智通财经APP讯，深圳控股(00604)发布截至2025年6月30日止6个月中期业绩，该集团取得收益103.5亿 港元，同比增加175.49%;公司权益股东应占亏损26.18亿港元，同比增加137.76%;每股亏损29.42港仙。 由于毛利率下降、联营公司亏损及大幅资产减值准备计提、所得税支出上升等不利因素，本公司权益股 东应占亏损为26.2亿港元，如剔除本集团所属投资物业和金融资产公允价值变动的净影响、存货计提减 值、联合营公司业绩及拨备的影响，本公司权益股东应占亏损为4.9亿港元。 ...

[Financial Performance Overview](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%BD) This section provides a high-level summary of the group's financial results, including income statement, comprehensive income, and balance sheet highlights [Condensed Consolidated Income Statement](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue significantly increased to **HK$10.35 billion**, but loss attributable to equity holders expanded to **HK$2.62 billion** due to associate losses, asset impairment, and higher taxes | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 10,349,995 | 3,756,918 | 6,593,077 | +175.5% | | Gross Profit | 1,773,267 | 1,085,837 | 687,430 | +63.3% | | Operating Profit | 704,387 | 245,732 | 458,655 | +186.6% | | Loss Before Income Tax | (1,906,874) | (945,851) | (961,023) | +101.6% | | Interim Loss | (2,507,333) | (1,141,862) | (1,365,471) | +119.6% | | Loss Attributable to Equity Holders of the Company | (2,618,042) | (1,101,144) | (1,516,898) | +137.8% | | Basic and Diluted Loss Per Share (HK Cents) | (29.42) | (12.37) | (17.05) | +137.8% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's total comprehensive loss for the six months ended June 30, 2025, narrowed to **HK$1.57 billion**, primarily due to a positive foreign currency translation difference from overseas operations | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Interim Loss | (2,507,333) | (1,141,862) | (1,365,471) | | Share of other comprehensive income of an associate | 1,238 | (117,511) | 118,749 | | Exchange differences on translation of overseas operations | 936,496 | (447,105) | 1,383,601 | | Total Comprehensive Loss for the Period | (1,569,599) | (1,706,478) | 136,879 | | Total Comprehensive Loss Attributable to Equity Holders of the Company | (1,786,071) | (1,622,390) | (163,681) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets slightly decreased to **HK$167.83 billion**, total equity to **HK$43.74 billion**, and total liabilities also decreased, maintaining a relatively stable capital structure | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 167,828,420 | 171,169,614 | (3,341,194) | -1.95% | | Non-current Assets | 54,077,814 | 54,952,289 | (874,475) | -1.59% | | Current Assets | 113,750,606 | 116,217,325 | (2,466,719) | -2.12% | | Total Equity | 43,744,174 | 45,319,959 | (1,575,785) | -3.48% | | Total Liabilities | 124,084,246 | 125,849,655 | (1,765,409) | -1.40% | | Non-current Liabilities | 34,656,690 | 30,933,115 | 3,723,575 | +12.04% | | Current Liabilities | 89,427,556 | 94,916,540 | (5,488,984) | -5.78% | [Overall Performance](index=28&type=section&id=%E6%95%B4%E9%AB%94%E6%A5%AD%E7%B8%BE) In H1 2025, the Group's turnover surged by 175% to **HK$10.35 billion**, with gross profit of **HK$1.77 billion** and operating profit of **HK$0.70 billion**, yet loss attributable to equity holders reached **HK$2.62 billion** due to various adverse factors - In H1 2025, the Group's turnover reached **HK$10.35 billion**, a year-on-year increase of **175%**[64](index=64&type=chunk) - Gross profit was **HK$1.77 billion**, with an overall gross profit margin of **17.1%**[64](index=64&type=chunk) - Operating profit was **HK$0.70 billion**[64](index=64&type=chunk) - Loss attributable to equity holders of the Company was **HK$2.62 billion**, primarily impacted by declining gross profit margin, losses from associates, significant asset impairment provisions, and increased income tax expenses[64](index=64&type=chunk) - Excluding fair value changes of investment properties and financial assets, impairment of inventories, results of joint ventures and associates, and provisions, the loss attributable to equity holders of the Company was **HK$0.49 billion**[64](index=64&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section details the accounting policies, segment information, revenue breakdown, expense analysis, and other financial disclosures supporting the consolidated financial statements [General Information and Basis of Preparation](index=6&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E8%88%87%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This section outlines Shenzhen Holdings Limited's basic information, business scope, holding structure, and the basis of preparation and accounting policies for the interim financial information, including the adoption of new standards - The Company is an investment holding company incorporated in Hong Kong, primarily engaged in property development, property investment, property management, and production operations[10](index=10&type=chunk) - The direct holding company is Shum Yip (Group) Company Limited, and the ultimate holding company is Shum Yip Group Co, Ltd[10](index=10&type=chunk) - The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 and should be read in conjunction with the 2024 annual consolidated financial statements[13](index=13&type=chunk) - The Group has adopted the amendments to Hong Kong Accounting Standard 21 "Lack of Exchangeability," which had no significant impact on the interim condensed consolidated financial information as the Group's transaction currencies are convertible[14](index=14&type=chunk) - Hong Kong Financial Reporting Standard 18, effective January 1, 2027, will introduce new requirements for profit or loss presentation, and the Group is currently assessing its impact on the financial statements[18](index=18&type=chunk) [Segment Information](index=8&type=section&id=%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The Group's operating segments include property development, investment, management, manufacturing, and other businesses, with property development revenue significantly increasing in H1 2025, despite negative impacts from investment property fair value changes and associate losses 2025 H1 Segment Revenue (HK$ Thousand) | Segment | Revenue from contracts with customers (recognized at a point in time) | Revenue from contracts with customers (recognized over time) | Rental income | Total Segment Revenue | Revenue from external customers | | :--- | :--- | :--- | :--- | :--- | :--- | | Property Development | 7,463,987 | – | – | 7,463,987 | 7,463,987 | | Property Investment | – | – | 656,308 | 656,308 | 647,266 | | Property Management | 9,443 | 1,667,508 | – | 1,676,951 | 1,593,777 | | Manufacturing | 231,863 | – | – | 231,863 | 231,863 | | Others | 167,517 | 262,415 | – | 429,932 | 413,102 | | **Total** | **7,872,810** | **1,929,923** | **656,308** | **10,459,041** | **10,349,995** | 2025 H1 Segment Results (HK$ Thousand) | Segment | Segment Results before fair value decrease of investment properties | Fair value changes of investment properties and loss on transfer to investment properties | Segment Results after fair value decrease of investment properties | | :--- | :--- | :--- | :--- | | Property Development | 459,737 | – | 459,737 | | Property Investment | 389,436 | (99,669) | 289,767 | | Property Management | 151,805 | – | 151,805 | | Manufacturing | 7,966 | – | 7,966 | | Others | (268,600) | – | (268,600) | | **Total** | **740,344** | **(99,669)** | **640,675** | - Share of results of joint ventures and associates (including impairment losses) was a loss of **HK$1.92 billion**, significantly impacting overall performance[20](index=20&type=chunk) [Revenue](index=11&type=section&id=%E6%94%B6%E7%9B%8A) The Group's revenue primarily derives from property sales, property management services, industrial product sales, and rental income, with property sales becoming the main revenue driver in H1 2025 due to substantial growth Revenue by Major Product and Service Line (HK$ Thousand) | Revenue Source | 2025 | 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Sales of properties | 7,463,987 | 1,017,626 | 6,446,361 | +633.5% | | Property management service income | 1,593,777 | 1,472,128 | 121,649 | +8.3% | | Sales of industrial products | 231,863 | 182,277 | 49,586 | +27.2% | | Others (from contracts with customers) | 413,102 | 408,825 | 4,277 | +1.0% | | **Total revenue from contracts with customers** | **9,702,729** | **3,080,856** | **6,621,873** | **+214.9%** | | Rental income | 647,266 | 676,062 | (28,796) | -4.3% | | **Total Revenue** | **10,349,995** | **3,756,918** | **6,593,077** | **+175.5%** | [Expense Analysis](index=11&type=section&id=%E8%B2%BB%E7%94%A8%E5%88%86%E6%9E%90) The Group's H1 2025 total expenses, including cost of sales, distribution, administrative, and other expenses, significantly increased, mainly due to higher cost of properties sold and inventories, while net finance costs and income tax expenses also rose Expenses by Nature (HK$ Thousand) | Expense Category | 2025 | 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Cost of properties sold and inventories | 6,602,696 | 641,072 | 5,961,624 | +930.0% | | Cost of services provided | 1,974,032 | 1,841,918 | 132,114 | +7.2% | | Employee benefit expenses | 393,049 | 441,525 | (48,476) | -11.0% | | Write-down of properties under development and completed properties held for sale | 186,422 | 188,091 | (1,669) | -0.9% | | Advertising and promotion expenses | 110,678 | 51,787 | 58,891 | +113.7% | | Depreciation of property, plant and equipment | 37,925 | 61,903 | (23,978) | -38.7% | | Other taxes and surcharges | 85,946 | 86,906 | (960) | -1.1% | | Others | 257,206 | 280,764 | (23,558) | -8.4% | | **Total** | **9,647,954** | **3,593,966** | **6,030,918** | **+167.8%** | Other Income (HK$ Thousand) | Income Source | 2025 | 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Government grants | 4,621 | 21,238 | (16,617) | -78.2% | | Interest income from joint ventures and a non-controlling interest | 87,252 | 82,140 | 5,112 | +6.2% | | **Total** | **108,875** | **116,476** | **(7,601)** | **-6.5%** | Net Finance Costs (HK$ Thousand) | Item | 2025 | 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Finance income (interest income from bank deposits) | (43,437) | (81,101) | 37,664 | -46.4% | | Total finance costs | 1,136,193 | 1,491,472 | (355,279) | -23.8% | | Less: Amount capitalized on qualifying assets | (405,068) | (769,222) | 364,154 | -47.3% | | **Net Finance Costs** | **687,688** | **641,149** | **46,539** | **+7.3%** | Income Tax Expense (HK$ Thousand) | Tax Category | 2025 | 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Current income tax | 651,848 | 240,372 | 411,476 | +171.2% | | Deferred income tax | (51,389) | (44,361) | (7,028) | +15.8% | | **Total** | **600,459** | **196,011** | **404,448** | **+206.3%** | - The statutory corporate income tax rate in mainland China is **25%**, and land appreciation tax is levied at progressive rates from **30% to 60%**[27](index=27&type=chunk) - The Group has recognized deferred income tax liabilities for withholding tax on planned profit distributions from certain PRC subsidiaries to offshore holding companies[28](index=28&type=chunk) [Loss Per Share and Dividends](index=14&type=section&id=%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D%E8%88%87%E8%82%A1%E6%81%AF) The Group's basic and diluted loss per share for H1 2025 expanded to **29.42 HK Cents**, and the Board resolved not to declare an interim dividend for the period ended June 30, 2025 Loss Per Share (HK Cents) | Indicator | 2025 | 2024 | Change (HK Cents) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Loss Attributable to Equity Holders of the Company (HK$ Thousand) | (2,618,042) | (1,101,144) | (1,516,898) | +137.8% | | Weighted average number of ordinary shares in issue | 8,898,793,115 | 8,898,793,115 | 0 | 0% | | Basic and Diluted Loss Per Share (HK Cents) | (29.42) | (12.37) | (17.05) | +137.8% | - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025[31](index=31&type=chunk)[101](index=101&type=chunk) - The 2023 final dividend of **7 HK Cents** per share, totaling approximately **HK$0.623 billion**, was paid on July 4, 2024[31](index=31&type=chunk) [Investments and Financial Assets](index=14&type=section&id=%E6%8A%95%E8%B3%87%E8%88%87%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) The Group's investments in associates significantly decreased, primarily due to a substantial impairment loss recognized on the investment in Road King Infrastructure Limited, while financial assets at fair value through profit or loss mainly comprise listed and unlisted equity investments in mainland China Investments in Associates (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Beginning balance | 2,263,641 | 4,545,599 | (2,281,958) | -50.2% | | Share of results (including impairment losses) | (1,803,634) | (271,138) | (1,532,496) | +565.2% | | Ending balance | 470,123 | 4,154,746 | (3,684,623) | -88.7% | - Due to Road King Infrastructure Limited's debt default, the Group conducted an impairment test on its investment, recognizing a total share of results and impairment losses of **HK$1.806 billion**[32](index=32&type=chunk) - Non-current financial assets at fair value through profit or loss primarily include listed and unlisted equity investments in mainland China, totaling **HK$0.143 billion**[33](index=33&type=chunk) [Trade and Other Receivables and Payables](index=15&type=section&id=%E6%87%89%E6%94%B6%E8%88%87%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) The Group's total trade and other receivables increased, driven by growth in other receivables and prepayments, while total trade and other payables decreased, mainly due to reductions in trade payables and amounts due to non-controlling interests Trade and Other Receivables (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current: Other receivables – net | 684,787 | 661,023 | 23,764 | +3.6% | | Current: Trade receivables – net | 1,242,750 | 1,448,618 | (205,868) | -14.2% | | Current: Other receivables – net | 10,389,790 | 9,291,542 | 1,098,248 | +11.8% | | Current: Prepayments | 821,295 | 144,033 | 677,262 | +470.2% | | **Total** | **12,453,835** | **10,884,193** | **1,593,406** | **+14.6%** | - Current prepayments significantly increased, mainly due to prepayments for land acquisition rising from **HK$15,368 thousand** to **HK$626,818 thousand**[37](index=37&type=chunk) Trade and Other Payables (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 5,182,559 | 5,803,323 | (620,764) | -10.7% | | Other payables and accrued expenses | 11,947,226 | 12,655,152 | (707,926) | -5.6% | | Other taxes payable | 178,290 | 361,191 | (182,901) | -50.6% | | **Total** | **17,308,075** | **18,819,666** | **(1,511,591)** | -8.0% | - Among trade payables, those due within one year accounted for the largest portion, at **HK$4.26 billion**[40](index=40&type=chunk) - Other payables and accrued expenses primarily include property buyer deposits and amounts due to the Group's joint ventures, fellow subsidiaries, and non-controlling interests[41](index=41&type=chunk) [Borrowings and Commitments](index=18&type=section&id=%E5%80%9F%E8%B2%B8%E8%88%87%E6%89%BF%E6%93%94) The Group's total bank and other borrowings remained stable, with an increased proportion of long-term borrowings, while it provides financial guarantees to property buyers and related parties and has capital commitments for land and property development costs Bank and Other Borrowings (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current borrowings | 27,159,952 | 22,804,481 | 4,355,471 | +19.1% | | Current borrowings | 10,028,586 | 14,560,568 | (4,531,982) | -31.1% | | **Total** | **37,188,538** | **37,365,049** | **(176,511)** | -0.5% | - Approximately **HK$8.19 billion** of loans are secured by certain assets of the Group, including properties under development, completed properties held for sale, and investment properties[38](index=38&type=chunk) - For the six months ended June 30, 2025, the average effective interest rate for bank and other borrowings was **3.58%** per annum, a decrease of **0.4 percentage points** from the same period last year[38](index=38&type=chunk) Capital Commitments (HK$ Thousand) | Commitment Category | June 30, 2025 | December 31, 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Commitments for acquisition of land and buildings and development costs of properties under development | 7,443,206 | 7,144,700 | 298,506 | +4.2% | | Uncalled capital commitments to Shenzhen King Infrastructure Co, Ltd | 1,450,000 | 1,542,500 | (92,500) | -6.0% | Financial Guarantees (HK$ Thousand) | Guarantee Category | June 30, 2025 | December 31, 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Financial guarantees provided to property buyers of the Group for mortgages | 13,611,249 | 13,070,659 | 540,590 | +4.1% | | Financial guarantees provided to related parties of the Group | 869,878 | 1,445,322 | (575,444) | -39.8% | | Financial guarantees provided for loans to relocated parties of urban renewal projects | 325,164 | 323,381 | 1,783 | +0.6% | [Share Capital](index=20&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the number of issued and fully paid ordinary shares and the amount of share capital remained unchanged from December 31, 2024 Share Capital (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Issued and fully paid ordinary shares (shares) | 8,898,793,115 | 8,898,793,115 | | Share capital amount | 22,071,756 | 22,071,756 | [Operating Review and Outlook](index=22&type=section&id=%E7%B6%93%E7%87%9F%E5%9B%9E%E9%A1%A7%E8%88%87%E5%B1%95%E6%9C%9B) This section reviews the Group's H1 operating achievements, outlines H2 plans to stabilize performance, and discusses its strategic transformation towards asset management and urban comprehensive operations [Review of H1 Operating Performance](index=22&type=section&id=%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%B6%93%E7%87%9F%E5%B7%A5%E4%BD%9C%E5%9B%9E%E9%A1%A7) In H1 2025, the Group achieved solid results in transformation and business development, with significant revenue growth, outperforming property sales, stable property leasing and urban comprehensive operations, and orderly progress in technology industry investments, despite negative impacts from associate losses and asset impairment - H1 operating revenue was **HK$10.35 billion**, a year-on-year increase of **175%**; gross profit was **HK$1.77 billion**, up **63%** year-on-year; operating profit was **HK$0.70 billion**[49](index=49&type=chunk) - Loss attributable to equity holders of the Company was **HK$2.62 billion**, mainly due to losses from associates, significant asset impairment provisions, and increased tax expenses[49](index=49&type=chunk) - Property contracted sales were approximately **RMB 6.8 billion** (approximately **HK$7.4 billion**), a year-on-year increase of **10%**, outperforming the national new home sales decline of **5.5%**[50](index=50&type=chunk) - Development revenue recognized was approximately **HK$7.46 billion**, a significant increase of **633%** from the same period last year; development gross profit margin was **14%**, a year-on-year decrease of **18 percentage points**[50](index=50&type=chunk) - Investment property income was approximately **HK$0.65 billion**, with an overall occupancy rate maintained at **90%**, outperforming market levels[51](index=51&type=chunk) - Property management income was approximately **HK$1.59 billion**, up **8%** from the same period last year, with a net expansion of **3.11 million sq.m.** in operating area[52](index=52&type=chunk) - Hotel operation income was approximately **HK$0.21 billion**, a **3%** increase from the same period last year, with a total of **8** hotels in operation or under management, and **9** more under construction[52](index=52&type=chunk) - Advanced manufacturing business revenue and net profit increased by **27%** and **106%** respectively year-on-year. Modern agriculture revenue grew by **108%**, with agricultural products sold to Hong Kong for the first time[53](index=53&type=chunk) - Successfully arranged and replaced a **HK$4.0 billion** syndicated loan, reducing HKD-denominated net debt by **HK$0.7 billion**, and administrative expenses decreased by **18%** compared to the same period last year[54](index=54&type=chunk) - Full impairment provisions have been made for the long-term equity investment in Road King Infrastructure Limited, which will not have a significant impact on the Group's future performance[54](index=54&type=chunk) [H2 Operating Plan](index=24&type=section&id=%E4%B8%8B%E5%8D%8A%E5%B9%B4%E7%B6%93%E7%87%9F%E8%A8%88%E5%8A%83) The Group will focus on "stabilizing performance" in H2 by accelerating property sales, enhancing real estate asset management, strengthening urban comprehensive operations, actively advancing strategic resource implementation, and reinforcing financial risk control to achieve full-year targets - Accelerate property sales and destocking through differentiated strategies, focusing on key projects, maintaining sales velocity for high-traffic projects, targeting new market entries, and rigorously managing inventory to optimize inventory structure[55](index=55&type=chunk) - Enhance real estate asset management by strengthening leasing and operations, optimizing rental strategies, promoting renovation and upgrading of older properties, and proactively planning for major ongoing projects[56](index=56&type=chunk) - Strengthen urban comprehensive operation businesses by expanding property operation scale through various means, improving management efficiency and profitability; commercial operations will enhance scalable replication capabilities to ensure timely opening of major projects; hotel operations will leverage resource integration to expand scale and improve operational efficiency[57](index=57&type=chunk) - Actively advance strategic resource implementation, prudently promote integrated benefit and urban renewal projects, and closely monitor market opportunities to expand market share[57](index=57&type=chunk) - Strengthen financial risk control, continue to reduce HKD-denominated debt, optimize debt maturity structure, strictly control investment standards, and ensure efficient capital allocation and stable returns[58](index=58&type=chunk) [Transformation Strategy](index=26&type=section&id=%E8%BD%89%E5%9E%8B%E6%88%B0%E7%95%A5%E6%80%9D%E8%80%83) Facing the shift from incremental expansion to existing asset renewal in the real estate market, the Group will accelerate business transformation, build new business models focused on real estate asset management and comprehensive operations, and develop technology industry investment services to achieve sustainable growth and long-term shareholder returns - China's urbanization is transitioning from rapid growth to stable development, with urban development shifting from large-scale incremental expansion to existing asset quality improvement, eliminating the basis for large-scale real estate expansion[59](index=59&type=chunk) - The Group will transform into a "real estate asset management and comprehensive operation service provider," gradually reducing the proportion of development business, expanding real estate management scale, enhancing operational service capabilities, and building a full-cycle asset management system encompassing investment, financing, construction, management, and exit[59](index=59&type=chunk) - Over the next three years, flagship projects and high-end hotels will commence operations, continuously optimizing the asset portfolio, strategically investing in high-quality operational real estate when appropriate, and developing agency construction services[60](index=60&type=chunk) - Strengthen real estate operation and management, providing high-quality services aligned with consumption trends and industry demands, enhancing rental returns and asset operating efficiency through refined operations, and deepening brand output and model innovation[61](index=61&type=chunk) - Build a closed-loop real estate capital system, engaging in real estate fund management, expanding diversified financing channels, and promoting the securitization of mature assets through REITs and other means to achieve capital recovery and premium exit[61](index=61&type=chunk) - Develop technology industry investment service capabilities, building a business matrix of "industrial space + technology services + investment incubation," focusing on technology sectors, improving park efficiency, and strengthening incubation and investment capabilities for technology enterprises[62](index=62&type=chunk) [Business Segment Details](index=28&type=section&id=%E6%A5%AD%E5%8B%99%E6%9D%BF%E5%A1%8A%E8%A9%B3%E6%83%85) This section provides detailed performance reviews for each of the Group's core business segments, including property development, property investment, urban comprehensive operations, advanced manufacturing, and agricultural operations [Property Development Business](index=28&type=section&id=%E7%89%A9%E6%A5%AD%E9%96%8B%E7%99%BC%E6%A5%AD%E5%8B%99) In H1 2025, the Group's property development business saw a **633%** surge in recognized sales revenue to **HK$7.46 billion**, with contracted sales increasing by **10%** to **HK$7.39 billion**, while new construction and completed areas both reached approximately **0.37 million sq.m.**, and land reserves remained healthy with **69%** in the Greater Bay Area - In H1, recognized property sales area was approximately **0.292 million sq.m.**, a year-on-year increase of approximately **439%**; recognized sales revenue was approximately **HK$7.46 billion**, a year-on-year increase of approximately **633%**[65](index=65&type=chunk) - The gross profit margin for real estate development sales was **13.8%**, a decrease of **18 percentage points** from the same period last year[65](index=65&type=chunk) - H1 contracted sales amounted to approximately **RMB 6.81 billion** (approximately **HK$7.39 billion**), a year-on-year increase of **10%**; contracted sales area was approximately **0.300 million sq.m.**, a year-on-year increase of **26%**[68](index=68&type=chunk) - Projects in the Guangdong-Hong Kong-Macao Greater Bay Area accounted for **80%** of contracted sales value, with residential products accounting for **88%**[68](index=68&type=chunk) - In H1, new construction area was approximately **0.370 million sq.m.**, and completed area was approximately **0.373 million sq.m.**[72](index=72&type=chunk) - As of June 30, 2025, the Group's land reserve had a total planned GFA of approximately **6.025 million sq.m.**, of which **69%** is located in the Greater Bay Area[75](index=75&type=chunk) - The second phase of Shenzhen Chegongmiao First Urban Renewal Unit project completed the land contract signing for the South plot, with a land price of approximately **RMB 1.1 billion** and a total GFA of **0.488 million sq.m.**, to be developed into a TOD urban complex[75](index=75&type=chunk) [Property Investment Business](index=34&type=section&id=%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87%E6%A5%AD%E5%8B%99) In H1 2025, the Group's property investment income was approximately **HK$0.65 billion**, with a gross profit margin of **70.1%**, maintaining an overall occupancy rate of **90%** despite market downturns, and enhancing asset value and rental income through property upgrades and refined operations - H1 property investment income was approximately **HK$0.65 billion**, with a property investment business gross profit margin of approximately **70.1%**[79](index=79&type=chunk) - As of June 30, 2025, the total area of investment properties was approximately **1.734 million sq.m.**, with a fair value of approximately **HK$33.50 billion**[79](index=79&type=chunk) - The overall occupancy rate was **90%**, with rental increases of up to **180%** achieved through renovation and upgrading of older properties[79](index=79&type=chunk) - Shenye Shangcheng office building pioneered the "0-cost fitted-out delivery" model, securing **7** new corporate clients against market trends, with **13** Fortune Global 500 companies, maintaining its position as second in Shenzhen[79](index=79&type=chunk) [Urban Comprehensive Operation Business](index=34&type=section&id=%E5%9F%8E%E5%B8%82%E7%B6%9C%E5%90%88%E9%81%8B%E7%87%9F%E6%A5%AD%E5%8B%99) The Group's urban comprehensive operation business generated approximately **HK$1.59 billion** in H1 revenue, up **8%** year-on-year, with a gross profit margin of **15.0%**, expanding property management area by **3.11 million sq.m.**, launching a "3+X" commercial strategy with **29%** sales growth, and increasing hotel operation revenue by **3%** while expanding its scale - H1 property management business income was approximately **HK$1.59 billion**, up **8%** from the same period last year, with a gross profit margin of approximately **15.0%**[80](index=80&type=chunk) - Contracted management area was approximately **105.85 million sq.m.**, and managed area was approximately **102.40 million sq.m.**, with independent third-party projects accounting for approximately **81%** and non-residential formats for approximately **71%**[80](index=80&type=chunk) - Shenye Operations net expanded managed area by approximately **3.11 million sq.m.**, with total contract value of **RMB 0.41 billion**, achieving continuous breakthroughs in urban property management and public building property sectors[81](index=81&type=chunk) - Launched the "3+X" commercial product line strategy, opened **77** new stores, with Shenye Shangcheng's footfall exceeding **20 million**, and sales increasing by **29%** year-on-year[82](index=82&type=chunk) - Hotel operating income was approximately **HK$0.21 billion**, up **3%** from the same period last year, with a gross profit margin of approximately **22.9%**, a year-on-year increase of **8.7 percentage points**[83](index=83&type=chunk) - The total number of hotels under operation, management, and planning is **17**, of which **8** are already in operation[83](index=83&type=chunk) - Shenzhen Mandarin Oriental Hotel's room revenue ranked first in the Shenzhen luxury hotel competitive set, and Wuyishan Jingju Resort Hotel successfully opened[83](index=83&type=chunk) [Advanced Manufacturing Business](index=37&type=section&id=%E5%85%88%E9%80%B2%E8%A3%BD%E9%80%A0%E6%A5%AD%E5%8B%99) The Group's advanced manufacturing business achieved **HK$0.23 billion** in H1 revenue, up **27%** year-on-year, with a gross profit margin of **26.2%**, as its subsidiary Jinghua Company, a national "specialized and new small giant" enterprise, saw a **25%** increase in shipments, optimized cost control, and continued R&D efforts - H1 manufacturing business income was **HK$0.23 billion**, up **27%** year-on-year, with a gross profit margin of approximately **26.2%**, a year-on-year increase of **1.9 percentage points**[88](index=88&type=chunk) - Jinghua Company's shipments increased by **25%** compared to the same period last year, inventory decreased by **17%**, and **2** invention patents were applied for and **1** invention patent was granted in H1[88](index=88&type=chunk) [Agricultural Operations Business](index=38&type=section&id=%E8%BE%B2%E6%A5%AD%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99) The Group's agricultural operations business generated approximately **HK$0.14 billion** in H1 revenue, a significant **108%** year-on-year increase, with a gross profit margin of **3.1%**, achieving a "zero breakthrough" in agricultural product exports and stable operation of agri-tourism projects - H1 agricultural operations income was approximately **HK$0.14 billion**, a significant year-on-year increase of **108%**, with a gross profit margin of approximately **3.1%**, a year-on-year increase of **5.2 percentage points**[89](index=89&type=chunk) - Frozen pork was supplied to Hong Kong for the first time, achieving a "zero breakthrough" in agricultural product exports[89](index=89&type=chunk) - The project matrix of "3 Four Seasons Gardens + 2 Four Seasons Flower Valleys" has largely taken shape, with Shenzhen Dapeng Four Seasons Coastal Garden focusing on research and study tourism, and Nanao Four Seasons Garden Homestay gaining market recognition[89](index=89&type=chunk) [Financial and Other Matters](index=38&type=section&id=%E8%B2%A1%E5%8B%99%E8%88%87%E5%85%B6%E4%BB%96%E4%BA%8B%E9%A0%85) This section covers the Group's financial management, including successful syndicated loan refinancing, debt structure, and the impact of exchange rate fluctuations, alongside other significant items such as increased other expenses, associate performance, asset pledges, and legal proceedings [Financial Management Overview](index=38&type=section&id=%E8%B2%A1%E5%8B%99%E7%AE%A1%E7%90%86%E6%83%85%E6%B3%81) The Group successfully refinanced a **HK$4.0 billion** syndicated loan, optimizing its capital structure, with total bank and other borrowings at **HK$37.19 billion** and a net gearing ratio of **73.0%** as of June 30, 2025, while administrative expenses decreased by **18%** through lean management - Successfully arranged and replaced a **HK$4.0 billion** syndicated loan, ensuring capital security[90](index=90&type=chunk) Funding and Financing Situation (HK$ Billion) | Item | June 30, 2025 | December 31, 2024 | Change (HK$ Billion) | | :--- | :--- | :--- | :--- | | Bank loans and other borrowings | 37.19 | 37.37 | (0.18) | | – Long-term borrowings | 27.16 | 22.81 | 4.35 | | – Short-term borrowings | 10.03 | 14.56 | (4.53) | | Cash (including restricted cash) | 10.35 | 11.80 | (1.45) | | Net gearing ratio | 73.0% | 66.3% | +6.7% | - The proportion of floating-rate borrowings and fixed-rate borrowings was **68%** and **32%** respectively; the proportion of long-term borrowings and short-term borrowings was **73%** and **27%** respectively[90](index=90&type=chunk) - The proportion of HKD-denominated borrowings and RMB-denominated borrowings was **38%** and **62%** respectively[90](index=90&type=chunk) - The depreciation of the RMB exchange rate led to a **HK$0.94 billion** fluctuation in RMB assets and earnings relative to HKD, recognized in other comprehensive income[92](index=92&type=chunk) - Administrative expenses decreased by **18%** compared to the same period last year, saving approximately **HK$0.11 billion** in expenses[93](index=93&type=chunk) [Other Significant Matters](index=39&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A0%85) The Group's other expenses significantly increased in H1, mainly due to inventory impairment provisions, with major joint ventures and associates, particularly Road King Infrastructure, performing poorly and incurring substantial losses, while the Group has asset-backed loans and financial guarantees, and faces a lawsuit of approximately **RMB 0.22 billion** - In H1 2025, other expenses were approximately **HK$0.34 billion**, a year-on-year increase of **113%**, primarily due to inventory impairment provisions of approximately **HK$0.19 billion**[94](index=94&type=chunk) - The performance of major joint ventures and associates was unsatisfactory, with Road King Infrastructure Limited contributing a loss (including impairment losses) of approximately **HK$1.81 billion**[95](index=95&type=chunk) - The Group's remaining book value of equity in Road King Infrastructure is approximately **HK$0.17 billion**, which fairly reflects its market value, and future performance will not have a significant negative impact[96](index=96&type=chunk) - As of June 30, 2025, the Group had asset-backed loans totaling **HK$8.19 billion** and provided guarantees totaling **HK$0.87 billion**[97](index=97&type=chunk)[98](index=98&type=chunk) - Shenye Tairan Company faces a lawsuit of approximately **RMB 0.22 billion**, which is currently under trial, and the Company is assessing its financial impact[99](index=99&type=chunk) - As of June 30, 2025, the Group employed a total of **20,261** employees, with total remuneration of approximately **RMB 1.228 billion**[100](index=100&type=chunk) [Corporate Governance](index=41&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section addresses the Group's adherence to corporate governance principles, including the decision not to declare an interim dividend, compliance with the Corporate Governance Code, the composition and review activities of the Audit Committee, and the absence of securities transactions [Interim Dividends](index=41&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors has resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025[101](index=101&type=chunk) [Corporate Governance](index=41&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company complied with the Corporate Governance Code during the reporting period, though the Chairman and CEO roles are temporarily held by the same individual, and the company is seeking a suitable candidate to meet code requirements - The Company has applied and complied with the principles and all code provisions of the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[102](index=102&type=chunk) - Mr. Wang Yuwen continued to serve as the Company's President after assuming the role of Chairman of the Board on April 29, 2025; this arrangement deviates from Code Provision C.2.1 but is temporary, and the Company is seeking a suitable candidate[102](index=102&type=chunk) [Audit Committee](index=41&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's adopted accounting principles and practices, and the unaudited condensed consolidated financial information for the six months ended June 30, 2025 - The Audit Committee comprises three independent non-executive directors: Mr. Li Wai Keung, Dr. Wong Yau Kar, and Professor Gong Peng[103](index=103&type=chunk) - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and the unaudited condensed consolidated financial information for the six months ended June 30, 2025[103](index=103&type=chunk) [Securities Transactions](index=42&type=section&id=%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[104](index=104&type=chunk) [Acknowledgements](index=42&type=section&id=%E9%B3%A5%E8%AC%9D) The Board of Directors expresses sincere gratitude to investors, shareholders, fellow directors, and all employees for their trust, support, diligent work, loyal service, and contributions during the reporting period - The Board expresses its sincere gratitude to the Group's investors and shareholders for their trust and support, and to fellow directors and all employees of the Group for their diligent work, loyal service, and contributions during the six months ended June 30, 2025[105](index=105&type=chunk)

（来源：快查一企业中标了） 快查APP显示，深圳控股相关公司深业鹏基(集团)有限公司于2025年8月26日发布一则招标信息，项目名 称为中发大厦顶楼会议室装修工程邀请函，预算金额为110.89万元。 快查股权穿透数据显示，该公司为深圳控股全资子公司。 来源：市场资讯 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00604） 有關提供二零二五年數字化開發及維護服務的 關連交易及全面獲豁免持續關連交易 二零二五年數字化框架協議 於二零二五年八月二十二日，深業科技（本公司全資附屬公司）與深業集團訂 立二零二五年數字化框架協議，當中載列委聘深業科技向經擴大深業集團集 團的成員公司提供若干數字化開發及維護服務的框架。 關連及持續關連交易 由於深業集團為本公司之最終控股公司（其於本公告日期透過深業（集團）持 有全部已發行股份之約63.19%），故深業集團集團之成員公司為本公司之關 連人士。 因此，根據上市規則第十四A章，(i)有關開發服務之交易構成本公司之關連交 易；及(ii)有關維護服務之交易構成本公司之持續關連交易。 有關開發服務之交易 由於深業集團集團服務接收方根據二零二五年數字化框架協議就開發服務應 付深業科技之服務費之最高金額之最高適用百分比率超過0.1%但低於5%，因 ...

Core Viewpoint - Shenzhen Holdings (00604) reported a significant impairment loss of approximately HKD 1.3 billion related to its equity interest in the Hong Kong-listed associate, Road King Infrastructure Limited (01098), leading to an expected unaudited consolidated loss attributable to equity shareholders of between HKD 2.5 billion and HKD 2.7 billion for the first half of 2025, compared to an unaudited consolidated loss of approximately HKD 1.1 billion in the same period of 2024 [1] Summary by Sections - The company anticipates a substantial increase in net loss attributable to equity shareholders primarily due to the recognition of a significant impairment loss on Road King and an increase in the losses shared from Road King during the period [1] - The company has made adequate impairment provisions for its long-term equity investment in Road King, indicating that future performance will not have a significant negative impact on the group [1]

- 1 - 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00604） 盈利警告 本公告乃由深圳控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）根 據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例 第571章證券及期貨條例第 XIVA 部項下的內幕消息條文（定義見上市規則）作出。 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，基 於管理層對本集團截至二零二五年六月三十日止六個月（「該期間」）未經審核綜 合管理賬目之初步審閱及董事會目前可獲得的資料，經計入對於本公司之香港上市 聯營公司路勁基建有限公司（「路勁」，股份代號︰1098）之權益於二零二五年六 月三十日之賬面值作出減值之損失約13億港元，預期本集團於該期間將錄得權益股 東應佔未經審核綜合虧損介乎約25億港元至27億港元之間。二零二四年同期錄得權 益股東應佔未經審核綜合虧損約11億港元 ...

Core Viewpoint - Shenzhen Holdings (00604.HK) announced that it will hold a board meeting on August 28, 2025, to approve the interim results for the six months ending June 30, 2025, and to consider the payment of an interim dividend, if any [1] Group 1 - The board meeting is scheduled for August 28, 2025 [1] - The meeting will focus on approving the interim results for the six months ending June 30, 2025 [1] - The company will also consider the payment of an interim dividend during the meeting [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 深圳控股有限公司 主席 王昱文 香港，二零二五年八月十八日 於本公告日期，董事會由七位董事組成，其中王昱文先生、蔡潯女士、嚴中宇先生及史 曉梅女士為本公司執行董事，而李偉強先生、黃友嘉博士及宮鵬教授為本公司獨立非執 行董事。 （於香港註冊成立之有限公司） （股份代號：00604） 董事會會議日期 深圳控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 二零二五年八月二十八日（星期四）舉行董事會會議，藉以 (其中包括) 批准本 公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績及其發佈，以 及考慮派付中期股息(如有)。 承董事會命 ...

由於清盤令乃於李先生擔任華南城獨立非執行董事期間針對華南城而作出，因 此清盤令構成本公司根據上市規則第13.51(2)(l)條須披露的事件。李先生已向本 公司確認：(i)除了身為華南城之獨立非執行董事外，彼與清盤令或任何相關申 索有關事宜並無任何關聯，亦無參與該等事宜；(ii)彼並非清盤呈請的答辯人， 亦非該清盤程序的其中一方；(iii)彼概不知悉因清盤令而已或將向彼提出任何 實際或潛在的索賠；(iv)彼現時並不知悉清盤令的可能結果；及(v)除本公告所披 露者外，概無與彼有關之其他事項須根據上市規則第13.51(2)(h)至(v)條予以披 露。 （於香港註冊成立之有限公司） （股份代號：00604） 根據上市規則第13.51B(2)條作出之公告 本公告乃由深圳控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根 據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.51B(2) 條而作出，內容有關，根據上市規則第13.51(2)(l)條所載，更新本公司獨立非執 行董事李偉強先生（「李先生」）之資料。 本公司董事（「董事」）會（「董事會」）接獲李先生通知，與本集團無關的獨立第三 方華 ...

在以底价斩获龙华核心区一宗住宅用地一周后，深业再度将相邻的另一宗宅地收入麾下。 8月8日，龙华区A815-0037号住宅用地正式入市出让。该地块南侧相邻的A815-0036号宅地已于上周完 成交易，由深业控股子公司以底价竞得，成交楼面地价约28050元/平方米。 此次出让的A815-0037号地块，位置相对更靠近高架桥，地块形态则更为方正。此前市场普遍预期，该 地块大概率仍将由深业拿下，而最终深业也确实"有惊无险"地达成了这一结果。 当日下午，经过近50轮的激烈竞价，深圳市深业兴鹏投资有限公司与深圳市龙清工业园投资发展有限公 司联合以17.89亿元竞得该地块，成交楼面单价为35030.35元，溢价率达15.12%。 尽管综合楼面成本有所上扬，但对深业而言，结合片区市场行情来看，此次拿地的溢价仍处于合理区 间。 南都·湾财社记者注意到，截至2025年7月30日，龙华区今年已成功出让3宗宅地。 6月19日，民治A817-0619地块由厦门联发集团旗下深圳联粤房地产开发有限公司以12.12亿元竞得，溢 价率46.6%，综合楼面单价达44559元。该地块地处红山-上塘成熟居住区，容积率仅2.5，周边配套完 善。 7月 ...