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Market Review for 2025

In 2025, China’s real estate market faced a wide range of challenges and opportunities. The current market environment continued to evolve. Under the influence of factors such as weak consumer confidence, economic structural adjustments, and sustained price declines in the overall housing market, potential buyers and investors adopted a cautious approach when purchasing properties. Recently, the government continued to roll out policies, which has boosted market demand and prevented the market from declining, showing signs of recovery. In response to this development, the Group formulated and implemented flexible strategies, continuously optimizing its cost structure, while focusing on core cities and seeking opportunities for business growth..

Business Review of the Group

For the year ended 31 December 2025, the Group’s turnover amounted to approximately HK$599 million, a decrease of approximately 37% from the same period last year (2024: approximately HK$947 million), and loss attributable to shareholders amounted to approximately HK$299.6 million (2024: HK$279.9 million). Basic loss per share was HK44.4 cents (2024: HK41.5 cents). The Board of Directors did not recommend the payment of a final dividend for the year ended 31 December 2025.

Turnover of the Group’s property real estate agency business in 2025 was approximately HK$588 million (2024: approximately HK$924 million), accounting for 98% of the Group’s turnover, while the turnover of the financial services business was approximately HK$11 million (2024: approximately HK$23 million), accounting for 2% of the Group’s turnover.

For the full 2025 year, the Group’s total value of properties transacted was approximately HK$50.5 billion, while the total gross floor area sold was approximately 2.21 million square meters.

1. Property Real Estate Agency Services Business

Turnover of the Group’s property real estate agency business was approximately HK$588 million (2024: approximately HK$924 million). Facing a challenging market environment, the Group has enhanced the performance of its agency business by strengthening operational resilience, with a focus on innovation, profitability, and scale. During the year, the Group concentrated on high-value urban areas, maximizing coverage of projects with high value and strong brand recognition from leading developers to ensure improvement in both market share and brand influence. It assessed the operational strategies of each company based on regions, taking into account local market trends, customer characteristics and internal data, to flexibly adjust strategies. In addition, the Group continued to promote digital integration and online marketing via new media, continuously strengthening its online marketing capabilities to attract more potential customers, and further refined the property real estate agency chain.

During the year, the Group’s agency business covers approximately 40 large and medium size cities across the country, with over 400 agency projects and around 70 franchised secondary branches.

2. Financial Services Business

During the year, the turnover of the financial services business was approximately HK$11 million (2024: approximately HK$23 million). The Group’s financial services business focused on serving existing high-quality customers and took a prudent and pragmatic approach to implementing strict risk controls and conducting business operations in response to market changes, with an aim to maintain business stability.

3. Other value-added services

The valuation research and customer insight business continued to attract customers to the Group. During the year, the Group focused on improving the accuracy, practicability, comprehensiveness and timeliness of data, exploring the application of artificial intelligence and automation in data collation and presentation. It provided partners with a strategy-navigating “decision operating system” to enhance support for the marketing end, delivering full-cycle, highquality services.

In addition, the “Bang Housing” APP and mini-program further integrated online and offline resources, providing a full-process service from home search guidance to transaction completion. “Bang Housing” will deepen its strategic cooperation with leading domestic and international technology and real estate companies to promote real estate technology innovation and industry upgrading. The number of cities where “Bang Housing” covered continued to increase, with a focus on the Pearl River Delta region, expanding its business nationwide.

At the meanwhile, the Group actively advanced innovative online marketing. Leveraging big data and intelligent analysis, it achieved online-offline synergy, enhancing lead conversion and transaction efficiency. High-frequency customer care and personalized recommendations strengthened customer stickiness and word-of-mouth.

Prospects for 2026

With the gradual stabilization of the market and the official reaffirmation of the real estate industry’s status as a pillar of the national economy, revitalizing the property market will remain a goal for sustained economic recovery. The industry is expected to encounter both new opportunities and challenges in 2026. As the economy gradually recovers, consumer confidence is expected to rebound, and market demand is likely to grow accordingly. With continued government support and market adjustments, housing prices are expected to remain stable. The financial attributes of high-quality assets in prime locations will become more prominent, which will attract more buyers and investors with strong purchasing power. It is believed that the real estate market will achieve healthier turnover, providing ample room for the Group’s business expansion. The Group will continue to focus on the real estate service business, deepen its presence in core city clusters, and strive for robust development.

In response to market challenges and to seize opportunities, the Group will continue to advance its digital transformation, utilizing AI technology to analyze market trends and customer data. Combined with the rich experience it accumulated, the Group will flexibly formulate business strategies and provide recommendations and solutions that better meet customer needs. Concurrently, while stabilizing its operations in core cities, the Group will explore potential opportunities in new markets and encourage innovative development.

Looking ahead, Hopefluent will remain committed to delivering superior products and services to customers, adhering to its sustainable development strategy, and fulfilling its corporate social responsibility to create long-term value for all investors.