϵຬ ʩಯˇ 8% fΪϤd࿚Ї 2026 ϋ6 ˜30 ˚˟ ɛ͏࿆ 1,007.5 ϵຬ ɛ͏࿆ 1,214.4 ϵຬʩಯ ˇ17%f
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41 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) VIII. Income tax expense For the six months ended 30 June 2026, the Group had an income tax expense of approximately RMB199.5 million, representing a decrease of 81% from approximately RMB1,066.4 million in the corresponding period of last year, primarily due to the decrease in PRC corporate income tax during the period. IX. Investment properties As at 30 June 2026, investment properties mainly comprised the lease portion of the Central and West Towers and some floors in the East Tower of Beijing Chemsunny World Trade Centre, office and retail portion of Shanghai Jin Mao Tower, office portion of Xicheng Jinmao Centre, Shanghai International Shipping Service Center, office portion of Nanjing Xuanwu Lake Jin Mao Plaza and Nanjing Jinmao Mall of Splendor, Qingdao Jinmao Harbour Shopping Mall, Zhangjiagang Mall of Splendor, Qingdao Jinmao Mall of Splendor, Tianjin Jinmao Place, Changsha ICC, etc. Investment properties decreased from approximately RMB39,319.4 million as at 31 December 2025 to approximately RMB39,187.1 million as at 30 June 2026, which was mainly due to fair value losses from investment properties. X. Properties under development The current portion of properties under development comprised property development costs incurred by properties under development pre-sold or intended for sale and expected to be completed within one year from the end of the reporting period, whereas the non- current portion of properties under development comprised property development costs incurred by properties under development not yet pre-sold and expected to be completed after one year from the end of the reporting period. As at 30 June 2026, properties under development (current and non-current) amounted to approximately RMB164,632.8 million, representing an increase of 21% from approximately RMB136,452.1 million as at 31 December 2025, mainly due to the addition of a number of new projects and the progress of project construction. ৌਕΫᚥᚃ ɞe ൬͜ ࿚Ї2026 ϋ6˜30הٙ ɛ͏࿆ 199.5 ϵຬʩd༰ɪϋ ɛ͏࿆ 1,066.4 ϵຬʩಯˇ 81%d˴ f ɘe ุ 2026 ϋ6˜30̏ԯ ʱᅽᄴe ɽขᄳοᅽձਠุ ̈ॡʱ e ਕʕ ߱ږ ಥᚎ Ӎ ICCุ͟ 2025 ϋ12 ˜31ɛ ͏࿆39,319.4Ї 2026 ϋ6˜30ٙ ɛ͏࿆ 39,187.1ҳ༟ f ɤe ุ Ꮭ̈ਯ ʕ ʕ జ ٙ 2026 ϋ6˜30ʕ ɛ͏࿆164,632.8 ϵຬʩd༰ 2025 ϋ 12 ˜ 31ɛ͏࿆ 136,452.1 ϵຬʩᄣ̋ 21%ʍ f
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42 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) XI. Investments in joint ventures Investments in joint ventures decreased from approximately RMB29,284.0 million as at 31 December 2025 to approximately RMB23,102.0 million as at 30 June 2026, mainly due to capital reductions in some joint ventures and dividend distributions to shareholders by some joint ventures during the period under review. XII. Investments in associates Investments in associates increased from approximately RMB26,654.1 million as at 31 December 2025 to approximately RMB27,257.5 million as at 30 June 2026, mainly due to the increased capital investment in some associates and the increase in share of profits of associates during the period under review. XIII. Properties held for sale Properties held for sale increased from approximately RMB37,039.3 million as at 31 December 2025 to approximately RMB38,261.3 million as at 30 June 2026, which was primarily due to projects completed but not yet delivered in the first half of 2026 such as Chengdu Jinmao Puyi Jinjiang Project, etc., partially offset by the delivery of projects such as Sanya Tianlu Manwan Project, etc. XIV. Land under development As at 30 June 2026, land under development (current and non- current) was approximately RMB28,508.2 million, representing an increase of RMB671.5 million from approximately RMB27,836.7 million as at 31 December 2025, which was primarily due to the increase in land costs incurred during the period under review. XV. Trade receivables As at 30 June 2026, trade receivables (current and non-current) were approximately RMB4,914.4 million, basically the same as approximately RMB4,955.5 million as at 31 December 2025. Trade receivables mainly comprise receivables for property services and receivables for building decoration, etc. ৌਕΫᚥᚃ ɤɓe ҳ༟ ҳ༟͟ 2025 ϋ12 ˜31ߒٙ ɛ͏࿆29,284.0Ї 2026 ϋ6˜30 ˚ ɛ͏࿆ 23,102.0Ϋᚥಂ ʫ࿁ʱΥᐄʮ̡ಯ༟˸ʿʱΥᐄʮ̡Σ f ɤɚe ҳ༟ ҳ༟͟ 2025 ϋ12 ˜31ߒٙ ɛ͏࿆26,654.1 ϵຬʩᄣЇ 2026 ϋ6˜30 ˚ ɛ͏࿆ 27,257.5Ϋᚥಂ ༟͉ҳ༟ձʱЦᑌᐄ f ɤɧe ุ ุ͟ 2025 ϋ12 ˜31ɛ͏ ࿆37,039.3 ϵຬʩᄣЇ 2026 ϋ6˜30ߒٙ ɛ͏࿆ 38,261.3߱ږ 2026 ϋɪ̒ϋംʈϾ͊ʹ ת ቖf ɤ̬e ʕɺή 2026 ϋ6˜30 ɛ͏࿆ 28,508.2 ϵຬʩd༰ 2025 ϋ 12 ˜31ɛ͏࿆ 27,836.7 ϵຬʩᄣ̋ɛ͏ ࿆671.5ɺ f ɤʞe ಛ 2026 ϋ6 ˜30ڢ ɛ͏࿆4,914.4 ϵຬʩdၾ 2025 ϋ 12 ˜31ɛ͏࿆ 4,955.5ܵ ਕಛձ ಛഃf
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43 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) XVI. Prepayments, other receivables and other assets As at 30 June 2026, prepayments, other receivables and other assets (current and non-current) were approximately RMB52,606.7 million, representing an increase of 9% from approximately RMB48,148.0 million as at 31 December 2025, which was mainly due to the increase in the amounts due from non-controlling shareholders during the period under review. XVII. Other financial assets As at 30 June 2026, other financial assets (current and non-current) amounted to approximately RMB5,459.6 million (31 December 2025: approximately RMB5,516.7 million). Other financial assets are mainly the investment in Phase II of Changsha Meixi Lake Primary Development Project, other unlisted investments and unlisted equity investments. The decrease of RMB57.1 million during the period was mainly due to the fair value loss on Phase II of Changsha Meixi Lake Primary Development Project. XVIII. Goodwill As at 30 June 2026, goodwill amounted to approximately RMB479.9 million (31 December 2025: RMB479.9 million), which arose from the acquisition of equity interests in Beijing Capital Services in 2022 and the acquisition of equity interests in Beijing Runwu Jiaye Enterprise Management Co., Ltd. and its subsidiaries in the first half of 2024 by Jinmao Services. XIX. Trade and bills payables As at 30 June 2026, trade and bills payables were approximately RMB27,270.7 million, representing an increase of 13% from approximately RMB24,219.0 million as at 31 December 2025, which was primarily due to the construction costs newly incurred during the period. XX. Other payables and accruals As at 30 June 2026, other payables and accruals (current and non- current) were approximately RMB117,878.4 million, representing an increase of 30% from approximately RMB90,365.4 million as at 31 December 2025, which was primarily due to the increase in contract liabilities arising from pre-sale housing proceeds during the period under review. XXI. Interest-bearing bank and other borrowings As at 30 June 2026, interest-bearing bank and other borrowings (current and non-current) were approximately RMB122,757.9 million, representing a decrease of 5% from approximately RMB129,012.0 million as at 31 December 2025, which was mainly due to the fact that the Company actively promoted strategic adjustments, continuously improved operational efficiency, and continued to optimise its debt structure and strengthen debt management during the period, resulting in a reduction in scale of interest-bearing bank and other borrowings. ৌਕΫᚥᚃ ɤʬe ཫ˹ಛධeՉ˼ᏐϗಛධձՉ ˼༟ପ 2026 ϋ6˜30 ˚dཫ˹ಛධeՉ˼Ꮠϗಛ ɛ͏࿆ 52,606.7 ϵຬʩd༰ 2025 ϋ12 ˜31ߒٙ ɛ͏࿆ 48,148.0 ϵຬʩᄣ̋ 9%Ϋ f ɤɖe ፄ༟ପ 2026 ϋ6 ˜30ਗʿ ɛ͏࿆5,459.6 ϵຬʩ 2025 ϋ 12 ˜31ɛ͏࿆ 5,516.7 ϵຬʩ fՉ˼ Ӎૠಳɓॴක೯ධͦ ɪ̹ ͉ҳ༟f͉ಂಯˇɛ͏࿆ 57.1 ϵຬʩd˴ ʮ f ɤɞe ਠᚑ 2026 ϋ6 ˜30ɛ͏࿆ 479.9 ϵຬʩ 2025ϋ12 ˜31 ˚jɛ͏࿆ 479.9 ϵ ਕ2022ٰ ᛆձ2024ྗุΆุ ᛆପ͛f ɤɘe ሪಛʿୃኽ 2026 ϋ6˜30ߒ ɛ͏࿆ 27,270.7 ϵຬʩd༰ 2025 ϋ12 ˜ 31ɛ͏࿆ 24,219.0ڗ13%d f ɚɤe ಛධ 2026 ϋ6 ˜30ࠇ ɛ͏࿆117,878.4 ϵຬʩd༰ 2025 ϋ 12 ˜ 31ɛ͏࿆ 90,365.4 ϵຬʩᄣ̋ 30%Ϋᚥಂʫ f ಛ 2026 ϋ6 ˜30ვБ൲ಛձՉ˼ ɛ͏࿆122,757.9 ϵຬʩd༰ 2025 ϋ 12 ˜ 31ɛ͏࿆ 129,012.0 ϵຬʩಯˇ 5%ӻ͉ಂʮ̡ ᚃʺdԨ ᚃᎴʷවਕഐd੶ʷවਕ၍છdϾኬ f
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44 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) XXII. Gearing ratio The Group monitors its capital on the basis of the net debt-to- adjusted capital ratio. This ratio is calculated as net debt divided by adjusted capital. Net debt is calculated as total interest-bearing bank and other borrowings less restricted bank balances, cash and cash equivalents and certain other financial assets under current assets. Adjusted capital comprises all components of equity and the Group’s amounts due to the holding companies. The Group aims to maintain the net debt-to-adjusted capital ratio at a reasonable level. The net debt-to-adjusted capital ratios as at 30 June 2026 and 31 December 2025 were as follows: * The Group’s amounts due to the holding companies, including the amounts due to Sinochem Hong Kong Capital Management Co., Ltd., a wholly-owned subsidiary of Sinochem Hong Kong (Group) Company Limited. ৌਕΫᚥᚃ වˢଟ ਿ္ ࠇ ಛᐼᕘ ձ ၑfሜ ᛆूଡ଼ϓʱձ͉ණྠᏐ˹ ଋව 2026 ϋ6˜30 ˚ʿ 2025 ϋ12 ˜31༟͉ˢ ଟνɨj 2026ϋ 6˜30˚ ɛ͏࿆ϵຬʩ 2025ϋ 12˜31˚ ɛ͏࿆ϵຬʩ As at 30 June 2026 (Unaudited) (RMB million) As at 31 December 2025 (Audited) (RMB million) ಛ ਗ Interest-bearing bank and other borrowings (current and non-current) 122,757.9 129,012.0 e ʍ ፄ༟ପ Less: cash and cash equivalents, restricted bank balances and certain other financial assets (42,892.1) (32,389.0) ଋවਕ Net debt 79,865.8 96,623.0 ᛆूᐼᕘ Total equity 124,083.2 119,561.4 ʮ̡ಛධ* Add: the Group’s amounts due to the holding companies* 30,597.9 20,062.4 ༟͉ Adjusted capital 154,681.1 139,623.8 ༟͉ˢଟ Debt-to-adjusted capital ratio 52% 69% * ࠰ ʮ̡ ʘΌ༟ɿʮ̡ ಛධf
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45 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) XXIII. Liquidity and capital resources The Group primarily uses its cash to pay its capital expenditures, construction costs, land costs (mainly for payment of land grant fee and relocation costs), infrastructure costs, consulting fees payable to architects and designers and finance costs, to repay the Group’s indebtedness, amounts owing to and loans from related parties, and to fund its working capital and normal recurring expenses. The Group has financed its liquidity and capital expenditure requirements primarily through internal resources, bank and other loans, issue of perpetual capital securities, issue of domestic renewable corporate bonds, issue of senior notes and medium-term notes, capital contribution from non-controlling shareholders and issue of new shares. As at 30 June 2026, the cash and cash equivalents as stated in the interim condensed consolidated statement of financial position of the Group of approximately RMB37,345.3 million were mainly denominated in RMB, HKD and USD (as at 31 December 2025: approximately RMB28,403.2 million). As at 30 June 2026, the Group had total interest-bearing bank and other borrowings of approximately RMB122,757.9 million (as at 31 December 2025: approximately RMB129,012.0 million). An analysis of the interest-bearing bank and other borrowings of the Group is set out as follows: ৌਕΫᚥᚃ ၾ༟͉༟๕ ጘ ձ ձண ፔ༔൬͜ձፄ༟ϓ͉d˸ʿᎵ͉ණ වਕeᎵᒔᏐ˹ᗫᑌ˙ಛධʿᗫᑌ˙൲ ක˕f ஷཀʫ༟๕eვБʿՉ˼൲ ಛe೯Б͑ᚃ༟͉ᗇՎe೯Бྤʫ̙ᚃಂʮ છՓ ʿ༟ ˕̈ცӋf 2026 ϋ6 ˜30ၝΥ ɛ͏ ࿆37,345.3˸ɛ͏࿆eಥ࿆ʿ 2025 ϋ12 ˜31ɛ͏࿆ 28,403.2 ϵຬʩ f 2026 ϋ6˜30ვБ൲ಛ ɛ͏࿆ 122,757.9 ϵຬʩ 2025 ϋ12 ˜31ɛ͏࿆ 129,012.0 ვБ൲ಛʿ j 2026ϋ 6˜30˚ ɛ͏࿆ϵຬʩ 2025ϋ 12˜31˚ ɛ͏࿆ϵຬʩ As at 30 June 2026 (Unaudited) (RMB million) As at 31 December 2025 (Audited) (RMB million) ɓϋʫ Within one year 25,522.3 28,124.6 ୋɚϋ In the second year 35,313.3 28,741.6 ҈Շϋ In the third to fifth years, inclusive 38,705.2 48,164.9 ʞϋ˸ɪ Over five years 23,217.1 23,980.9 ࠇTotal 122,757.9 129,012.0
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46 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) XXIII. Liquidity and capital resources (Continued) Interest-bearing bank and other borrowings of approximately RMB25,522.3 million were repayable within one year shown under current liabilities. All of the Group’s borrowings are denominated in RMB, HKD and USD. As at 30 June 2026, save as interest-bearing bank and other borrowings of approximately RMB12,627.4 million that bore interest at fixed rates, other interest-bearing bank loans and other borrowings bore interest at floating rates. There is no material seasonal effect on the Group’s borrowing requirements. As at 30 June 2026, the Group had banking facilities of approximately RMB142,416.8 million, all denominated in RMB, HKD and USD. The amount of banking facilities utilised was approximately RMB72,086.2 million. The Group’s net cash inflow of approximately RMB8,953.2 million for the six months ended 30 June 2026 consisted of: 1. A net cash inflow of approximately RMB10,487.0 million from operating activities, which was mainly attributable to the proceeds derived from the sales of properties, property rental and revenue from hotel operations, etc. by the Group, and was partially offset by the payment of land and construction costs, selling and marketing expenses, administrative expenses and tax expenses, etc. 2. A net cash inflow of approximately RMB7,249.5 million from investing activities, which was mainly attributable to acquisition of subsidiaries, recovery of loans to associates and joint ventures and recovery of return of capital from joint ventures, etc. during the period, and was partially offset by increase in restricted bank balances, disposal of subsidiaries and increased investments in associates, etc. 3. A net cash outflow of approximately RMB8,783.3 million from financing activities, which was mainly attributable to the Group’s repayment of bank loans and other borrowings, repayment of loans to non-controlling shareholders, payment of interests, etc., partially offset by new bank loans and other borrowings, loans from related parties, capital contribution from non-controlling shareholders, etc. ৌਕΫᚥᚃ ၾ༟͉༟๕ᚃ ɛ͏࿆ 25,522.3 ࠋ ʩ 2026 ϋ6˜30ვ ɛ͏࿆ 12,627.4 ϵຬʩ ვБ൲ಛʿՉ ಛცӋ ᅂᚤf 2026 ϋ6 ˜30൲ᕘ ɛ͏࿆ 142,416.8 ϵຬʩdΌ˸ɛ͏ ܓ ɛ͏࿆ 72,086.2 ϵຬʩf ͉ණྠ࿚Ї 2026 ϋ6˜30ږ ɛ͏࿆ 8,953.2j 1. ɛ͏࿆ 10,487.0͉ණྠ ༶ᐄϗɝ ጘϓ͉eቖਯ ת ቖf 2. ɛ͏࿆ 7,249.5 ͉ಂ͉ණྠϗᒅɿ ʮ̡eϗΫ࿁ᑌᐄʮ̡ʿΥᐄʮ̡൲ಛ ձϗΫΥᐄʮ̡ᓥᒔ༟͉ഃdʱΪա ՓვБഐቱᄣ̋ëਯɿʮ̡ʿΣᑌ ቖf 3. ɛ͏࿆ 8,783.3 ͉ණྠᎵᒔვБ൲ ൲ಛe dʱΪอᄣვБ൲ಛʿՉ˼ ؇ٰ ቖf
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47 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS ৌਕΫᚥᚃ ༟ପ 2026 ϋ6 ˜30ვБ൲ ʿண ௪ɛ͏࿆ 3,453.4ุɛ͏ ࿆58,163.4ุɛ͏࿆ 12,251.6ุɛ͏࿆ 29,663.4 ϵຬʩeԴ͜ᛆ༟ପɛ͏࿆ 149.7 ϵຬʩʿ ପ͛ϗɝΥɛ ͏࿆1,312.5f 2026 ϋ6˜30ʍΥᐄʮ̡ʿ ᐼ ɛ͏࿆ 311.4ʍΥᐄʮ̡ʿ f ڭ 2026 ϋ6˜30ʕ ൗ 20f ዄ 2026 ϋ6˜30ʕ ൗ 21f ᎈ ي ุ ᜊ ତf ᎈ ᎈf ၾ͉ ͉ණ ˕̈ᄣ̋d ਗᒔึኬ ਗfԫ Ϟ ᎈf FINANCIAL REVIEW (CONTINUED) XXIV. Pledge of assets As at 30 June 2026, the Group’s interest-bearing bank and other borrowings were secured by the Group’s property, plant and equipment of RMB3,453.4 million, properties under development of RMB58,163.4 million, properties held for sale of RMB12,251.6 million, investment properties of RMB29,663.4 million, right-of-use assets of RMB149.7 million and revenue generated by certain pledged investment properties and hotels with an aggregate amount of RMB1,312.5 million. At 30 June 2026, certain of the Group’s equity investments in joint ventures and associates, which had an aggregate net carrying amount of RMB311.4 million, were pledged to secure for the bank loans of certain joint ventures and associates of the Group. XXV. Financial guarantees The Group’s financial guarantees as at 30 June 2026 are set out in note 20 to the interim condensed consolidated financial information. XXVI. Commitments Details of the Group’s commitments as at 30 June 2026 are set out in note 21 to the interim condensed consolidated financial information. XXVII. Market risk The Group’s assets are predominantly in the form of land under development, properties under development, properties held for sale and investment properties. In the event of a severe downturn in the property market in Mainland China, these assets may not be readily realised. XXVIII. Interest rate risk The Group is exposed to interest rate risk resulting from fluctuations in interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s long-term debt obligations. Increase in interest rates will increase the interest expenses relating to the Group’s outstanding floating rate borrowings and increase the cost of new debt. Fluctuations in interest rates may also lead to significant fluctuations in the fair value of the Group’s debt obligations. The Board will from time to time review the interest rate risk of the Group and will hedge and control such risks should the need arise.
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48 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS ৌਕΫᚥᚃ ᎈ ͉ණྠɽʱᐄุϗɝձϓ͉ѩ˸ɛ͏࿆ഐ ˸ɛ͏࿆яజৌਕุ ಛdΪ ᎈfԫึਗ਼ ࠅ ᎈf ᎈʿτΌ ༶ᐄ ਖ਼ุɛɻ္ ܲ ᎈʿ ਪᕚʘɓdΪ ٙ ಂһอʝᑌ τӻ୕ʿԣ˦ᐍd˸ਗ਼ʮ̡ʫၣഖၾ ப࿁О ਗආБ˚੬္છf ᎈ ͉ණྠʔᓙᄲൖԨһอϞᗫ՟͜ᅰኽʿᅰኽ ڭ ᚐᅰኽd̥ʪᐏબᛆɛɻ೮ɝf၍ଣᄴႩ ໝྼd˸ᒒеᅰ ᎈf ᎈ ं ᎈf༈ ிʿᐄிϓʔлᅂ ᐄ ุᕘf ഄ 2026 ϋ6 ˜30 ˚d͉ණྠΥϞ 7,885 Τ ձ ྌeᔼᐕ ྌձ ̹ఙᅺᏨী͉ ӻၾ͉ණྠ 2025ˢӚ ɽᜊʷf FINANCIAL REVIEW (CONTINUED) XXIX. Foreign currency exchange risk Substantially all of the Group’s revenue and costs are denominated in RMB. The interim report of the Group uses RMB as presentation currency of its financial results. The Group still has borrowings denominated in USD and HKD. As a result, the Group is exposed to the risk of fluctuations in foreign exchange rates. The Board will from time to time review the foreign exchange exposure risk of the Group and will hedge and control such risks should the need arise. XXX. Network risks and security As the computer system and the Internet play a key role in our operations, the Group has designated professionals to monitor and assess the potential network risks. Hardware and software are subject to tracking according to appropriate policies of the Company. Potential network risks and network security are major issues that draw the management’s attention. Accordingly, the Group has put in place policies and procedures to regulate the use of the Internet, physical maintenance of system power supply and regular update of the Internet security system and firewall to isolate the Company’s intranet from outside networks. Designated professionals are responsible for daily monitoring of any unusual network activities. XXXI. Data fraud or theft risks The Group continues to review and update the internal control system on data and information access. The Group has adopted appropriate policies to protect its data. Only authorised persons are allowed to login. The management considers that the existing policies and procedures are effectively implemented to avoid data fraud and theft risks. XXXII. Environmental and social risks Due to the nature of business, in the event of serious and permanent climate change in China, the Company will face moderate environmental risks. The risks may have adverse effects on property construction and operations and affect the Company’s market operations and the turnover of property sales. XXXIII. Employees and remuneration policies As at 30 June 2026, the Group employed 7,885 staff members in total. The Group provides competitive salaries and bonuses for its employees, as well as other benefits, including retirement schemes, medical insurance schemes, unemployment insurance schemes, maternity insurance schemes and housing benefits. The Group’s salary levels are regularly reviewed against market standards. The Group’s employee training and growth system has no material change from those disclosed in the Group’s 2025 annual report.
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49 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) XXXIV. Share option scheme On 29 January 2019, the Company held an extraordinary general meeting, and approved and adopted a new share option scheme (the “New Scheme”), the purpose of which is to continue to enhance the commitment of the participants to the Company and encourage them to pursue the objectives of the Company. According to the terms of the New Scheme, the Board shall at its absolute discretion grant to any participant a certain number of options at any time within 10 years after the adoption date of the new share option scheme. Participants, i.e. recipients of the options granted, include any existing executive or non-executive directors of any member of the Group and any senior management, key technical and professional personnel, managers and employees of any member of the Group, but do not include any independent non-executive directors of the Company. As at the end of the reporting period, the remaining life of the New Scheme is approximately 3 years. The number of shares to be issued at any time upon exercise of all options granted under the New Scheme and other share option schemes of the Company shall not in aggregate exceed 10% of the then issued shares of the Company. Accordingly, the Company may issue up to 1,155,352,832 shares to the participants under the New Scheme, representing 8.55% of the issued shares of the Company as at the date of this report. Unless an approval of shareholders is obtained at a general meeting, if the total number of shares issued and shares which may fall to be issued upon exercise of all share options (including exercised, cancelled and outstanding share options) granted and to be granted under the New Scheme and any other share option schemes of the Company to a participant in any 12-month period in aggregate exceeds 1% of the issued shares of the Company at any time, no further share options shall be granted to such participant. Upon acceptance of the grant of the share options, the grantee undertakes that he/she will, at the request of the Company, pay a consideration of HK$1 or the equivalent (to be determined on the date when the offer of the grant of the share options is accepted) to the Company for acceptance of the offer of the grant of the share options. The offer of the grant of the share option may be accepted within a 28- day period from the offer date, provided that the grantee accepts the offer within the specified 28-day period and pays an amount of HK$1 or equivalent (based on the date of acceptance of the offer of the grant of the share option). ৌਕΫᚥᚃ ྌ 2019 ϋ1 ˜29तй ྌ อ ו ዄd˸ʿрɢྼስ͉ʮ̡ʘͦᅺf ୃಂ ˚ 10બ d ʕ ʕ e ੂБ ߒ މ3ϋf ୃಂ ୃ ΅ ٙ10%٫ ೯Б௰ε 1,155,352,832͉జѓ ٙ8.55%f dίО 12ࠇ ྌᐏબʚʿਗ਼બ ʊБᛆeʊൗቖʿ ৣ೯ʿ ᐼձ൴ཀə͉ʮ̡ ٙ1%ʔ ୃಂᛆબ ӋɨΣ͉ ಥ࿆ 1ᕘ ˸ટա ୃ ̙І ࠇ28બɛ ֛ٙ28 ಥ࿆1ࠅ ਿ˚ f
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50 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) XXXIV. Share option scheme (Continued) The share options shall vest after two years from the date of grant of the share options at the earliest, and the exercise period shall not exceed seven years from the date of grant, subject to the vesting conditions and early termination provisions as set out in the New Scheme and the applicable share option grant letter. The exercise price of share options shall be the higher of (i) the closing price of the Company’s shares on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) on the date of grant of the share options; and (ii) the average closing price of the Company’s shares on the Hong Kong Stock Exchange for the five trading days immediately preceding the date of grant. XXXV. Grant and exercise of share options On 8 February 2019, the Company granted 265,950,000 share options to eligible participants pursuant to the New Scheme and the exercise price was HK$3.99 per share, being the closing price per share on the Hong Kong Stock Exchange on the date of grant. Such share options shall vest after two years from the date of grant of the share options at the earliest, and the exercise period shall not exceed seven years from the date of grant. The share options shall only vest if the pre-set performance targets of the Group and the grantees are achieved. In particular, (i) in respect of the performance of the Group, the return on net assets attributable to the parent, the growth rate of net profit attributable to the parent and the working capital turnover ratio of the Company for the financial year immediately preceding each effective year shall not be lower than the specified target value and not lower than the 75th percentile of the selected comparable companies for the same period; (ii) in respect of the individual performance assessment of the grantees, if the performance assessment result of the previous year for each effective year is B or above, such batch of options shall become 100% vested on the grantees, and if the result is B-, such batch of options shall become 80% vested on the grantees. The share options shall lapse unless all the aforesaid targets have been achieved. ৌਕΫᚥᚃ ྌᚃ ୃಂᛆબʚ˚ ࠇ ୃಂᛆબ f ༰৷ j(i)࠰ ʘϗ ̹ᄆiʿ (ii)ʞ ʘ̻ѩϗ̹ᄆf 三十五、股票期權授予及行使情況 2019 ϋ2 ˜8 ˚ΣΥ બ̈ 265,950,000ୃಂᛆd ಥᑌ ϗ̹ᄆಥ࿆ 3.99ٙ d ୃ ڌ ତͦᅺ˙ึᓥ᙮dՈϾԊd(i) ఱ͉ණྠุ ɓৌਕ ଋ༟ପϗू ଟʿᐄ༶༟ ֛ ٙ75i(ii) ఱબʚ ٙܓ މ؈B༈ҭ ಂᛆ࿁બʚɛ 100%މ؈Bۆٙ ༈ҭಂᛆ࿁બʚɛ 80%ʊ༺Ց f
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51 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) XXXV. Grant and exercise of share options (Continued) On 9 September 2019, the Company granted in a total of 9,000,000 share options to Mr. LI Congrui, Mr. JIANG Nan and Mr. SONG Liuyi, the then executive directors of the Company, pursuant to the New Scheme and the exercise price was HK$4.58 per share, being the closing price per share on the Hong Kong Stock Exchange on the date of grant. Such share options shall vest after two years from the date of grant of the share options at the earliest, and the exercise period shall not exceed seven years from the date of grant. The share options shall only vest if the pre-set performance targets of the Group and the grantees are achieved. In particular, (i) in respect of the performance of the Group, the return on net assets attributable to the parent, the growth rate of net profit attributable to the parent and the working capital turnover ratio of the Company for the financial year immediately preceding each effective year shall not be lower than the specified target value and not lower than the 75th percentile of the selected comparable companies for the same period; (ii) in respect of the individual performance assessment of the grantees, if the performance assessment result of the previous year for each effective year is B or above, such batch of options shall become 100% vested on the grantees, and if the result is B-, such batch of options shall become 80% vested on the grantees. The share options shall lapse unless all the aforesaid targets have been achieved. On 5 August 2020, the Remuneration and Nomination Committee of the Board of the Company approved the release of lock-up restrictions on the grantees who fulfil the conditions on a pro rata basis of up to one-third of the share options granted by the Company on 8 February 2019 and 9 September 2019, respectively (where the percentage may decrease on a pro rata basis depending on the rating of the individual performance assessment of the grantees) according to 1) the New Scheme; 2) results of performance assessment of the grantees in 2019; 3) the “Explanation on the Fulfilment of Conditions of the First Batch of Share Options Granted by China Jinmao in 2019 (based on the 2019 performance) and Breakdown of the Release” provided by the external independent professional advisor (in particular, 11 comparable companies were selected based on factors such as similar nature of principal business and company, continuous operation and consistency of listing place, and in accordance with their publicly disclosed financial statements (after making necessary adjustments to the incomparable information (if any)), the comparison results of the relevant performance of the Group and the comparable companies were then calculated); and 4) a breakdown of the final vesting of the aforesaid batches of options for all the grantees based on the above three documents. ৌਕΫᚥᚃ 三十五、股票期權授予及行使情況ᚃ 2019 ϋ9 ˜9 ˚Σ͉ ͛ ʿ҂ㅐᆇ͛બ̈Υ 9,000,000ୃಂ ࠰ ϗ̹ᄆಥ࿆ 4.58ୃಂ ୃಂᛆબʚ˚ৎՇϋ ɖϋf ุ ତͦᅺ˙ึᓥ᙮dՈϾԊd(i) ఱ͉ණ ɓ ଋ༟ପϗ ଟʿᐄ༶ ፯ ٙ75i(ii) ఱબ ܓ މ؈B༈ ҭಂᛆ࿁બʚɛ 100%މ؈Bٙ ༈ҭಂᛆ࿁બʚɛ 80%ʊ༺ f 2020 ϋ 8 ˜ 5 ˚d͉ʮ̡ԫึᑚཇʿ ኽj1ྌi2 બʚɛ 2019i3 ̮͟ዹͭਖ਼ ߱ږ2019ٙ ʮุ̡ᐶૢ 2019 ϋ ᚃᐄ˲ɪ̹ ə 11̙ˢʮ̡d ᅰኽ ࿁Չ ၑ ˢ༰ഐ iʿ 4Όબʚɛ ࡘ 2019 ϋ2˜8˚ʿ2019 ϋ9˜9 ˢ ֛ܸܲ f
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52 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) XXXV. Grant and exercise of share options (Continued) On 10 March 2022, the Remuneration and Nomination Committee of the Board of the Company approved the lapse on a pro rata basis of up to one-third of the share options granted by the Company on 8 February 2019 and 9 September 2019, respectively, according to 1) the New Scheme; 2) results of performance assessment of the grantees in 2020; and 3) the “Explanation on the Non-fulfilment of Conditions of the Second Batch of Share Options Granted by China Jinmao in 2019 (based on the 2020 performance)” provided by the external independent professional advisor, and the share options would not vest for the grantees and had been cancelled. On 8 December 2022, the Remuneration and Nomination Committee of the Board of the Company approved the release of lock-up restrictions on the grantees who fulfil the conditions on a pro rata basis of up to one-third of the share options granted by the Company on 8 February 2019 and 9 September 2019, respectively (where the percentage may decrease on a pro rata basis depending on the rating of the individual performance assessment of the grantees) according to 1) the New Scheme; 2) results of performance assessment of the grantees in 2021; 3) the “Explanation on the Fulfilment of Conditions of the Third Batch of Share Options Granted by China Jinmao (2019) (based on the 2021 performance)” provided by the external independent professional advisor (in particular, 10 comparable companies were selected based on factors such as similar nature of principal business and company, continuous operation and consistency of listing place, and in accordance with their publicly disclosed financial statements (after making necessary adjustments to the incomparable information (if any)), the comparison results of the relevant performance of the Group and the comparable companies were then calculated); and 4) a breakdown of the final vesting of this batch of options for all the grantees based on the above three documents. At the beginning and the end of the reporting period, the number of share options that may be granted by the Company under the New Scheme was 1,057,578,832 and 1,153,352,832 , respectively. During the reporting period, the Company did not grant any share options. Share options lapsed during the reporting period were not treated as utilised, resulting in an increase in the number of share options available for grant at the end of the reporting period as compared to the beginning of the reporting period. ৌਕΫᚥᚃ 三十五、股票期權授予及行使情況ᚃ 2022 ϋ3 ˜10 ˚d͉ʮ̡ԫึᑚཇʿ ኽj1ྌi2 બʚɛ 2020iʿ 3 ̮͟ዹͭ ߱ږ2019 ϋબʚ ʮุ̡ᐶૢ 2020 2019 ϋ2˜8˚ʿ2019 ϋ9˜9ୃ dʔΎ બʚɛԨൗቖf 2022 ϋ12 ˜8 ˚d͉ʮ̡ԫึᑚཇʿ ኽj1ྌi2 બʚɛ 2021i3 ̮͟ዹͭਖ਼ ߱ږ2019ٙ ʮุ̡ᐶૢ 2021 ϋ ˴ᐄุਕʿ ഃ ə 10̙ˢʮ̡dԨԱኽՉʮක ᅰኽ ࿁Չʕʔ̙ˢᅰኽ ၑə͉ණྠձ̙ iʿ 4 Όબʚɛ͉ҭಂᛆ௰ 2019 ϋ2 ˜8 ˚ʿ 2019 ϋ9 ˜9ୃಂᛆ ˢԷ ൖ˷બʚɛ ˢԷಯˇ ࿁ୌΥ f ኽอ މ 1,057,578,832ձ1,153,352,832జ ΅ಂᛆfజѓ ЪʊԴ͜ஈଣdΪ ୃಂᛆᅰͦ༰జ ᄣ̋f
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53 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) XXXV. Grant and exercise of share options (Continued) The following share options were outstanding under the New Scheme during the six months ended 30 June 2026: ৌਕΫᚥᚃ 三十五、股票期權授予及行使情況ᚃ ࿚Ї 2026 ϋ6˜30ኽอ ୃಂᛆj ୃಂᛆᅰͦ Number of share options બʚɛ ᗳй Name or category of grantee 2026 ϋ 1˜1˚ As at 1 January 2026 ಂʫબ̈ Granted during the period ಂʫБԴ Exercised during the period ಂʫൗቖ Cancelled during the period ࣖ Lapsed during the period 2026 ϋ 6˜30 ˚ As at 30 June 2026 ୃ ಂᛆ˚ಂ Grant date of share options ୃಂᛆБԴಂ ҈Շ˚ Exercise period of share options (both dates inclusive) ୃಂᛆ БԴᄆ ಥ࿆ Exercise price of share options (HK$) ୃ ၡટಂᛆબ̈ ٙۃ ϗ̹ᄆ ಥ࿆ Closing price of the shares of the Company immediately preceding the grant date (HK$) ԫ Directors ௗ˂ऎ͛ Mr. TAO Tianhai 1,000,000 – – – (1,000,000) – 2019 ϋ 2˜8˚ 2021 ϋ2˜8˚Ї 2026 ϋ2˜7˚ 3.99 4.00 8 February 2019 8 February 2021 to 7 February 2026 1,000,000 – – – (1,000,000) – 2019 ϋ 2˜8˚ 2023 ϋ2˜8˚Ї 2026 ϋ2˜7˚ 3.99 4.00 8 February 2019 8 February 2023 to 7 February 2026 ੵሾ͛ Mr. ZHANG Hui 1,000,000 – – – (1,000,000) – 2019 ϋ 2˜8˚ 2021 ϋ2˜8˚ Ї2026 ϋ2˜7˚ 3.99 4.00 8 February 2019 8 February 2021 to 7 February 2026 1,000,000 – – – (1,000,000) – 2019 ϋ 2˜8˚ 2023 ϋ2˜8˚Ї 2026 ϋ2˜7˚ 3.99 4.00 8 February 2019 8 February 2023 to 7 February 2026 ఐወᆎɾɻ Ms. QIAO Xiaojie 666,000 – – – (666,000) – 2019 ϋ 2˜8˚ 2021 ϋ2˜8˚Ї 2026 ϋ2˜7˚ 3.99 4.00 8 February 2019 8 February 2021 to 7 February 2026 668,000 – – – (668,000) – 2019 ϋ 2˜8˚ 2023 ϋ2˜8˚Ї 2026 ϋ2˜7˚ 3.99 4.00 8 February 2019 8 February 2023 to 7 February 2026 ࠇSubtotal 5,334,000 – – – (5,334,000) – 2019 ϋ 2˜8˚ 2021 ϋ2˜8˚Ї 2026 ϋ2˜7˚ 3.99 4.00 8 February 2019 8 February 2021 to 7 February 2026
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54 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) XXXV. Grant and exercise of share options (Continued) ৌਕΫᚥᚃ 三十五、股票期權授予及行使情況ᚃ ୃಂᛆᅰͦ Number of share options બʚɛ ᗳй Name or category of grantee 2026 ϋ 1˜1˚ As at 1 January 2026 ಂʫબ̈ Granted during the period ಂʫБԴ Exercised during the period ಂʫൗቖ Cancelled during the period ࣖ Lapsed during the period 2026 ϋ 6˜30 ˚ As at 30 June 2026 ୃ ಂᛆ˚ಂ Grant date of share options ୃಂᛆБԴಂ ҈Շ˚ Exercise period of share options (both dates inclusive) ୃಂᛆ БԴᄆ ಥ࿆ Exercise price of share options (HK$) ୃ ၡટಂᛆબ̈ ٙۃ ϗ̹ᄆ ಥ࿆ Closing price of the shares of the Company immediately preceding the grant date (HK$) ࠇEmployees in aggregate 45,330,000 – – – (45,330,000) – 2019 ϋ 2˜8˚ 2021 ϋ2˜8˚ Ї2026 ϋ2˜7˚ 3.99 4.00 8 February 2019 8 February 2021 to 7 February 2026 45,110,000 – – – (45,110,000) – 2019 ϋ 2˜8˚ 2023 ϋ2˜8˚Ї 2026 ϋ2˜7˚ 3.99 4.00 8 February 2019 8 February 2023 to 7 February 2026 1,000,000 – – – – 1,000,000 2019 ϋ 9˜9˚ 2021 ϋ9˜9˚Ї 2026 ϋ9˜8˚ 4.58 4.71 9 September 2019 9 September 2021 to 8 September 2026 1,000,000 – – – – 1,000,000 2019 ϋ 9˜9˚ 2023 ϋ9˜9˚Ї 2026 ϋ9˜8˚ 4.58 4.71 9 September 2019 9 September 2023 to 8 September 2026 ࠇTotal 95,774,000 – – – (95,774,000) – 2019 ϋ 2˜8˚ 2021 ϋ2˜8˚Ї 2026 ϋ2˜7˚ 3.99 4.00 8 February 2019 8 February 2021 to 7 February 2026 2,000,000 – – – – 2,000,000 2019 ϋ 9˜9˚ 2021 ϋ9˜9˚Ї 2026 ϋ9˜8˚ 4.58 4.71 9 September 2019 9 September 2021 to 8 September 2026
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55 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) XXXVI. Material acquisitions and disposals and other discloseable transactions During the period under review and as at the date of this report, the material acquisitions, disposals and other discloseable transactions conducted by the Company include: 1 Provision of loans On 16 April 2026, Chengdu Quanmao Real Estate Co., Ltd. (“Chengdu Quanmao”, an indirect non-wholly-owned subsidiary of the Company) entered into the Framework Agreement with its shareholders, namely Beijing Fangxing Yicheng Property Co., Ltd. (“Beijing Yicheng”) and Chengdu Jingkai Urban Renewal Construction and Development Co., Ltd. (“Chengdu Jingkai”), pursuant to which Chengdu Quanmao agreed to provide loans to Beijing Yicheng and Chengdu Jingkai (or their respective designated entities) in proportion to their respective shareholding ratio and on the same terms and conditions. During the term of the Framework Agreement, the maximum daily balance (including accrued interests) of the loans provided by Chengdu Quanmao to Chengdu Jingkai will be RMB1,568 million. The transaction constitutes a discloseable transaction of the Company under Chapter 14 of the Listing Rules. For details, please refer to the announcement of the Company dated 16 April 2026. 2 Provision of loans On 12 May 2026, 10 indirect non-wholly owned subsidiaries of the Company (collectively, the “Project Companies”) renewed the Framework Agreement with their shareholders (including Beijing Xingmao Properties Co., Ltd. (“Xingmao Properties”, an indirect wholly-owned subsidiary of the Company), Win Cheer Limited (“Win Cheer”, an indirect wholly-owned subsidiary of the Company), Tongxiang Haoji Properties Co., Ltd. (“Haoji Properties”), Tongxiang Haoqing Properties Co., Ltd. (“Haoqing Properties”) and China Overseas Enterprise Development Group Co., Ltd. (“China Overseas Development”)), pursuant to which the Project Companies agreed to continue to provide loans to their shareholders (or their respective designated entities) based on the same terms and conditions and in proportion to the respective shareholding ratio of the Company (through Xingmao Properties and Win Cheer), Haoji Properties, Haoqing Properties, and China Overseas Development in the Project Companies. During the term of the renewed Framework Agreement, the aggregate maximum daily balances (including the accrued interests) of the loans to be provided by the Project Companies to (i) Haoji Properties and Haoqing Properties (or their respective designated entities) and (ii) China Overseas Development (or its designated entities) will be RMB660 million and RMB840 million, respectively. The transaction constitutes a discloseable transaction of the Company under Chapter 14 of the Listing Rules. For details, please refer to the announcement of the Company dated 12 May 2026. ৌਕΫᚥᚃ 三十六、重大收購和出售及其他須予 披露交易 ٙ j 1 提供貸款 2026 ϋ4˜16᙮ ၾ ʮ̡ ̏ԯ͵ ʮ̡ ݰ ᛆˢ ʿ ྼ Զ൲ಛf Σϓேක ࠇ ɛ͏࿆1,568ۆ ୋ14מ މ2026 ϋ4 ˜ 16ʮѓf 2 提供貸款 2026 ϋ5˜12 ˚d͉ʮ̡ 10Ό༟ ̍ ໄุϞ ᙮ ඊႴΛໄุ ࠢ ࠢ ᙄdኽϤd ͉ʮ̡ ீཀጳ ໄุʿ௱ః eႴΛໄุeႴᅅໄุʿʕ ᛆˢԷd Չ ಂʫdධͦʮ̡Σ (i) ႴΛໄุʿႴ ٙ ɛ ͏࿆ 660 ϵຬʩiʿ (ii)֛ܸ ӊ˚௰৷ഐπቱᕘ ̍ ɛ͏࿆840ኽɪ̹ ୋ 14ɓධ މ2026 ϋ 5˜12ʮѓf
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56 中國金茂控股集團有限公司 二零二六年中期報告 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) XXXVI. Material acquisitions and disposals and other discloseable transactions (Continued) 3 Acquisition of 51% equity interests and debt interests in Tianjin Timao On 16 June 2026, Beijing Yicheng (an indirect wholly-owned subsidiary of the Company) and Jiaxing Congmao Equity Investment Partnership Enterprise (Limited Partnership) (“Jiaxing Congmao”) entered into the Equity Transfer Agreement, pursuant to which Beijing Yicheng agreed to acquire and Jiaxing Congmao agreed to sell 51% equity interests in Tianjin Timao Property Co., Ltd. (“Tianjin Timao”) and the debt interests (including principal and interest) of approximately RMB521.636 million for a total consideration of approximately RMB884.2 million. Upon completion of the transaction, Tianjin Timao will become an indirect wholly-owned subsidiary of the Company. The transaction constitutes a discloseable transaction of the Company under Chapter 14 of the Listing Rules. For details, please refer to the announcement of the Company dated 16 June 2026. The transaction was completed on 18 June 2026. 4 Provision of loans On 10 July 2026, Shanghai Hanmao Real Estate Co., Ltd. (“Shanghai Hanmao”, an indirect non-wholly owned subsidiary of the Company) entered into the Framework Agreement with its sole shareholder, Xi’an Changmao Real Estate Co., Ltd. (“Xi’an Changmao”), and the shareholders of Xi’an Changmao, namely the Company, Shanghai Jinmao, Jiaxing Jinmao Enterprise Management Partnership (Limited Partnership) (“Jiaxing Jinmao”) and Jiaxing Yaomao Enterprise Management Partnership (Limited Partnership) (“Jiaxing Yaomao”), pursuant to which Shanghai Hanmao agreed to provide loans to Shanghai Jinmao, Jiaxing Jinmao and Jiaxing Yaomao (in proportion to 41.08%:24.56%:34.36%) in proportion to the respective equity interests held by the Company, Shanghai Jinmao, Jiaxing Jinmao and Jiaxing Yaomao in Xi’an Changmao and on the same terms and conditions. During the term of the Framework Agreement, the maximum daily balance (including accrued interests) of the loans provided by Shanghai Hanmao to Jiaxing Jinmao and Jiaxing Yaomao in aggregate will be RMB2,842 million. The transaction constitutes a discloseable transaction of the Company under Chapter 14 of the Listing Rules. For details, please refer to the announcement of the Company dated 10 July 2026. ৌਕΫᚥᚃ 三十六、重大收購和出售及其他須予 披露交易ᚃ 3 收購天津體茂51%之股權及債權 2026 ϋ6 ˜16᙮ ᛆҳ༟ΥྫΆุ ᛆᔷᜫ Ν 51%ɛ͏࿆ 521.636 ϵ ɛ͏࿆ 884.2 ٙ ୋ 14 d f༉ઋሗ މ2026 ϋ6˜16ʮѓf༈ 2026 ϋ6˜18 ˚ҁϓf 4 提供貸款 2026 ϋ7 ˜10᙮ʮ ʮ̡ Гτ ͉ʮ Ν ኽ Άุ၍ଣΥ ʿྗጳာ Υྫ ྗጳာ 41.08%:24.56%:34.36%࣬ ߱ ࣖ ߱ ࠇ ɛ͏࿆2,842ۆ ୋ14מ މ2026 ϋ7 ˜ 10ʮѓf
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57 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW (CONTINUED) XXXVI. Material acquisitions and disposals and other discloseable transactions (Continued) 5 Provision of loans On 20 August 2026, Shanghai Baoyang Maoye Construction and Development Co., Ltd. (“Shanghai Baoyang”, an indirect non-wholly owned subsidiary of the Company) entered into the Supplemental Agreement to the Framework Agreement with its shareholders, namely Suzhou Tengmao Property Co., Ltd. (“Suzhou Tengmao”), Shanghai Baoye Group Corp., Ltd. (“Shanghai Baoye”) and Shanghai Yanghang Urban Construction Co., Ltd. (“Shanghai Yanghang”), pursuant to which the parties agreed that during the term of the Framework Agreement, the maximum daily balance (including accrued interests) of the loans provided by Shanghai Baoyang to Shanghai Baoye and Shanghai Yanghang will be increased from RMB626 million and RMB1,750 million, respectively, to RMB1,036 million and RMB2,897 million. The transaction constitutes a discloseable transaction of the Company under Chapter 14 of the Listing Rules. For details, please refer to the announcement of the Company dated 20 August 2026. ৌਕΫᚥᚃ 三十六、重大收購和出售及其他須予 披露交易ᚃ 5 提供貸款 2026 ϋ8 ˜20᙮ʮ ʮ̡ ɪऎ䄕 ʮ̡ ᘽ ʮ̡ ɪऎᘒ ʮ̡ ɪऎเ ̂ᙄdኽϤ˙Ν ಂʫdɪऎ䄕เΣɪऎᘒ ӊ˚௰৷ഐπቱ ਗ਼ʱй͟ɛ͏࿆626 ϵຬ ʩʿɛ͏࿆ 1,750 ϵຬʩʺЇɛ͏࿆ 1,036 ϵຬʩʿɛ͏࿆ 2,897ᜊһ ኽɪ ୋ 14ɓධ މ2026 ϋ8˜20ʮѓf
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58 ዹͭᄲቡజѓ INDEPENDENT REVIEW REPORT ʮ̡cɚཧɚʬϋʕಂజѓ To the board of directors of China Jinmao Holdings Group Limited (Incorporated in Hong Kong with limited liability) INTRODUCTION We have reviewed the interim financial information set out on pages 60 to 108, which comprises the condensed consolidated statement of financial position of China Jinmao Holdings Group Limited (the “Company ”) and its subsidiaries (the “Group”) as at 30 June 2026 and the related condensed consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for the six-month period then ended, and explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34 Interim Financial Reporting (“HKAS 34 ”) as issued by the Hong Kong Institute of Certified Public Accountants ( “HKICPA ”). The directors of the Company are responsible for the preparation and presentation of this interim financial information in accordance with HKAS 34. Our responsibility is to express a conclusion on this interim financial information based on our review. Our report is made solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Ernst & Young 27/F, One Taikoo Place 979 King’s Road Quarry Bay, Hong Kong ה ༸ ᅽ 5FMཥ༑ 'BYෂॆ FZDPN ʮ̡ ԫึ ʮ̡ ˏԊ ୋ 60Їୋ 108ږ ʮ̡ ൮ʮ̡ ʿՉɿʮ̡ ܼ2026 ϋ6 ˜30dʿ࿚Ї ձᔊ ಥᑌΥ ʮ ୋ34 ʕಂৌਕజ ୋ34ᇜႡʕ జѓf ୋ 34 ݊ ࣘ ᄲ ૢಛΣΌԫึజѓdԨʔ ฿ʔఱ͉జ ዄО பf
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59 INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED ዹͭᄲቡజѓ INDEPENDENT REVIEW REPORT ᄲቡᇍఖ ಥᄲቡ ୋ 2410࿁ʕ ආБᄲቡdᄲቡ ֝ ձՉ˼ ಥ ΪϾೌ ʈЪ ɽԫධfΪϤd จԈf ഐሞ Ԩೌ೯ତОԫධԴ ࠦ ୋ 34ᇜႡf ה ࢪࠇ ಥ 2026 ϋ8˜25 ˚ SCOPE OF REVIEW We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity as issued by the HKICPA. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the interim financial information is not prepared, in all material respects, in accordance with HKAS 34. Ernst & Young Certified Public Accountants Hong Kong 25 August 2026
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60 ڌ INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS ࿚Ї2026ϋ6˜30˜cFor the six months ended 30 June 2026 ʮ̡cɚཧɚʬϋʕಂజѓ ࿚Ї6˜30˜ For the six months ended 30 June ൗ 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Notes 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 ϗɝ REVENUE 5 21,418,171 25,112,612 ቖਯϓ͉ Cost of sales (18,928,620) (21,053,767) ˣл Gross profit 2,489,551 4,058,845 Չ˼ϗɝձϗू Other income and gains 6 1,692,986 1,240,647 ቖਯձᐄቖක˕ Selling and marketing expenses (815,128) (832,113) ၍ଣ൬͜ Administrative expenses (1,086,065) (1,215,875) Չ˼൬͜ʿᑦฦଋᕘ Other expenses and losses, net (348,165) (539,840) ፄ༟ϓ͉ Finance costs 7 (1,007,536) (1,214,395) лᆗʿᑦฦj Share of profits and losses of: Υᐄʮ̡ Joint ventures 394,911 558,434 ᑌᐄʮ̡ Associates 184,598 285,549 лᆗ PROFIT BEFORE TAX 8 1,505,152 2,341,252 ൬͜ Income tax expense 9 (199,463) (1,066,361) ͉ಂлᆗ PROFIT FOR THE PERIOD 1,305,689 1,274,891 ɨΐᏐЦʱj Attributable to: ٫Owners of the parent 879,223 1,090,116 છՓᛆू Non-controlling interests 426,466 184,775 1,305,689 1,274,891 ɛ͏࿆ʱ ɛ͏࿆ʱ RMB cents RMB cents Ϟɛ л EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT ਿ͉ʿᛅᑛ Basic and diluted 11 4.08 5.64
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61 ڌ INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ࿚Ї2026ϋ6˜30˜cFor the six months ended 30 June 2026 INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED ࿚Ї6˜30˜ For the six months ended 30 June 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 ͉ಂлᆗ PROFIT FOR THE PERIOD 1,305,689 1,274,891 ϗू OTHER COMPREHENSIVE INCOME อʱᗳЇฦू ϗूj Other comprehensive income that may be reclassified to profit or loss in subsequent periods: ᕘ Exchange differences on translation of foreign operations 844,106 485,661 อʱᗳЇ ϗूଋᕘd ϔৰධ Net other comprehensive income that may be reclassified to profit or loss in subsequent periods, net of tax 844,106 485,661 ϗूdϔৰධ OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX 844,106 485,661 ϗूᐼᕘ TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 2,149,795 1,760,552 ɨΐᏐЦʱj Attributable to: ٫Owners of the parent 1,778,905 1,624,859 છՓᛆू Non-controlling interests 370,890 135,693 2,149,795 1,760,552
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62 ڌرً INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 2026ϋ6˜30˚c30 June 2026 ʮ̡cɚཧɚʬϋʕಂజѓ ൗ 2026 ϋ 6˜30 ˚ 2025 ϋ 12 ˜31 ˚ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Notes 30 June 2026 31 December 2025 (Unaudited) (Audited) RMB’000 RMB’000 ਗ༟ପ NON-CURRENT ASSETS ʿண௪ Property, plant and equipment 12 13,262,433 13,604,126 ุ Properties under development 78,010,121 69,286,437 ʕɺή Land under development 26,627,377 25,959,304 ุ Investment properties 39,187,131 39,319,404 Դ͜ᛆ༟ପ Right-of-use assets 1,064,065 1,108,102 ೌҖ༟ପ Intangible assets 382,768 392,266 ҳ༟ Investments in joint ventures 23,101,953 29,283,995 ҳ༟ Investments in associates 27,257,537 26,654,140 ධ༟ପ Deferred tax assets 3,715,449 3,040,239 ಛධ Due from non-controlling shareholders 656,233 649,571 Ꮠϗᗫᑌ˙ಛධ Due from related parties 1,838,062 1,585,892 ཫ˹ಛධeՉ˼Ꮠϗಛධձ Չ˼༟ପ Prepayments, other receivables and other assets 276,558 347,263 ሪಛ Trade receivables 13 2,771,860 2,739,890 ፄ༟ପ Other financial assets 5,459,550 5,516,671 ਠᚑ Goodwill 479,874 479,874 ਗ༟ପᐼᕘ Total non-current assets 224,090,971 219,967,174 ਗ༟ପ CURRENT ASSETS ุ Properties under development 86,622,629 67,165,682 ุ Properties held for sale 38,261,269 37,039,321 ʕɺή Land under development 1,880,826 1,877,409 π Inventories 777,074 643,993 ሪಛʿୃኽ Trade and bills receivables 13 2,142,572 2,215,581 ༟ପ Contract assets 1,634,503 1,466,464 ཫ˹ಛධeՉ˼Ꮠϗಛධձ Չ˼༟ପ Prepayments, other receivables and other assets 52,330,107 47,800,688 Ꮠϗᗫᑌ˙ಛධ Due from related parties 25,192,218 25,866,372 ཫ˹ධ Prepaid tax 6,435,397 5,302,113 ፄ༟ପ Other financial assets 40 40 ՓვБഐቱ Restricted bank balances 14 5,546,800 3,985,732 يCash and cash equivalents 14 37,345,266 28,403,232 ਗ༟ପᐼᕘ Total current assets 258,168,701 221,766,627
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63 INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED ڌرً INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 2026ϋ6˜30˚c30 June 2026 ൗ 2026 ϋ 6˜30 ˚ 2025 ϋ 12 ˜31 ˚ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Note 30 June 2026 31 December 2025 (Unaudited) (Audited) RMB’000 RMB’000 ව CURRENT LIABILITIES ሪಛʿୃኽ Trade and bills payables 15 27,270,731 24,218,955 ಛධ Other payables and accruals 116,312,838 88,321,381 ಛ Interest-bearing bank and other borrowings 25,522,283 28,124,597 ව Lease liabilities 248,074 312,075 Ꮠ˹ᗫᑌ˙ಛධ Due to related parties 65,966,067 57,315,682 Ꮠ˹ධ Tax payable 2,465,462 2,952,141 ᅡ௪ Provision for land appreciation tax 2,169,264 2,358,489 වᐼᕘ Total current liabilities 239,954,719 203,603,320 ਗ༟ପଋᕘ NET CURRENT ASSETS 18,213,982 18,163,307 ව TOTAL ASSETS LESS CURRENT LIABILITIES 242,304,953 238,130,481 ව NON-CURRENT LIABILITIES ಛ Interest-bearing bank and other borrowings 97,235,602 100,887,385 ව Lease liabilities 883,168 825,452 ಛධ Other payables and accruals 1,565,538 2,044,063 Ꮠ˹ᗫᑌ˙ಛධ Due to related parties 8,290,048 5,097,941 ව Deferred tax liabilities 10,247,443 9,714,206 වᐼᕘ Total non-current liabilities 118,221,799 118,569,047 ଋ༟ପ Net assets 124,083,154 119,561,434 ᛆू EQUITY ᏐЦᛆू Equity attributable to owners of the parent ͉ Share capital 26,933,580 26,933,580 Չ˼Ꮇ௪ Other reserves 12,502,918 11,107,722 ͑ᚃ༟͉ʈՈ Perpetual capital instrument 15,195,750 15,195,750 54,632,248 53,237,052 છՓᛆू Non-controlling interests 69,450,906 66,324,382 ᛆूᐼᕘ Total equity 124,083,154 119,561,434
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64 ڌ INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ࿚Ї2026ϋ6˜30˜cFor the six months ended 30 June 2026 ʮ̡cɚཧɚʬϋʕಂజѓ # These reserve accounts comprise the consolidated reserves of RMB12,502,918,000 as at 30 June 2026 (31 December 2025: RMB11,107,722,000) in the condensed consolidated statement of financial position. ᏐЦ Attributable to owners of the parent ͉ ༟͉Ꮇ௪ ֛ج ቱʮጐ ༟ପ ПᎷ௪ ୃ ಂᛆᎷ௪ ිг वлᆗ ΥԻᎷ௪ ͑ᚃ ༟͉ʈՈ ൗ16(b)છՓᛆू ᛆूᐼᕘ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Share capital Capital reserve PRC statutory surplus reserve Assets revaluation reserve Share option reserve Exchange fluctuation reserve Retained profits Merger Reserve Perpetual capital instrument (note 16(b)) Total Non- controlling interests Total equity (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 2026 ϋ1˜1˚ At 1 January 2026 26,933,580 (4,462,882) 7,965,343 286,760 156,157 (5,039,515) 12,531,859 (330,000) 15,195,750 53,237,052 66,324,382 119,561,434 ͉ಂлᆗ Profit for the period – – – – – – 551,160 – 328,063 879,223 426,466 1,305,689 ϗू Ŋ ᑦฦ Other comprehensive income/(loss) for the period ౬ၑऎุ̮ਕପ͛ ᕘ Exchange differences on translation of foreign operations – – – – – 899,682 – – – 899,682 (55,576) 844,106 ϗूᐼᕘ Total comprehensive income for the period – – – – – 899,682 551,160 – 328,063 1,778,905 370,890 2,149,795 ݼPerpetual capital instruments ’ distributions – – – – – – – – (328,063) (328,063) – (328,063) ൗ18(a) Acquisition of subsidiaries (note 18(a)) – – – – – – – – – – 3,242,900 3,242,900 છՓᛆू Acquisition of non-controlling interests – (62,266) – – – – – – – (62,266) (53,187) (115,453) Ꮅᒔ༟͉ Capital repayment to non-controlling shareholders – – – – – – – – – – (1,318,436) (1,318,436) ༟ Capital contribution from non-controlling shareholders – 6,620 – – – – – – – 6,620 4,906,509 4,913,129 ࢹٰٙݼ܁؇ٰDividends declared to non-controlling shareholders – – – – – – – – – – (262,699) (262,699) ൗ19 Disposal of subsidiaries (note 19) – – – – – – – – – – (3,759,453) (3,759,453) वлᆗ Transfer from retained profits – – 33,574 – – – (33,574) – – – – – 2026 ϋ6˜30 ˚ At 30 June 2026 26,933,580 (4,518,528) # 7,998,917 # 286,760 # 156,157 # (4,139,833) # 13,049,445 # (330,000) # 15,195,750 54,632,248 69,450,906 124,083,154 # 2026 ϋ6˜30ၝΥ ၝΥᎷ௪ɛ͏࿆ 12,502,918,000 ʩ2025 ϋ12 ˜31 ˚jɛ͏࿆ 11,107,722,000 ʩ f
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65 INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED ڌ INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ࿚Ї2026ϋ6˜30˜cFor the six months ended 30 June 2026 ᏐЦ Attributable to owners of the parent ͉ ༟͉Ꮇ௪ ֛ج ቱʮጐ ༟ପ ПᎷ௪ ୃ ಂᛆᎷ௪ ිг वлᆗ ΥԻᎷ௪ ͑ᚃ ༟͉ʈՈ ൗ16(b)છՓᛆू ᛆूᐼᕘ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Share capital Capital reserve PRC statutory surplus reserve Assets revaluation reserve Share option reserve Exchange fluctuation reserve Hedging reserve Retained profits Merger Reserve Perpetual capital instrument (note 16(b)) Total Non- controlling interests Total equity (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 2025 ϋ1˜1˚ At 1 January 2025 26,925,023 (3,553,093) 7,750,043 252,721 156,157 (5,356,533) 1,623 12,533,440 (330,000) 15,195,750 53,575,131 54,703,471 108,278,602 ͉ಂлᆗ Profit for the period – – – – – – – 762,053 – 328,063 1,090,116 184,775 1,274,891 ϗू Ŋ ᑦฦ Other comprehensive income/(loss) for the period ٙ ᕘ Exchange differences on translation of foreign operations – – – – – 534,743 – – – – 534,743 (49,082) 485,661 ϗूᐼᕘ Total comprehensive income for the period – – – – – 534,743 – 762,053 – 328,063 1,624,859 135,693 1,760,552 ݼPerpetual capital instruments ’ distributions – – – – – – – – – (328,063) (328,063) (107,619) (435,682) ൗ18(b)Acquisition of subsidiaries (note 18(b)) – – – – – – – – – – – 1,908,829 1,908,829 છՓᛆू Acquisition of non-controlling interests – (507,024) – – – – – – – – (507,024) (3,316,606) (3,823,630) Ꮅᒔ༟͉ Capital repayment to non-controlling shareholders – – – – – – – – – – – (302,235) (302,235) ༟ Capital contribution from non-controlling shareholders – (21,798) – – – – – – – – (21,798) 13,582,494 13,560,696 ٙݼ܁؇ٰ ࢹٰ Dividends declared to non-controlling shareholders – – – – – – – – – – – (178,871) (178,871) ൗ19 Disposal of subsidiaries (note 19) – – – – – – – – – – – (2,782) (2,782) वлᆗ Transfer from retained profits – – 83,298 – – – – (83,298) – – – – – 2025 ϋ6˜30 ˚ At 30 June 2025 26,925,023 (4,081,915) # 7,833,341 # 252,721 # 156,157 # (4,821,790) # 1,623# 13,212,195 # (330,000) # 15,195,750 54,343,105 66,422,374 120,765,479
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66 ڌ INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ࿚Ї2026ϋ6˜30˜cFor the six months ended 30 June 2026 ʮ̡cɚཧɚʬϋʕಂజѓ ࿚Ї6˜30˜ For the six months ended 30 June ൗ 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Notes 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 ݴږCASH FLOWS FROM OPERATING ACTIVITIES ږCash generated from/(used in) operations 12,185,424 (6,191,298) ࢹInterest received 461,704 496,659 PRC corporate income tax paid (1,753,436) (2,136,829) Land appreciation tax paid (406,705) (290,547) ٙ ଋᕘ Net cash flows from/(used in) operating activities 10,486,987 (8,122,015) ݴږCASH FLOWS FROM INVESTING ACTIVITIES Չ˼ ҳ༟ϗɝ Other investment income received from unlisted investments 6 790 3,744 ʿண௪ධͦ Purchase of items of property, plant and equipment (57,721) (242,928) ʿண௪ධͦ ಛධ Proceeds from disposal of items of property, plant and equipment 8,393 171,339 ุ Additions to investment properties (1,504) (295) ุ Disposal of investment properties – 30,200 อᄣೌҖ༟ପ Additions to intangible assets (25,336) (12,475) ಛධ Proceeds from disposal of intangible assets 1,899 1,751 ϗᒅɿʮ̡ Acquisition of subsidiaries 18 4,447,108 (721,152) ፄ༟ପಯˇ Decrease in other financial assets 45,291 65,766 ̈ਯɿʮ̡ Disposal of subsidiaries 19 (388,647) (1,233,483) ҳ༟ Investments in joint ventures (39,760) (2,393,237) ҳ༟ Investments in associates (312,495) (2,406,444) ࢹٰٙDividends received from joint ventures 171,389 72,861 ΣΥᐄʮ̡ʿᑌᐄʮ̡൲ಛ ಯˇ Ŋ ᄣ̋ Decrease/(increase) of loans to joint ventures and associates 2,396,621 (3,617,967) Υᐄʮ̡ᓥᒔ༟͉ Return of capital from joint ventures 2,564,538 – Σୋɧ˙ҳ༟ Advances of investment to third parties – (1,322,862) ՓვБഐቱᄣ̋ Increase in restricted bank balances (1,561,068) (437,859) ٙ ଋᕘ Net cash flows from/(used in) investing activities 7,249,498 (12,043,041)
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67 INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED ڌ INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ࿚Ї2026ϋ6˜30˜cFor the six months ended 30 June 2026 ࿚Ї6˜30˜ For the six months ended 30 June 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 ݴږCASH FLOWS FROM FINANCING ACTIVITIES ᛙΫ͑ᚃ༟͉ʈՈ Redemption of perpetual capital instruments (3,039,701) – ಛ New bank and other borrowings 23,335,813 35,327,060 ಛ Repayment of bank and other borrowings (32,803,054) (32,939,256) ږPrincipal portion of lease payments (17,889) (38,036) ࢹInterest paid (3,219,033) (3,284,432) ൲ಛ Loans from non-controlling shareholders 184,992 249,318 Ꮅᒔ൲ಛ Repayment of loans from non-controlling shareholders (8,650,652) (3,600,404) Ꮅᒔୋɧ˙ҳ༟ Repayment of investment from third parties (3,458,873) (2,947,337) Σୋɧ˙ҳ༟ Advance of investment to third parties 266,550 3,792,264 ࢹٰٙ؇ٰDividends paid to non-controlling shareholders (80,295) – ༟ Capital contribution from non-controlling shareholders 3,806,661 12,575,369 ༟͉ Capital repayment to non-controlling shareholders (255,018) (2,235) છՓᛆू Acquisition of non-controlling interests (115,453) (3,823,630) ՟ᗫᑌ˙൲ಛ Loans from related parties 15,590,743 18,554,493 ݼPerpetual capital instruments ’ distributions paid (328,063) (435,682) ٙ ଋᕘ Net cash flows (used in)/from financing activities (8,783,272) 23,427,492
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68 ʮ̡cɚཧɚʬϋʕಂజѓ ڌ INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ࿚Ї2026ϋ6˜30˜cFor the six months ended 30 June 2026 ࿚Ї6˜30˜ For the six months ended 30 June 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 ᄣ̋ଋᕘ NET INCREASE IN CASH AND CASH EQUIVALENTS 8,953,213 3,262,436 يCash and cash equivalents at beginning of period 28,403,232 30,805,085 ිଟᜊਗᅂᚤଋᕘ Effect of foreign exchange rate changes, net (11,179) (2,716) يCASH AND CASH EQUIVALENTS AT END OF PERIOD 37,345,266 34,064,805 ؓANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS ձვБഐቱ Cash and bank balances 37,345,266 34,064,805 ʿ ٙ ي Cash and cash equivalents as stated in the interim condensed consolidated statement of financial position and consolidated statement of cash flows 37,345,266 34,064,805
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ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 69 1. CORPORATE INFORMATION China Jinmao Holdings Group Limited (the “Company ”) is a limited liability company incorporated in Hong Kong on 2 June 2004 under the Hong Kong Companies Ordinance. The registered office of the Company is located at Rooms 4702-03, 47/F, Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong. Its shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”) since 17 August 2007. In the opinion of the directors, the immediate holding company of the Company is Sinochem Hong Kong (Group) Company Limited (“Sinochem Hong Kong ”), a company incorporated in Hong Kong, and the ultimate holding company of the Company is Sinochem Holdings Corporation Ltd. ( “Sinochem Holdings ”), a company established in the People ’s Republic of China (the “PRC”) and is a state-owned enterprise under the supervision of the State-owned Assets Supervision and Administration Commission in the PRC. The principal activities of the Company and its subsidiaries (the “Group ”) are described in note 4 to the interim condensed consolidated financial information. 1. ࣘ މ 2004 ϋ6 ˜2ಥ ൗ̅፬ԫஈ ಥᝄ˺ಥᝄ༸ 1ᄿఙ፬ʮɽᅽ 47 ᅽ4702-03΅І 2007 ϋ8˜ 17ʮ̡ ᑌʹ ɪ̹f ಥ ʮ̡ ʕ ʕ ٰ ա ϞΆ ุf ุਕ༱ ൗ 4f
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ʮ̡cɚཧɚʬϋʕಂజѓ 70 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 2. BASIS OF PREPARATION The interim condensed consolidated 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 . The interim condensed consolidated financial information does not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group ’s annual consolidated financial statements for the year ended 31 December 2025. The financial information relating to the year ended 31 December 2025 that is included in the interim condensed consolidated statement of financial position as comparative information does not constitute the Company ’s statutory annual consolidated financial statements for that year but is derived from those financial statements. Further information relating to those statutory financial statements required to be disclosed in accordance with section 436 of the Hong Kong Companies Ordinance is as follows: The Company has delivered the financial statements for the year ended 31 December 2025 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance. The Company ’s auditor has reported on the financial statements for the year ended 31 December 2025. The auditor ’s report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under sections 406(2), 407(2) or 407(3) of the Hong Kong Companies Ordinance. 2. ᇜႡਿ ࿚Ї2026 ϋ6˜30ၝΥ ୋ34 ֛ٙ ᚣd˲Ꮠၾ͉ණྠ࿚Ї 2025 ϋ 12 ˜31ɓԻቡ ᛘf ༱࿚Ї 2025 ϋ 12 ˜31ˢ༰༟ ၝΥৌ ࣬ ಥ ʮ̡ૢԷ ୋ436ᚣၾ༈ഃ νɨj ಥ ʮ̡ૢԷ ୋ662(3)ڝ ڌ6ୋ3dਗ਼࿚Ї 2025 ϋ12 ˜31 ˚ f͉ ʊ࿁࿚Ї 2025 ϋ12 ˜31 ˚˟ϋ ڭ वจ จʘ ಥ ʮ̡ૢ Է ୋ406(2)e 407(2)א407(3)f
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 71 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 3. ᜊਗ ݁ࠇ ഄၾᇜႡ͉ණྠ࿚Ї 2025 ϋ12 ˜31 ˚˟ϋ dઓ͉ ϣમॶ˸ɨ ৰ̮f ಥৌਕజѓ ୋ9ಥ ୋ 7͉ ࠇ ͉ ಥৌਕజѓ ୋ9ಥ ୋ 7͉ Ա፠І್ཥɢঐ๕͛ ߒ ಥৌਕజѓ ʘϋ ҷආ Ñ ୋ11 ՜ ୋ 1ಥৌਕజѓ ୋ7ಥৌ ୋ 9e ۆ ୋ10ࠇ ୋ7͉ ሯʿ ᅂᚤ༱ΐνɨj (a) ୋ 9ಥৌਕజ ୋ 7ʱᗳʿ ږא ഄ፯ ɨd˟ᆽ ٙ ᔾνО൙ПՈϞ ್त ඎतᅄfϤ ٙ f ɝՉ˼ ್त ͉ණྠ ව d˲͉ණྠ ༈ Ԩೌପ ͛Оᅂᚤf 3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those applied in the preparation of the Group ’s annual consolidated financial statements for the year ended 31 December 2025, except for the adoption of the following amended HKFRS Accounting Standards for the first time for the current period ’s financial information. Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measurement of Financial Instruments Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity Annual Improvements to HKFRS Accounting Standards – Volume 11 Amendments to HKFRS 1, HKFRS 7, HKFRS 9, HKFRS 10 and HKAS 7 The nature and impact of the amended HKFRS Accounting Standards are described below: (a) Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measurement of Financial Instruments clarify that a financial asset is derecognised when the entity ’s rights to the contractual cash flows expire or are transferred, while a financial liability is derecognised on the settlement date. The amendments introduce an accounting policy option to derecognise a financial liability that is settled through an electronic payment system before the settlement date if specified criteria are met. The amendments clarify how to assess the contractual cash flow characteristics of financial assets with environmental, social and governance and other similar contingent features. Moreover, the amendments clarify the requirements for classifying financial assets with non-recourse features and contractually linked instruments. The amendments also include additional disclosures for investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features. Since the Group ’s accounting policy for the derecognition of financial assets and liabilities in prior years aligned with the amendments and the Group did not have the financial assets that were addressed by the amendments, the amendments did not have any impact on the interim condensed consolidated financial information.
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ʮ̡cɚཧɚʬϋʕಂజѓ 72 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 3. ᜊਗᚃ (b) ୋ 9ಥৌਕజѓ ୋ 7͉Ա፠І್ཥɢঐ๕͛ପ Ꮠ ඎ࿁әᗫ ࠈࡌ ঐ ତʿ͊Ը ͉ණྠԨೌО᙮ ࠈࡌ Ԩೌପ͛О ᅂᚤf (c) ҷ ආÑୋ 11ୋ 1 ୋ 7ٙڝ ୋ 7࠰ ୋ 9ಥৌਕజѓ ୋ10ୋ 7ʃᇍఖ ᆋeᔊʷeһ͍ ۆ ࿁ʕಂᔊ Ԩೌପ͛Оᅂᚤf 4. ࣘ ʿ ̙яజ ᐄʱνɨj (a) ุක ೯i (b) ุҳ༟ʱjԶᄳοᅽʿཧਯਠุ ุॡ༣i (c) ਕi (d) ڢ ਕiʿ (e) ࡌ ਕf 3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (CONTINUED) (b) Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity clarify the application of the “own-use ” requirements for in-scope contracts and amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts. The amendments also include additional disclosures that enable users of financial statements to understand the effects these contracts have on an entity ’s financial performance and future cash flows. As the Group did not have any contracts that are in the scope of the amendments, the amendments did not have any impact on the interim condensed consolidated financial information. (c) Annual Improvements to HKFRS Accounting Standards – Volume 11 set out narrow scope amendments to HKFRS 1, HKFRS 7 (and the accompanying Guidance on implementing HKFRS 7), HKFRS 9, HKFRS 10 and HKAS 7. The amendments include clarifications, simplifications, corrections or changes to improve consistency in the corresponding HKFRS Accounting Standards. The amendments did not have any impact on the interim condensed consolidated financial information. 4. OPERATING SEGMENT INFORMATION For management purposes, the Group is organised into business units based on their products and services and has five reportable operating segments of the Group as follows: (a) the property development segment develops residential and comprehensive properties; (b) the property investment segment leases office and retail commercial premises; (c) the hotel operations segment provides hotel accommodation services, food and beverage; (d) the Jinmao Services segment provides property management services, value-added services to non-property owners, community value-added services; and (e) the “others ” segment mainly comprises the provision of design and decoration services, and the building technology and other services.
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 73 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 4. ࣘᚃ Ӕഄdʱ ତɗ ሜ ඎၾ ၑʕԨೌ ᗫ ፄ༟ϓ͉˸ʿՉ˼͊ʱৣᐼʿΆุක˕f ධ༟ପeཫ˹ධe ʍ ፄ༟ପʿՉ˼͊ʱৣᐼʿΆุ༟ ପf ᅡ௪e ࠋ ණྠਿ၍ଣf 4. OPERATING SEGMENT INFORMATION (CONTINUED) Management monitors the results of the Group ’s operating segments separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated based on reportable segment profit, which is a measure of adjusted profit before tax. The adjusted profit before tax is measured consistently with the Group ’s profit before tax except that interest income, other investment income and non-lease related finance costs as well as other unallocated head office and corporate expenses are excluded from such measurement. Segment assets exclude deferred tax assets, prepaid tax, restricted bank balances, cash and cash equivalents, certain other financial assets and other unallocated head office and corporate assets. Segment liabilities exclude interest-bearing bank and other borrowings and related interest payables, tax payable, provision for land appreciation tax, deferred tax liabilities and other unallocated head office and corporate liabilities as these liabilities are managed on a group basis.
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ʮ̡cɚཧɚʬϋʕಂజѓ 74 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 4. ࣘᚃ ࿚Ї2026 ϋ6˜30˜ 4. OPERATING SEGMENT INFORMATION (CONTINUED) For the six months ended 30 June 2026 ࠇ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Property development Property investment Hotel operations Jinmao Services Others Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 ʱϗɝj Segment revenue: ˒ቖਯ Sales to external customers 16,787,608 833,674 629,307 1,626,773 1,540,809 21,418,171 ʱගቖਯ Intersegment sales 15,777 18,969 – 260,357 452,518 747,621 ʱϗɝᐼᕘ Total segment revenue 16,803,385 852,643 629,307 1,887,130 1,993,327 22,165,792 ࿁ሪj Reconciliation: ʱගቖਯ࿁ቖ Elimination of intersegment sales (747,621) ϗɝᐼᕘ Total revenue 21,418,171 ʱุᐶ Segment results 1,016,790 329,175 5,813 208,170 627,554 2,187,502 ࿁ሪj Reconciliation: ʱගุᐶ࿁ቖ Elimination of intersegment results (39,363) ϗɝ Interest income 484,050 Չ˼ҳ༟ϗɝ Other investment income 790 ΆุʿՉ˼͊ʱৣක˕ Corporate and other unallocated expenses (143,178) ࢹ ৰ̮ Finance costs (other than interest on lease liabilities) (984,649) лᆗ Profit before tax 1,505,152
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 75 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 4. ࣘᚃ ࿚Ї2025 ϋ6˜30˜ 4. OPERATING SEGMENT INFORMATION (CONTINUED) For the six months ended 30 June 2025 ࠇ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Property development Property investment Hotel operations Jinmao Services Others Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 ʱϗɝj Segment revenue: ˒ቖਯ Sales to external customers 20,016,838 784,600 775,560 1,587,604 1,948,010 25,112,612 ʱගቖਯ Intersegment sales 24,160 29,788 – 195,784 483,646 733,378 ʱϗɝᐼᕘ Total segment revenue 20,040,998 814,388 775,560 1,783,388 2,431,656 25,845,990 ࿁ሪj Reconciliation: ʱගቖਯ࿁ቖ Elimination of intersegment sales (733,378) ϗɝᐼᕘ Total revenue 25,112,612 ʱุᐶ Segment results 2,265,829 297,673 52,393 235,173 479,008 3,330,076 ࿁ሪj Reconciliation: ʱගุᐶ࿁ቖ Elimination of intersegment results 2,640 ϗɝ Interest income 366,072 Չ˼ҳ༟ϗɝ Other investment income 3,744 ΆุʿՉ˼͊ʱৣක˕ Corporate and other unallocated expenses (171,722) ࢹ ৰ̮ Finance costs (other than interest on lease liabilities) (1,189,558) лᆗ Profit before tax 2,341,252
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ʮ̡cɚཧɚʬϋʕಂజѓ 76 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 4. ࣘᚃ 2026 ϋ6˜30 ˚ 4. OPERATING SEGMENT INFORMATION (CONTINUED) At 30 June 2026 ࠇ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Property development Property investment Hotel operations Jinmao Services Others Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 ʱ༟ପ Segment assets 439,385,313 39,481,805 12,548,662 2,229,161 17,875,592 511,520,533 ࿁ሪj Reconciliation: ʱග༟ପ࿁ቖ Elimination of intersegment assets (151,761,843) ΆุʿՉ˼͊ʱৣ༟ପ Corporate and other unallocated assets 122,500,982 ༟ପᐼᕘ Total assets 482,259,672 ව Segment liabilities 321,289,429 6,535,180 4,709,950 2,074,481 7,664,635 342,273,675 ࿁ሪj Reconciliation: ව࿁ቖ Elimination of intersegment liabilities (166,650,459) ව Corporate and other unallocated liabilities 182,553,302 වᐼᕘ Total liabilities 358,176,518
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 77 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 4. OPERATING SEGMENT INFORMATION (CONTINUED) At 31 December 2025 ࠇ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Property development Property investment Hotel operations Jinmao Services Others Total (Audited) (Audited) (Audited) (Audited) (Audited) (Audited) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 ʱ༟ପ Segment assets 411,454,092 39,180,131 16,202,604 2,753,213 18,582,050 488,172,090 ࿁ሪj Reconciliation: ʱග༟ପ࿁ቖ Elimination of intersegment assets (155,665,797) ΆุʿՉ˼͊ʱৣ༟ପ Corporate and other unallocated assets 109,227,508 ༟ପᐼᕘ Total assets 441,733,801 ව Segment liabilities 288,259,183 8,490,436 6,997,653 2,636,959 7,183,485 313,567,716 ࿁ሪj Reconciliation: ව࿁ቖ Elimination of intersegment liabilities (170,586,013) ව Corporate and other unallocated liabilities 179,190,664 වᐼᕘ Total liabilities 322,172,367 4. ࣘᚃ 2025 ϋ12 ˜31 ˚
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ʮ̡cɚཧɚʬϋʕಂజѓ 78 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 5. ϗɝ νɨj 5. REVENUE An analysis of the Group ’s revenue is as follows: ࿚Ї6˜30˜ For the six months ended 30 June 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 ϗɝ Revenue from contracts with customers 20,584,497 24,328,012 Չ˼Ը๕ϗɝ Revenue from other sources ϗɝᐼᕘ Gross rental income 833,674 784,600 ࠇTotal 21,418,171 25,112,612 Disaggregated revenue information for revenue from contracts with customers For the six months ended 30 June 2026 ࠇ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ʱ Segments Property development Hotel operations Jinmao Services Others Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 ਕᗳй Types of goods or services ุቖਯ Sale of completed properties 16,721,286 – – – 16,721,286 ɺήක೯ Land development 66,322 – – – 66,322 ᐄ Hotel operations – 629,307 – – 629,307 ุ၍ଣ Property management – – 1,626,773 – 1,626,773 Չ˼ Others – – – 1,540,809 1,540,809 ࠇTotal 16,787,608 629,307 1,626,773 1,540,809 20,584,497 ග Timing of revenue recognition يGoods transferred at a point in time 16,787,608 – 151,588 – 16,939,196 ਕ Services transferred over time – 629,307 1,475,185 1,540,809 3,645,301 ࠇTotal 16,787,608 629,307 1,626,773 1,540,809 20,584,497 ࣘ ࿚Ї2026 ϋ6˜30˜
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 79 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 5. ϗɝᚃ ࣘᚃ ࿚Ї2025 ϋ6˜30˜ 5. REVENUE (CONTINUED) Disaggregated revenue information for revenue from contracts with customers (continued) For the six months ended 30 June 2025 ࠇ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ʱ Segments Property development Hotel operations Jinmao Services Others Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 ਕᗳй Types of goods or services ุቖਯ Sale of completed properties 19,978,744 – – – 19,978,744 ɺήක೯ Land development 38,094 – – – 38,094 ᐄ Hotel operations – 775,560 – – 775,560 ุ၍ଣ Property management – – 1,587,604 – 1,587,604 Չ˼ Others – – – 1,948,010 1,948,010 ࠇTotal 20,016,838 775,560 1,587,604 1,948,010 24,328,012 ග Timing of revenue recognition يGoods transferred at a point in time 20,016,838 – 133,875 – 20,150,713 ਕ Services transferred over time – 775,560 1,453,729 1,948,010 4,177,299 ࠇTotal 20,016,838 775,560 1,587,604 1,948,010 24,328,012
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ʮ̡cɚཧɚʬϋʕಂజѓ 80 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 5. ϗɝᚃ ࣘᚃ ږ ࿁ሪj ࿚Ї2026 ϋ6˜30˜ 5. REVENUE (CONTINUED) Disaggregated revenue information for revenue from contracts with customers (continued) Set out below is the reconciliation of the revenue from contracts with customers to the amounts disclosed in the segment information: For the six months ended 30 June 2026 ࠇ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ʱ Segments Property development Hotel operations Jinmao Services Others Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 ϗɝj Revenue from contracts with customers: ˒ቖਯ Sales to external customers 16,787,608 629,307 1,626,773 1,540,809 20,584,497 ʱගቖਯ Intersegment sales 15,777 – 260,357 452,518 728,652 ࠇSubtotal 16,803,385 629,307 1,887,130 1,993,327 21,313,149 ʱගሜʿ࿁ቖ Intersegment adjustments and eliminations (15,777) – (260,357) (452,518) (728,652) ࠇTotal 16,787,608 629,307 1,626,773 1,540,809 20,584,497 For the six months ended 30 June 2025 ࠇ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ʱ Segments Property development Hotel operations Jinmao Services Others Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 ϗɝj Revenue from contracts with customers: ˒ቖਯ Sales to external customers 20,016,838 775,560 1,587,604 1,948,010 24,328,012 ʱගቖਯ Intersegment sales 24,160 – 195,784 483,646 703,590 ࠇSubtotal 20,040,998 775,560 1,783,388 2,431,656 25,031,602 ʱගሜʿ࿁ቖ Intersegment adjustments and eliminations (24,160) – (195,784) (483,646) (703,590) ࠇTotal 20,016,838 775,560 1,587,604 1,948,010 24,328,012 ࿚Ї2025 ϋ6˜30˜
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 81 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 6. Չ˼ϗɝձϗू 6. OTHER INCOME AND GAINS ࿚Ї6˜30˜ For the six months ended 30 June ൗ 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Notes 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 Չ˼ϗɝ Other income ϗɝ Interest income 484,050 366,072 Չ˼ҳ༟ϗɝ Other investment income 790 3,744 п * Government grants* 65,170 216,933 ϗɝ Default penalty income 19,046 22,544 569,056 609,293 ϗू Gains ̈ਯɿʮ̡ϗू Gain on disposal of subsidiaries 19 798 529,504 ᙄᄆᒅ൯ϗू Gain on bargain purchase 18 819 – Υᐄʮ̡ʿᑌᐄ ҳ༟ϗू Gain on disposal of investments in joint ventures and associates 214,903 90,143 ඎ ϗू Gain on derecognition of financial liabilities measured at amortised cost 816,941 – Չ˼ Others 90,469 11,707 1,123,930 631,354 1,692,986 1,240,647 * Various government grants have been received from the relevant authorities for the Group’s businesses conducted in certain cities in Chinese mainland. There are no unfulfilled conditions or contingencies relating to these grants. * ̹ᐄุਕϾᐏϞᗫ ͊ ཫಂԫධf
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ʮ̡cɚཧɚʬϋʕಂజѓ 82 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 7. ፄ༟ϓ͉ 7. FINANCE COSTS ࿚Ї6˜30˜ For the six months ended 30 June 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 ࢹInterest on bank and other borrowings 2,109,077 2,515,768 ൗ22(a) Interest on amounts due to related parties (note 22(a)) 758,024 715,634 ࢹInterest on lease liabilities 22,887 24,837 ක˕ᐼᕘ Total interest expense 2,889,988 3,256,239 ࢹLess: interest capitalised (1,882,452) (2,041,844) ࠇTotal 1,007,536 1,214,395
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 83 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 8. лᆗ лᆗʊϔৰɨΐධj 8. PROFIT BEFORE TAX The Group ’s profit before tax is arrived at after charging: ࿚Ї6˜30˜ For the six months ended 30 June 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 ุϓ͉ Cost of properties sold 15,632,906 17,635,828 ɺήක೯ϓ͉ Cost of land development 11,124 27,727 ਕϓ͉ Cost of services provided 3,284,590 3,390,212 ʿண௪ұᔚ Depreciation of property, plant and equipment 254,807 305,283 ೌҖ༟ପᛅቖ Amortisation of intangible assets 32,198 50,059 Դ͜ᛆ༟ପұᔚଋᕘ Depreciation of right-of-use assets, net 37,670 51,153 ଋᕘ * Impairment of trade and bills receivables, net* 32,835 48,655 ଋᕘ * Impairment of amounts due from related parties, net* – 181,540 ଋᕘ * Impairment of properties held for sale, net* 47,054 7,080 ࠽Impairment of property, plant and equipment* – 101,881 ࠽Impairment of right-of-use assets* – 23,973 ᑦฦ * Fair value losses on investment properties* 196,903 52,026 ٙ ᑦฦ* Loss on disposal of items of property, plant and equipment* 617 15,341 ᕘଋᕘ * Foreign exchange differences, net* 62,766 97,296 * These items are included in “other expenses and losses, net ” in the condensed consolidated statement of profit or loss. * ʫ Չ˼൬͜ʿᑦฦ ଋᕘ ධɨf
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ʮ̡cɚཧɚʬϋʕಂజѓ 84 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 9. 9. INCOME TAX ࿚Ї6˜30˜ For the six months ended 30 June 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 уಂ Current PRC corporate income tax 666,766 867,196 PRC land appreciation tax 112,731 149,045 ࠇSubtotal 779,497 1,016,241 ַDeferred (580,034) 50,120 ͉ಂධ˕̈ᐼᕘ Total tax charge for the period 199,463 1,066,361 Hong Kong profits tax No provision for Hong Kong profits tax has been made as the Group did not generate any assessable profits arising in Hong Kong during the period (six months ended 30 June 2025: Nil). PRC corporate income tax PRC corporate income tax has been provided at the rate of 25% (six months ended 30 June 2025: 25%) on the taxable profits of the Group’s PRC subsidiaries during the period. Certain subsidiaries of the Group are qualified as high-tech enterprises in Chinese mainland, or operated/located in western cities, and the relevant tax authorities have granted the subsidiaries a preferential corporate income tax rate of 15%. PRC land appreciation tax ( “LAT”) According to the requirements of the Provisional Regulations of the PRC on LAT (ᅲБૢԷ ) effective from 1 January 1994, and the Detailed Implementation Rules on the Provisional Regulations of the PRC on LAT ( ʕശɛ͏ձɺήᄣ ۆeffective from 27 January 1995, all gains arising from a transfer of real estate property in Chinese mainland effective from 1 January 1994 are subject to LAT at progressive rates ranging from 30% to 60% on the appreciation of land value, being the proceeds from the sale of properties less deductible expenditures including borrowing costs and all property development expenditures. ಥл ಥପ͛ОᏐ ሙлᆗ ࿚Ї2025 ϋ6 ˜30˜j ಥл௪f ٙ ಂʫᏐሙлᆗ˸ଟ 25%࿚Ї 2025 ϋ6 ˜30˜j25%௪f͉ණྠ ʍɿʮ̡ୌΥʕɽʘ৷อҦஔΆุ༟ ̹d ה މ15%f 1994 ϋ1 ˜1ʕശɛ͏ձ 1995 ϋ1˜27 ᅲБૢ d͟ 1994 ϋ1 ˜1 ˚ৎd Ϟϗ ي ุක೯ ʧ˷ 30% Ї60% f
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 85 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 10. ࢹٰ10. DIVIDENDS ࿚Ї6˜30˜ For the six months ended 30 June 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 ٰ 3.0 ಥ ̀2025j 3.0 ಥ̀ Proposed interim dividend – HK3.0 cents (2025 interim dividend: HK3.0 cents) per ordinary share 350,811 368,997 Interim dividend At a meeting of the board of directors held on 25 August 2026, the directors resolved to pay interim dividend of HK3.0 cents (six months ended 30 June 2025: HK3.0 cents) per ordinary share to shareholders, amounting to a total of approximately RMB350,811,000 (six months ended 30 June 2025: RMB368,997,000). The proposed interim dividend was not recognised as a liability as at 30 June 2026. 11. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT The calculation of the basic earnings per share amount for the period is based on the profit for the period attributable to ordinary equity holders of the parent, and the weighted average number of ordinary shares of 13,512,466,348 (six months ended 30 June 2025: 13,505,971,218) outstanding during the period. No adjustment has been made to the basic earnings per share amount presented for six months ended 30 June 2026 and 2025 in respect of a dilution as the impact of the Company ’s share options outstanding had an anti-dilutive effect on the basic earnings per share amount presented. ࢹٰ 2026 ϋ8 ˜25ԫึึᙄɪd ٰ 3.0 ಥ̀ ࿚Ї2025 ϋ6 ˜30˜j 3.0ɛ͏࿆ 350,811,000 ʩ ࿚Ї 2025 ϋ 6 ˜ 30˜jɛ͏࿆ 368,997,000 2026 ϋ6˜30වf 11. ϞɛᏐЦ л Ϟ ̋ᛆ̻ ѩᅰ13,512,466,348࿚Ї2025 ϋ6˜30 ˜j13,505,971,218ၑf ٙ Ԩೌఱᛅ ᑛ࿁࿚Ї 2026 ϋʿ 2025 ϋ6 ˜30ࡈ ᕘЪ̈ሜf
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ʮ̡cɚཧɚʬϋʕಂజѓ 86 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 11. ϞɛᏐЦ лᚃ ၑj 11. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT (CONTINUED) The calculations of basic and diluted earnings per share are based on: ࿚Ї6˜30˜ For the six months ended 30 June 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 л Earnings ͎ʮ̡ኹϞɛᏐЦ͉ಂлᆗ Profit for the period attributable to the owners of the parent 879,223 1,090,116 ݼDistribution related to the perpetual capital instrument (328,063) (328,063) лʘ Ϟɛ ᏐЦлᆗ Profit attributable to ordinary equity holders of the parent used in the basic and diluted earnings per share calculation 551,160 762,053 ΅ Shares ٙ ̋ᛆ̻ѩᅰ Weighted average number of ordinary shares outstanding during the period used in the basic and diluted earnings per share calculation 13,512,466,348 13,505,971,218 12. PROPERTY, PLANT AND EQUIPMENT During the six months ended 30 June 2026, the Group had acquisitions of property, plant and equipment at a total cost of RMB57,721,000 (six months ended 30 June 2025: RMB242,928,000), and disposed of items of property, plant and equipment with a total net carrying amount of RMB9,010,000 (six months ended 30 June 2025: RMB186,680,000), and no impairment loss (six months ended 30 June 2025: RMB101,881,000) was recognised for certain property, plant and equipment. 12. ʿண௪ ࿚Ї 2026 ϋ6 ˜30˜d͉ණྠᒅ ɛ͏ ࿆57,721,000 ʩ ࿚Ї2025 ϋ6 ˜30 ˚˟ ˜jɛ͏࿆ 242,928,000 ʩ dϾஈໄ Υɛ ͏࿆ 9,010,000 ʩ ࿚Ї2025 ϋ6 ˜30 ˚˟ ˜jɛ͏࿆ 186,680,000 ʩ d˸ʿఱ ᑦฦ ࿚Ї 2025 ϋ 6 ˜ 30˜jɛ͏࿆ 101,881,000 ʩ f
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 87 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 13. ሪಛ 13. TRADE RECEIVABLES 2026 ϋ 6˜30 ˚ 2025 ϋ 12 ˜31 ˚ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 30 June 2026 31 December 2025 (Unaudited) (Audited) RMB’000 RMB’000 ᛅቖϓ͉ – At amortised cost ሪಛʿୃኽ Trade and bills receivables 2,293,646 2,389,820 ࠽Impairment (151,074) (118,239) ࠇTotal 2,142,572 2,271,581 ɝฦू – At fair value through profit or loss ሪಛ Trade receivables 2,771,860 2,683,890 ࠽ࠦCarrying amount 4,914,432 4,955,471 ਗʱ Current portion 2,142,572 2,215,581 ਗʱ Non-current portion 2,771,860 2,739,890 Properties sold is receivable in accordance with the terms of the related sale and purchase agreements, trading terms with its customers in relation to the provision of leasing, hotel, decoration and other services are mainly on credit, except for new customers, where payment in advance is normally required. The credit period is generally one to three months, extending up to six months for major customers. Each customer has a maximum credit limit. The Group seeks to maintain strict control over its outstanding receivables and balances are reviewed regularly by senior management. In view of the aforementioned and the fact that the Group ’s trade receivables relate to diversified customers, there is no significant concentration of credit risk. The Group does not hold any collateral or other credit enhancements over its trade receivable balances. Trade receivables are non-interest-bearing. ૢ ˒ఱԶॡ༣eৢ ൲ ൲ಂ ௰ε̙ ൲ ᕘf છՓՉ͊ᎵᒔᏐϗಛf ධd ܄ f͉ණྠ אۜץת л f
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ʮ̡cɚཧɚʬϋʕಂజѓ 88 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 13. ሪಛᚃ ٙ ν ɨj 13. TRADE RECEIVABLES (CONTINUED) An ageing analysis of the trade receivables at amortised cost as at the end of the reporting period, based on the invoice date and net of loss allowance, is as follows: 2026 ϋ 6˜30 ˚ 2025 ϋ 12 ˜31 ˚ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 30 June 2026 31 December 2025 (Unaudited) (Audited) RMB’000 RMB’000 1˜ʫ Within 1 month 423,449 976,794 2Ї3˜ 2 to 3 months 409,037 144,553 4Ї6˜ 4 to 6 months 564,835 377,182 7˜Ї1ϋ 7 months to 1 year 185,472 157,273 1ϋ˸ɪ Over 1 year 559,779 615,779 ࠇTotal 2,142,572 2,271,581 14. CASH AND CASH EQUIVALENTS AND RESTRICTED BANK BALANCES 2026 ϋ 6˜30 ˚ 2025 ϋ 12 ˜31 ˚ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 30 June 2026 31 December 2025 (Unaudited) (Audited) RMB’000 RMB’000 ձვБഐቱ Cash and bank balances 37,345,266 28,403,232 ಂπಛ Time deposits 5,546,800 3,985,732 ࠇSubtotal 42,892,066 32,388,964 ಯj Less: ՓვБഐቱ Restricted bank balances (5,546,800) (3,985,732) يCash and cash equivalents 37,345,266 28,403,232 As at 30 June 2026, restricted bank balances included the regulated pre-sales proceeds of properties of RMB5,290,527,000 (31 December 2025: RMB3,550,239,000). 14. Փვ Бഐቱ 2026 ϋ 6 ˜ 30ՓვБഐቱ ಛධɛ͏࿆ 5,290,527,000 ʩ2025 ϋ12 ˜31 ˚jɛ͏ ࿆3,550,239,000 ʩ f
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 89 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 15. ሪಛʿୃኽ ሪಛ νɨj 15. TRADE AND BILLS PAYABLES An aged analysis of the trade and bills payables as at the end of the reporting period, based on the invoice date, is as follows: 2026 ϋ 6˜30 ˚ 2025 ϋ 12 ˜31 ˚ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 30 June 2026 31 December 2025 (Unaudited) (Audited) RMB’000 RMB’000 1ӋᎵᒔ Within 1 year or on demand 23,426,910 16,555,531 1ϋ˸ɪ Over 1 year 3,843,821 7,663,424 ࠇTotal 27,270,731 24,218,955
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ʮ̡cɚཧɚʬϋʕಂజѓ 90 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 16. ͑ᚃ༟͉ʈՈ (a) 2021͑ɮ༟͉ᗇՎ 2021 ϋ2 ˜8ʮ̡೯Б މ500,000,000ɛ͏ ࿆3,233,900,000͑ɮ༟͉ᗇ މ1,695,000ߕ ɛ͏࿆10,964,000 ʩ f ᗇՎረʚІ 2021 ϋ8 ˜8ቇ ଟӊϋ 6.00%ᛆлd ӊϋ 2 ˜8 ˚ʿ 8 ˜8 ˚ӊ̒ϋ˕˹f೯Б ܝץ ʱf ࿚Ї2026 ϋ6˜30˜d͉ණྠʊᛙ މ500,000,000ٙ2021 ϋ ͑ɮ༟͉ᗇՎf (b) 2024ಛ 2024 ϋ 6 ˜ 6ટછ ɛ͏࿆ 15,000,000,000ಛረ ʚІ2025 ϋ3˜15ݼ ଟӊϋ 4.35%ӊϋ 3 ˜15 ˚ʿ9˜15ܲ f 2025 ϋ3 ˜3ಥһ౬ ಥ༟͉၍ଣϞ ҷf d͉ණྠঐછՓΪᛙΫ ͉ʮ̡ ᆵৰ̮ ϾΣɪ˖ (b) ፄ༟ ᛆ ूʈՈf 16. PERPETUAL CAPITAL INSTRUMENTS (a) 2021 Subordinate Guaranteed Perpetual Capital Securities On 8 February 2021, Franshion Brilliant Limited issued the subordinate guaranteed perpetual capital securities with an aggregate principal amount of US$500,000,000 (equivalent to approximately RMB3,233,900,000). The direct transaction costs attributable to the issuance amounted to US$1,695,000 (equivalent to approximately RMB10,964.000). The securities confer a right to receive distributions at the applicable distribution rate of 6.00% per annum from and including 8 August 2021, payable semi-annually on 8 February and 8 August of each year. The issuer may, at its sole discretion, elect to defer a distribution pursuant to the terms of the securities. The securities may be redeemed at the option of the issuer, in whole but not in part. During the six months ended 30 June 2026, the Group redeemed all of the 2021 Subordinate Guaranteed Perpetual Capital Securities with a principal amount of US$500,000,000. (b) 2024 Sinochem Hong Kong Perpetual Debts On 6 June 2024, the Company entered into a perpetual debt agreement, in an aggregate principal amount of RMB15,000,000,000 with its immediate holding company, Sinochem Hong Kong. The debts confer a right to receive distribution at 4.35% per annum from and including 15 March 2025, payable semi-annually on 15 March and 15 September of each year. The Company may, at its sole discretion, elect to defer a distribution pursuant to the terms of the debts. On 3 March 2025, the lender changed from Sinochem Hong Kong to its designated wholly-owned subsidiary, Sinochem Hong Kong Capital Management Co., Ltd., without modification of the terms. In the opinion of the directors, the Group is able to control the delivery of cash or other financial assets to the holders of the perpetual capital instruments in (b) above due to redemption other than an unforeseen liquidation of the Company or the issuers. Accordingly, these securities are classified as equity instruments before the election of redemption.
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 91 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 17. ྌ ྌ 2019 ϋ1˜29Б ܝ ʞ ഐҼf ؇ٰאࢹٰ ͊Б ୃಂᛆνɨj 17. SHARE OPTION SCHEME New Scheme The Company operates a new share option scheme (the “New Scheme ”) which became effective on 29 January 2019. The exercise period of the share options granted is determinable by the directors, and commences after a vesting period of one to three years and ends on a date which is not later than five years from the date of offer of the share options or the expiry date of the New Scheme, if earlier. Share options do not confer rights on the holders to dividends or to vote at shareholders ’ meetings. The following share options were outstanding under the New Scheme during the period: ̋ᛆ̻ѩ ୃಂᛆᅰඎ Weighted average exercise price HK$ per share Number of options 2026 ϋ1˜1˚ At 1 January 2026 4.00 97,774,000 ࣖForfeited during the period 3.99 (95,774,000) 2026 ϋ6˜30 ˚ At 30 June 2026 4.58 2,000,000 18. BUSINESS COMBINATIONS (a) 2026 business combination Business combinations during the six months ended 30 June 2026 mainly included the acquisitions of several property development companies (collectively referred to as the “2026 Acquirees ”). The directors of the Company consider that none of these subsidiaries acquired during the six months ended 30 June 2026 was significant to the Group and thus the individual financial information of these subsidiaries on the acquisition date was not disclosed. The Group has elected to measure the non-controlling interests in the 2026 Acquirees at the non-controlling interests ’ proportionate share of the 2026 Acquirees ’ identifiable net assets. 18. ุਕΥԻ (a) 2026ϋุਕΥԻ ࿚Ї2026 ϋ6˜30ࠅ 2026 ࿚Ї2026 ϋ6 ˜30༈ഃɿʮ̡࿁͉ණ ϗᒅ ᚣf ͉ණྠʊ፯ਗ਼ 2026છՓᛆू ˢԷʱЦ 2026 ϗᒅ˙ ̙ᗆйଋ༟ପf
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ʮ̡cɚཧɚʬϋʕಂజѓ 92 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 18. ุਕΥԻᚃ (a) 2026ϋุਕΥԻᚃ 2026ࠋ νɨj 18. BUSINESS COMBINATIONS (CONTINUED) (a) 2026 business combination (continued) The fair values of the identifiable assets and liabilities of the 2026 Acquirees as at the date of acquisition were as follows: ᆽႩ ࠽ ɛ͏࿆ɷʩ Fair value recognised on acquisition (Unaudited) RMB’000 ʿண௪ Property, plant and equipment 460 ೌҖ༟ପ Intangible assets 53 ุ Properties under development 21,265,878 ุ Properties held for sale 1,290,541 ධ༟ପ Deferred tax assets 120,633 ཫ˹ಛධeՉ˼ᏐϗಛධձՉ˼༟ପ Prepayments, other receivables and other assets 2,790,156 ཫ˹ධ Prepaid tax 555,634 يCash and cash equivalents 6,791,191 ሪಛʿୃኽ Trade and bills payables (371,860) ಛධ Other payables and accruals (19,494,952) ಛ Interest-bearing bank and other borrowings (5,637,212) ව Deferred tax liabilities (565,202) ̙ᗆйଋ༟ପᐼᕘ Total identifiable net assets at fair value 6,745,320 છՓᛆू Non-controlling interests (3,242,900) ٙ ᙄᄆᒅ൯ϗू Gain on bargain purchase recognised in other income and gains in the consolidated income statement (819) 3,501,601 ˕˹˙όj Satisfied by: ږCash 2,344,083 ᛆ ࠽ Fair value of equity interests previously held as investments in joint ventures 1,157,518 ᒅ൯˾ᄆᐼᕘ Total purchase consideration 3,501,601
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 93 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 18. ุਕΥԻᚃ (a) 2026ϋุਕΥԻᚃ ɛ͏࿆ 2,759,459,000ᕘf ϗ Ϋf ϓ͉ɛ͏࿆ 296,000ڌ ɝ၍ଣ൬͜ʫf νɨj 18. BUSINESS COMBINATIONS (CONTINUED) (a) 2026 business combination (continued) The fair values of its other receivables as at the date of acquisition amounted RMB2,759,459,000, which are equal to its gross contractual amounts. There was no estimated uncollectable amount of the contractual cash flows at the date of acquisition. The Group incurred transaction costs of RMB296,000 for these acquisitions. These transaction costs have been expensed and are included in administrative expenses in the consolidated statement of profit or loss. An analysis of the cash flows in respect of the acquisition of the subsidiaries is as follows: ɛ͏࿆ɷʩ (Unaudited) RMB’000 ˾ᄆ Cash consideration (2,344,083) ʿვБഐቱ Cash and bank balances acquired 6,791,191 ʿ ɝଋᕘ Net inflow of cash and cash equivalents included in cash flows from investing activities 4,447,108 ϗᒅ ϓ͉ Transaction costs of the acquisition included in cash flows used in operating activities (296) ࠇTotal net cash inflow 4,446,812 Since the acquisition, the 2026 Acquirees contributed RMB1,375,286,000 to the Group ’s revenue and incurred a profit of RMB80,297,000 to the consolidated profit for the six months ended 30 June 2026 in aggregate. Had the combination taken place at the beginning of the period, the revenue from continuing operations of the Group and the profit of the Group for the six months ended 30 June 2026 would have been RMB21,720,040,000 and RMB1,221,325,000, respectively. Іϗᒅ˸Ըd2026࿚Ї 2026 ϋ6 ˜30͉ණྠ্ᘠϗɝɛ͏ ࿆1,375,286,000ΥԻлᆗ੭ Ըɛ͏࿆ 80,297,000лᆗf ආБd࿚Ї 2026 ϋ 6 ˜ 30ᚃᐄุ ɛ͏࿆ 21,720,040,000 ʩʿɛ͏࿆ 1,221,325,000 ʩf
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ʮ̡cɚཧɚʬϋʕಂజѓ 94 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 18. ุਕΥԻᚃ (b) 2025ϋุਕΥԻ ࿚Ї2025 ϋ6˜30ࠅ 2025 ࿚Ї2025 ϋ6 ˜30༈ഃɿʮ̡࿁͉ණ ϗᒅ ᚣf ͉ණྠʊ፯ਗ਼ 2025છՓᛆू ˢԷʱЦ 2025 ϗᒅ˙ ̙ᗆйଋ༟ପf 18. BUSINESS COMBINATIONS (CONTINUED) (b) 2025 business combination Business combinations during the six months ended 30 June 2025 mainly included the acquisitions of several property development companies and property services companies (collectively referred to as the “2025 Acquirees ”). The directors of the Company consider that none of these subsidiaries acquired during the six months ended 30 June 2025 was significant to the Group and thus the individual financial information of these subsidiaries on the acquisition date was not disclosed. The Group has elected to measure the non-controlling interests in the 2025 Acquirees at the non-controlling interests ’ proportionate share of the 2025 Acquirees ’ identifiable net assets.
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 95 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 18. ุਕΥԻᚃ (b) 2025ϋุਕΥԻᚃ 2025ࠋ νɨj 18. BUSINESS COMBINATIONS (CONTINUED) (b) 2025 business combination (continued) The fair values of the identifiable assets and liabilities of the 2025 Acquirees as at the date of acquisition were as follows: ᆽႩ ࠽ ɛ͏࿆ɷʩ Fair value recognised on acquisition (Unaudited) RMB’000 ʿண௪ Property, plant and equipment 5 ุ Properties under development 4,116,713 ධ༟ପ Deferred tax assets 5,325 ཫ˹ಛධeՉ˼ᏐϗಛධձՉ˼༟ପ Prepayments, other receivables and other assets 264,122 ཫ˹ධ Prepaid tax 45,787 يCash and cash equivalents 755,268 ሪಛʿୃኽ Trade and bills payables (25,678) ಛධ Other payables and accruals (1,125,900) ಛ Interest-bearing bank and other borrowings (350,000) Ꮠ˹ධ Tax payable (36,901) ව Deferred tax liabilities (62,743) ̙ᗆйଋ༟ପᐼᕘ Total identifiable net assets at fair value 3,585,998 છՓᛆू Non-controlling interests (1,908,829) 1,677,169 ˕˹˙όj Satisfied by: ږCash 1,476,420 ٙ ࠽ Fair value of equity interests previously held as investments in joint ventures 200,749 ᒅ൯˾ᄆᐼᕘ Total purchase consideration 1,677,169
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ʮ̡cɚཧɚʬϋʕಂజѓ 96 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 18. ุਕΥԻᚃ (b) 2025ϋุਕΥԻᚃ ɛ͏࿆ 262,214,000 ϗΫf ϓ͉ɛ͏࿆ 450,000ڌ ɝ၍ଣ൬͜ʫf νɨj 18. BUSINESS COMBINATIONS (CONTINUED) (b) 2025 business combination (continued) The fair values of its other receivables as at the date of acquisition amounted RMB262,214,000, which are equal to its gross contractual amounts. There was no estimated uncollectable amount of the contractual cash flows at the date of acquisition. The Group incurred transaction costs of RMB450,000 for these acquisitions. These transaction costs have been expensed and are included in administrative expenses in the consolidated statement of profit or loss. An analysis of the cash flows in respect of the acquisition of the subsidiaries is as follows: ɛ͏࿆ɷʩ (Unaudited) RMB’000 ˾ᄆ Cash consideration (1,476,420) ʿვБഐቱ Cash and bank balances acquired 755,268 ʿ ̈ଋᕘ Net outflow of cash and cash equivalents included in cash flows from investing activities (721,152) ϗᒅ ϓ͉ Transaction costs of the acquisition included in cash flows used in operating activities (450) ࠇTotal net cash outflow (721,602) Since the acquisition, the 2025 Acquirees did not generate any revenue and incurred a loss of RMB27,308,000 to the consolidated profit for the six months ended 30 June 2025 in aggregate. Had the combination taken place at the beginning of the period, the revenue from continuing operations of the Group and the profit of the Group for the six months ended 30 June 2025 would have been RMB25,112,612,000 and RMB1,264,756,000, respectively. Іϗᒅ˸Ըd2025࿚Ї 2025 ϋ6 ˜30˜ಂගԨೌପ͛Оϗɝdʿ ΥԻлᆗ੭Ըɛ͏࿆ 27,308,000ٙ ฦ̰f ආБd࿚Ї 2025 ϋ 6 ˜ 30ᚃᐄุ ɛ͏࿆ 25,112,612,000 ʩʿɛ͏࿆ 1,264,756,000 ʩf
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 97 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 19. ̈ਯɿʮ̡ 19. DISPOSAL OF SUBSIDIARIES ࿚Ї6˜30˜ For the six months ended 30 June ൗ 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Note 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 ஈໄଋ༟ପj Net assets disposed of: ʿண௪ Property, plant and equipment 3,982 69,551 ೌҖ༟ପ Intangible assets 399 2,701 Դ͜ᛆ༟ପ Right-of-use assets 14,217 – ุ Properties under development 3,077,452 3,530,397 ุ Investment properties 54,100 – ධ༟ପ Deferred tax assets 976 46,500 π Inventories – 69,607 ุ Properties held for sale 181,681 – ཫ˹ಛධeՉ˼Ꮠϗ ಛධʿՉ˼༟ପ Prepayment, other receivables and other assets 3,782,836 2,858,171 ሪಛʿୃኽ Trade and bill receivables 3,253 79,620 ཫ˹ධ Prepaid tax 64,366 12,741 يCash and cash equivalents 455,691 1,615,083 ሪಛʿୃኽ Trade and bills payables (223,088) (145,833) ಛධ Other payables and accruals (920,382) (5,935,094) Ꮠ˹ධ Tax payable – (70,268) ව Deferred tax liabilities (7,484) (4,702) ಛ Interest-bearing bank and other borrowings (1,393,000) (1,770,000) ࠇSubtotal 5,094,999 358,474 ᛆू Non-controlling interests (3,759,453) (2,782) ϗू Gain on disposal of subsidiaries 6 798 529,504 ᐼ˾ᄆ Total consideration 1,336,344 885,196 ˕˹˙όj Satisfied by: ږCash 67,044 381,600 ࠽Fair value of interests retained by the Group 1,269,300 503,596 ࠇTotal 1,336,344 885,196
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ʮ̡cɚཧɚʬϋʕಂజѓ 98 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 19. ̈ਯɿʮ̡ᚃ ɝଋᕘ νɨj 19. DISPOSAL OF SUBSIDIARIES (CONTINUED) An analysis of the net inflow of cash and cash equivalents in respect of the disposal of subsidiaries is as follows: ࿚Ї6˜30˜ For the six months ended 30 June 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 ˾ᄆ Cash consideration 67,044 381,600 يCash and cash equivalents disposed of (455,691) (1,615,083) ږ ̈ Net outflow of cash and cash equivalents in respect of the disposal of subsidiaries (388,647) (1,233,483) 20. FINANCIAL GUARANTEES At the end of the reporting period, the Group has provided guarantees in respect of mortgage facilities for certain purchasers of the Group ’s properties amounting to approximately RMB3,285,917,000 (31 December 2025: RMB5,818,586,000). Besides, as at 30 June 2026, the Group provided guarantees of RMB620,748,000 (31 December 2025: RMB727,335,000) and RMB239,619,000 (31 December 2025: RMB280,305,000) to certain joint ventures and associates of the Group related to their bank loans, respectively. At 30 June 2026, certain of the Group ’s equity investments in joint ventures and associates, which had an aggregate net carrying amount of RMB311,441,000 (31 December 2025: RMB446,126,000) were pledged to secure the same bank loans aforementioned. The Group assessed that the fair value at initial recognition of the financial guarantees and the expected credit losses allowance during the reporting period were not significant. 20. ڭ ي ɛ͏࿆ 3,285,917,000 ʩ2025 ϋ12 ˜31 ˚jɛ͏ ࿆5,818,586,000f 2026 ϋ6 ˜30 ˚d͉ණྠʱйఱ ʍΥᐄʮ̡ʿᑌᐄʮ̡ʘვБ൲ ᅰɛ͏࿆ 620,748,000 ʩ2025 ϋ 12 ˜31 ˚jɛ͏࿆ 727,335,000 ʩ ʿɛ͏ ࿆239,619,000 ʩ2025 ϋ12 ˜31 ˚jɛ ͏࿆ 280,305,0002026 ϋ6 ˜30ɛ͏࿆ 311,441,000 ʩ2025 ϋ12 ˜31 ˚jɛ͏࿆ 446,126,000ʍΥᐄʮ̡ʿᑌᐄʮ̡ ΝვБ൲ಛ f ൲ ɽf
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 99 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 21. ዄ ዄj 21. COMMITMENTS The Group had the following contractual commitments as at the end of the reporting period: 2026 ϋ 6˜30 ˚ 2025 ϋ 12 ˜31 ˚ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 30 June 2026 31 December 2025 (Unaudited) (Audited) RMB’000 RMB’000 ุ Properties under development 69,197,831 62,481,615 ʕɺή Land under development 4,200,102 3,905,831 ʿண௪ Property, plant and equipment 292,953 295,669 ༟ Capital contributions to joint ventures and associates 7,569,287 8,815,634 ࠇTotal 81,260,173 75,498,749
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ʮ̡cɚཧɚʬϋʕಂజѓ 100 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 22. ᚣ (a) 22. RELATED PARTY DISCLOSURES (a) Material transactions with related parties ࿚Ї6˜30˜ For the six months ended 30 June ൗ 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Notes 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 Νӻɿʮ̡j Fellow subsidiaries: ϗɝ Rental income (i) 110,882 109,920 ุ၍ଣ൬ϗɝ Property management fee income (i) 41,134 32,108 Ҧஔ൬͜ Information technology expenses 9,019 4,363 ᚥਪ൬ϗɝ Consulting fee income 181 94 ක˕ Interest expense (ii) 222,584 139,034 ϗɝ Interest income (iii) 58,553 31,463 ਕϗɝ Building decoration services income (i) 7,567 4,021 ਕϗɝ Other service income 10,981 19,384 ʮ̡j The immediate holding company: ක˕ Rental expense (i) 771 256 ʮ̡j An intermediate holding company: ϗɝ Rental income (i) 3,363 54,108 ุ၍ଣ൬ϗɝ Property management fee income (i) 534 3,886 ක˕ Interest expense (ii) 422,204 464,116 ਕϗɝ Building decoration services income (i) – 1,318 ʮ̡j The ultimate holding company: ϗɝ Rental income (i) 2,910 – ุ၍ଣ൬ϗɝ Property management fee income (i) 7,972 992 ٙ ᑌᐄʮ̡j Associates of the Group ’s ultimate holding company: ϗɝ Rental income 899 5,152 ਕ൬ Human resource service fees 153,944 5,329 ุ၍ଣ൬ϗɝ Property management fee income (i) – 907
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 101 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 22. ᚣᚃ (a) ᚃ 22. RELATED PARTY DISCLOSURES (CONTINUED) (a) Material transactions with related parties (continued) ࿚Ї6˜30˜ For the six months ended 30 June ൗ 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Notes 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 Υᐄʮ̡j Joint ventures: ϗɝ Interest income (iii) 169,737 187,569 ϗɝ Rental income (i) 2,022 3,437 ุ၍ଣ൬ϗɝ Property management fee income (i) 38,861 49,982 ਕϗɝ Building decoration services income (i) 101,606 121,179 ᚥਪ൬ϗɝ Consulting fee income (i) 3,456 8,209 ක˕ Interest expense (ii) 23,170 23,235 ਕϗɝ Other service income (i) 90,857 26,581 ᑌᐄʮ̡j Associates: ϗɝ Interest income (iii) – 39,804 ක˕ Interest expense (ii) 90,066 75,876 ุ၍ଣ൬ϗɝ Property management fee income (i) 59,442 31,891 ਕϗɝ Building decoration services income (i) 78,898 74,853 ᚥਪ൬ϗɝ Consulting fee income (i) 2,711 3,514 ϗɝ Rental income (i) 2,232 2,580 ਕϗɝ Other service income (i) 390 249 j A substantial shareholder: ϗɝ Interest income (iii) 602 2,915 ක˕ Interest expense (ii) – 13,373 Notes: (i) These transactions were carried out in accordance with the terms and conditions mutually agreed by the parties involved. (ii) The interest expense was charged by related parties at rates ranging from 1.50% to 6.10% (six months ended 30 June 2025: 3.85% to 8.00%) per annum. (iii) The interest income was charged to related parties at rates ranging from 2.18% to 9.50% (six months ended 30 June 2025: 2.18% to 10.00%) per annum. ൗj (i) ૢಛʿૢ ආБf (ii) ϋлଟʧ˷ 1.50% Ї 6.10%࿚Ї 2025 ϋ6 ˜30˜j3.85% Ї8.00%ၑf (iii) ϋлଟʧ˷ 2.18% Ї 9.50%࿚Ї 2025 ϋ6 ˜30˜j2.18% Ї10.00%ၑf
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ʮ̡cɚཧɚʬϋʕಂజѓ 102 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 22. ᚣᚃ (b) జཇ 22. RELATED PARTY DISCLOSURES (CONTINUED) (b) Compensation of key management personnel of the Group ࿚Ї6˜30˜ For the six months ended 30 June 2026 ϋ 2025 ϋ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 ၅л Short term employee benefits 3,838 4,324 ၅л Post-employment benefits 728 725 జཇᐼᕘ Total compensation paid to key management personnel 4,566 5,049 (c) Material transactions with other state-owned enterprises The Group is indirectly controlled by the PRC government and operates in an economic environment predominated by entities directly or indirectly owned or controlled by the government through its agencies, affiliates or other organisations (collectively “State-owned Entities ” ( “SOEs”)). During the period, the Group had transactions with other SOEs including, but not limited to borrowings, deposits, the sale of properties developed, the provision of property, lease and management service and the provision of sub-contracting services. The directors of the Company consider that these transactions with other SOEs are activities conducted in the ordinary course of business and that the dealings of the Group have not been significantly or unduly affected by the fact that the Group and the other SOEs are ultimately controlled or owned by the PRC government. The Group has also established pricing policies for its products and services and such pricing policies do not depend on whether or not the customers are SOEs. (d) Provision of guarantees to certain joint ventures and associates related to their borrowings As at 30 June 2026, the Group provided guarantees of RMB621,226,000 (31 December 2025: RMB727,335,000) and RMB275,890,000 (31 December 2025: RMB280,305,000) to certain joint ventures and associates of the Group related to their borrowings, respectively. (c) ݁ ટ Άุ ୕၈ ϞΆุ ᐑྤɨᐄfಂʫd͉ණྠၾՉ ൲e ุॡ༣ʿ၍ ਕf͉ʮ̡ԫႩ dᒱ್͉ණྠʿ༈ഃՉ˼ϞΆุ௰ա ה ٙ ᅂᚤf͉ණྠ ֛ ϞΆุf (d) ʍΥᐄʮ̡ʿᑌᐄʮ̡ԶϞ ڭ 2026 ϋ6 ˜30 ˚d͉ණྠʱйఱ͉ණྠ ഃ ɛ͏࿆ 621,226,000 ʩ2025 ϋ12 ˜31 ˚jɛ͏࿆ 727,335,000 ʩ ʿɛ͏࿆275,890,000 ʩ2025 ϋ12 ˜ 31 ˚jɛ͏࿆ 280,305,000 ʩ f
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 103 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 23. ව 2026 ϋ6 ˜30 ˚ʿ 2025 ϋ12 ˜31j 23. FINANCIAL ASSETS AND FINANCIAL LIABILITIES Set out below is an overview of financial assets held by the Group as at 30 June 2026 and 31 December 2025: 2026 ϋ 6˜30 ˚ 2025 ϋ 12 ˜31 ˚ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 30 June 2026 31 December 2025 (Unaudited) (Audited) RMB’000 RMB’000 ٙ ፄ༟ପj Financial assets at fair value through profit or loss: уಂʱ Trade receivables, non-current portion 2,771,860 2,683,890 ፄ༟ପ Other financial assets 5,459,590 5,516,711 ፄ༟ପj Financial assets at amortised cost: ሪಛdуಂʱ Trade receivables, current portion 2,142,572 2,271,581 ɝཫ˹ಛධeՉ˼Ꮠϗಛධʿ ፄ༟ପ Financial assets included in prepayments, other receivables and other assets 42,949,930 39,903,957 Ꮠϗᗫᑌ˙ಛධ Due from related parties 27,030,280 27,452,264 ಛධ Due from non-controlling shareholders 656,233 649,571 ՓვБഐቱ Restricted bank balances 5,546,800 3,985,732 يCash and cash equivalents 37,345,266 28,403,232 ࠇTotal 123,902,531 110,866,938 Set out below is an overview of financial liabilities held by the Group as at 30 June 2026 and 31 December 2025: 2026 ϋ 6˜30 ˚ 2025 ϋ 12 ˜31 ˚ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 30 June 2026 31 December 2025 (Unaudited) (Audited) RMB’000 RMB’000 වj Financial liabilities: ሪಛʿୃኽ Trade and bills payables 27,270,731 24,218,955 ಛධ ව Financial liabilities included in other payables and accruals 22,593,451 24,541,864 Ꮠ˹ᗫᑌ˙ಛධ Due to related parties 74,256,115 62,413,623 ಛ Interest-bearing bank and other borrowings 122,757,885 129,011,982 ව Lease liabilities 1,131,242 1,137,527 ࠇTotal 248,009,424 241,323,951 2026 ϋ6 ˜30 ˚ʿ 2025 ϋ12 ˜31j
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ʮ̡cɚཧɚʬϋʕಂజѓ 104 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 23. වᚃ νɨj 23. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONTINUED) The carrying amounts and fair values of the Group ’s financial instruments, other than those with carrying amounts that reasonably approximate to fair values, are as follows: ࠽ Carrying amounts Fair values 2026 ϋ 6˜30 ˚ 2025 ϋ 12 ˜31 ˚ 2026 ϋ 6˜30 ˚ 2025 ϋ 12 ˜31 ˚ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ 30 June 2026 31 December 2025 30 June 2026 31 December 2025 (Unaudited) (Audited) (Unaudited) (Audited) RMB’000 RMB’000 RMB’000 RMB’000 ፄ༟ପ Financial assets уಂʱ Trade receivables, non-current portion 2,771,860 2,683,890 2,771,860 2,683,890 ፄ༟ପ Other financial assets 5,459,590 5,516,711 5,459,590 5,516,711 ࠇTotal 8,231,450 8,200,601 8,231,450 8,200,601 ව Financial liabilities ಛ Interest-bearing bank and other borrowings 122,757,885 129,011,982 124,206,090 139,699,291 Management has assessed that the fair values of cash and cash equivalents, restricted bank balances, trade receivables (current portion), amounts due from non-controlling shareholders, financial assets included in prepayments, deposits and other receivables, trade and bills payables, financial liabilities included in other payables and accruals, lease liabilities and amounts due from/to related parties approximate to their carrying amounts largely due to the short term maturities of these instruments. The Group ’s finance department is responsible for determining the policies and procedures for the fair value measurement of financial instruments. Փვ ሪಛ уಂʱ eᏐϗ ձՉ ሪಛʿୃ ࠋ ʮ ϤഃʈՈ ಂʫՑಂf ፄʈՈϞᗫʮ̻ ഄʿҏf
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 105 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 23. වᚃ ʮ ʕ̙ П j ፄ༟ ვБ൲ಛʿՉ ʮ̻ ᎈʿ௵ቱՑ ࠇ ʮ 2026 ϋ6˜30 ˚ʿ 2025 ϋ12 ˜31ვБ ʮ̻ ʔɽf ʕɽ f͉ණྠʊԴ͜ ٙ ʮ f 23. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONTINUED) The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: The fair values of non-current portion of trade receivables, investment in a land development project included in other financial assets, interest-bearing bank and other borrowings except for notes and domestic corporate bonds have been calculated by discounting the expected future cash flows using rates currently available for instruments with similar terms, credit risk and remaining maturities. The fair values of notes and domestic corporate bonds are based on quoted market prices. The changes in fair value as a result of the Group ’s own non-performance risk for interest-bearing bank and other borrowings as at 30 June 2026 and 31 December 2025 was assessed to be insignificant. The Group invests in unlisted investments, which represent wealth management products issued by banks in Chinese mainland. The Group has estimated the fair value of these unlisted investments by using a discounted cash flow valuation model based on the market interest rates of instruments with similar terms and risks.
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ʮ̡cɚཧɚʬϋʕಂజѓ 106 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 23. වᚃ ݖ j ༟ପj 2026 ϋ6˜30 ˚ 23. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONTINUED) Fair value hierarchy The following tables illustrate the fair value measurement hierarchy of the Group ’s financial instruments: Assets measured at fair value: As at 30 June 2026 ඎ Fair value measurement using ᚔ ̹ఙజᄆ ୋɓॴ ɽ̙ᝈ࿀ ፩ɝᅰኽ ୋɚॴ ɽʔ̙ᝈ࿀ ፩ɝᅰኽ ࠇ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 ፄ༟ପ Other financial assets – 136,340 5,323,250 5,459,590 уಂʱ Trade receivables, non-current portion – – 2,771,860 2,771,860 ࠇTotal – 136,340 8,095,110 8,231,450 As at 31 December 2025 ඎ Fair value measurement using ᚔ ̹ఙజᄆ ୋɓॴ ɽ̙ᝈ࿀ ፩ɝᅰኽ ୋɚॴ ɽʔ̙ᝈ࿀ ፩ɝᅰኽ ࠇ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Total (Audited) (Audited) (Audited) (Audited) RMB’000 RMB’000 RMB’000 RMB’000 ፄ༟ପ Other financial assets – 143,340 5,373,371 5,516,711 уಂʱ Trade receivables, non-current portion – – 2,683,890 2,683,890 ࠇTotal – 143,340 8,057,261 8,200,601 2025 ϋ12 ˜31 ˚
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INTERIM REPORT 2026cCHINA JINMAO HOLDINGS GROUP LIMITED 107 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 23. වᚃ ᚃ ༟ପj 2026 ϋ6˜30ၝΥ ᚣʮ ፄ༟ପ 2025 ϋ12 ˜31 ˚j ೌ f වj 2026 ϋ6˜30 ˚ 23. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONTINUED) Fair value hierarchy (continued) Assets for which fair value are disclosed: The Group did not have any financial assets that were not measured at fair value in the interim condensed consolidated statement of financial position but for which the fair value is disclosed as at 30 June 2026 (31 December 2025: Nil). Liabilities for which fair value are disclosed: As at 30 June 2026 ඎ Fair value measurement using ᚔ ̹ఙజᄆ ୋɓॴ ɽ̙ᝈ࿀ ፩ɝᅰኽ ୋɚॴ ɽʔ̙ᝈ࿀ ፩ɝᅰኽ ࠇ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) RMB’000 RMB’000 RMB’000 RMB’000 ಛ Interest-bearing bank and other borrowings 26,545,862 97,660,228 – 124,206,090 As at 31 December 2025 ඎ Fair value measurement using ᚔ ̹ఙజᄆ ୋɓॴ ɽ̙ᝈ࿀ ፩ɝᅰኽ ୋɚॴ ɽʔ̙ᝈ࿀ ፩ɝᅰኽ ࠇ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Total (Audited) (Audited) (Audited) (Audited) RMB’000 RMB’000 RMB’000 RMB’000 ಛ Interest-bearing bank and other borrowings 33,503,388 106,195,903 – 139,699,291 2025 ϋ12 ˜31 ˚
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ʮ̡cɚཧɚʬϋʕಂజѓ 108 ൗ NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 2026ϋ6˜30˚c30 June 2026 24. ԫ 2026 ϋ7˜17ږ ɛ͏࿆ 2,500,000,000ٙ2026ܓ ಂ 5މ2.20%f 25. ࡘ ࣘ2026 ϋ8˜25 ˚ Ԩબᛆ̊Бf 24. EVENT AFTER THE REPORTING PERIOD On 17 July 2026, Shanghai Jinmao completed the issuance of the 2026 second tranche medium-term notes with a total principal amount of RMB2,500,000,000. The notes are unsecured and have a term of 5 years with a fixed coupon rate of 2.20% per annum. 25. APPROVAL OF THE INTERIM FINANCIAL INFORMATION These interim condensed consolidated financial information was approved and authorised for issue by the board of directors on 25 August 2026.
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109 其他資料 OTHER INFORMATION INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED ͉ 2026 ϋ6˜30͉ᐼᅰ މ13,512,466,348f ᚣ 主要股東權益 2026 ϋ6˜30 ˚dৰ ኽ ᗇՎʿ ಂૢԷ ୋXV ୋ2ʿ3מ ኽ ᗇՎʿಂૢԷ ୋ 336ٝ j Τ၈ Name of substantial shareholder ሯ Nature ሯ Capacity/nature of interests ᅰͦ Number of ordinary shares ͉ ϵʱˢ Approximate percentage of the issued share capital ྼूኹϞɛ 5,183,735,902 38.36% Sinochem Hong Kong (Group) Company Limited ( “Sinochem Hong Kong ”) Long position Beneficial owner ൗɓ 5,183,735,902 38.36% Sinochem Corporation ( “Sinochem Corporation ”) Long position Interest of controlled corporation Note 1 ൗɓ 5,183,735,902 38.36% Sinochem Group Co., Ltd. ( “Sinochem Group ”) Long position Interest of controlled corporation Note 1 ൗɓ 5,183,735,902 38.36% Sinochem Holdings Corporation Ltd. ( “Sinochem Holdings ”) Long position Interest of controlled corporation Note 1 ྼूኹϞɛ 1,787,077,435 13.23% Ping An Life Insurance Company of China, Ltd. ( “Ping An Life Insurance ”) Long position Beneficial owner SHARE CAPITAL As at 30 June 2026, the total issued share capital of the Company was 13,512,466,348 ordinary shares. DISCLOSURE OF INTERESTS Substantial shareholders ’ interests So far as is known to the directors of the Company, as at 30 June 2026, the following persons (other than the directors and chief executives of the Company) had interests or short positions in the shares or underlying shares of the Company which were required to be disclosed to the Company pursuant to Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance, or which were required, pursuant to section 336 of the SFO, to be recorded in the register of the Company referred to therein, or which had already been notified to the Company and the Hong Kong Stock Exchange:
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110 中國金茂控股集團有限公司 二零二六年中期報告 其他資料 OTHER INFORMATION Τ၈ Name of substantial shareholder ሯ Nature ሯ Capacity/nature of interests ᅰͦ Number of ordinary shares ͉ ϵʱˢ Approximate percentage of the issued share capital ൗɚ 1,787,077,435 13.23% Ping An Insurance (Group) Company of China, Ltd. ( “Ping An ”) Long position Interest of controlled corporation Note 2 ྼूኹϞɛ 1,234,475,138 9.14% New China Life Insurance Company Ltd. Long position Beneficial owner ൗɓj ΅ᛆूdʕ ΅ᛆूdϾʕ ΅ᛆूdఱ ᗇ ՎʿಂૢԷ ϾԊdʕʕʷeʕʷණྠձ ಥྼ ΅ʕኹϞᛆूf ൗɚj ʕ̻τኹϞ̻τྪᎈ 99.51%΅ᛆूd މ ٙ1,787,077,435΅ ʕኹϞᛆूf ൗɧj 2019 ϋ 8 ˜ 6މ 2019 ϋ7 ˜26ৣਯʿႩᒅᙄΣ̻τྪ ᎈʹ˹1,787,077,435΅f̻τྪᎈᐏબ ʕ ኽ ᗇՎʿಂૢԷ ୋ317Ϟ ̻ ኽ ᗇՎʿಂૢԷ ୋ317Ϟ ΅ʕኹϞᛆूf О 2026 ϋ6˜30΅ʕ ኽ ᗇՎʿಂૢԷ ୋ XV ୋ 2 ʿ 3ኽ ᗇՎʿಂૢԷ ୋ336೮ ה f ᚣᚃ ᛆूᚃ Note 1: Sinochem Holdings holds the entire equity interests in Sinochem Group, which in turn holds the entire equity interests in Sinochem Corporation, which in turn holds the entire equity interests in Sinochem Hong Kong. For the purpose of the SFO, Sinochem Holdings, Sinochem Group and Sinochem Corporation are all deemed to be interested in the shares beneficially owned by Sinochem Hong Kong. Note 2: Ping An holds 99.51% equity interests in Ping An Life Insurance. For the purpose of the SFO, Ping An is deemed to be interested in 1,787,077,435 shares beneficially owned by Ping An Life Insurance. Note 3: On 6 August 2019, Sinochem Hong Kong delivered 1,787,077,435 shares to Ping An Life Insurance pursuant to a placing and subscription agreement dated 26 July 2019. Ping An Life Insurance is granted a pre-emptive right to off-market transfers and is thus deemed to be interested in the shares held by Sinochem Hong Kong by virtue of section 317 of the SFO, and Sinochem Hong Kong is deemed to be interested in the shares held by Ping An Life Insurance by virtue of section 317 of the SFO. Save as disclosed above, as at 30 June 2026, the directors of the Company were not aware of any person (other than the directors or chief executives of the Company) who had interest or short positions in the shares or underlying shares of the Company which were required to be notified to the Company pursuant to Divisions 2 and 3 of Part XV of the SFO, or which were required, pursuant to section 336 of the SFO, to be recorded in the register referred to therein, or which had already been notified to the Company and the Hong Kong Stock Exchange. DISCLOSURE OF INTERESTS (CONTINUED) Substantial shareholders ’ interests (Continued)
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111 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 其他資料 OTHER INFORMATION ᚣᚃ 董事及最高行政人員所擁有的本公司 及其相聯法團的股份或相關股份權益 2026 ϋ6˜30ᚣ̮d͉ʮ̡ ᑌ ່Ԉ ᗇՎʿಂૢԷ ୋXVٙ ኽ ᗇ ՎʿಂૢԷ ୋXV ୋ7ʿ8ึ͉ʮ ኽ ᗇՎʿಂૢԷ ୋ352͉ ኽ ࠰ f 於本公司的股份或相關股份的權益 Τ Name Ԓ΅ Capacity ΅ᅰͦ Number of shares held ΅ ᅰͦൗ Number of underlying shares held (Note) ͉ ϵʱˢ Approximate percentage of issued share capital ௗ˂ऎ͛ Mr. TAO Tianhai ྼूኹϞɛ 10,800,000 (L) – 0.080% Beneficial owner ੵሾ͛ Mr. ZHANG Hui ྼूኹϞɛ 1,484,000 (L) – 0.011% Beneficial owner ఐወᆎɾɻ Ms. QIAO Xiaojie ྼूኹϞɛ 4,500,000 (L) – 0.033% Beneficial owner (L)ࡑ ൗj ٰ ͛ʈՈf DISCLOSURE OF INTERESTS (CONTINUED) Directors and Chief Executives ’ Interests in the Shares or Underlying Shares of the Company and its Associated Corporations Save as disclosed below, as at 30 June 2026, none of the directors and chief executives of the Company had any interests or short positions in the shares, underlying shares or debentures of the Company and any of its associated corporations (within the meaning of Part XV of the SFO) which were required to be notified to the Company and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO, or which were required, pursuant to section 352 of the SFO, to be recorded in the register of the Company referred to therein, or which were required, pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in the Listing Rules, to be notified to the Company and the Hong Kong Stock Exchange. Interests in the shares or underlying shares of the Company (L) Denotes long position Note: Represents the underlying shares subject to share options which are unlisted physically settled equity derivatives.
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112 中國金茂控股集團有限公司 二零二六年中期報告 其他資料 OTHER INFORMATION ᚣᚃ 董事及最高行政人員所擁有的本公司 及其相聯法團的股份或相關股份權益 ᚃ 於本公司相聯法團的權證的權益 Τ Name Ԓ΅ Capacity ྠΤ၈ൗɓ Name of associated corporation (Note 1) Ϟᛆᗇᅰͦ Number of debentures held ͉ ߒ ϵʱˢൗɚ Approximate percentage of issued share capital (Note 2) ੵሾ͛ Mr. ZHANG Huiʮ̡ 1,000,000 (L)ൗɚ – Beneficial owner Franshion Brilliant Limited (Note 2) – (L)ࡑ ൗɓj 2026 ϋ6 ˜30 ˚d͉ʮ̡ኹϞ˙ጳΈᘴϞ ʮ̡ 100%ʮ̡ ྠf ൗɚj 2019 ϋ7 ˜23 ˚ҁϓ ٙ500,000,0002029ٙ 4.250%ୃኽdՉ̙І͟ᔷᜫʿʔ̙ ΅f ԫʿ৷ॴ၍ଣᄴ ͉ʮ̡ੂБ ੂБ 2026 ϋ6˜23ٰ ͉ʮ̡ԫf DISCLOSURE OF INTERESTS (CONTINUED) Directors and Chief Executives ’ Interests in the Shares or Underlying Shares of the Company and its Associated Corporations (Continued) Interests in the debentures of associated corporation of the Company (L) Denotes long position Note 1: On 30 June 2026, the Company owned 100% of the shares of Franshion Brilliant Limited in issue, and therefore, Franshion Brilliant Limited is an associated corporation of the Company. Note 2: Franshion Brilliant Limited completed the issuance of US$500,000,000 4.250% guaranteed senior notes due in 2029 on 23 July 2019, which are freely transferable and non-convertible into shares. DIRECTORS AND SENIOR MANAGEMENT Mr. TAO Tianhai and Ms. QIAO Xiaojie as executive directors of the Company, and Mr. CUI Yan and Mr. LIU Wen as non-executive directors of the Company were re-elected as directors of the Company at the annual general meeting held on 23 June 2026.
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113 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 其他資料 OTHER INFORMATION ԫʿ৷ॴ၍ଣᄴᚃ Չ˼ԫਕϾᗘ ึ։ dІ 2026 ϋ6˜24fˮɾɻʊᆽ d͵ೌϞᗫՉᗘ Ν˚dเΐሾɾɻᐏ ੂБԫeᑚཇ ͉ʮ̡ 2027 ϋ6 ፯f Ϋᚥಂʫʿ࿚Ї͉జѓ˚ಂԨ͊೯͛Չ˼ᜊ һf ᛙΫ͉ʮ̡ʘɪ̹ᗇ Վ ᙮ʮ̡฿ೌΫᒅe ᛙΫ͉ʮ̡Оɪ̹ᗇՎf ೯БୃኽʿවՎ 1 發行境內公司債券 2026 ϋ2 ˜4᙮ʮ̡ɪ ೯Б ɛ͏࿆ 1,700,000,000ʮ̡ව މࠢ4ୋ 2ϋ͋ Ϋਯ፯ މ2.48%הٙ ɛ͏࿆ 1,700 Ꮅᒔ͉ʮ̡Չ˼වਕfЇ͉జѓ˚ಂd͉ණ ൗቖ༈ഃවՎf DIRECTORS AND SENIOR MANAGEMENT (CONTINUED) Ms. WANG Wei resigned as a non-executive director and a member of the Remuneration and Nomination Committee of the Company due to her other business commitments which required more of her dedication, with effect from 24 June 2026. Ms. WANG confirmed that she had no disagreement with the Board and there were no matters relating to her resignation that needed to be brought to the attention of the shareholders. On the same day, Ms. YANG Liehui was appointed by the Board as a non-executive director and a member of the Remuneration and Nomination Committee of the Company. She will be subject to re-election by shareholders at the annual general meeting of the Company to be held in June 2027. Save as disclosed above, there was no other change in the Company’s directors and senior management during the period under review and as at the date of this report. PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY During the period under review, none of the Company or any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities. ISSUANCE OF NOTES AND BONDS 1 Issue of domestic corporate bonds On 4 February 2026, Shanghai Jinmao, a wholly-owned subsidiary of the Company (as the issuer) completed the issuance of the corporate bonds in a principal amount of RMB1,700,000,000 to professional investors. The bonds are unsecured and have a term of four years, and the issuer shall be entitled to adjust the coupon rate and the investors shall be entitled to sell back the corporate bonds at the end of the second year. The final coupon rate is fixed at 2.48%. The proceeds from the issuance of the bonds amounted to approximately RMB1,700 million and had been used to repay other debts of the Company. As at the date of this report, the Group has not redeemed or cancelled any of these bonds.
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114 中國金茂控股集團有限公司 二零二六年中期報告 其他資料 OTHER INFORMATION ೯БୃኽʿවՎᚃ 2 發行無擔保中期票據 2026 ϋ4˜15᙮ʮ̡ɪ ೯Б ɛ͏࿆ 2,500,000,000ʕಂୃ މࠢ5ୋ 3ϋ͋ Ϋਯ፯ މ2.39%הٙ ɛ͏࿆ 2,500 Ꮅᒔ͉ʮ̡Չ˼වਕfЇ͉జѓ˚ಂd͉ණ ൗቖ༈ഃୃኽf 3 發行無擔保中期票據 2026 ϋ7˜17᙮ʮ̡ɪ ೯Б ɛ͏࿆ 2,500,000,000ʕಂୃ މࠢ5ୋ 3ϋ͋ Ϋਯ፯ މ2.20%הٙ ɛ͏࿆ 2,500 Ꮅᒔ͉ʮ̡Չ˼වਕfЇ͉జѓ˚ಂd͉ණ ൗቖ༈ഃୃኽf ᛙΫᗇՎ މ2025 ϋ12 ˜30 ˚ʿ2026 ϋ2 ˜10d˙ ͉ މ500,000,000ࢹ6.00%ϣ ᐼ ࠇ ݼ 2026 ϋ2 ˜10 ˚ҁϓΌᛙΫd މ500,000,000ʩf ISSUANCE OF NOTES AND BONDS (CONTINUED) 2 Issue of unsecured medium-term notes On 15 April 2026, Shanghai Jinmao, a wholly-owned subsidiary of the Company (as the issuer) completed the issuance of medium- term notes in a principal amount of RMB2,500,000,000 to qualified investors. The notes are unsecured and have a term of five years, and the issuer shall be entitled to adjust the coupon rate and the investors shall be entitled to sell back the notes at the end of the third year. The final coupon rate is fixed at 2.39%. The proceeds from the issuance of the notes amounted to approximately RMB2,500 million and had been used to repay other debts of the Company. As at the date of this report, the Group has not redeemed or cancelled any of these notes. 3 Issue of unsecured medium-term notes On 17 July 2026, Shanghai Jinmao, a wholly-owned subsidiary of the Company (as the issuer) completed the issuance of medium- term notes in a principal amount of RMB2,500,000,000 to qualified investors. The notes are unsecured and have a term of five years, and the issuer shall be entitled to adjust the coupon rate and the investors shall be entitled to sell back the notes at the end of the third year. The final coupon rate is fixed at 2.20%. The proceeds from the issuance of the notes amounted to approximately RMB2,500 million and had been used to repay other debts of the Company. As at the date of this report, the Group has not redeemed or cancelled any of these notes. REDEMPTION OF SECURITIES As stated in the announcements of the Company dated 30 December 2025 and 10 February 2026 regarding the redemption of securities, Franshion Brilliant Limited (as the issuer) has elected to redeem at the aggregate principal amount of the securities plus any distributions (including any arrears of distribution and additional distribution amounts) accrued on the subordinated guaranteed perpetual capital securities issued by it in an aggregate principal amount of US$500,000,000 with an interest rate of 6.00% per annum up to but excluding the distribution accrued on the first reset date. On 10 February 2026, the securities were fully redeemed at the redemption price of US$500,000,000.
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115 INTERIM REPORT 2026 CHINA JINMAO HOLDINGS GROUP LIMITED 其他資料 OTHER INFORMATION ˰൱ҳ༟፯ ᛆʘᏨী ዹͭ 2026 ϋ8˜20Ӕᙄd 2026 ϋ3˜19ᅲʔБԴ፯ ʮ ̡ ˰൱ҳ༟ 15%ආБᏨ ীf ᗫ༟ ৌਕ ᛆूdၾʮ̡䋠 ί၍༟ପᐄሯඎd͂ி ᐼ ਗ༰ ஷཀ ϗᏡၳೊe ϗᒅ˰൱ ̈һ d ፯ᛆԨʔୌΥ͉ʮ ٙ؇ٰ ௰Գлूf ʥᅲʔБԴ ˰൱ҳ༟ 15%ٙ ʿ͉ʮ̡ 2010 ϋ4 ˜9 ˚ ึਗ਼ᘱᚃʔ ͉ʮ̡ʕ ᚣf ึʘᄲቡ ึʊᄲቡ͉ʮ̡࿚Ї 2026 ϋ6˜30 ၝΥৌਕ༟ ഄʿ੬ ৷ॴ၍ଣᄴආБਠীf ࿚Ї2026 ϋ6˜30ʕಂุ ኽ ۆ ୋ2410࿁ʕಂৌਕᅰኽ ᄲቡ ආБᄲቡʈЪf REVIEW OF THE OPTION OVER SHIMAO INVESTMENT BY THE INDEPENDENT BOARD COMMITTEE A written resolution was approved by the Independent Board Committee comprising all independent non-executive directors of the Company on 20 August 2026 to review its decision made on 19 March 2026 not to exercise, for the time being, the option to acquire Sinochem Group’s 15% interest in China Shimao Investment Company Limited (“Shimao Investment”). The Independent Board Committee has carefully reviewed the relevant information of Shimao Investment, taking into account the facts that Sinochem Group is a financial investor of Shimao Investment and owns only a minority and passive interest in it, which is inconsistent with the Company’s strategy of focusing on improving the operational quality of assets under management under its own brands and creating “premium holding”. At present, the Company’s overall total debt position is reducing steadily. In face of the higher volatility in the real estate industry at present, the Company should insist on consolidating its principal businesses by “focus augmentation, as well as quality and efficiency improvement”. The acquisition of Shimao Investment at the moment would pose greater challenges to the Company in various aspects, including manpower and financial capacity. As such, the independent non-executive directors unanimously agreed that the exercise of the option over Shimao Investment at this moment is not in line with the Company’s prudent investment policy, and is not in the best interests of the Company and the shareholders as a whole. The Independent Board Committee unanimously resolved not to exercise the option to acquire Sinochem Group’s 15% interest in Shimao Investment at this moment. As disclosed in the prospectus and the announcement dated 9 April 2010 of the Company, the Independent Board Committee would continue to review the option over Shimao Investment and make relevant disclosure in the interim and annual reports of the Company. REVIEW BY AUDIT COMMITTEE The Audit Committee has reviewed the unaudited interim condensed consolidated financial information of the Company for the six months ended 30 June 2026 and also discussed with the Company’s senior management about the matters such as the accounting policies and practices adopted by the Company. The interim results for the six months ended 30 June 2026 have not been audited but have been reviewed by Ernst & Young in accordance with Hong Kong Standard on Review Engagement 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Hong Kong Institute of Certified Public Accountants.
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116 中國金茂控股集團有限公司 二零二六年中期報告 其他資料 OTHER INFORMATION ɽൡத ࿚Ї 2026 ϋ6˜30˜ಂග ࠠٙ ɽൡதf ۆ C3ᅺς fΣΌ ࿚Ї 2026 ϋ6 ˜30הۆ ᅺf ʈ൯ር͉ʮ̡ᗇՎ̀፭ς͉ ԫึ ღʿɪ̹Υ၍ଣᅺ f͉ʮ̡ ࿚Ї 2026 ϋ6 ˜30ࡈ Оԫ f ۆ ࿚Ї 2026 ϋ6 ˜30˜ಂ C1ط ૢ˖f ˏ 2026 ϋɪ̒ϋd͉ʮ̡̊೯ə 2025 ᐑྤe C2 f MATERIAL LITIGATION For the six months ended 30 June 2026, the Company was not subject to any material litigation that could have an adverse impact on the Company. COMPLIANCE WITH THE MODEL CODE The Company has adopted the Model Code set out in Appendix C3 to the Listing Rules to regulate securities transactions by the directors. Having made specific enquiries to all the directors, the Company confirmed that they had complied with the requirements and standards set out in the Model Code during the six months ended 30 June 2026. All the employees of the Group shall comply with the “Board Performance Support and Listing Compliance Management Standards of China Jinmao” formulated by the Company with reference to the Model Code in their dealings in the Company’s securities. The directors of the Company were not aware of any non-compliance with the said rules by any employee during the six months ended 30 June 2026. COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE During the six months ended 30 June 2026, the Company has complied with all code provisions set out in the Corporate Governance Code in Appendix C1 to the Listing Rules. COMPLIANCE WITH THE ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORTING GUIDE During the first half of 2026, the Company published the 2025 Environmental, Social and Governance Report, and complied with the requirements set out in the Environmental, Social and Governance Reporting Guide in Appendix C2 to the Listing Rules.
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2 APPRECIATION Lastly, on behalf of the Board, I would like to take this opportunity to express our sincere gratitude to all our customers, business partners, shareholders and various local governments for their long- term support and trust, and to all the employees for their assiduous efforts. By order of the Board China Jinmao Holdings Group Limited TAO Tianhai Chairman Hong Kong, 25 August 2026 As at the date of this announcement, the Directors of the Company are Mr. TAO Tianhai (Chairman), Mr. ZHANG Hui and Ms. QIAO Xiaojie as Executive Directors; Mr. CUI Yan, Mr. LIU Wen, Mr. CHEN Yijiang and Ms. YANG Liehui as Non-executive Directors; and Mr. LIU Feng, Mr. SUEN Man Tak, Mr. GAO Shibin and Mr. ZHONG Wei as Independent Non-executive Directors.